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71","page_number":18,"box":{"x":318,"y":249,"width":564,"height":9}},{"id":"06381bc0-f106-4951-bfd2-138057695b92","block_type":"box","text":"Foreign Account Tax Compliance","page_number":18,"box":{"x":158,"y":269,"width":245,"height":13}},{"id":"7e717d8f-4ddc-42c2-81f5-a38865f61335","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71","page_number":18,"box":{"x":416,"y":270,"width":466,"height":9}},{"id":"f1a1389f-1f89-4c6c-84ff-2047898eda50","block_type":"box","text":"Capital Stock","page_number":18,"box":{"x":125,"y":291,"width":97,"height":12}},{"id":"2f98a910-85dd-4cfa-a51c-33cac0686731","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72","page_number":18,"box":{"x":229,"y":291,"width":654,"height":10}},{"id":"f768886c-0cf7-4be5-81df-992c493fc8a3","block_type":"box","text":"Voting","page_number":18,"box":{"x":158,"y":313,"width":49,"height":12}},{"id":"6ed741dc-9620-4791-9085-05dfdf8a8cc9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72","page_number":18,"box":{"x":220,"y":313,"width":663,"height":9}},{"id":"a74df46b-6123-4f17-a0e3-c1bf4f353fd7","block_type":"box","text":"Dividends and Distributions","page_number":18,"box":{"x":158,"y":333,"width":204,"height":10}},{"id":"9eada5e5-e574-437d-99c9-5f57e2ddfd9e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72","page_number":18,"box":{"x":371,"y":334,"width":512,"height":9}},{"id":"1ffaf40b-699e-45be-b2d7-62fe87a123a6","block_type":"box","text":"Master Portfolios","page_number":18,"box":{"x":158,"y":355,"width":126,"height":10}},{"id":"23b14c1e-4f5a-4803-81f7-5a9dbf576d86","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73","page_number":18,"box":{"x":291,"y":355,"width":591,"height":10}},{"id":"a0bb49ec-3bd3-4f8b-97b7-7356e5ed5589","block_type":"box","text":"Additional Information on the Funds","page_number":18,"box":{"x":124,"y":376,"width":269,"height":10}},{"id":"984dacac-912a-4de6-83a5-88a3c949171c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73","page_number":18,"box":{"x":407,"y":377,"width":475,"height":9}},{"id":"630fce43-0ff6-4a6f-8923-41385cdc17fb","block_type":"box","text":"Financial Statements","page_number":18,"box":{"x":125,"y":397,"width":148,"height":10}},{"id":"e384b319-7141-4654-866c-cba76d8e83e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73","page_number":18,"box":{"x":282,"y":398,"width":600,"height":9}},{"id":"50282f5f-f8cc-41e3-a33e-a0fccc30e43e","block_type":"box","text":"Appendix A","page_number":18,"box":{"x":124,"y":419,"width":88,"height":12}},{"id":"7379d283-8061-412b-84fc-129294ddb9ef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":18,"box":{"x":220,"y":419,"width":662,"height":10}},{"id":"a4162cd2-610c-4da3-ac69-58fa23ee90dc","block_type":"box","text":"iii","page_number":18,"box":{"x":493,"y":917,"width":13,"height":9}},{"id":"bc2a1354-0799-48c4-ac59-d78f342d00e5","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":18,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3274002f-15fa-4d63-a43d-df621e6c13b0","block_type":"box","text":"History of the Trust","page_number":19,"box":{"x":116,"y":79,"width":147,"height":13}},{"id":"b7f8695a-cbdb-4155-81d9-1c4f9de8de90","block_type":"box","text":"BlackRock Funds III (the “Trust”) was organized on December 4, 2001 as a statutory trust under the laws of","page_number":19,"box":{"x":116,"y":105,"width":758,"height":12}},{"id":"828dfd85-4399-47c6-8d0d-8dd6b4c2fb1f","block_type":"box","text":"the State of Delaware under the name Barclays Global Investors Funds. The Trust was originally organized as","page_number":19,"box":{"x":116,"y":120,"width":760,"height":13}},{"id":"8054028f-0454-410c-9c2e-cc75d0ba56fb","block_type":"box","text":"a Maryland corporation named Barclays Global Investors Funds, Inc. (the “Maryland corporation”). On","page_number":19,"box":{"x":116,"y":136,"width":729,"height":12}},{"id":"8cda0c08-2491-4c51-8e3e-f0e03b805bdb","block_type":"box","text":"August 21, 2001, the Board of Directors of the Maryland corporation approved a proposal to redomicile the","page_number":19,"box":{"x":116,"y":151,"width":755,"height":13}},{"id":"2ea1e7e9-bc2b-4e59-907a-04effab40bce","block_type":"box","text":"Maryland corporation in Delaware as a Delaware statutory trust (the “Redomiciling”). Shareholders of the","page_number":19,"box":{"x":116,"y":167,"width":744,"height":12}},{"id":"3601c466-2cfe-4338-b880-dd6245f13a6c","block_type":"box","text":"Maryland corporation approved the Redomiciling on November 16, 2001. The Trust was established with","page_number":19,"box":{"x":116,"y":182,"width":742,"height":13}},{"id":"b4ee766b-f748-48fd-91b0-96c443f7c81b","block_type":"box","text":"multiple series corresponding to, and having identical designations as, the series of the Maryland corporation.","page_number":19,"box":{"x":116,"y":198,"width":759,"height":12}},{"id":"379391e1-90c6-4126-b5c0-4aecdb3a0838","block_type":"box","text":"The Redomiciling was effected on January 11, 2002, at which time the Trust assumed the operations of the","page_number":19,"box":{"x":116,"y":213,"width":745,"height":13}},{"id":"f8b58e50-6b14-46a3-ae9c-4a8d0c962f0f","block_type":"box","text":"Maryland corporation and adopted the Maryland corporation’s registration statement. Shortly thereafter, the","page_number":19,"box":{"x":116,"y":229,"width":760,"height":12}},{"id":"34764106-2ea1-4878-b383-40931f0b74a8","block_type":"box","text":"Maryland corporation was dissolved.","page_number":19,"box":{"x":116,"y":244,"width":259,"height":13}},{"id":"2c176dce-aa40-479e-9507-7bfce1135b2b","block_type":"box","text":"On December 1, 2009, the Trust was renamed BlackRock Funds III and certain of its series were also","page_number":19,"box":{"x":117,"y":267,"width":701,"height":13}},{"id":"7d142a04-c785-410d-bdf4-a54c30fe98f6","block_type":"box","text":"renamed. Institutional Money Market Fund was renamed BlackRock Cash Funds: Institutional. Treasury","page_number":19,"box":{"x":116,"y":283,"width":731,"height":13}},{"id":"a6c1ce7f-0909-477d-b8cc-dc0fcc25a311","block_type":"box","text":"Money Market Fund was renamed BlackRock Cash Funds: Treasury.","page_number":19,"box":{"x":116,"y":298,"width":483,"height":13}},{"id":"2f36a55f-9cac-426b-9412-7f931f064585","block_type":"box","text":"The Trust consists of multiple series, including BlackRock Cash Funds: Institutional and BlackRock Cash","page_number":19,"box":{"x":116,"y":322,"width":731,"height":12}},{"id":"eb8b258f-25fc-45ef-bbaf-eecbe277d107","block_type":"box","text":"Funds: Treasury (each, a “Fund” and collectively, the “Funds”). BlackRock Cash Funds: Treasury issues","page_number":19,"box":{"x":116,"y":337,"width":725,"height":13}},{"id":"7440f50a-f1db-4136-8068-7f48e2affb52","block_type":"box","text":"shares in multiple classes, currently including SL Agency","page_number":19,"box":{"x":116,"y":353,"width":390,"height":12}},{"id":"73f8ce89-7aa1-4736-acf1-17df6ef149fc","block_type":"box","text":", Premium, Capital, Institutional, Select and Trust","page_number":19,"box":{"x":507,"y":353,"width":344,"height":12}},{"id":"92460778-268e-4ce6-9a76-5a96a39686a2","block_type":"box","text":"Shares. BlackRock Cash Funds: Institutional currently issues only SL Agency Shares. SL Agency Shares are","page_number":19,"box":{"x":116,"y":368,"width":738,"height":13}},{"id":"6eb84916-5f89-419a-b187-967d542a127f","block_type":"box","text":"discussed in this Statement of Additional Information. Prem","page_number":19,"box":{"x":116,"y":384,"width":415,"height":10}},{"id":"fba64703-8926-4996-a013-cb60916eb314","block_type":"box","text":"ium, Capital, Institutional, Select and Trust Shares","page_number":19,"box":{"x":532,"y":384,"width":349,"height":12}},{"id":"cc3e4d2a-1f0a-4171-a92a-63cfa0ac43f2","block_type":"box","text":"are discussed in a separate Statement of Additional Information.","page_number":19,"box":{"x":116,"y":399,"width":445,"height":13}},{"id":"c9173c8b-6bed-4ca6-a9ee-76a01f324589","block_type":"box","text":"Each Fund invests all of its assets in a master portfolio (each, a “Master Portfolio” and collectively, the","page_number":19,"box":{"x":116,"y":422,"width":713,"height":13}},{"id":"c58c9b0d-5b12-4f88-ba7a-e94bdde9dda6","block_type":"box","text":"“Master Portfolios”) of Master Investment Portfolio (“MIP”) (as shown below), which has substantially the","page_number":19,"box":{"x":117,"y":438,"width":749,"height":13}},{"id":"48cfeedf-c1ed-477b-898e-29134746fcad","block_type":"box","text":"same investment objective, policies and restrictions as the related Fund.","page_number":19,"box":{"x":116,"y":453,"width":492,"height":13}},{"id":"7a3b397f-4b3e-47c9-a9ef-3a46f5958284","block_type":"box","text":"Fund","page_number":19,"box":{"x":116,"y":481,"width":29,"height":8}},{"id":"686ba3b5-0f89-4997-af73-2e6ca41c073d","block_type":"box","text":"Master Portfolio in Which the Fund Invests","page_number":19,"box":{"x":520,"y":481,"width":251,"height":8}},{"id":"7f144b5b-ede0-40de-ba79-0808a61812ef","block_type":"box","text":"BlackRock Cash Funds: Institutional Money Market Master Portfolio","page_number":19,"box":{"x":116,"y":497,"width":639,"height":13}},{"id":"f1f34d91-769b-4472-9c8b-e249a6a4329f","block_type":"box","text":"BlackRock Cash Funds: Treasury Treasury Money Market Master Portfolio","page_number":19,"box":{"x":116,"y":517,"width":708,"height":13}},{"id":"f7442c60-d44f-482c-8398-2830432e5ee9","block_type":"box","text":"The Trust’s principal office is located at 400 Howard Street, San Francisco, California 94105.","page_number":19,"box":{"x":116,"y":540,"width":650,"height":13}},{"id":"138cf060-d4a0-4480-bf5c-e5d3b629f6c7","block_type":"box","text":"Description of the Funds and their Investments and Risks","page_number":19,"box":{"x":116,"y":568,"width":416,"height":13}},{"id":"c2599883-80af-4491-b30e-0a90df3b4e0c","block_type":"box","text":"Investment Objectives and Policies.","page_number":19,"box":{"x":116,"y":594,"width":245,"height":13}},{"id":"77c637b1-82be-4a13-bfbb-174b749fea5f","block_type":"box","text":"The Trust is an open-end, series management investment company.","page_number":19,"box":{"x":367,"y":594,"width":465,"height":13}},{"id":"fdb73235-8581-4f45-9348-6fe4f222e8ba","block_type":"box","text":"BlackRock Cash Funds: Institutional is a non-retail,","page_number":19,"box":{"x":116,"y":617,"width":358,"height":12}},{"id":"b6b7512c-cd53-475e-9906-6ed2a13e7dfe","block_type":"box","text":"non-government money market fund under Rule 2a-7","page_number":19,"box":{"x":479,"y":617,"width":374,"height":13}},{"id":"92cb853a-0baf-4a58-ba0f-4bf6ed7b626d","block_type":"box","text":"under the 1940 Act (the “Institutional Fund”). Money Market Master Portfolio is a non-retail, non","page_number":19,"box":{"x":116,"y":633,"width":694,"height":12}},{"id":"d31dede7-924b-48ca-a3f0-0fd547872293","block_type":"box","text":"government money market fund under Rule 2a-7. Each of BlackRock Cash Funds: Treasury and Treasury","page_number":19,"box":{"x":116,"y":648,"width":736,"height":13}},{"id":"a149e791-2bfd-4ed3-95dc-b5b14e4ec935","block_type":"box","text":"Money Market Master Portfolio is a government money market fund under Rule 2a-7.","page_number":19,"box":{"x":116,"y":664,"width":603,"height":12}},{"id":"fabfbbc1-85f3-4769-a85e-44cc140a6407","block_type":"box","text":"The Funds and the Master Portfolios in which they invest are diversified funds as defined in the 1940 Act.","page_number":19,"box":{"x":116,"y":687,"width":733,"height":13}},{"id":"1c30e8b3-9798-4628-873e-7409447f434f","block_type":"box","text":"Each Fund’s investment objective is set forth in the Prospectus. Each Fund’s investment objective is","page_number":19,"box":{"x":116,"y":702,"width":684,"height":13}},{"id":"b1aa7c3a-2d8e-4251-becf-4a9abf2e3d3d","block_type":"box","text":"non-fundamental and can be changed by the Trust’s Board of Trustees (the “Board of Trustees” or the","page_number":19,"box":{"x":116,"y":718,"width":711,"height":13}},{"id":"b70f9b5f-bd04-4808-b22c-96946ae30883","block_type":"box","text":"“Board”) without shareholder approval. The investment objective and investment policies of a Fund","page_number":19,"box":{"x":117,"y":733,"width":694,"height":13}},{"id":"7ae94000-2f71-46da-9d37-417e7f772018","block_type":"box","text":"determine the types of portfolio securities in which the Fund invests, the degree of risk to which the Fund is","page_number":19,"box":{"x":116,"y":749,"width":743,"height":13}},{"id":"8320d24b-1306-44d2-943f-62f062c94e11","block_type":"box","text":"subject and, ultimately, the Fund’s performance. There can be no assurance that the investment objective of","page_number":19,"box":{"x":116,"y":764,"width":746,"height":13}},{"id":"c8ebdbd9-38d8-421a-9456-70bce87a051b","block_type":"box","text":"any Fund will be achieved.","page_number":19,"box":{"x":116,"y":780,"width":184,"height":13}},{"id":"73037f3a-b69b-425c-8339-ed46477125ee","block_type":"box","text":"The Open-End Active and Fixed Income Index Fund Proxy Voting Policy applies to each Fund. Please see","page_number":19,"box":{"x":116,"y":803,"width":731,"height":13}},{"id":"03f59c4b-7244-49ad-8d77-6053a53b9266","block_type":"box","text":"“Proxy Voting Policies and Procedures of the Master Portfolios” in this SAI for further information about","page_number":19,"box":{"x":117,"y":819,"width":734,"height":12}},{"id":"4998b4c5-0dd1-4064-99f1-f5138527f99f","block_type":"box","text":"these policies. A copy of each policy is included in Appendix A. Information that does not apply to the Funds","page_number":19,"box":{"x":116,"y":834,"width":757,"height":13}},{"id":"10641700-df4c-47c4-af18-8ca6a3effe32","block_type":"box","text":"do not form a part of the Funds’ SAI and should not be relied on by investors in the Funds. Only information","page_number":19,"box":{"x":116,"y":850,"width":759,"height":12}},{"id":"25645e47-4eeb-4c95-885f-379eda59e42d","block_type":"box","text":"that is clearly identified as applicable to the Funds is considered to form a part of the Funds’ SAI.","page_number":19,"box":{"x":116,"y":865,"width":671,"height":13}},{"id":"9db3e91c-343d-47d7-b09e-7707fb753b99","block_type":"box","text":"2","page_number":19,"box":{"x":495,"y":917,"width":8,"height":9}},{"id":"3be803e7-ab84-46ca-8ffc-e462f47f8215","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":19,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"21ff3c39-369a-4950-b5c1-88f8f1b4a9f0","block_type":"box","text":"Master/Feeder Structure.","page_number":20,"box":{"x":116,"y":79,"width":167,"height":10}},{"id":"6e9c8015-3be4-4af8-b756-f6c0bb28fe51","block_type":"box","text":"Each Fund seeks to achieve its investment objective by investing all of its assets in the","page_number":20,"box":{"x":289,"y":79,"width":582,"height":13}},{"id":"dbb40c76-b758-4086-b14f-d4bc7f9505b2","block_type":"box","text":"corresponding Master Portfolio of MIP. The Board of Trustees believes that under normal circumstances, none","page_number":20,"box":{"x":116,"y":94,"width":761,"height":13}},{"id":"58b10f70-4a21-4734-b42f-0d3d60ef7473","block_type":"box","text":"of the Funds or their shareholders will be adversely affected by investing Fund assets in a Master Portfolio.","page_number":20,"box":{"x":116,"y":110,"width":729,"height":13}},{"id":"1d7fb524-2688-49d0-ab3d-fbaf7dc98f5c","block_type":"box","text":"However, if a mutual fund or other investor redeems its interests from a Master Portfolio, the economic","page_number":20,"box":{"x":116,"y":125,"width":711,"height":13}},{"id":"42a69b8e-aa36-4218-ba52-56847d40f330","block_type":"box","text":"efficiencies (","page_number":20,"box":{"x":116,"y":141,"width":82,"height":12}},{"id":"23d0b303-cb03-457d-a33c-50d189715919","block_type":"box","text":"e.g.","page_number":20,"box":{"x":200,"y":145,"width":21,"height":9}},{"id":"6f6b0b1b-77e2-4e60-aed5-546de0c58fcd","block_type":"box","text":", spreading fixed expenses over a larger asset base) that the Board of Trustees believes may be","page_number":20,"box":{"x":223,"y":141,"width":640,"height":13}},{"id":"6cc7229c-a460-401b-abba-3242d9a30b5a","block_type":"box","text":"available through a Fund’s investment in such Master Portfolio may not be fully achieved. In addition, although","page_number":20,"box":{"x":116,"y":156,"width":767,"height":13}},{"id":"ab6b669b-8156-4d12-9625-15e70c0646bb","block_type":"box","text":"unlikely, the master/feeder structure may give rise to accounting or operational difficulties.","page_number":20,"box":{"x":116,"y":172,"width":618,"height":13}},{"id":"e08f4330-4999-49b3-b7df-d36b1aaca13c","block_type":"box","text":"The fundamental policies of each Master Portfolio cannot be changed without approval by the holders of a","page_number":20,"box":{"x":116,"y":194,"width":743,"height":12}},{"id":"75145f93-459b-451e-9d71-e340a51e8c42","block_type":"box","text":"majority (as defined in the 1940 Act) of a Master Portfolio’s outstanding interests. Whenever a Fund, as an","page_number":20,"box":{"x":116,"y":209,"width":742,"height":13}},{"id":"9216ab8a-baef-438e-a236-6a0d8b59ebf2","block_type":"box","text":"interestholder of a Master Portfolio, is requested to vote on any matter submitted to interestholders of the","page_number":20,"box":{"x":116,"y":225,"width":733,"height":12}},{"id":"36395339-d661-4c82-b852-5f854d296611","block_type":"box","text":"Master Portfolio, a Fund will either hold a meeting of its","page_number":20,"box":{"x":116,"y":240,"width":392,"height":13}},{"id":"19e263a5-2c57-49ab-8d9a-9eab628cdd72","block_type":"box","text":"shareholders to consider such matters and cast its","page_number":20,"box":{"x":514,"y":240,"width":342,"height":10}},{"id":"7cd98639-5860-458e-ad08-75fe017122bd","block_type":"box","text":"votes in proportion to the votes received from its shareholders (shares for which a Fund receives no voting","page_number":20,"box":{"x":116,"y":256,"width":736,"height":12}},{"id":"7234da6c-bd82-46ae-bf2f-644fcf06eb97","block_type":"box","text":"instructions will be voted in the same proportion as the votes received from the other Fund shareholders) or","page_number":20,"box":{"x":116,"y":271,"width":746,"height":13}},{"id":"1ec1c3fd-a773-4ce1-a7be-cc4e1d3966df","block_type":"box","text":"cast its votes, as an interestholder of the Master Portfolio, in proportion to the votes received by the Master","page_number":20,"box":{"x":116,"y":287,"width":745,"height":12}},{"id":"b99fc1ea-eeb1-46f4-a426-b5d5afe47d56","block_type":"box","text":"Portfolio from all other interestholders of the Master Portfolio.","page_number":20,"box":{"x":116,"y":302,"width":436,"height":10}},{"id":"75de23f0-e21a-4436-801a-f07228dcd533","block_type":"box","text":"Certain policies of the Master Portfolios that are non-fundamental may be changed by vote of a majority of","page_number":20,"box":{"x":117,"y":324,"width":746,"height":13}},{"id":"52f2b892-e1d4-41ff-ae04-da930c94af5d","block_type":"box","text":"MIP’s Trustees without interestholder approval. If a Mas","page_number":20,"box":{"x":116,"y":339,"width":395,"height":13}},{"id":"3b252744-3946-469d-8a73-894ef0e8ac56","block_type":"box","text":"ter Portfolio’s investment objective or fundamental","page_number":20,"box":{"x":512,"y":339,"width":352,"height":13}},{"id":"ccfcf832-3799-4474-bdeb-bb0a3e714b88","block_type":"box","text":"or non-fundamental policies are changed, a Fund may elect to change its objective or policies to correspond to","page_number":20,"box":{"x":116,"y":355,"width":763,"height":13}},{"id":"4ba6e92a-9040-43c9-aee3-03ac214bccc5","block_type":"box","text":"those of the related Master Portfolio. Each Fund may redeem its interests from its Master Portfolio only if the","page_number":20,"box":{"x":116,"y":370,"width":759,"height":13}},{"id":"53543384-d822-48e8-aa3d-71b98b99f2a8","block_type":"box","text":"Board of Trustees determines that such action is in the best interests of the Fund and its shareholders, for this","page_number":20,"box":{"x":116,"y":386,"width":756,"height":12}},{"id":"3637d2c1-e276-464b-8a0a-93186bedf4e2","block_type":"box","text":"or any other reason. Prior to such redemption, the Board of Trustees would consider alternatives, including","page_number":20,"box":{"x":116,"y":401,"width":744,"height":13}},{"id":"d9f394a3-32a9-4017-a8b9-1f7e854b0b8c","block_type":"box","text":"whether to seek a new investment company with a matching investment objective in which to invest or retain","page_number":20,"box":{"x":116,"y":417,"width":757,"height":13}},{"id":"228a03a6-e5a3-42c8-acbc-9d0d7aa4c975","block_type":"box","text":"its own investment adviser to manage the Fund’s portfolio in accordance with its investment objective. In the","page_number":20,"box":{"x":116,"y":432,"width":754,"height":13}},{"id":"f053da43-9202-4bdf-bb0c-2701d5bc2e40","block_type":"box","text":"latter case, a Fund’s inability to find a substitute investment company in which to invest or equivalent","page_number":20,"box":{"x":116,"y":448,"width":704,"height":13}},{"id":"e8e86836-7e3b-44c6-b543-d915c0f76f2c","block_type":"box","text":"management services could adversely affect shareholders’ investments in the Fund.","page_number":20,"box":{"x":116,"y":463,"width":570,"height":13}},{"id":"598e2d4d-a596-4366-af01-03778614f02b","block_type":"box","text":"Investment Restrictions","page_number":20,"box":{"x":116,"y":490,"width":169,"height":9}},{"id":"70826a3f-f12e-46b6-98d4-85b06db64828","block_type":"box","text":"Fundamental Investment Restrictions of the Funds.","page_number":20,"box":{"x":116,"y":513,"width":354,"height":13}},{"id":"5804f7dc-05b7-4ede-b93c-fb2f32e7dd99","block_type":"box","text":"The Funds are subject to the following investment","page_number":20,"box":{"x":476,"y":513,"width":346,"height":13}},{"id":"0a596960-33da-4b36-ad4c-8dc94dee94e2","block_type":"box","text":"restrictions, all of which are fundamental policies. Each Fund may not:","page_number":20,"box":{"x":116,"y":528,"width":490,"height":13}},{"id":"1aeedcdd-9f14-48a0-885a-5f1c5d15ceeb","block_type":"box","text":"(1) Purchase the securities of issuers conducting their principal business activity in the same industry if,","page_number":20,"box":{"x":117,"y":550,"width":710,"height":13}},{"id":"20a119c3-b12b-4179-b0c1-8f5003ae01da","block_type":"box","text":"immediately after the purchase and as a result thereof, the value of the Fund’s investments in that industry","page_number":20,"box":{"x":116,"y":566,"width":735,"height":12}},{"id":"57cbfe18-ef2d-4aff-b9db-23ba7e129c82","block_type":"box","text":"would equal or exceed 25% of the current value of the Fund’s total assets, provided that this restriction does","page_number":20,"box":{"x":116,"y":581,"width":753,"height":13}},{"id":"0a9733a8-d3f7-4774-8baf-9bd91575d88c","block_type":"box","text":"not limit the Fund’s: (i) investments in securities of other","page_number":20,"box":{"x":116,"y":597,"width":391,"height":12}},{"id":"5f0dd892-bbcc-40f5-8e99-c8c4317004f7","block_type":"box","text":"investment companies, (ii) investments in securities","page_number":20,"box":{"x":512,"y":597,"width":352,"height":12}},{"id":"6e6f63fb-0b65-4bb9-9785-135fc438a310","block_type":"box","text":"issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or (iii) investments in","page_number":20,"box":{"x":116,"y":612,"width":696,"height":13}},{"id":"d78e1975-dd94-4889-b92d-1663e86c6cd9","block_type":"box","text":"repurchase agreements collateralized by U.S. Governme","page_number":20,"box":{"x":116,"y":628,"width":385,"height":12}},{"id":"f2ce461b-0ed0-4bea-a509-9b4c40498815","block_type":"box","text":"nt securities; and further provided that, with respect to","page_number":20,"box":{"x":502,"y":628,"width":378,"height":12}},{"id":"39fcba19-b08c-4071-9fd9-b3a029962bbf","block_type":"box","text":"BlackRock Cash Funds: Institutional, the Fund reserves the right to concentrate in the obligations of domestic","page_number":20,"box":{"x":116,"y":643,"width":761,"height":13}},{"id":"6e71d9e1-413d-4836-816c-19ae9d0ff505","block_type":"box","text":"banks (as such term is interpreted by the Securities and Exchange Commission (“SEC”) or its staff);","page_number":20,"box":{"x":116,"y":659,"width":690,"height":12}},{"id":"ec0da6fd-5f82-46fc-a094-8e219109ff24","block_type":"box","text":"(2) Purchase the securities of any single issuer if, as a result, with respect to 75% of the Fund’s total assets,","page_number":20,"box":{"x":117,"y":680,"width":735,"height":13}},{"id":"5038a5d2-4dd4-4a98-bb86-994f72a6bde3","block_type":"box","text":"more than 5% of the value of its total assets would be invested in the securities of such issuer or the Fund’s","page_number":20,"box":{"x":116,"y":696,"width":741,"height":10}},{"id":"7e6d52a0-46cd-4f84-87cd-62aa3fbe2864","block_type":"box","text":"ownership would be more than 10% of the outstanding voting securities of such issuer, provided that this","page_number":20,"box":{"x":116,"y":711,"width":733,"height":13}},{"id":"76581ec0-ae40-49cd-b5b3-3c53e1b447d6","block_type":"box","text":"restriction does not limit the Fund’s cash or cash items, investments in U.S. Government securities, or","page_number":20,"box":{"x":116,"y":727,"width":701,"height":12}},{"id":"3fa5c842-82eb-468a-8640-d0390b36b994","block_type":"box","text":"investments in securities of other investment companies;","page_number":20,"box":{"x":116,"y":742,"width":388,"height":13}},{"id":"9d5c0629-10ac-432c-8fbc-25a74425da93","block_type":"box","text":"(3) Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, including the","page_number":20,"box":{"x":117,"y":764,"width":754,"height":13}},{"id":"db316def-938f-4e9a-863d-dc833f95892a","block_type":"box","text":"rules, regulations and any orders obtained thereunder;","page_number":20,"box":{"x":116,"y":780,"width":375,"height":12}},{"id":"f2d7d588-fdf2-4848-a660-ffaa465c12c4","block_type":"box","text":"(4) Make loans to other parties, except to the extent permitted under the 1940 Act, including the rules,","page_number":20,"box":{"x":117,"y":801,"width":712,"height":13}},{"id":"8eaae2ac-825f-4960-872c-403614cac0b8","block_type":"box","text":"regulations and any orders obtained thereunder. For the purposes of this limitation, entering into repurchase","page_number":20,"box":{"x":116,"y":817,"width":752,"height":13}},{"id":"50c6c025-9f75-4419-93ee-d0ba1ec1dc86","block_type":"box","text":"agreements, lending securities and acquiring any debt securities are not deemed to be the making of loans;","page_number":20,"box":{"x":116,"y":832,"width":733,"height":13}},{"id":"0e1af124-7248-4223-93db-98da16b53aca","block_type":"box","text":"(5) Underwrite securities of other issuers, except to the","page_number":20,"box":{"x":117,"y":854,"width":377,"height":13}},{"id":"41cea16f-69b3-496f-9115-e13e241958e1","block_type":"box","text":"extent that the purchase of permitted investments","page_number":20,"box":{"x":499,"y":854,"width":342,"height":13}},{"id":"da7b5bd3-8b31-4bd0-a002-2223843db8d9","block_type":"box","text":"directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities","page_number":20,"box":{"x":116,"y":869,"width":763,"height":13}},{"id":"52bb211a-e9b1-45c4-9ad9-e841770da4ba","block_type":"box","text":"3","page_number":20,"box":{"x":496,"y":917,"width":7,"height":9}},{"id":"845aaed0-55ee-4c08-bdbd-aec8a56cacf8","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":20,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5a3af2d5-7e45-46d1-b869-d6d0ead065d9","block_type":"box","text":"in accordance with the Fund’s investment program may be deemed to be an underwriting; and provided","page_number":21,"box":{"x":116,"y":79,"width":721,"height":13}},{"id":"c444880d-6df2-438b-b07e-52fcd641c1a6","block_type":"box","text":"further, that the purchase by the Fund of securities issued by an open-end management investment company,","page_number":21,"box":{"x":116,"y":94,"width":754,"height":13}},{"id":"6eaf787e-95c5-40a0-a47b-b9487877c0e0","block_type":"box","text":"or a series thereof, with substantially the same investment objective, policies and restrictions as the Fund shall","page_number":21,"box":{"x":116,"y":110,"width":759,"height":13}},{"id":"0b93f7ed-2fb8-441d-aad4-8178606ed652","block_type":"box","text":"not constitute an underwriting for purposes of this paragraph;","page_number":21,"box":{"x":116,"y":125,"width":431,"height":13}},{"id":"e4eb5d4e-ec81-4b0a-ae68-60d4139882a9","block_type":"box","text":"(6) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but","page_number":21,"box":{"x":117,"y":147,"width":751,"height":12}},{"id":"1d0debce-2988-4967-8201-3ffb66e70d13","block_type":"box","text":"this shall not prevent the Fund from investing in securities or other instruments backed by real estate or","page_number":21,"box":{"x":116,"y":162,"width":716,"height":13}},{"id":"8683999d-4bc3-4b54-835b-b4332d334bcb","block_type":"box","text":"securities of companies engaged in the real estate business); and","page_number":21,"box":{"x":116,"y":178,"width":440,"height":12}},{"id":"377e72c8-dd9d-4b95-883e-2fa0a0fcc428","block_type":"box","text":"(7) Purchase or sell commodities, provided that","page_number":21,"box":{"x":117,"y":199,"width":327,"height":13}},{"id":"c72ee8a3-8830-454f-929c-152b073fabae","block_type":"box","text":": (i) currency will not be deemed to be a commodity for","page_number":21,"box":{"x":445,"y":199,"width":383,"height":13}},{"id":"e0db69ad-58a0-46cd-becc-20d7721189f5","block_type":"box","text":"purposes of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward","page_number":21,"box":{"x":116,"y":214,"width":763,"height":13}},{"id":"4747f8b3-ea28-455e-bd1f-a33bc807403e","block_type":"box","text":"contracts or options, and (iii) this restriction does not limit the purchase or sale of securities or other","page_number":21,"box":{"x":116,"y":230,"width":695,"height":13}},{"id":"1c724c60-b683-48f1-b84e-34d31c2d228b","block_type":"box","text":"instruments backed by commodities or the purchase or sale of commodities acquired as a result of ownership","page_number":21,"box":{"x":116,"y":245,"width":757,"height":13}},{"id":"462be80e-fa74-43ad-8937-80a909d48498","block_type":"box","text":"of securities or other instruments.","page_number":21,"box":{"x":116,"y":261,"width":232,"height":10}},{"id":"09a66577-7162-40a1-9ab4-551ad27ceb28","block_type":"box","text":"With respect to the fundamental policy relating to concentration set forth in paragraph (1) above, the 1940 Act","page_number":21,"box":{"x":116,"y":282,"width":762,"height":13}},{"id":"dcb4d7c5-6dba-4858-894e-f989b31e6977","block_type":"box","text":"does not define what constitutes “concentration” in an industry and it is possible that interpretations of","page_number":21,"box":{"x":116,"y":298,"width":710,"height":13}},{"id":"67b4b49b-8e52-4dcf-a84e-7e443805cc6c","block_type":"box","text":"concentration could change in the future. Accordingly, the policy in paragraph (1) above will be interpreted to","page_number":21,"box":{"x":116,"y":313,"width":755,"height":13}},{"id":"7b0a0b0c-7727-4dae-9c8b-ac5f656a59b6","block_type":"box","text":"refer to concentration as that term may be interpreted from time to time. In this respect, and in accordance with","page_number":21,"box":{"x":116,"y":329,"width":766,"height":13}},{"id":"29891ac6-5f63-4d21-84c5-7e743ebb586f","block_type":"box","text":"SEC staff interpretations, the ability of BlackRock Cash Funds: Institutional to concentrate in the obligations of","page_number":21,"box":{"x":116,"y":344,"width":765,"height":13}},{"id":"a56befe6-3876-4212-b15e-24856ed5bf08","block_type":"box","text":"domestic banks means that this Fund is permitted to invest, without limit, in bankers’ acceptances, certificates","page_number":21,"box":{"x":116,"y":360,"width":751,"height":13}},{"id":"c4731ab5-d4d8-48e9-a114-77d222245b21","block_type":"box","text":"of deposit and other short-term obligations issued by (a) U.S. banks, (b) U.S. branches of foreign banks (in","page_number":21,"box":{"x":116,"y":375,"width":728,"height":13}},{"id":"1432ac78-4cc2-4ee4-82ac-e24e36f7dcfc","block_type":"box","text":"circumstances in which the U.S. branches of foreign banks are subject to the same regulation as U.S. banks),","page_number":21,"box":{"x":116,"y":391,"width":739,"height":13}},{"id":"ff38cec5-396d-4656-9338-9bb5d3bb025b","block_type":"box","text":"and (c) foreign branches of U.S. banks (in circumstances in which the Fund will have recourse to the U.S. bank","page_number":21,"box":{"x":116,"y":406,"width":757,"height":13}},{"id":"810a8b84-01a6-41cb-8370-1985bc3cf3ad","block_type":"box","text":"for the obligations of the foreign branch). A Fund may invest in other investment companies that may","page_number":21,"box":{"x":116,"y":422,"width":698,"height":13}},{"id":"76fceb6e-957a-4d1f-ad4c-668cd23ac8b9","block_type":"box","text":"concentrate their assets in one or more industries. A Fund may consider the concentration of such other","page_number":21,"box":{"x":116,"y":437,"width":709,"height":13}},{"id":"8eee3ab0-fd09-4d89-92aa-00c4c24b5828","block_type":"box","text":"investment companies in determining compliance with the Fund’s concentration policy.","page_number":21,"box":{"x":116,"y":453,"width":597,"height":13}},{"id":"20ef357d-8df8-41a1-a16b-b62b109f1a45","block_type":"box","text":"The Trust has delegated to BFA, an affiliate of BlackRock, Inc. (together with its affiliates, “BlackRock”), the","page_number":21,"box":{"x":116,"y":474,"width":759,"height":13}},{"id":"1abc71c2-bb03-4e3c-bac6-d6d5fb425120","block_type":"box","text":"ability to determine the methodology used by the Master Portfolios to classify issuers by industry. BFA defines","page_number":21,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"0f8e9388-820a-4dc1-a838-ea547a12c140","block_type":"box","text":"industries and classifies each issuer according to the industry in which the issuer conducts its principal business","page_number":21,"box":{"x":116,"y":505,"width":767,"height":13}},{"id":"51aa4c51-297f-4a33-9a37-307c69943f59","block_type":"box","text":"activity pursuant to its proprietary industry classification system. In classifying companies by industry, BFA","page_number":21,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"f4415e21-b536-448c-b42a-a838ca462671","block_type":"box","text":"may draw on its credit, research and investment resources and those of BlackRock Institutional Trust","page_number":21,"box":{"x":116,"y":536,"width":702,"height":13}},{"id":"d05deee5-ed4e-478f-97dd-0f3a34c2d2ea","block_type":"box","text":"Company, N.A. (“BTC”) or its other affiliates, and BFA may (but need not) consider classifications by third","page_number":21,"box":{"x":117,"y":552,"width":753,"height":12}},{"id":"4a3790ef-aac6-43e4-9ee8-44f0d1765a0d","block_type":"box","text":"party industry classification systems. BFA believes that its system is reasonably designed so that issuers with","page_number":21,"box":{"x":116,"y":567,"width":746,"height":13}},{"id":"da0793e0-8f35-4664-a03c-95eb495fdc59","block_type":"box","text":"primary economic characteristics that are materially the same are classified in the same industry. For example,","page_number":21,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"568401f8-9407-4c7d-b5ce-75000b9ffcb5","block_type":"box","text":"asset-backed commercial paper may be classified in an industry based on the nature of the assets backing the","page_number":21,"box":{"x":116,"y":598,"width":753,"height":13}},{"id":"d01871b8-0c1c-48e8-8e9b-e63bdda34294","block_type":"box","text":"commercial paper, and foreign banks may be classified in an industry based on the region in which they do","page_number":21,"box":{"x":116,"y":614,"width":742,"height":12}},{"id":"db14ef10-8dc2-4dda-940c-488f79090fca","block_type":"box","text":"business if BFA has determined that the foreign banks within that industry have primary economic","page_number":21,"box":{"x":116,"y":629,"width":684,"height":13}},{"id":"38d176a6-9d70-4692-b3fc-ca34603803d4","block_type":"box","text":"characteristics that are materially the same.","page_number":21,"box":{"x":116,"y":645,"width":299,"height":12}},{"id":"ef63cf95-d2a8-4006-986e-f53046fb09f4","block_type":"box","text":"A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible","page_number":21,"box":{"x":116,"y":666,"width":761,"height":13}},{"id":"4ec3b629-8858-42a6-9429-f5cd790d4ef0","block_type":"box","text":"to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an","page_number":21,"box":{"x":116,"y":681,"width":735,"height":13}},{"id":"1e39da0f-f9e5-4f72-9c5a-eece5fbc9e69","block_type":"box","text":"industry. To the extent BFA’s classification system results in broad categories, concentration risk may be","page_number":21,"box":{"x":116,"y":697,"width":715,"height":13}},{"id":"83c76a01-59fe-499f-b8fd-aff968b9b434","block_type":"box","text":"decreased. On the other hand, to the extent it results in narrow categories, concentration risk may be increased.","page_number":21,"box":{"x":116,"y":712,"width":763,"height":13}},{"id":"a0dae5f0-6de4-4d0b-94fc-7a0421b2147a","block_type":"box","text":"With respect to paragraph (3) above, the 1940 Act currently allows each Fund to borrow up to one-third of","page_number":21,"box":{"x":116,"y":734,"width":748,"height":13}},{"id":"07ab5b77-4944-49d3-b90b-91502a147f74","block_type":"box","text":"the value of its total assets (including the amount borrowed) valued at the lesser of cost or market, less","page_number":21,"box":{"x":116,"y":749,"width":710,"height":13}},{"id":"8a0e2641-ce55-4eeb-b1ee-db0e9af8a8d6","block_type":"box","text":"liabilities (not including the amount borrowed) at the","page_number":21,"box":{"x":116,"y":765,"width":369,"height":13}},{"id":"43ccddd0-dc8c-4c06-8ec0-e6e00e21fb1c","block_type":"box","text":"time the borrowing is made. With respect to paragraph","page_number":21,"box":{"x":490,"y":765,"width":383,"height":13}},{"id":"a45cfbe9-d329-4392-828c-e52417ccc709","block_type":"box","text":"(4) above, the 1940 Act and regulatory interpretations currently limit the percentage of each Fund’s securities","page_number":21,"box":{"x":117,"y":780,"width":756,"height":13}},{"id":"80fa410b-54c5-4db6-95b5-f55e5a47c47c","block_type":"box","text":"that may be loaned to one-third of the value of its total assets.","page_number":21,"box":{"x":116,"y":796,"width":429,"height":13}},{"id":"2c3df5c5-ba11-4dcb-b65a-0c9ff0b792d3","block_type":"box","text":"Non-Fundamental Investment Restrictions of the Funds.","page_number":21,"box":{"x":116,"y":817,"width":391,"height":13}},{"id":"42f35981-8a93-47f6-a736-7e6d38291dbf","block_type":"box","text":"BlackRock Cash Funds: Treasury has adopted the following investment restrictions as non-fundamental","page_number":21,"box":{"x":116,"y":838,"width":721,"height":13}},{"id":"64deb854-b741-4f11-bcb2-a7c1132f1367","block_type":"box","text":"policies. These restrictions may be changed without shareholder approval by a majority of the Trustees of the","page_number":21,"box":{"x":116,"y":854,"width":758,"height":13}},{"id":"b9e4c17b-63b9-4061-b3b4-4f1a85e6f14d","block_type":"box","text":"Trust at any time.","page_number":21,"box":{"x":116,"y":870,"width":123,"height":12}},{"id":"17340419-f583-4c13-b734-d6ea42c19e78","block_type":"box","text":"4","page_number":21,"box":{"x":495,"y":917,"width":8,"height":9}},{"id":"646c9e1a-5553-498e-938b-c83714ae4e0e","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":21,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5902f18d-8466-430c-8637-9dbbaf449e83","block_type":"box","text":"(1) The Fund may invest in shares of other open-end management investment companies, subject to the","page_number":22,"box":{"x":117,"y":79,"width":715,"height":13}},{"id":"f614e7df-aee4-42bf-96ca-58cdc56ae28b","block_type":"box","text":"limitations of Section 12(d)(1) of the 1940 Act, including the rules, regulations and exemptive orders obtained","page_number":22,"box":{"x":116,"y":94,"width":763,"height":13}},{"id":"062e4bd1-17db-4e58-a798-18470d9bbb31","block_type":"box","text":"thereunder.","page_number":22,"box":{"x":116,"y":110,"width":78,"height":10}},{"id":"70b553f3-34a0-4a02-b583-b47a9b4b35a2","block_type":"box","text":"(2) The Fund may not invest more than 5% of its net assets in illiquid securities. For this purpose, illiquid","page_number":22,"box":{"x":117,"y":133,"width":729,"height":13}},{"id":"7685ce2e-bdbc-48ce-802b-3a125fd84c48","block_type":"box","text":"securities include, among others, (i) securities that are illiquid by virtue of the absence of a readily available","page_number":22,"box":{"x":116,"y":149,"width":741,"height":12}},{"id":"14c8b96d-dea2-4619-bf98-723a3c79c552","block_type":"box","text":"market or legal or contractual restrictions on resale, (ii) fixed time deposits that are subject to withdrawal","page_number":22,"box":{"x":116,"y":164,"width":731,"height":13}},{"id":"a25701e7-7528-4748-9083-85e8a1299a96","block_type":"box","text":"penalties and that have maturities of more than seven days, and (iii) repurchase agreements not terminable","page_number":22,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"b754966e-08db-4840-9a84-ba21e133a046","block_type":"box","text":"within seven days.","page_number":22,"box":{"x":116,"y":195,"width":126,"height":13}},{"id":"515886c8-9cf9-40a3-a2aa-cbbeb0c66a7a","block_type":"box","text":"(3) The Fund may lend securities from its portfolio to br","page_number":22,"box":{"x":117,"y":218,"width":389,"height":13}},{"id":"d17e4a17-b52c-4d3a-b3d0-0af6baf97c9b","block_type":"box","text":"okers, dealers and financial institutions, in amounts","page_number":22,"box":{"x":507,"y":218,"width":356,"height":13}},{"id":"bc2feb8e-3040-4c4c-99a7-df73b6cc4022","block_type":"box","text":"not to exceed (in the aggregate) one-third of the Fund’s total assets. Any such loans of portfolio securities will","page_number":22,"box":{"x":116,"y":234,"width":759,"height":13}},{"id":"62726a51-4952-490b-9c67-6e240634204c","block_type":"box","text":"be fully collateralized based on values that are marked-to-market daily.","page_number":22,"box":{"x":116,"y":249,"width":493,"height":13}},{"id":"779454e7-5639-403c-8853-151d71beafa4","block_type":"box","text":"(4) The Fund may not make investments for the purpose o","page_number":22,"box":{"x":117,"y":273,"width":404,"height":12}},{"id":"56b0a74a-de3e-4e14-b125-0ffd6558f588","block_type":"box","text":"f exercising control or management; provided that","page_number":22,"box":{"x":522,"y":273,"width":348,"height":12}},{"id":"2a33642a-5f0f-4a2c-9fda-a9885bf4b64d","block_type":"box","text":"the Fund may invest all of its assets in a diversified, open-end management investment company, or a series","page_number":22,"box":{"x":116,"y":288,"width":742,"height":13}},{"id":"63963a4a-c317-4db1-ad6e-7dd5e3f6f76f","block_type":"box","text":"thereof, with substantially the same investment objective, policies and restrictions as the Fund, without regard","page_number":22,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"32f16067-98e3-402f-93fe-1465bce63776","block_type":"box","text":"to the limitations set forth in this paragraph.","page_number":22,"box":{"x":116,"y":319,"width":307,"height":13}},{"id":"0a2f10da-b4fd-4e47-9874-1d762b7abed5","block_type":"box","text":"(5) The Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other direct","page_number":22,"box":{"x":117,"y":342,"width":715,"height":13}},{"id":"800d2bbd-d8d8-499c-8080-32cfe17f66a3","block_type":"box","text":"obligations of the U.S. Treasury, and repurchase agreements secured by such obligations or cash.","page_number":22,"box":{"x":116,"y":358,"width":670,"height":13}},{"id":"76d0d78b-8d23-4956-b926-6b2912386f5e","block_type":"box","text":"(6) The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any","page_number":22,"box":{"x":117,"y":381,"width":745,"height":13}},{"id":"19fd4ae3-4928-4179-bf77-f2d2137886da","block_type":"box","text":"borrowings for investment purposes, in U.S. Treasury bills, notes and other obligations of the U.S. Treasury,","page_number":22,"box":{"x":116,"y":397,"width":750,"height":12}},{"id":"7ef3a6c0-e8dd-4333-9e4b-8cb83ed5acf0","block_type":"box","text":"and repurchase agreements secured by such obligations. This policy will not be changed without providing","page_number":22,"box":{"x":116,"y":412,"width":739,"height":13}},{"id":"33df09ce-667e-4b17-8315-b02c2790bbd2","block_type":"box","text":"shareholders with at least 60 days’ prior notice of any change in the policy.","page_number":22,"box":{"x":116,"y":428,"width":519,"height":12}},{"id":"48c6a724-1af8-4862-8c51-a52c780419cf","block_type":"box","text":"BlackRock Cash Funds: Institutional has adopted the fo","page_number":22,"box":{"x":116,"y":451,"width":380,"height":13}},{"id":"74542e36-25e0-4637-8537-3d6ec2e73298","block_type":"box","text":"following investment restrictions as non-fundamental","page_number":22,"box":{"x":495,"y":451,"width":364,"height":13}},{"id":"3e15bf62-980e-405b-9acd-8cae2725c578","block_type":"box","text":"policies. These restrictions may be changed without shareholder approval by a majority of the Trustees of the","page_number":22,"box":{"x":116,"y":466,"width":758,"height":13}},{"id":"80bdc3bb-f3f6-436e-b2c3-4fd345f7754a","block_type":"box","text":"Trust at any time.","page_number":22,"box":{"x":116,"y":482,"width":123,"height":13}},{"id":"7d21455d-5d5f-4ab8-b49c-952506a282f7","block_type":"box","text":"(1) The Fund may not purchase securities of other investment companies, except to the extent permitted by","page_number":22,"box":{"x":117,"y":505,"width":742,"height":13}},{"id":"73007328-44b5-46a1-a9fe-6a54d3b033c0","block_type":"box","text":"the 1940 Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":22,"box":{"x":116,"y":521,"width":743,"height":12}},{"id":"c9b02bcb-93c5-4899-9c2f-3bfa13301d55","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":22,"box":{"x":116,"y":536,"width":764,"height":13}},{"id":"0f6eb83a-a387-47d0-bf3e-d64ae3be60dc","block_type":"box","text":"funds” provisions) of the 1940 Act, at any time the Fund has knowledge that its shares are purchased by","page_number":22,"box":{"x":116,"y":552,"width":725,"height":12}},{"id":"2d9fb9d2-bbc9-4449-845e-1d85f32b3d6f","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":22,"box":{"x":116,"y":567,"width":746,"height":13}},{"id":"714e6f4e-0460-4d25-82eb-6fd365a133a7","block_type":"box","text":"(2) The Fund may not purchase securities on margin (except for short-term credits necessary for the clearance","page_number":22,"box":{"x":117,"y":590,"width":758,"height":13}},{"id":"c773ace0-45f8-4583-b3f7-3a68421e77f7","block_type":"box","text":"of transactions) or make short sales of securities.","page_number":22,"box":{"x":116,"y":606,"width":336,"height":12}},{"id":"b84fc38b-9516-49c7-9de4-2568eec04d1d","block_type":"box","text":"Notwithstanding any other investment policy or restriction (whether or not fundamental), each Fund may","page_number":22,"box":{"x":116,"y":629,"width":735,"height":13}},{"id":"952ceeef-1acd-48f3-80d8-c60d9adbeb71","block_type":"box","text":"(and does) invest all of its assets in the securities of a single open-end management investment company with","page_number":22,"box":{"x":117,"y":645,"width":752,"height":12}},{"id":"6e630e7e-7333-4799-b74f-8b5f8598c0ae","block_type":"box","text":"substantially the same fundamental investment objective, policies and limitations as the Fund.","page_number":22,"box":{"x":116,"y":660,"width":648,"height":13}},{"id":"6a3a866b-4785-44fc-b879-92b758707d1c","block_type":"box","text":"The fundamental and non-fundamental investment restric","page_number":22,"box":{"x":116,"y":683,"width":401,"height":10}},{"id":"3d894e9a-a3cd-448f-a4c7-6d6852a2d7d4","block_type":"box","text":"tions for each Master Portfolio are identical to the","page_number":22,"box":{"x":517,"y":683,"width":348,"height":10}},{"id":"46a93612-689c-42ea-b534-dc99d6114b72","block_type":"box","text":"corresponding investment restrictions described above for the Fund that invests in such Master Portfolio,","page_number":22,"box":{"x":116,"y":699,"width":726,"height":13}},{"id":"0e7e55cc-ca4f-4a3b-8a27-917c40dd2191","block_type":"box","text":"except that, in the case of Treasury Money Market Master Portfolio, industry concentration restriction (1),","page_number":22,"box":{"x":116,"y":714,"width":742,"height":13}},{"id":"c258c5ca-d814-465d-97b6-7159282def27","block_type":"box","text":"proviso (iii) does not limit investments in repurchase agreements collateralized by securities issued or","page_number":22,"box":{"x":116,"y":730,"width":696,"height":13}},{"id":"9a2c2c81-077d-4f02-b735-951d1a68ec12","block_type":"box","text":"guaranteed by the U.S. Government, its agencies or instrumentalities.","page_number":22,"box":{"x":116,"y":745,"width":478,"height":13}},{"id":"d1fab8a7-414e-4463-8947-22bbe6c33bbe","block_type":"box","text":"Investments and Risks","page_number":22,"box":{"x":116,"y":774,"width":161,"height":10}},{"id":"d835642a-748b-4485-a72c-cf7c3b84e0c6","block_type":"box","text":"To the extent set forth in this SAI, each Fund, through its investment in the corresponding Master Portfolio,","page_number":22,"box":{"x":116,"y":800,"width":747,"height":13}},{"id":"621105ab-e1ff-4067-b3b4-1731579cc390","block_type":"box","text":"may invest in the securities described below. To avoid the need to refer to both the Funds and the Master","page_number":22,"box":{"x":116,"y":815,"width":729,"height":13}},{"id":"c084aabf-7000-4107-bf0a-87cbcac1c11d","block_type":"box","text":"Portfolios in every instance, the following sections generally refer to the Funds only.","page_number":22,"box":{"x":116,"y":831,"width":580,"height":13}},{"id":"71f45475-5717-4d77-95a3-6b61d2bd982d","block_type":"box","text":"5","page_number":22,"box":{"x":496,"y":917,"width":7,"height":9}},{"id":"47d72f74-5b01-466f-b202-bf0fd05fb9b1","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":22,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c237ba22-ee0f-432e-9f83-d952b2d02cdf","block_type":"box","text":"The assets of each Fund consist only of obligations maturing within 397 calendar days from the date of","page_number":23,"box":{"x":116,"y":79,"width":717,"height":13}},{"id":"27ce14b1-9b6d-40af-b814-89dcd88f046b","block_type":"box","text":"acquisition (as determined in accordance with the regulations of the SEC). The dollar-weighted average","page_number":23,"box":{"x":116,"y":94,"width":715,"height":13}},{"id":"cb12b935-b778-47a3-b0bc-be152bb2eb40","block_type":"box","text":"maturity of a Fund may not exceed 60 days and the dollar-weighted average life of a Fund may not exceed","page_number":23,"box":{"x":116,"y":110,"width":739,"height":13}},{"id":"d68310f3-56b9-4f2b-9320-2e0dc4133017","block_type":"box","text":"120 days. The securities in which each Fund invests may not yield as high a level of current income as may be","page_number":23,"box":{"x":117,"y":125,"width":758,"height":13}},{"id":"11a3d504-2c23-480f-b15b-ef85f84f57c9","block_type":"box","text":"achieved from securities with less liquidity and less safety. There can be no assurance that a Fund’s investment","page_number":23,"box":{"x":116,"y":141,"width":763,"height":13}},{"id":"ce9a80ed-339f-4aeb-9c9c-0c4840b01714","block_type":"box","text":"objective will be realized as described in the Prospectus.","page_number":23,"box":{"x":116,"y":156,"width":384,"height":13}},{"id":"d0327f51-f6f2-4f5c-a525-c6996c3c219d","block_type":"box","text":"BlackRock Cash Funds: Treasury invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes","page_number":23,"box":{"x":116,"y":180,"width":741,"height":12}},{"id":"dc1aa0cc-4f6d-4461-b758-00dcfed1d39e","block_type":"box","text":"and other direct obligations of the U.S. Treasury, and repurchase agreements secured by such obligations or","page_number":23,"box":{"x":116,"y":195,"width":747,"height":13}},{"id":"1e8acace-77f1-4aae-afa2-b8fed649fa26","block_type":"box","text":"cash. Practices described below relating to illiquid secur","page_number":23,"box":{"x":116,"y":211,"width":385,"height":12}},{"id":"ecc853a6-4b93-4092-ac46-d45e67d3f282","block_type":"box","text":"ities, investment company securities, loans of portfolio","page_number":23,"box":{"x":502,"y":211,"width":376,"height":12}},{"id":"c569dbdf-2716-4898-a740-59687afce0d7","block_type":"box","text":"securities and repurchase agreements also apply to BlackRock Cash Funds: Treasury.","page_number":23,"box":{"x":116,"y":226,"width":589,"height":13}},{"id":"a8f733f3-8e6c-4df4-bde5-aa6fd1062b0a","block_type":"box","text":"BlackRock Cash Funds: Institutional may invest in any of the instruments or engage in any practice described","page_number":23,"box":{"x":116,"y":249,"width":758,"height":13}},{"id":"46f06b43-bcf3-4418-9bd7-d74486a69dea","block_type":"box","text":"below.","page_number":23,"box":{"x":116,"y":265,"width":45,"height":10}},{"id":"62c1796d-989a-4b70-af54-6de8002930fe","block_type":"box","text":"Asset-Backed and Commercial Mortgage-Backed Securities.","page_number":23,"box":{"x":116,"y":288,"width":414,"height":13}},{"id":"0eb35304-8158-4d88-8a8b-6f8d14f8c876","block_type":"box","text":"BlackRock Cash Funds: Institutional may invest","page_number":23,"box":{"x":537,"y":288,"width":333,"height":13}},{"id":"f074d214-68fc-4403-9557-5062199f3ce6","block_type":"box","text":"in asset-backed and commercial mortgage-backed securities. Asset-backed securities are securities backed by","page_number":23,"box":{"x":116,"y":303,"width":749,"height":13}},{"id":"40ad587c-6f80-4e54-80b6-43014e9f183b","block_type":"box","text":"installment contracts, credit-card receivables or oth","page_number":23,"box":{"x":116,"y":319,"width":355,"height":12}},{"id":"079942f5-da2b-4406-a7fe-80c68a238d33","block_type":"box","text":"er assets. Commercial mortgage-backed securities are","page_number":23,"box":{"x":471,"y":319,"width":369,"height":13}},{"id":"9ce9f944-0f9e-4a25-9413-f0d7e75f49a4","block_type":"box","text":"securities backed by commercial real estate properties. Both asset-backed and commercial mortgage-backed","page_number":23,"box":{"x":116,"y":334,"width":746,"height":13}},{"id":"b971c5c4-657a-42c0-b881-dd3002c9097f","block_type":"box","text":"securities represent interests in “pools” of assets in which payments of both interest and principal on the","page_number":23,"box":{"x":116,"y":350,"width":723,"height":13}},{"id":"62f59f81-1d5d-44f9-a841-59d2a5a3897e","block_type":"box","text":"securities are made on a regular basis. The payments are, in effect, “passed through” to the holder of the","page_number":23,"box":{"x":116,"y":365,"width":725,"height":13}},{"id":"94603cef-8558-4311-ae49-62bf8f355e76","block_type":"box","text":"securities (net of any fees paid to the issuer or guarantor of the securities). The average life of asset-backed and","page_number":23,"box":{"x":116,"y":381,"width":766,"height":13}},{"id":"ed3b2898-6a88-464f-b472-41ee5d6fbcc7","block_type":"box","text":"commercial mortgage-backed securities varies with the maturities of the underlying instruments and, as a","page_number":23,"box":{"x":116,"y":396,"width":728,"height":13}},{"id":"8cd57193-a3e1-46d9-8198-a812dcca9539","block_type":"box","text":"result of prepayments, can often be shorter or longer (as the case may be) than the original maturity of the","page_number":23,"box":{"x":116,"y":412,"width":736,"height":13}},{"id":"45fff467-4ee0-4fb3-a12b-39527b9cd9a8","block_type":"box","text":"assets underlying the securities. For this and other rea","page_number":23,"box":{"x":116,"y":427,"width":370,"height":13}},{"id":"121c89ff-9c01-46e4-ad97-d0ea9cbc30ab","block_type":"box","text":"sons, an asset-backed and commercial mortgage-backed","page_number":23,"box":{"x":487,"y":427,"width":388,"height":13}},{"id":"a9c10771-3563-4132-a972-9757806c3522","block_type":"box","text":"security’s stated maturity may be shortened or extended, and the security’s total return may be difficult to","page_number":23,"box":{"x":116,"y":443,"width":732,"height":13}},{"id":"ef2aef0c-6111-433a-86cb-a012bbc6bd58","block_type":"box","text":"predict precisely. The Fund may invest in such securities up to the limits prescribed by Rule 2a-7 and other","page_number":23,"box":{"x":116,"y":458,"width":739,"height":13}},{"id":"7d05b25e-8f2d-4ea2-93bf-151dcede2719","block_type":"box","text":"provisions of or under the 1940 Act. Changes in liquidity of these securities may result in significant, rapid","page_number":23,"box":{"x":116,"y":474,"width":738,"height":13}},{"id":"3ae26223-62c4-497a-857a-8dc3e95c7c91","block_type":"box","text":"and unpredictable changes in prices for credit-linked securities. Also see “Mortgage Pass-Through Securities”","page_number":23,"box":{"x":116,"y":489,"width":755,"height":13}},{"id":"400e40f0-9a6a-4e14-8ed5-78161551c505","block_type":"box","text":"and “Mortgage Securities.”","page_number":23,"box":{"x":116,"y":505,"width":189,"height":13}},{"id":"b5be09a2-cbcb-440a-8cef-95dd72a325fd","block_type":"box","text":"Bank Obligations.","page_number":23,"box":{"x":116,"y":528,"width":127,"height":13}},{"id":"b058db5b-c106-4ffd-95ca-01b8db4b9261","block_type":"box","text":"BlackRock Cash Funds: Institutional may invest in bank obligations, including certificates","page_number":23,"box":{"x":249,"y":528,"width":622,"height":13}},{"id":"828df60c-c685-4185-88c5-7b00d3286964","block_type":"box","text":"of deposit (“CDs”), time deposits, bankers’ acceptances and other short-term obligations of domestic and","page_number":23,"box":{"x":116,"y":544,"width":732,"height":12}},{"id":"ec43e2d1-dd86-431a-8219-9164490d579d","block_type":"box","text":"foreign banks, foreign subsidiaries of domestic banks, foreign branches of domestic banks, foreign branches of","page_number":23,"box":{"x":116,"y":559,"width":766,"height":13}},{"id":"223440c1-cf6b-4d84-89e6-4f9442bebccc","block_type":"box","text":"foreign banks, and domestic branches of foreign banks, domestic savings and loan associations and other","page_number":23,"box":{"x":116,"y":575,"width":729,"height":12}},{"id":"bc6e759b-5616-4b12-bc46-1a788f5c4c3b","block_type":"box","text":"banking institutions. Certain bank obligations may benefit from existing or future governmental debt","page_number":23,"box":{"x":116,"y":590,"width":702,"height":13}},{"id":"10e048d0-f717-4888-aa8f-2ab52bebde9b","block_type":"box","text":"guarantee programs.","page_number":23,"box":{"x":116,"y":608,"width":142,"height":10}},{"id":"ec8ccec6-c6b8-4b32-a3ff-95c913928909","block_type":"box","text":"CDs are negotiable certificates evidencing the obligation of a bank to repay funds deposited with it for a","page_number":23,"box":{"x":117,"y":629,"width":721,"height":13}},{"id":"e742e4ec-e448-4f80-bc3c-68d2a0a38e6d","block_type":"box","text":"specified period of time.","page_number":23,"box":{"x":116,"y":644,"width":166,"height":13}},{"id":"28698ab5-80c9-47b4-b977-ebfaf7d1381d","block_type":"box","text":"Time deposits (“TDs”) are non-negotiable deposits maintained in a banking institution for a specified period","page_number":23,"box":{"x":116,"y":668,"width":754,"height":12}},{"id":"5552a802-3fe9-48de-9964-2d6422b6fefa","block_type":"box","text":"of time at a stated interest rate. TDs that may be held by the Fund will not benefit from insurance from the","page_number":23,"box":{"x":116,"y":683,"width":741,"height":13}},{"id":"a34cc6be-2d50-4bd2-a951-3412dec4b1cf","block_type":"box","text":"Bank Insurance Fund or the Savings Association Insurance Fund administered by the Federal Deposit","page_number":23,"box":{"x":116,"y":699,"width":701,"height":12}},{"id":"4dcd0346-64d4-4c57-ae72-e12b99ae0e0b","block_type":"box","text":"Insurance Corporation (“FDIC”).","page_number":23,"box":{"x":116,"y":715,"width":233,"height":12}},{"id":"e46b7813-d500-4f83-b667-8607a23a016c","block_type":"box","text":"Bankers’ acceptances are credit instruments evidencing the obligation of a bank to pay a draft drawn on it by","page_number":23,"box":{"x":116,"y":737,"width":757,"height":13}},{"id":"87b2cb3a-2ede-4b49-be22-118f27f0affc","block_type":"box","text":"a customer. These instruments reflect the obligation both of the bank and of the drawer to pay the face","page_number":23,"box":{"x":116,"y":753,"width":714,"height":13}},{"id":"e27b882a-a26e-4092-8256-3bb91e77b36e","block_type":"box","text":"amount of the instrument upon maturity. The other short-term obligations may include uninsured, direct","page_number":23,"box":{"x":116,"y":768,"width":728,"height":13}},{"id":"78098d7d-4b5d-4d02-8bf9-83976416a860","block_type":"box","text":"obligations bearing fixed-, floating- or variable-interest rates.","page_number":23,"box":{"x":116,"y":784,"width":421,"height":13}},{"id":"151733f0-59d9-4a00-86d0-0f72e37d47d7","block_type":"box","text":"Domestic commercial banks organized under federal law are supervised and examined by the Comptroller of","page_number":23,"box":{"x":116,"y":807,"width":757,"height":13}},{"id":"983e3b0d-5c90-477e-bd4a-44666ea01b7b","block_type":"box","text":"the Currency and are required to be members of the Federal Reserve System and to have their deposits insured","page_number":23,"box":{"x":116,"y":823,"width":765,"height":13}},{"id":"0fafd74f-8819-4da4-9ecf-031322cbadf3","block_type":"box","text":"by the FDIC. Domestic banks organized under state law are supervised and examined by state banking","page_number":23,"box":{"x":116,"y":838,"width":713,"height":13}},{"id":"cc40535f-3c82-44b7-aafc-54d0a702f228","block_type":"box","text":"authorities and are members of the Federal Reserve System only if they elect to join. In addition, state banks","page_number":23,"box":{"x":116,"y":854,"width":748,"height":13}},{"id":"000dd1ba-4303-49b3-8506-74570a20979f","block_type":"box","text":"whose CDs may be purchased by the Fund are insured by the FDIC (although such insurance may not be of","page_number":23,"box":{"x":116,"y":869,"width":748,"height":13}},{"id":"372b810c-76e7-4632-9b2c-cf1df5b1b8b2","block_type":"box","text":"6","page_number":23,"box":{"x":496,"y":917,"width":7,"height":9}},{"id":"c90a27eb-09fd-45ae-9b29-dad8843fd03f","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":23,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6b410a77-c564-485f-b8d1-6b41d13f609b","block_type":"box","text":"material benefit to the Fund, depending on the principal amount of the CDs of each bank held by the Fund)","page_number":24,"box":{"x":116,"y":79,"width":746,"height":13}},{"id":"cb2f4e97-288d-4c4d-8be3-d81fc5011515","block_type":"box","text":"and are subject to federal examination and to a substantial body of federal law and regulation. As a result of","page_number":24,"box":{"x":116,"y":94,"width":753,"height":13}},{"id":"77300e66-1b4e-438d-9c11-4c083e5e6091","block_type":"box","text":"federal or state laws and regulations, domestic branches of domestic banks whose CDs may be purchased by","page_number":24,"box":{"x":116,"y":110,"width":753,"height":13}},{"id":"96120c7d-ccdf-46f4-9de7-19f3dee8a02f","block_type":"box","text":"the Fund generally are required, among other things, to maintain specified levels of reserves, are limited in the","page_number":24,"box":{"x":116,"y":125,"width":760,"height":13}},{"id":"2b187a80-1854-4bc4-ad12-47667f17e5cf","block_type":"box","text":"amounts that they can loan to a single borrower and are subject to other regulations designed to promote","page_number":24,"box":{"x":116,"y":141,"width":731,"height":13}},{"id":"5dbf26aa-caff-4a85-a2eb-579c87f2cb67","block_type":"box","text":"financial soundness. However, not all of such laws and regulations apply to the foreign branches of domestic","page_number":24,"box":{"x":116,"y":156,"width":755,"height":13}},{"id":"ae6d3a33-5337-48a1-9146-f6632b6babf0","block_type":"box","text":"banks.","page_number":24,"box":{"x":116,"y":172,"width":44,"height":10}},{"id":"a6ccde1a-a07a-4f00-8782-b40f82b8e5f7","block_type":"box","text":"Obligations of foreign branches of domestic banks, foreign subsidiaries of domestic banks and domestic and","page_number":24,"box":{"x":117,"y":195,"width":750,"height":13}},{"id":"52aa66f3-61d8-4d1b-9b40-1988d3ccf1d3","block_type":"box","text":"foreign branches of foreign banks, such as CDs and TDs, may be general obligations of the parent banks in","page_number":24,"box":{"x":116,"y":211,"width":744,"height":12}},{"id":"54544ac0-8bfe-4780-b42c-aafb3272b71c","block_type":"box","text":"addition to the issuing branch, or may be limited by the terms of a specific obligation and/or governmental","page_number":24,"box":{"x":116,"y":226,"width":739,"height":13}},{"id":"e3484c53-11bf-496e-ae72-76889cc9cb1e","block_type":"box","text":"regulation. Such obligations are subject to different risks than are those of domestic banks. These risks include","page_number":24,"box":{"x":116,"y":242,"width":764,"height":12}},{"id":"61d07b52-0646-4245-b6cb-d905e2169f4f","block_type":"box","text":"foreign economic and political developments, foreign governmental restrictions that may adversely affect","page_number":24,"box":{"x":116,"y":257,"width":726,"height":13}},{"id":"af828f1a-98a0-44e0-9cf1-ee62f593c327","block_type":"box","text":"payment of principal and interest on the obligations, fo","page_number":24,"box":{"x":116,"y":273,"width":375,"height":12}},{"id":"93eb8818-d4cb-412d-ba48-3214d248167f","block_type":"box","text":"foreign exchange controls and foreign withholding and","page_number":24,"box":{"x":490,"y":273,"width":376,"height":12}},{"id":"ba4b600f-0db5-4320-b23d-91747597cdfc","block_type":"box","text":"other taxes on amounts realized on the obligations. These foreign branches and subsidiaries are not necessarily","page_number":24,"box":{"x":116,"y":288,"width":767,"height":13}},{"id":"9b4654a3-05c3-4a18-a6ac-51acb9281f99","block_type":"box","text":"subject to the same or similar regulatory requirements that apply to domestic banks, such as mandatory","page_number":24,"box":{"x":116,"y":304,"width":719,"height":12}},{"id":"71a9ffb1-960f-45c8-8aa3-c06fb4097c16","block_type":"box","text":"reserve requirements, loan limitations, and accounting, a","page_number":24,"box":{"x":116,"y":319,"width":392,"height":13}},{"id":"0c0119c4-7536-4e7a-90f7-07894e01c656","block_type":"box","text":"uditing and financial record keeping requirements. In","page_number":24,"box":{"x":509,"y":319,"width":369,"height":13}},{"id":"e5962d5a-5495-43f2-b27d-b7ba7bda3391","block_type":"box","text":"addition, less information may be publicly available about a foreign branch of a domestic bank or about a","page_number":24,"box":{"x":116,"y":335,"width":736,"height":12}},{"id":"ce45510f-e9e5-45ee-8f95-22650f468d9d","block_type":"box","text":"foreign bank than about a domestic bank.","page_number":24,"box":{"x":116,"y":350,"width":291,"height":13}},{"id":"64024599-712f-4ff6-9814-cdd8d293e7c7","block_type":"box","text":"Obligations of U.S. branches of foreign banks may be general obligations of the parent bank in addition to the","page_number":24,"box":{"x":117,"y":373,"width":764,"height":13}},{"id":"b777ae78-4aa2-476a-8cc2-571e8651363e","block_type":"box","text":"issuing branch, or may be limited by the terms of a specific obligation or by federal or state regulation, as well","page_number":24,"box":{"x":116,"y":389,"width":762,"height":13}},{"id":"d1c7236e-9d7b-43a8-9c32-9d0fdd84327b","block_type":"box","text":"as governmental action in the country in which the foreign bank has its head office. A domestic branch of a","page_number":24,"box":{"x":116,"y":404,"width":745,"height":13}},{"id":"fd32c65a-724b-4d1e-9bf8-55b6e0f741e5","block_type":"box","text":"foreign bank with assets in excess of $1 billion may be subject to reserve requirements imposed by the Federal","page_number":24,"box":{"x":116,"y":420,"width":761,"height":13}},{"id":"98a24488-a6d9-4786-b2b3-20ec89ed44ba","block_type":"box","text":"Reserve System or by the state in which the branch is located if the branch is licensed in that state.","page_number":24,"box":{"x":116,"y":435,"width":679,"height":13}},{"id":"4438df79-90ea-4104-8369-9f3518ff846e","block_type":"box","text":"In addition, federal branches licensed by the Comptroller of the Currency and branches licensed by certain","page_number":24,"box":{"x":116,"y":459,"width":737,"height":12}},{"id":"d4fc2eb9-99d6-49f4-9e84-eec7dbb47538","block_type":"box","text":"states may be required to: (1) pledge to the appropriate regulatory authority, by depositing assets with a","page_number":24,"box":{"x":116,"y":474,"width":720,"height":13}},{"id":"680301c1-04e8-4229-84a1-52a7150d7181","block_type":"box","text":"designated bank within the relevant state, a certain p","page_number":24,"box":{"x":116,"y":490,"width":365,"height":12}},{"id":"3689b2ed-b49e-4eb4-aa37-a6aff3be9dd7","block_type":"box","text":"ercentage of their assets as fixed from time to time by","page_number":24,"box":{"x":482,"y":490,"width":370,"height":12}},{"id":"1878cc07-9d8f-4f92-9a90-186f266c7910","block_type":"box","text":"such regulatory authority; and (2) maintain assets within the relevant state in an amount equal to a specified","page_number":24,"box":{"x":116,"y":505,"width":751,"height":13}},{"id":"7dedd35a-375b-4f3d-aa75-f783a7643ce5","block_type":"box","text":"percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies","page_number":24,"box":{"x":116,"y":521,"width":747,"height":12}},{"id":"1aad44e9-21f5-42a3-92d1-b513e56dc7af","block_type":"box","text":"or branches within the state.","page_number":24,"box":{"x":116,"y":536,"width":196,"height":10}},{"id":"6b37125c-676f-49f7-aef3-b5ccc237397e","block_type":"box","text":"Commercial Paper and Short-Term Corporate Debt Instruments.","page_number":24,"box":{"x":117,"y":559,"width":451,"height":13}},{"id":"cb1dd990-0c99-405d-aa60-db205c92fcf1","block_type":"box","text":"The Funds may invest in commercial paper","page_number":24,"box":{"x":574,"y":559,"width":299,"height":13}},{"id":"6037cdaf-388f-454c-a8b7-57af72a2a429","block_type":"box","text":"(including variable amount master demand notes), which","page_number":24,"box":{"x":117,"y":575,"width":395,"height":13}},{"id":"c1ac183a-332a-4d9d-98f8-a80a8e4e82c6","block_type":"box","text":"consists of short-term, unsecured promissory notes","page_number":24,"box":{"x":517,"y":575,"width":352,"height":13}},{"id":"52ed84f3-775e-4966-b432-f19d3c0cfc60","block_type":"box","text":"issued by corporations to finance short-term credit needs. Commercial paper is usually sold on a discount","page_number":24,"box":{"x":116,"y":590,"width":732,"height":13}},{"id":"c7f51743-d791-479b-ad67-798c6f6a22c8","block_type":"box","text":"basis and usually has a maturity at the time of issuance not exceeding nine months. Variable amount master","page_number":24,"box":{"x":116,"y":606,"width":749,"height":13}},{"id":"58eda03f-030a-45c7-a4e9-f6923a877f6b","block_type":"box","text":"demand notes are demand obligations that permit a Fund to invest fluctuating amounts, which may change","page_number":24,"box":{"x":116,"y":621,"width":744,"height":13}},{"id":"ca848ca8-918c-45a3-b2c6-38b972414f77","block_type":"box","text":"daily without penalty, pursuant to direct arrangements between a Fund, as lender, and the borrower. The","page_number":24,"box":{"x":116,"y":637,"width":731,"height":13}},{"id":"6a0b74fd-4865-42e1-8b35-4a76e7093ecd","block_type":"box","text":"interest on these notes varies pursuant to the arrangements between the Fund and the borrower. Both the","page_number":24,"box":{"x":116,"y":652,"width":729,"height":13}},{"id":"52a6eecb-0435-4456-b3f9-b6fbd91f92db","block_type":"box","text":"borrower and the Fund have the right to vary the amount of the outstanding indebtedness on the notes. BFA","page_number":24,"box":{"x":116,"y":668,"width":753,"height":13}},{"id":"a5dc708a-f5dd-4c24-afbb-a8d80a53c88d","block_type":"box","text":"monitors on an ongoing basis the ability of an issuer of a demand instrument to pay principal and interest on","page_number":24,"box":{"x":116,"y":683,"width":756,"height":13}},{"id":"a5631a99-3160-4817-8f92-c83b57839868","block_type":"box","text":"demand.","page_number":24,"box":{"x":116,"y":699,"width":59,"height":10}},{"id":"7480550b-40e0-4afa-88ad-9fcbc56f0610","block_type":"box","text":"The Funds also may invest in non-convertible corporate debt securities (","page_number":24,"box":{"x":116,"y":722,"width":498,"height":13}},{"id":"defbdc0c-3bc7-45e2-a24a-7308089a4218","block_type":"box","text":"e.g","page_number":24,"box":{"x":616,"y":726,"width":19,"height":9}},{"id":"7ade995e-45f6-4377-bd13-bd41caf0f05e","block_type":"box","text":"., bonds and debentures) with not","page_number":24,"box":{"x":636,"y":722,"width":233,"height":13}},{"id":"c6005b7f-802a-458a-8413-2d5cc78db056","block_type":"box","text":"more than thirteen months remaining to maturity at the date of settlement. A Fund will invest only in such","page_number":24,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"afccca82-ab3b-487b-93ee-7dfcb6f91514","block_type":"box","text":"corporate bonds and debentures that are deemed appropriate by BFA in accordance with Rule 2a-7 under the","page_number":24,"box":{"x":116,"y":753,"width":761,"height":13}},{"id":"e7446ff1-b9b4-4a4d-b92c-f1300178f917","block_type":"box","text":"1940 Act. Subsequent to its purchase by a Fund, an issue of securities may cease to be rated or its rating may","page_number":24,"box":{"x":117,"y":769,"width":753,"height":13}},{"id":"e8ac1bfe-7664-4777-ad44-1d17d4a9fcde","block_type":"box","text":"be reduced. BFA will consider such an event in determining whether the Fund should continue to hold the","page_number":24,"box":{"x":116,"y":784,"width":734,"height":13}},{"id":"14e808cf-a739-419b-9eb7-ddb958e676cd","block_type":"box","text":"obligation. To the extent the Fund continues to hold the obligation, it may be subject to additional risk of","page_number":24,"box":{"x":116,"y":800,"width":733,"height":13}},{"id":"e6a3a40e-3bb3-4708-87cd-69397eb9eee0","block_type":"box","text":"default. Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all","page_number":24,"box":{"x":116,"y":815,"width":745,"height":13}},{"id":"1b664f12-2d11-448f-be0b-109e40aa5c0b","block_type":"box","text":"fixed income securities, commercial paper prices are su","page_number":24,"box":{"x":116,"y":831,"width":380,"height":13}},{"id":"fe0eaa0c-85ad-4472-a42e-d3726756f082","block_type":"box","text":"sceptible to fluctuations in interest rates. If interest","page_number":24,"box":{"x":497,"y":831,"width":349,"height":13}},{"id":"3e8893fa-3eef-472f-815a-19605f16c962","block_type":"box","text":"rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a","page_number":24,"box":{"x":116,"y":846,"width":685,"height":13}},{"id":"3d6219f5-f58a-4333-a14b-ec7e34f9c42e","block_type":"box","text":"commercial paper investment generally makes it less susceptible to volatility than many other fixed income","page_number":24,"box":{"x":116,"y":862,"width":739,"height":13}},{"id":"f91454a0-0e1e-4fa6-beea-617f5f018870","block_type":"box","text":"7","page_number":24,"box":{"x":496,"y":917,"width":8,"height":9}},{"id":"1734ed52-7851-4d0b-8347-94e1fd36ba47","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":24,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"dd56e88b-e7df-42b3-a4d7-80b219392bc0","block_type":"box","text":"securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to","page_number":25,"box":{"x":116,"y":79,"width":761,"height":13}},{"id":"554fccc6-d145-44db-a5a8-9b845b43566e","block_type":"box","text":"yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have","page_number":25,"box":{"x":116,"y":94,"width":758,"height":13}},{"id":"00c5dc5b-e982-401a-804b-da8c9455acfe","block_type":"box","text":"lower effective yields than those with longer maturities.","page_number":25,"box":{"x":116,"y":110,"width":383,"height":13}},{"id":"d5b8c695-d03c-4e0a-979c-752c8a5e2b59","block_type":"box","text":"Asset-Backed Commercial Paper.","page_number":25,"box":{"x":116,"y":133,"width":231,"height":13}},{"id":"8a173d0d-ad50-4983-a64c-25483d0aa6b7","block_type":"box","text":"A Fund may also invest in asset-backed commercial paper. Asset-backed","page_number":25,"box":{"x":353,"y":133,"width":502,"height":13}},{"id":"2ef8ab23-8d12-4c2b-8d9b-cd8c02c2ecba","block_type":"box","text":"commercial paper is a type of securitized commercial paper product used to fund purchases of financial assets","page_number":25,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"ecb7d6b5-d0e5-4de0-8142-6cb35fb78f42","block_type":"box","text":"by special purpose finance companies called conduits. The financial assets may include assets such as pools of","page_number":25,"box":{"x":116,"y":164,"width":760,"height":13}},{"id":"9f7fc2a8-9a69-4cc6-8065-df277a2ab373","block_type":"box","text":"trade receivables, car loans and leases, and credit ca","page_number":25,"box":{"x":116,"y":180,"width":358,"height":12}},{"id":"80deb9f7-7986-4b9d-8c64-d0f7f790b807","block_type":"box","text":"rd receivables, among others. Asset-backed commercial","page_number":25,"box":{"x":475,"y":180,"width":383,"height":12}},{"id":"ff75f721-bb38-4e40-83a6-a94ad5e870f0","block_type":"box","text":"paper is typically tracked and rated by one or more credit rating agencies. Some asset-backed commercial","page_number":25,"box":{"x":116,"y":195,"width":730,"height":13}},{"id":"921edae3-f5a4-49e0-b036-453276370aae","block_type":"box","text":"paper programs maintain a back-up liquidity facility provided by a major bank, which is intended to be used","page_number":25,"box":{"x":116,"y":211,"width":754,"height":12}},{"id":"eb16b889-a586-44da-93a5-7899cbb4a163","block_type":"box","text":"if the issuer is unable to issue new asset-backed commercial paper.","page_number":25,"box":{"x":116,"y":226,"width":459,"height":13}},{"id":"21eccb2d-387e-4715-9a70-26f3fb78263c","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration.","page_number":25,"box":{"x":116,"y":249,"width":424,"height":13}},{"id":"625bd468-9866-418b-a82b-2e21f1c6c424","block_type":"box","text":"Although BlackRock Cash Funds: Institutional","page_number":25,"box":{"x":546,"y":249,"width":324,"height":13}},{"id":"0774e874-ea1d-407f-8eeb-7d7b07e0be03","block_type":"box","text":"does not seek to implement a specific sustainability objective, strategy or process unless disclosed in the Fund’s","page_number":25,"box":{"x":116,"y":265,"width":765,"height":13}},{"id":"a902da5b-d511-49c2-b559-2cc800cef35d","block_type":"box","text":"Prospectus, BlackRock will consider ESG factors as part of the credit research and investment process for","page_number":25,"box":{"x":116,"y":280,"width":730,"height":13}},{"id":"1ae1bb6d-4541-47ce-abf8-b488d4032b05","block_type":"box","text":"BlackRock Cash Funds: Institutional. BlackRock views ESG integration as the practice of incorporating","page_number":25,"box":{"x":116,"y":296,"width":719,"height":13}},{"id":"8f4ee908-0e44-4347-9f08-9f5b37a3f04f","block_type":"box","text":"financially material ESG data or information into investment processes with the objective of enhancing risk","page_number":25,"box":{"x":116,"y":311,"width":748,"height":13}},{"id":"c071b6dd-2bb8-4e7f-b3e5-6d1bfd4f8700","block_type":"box","text":"adjusted returns. All securities purchases by BlackRock Cash Funds: Institutional are selected from approved","page_number":25,"box":{"x":116,"y":327,"width":754,"height":13}},{"id":"3d2c6afa-1a78-4965-a758-6b787a6d4547","block_type":"box","text":"lists maintained by BlackRock. All instruments on an approved list used by BlackRock Cash Funds:","page_number":25,"box":{"x":116,"y":342,"width":690,"height":13}},{"id":"eba37543-e3e1-4d33-9bf3-8e3284545a0a","block_type":"box","text":"Institutional have met the minimal credit risk requirement of Rule 2a-7, if required. In reviewing instruments,","page_number":25,"box":{"x":116,"y":358,"width":758,"height":13}},{"id":"049ee2b5-c924-4afe-a06d-3c4ee1447b24","block_type":"box","text":"BlackRock will consider the capacity of the issuer or guarantor to meet its obligations. BlackRock considers","page_number":25,"box":{"x":116,"y":373,"width":747,"height":13}},{"id":"246ea18a-5ada-4c03-97cf-fcfbe23af09c","block_type":"box","text":"ESG data within the total data available during its review. This may include third party research as well as","page_number":25,"box":{"x":116,"y":389,"width":737,"height":13}},{"id":"0ce41cfc-bad1-46a8-800c-d96bdec88256","block_type":"box","text":"considerations of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer.","page_number":25,"box":{"x":116,"y":404,"width":755,"height":13}},{"id":"36ac14ba-0a2e-4dc8-bf37-bf86faab614c","block_type":"box","text":"The ESG characteristics utilized in BlackRock Cash Funds: Institutional’s investment processes are","page_number":25,"box":{"x":116,"y":428,"width":767,"height":12}},{"id":"7af41892-89ca-4514-83cc-20af2ba5e6e5","block_type":"box","text":"anticipated to evolve over time and one or more characteristics may not be relevant with respect to all","page_number":25,"box":{"x":116,"y":443,"width":767,"height":13}},{"id":"c1c07881-effc-4d0d-91f6-13706e01b7e2","block_type":"box","text":"issuers that are eligible for investment. Certain of these considerations may affect BlackRock Cash Funds:","page_number":25,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"b86d07ae-d2f5-4407-9830-3dd84c922398","block_type":"box","text":"Institutional’s exposure to certain companies or industries. While BlackRock views ESG considerations","page_number":25,"box":{"x":116,"y":474,"width":767,"height":13}},{"id":"f36a5e24-bcfb-4f78-956c-5e8e7119c177","block_type":"box","text":"as having the potential to contribute to BlackRock Cash Funds: Institutional’s long-term performance,","page_number":25,"box":{"x":116,"y":490,"width":766,"height":12}},{"id":"de22fa53-2a06-423e-ac8a-6d76449cdc32","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":25,"box":{"x":116,"y":505,"width":399,"height":13}},{"id":"4fb33940-ef63-4d89-b0af-406bc0420f8e","block_type":"box","text":"Floating-Rate and Variable-Rate Obligations.","page_number":25,"box":{"x":116,"y":528,"width":316,"height":13}},{"id":"d20e9dcb-f617-4217-ae7e-7520e84a7017","block_type":"box","text":"The Funds may purchase debt instruments with interest rates","page_number":25,"box":{"x":438,"y":528,"width":423,"height":13}},{"id":"603d294e-7130-4f33-9fc8-dd4823b72ab4","block_type":"box","text":"that are periodically adjusted at specified intervals or whenever a benchmark rate or index changes. The","page_number":25,"box":{"x":116,"y":544,"width":720,"height":13}},{"id":"2d107ee7-ff6e-4929-8024-56cfd44c3d0f","block_type":"box","text":"floating-rate and variable-rate instruments that the Funds may purchase include certificates of participation in","page_number":25,"box":{"x":116,"y":559,"width":761,"height":13}},{"id":"f433660d-eb0c-47f9-9f12-7419982542ca","block_type":"box","text":"such instruments. The interest rate adjustments g","page_number":25,"box":{"x":116,"y":575,"width":339,"height":13}},{"id":"8265b936-3e3e-43cd-b166-9b79870c4e87","block_type":"box","text":"enerally limit the increase or decrease in the amount of","page_number":25,"box":{"x":456,"y":575,"width":379,"height":13}},{"id":"b7b9adcf-fb06-4792-a64d-c0219be9ee9a","block_type":"box","text":"interest received on the debt instruments. Floating-rate and variable-rate instruments are subject to interest","page_number":25,"box":{"x":116,"y":590,"width":739,"height":13}},{"id":"cb1e9aad-7ee7-4adb-b914-51625bf3183c","block_type":"box","text":"rate risk and credit risk.","page_number":25,"box":{"x":116,"y":606,"width":164,"height":10}},{"id":"f8cb9b66-d3ea-4d87-9c71-b0463cae1f2f","block_type":"box","text":"The Funds may purchase floating-rate and variable-rate demand notes and bonds, which are obligations","page_number":25,"box":{"x":116,"y":629,"width":722,"height":13}},{"id":"97a6eb0d-c051-4a5e-b30a-5d09be73ffe2","block_type":"box","text":"ordinarily having stated maturities in excess of thirteen months, but which permit the holder to demand","page_number":25,"box":{"x":116,"y":645,"width":720,"height":12}},{"id":"8a52a2c8-fee7-43de-be54-e68468c6d817","block_type":"box","text":"payment of principal at any time, or at specified inter","page_number":25,"box":{"x":116,"y":660,"width":369,"height":13}},{"id":"3e8b8719-40f7-486f-b255-78300ea47728","block_type":"box","text":"vals not exceeding 397 days, as defined in accordance","page_number":25,"box":{"x":485,"y":660,"width":373,"height":13}},{"id":"328b0fcd-9741-4f2b-a896-36b5efe4932d","block_type":"box","text":"with Rule 2a-7 and the 1940 Act. Variable-rate demand notes including master demand notes are demand","page_number":25,"box":{"x":116,"y":676,"width":738,"height":12}},{"id":"a2eb4250-5eba-40aa-9162-5a55c0a3e238","block_type":"box","text":"obligations that permit a Fund to invest fluctuating amounts, which may change daily without penalty,","page_number":25,"box":{"x":116,"y":691,"width":714,"height":13}},{"id":"05924d17-47a7-4ff3-bdfe-c1b644d61aae","block_type":"box","text":"pursuant to direct arrangements between a Fund, as lender, and the borrower. The interest rates on these","page_number":25,"box":{"x":116,"y":707,"width":728,"height":12}},{"id":"45b35830-e157-4d6a-85e8-8dfbd30ffd62","block_type":"box","text":"notes fluctuate from time to time. The issuer of such obligations ordinarily has a corresponding right, after a","page_number":25,"box":{"x":116,"y":722,"width":751,"height":13}},{"id":"e8108c0d-831b-46c8-911a-9bb0d5b9461a","block_type":"box","text":"given period, to prepay in its discretion the outstanding principal amount of the obligations plus accrued","page_number":25,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"44857231-c978-431d-901b-debd6f28484c","block_type":"box","text":"interest upon a specified number of days’ notice to the holders of such obligations. The interest rate on a","page_number":25,"box":{"x":116,"y":753,"width":723,"height":13}},{"id":"c1cb22c1-6c25-4ddc-b040-304984bf84a7","block_type":"box","text":"floating-rate demand obligation is based on a known lending rate, such as a bank’s prime rate, and is adjusted","page_number":25,"box":{"x":116,"y":769,"width":764,"height":13}},{"id":"6a045ff1-e660-473e-9f84-184d634ec326","block_type":"box","text":"automatically each time such rate is adjusted. The interest rate on a variable-rate demand obligation is","page_number":25,"box":{"x":116,"y":784,"width":708,"height":13}},{"id":"fff2fef5-6429-44c6-87c4-93e9aa9b9a90","block_type":"box","text":"adjusted automatically at specified intervals. Frequently, such obligations are secured by letters of credit or","page_number":25,"box":{"x":116,"y":800,"width":738,"height":13}},{"id":"06fe3da1-9ee9-4b88-bf26-6f3626d0072e","block_type":"box","text":"other credit support arrangements provided by banks.","page_number":25,"box":{"x":116,"y":815,"width":374,"height":13}},{"id":"7ffbd0f9-105d-4342-84f3-7e02871003da","block_type":"box","text":"These obligations are direct lending arrangements between the lender and borrower. There may not be an","page_number":25,"box":{"x":116,"y":838,"width":733,"height":13}},{"id":"33c698ed-81a6-441a-bfee-ac05b51eae81","block_type":"box","text":"established secondary market for these obligations, although they are redeemable at face value. Accordingly,","page_number":25,"box":{"x":116,"y":854,"width":751,"height":13}},{"id":"7d2473d9-301a-42c5-8b53-386bfdecc7c2","block_type":"box","text":"where these obligations are not secured by letters of credit or other credit support arrangements, a Fund’s","page_number":25,"box":{"x":116,"y":869,"width":731,"height":13}},{"id":"af7bfaa4-dc63-49a6-9d5f-f7179b48b599","block_type":"box","text":"8","page_number":25,"box":{"x":496,"y":917,"width":7,"height":9}},{"id":"2a608ca0-50d2-49e4-98fb-bb0acd3ae68b","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":25,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"fb8bdb04-5f02-4e81-9e27-d20bbdafdba2","block_type":"box","text":"right to redeem is dependent on the ability of the borrower to pay principal and interest on demand. Such","page_number":26,"box":{"x":116,"y":79,"width":732,"height":13}},{"id":"d07ec654-9e27-40ee-86b8-9f1c58ce7ef4","block_type":"box","text":"obligations frequently are not rated by credit rating agencies. BFA considers on an ongoing basis the","page_number":26,"box":{"x":116,"y":94,"width":694,"height":13}},{"id":"784dceda-2e5c-4b07-a018-f0df5ae75246","block_type":"box","text":"creditworthiness of the issuers of the floating-rate and","page_number":26,"box":{"x":116,"y":110,"width":374,"height":13}},{"id":"2d590b7e-1912-4bff-af68-e4248a5ac2e6","block_type":"box","text":"variable-rate demand obligations in a Fund’s portfolio.","page_number":26,"box":{"x":495,"y":110,"width":379,"height":13}},{"id":"7198795d-3f38-4a08-bc01-875758ee6901","block_type":"box","text":"Forward Commitments, When-Issued Purchases and Delayed-Delivery Transactions.","page_number":26,"box":{"x":116,"y":134,"width":591,"height":13}},{"id":"b953fba1-9888-41c9-8eca-e122d2510640","block_type":"box","text":"A Fund may purchase","page_number":26,"box":{"x":713,"y":134,"width":152,"height":13}},{"id":"f7e65a83-2457-41b6-9849-fab46559062b","block_type":"box","text":"or sell securities that it is entitled to receive on a when issued basis. A Fund may also purchase or sell securities","page_number":26,"box":{"x":116,"y":149,"width":765,"height":13}},{"id":"62a3757a-9b26-45c3-97f9-88494e6ba29f","block_type":"box","text":"on a delayed delivery basis or through a forward commitment (including on a “TBA” (to be announced)","page_number":26,"box":{"x":116,"y":165,"width":724,"height":13}},{"id":"5d328f61-130a-4314-8958-256324642baa","block_type":"box","text":"basis). These transactions involve the purchase or sale of securities by a Fund at an established price with","page_number":26,"box":{"x":116,"y":180,"width":727,"height":13}},{"id":"5913d0da-819a-4843-85a5-96f66f86e067","block_type":"box","text":"payment and delivery taking place in the future. The Fund enters into these transactions to obtain what is","page_number":26,"box":{"x":116,"y":196,"width":731,"height":13}},{"id":"f64912db-e4c4-415c-bcc4-9c0d0e22d6a1","block_type":"box","text":"considered an advantageous price to the Fund at the time of entering into the transaction.","page_number":26,"box":{"x":116,"y":211,"width":620,"height":13}},{"id":"874dbaf4-0098-4edd-85c8-f829bb7e7e15","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":26,"box":{"x":116,"y":235,"width":735,"height":13}},{"id":"6bb03c2c-af7e-4800-884f-82db2825d624","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when","page_number":26,"box":{"x":116,"y":251,"width":726,"height":13}},{"id":"7e7f205b-e6dd-4118-9f93-a3526d5018bc","block_type":"box","text":"entering into certain forward-settling transactions, including without limitation TBA transactions.","page_number":26,"box":{"x":116,"y":267,"width":677,"height":12}},{"id":"4813c84e-42b7-430f-a9fc-b884ab9cae34","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":26,"box":{"x":116,"y":291,"width":742,"height":12}},{"id":"9a8e3bdd-332e-4421-9091-b0cca4642b42","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the","page_number":26,"box":{"x":116,"y":306,"width":746,"height":13}},{"id":"878b3f32-8542-440f-b0c3-8e92a35892b0","block_type":"box","text":"value of securities in these transactions on the delivery date may be more or less than the price paid by the","page_number":26,"box":{"x":116,"y":322,"width":734,"height":12}},{"id":"df179d8a-db2b-4e31-87ca-96a6d094dd94","block_type":"box","text":"Fund to purchase the securities. The Fund will lose money if the value of the security in such a transaction","page_number":26,"box":{"x":116,"y":337,"width":734,"height":13}},{"id":"052e4d1d-215d-423e-adb3-4ae7e9404061","block_type":"box","text":"declines below the purchase price and will not benefit if the value of the security appreciates above the sale","page_number":26,"box":{"x":116,"y":353,"width":738,"height":12}},{"id":"57558499-28cf-49ee-a968-36291bd4c796","block_type":"box","text":"price during the commitment period.","page_number":26,"box":{"x":116,"y":368,"width":255,"height":13}},{"id":"15af2e65-ce4e-4fc4-86a0-010de9a1013b","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":26,"box":{"x":116,"y":392,"width":746,"height":13}},{"id":"c45716ec-4a12-499c-a012-39efbc9198f9","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":26,"box":{"x":116,"y":408,"width":749,"height":13}},{"id":"fbd22374-264f-457f-b5ff-7bc369415473","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":26,"box":{"x":116,"y":423,"width":761,"height":13}},{"id":"9a47b151-0314-42f8-b61f-9b43a77faaba","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party","page_number":26,"box":{"x":116,"y":447,"width":751,"height":13}},{"id":"53921514-1a1b-42de-a96e-d67481691779","block_type":"box","text":"to consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":26,"box":{"x":116,"y":463,"width":765,"height":13}},{"id":"102318bb-d3a0-42a8-a6f8-7f3ab36f3979","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":26,"box":{"x":116,"y":478,"width":423,"height":13}},{"id":"76ed884b-ce7f-436a-b045-c3a372b8ef8f","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":26,"box":{"x":116,"y":502,"width":716,"height":13}},{"id":"fcab82b7-f6af-49e6-8db9-4e82ffde9246","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting","page_number":26,"box":{"x":116,"y":518,"width":763,"height":13}},{"id":"afa7daf5-1761-43e9-bea5-277af1efa876","block_type":"box","text":"on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has","page_number":26,"box":{"x":116,"y":533,"width":752,"height":13}},{"id":"73b59e42-f2e8-4e0d-a7a9-eefcca4c02c7","block_type":"box","text":"committed to purchase until they are paid for and delivered on the settlement date.","page_number":26,"box":{"x":116,"y":549,"width":573,"height":13}},{"id":"c18e4170-ff32-4182-8af7-05dc056fc0a0","block_type":"box","text":"Regulations adopted by global prudential regulators","page_number":26,"box":{"x":116,"y":573,"width":361,"height":13}},{"id":"71783eb1-9bec-4331-89df-4ed7e1d59d51","block_type":"box","text":"require certain bank-regulated counterparties and certain","page_number":26,"box":{"x":483,"y":573,"width":395,"height":13}},{"id":"cee105d2-5bf1-463f-a2ee-358e08f759be","block_type":"box","text":"of their affiliates to include in certain financial contracts, including many agreements with respect to when","page_number":26,"box":{"x":116,"y":589,"width":741,"height":12}},{"id":"e77fb6b4-11eb-4d97-931a-ab303b34c80d","block_type":"box","text":"issued, TBA and forward commitment transactions, terms that delay or restrict the rights of counterparties,","page_number":26,"box":{"x":116,"y":604,"width":743,"height":13}},{"id":"8384871d-09b4-4154-ab5f-3036c9afccb4","block_type":"box","text":"such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default rights or restrict","page_number":26,"box":{"x":116,"y":620,"width":766,"height":12}},{"id":"495db2dc-3044-4022-a4d7-4cd392376038","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of","page_number":26,"box":{"x":116,"y":635,"width":758,"height":13}},{"id":"d18dd06f-6564-4c7a-b318-188af41f0249","block_type":"box","text":"resolution or insolvency proceedings. It is possible that these new requirements, as well as potential additional","page_number":26,"box":{"x":116,"y":651,"width":762,"height":12}},{"id":"e824308d-326e-4cf9-b13e-5a6156e6c7a3","block_type":"box","text":"government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":26,"box":{"x":116,"y":666,"width":714,"height":13}},{"id":"536bae25-31a0-4569-9f15-91ed6d82ab0e","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under","page_number":26,"box":{"x":116,"y":682,"width":737,"height":12}},{"id":"53b6cd7f-e55a-4385-b527-c4dedac3b2c0","block_type":"box","text":"such agreements.","page_number":26,"box":{"x":116,"y":697,"width":117,"height":13}},{"id":"5edf9cf6-32ef-48f5-b637-2c173d737a06","block_type":"box","text":"Funding Agreements.","page_number":26,"box":{"x":116,"y":721,"width":146,"height":13}},{"id":"f94d0c1b-3949-4f25-bdbc-18918ee9a0f1","block_type":"box","text":"The Funds may invest in short-term funding agreements. A funding agreement is a","page_number":26,"box":{"x":268,"y":721,"width":571,"height":13}},{"id":"54ec9039-e94e-4342-90c2-eeccb89e59dc","block_type":"box","text":"contract between an issuer and a purchaser that obligates the issuer to pay a guaranteed rate of interest on a","page_number":26,"box":{"x":116,"y":737,"width":749,"height":12}},{"id":"406c3517-7761-4933-b564-92334c3f9d85","block_type":"box","text":"principal sum deposited by the purchaser. Funding agreements will also guarantee the return of principal and","page_number":26,"box":{"x":116,"y":752,"width":757,"height":13}},{"id":"40863e73-0992-40fb-8620-584c77f55021","block_type":"box","text":"may guarantee a stream of payments over time. A funding agreement has a fixed maturity and may have","page_number":26,"box":{"x":116,"y":768,"width":724,"height":12}},{"id":"7a666286-0e30-4f56-9240-628e9abc0a36","block_type":"box","text":"either a fixed-, variable- or floating-interest rate th","page_number":26,"box":{"x":116,"y":783,"width":349,"height":13}},{"id":"1453fa9d-99cf-42b1-aaa7-8e9ff436d0fc","block_type":"box","text":"at is based on an index and guaranteed for a fixed time","page_number":26,"box":{"x":465,"y":783,"width":382,"height":13}},{"id":"396342f7-1ee7-4219-b78a-89b7b88a2181","block_type":"box","text":"period. The Funds will purchase short-term funding agreements only from banks and insurance companies.","page_number":26,"box":{"x":116,"y":799,"width":743,"height":12}},{"id":"a9e82556-39df-42dc-9d00-ab54762da63d","block_type":"box","text":"The Funds may also purchase Guaranteed Investment Contracts.","page_number":26,"box":{"x":116,"y":814,"width":449,"height":13}},{"id":"8ed3d083-2a90-4d91-a4b3-3b247a3616b2","block_type":"box","text":"The secondary market, if any, for these funding agreements is limited; thus, such investments purchased by the","page_number":26,"box":{"x":116,"y":838,"width":766,"height":13}},{"id":"43621b44-1c70-4112-a43b-cc653b890475","block_type":"box","text":"Funds may be treated as illiquid. If a funding agreement is determined to be illiquid it will be valued by the","page_number":26,"box":{"x":116,"y":854,"width":739,"height":13}},{"id":"ee27c4d3-d59d-441c-9a56-d7b7d24909c7","block_type":"box","text":"Institutional Fund at its fair market value as determined by procedures approved by the Board of Trustees.","page_number":26,"box":{"x":116,"y":869,"width":738,"height":13}},{"id":"b4807703-0bc9-4191-8e25-2eba6e2ee967","block_type":"box","text":"9","page_number":26,"box":{"x":496,"y":917,"width":7,"height":9}},{"id":"405ff05f-6465-4289-ac71-9fe7a09abe30","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":26,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b719c496-4894-4db0-8aa1-391e2aa1f95c","block_type":"box","text":"Valuation of illiquid indebtedness involves a greater degree of judgment in determining the value of the","page_number":27,"box":{"x":116,"y":79,"width":714,"height":13}},{"id":"f4e55e59-188e-476d-9187-cebe3c8819a6","block_type":"box","text":"Institutional Fund’s assets than if the value were based on available market quotations.","page_number":27,"box":{"x":116,"y":94,"width":602,"height":13}},{"id":"6b38cfb5-a1c8-406f-b7fc-e36ef0985a8c","block_type":"box","text":"Illiquid Securities.","page_number":27,"box":{"x":116,"y":118,"width":123,"height":12}},{"id":"49e08346-52ee-45b0-90f7-92c835830849","block_type":"box","text":"Each Fund may invest in securities as to which a liquid trading market does not exist,","page_number":27,"box":{"x":245,"y":118,"width":591,"height":12}},{"id":"5c23a570-b884-465c-a603-77b039c7c828","block_type":"box","text":"provided such investments are consistent with its investment objective. Such securities may include securities","page_number":27,"box":{"x":116,"y":133,"width":749,"height":13}},{"id":"237aae33-106f-4ee1-acdd-f2270c35ed72","block_type":"box","text":"that are not readily marketable, such as privately issued securities and other securities that are subject to legal","page_number":27,"box":{"x":116,"y":149,"width":758,"height":12}},{"id":"7092bfa6-7867-499c-8b8b-012a94add926","block_type":"box","text":"or contractual restrictions on resale, floating-rate and variable-rate demand obligations as to which the Fund","page_number":27,"box":{"x":116,"y":164,"width":753,"height":13}},{"id":"2cbf4811-ced0-4b34-be28-1fe529729d6e","block_type":"box","text":"cannot exercise a demand feature on not more than seven days’ notice and as to which there is no secondary","page_number":27,"box":{"x":116,"y":180,"width":752,"height":12}},{"id":"cd10e73c-e051-426c-ad55-fc73b5f73936","block_type":"box","text":"market, and repurchase agreements providing for settlement more than seven days after notice.","page_number":27,"box":{"x":116,"y":195,"width":658,"height":13}},{"id":"b9156a31-da1f-414a-a20e-370a423e0030","block_type":"box","text":"Inflation Risk","page_number":27,"box":{"x":116,"y":218,"width":96,"height":13}},{"id":"dc903eac-e556-44bf-8752-012a96540c49","block_type":"box","text":". The Funds are subject to inflation risk. Inflation risk is the risk that the present value of assets","page_number":27,"box":{"x":213,"y":218,"width":657,"height":13}},{"id":"cf94ecd9-34c8-4df4-8e88-aa48cda00ab3","block_type":"box","text":"or income from investments will be less in the future as inflation decreases the value of money. As inflation","page_number":27,"box":{"x":116,"y":234,"width":741,"height":13}},{"id":"53bfe5b9-e225-491a-bc7a-36ddcc6c7439","block_type":"box","text":"increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions. Inflation","page_number":27,"box":{"x":116,"y":249,"width":750,"height":13}},{"id":"bc135f2b-c502-4459-a858-553103f91d0b","block_type":"box","text":"rates may change frequently and significantly due to a","page_number":27,"box":{"x":116,"y":265,"width":374,"height":13}},{"id":"4ca652e7-998f-4cc0-b82e-4f940a429539","block_type":"box","text":"number of potential factors, including, among others,","page_number":27,"box":{"x":495,"y":265,"width":371,"height":13}},{"id":"5027cab1-5410-4cab-acfb-4a0fe96f7ecf","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":27,"box":{"x":116,"y":280,"width":477,"height":13}},{"id":"92f35a5e-435d-44ca-9c35-aeec2f02ba10","block_type":"box","text":"Investment in Other Investment Companies.","page_number":27,"box":{"x":116,"y":304,"width":309,"height":12}},{"id":"1b4d40d3-98f1-49ad-b9e3-1022a4a82447","block_type":"box","text":"Each Fund may invest in shares of open-end investment","page_number":27,"box":{"x":431,"y":304,"width":385,"height":12}},{"id":"7a5499e0-a6c9-4b69-9a27-1fff9eb781d1","block_type":"box","text":"companies, including investment companies that are affiliated with the Funds and BFA, that invest exclusively","page_number":27,"box":{"x":116,"y":319,"width":762,"height":13}},{"id":"4a91c829-684e-4f81-a89c-e02fb37df91d","block_type":"box","text":"in high-quality short-term securities to the extent permitted under the 1940 Act, including the rules,","page_number":27,"box":{"x":116,"y":335,"width":690,"height":12}},{"id":"109ee105-020b-4958-acbe-6ec3553011c3","block_type":"box","text":"regulations and exemptive orders obtained thereunder; provided, however, that BlackRock Cash Funds:","page_number":27,"box":{"x":116,"y":350,"width":720,"height":13}},{"id":"b8ce0797-1727-484e-9135-cdd7804d3ab3","block_type":"box","text":"Treasury may only invest in shares of other investment companies that are money market funds; and provided","page_number":27,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"65bc2a21-0978-4497-8b0a-f1115d1a14ad","block_type":"box","text":"further, however, that a Fund, if it has knowledge that its beneficial interests are purchased by another","page_number":27,"box":{"x":116,"y":381,"width":710,"height":13}},{"id":"43017eb1-ff60-4c3b-a72b-2395deac89c8","block_type":"box","text":"investment company investor pursuant to Section 12(d)(1)(G) of the 1940 Act, will not acquire any securities","page_number":27,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"de92aa91-2bc9-4ca8-8973-8deaab6adf9a","block_type":"box","text":"of registered open-end management investment companies or registered unit investment trusts in reliance on","page_number":27,"box":{"x":116,"y":412,"width":749,"height":13}},{"id":"468032ee-241b-4e1a-a94d-137e4275b1d6","block_type":"box","text":"Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act. Oth","page_number":27,"box":{"x":116,"y":428,"width":386,"height":12}},{"id":"0adada18-c959-4919-aa4d-ace8bbfd8e8f","block_type":"box","text":"er investment companies in which a Fund invests can","page_number":27,"box":{"x":503,"y":428,"width":367,"height":12}},{"id":"aa3bf663-365f-498d-8fe5-ecd0000e1cae","block_type":"box","text":"be expected to charge fees for operating expenses, such","page_number":27,"box":{"x":116,"y":443,"width":381,"height":13}},{"id":"d3ba6d19-2f56-46d4-9627-f46ed606806a","block_type":"box","text":"as investment advisory and administration fees, that","page_number":27,"box":{"x":502,"y":443,"width":361,"height":13}},{"id":"133396b9-6f8b-4fd3-83f7-57274cbc516d","block_type":"box","text":"would be in addition to those charged by the Fund. BlackRock Cash Funds: Institutional may also purchase","page_number":27,"box":{"x":116,"y":459,"width":747,"height":12}},{"id":"a5b1c403-9d91-4884-8dc0-442117c6e005","block_type":"box","text":"shares of exchange listed closed-end funds to the extent permitted under the 1940 Act. Under the 1940 Act, a","page_number":27,"box":{"x":116,"y":474,"width":758,"height":13}},{"id":"9f0c04d2-b2cb-4c18-b4ab-934ecf375d9d","block_type":"box","text":"Fund’s investment in investment companies is limited to, subject to certain exceptions, (i) 3% of the total","page_number":27,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"9054ccd8-448c-45b2-9bf6-08676c7cef2a","block_type":"box","text":"outstanding voting stock of any one investment company, (ii) 5% of the Fund’s total assets with respect to","page_number":27,"box":{"x":116,"y":505,"width":738,"height":13}},{"id":"457afd12-8459-4b9d-b58b-816f05119ad8","block_type":"box","text":"any one investment company, and (iii) 10% of the Fund’s total assets with respect to investment companies in","page_number":27,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"fc1ff8c8-8cb2-474a-9ff5-e9ac444d6645","block_type":"box","text":"the aggregate. To the extent allowed by law or regulation, each Fund may invest its assets in securities of","page_number":27,"box":{"x":116,"y":536,"width":726,"height":13}},{"id":"e7ef3470-af37-43ce-a81c-28a94a4816b6","block_type":"box","text":"investment companies that are money market funds, including those advised by BFA or otherwise affiliated","page_number":27,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"9fc86ef6-45ba-418c-8b3d-879c8b8e367e","block_type":"box","text":"with BFA, in excess of the limits discussed above.","page_number":27,"box":{"x":116,"y":567,"width":341,"height":12}},{"id":"c192ad80-bb26-492e-b03c-1058e5ca7c79","block_type":"box","text":"Letters of Credit.","page_number":27,"box":{"x":116,"y":590,"width":118,"height":13}},{"id":"feb91161-fd65-40ba-a012-8e309709dbba","block_type":"box","text":"Certain of the debt obligations (including municipal securities, certificates of participation,","page_number":27,"box":{"x":241,"y":590,"width":625,"height":13}},{"id":"f78cc298-babe-40f2-bed4-8493bea28c5a","block_type":"box","text":"commercial paper and other short-term obligations) that the Funds may purchase may be backed by an","page_number":27,"box":{"x":116,"y":606,"width":716,"height":13}},{"id":"ff12d4cc-9920-4a11-a435-e37641e0cde5","block_type":"box","text":"unconditional and irrevocable letter of credit issued by a bank, savings and loan association or insurance","page_number":27,"box":{"x":116,"y":621,"width":725,"height":13}},{"id":"0c7d160e-6b3a-4b26-8e1f-67277fcc8709","block_type":"box","text":"company that assumes the obligation for payment of principal and interest in the event of default by the","page_number":27,"box":{"x":116,"y":637,"width":720,"height":13}},{"id":"bf39ca7b-a58c-4bca-8320-c99c87c4aa3d","block_type":"box","text":"issuer. Only banks, savings and loan associations and insurance companies that, in the opinion of BFA, are of","page_number":27,"box":{"x":116,"y":652,"width":761,"height":13}},{"id":"d18d018a-ed15-4bba-be3f-4e82dd7889c5","block_type":"box","text":"comparable quality to issuers of other permitted investments of the Funds may be used for letter of credit","page_number":27,"box":{"x":116,"y":668,"width":733,"height":13}},{"id":"f169d4b7-41e7-4f31-821e-d0d79dcc00c7","block_type":"box","text":"backed investments.","page_number":27,"box":{"x":116,"y":683,"width":138,"height":10}},{"id":"31a999d1-66fa-4f66-b088-fc263bd9da39","block_type":"box","text":"Loan Participation Agreements.","page_number":27,"box":{"x":116,"y":707,"width":220,"height":12}},{"id":"29b9657f-93ec-47cb-a521-e4b42e662533","block_type":"box","text":"Each Fund may purchase interests in loan participations that typically","page_number":27,"box":{"x":343,"y":707,"width":484,"height":12}},{"id":"63137605-6a42-4ceb-a9bb-8286c5e269af","block_type":"box","text":"represent direct participation in a loan to a corporate","page_number":27,"box":{"x":116,"y":722,"width":368,"height":13}},{"id":"deacb3d7-ae1c-43c9-afdc-be2c759d79f3","block_type":"box","text":"borrower, and generally are offered by an intermediary","page_number":27,"box":{"x":489,"y":722,"width":382,"height":13}},{"id":"8f132bee-6bba-4998-ba16-2548e78b8c9c","block_type":"box","text":"bank or other financial institution or lending syndicate. Under these loan participation arrangements, a Fund","page_number":27,"box":{"x":116,"y":738,"width":754,"height":12}},{"id":"94871127-33e1-4263-a2c5-2779e846d8c2","block_type":"box","text":"will have the right to receive payments of principal, in","page_number":27,"box":{"x":116,"y":753,"width":373,"height":13}},{"id":"ce94af98-c84a-4fc3-8509-c9472471f94d","block_type":"box","text":"terest and any fees to which it is entitled from the bank","page_number":27,"box":{"x":490,"y":753,"width":381,"height":13}},{"id":"8ddafba8-2895-41fa-beca-1a52b0d3f0f9","block_type":"box","text":"selling the loan participation upon receipt by the bank of the payments from the borrower. The borrower in","page_number":27,"box":{"x":116,"y":769,"width":749,"height":13}},{"id":"5e4f37cd-2dc2-470a-9814-01a0ffefc105","block_type":"box","text":"the underlying loan will be deemed to be the issuer of th","page_number":27,"box":{"x":116,"y":784,"width":389,"height":13}},{"id":"31ab3ca4-4de1-4997-a866-93b5088534dc","block_type":"box","text":"e participation interest except to the extent the Fund","page_number":27,"box":{"x":506,"y":784,"width":362,"height":13}},{"id":"82efc2b5-a718-469d-86e9-fe0f8c2f330c","block_type":"box","text":"derives its rights from the intermediary bank that so","page_number":27,"box":{"x":116,"y":800,"width":360,"height":13}},{"id":"79f2b1f8-793c-46c8-b752-5e603a81bc5b","block_type":"box","text":"ld the loan participation. Such loans must be made to","page_number":27,"box":{"x":477,"y":800,"width":370,"height":13}},{"id":"a4f1ad68-a3ca-4e32-8f9c-399ac4475801","block_type":"box","text":"issuers in whose obligations the Funds may invest.","page_number":27,"box":{"x":116,"y":815,"width":347,"height":13}},{"id":"84b3c967-1537-41a7-b51c-bf156c815163","block_type":"box","text":"Because the bank issuing the loan participation does not guarantee the participation in any way, the","page_number":27,"box":{"x":116,"y":838,"width":692,"height":13}},{"id":"09a68559-75e5-408b-9990-b128f7dbd6a5","block_type":"box","text":"participation is subject to the credit risks associated","page_number":27,"box":{"x":116,"y":854,"width":356,"height":13}},{"id":"da5c61d9-9404-4ee9-845e-a1643e8da785","block_type":"box","text":"with the underlying corporate borrower. In addition, it","page_number":27,"box":{"x":477,"y":854,"width":381,"height":13}},{"id":"e811ecff-e5ab-43e4-93ba-8e516392317f","block_type":"box","text":"may be necessary under the terms of the loan participation for the Funds to assert their rights against the","page_number":27,"box":{"x":116,"y":869,"width":725,"height":13}},{"id":"cf1b6b7b-c43d-4054-80bd-bc2e318983c3","block_type":"box","text":"10","page_number":27,"box":{"x":492,"y":917,"width":16,"height":9}},{"id":"82e3422c-4ace-46a0-bc8c-6aa49ed46c6d","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":27,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"39290e64-dc47-41b7-aa8d-af092ad2f6db","block_type":"box","text":"underlying corporate borrower in the event that t","page_number":28,"box":{"x":116,"y":79,"width":342,"height":13}},{"id":"9169d87b-0b51-4251-b5f6-1b0e98e36c80","block_type":"box","text":"he underlying corporate borrower should fail to pay","page_number":28,"box":{"x":458,"y":79,"width":362,"height":13}},{"id":"f89b5e63-ed58-4fc9-83ff-0e9edcb18ae5","block_type":"box","text":"principal and interest when due. Thus, the Funds could be subject to delays, expenses, and risks that are","page_number":28,"box":{"x":116,"y":94,"width":720,"height":13}},{"id":"befb5914-5c4c-4e04-8b14-7d7b4630b6ae","block_type":"box","text":"greater than those that would have been involved if the Funds had purchased a direct obligation of the","page_number":28,"box":{"x":116,"y":110,"width":710,"height":13}},{"id":"e0d724dd-09c6-425f-bf0e-2bbef16163ed","block_type":"box","text":"borrower. Moreover, under the terms of the loan participation, the Funds may be regarded as creditors of the","page_number":28,"box":{"x":116,"y":125,"width":759,"height":13}},{"id":"5a1e7418-7bea-460a-ae8e-4996834ab439","block_type":"box","text":"issuing bank (rather than of the underlying corporate borrower), so that the Funds also may be subject to the","page_number":28,"box":{"x":116,"y":141,"width":756,"height":13}},{"id":"b7653cbd-0c4e-4fc8-830a-aff684062fd3","block_type":"box","text":"risk that the issuing bank may become insolvent. Furth","page_number":28,"box":{"x":116,"y":156,"width":380,"height":13}},{"id":"66dc9db6-35bd-4e5c-84e2-2ca70f7b7050","block_type":"box","text":"er, in the event of the bankruptcy or insolvency of the","page_number":28,"box":{"x":497,"y":156,"width":371,"height":13}},{"id":"c21dabf1-32d1-4881-82cd-5a015899d01c","block_type":"box","text":"corporate borrower, the loan participation might be subject to certain defenses that can be asserted by the","page_number":28,"box":{"x":116,"y":172,"width":734,"height":13}},{"id":"187f61c7-f3c4-4817-b4be-af84494120e2","block_type":"box","text":"borrower as a result of improper conduct by the issuing bank.","page_number":28,"box":{"x":116,"y":187,"width":429,"height":13}},{"id":"bb8c3092-cb2a-40ce-b1ca-699209604460","block_type":"box","text":"The secondary market, if any, for these loan participation interests is limited; thus, such participations","page_number":28,"box":{"x":116,"y":211,"width":707,"height":12}},{"id":"d5db2e5f-da65-41da-94b2-f4f5c8e22a7e","block_type":"box","text":"purchased by the Funds may be treated as illiquid. If a loan participation is determined to be illiquid, it will be","page_number":28,"box":{"x":116,"y":226,"width":763,"height":13}},{"id":"f51c4d4c-02f1-4918-9280-44205dbf0bec","block_type":"box","text":"valued by the Institutional Fund at its fair market value as determined by procedures approved by the Board","page_number":28,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"0ae4f1a4-b902-4c98-b1e0-adb569168a37","block_type":"box","text":"of Trustees. Valuation of illiquid indebtedness involves a greater degree of judgment in determining the value","page_number":28,"box":{"x":116,"y":257,"width":755,"height":13}},{"id":"826fb63c-e280-4e4d-a52c-8029d8e18a65","block_type":"box","text":"of the Institutional Fund’s assets than if the value were based on available market quotations.","page_number":28,"box":{"x":116,"y":273,"width":646,"height":12}},{"id":"eff52d6d-0f8e-48fd-a87d-94a55e6d320b","block_type":"box","text":"Market Risks/Recent Market Events","page_number":28,"box":{"x":116,"y":296,"width":251,"height":10}},{"id":"c7a44b0e-4f2b-4b03-8541-7e1caeb762c1","block_type":"box","text":". Securities may decline in value due to factors affecting securities markets","page_number":28,"box":{"x":369,"y":296,"width":509,"height":13}},{"id":"05ffdc96-6172-4b89-9f4b-e61e848ff6f6","block_type":"box","text":"generally or particular industries represented in the markets. The value of a security may decline due to","page_number":28,"box":{"x":116,"y":311,"width":713,"height":13}},{"id":"7f271527-fb0d-4e0c-b89d-e3c7f5699081","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to","page_number":28,"box":{"x":116,"y":327,"width":725,"height":13}},{"id":"9c0472d3-4f46-4b63-a069-61e97150bf86","block_type":"box","text":"factors that affect a particular industry or industries, or factors that affect a particular issuer or issuers,","page_number":28,"box":{"x":116,"y":342,"width":711,"height":13}},{"id":"e1ac5eea-258b-4297-aa67-d593a2c636b3","block_type":"box","text":"exchange, country, group of countries, region, market","page_number":28,"box":{"x":116,"y":358,"width":374,"height":13}},{"id":"151221f8-64d1-4a91-a252-b65ac814a09b","block_type":"box","text":", industry, group of industries, sector or asset class. The","page_number":28,"box":{"x":491,"y":358,"width":384,"height":13}},{"id":"774cd323-787c-45ac-a8d7-5099dec7b98e","block_type":"box","text":"success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":28,"box":{"x":116,"y":373,"width":760,"height":13}},{"id":"36b22a31-8155-450b-8f61-35f8fab382e6","block_type":"box","text":"uncertainty, changes in laws, trade barriers, economic sanctions, currency exchange controls, and local,","page_number":28,"box":{"x":116,"y":389,"width":716,"height":13}},{"id":"4abb9c53-449c-4217-80cc-55459d003814","block_type":"box","text":"regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of","page_number":28,"box":{"x":116,"y":404,"width":736,"height":13}},{"id":"2d5b3981-f14d-4a83-9ea5-c407d10c496f","block_type":"box","text":"infectious illness or other public health issues, recessions, or other events could have a significant impact on a","page_number":28,"box":{"x":116,"y":420,"width":756,"height":13}},{"id":"5f5c7950-5768-46a2-ab3e-1119a2ee703a","block_type":"box","text":"Fund and its investments. During a general economic downturn in the securities markets, multiple asset classes","page_number":28,"box":{"x":116,"y":435,"width":766,"height":13}},{"id":"9754a469-d2b2-4e5f-8db3-1001b2329b1b","block_type":"box","text":"may be negatively affected. These factors may affect the level and volatility of securities prices and the","page_number":28,"box":{"x":116,"y":451,"width":705,"height":13}},{"id":"d1a899fb-1b49-40d5-8e89-4aa964e1f5dc","block_type":"box","text":"liquidity of a Fund’s investments, which could impair a Fund’s profitability or result in losses. A Fund may","page_number":28,"box":{"x":116,"y":466,"width":739,"height":13}},{"id":"0be87e6c-6e2f-4381-86f3-f1add8f06e16","block_type":"box","text":"maintain substantial trading positions that can be adversely affected by the level of volatility in the financial","page_number":28,"box":{"x":116,"y":482,"width":746,"height":13}},{"id":"41617186-d485-4d84-a9d9-930179f92b4e","block_type":"box","text":"markets; the larger the positions, the greater the potential for loss. Unpredictable or unstable market","page_number":28,"box":{"x":116,"y":497,"width":695,"height":13}},{"id":"ab5ecef6-6c9a-4fbc-b2cc-40f048d87e8b","block_type":"box","text":"conditions may result in reduced opportunities to find suitable investments to deploy capital or make it more","page_number":28,"box":{"x":116,"y":513,"width":754,"height":13}},{"id":"71c9df7a-e01e-4bc0-95bb-fcf940cffeee","block_type":"box","text":"difficult to exit and realize value from a Fund’s existing investments. It is important to understand that a Fund","page_number":28,"box":{"x":116,"y":528,"width":763,"height":13}},{"id":"bf613b64-0b76-433a-a14e-8a0694b0e4a5","block_type":"box","text":"can incur material losses even if it reacts quickly to difficult market conditions and there can be no assurance","page_number":28,"box":{"x":116,"y":544,"width":754,"height":13}},{"id":"2c602149-a833-4951-9133-c8de364c4d52","block_type":"box","text":"that a Fund will not suffer material adverse effects from broad and rapid changes in market conditions.","page_number":28,"box":{"x":116,"y":559,"width":714,"height":13}},{"id":"3be5dfed-9e73-4512-87b1-276e37ef2375","block_type":"box","text":"Periods of unusually high volatility in the financial market","page_number":28,"box":{"x":116,"y":583,"width":403,"height":12}},{"id":"d63ceb32-fbbb-4b96-9d07-cf534f5c6c45","block_type":"box","text":"s and restrictive credit conditions, sometimes limited","page_number":28,"box":{"x":520,"y":583,"width":362,"height":12}},{"id":"5528f14d-8c1e-49ca-981d-8b8bf6949948","block_type":"box","text":"to a particular sector or a geography, can occur. Some countries, including the United States, have adopted","page_number":28,"box":{"x":116,"y":598,"width":740,"height":13}},{"id":"64ef3650-6d21-47b3-8bd6-cc1f0615aa37","block_type":"box","text":"and/or are considering the adoption of more protectionist trade policies, a move away from the tighter","page_number":28,"box":{"x":116,"y":614,"width":710,"height":12}},{"id":"0b268f23-3b86-400d-a043-7b1f8c052a2e","block_type":"box","text":"financial industry regulations that followed the financial crisis of 2008, and/or substantially reducing","page_number":28,"box":{"x":116,"y":629,"width":698,"height":13}},{"id":"5d927ed6-93f6-4f8f-874d-74832ffd7ec7","block_type":"box","text":"corporate taxes. The exact shape of these policies is still being considered, but the equity and debt markets","page_number":28,"box":{"x":116,"y":645,"width":737,"height":12}},{"id":"c366a3cd-bb54-444f-99e1-101a88ad0138","block_type":"box","text":"may react strongly to expectations of change, which could increase volatility, especially if the market’s","page_number":28,"box":{"x":116,"y":660,"width":708,"height":13}},{"id":"93644972-9ffc-41dd-85bd-156d86b11752","block_type":"box","text":"expectations are not borne out. A rise in protectionist trade policies, and the possibility of changes to some","page_number":28,"box":{"x":116,"y":676,"width":739,"height":12}},{"id":"e96a56e6-4428-4877-92d9-695322812398","block_type":"box","text":"international trade agreements, could affect the economies of many nations in ways that cannot necessarily be","page_number":28,"box":{"x":116,"y":691,"width":762,"height":13}},{"id":"f636d333-c5e9-45dd-a04f-616881b80297","block_type":"box","text":"foreseen at the present time. In addition, geopolitical and o","page_number":28,"box":{"x":116,"y":707,"width":408,"height":12}},{"id":"44ba38fa-5b5d-4842-9a20-91b369e5d628","block_type":"box","text":"ther risks, including environmental and public","page_number":28,"box":{"x":525,"y":707,"width":319,"height":12}},{"id":"bc69f0cb-e31d-415d-930d-901c6b113c1b","block_type":"box","text":"health, may add to instability in world economies and markets generally. Economies and financial markets","page_number":28,"box":{"x":116,"y":722,"width":740,"height":13}},{"id":"f54a375e-5987-453a-a261-648bd696a3e9","block_type":"box","text":"throughout the world are increasingly interconnected. As a result, whether or not a Fund invests in securities","page_number":28,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"5e8e355b-c1d8-4f26-b796-eab8998d196b","block_type":"box","text":"of issuers located in or with significant exposure to countries experiencing economic, political and/or financial","page_number":28,"box":{"x":116,"y":753,"width":762,"height":13}},{"id":"89f0c914-b3e4-40b8-9a70-f02e393b297d","block_type":"box","text":"difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events.","page_number":28,"box":{"x":116,"y":769,"width":713,"height":13}},{"id":"7ccbac6b-1ef9-45db-a035-3c81a1e663b2","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of a Fund or the instruments in which","page_number":28,"box":{"x":117,"y":792,"width":761,"height":13}},{"id":"2589ec3b-9ae9-46e3-90f3-c51a7162ed58","block_type":"box","text":"a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or","page_number":28,"box":{"x":116,"y":807,"width":706,"height":13}},{"id":"254c1e5c-b6e2-47e0-b0a0-eb5d9893949e","block_type":"box","text":"regulation or other governmental actions could limit or preclude a Fund’s abilities to achieve its investment","page_number":28,"box":{"x":116,"y":823,"width":741,"height":13}},{"id":"64d8c85b-3b1c-4047-8235-4f38d8446b26","block_type":"box","text":"objectives or otherwise adversely impact an investment in a Fund. Recent policy initiatives undertaken by the","page_number":28,"box":{"x":116,"y":838,"width":755,"height":13}},{"id":"37820c58-46e0-48df-aa53-ff09bae72271","block_type":"box","text":"U.S. government have the potential to impact international relations, trade agreements and the overall","page_number":28,"box":{"x":116,"y":854,"width":707,"height":13}},{"id":"1fc5aa10-b9c8-43d6-9424-e36f976a6efd","block_type":"box","text":"regulatory environment in ways that could create uncertainty and instability in domestic and global markets","page_number":28,"box":{"x":116,"y":869,"width":749,"height":13}},{"id":"acb9ce62-9182-4150-8e8e-b58bbe261703","block_type":"box","text":"11","page_number":28,"box":{"x":492,"y":917,"width":15,"height":9}},{"id":"47e6b5b0-9e0f-4a97-9b43-27f31b72fcb6","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":28,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"dae20fe9-e2bf-429d-99aa-e58cc70a5b2b","block_type":"box","text":"and could adversely affect the investment performance o","page_number":29,"box":{"x":116,"y":79,"width":391,"height":13}},{"id":"9e8706fc-396a-4097-9b75-ed2f70c3193c","block_type":"box","text":"f a Fund. In particular, actions taken by the U.S.","page_number":29,"box":{"x":508,"y":79,"width":333,"height":13}},{"id":"59056ae9-1a09-4fcc-a649-dccc88f6fef1","block_type":"box","text":"government in respect of international trade relations could lead to trade wars, increased costs for imported","page_number":29,"box":{"x":116,"y":94,"width":746,"height":13}},{"id":"6a042175-3c53-4513-890d-bce587657410","block_type":"box","text":"goods, disruptions in supply chains, reduced foreign investment, and instability in regions where a Fund","page_number":29,"box":{"x":116,"y":110,"width":720,"height":13}},{"id":"2e609330-dc5b-4b84-8cc9-219c4d4b72e8","block_type":"box","text":"invests. Political and diplomatic events within the Un","page_number":29,"box":{"x":116,"y":125,"width":368,"height":13}},{"id":"139d7b53-4f57-4a1e-9513-2cab32999784","block_type":"box","text":"ited States, including a contentious domestic political","page_number":29,"box":{"x":484,"y":125,"width":367,"height":13}},{"id":"feb3e4a7-c470-4c9c-94ce-4c9cf9c1865f","block_type":"box","text":"environment, changes in political party control of one or more branches of the U.S. Government, the U.S.","page_number":29,"box":{"x":116,"y":141,"width":731,"height":13}},{"id":"d7652ba0-eb20-43cc-b0d2-931d89d89289","block_type":"box","text":"Government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S.","page_number":29,"box":{"x":117,"y":156,"width":758,"height":13}},{"id":"40a1f0a8-09fd-4d00-a711-978926daf5f7","block_type":"box","text":"Government shutdown, and disagreements over, or threats not to increase, the U.S. Government’s borrowing","page_number":29,"box":{"x":117,"y":172,"width":757,"height":13}},{"id":"509a5fdf-066e-486d-966a-7737b85f59e5","block_type":"box","text":"limit (or “debt ceiling”), as well as political and diploma","page_number":29,"box":{"x":116,"y":187,"width":391,"height":13}},{"id":"a8c7c778-c3d5-464d-a060-7a97c3926547","block_type":"box","text":"tic events abroad, may affect investor and consumer","page_number":29,"box":{"x":508,"y":187,"width":361,"height":13}},{"id":"70ad6b35-b87b-47c1-81ec-bfc5d7b524fc","block_type":"box","text":"confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a","page_number":29,"box":{"x":116,"y":203,"width":757,"height":13}},{"id":"d7f3a3ff-fab6-4eb5-b182-39c4dcec0dd8","block_type":"box","text":"significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns about the","page_number":29,"box":{"x":116,"y":218,"width":739,"height":13}},{"id":"a3dda7b4-1327-43bf-bcc3-194f8134006f","block_type":"box","text":"U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":29,"box":{"x":116,"y":234,"width":737,"height":13}},{"id":"6f4f3f2a-3015-4e6c-9160-f110c009d80a","block_type":"box","text":"economies. For example, concerns about the U.S. Gov","page_number":29,"box":{"x":116,"y":249,"width":376,"height":13}},{"id":"96541e80-3a9f-4bb7-b7de-9975eccbd209","block_type":"box","text":"ernment’s credit quality may cause increased volatility","page_number":29,"box":{"x":492,"y":249,"width":375,"height":13}},{"id":"dfadd8b3-2edb-4dc4-90c3-6be80fa200a9","block_type":"box","text":"in the stock and bond markets, higher interest rates, re","page_number":29,"box":{"x":116,"y":265,"width":378,"height":13}},{"id":"f09bb8d5-7965-42a1-b57a-f766a2f7086c","block_type":"box","text":"duced prices and liquidity of U.S. Treasury securities,","page_number":29,"box":{"x":495,"y":265,"width":367,"height":13}},{"id":"9f34edf7-16eb-435e-8f4c-4623e5bd7afc","block_type":"box","text":"and/or increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its","page_number":29,"box":{"x":116,"y":280,"width":732,"height":13}},{"id":"ab80fcd3-7b60-4711-ba26-51c7c8c0f1d2","block_type":"box","text":"credit obligations, there remains a possibility that th","page_number":29,"box":{"x":116,"y":296,"width":361,"height":13}},{"id":"3f353c40-93ea-4e77-9680-63f98cd3259d","block_type":"box","text":"e United States could default on its obligations. The","page_number":29,"box":{"x":477,"y":296,"width":357,"height":13}},{"id":"a01d35df-911a-4364-8694-d4d6f987922f","block_type":"box","text":"consequences of such an unprecedented event are impossible to predict, but it is likely that a default by the","page_number":29,"box":{"x":116,"y":311,"width":738,"height":13}},{"id":"d5fcc2f1-8f43-4c3b-82ae-a5cc1c6f6060","block_type":"box","text":"United States would be highly disruptive to the U.S. and global securities markets and could significantly","page_number":29,"box":{"x":116,"y":327,"width":725,"height":13}},{"id":"7eb4302a-dc77-440d-8fc5-be273dce7455","block_type":"box","text":"impair the value of a Fund’s investments.","page_number":29,"box":{"x":116,"y":342,"width":284,"height":13}},{"id":"4cbb728a-58c7-405a-ba6e-a3e88041ad7b","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines","page_number":29,"box":{"x":116,"y":366,"width":766,"height":12}},{"id":"6e411702-a53a-4b17-a28f-56e439a7ecae","block_type":"box","text":"in global financial markets, higher default rates, supply chain disruptions, and a substantial economic","page_number":29,"box":{"x":116,"y":381,"width":703,"height":13}},{"id":"9b37e131-f9d5-4e3c-b433-81671d73459a","block_type":"box","text":"downturn in economies throughout the world. The impact of this coronavirus, and other epidemics and","page_number":29,"box":{"x":116,"y":397,"width":720,"height":12}},{"id":"e8dce9af-c8c5-4624-bf2e-67b1b64d1352","block_type":"box","text":"pandemics that may arise in the future, could affect the economies of many nations, individual companies and","page_number":29,"box":{"x":116,"y":412,"width":763,"height":13}},{"id":"2107887d-ad8a-4779-9038-c2ef1904b5a0","block_type":"box","text":"the market in general in ways that cannot necessarily be foreseen at the present time. These health crises may","page_number":29,"box":{"x":116,"y":428,"width":754,"height":12}},{"id":"41dd7be4-9e7d-41c0-9f8b-5330699b1b2a","block_type":"box","text":"be short term or long term, and may exacerbate other pre-existing political, social and economic risks, disrupt","page_number":29,"box":{"x":116,"y":443,"width":762,"height":13}},{"id":"e0a528ba-c78c-4417-8ab7-79b09ca8b6cc","block_type":"box","text":"normal market conditions and operations, and negatively impact performance. In addition, the impact of","page_number":29,"box":{"x":116,"y":459,"width":729,"height":12}},{"id":"526a0a72-6465-4235-975d-3627750acc32","block_type":"box","text":"infectious diseases in emerging developing or emerging market countries may be greater due to less established","page_number":29,"box":{"x":116,"y":474,"width":764,"height":13}},{"id":"f21ac43b-efb4-4a71-b423-f5abde9c94b8","block_type":"box","text":"health care systems.","page_number":29,"box":{"x":116,"y":490,"width":136,"height":12}},{"id":"52c3b471-2f37-44a2-92c3-bafe2d7fff36","block_type":"box","text":"Legal and Regulatory Risks","page_number":29,"box":{"x":116,"y":513,"width":192,"height":13}},{"id":"b643352c-78c4-49ed-b9c4-fa0b470c4b93","block_type":"box","text":". The Manager is part of a larger firm with multiple business lines active in","page_number":29,"box":{"x":309,"y":513,"width":517,"height":13}},{"id":"d069cf83-426d-4554-a6f2-de57bebdba52","block_type":"box","text":"multiple jurisdictions that are governed by a multitude of","page_number":29,"box":{"x":116,"y":529,"width":397,"height":12}},{"id":"733ae792-37e6-4d07-b9ef-7c6fc85ba4de","block_type":"box","text":"legal systems and regulatory regimes, some of which","page_number":29,"box":{"x":517,"y":529,"width":363,"height":12}},{"id":"1c48a7cf-fb90-4285-8530-a83fe57d556a","block_type":"box","text":"are new and evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and","page_number":29,"box":{"x":116,"y":544,"width":739,"height":13}},{"id":"911103ca-30d4-4843-ae94-3221196e3cbe","block_type":"box","text":"sophisticated legal, tax and regulatory risks, inc","page_number":29,"box":{"x":116,"y":560,"width":329,"height":13}},{"id":"7d47e67a-86a2-430e-860b-449e1191aa86","block_type":"box","text":"luding changing laws and regulations, developing","page_number":29,"box":{"x":446,"y":560,"width":342,"height":13}},{"id":"b9348ddb-322f-4875-9931-c40d9464ccb9","block_type":"box","text":"interpretations of such laws and regulations, as well as existing laws, and increased scrutiny by regulators and","page_number":29,"box":{"x":116,"y":576,"width":761,"height":12}},{"id":"c4115e66-391f-4321-a2be-1e7631493158","block_type":"box","text":"law enforcement authorities. Unexpected economic, po","page_number":29,"box":{"x":116,"y":591,"width":382,"height":13}},{"id":"c5ca1d8b-4000-49b0-b59f-08166a83c846","block_type":"box","text":"litical, regulatory and diplomatic events within the","page_number":29,"box":{"x":499,"y":591,"width":349,"height":13}},{"id":"bc647bbd-f8c9-4cef-9e98-217c2ca5fd8c","block_type":"box","text":"United States and abroad can trigger new and complex regulations that the Manager and/or the Funds may","page_number":29,"box":{"x":116,"y":607,"width":744,"height":13}},{"id":"b0592a29-8cc2-4966-aa71-66bebfdeb587","block_type":"box","text":"need to comply with. The implementation of chang","page_number":29,"box":{"x":116,"y":622,"width":356,"height":13}},{"id":"b69d7567-012a-48bb-9608-323a9bf734ba","block_type":"box","text":"es to comply with current and/or new regulations","page_number":29,"box":{"x":473,"y":622,"width":341,"height":13}},{"id":"401c8c9e-bf75-451b-80f3-6b973e6fe385","block_type":"box","text":"applicable to the Funds and/or the Manager could have a material adverse effect on the Funds (including by","page_number":29,"box":{"x":116,"y":638,"width":747,"height":13}},{"id":"35cf7515-b635-479f-b40a-d9e3900be82e","block_type":"box","text":"imposing material costs on the Funds, reducing profit margins, reducing investment opportunities or by","page_number":29,"box":{"x":116,"y":654,"width":718,"height":13}},{"id":"64b02e06-2ab0-44c0-9c22-a42e8681db45","block_type":"box","text":"otherwise restricting the Funds and/or the Manager).","page_number":29,"box":{"x":116,"y":669,"width":365,"height":13}},{"id":"9cecd56e-bdc0-483b-acf2-e833fb170930","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":29,"box":{"x":117,"y":693,"width":204,"height":13}},{"id":"f1b7ea87-3da4-413c-95f8-6b3c7d3c1d5b","block_type":"box","text":". Some countries, including the U.S., have adopted more protectionist trade","page_number":29,"box":{"x":323,"y":693,"width":519,"height":13}},{"id":"1d8c875d-2c69-469c-a6d8-73b9cd3de292","block_type":"box","text":"policies. The U.S. government recently altered its approach to international trade policy, resulting in","page_number":29,"box":{"x":116,"y":708,"width":693,"height":13}},{"id":"f52af498-3efb-46ab-a67c-b72ee82c4a16","block_type":"box","text":"significant impacts on international trade relations, certain tax and immigration policies, and other aspects of","page_number":29,"box":{"x":116,"y":724,"width":758,"height":13}},{"id":"8183e535-6489-442e-9929-b67cdd759005","block_type":"box","text":"the national and international political and financial land","page_number":29,"box":{"x":116,"y":740,"width":397,"height":12}},{"id":"2767d2d5-cf56-4d95-aa74-f78af4ffd372","block_type":"box","text":"scape. The rise in protectionist trade policies, slowing","page_number":29,"box":{"x":514,"y":740,"width":369,"height":12}},{"id":"507d3b6c-f9b0-43f4-9f81-5e80193e1580","block_type":"box","text":"economic growth, changes to some major international trade agreements, risks associated with trade","page_number":29,"box":{"x":116,"y":755,"width":697,"height":13}},{"id":"c9c68ae0-9345-45d5-950f-b46e5bf5051b","block_type":"box","text":"agreements between the U.S. and the European Union, and the risks associated with trade negotiations","page_number":29,"box":{"x":116,"y":771,"width":711,"height":13}},{"id":"59c0619b-aa78-4f95-81e0-615dda9f6817","block_type":"box","text":"between the U.S. and China, could affect the economies of many nations in ways that cannot necessarily be","page_number":29,"box":{"x":116,"y":787,"width":743,"height":12}},{"id":"eed61ec3-a1c0-471f-8df0-af429b12456c","block_type":"box","text":"foreseen at the present time. Global trade disruption, significant introductions of trade barriers, and bilateral","page_number":29,"box":{"x":116,"y":802,"width":752,"height":13}},{"id":"b681b8d7-436f-4435-85ac-35fed0f530d9","block_type":"box","text":"trade frictions, together with any future downturns","page_number":29,"box":{"x":116,"y":818,"width":354,"height":13}},{"id":"aee14cbc-e705-4766-9025-830d367b1026","block_type":"box","text":"in the global economy resulting therefrom, could adversely","page_number":29,"box":{"x":475,"y":818,"width":408,"height":13}},{"id":"82a8cf61-5bf3-48ee-a470-1052ae30deb0","block_type":"box","text":"affect the financial performance of a Fund and its investments. Trade policy may be an ongoing source of","page_number":29,"box":{"x":116,"y":833,"width":731,"height":13}},{"id":"302137be-3ed3-4b4f-a868-8baf4f1eb17e","block_type":"box","text":"instability, potentially resulting in significant currency","page_number":29,"box":{"x":116,"y":849,"width":373,"height":13}},{"id":"8c1c2141-4140-48cb-b2ee-e9811103ea32","block_type":"box","text":"fluctuations and/or having other adverse effects on","page_number":29,"box":{"x":494,"y":849,"width":350,"height":13}},{"id":"3745687a-1ce1-42e1-8f41-7fea14f32576","block_type":"box","text":"international markets, international trade agreements, and/or other existing cross-border cooperation","page_number":29,"box":{"x":116,"y":865,"width":702,"height":12}},{"id":"853acde1-7b70-4643-ab5a-3a331106989f","block_type":"box","text":"12","page_number":29,"box":{"x":492,"y":917,"width":16,"height":9}},{"id":"9e6cb8a4-900f-4397-989f-633374f735c7","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":29,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2578012a-31ce-4fd0-8303-19e2607320cf","block_type":"box","text":"arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes","page_number":30,"box":{"x":116,"y":79,"width":731,"height":13}},{"id":"5962e80e-4395-4448-ae9a-0296c69be6c3","block_type":"box","text":"escalate globally, there could be additional significant impacts on the sectors or industries in which a Fund","page_number":30,"box":{"x":116,"y":95,"width":737,"height":12}},{"id":"ac0dc95e-325f-4df0-b760-f593eab4d72a","block_type":"box","text":"invests and other adverse impacts on a Fund’s overall performance.","page_number":30,"box":{"x":116,"y":110,"width":465,"height":13}},{"id":"ec89ace8-6071-4144-9f85-1e352644dd19","block_type":"box","text":"Medium-Term Notes.","page_number":30,"box":{"x":116,"y":133,"width":145,"height":10}},{"id":"000a6c9e-5182-4476-bc02-c5741f2877ce","block_type":"box","text":"A Fund may invest in medium-term notes that have remaining maturities that are consistent","page_number":30,"box":{"x":266,"y":133,"width":607,"height":13}},{"id":"fab8cb6a-8c1b-4efb-b2e0-d2f652aa0936","block_type":"box","text":"with the conditions of Rule 2a-7. Medium-term notes are a fo","page_number":30,"box":{"x":116,"y":149,"width":409,"height":10}},{"id":"40818ffe-dbb2-4b68-9b2c-277e1bbbb4cd","block_type":"box","text":"rm of corporate debt financing. They are often issued","page_number":30,"box":{"x":525,"y":149,"width":352,"height":13}},{"id":"1adad3fa-c4ea-4e64-9318-07de469f93ac","block_type":"box","text":"on a regular or continuous basis without the requirement to produce a new set of legal documentation at the time","page_number":30,"box":{"x":116,"y":164,"width":750,"height":13}},{"id":"cf44a4ee-0dd6-4460-accb-972e67a32de5","block_type":"box","text":"of each issuance. Medium-term notes have maturities that range widely based on the needs of the issuer; although","page_number":30,"box":{"x":116,"y":180,"width":751,"height":13}},{"id":"db56eaf0-a118-4aec-8f21-a90bacad48ef","block_type":"box","text":"they most often mature between nine months and ten years, they may have longer maturities.","page_number":30,"box":{"x":116,"y":195,"width":616,"height":13}},{"id":"5266e91a-82c1-4da3-8c93-219c25c477e9","block_type":"box","text":"Mortgage Pass-Through Securities.","page_number":30,"box":{"x":116,"y":219,"width":241,"height":13}},{"id":"dc485ede-d639-45f7-9a94-f926c55c2245","block_type":"box","text":"Each Fund may invest in mortgage pass-through securities, which are a","page_number":30,"box":{"x":363,"y":219,"width":492,"height":13}},{"id":"1f90586d-fd3b-4eb1-8321-48ef90c1845a","block_type":"box","text":"category of pass-through securities backed by pools of mortgages and issued by one of several U.S.","page_number":30,"box":{"x":116,"y":234,"width":682,"height":13}},{"id":"c6d00f25-aed7-4d61-ad5f-a21b959b0054","block_type":"box","text":"Government entities or U.S. Government-sponsored enterprises including: the Government National","page_number":30,"box":{"x":117,"y":250,"width":695,"height":13}},{"id":"8f65c2bf-89ae-4853-8023-fd88a1b4292a","block_type":"box","text":"Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the","page_number":30,"box":{"x":116,"y":265,"width":750,"height":13}},{"id":"88100a35-3594-46e7-b19f-4666cddfbc1c","block_type":"box","text":"Federal Home Loan Mortgage Corporation. In the basic mortgage pass-through structure, mortgages with","page_number":30,"box":{"x":116,"y":281,"width":738,"height":13}},{"id":"48176cc9-6acb-45ad-974c-fa9a1f5f94fa","block_type":"box","text":"similar issuer, term and coupon characteristics are collected and aggregated into a “pool” consisting of","page_number":30,"box":{"x":116,"y":296,"width":713,"height":13}},{"id":"8e273e8f-80dd-451b-ab1c-ca1695848b37","block_type":"box","text":"multiple mortgage loans. The pool is assigned a CUSIP number and undivided interests in the pool are traded","page_number":30,"box":{"x":116,"y":312,"width":758,"height":13}},{"id":"44c8c0e5-cf38-40cb-930c-c2d82e4d826e","block_type":"box","text":"and sold as pass-through securities. The holder of the security is entitled to a pro rata share of principal and","page_number":30,"box":{"x":116,"y":327,"width":746,"height":13}},{"id":"192ed2f6-8de9-4229-aa94-3c1944c44cbd","block_type":"box","text":"interest payments (including unscheduled prepayments) from the pool of mortgage loans.","page_number":30,"box":{"x":116,"y":343,"width":618,"height":13}},{"id":"409dd9b6-17fd-431a-95c1-7464858345b0","block_type":"box","text":"The Funds may, to the extent permitted by Rule 2a-7 under the 1940 Act, invest in mortgage securities issued","page_number":30,"box":{"x":116,"y":366,"width":759,"height":13}},{"id":"688f0849-2670-44f9-9412-1371b08d9e7d","block_type":"box","text":"by private non-government entities. Mortgage securities issued by non-government entities may be subject to","page_number":30,"box":{"x":116,"y":381,"width":753,"height":13}},{"id":"fda4dda9-f6b4-4e01-9ecd-de305c2ee69c","block_type":"box","text":"greater credit risk than those issued by government entities or government-sponsored enterprises. The","page_number":30,"box":{"x":116,"y":397,"width":703,"height":13}},{"id":"3b32d20a-354c-47e9-8e5d-4ec86cb330a7","block_type":"box","text":"performance of privately-issued mortgage securities may depend on the integrity and competence of the","page_number":30,"box":{"x":116,"y":412,"width":716,"height":13}},{"id":"2d8c1bf0-7c40-4cc8-b9e7-c83e53d1bbdb","block_type":"box","text":"institutions that originate the underlying mortgages, yet investors in these mortgage securities may have only","page_number":30,"box":{"x":116,"y":428,"width":751,"height":13}},{"id":"6c579283-9f3c-49de-a86e-2b5090c5dae3","block_type":"box","text":"limited access to information enabling investors to eval","page_number":30,"box":{"x":116,"y":444,"width":381,"height":12}},{"id":"850f933b-19d3-40d7-8ca3-49e8edee9a61","block_type":"box","text":"uate the practices of these mortgage originators.","page_number":30,"box":{"x":497,"y":444,"width":332,"height":12}},{"id":"a5f04612-d1d4-4765-a1a8-ca4cf24cb6e9","block_type":"box","text":"In order to prevent defaults by troubled mortgage borrowers, the sponsors of mortgage securities may have to","page_number":30,"box":{"x":116,"y":467,"width":762,"height":13}},{"id":"555a03f1-f7a8-471c-b8b8-c2d437eaee12","block_type":"box","text":"renegotiate and investors in mortgage securities issued by government entities, government-sponsored","page_number":30,"box":{"x":116,"y":482,"width":704,"height":13}},{"id":"1eac6e79-132e-4b87-89d0-4518bceecd9b","block_type":"box","text":"enterprises or non-government entities may have to accept less favorable interest rates or other terms on the","page_number":30,"box":{"x":116,"y":498,"width":746,"height":13}},{"id":"b0730b32-a50e-4ccf-85bd-ebd6427c0099","block_type":"box","text":"mortgages underlying these securities. Unanticipated mo","page_number":30,"box":{"x":116,"y":513,"width":390,"height":13}},{"id":"274b9998-4b79-4cf0-a205-6251238c9d1b","block_type":"box","text":"rtgage defaults or renegotiations of mortgage terms","page_number":30,"box":{"x":507,"y":513,"width":355,"height":13}},{"id":"2333cddf-9f16-40f1-840e-b7afec537fbf","block_type":"box","text":"are likely to depress the prices of related mortgage securities. Should the government adopt new laws","page_number":30,"box":{"x":116,"y":529,"width":699,"height":13}},{"id":"c127a55d-df83-4cf0-b87a-d130024c8d6d","block_type":"box","text":"providing mortgage borrowers with additional rights to","page_number":30,"box":{"x":116,"y":544,"width":386,"height":13}},{"id":"ec132a65-ac59-425a-bd51-2cfcece606b0","block_type":"box","text":"renegotiate interest rates, alter terms, obtain orders to","page_number":30,"box":{"x":507,"y":544,"width":372,"height":13}},{"id":"5780d5a2-9343-4979-b16a-6521daa451c8","block_type":"box","text":"modify their mortgage terms through the bankruptcy courts, or otherwise allow borrowers to modify or","page_number":30,"box":{"x":116,"y":560,"width":723,"height":13}},{"id":"f27cea99-df1d-4d27-a94e-dab33831e601","block_type":"box","text":"restructure existing mortgages, this may negatively impact mortgage securities. Although mortgage securities","page_number":30,"box":{"x":116,"y":575,"width":752,"height":13}},{"id":"e5453153-f67b-4a3c-ba92-66fe61d3ec99","block_type":"box","text":"may be supported by some form of government or private guarantee and/or insurance, there is no assurance","page_number":30,"box":{"x":116,"y":591,"width":748,"height":13}},{"id":"64716a14-92d7-44b7-af9d-80f3585216d9","block_type":"box","text":"that guarantors or insurers will meet their obligations. Guarantees, insurance and other forms of credit","page_number":30,"box":{"x":116,"y":606,"width":712,"height":13}},{"id":"00eae1c4-399a-49ce-a8bc-5ee88ec178fe","block_type":"box","text":"enhancement supporting mortgage securities may also be insufficient to cover all losses on underlying","page_number":30,"box":{"x":116,"y":622,"width":703,"height":13}},{"id":"01f8d1fe-d27f-4d87-b64d-a3dbf6c3c42d","block_type":"box","text":"mortgages if mortgage borrowers default at a greater than expected rate. Non-government mortgage securities","page_number":30,"box":{"x":116,"y":637,"width":765,"height":13}},{"id":"7741101c-054c-43be-8bf0-cc9811f686c0","block_type":"box","text":"may be subject to greater price changes than government issues.","page_number":30,"box":{"x":116,"y":653,"width":441,"height":13}},{"id":"38b40d3e-6270-4faf-9700-440d4cbe9c92","block_type":"box","text":"An investment in a specific pool of pass-through securities requires an analysis of the specific prepayment risk","page_number":30,"box":{"x":116,"y":676,"width":760,"height":13}},{"id":"5df4ef2a-16c5-4d6c-876d-e701556a3ff5","block_type":"box","text":"of mortgages within the covered pool (since mortgagors typically have the option to prepay their loans). The","page_number":30,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"fc8be581-56f3-4bcf-851a-76ef7fa9356f","block_type":"box","text":"level of prepayments on a pool of mortgage securities is difficult to predict and can impact the subsequent","page_number":30,"box":{"x":116,"y":707,"width":733,"height":13}},{"id":"8d837bc0-f75b-4b27-b434-15a61ecc486f","block_type":"box","text":"cash flows and value of the mortgage pool. In addition, when trading specific mortgage pools, precise","page_number":30,"box":{"x":116,"y":723,"width":704,"height":12}},{"id":"538a0dc8-c62b-4682-ace7-f8d7d252bf3d","block_type":"box","text":"execution, delivery and settlement arrangements must be negotiated for each transaction. These factors","page_number":30,"box":{"x":116,"y":738,"width":713,"height":13}},{"id":"6bc445da-a68a-4b06-8402-ee2f39e2d8ba","block_type":"box","text":"combine to make trading in mortgage pools somewhat cumbersome. For these and other reasons, the Funds","page_number":30,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"aa99e1ed-5013-4868-b63c-b093dcb8f106","block_type":"box","text":"may obtain exposure to U.S. agency mortgage pass-through securities primarily through the use of","page_number":30,"box":{"x":116,"y":769,"width":683,"height":13}},{"id":"556618e6-36f6-49f5-96a7-280a0ee1aa4d","block_type":"box","text":"“to-be-announced” or “TBA” transactions. “TBA” refers to a commonly used mechanism for the forward","page_number":30,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"c0f3aac0-66a3-4c2f-8fe9-45a813fd4a32","block_type":"box","text":"settlement of U.S. agency mortgage pass-through securities, and not to a separate type of mortgage-backed","page_number":30,"box":{"x":116,"y":800,"width":739,"height":13}},{"id":"42986300-dba0-4c54-9e3a-a83b1899cfa3","block_type":"box","text":"security. Most transactions in mortgage pass-through securities occur through the use of TBA transactions.","page_number":30,"box":{"x":116,"y":816,"width":741,"height":12}},{"id":"7abb7a71-628f-44a7-a469-e922e9e5eff2","block_type":"box","text":"TBA transactions generally are conducted in accordance with widely-accepted guidelines that establish","page_number":30,"box":{"x":116,"y":831,"width":711,"height":13}},{"id":"558ff42c-5e3d-47f4-a98e-e1fec8af46df","block_type":"box","text":"commonly observed terms and conditions for execution, settlement and delivery. In a TBA transaction, the","page_number":30,"box":{"x":116,"y":847,"width":740,"height":12}},{"id":"1c8c2fa6-aa2a-4c29-b53a-21ffde5eb32d","block_type":"box","text":"buyer and seller decide on general trade parameters, such as agency, settlement date, par amount, and price.","page_number":30,"box":{"x":116,"y":862,"width":747,"height":13}},{"id":"3eae05e2-4063-4ef4-b515-0ee5347e9578","block_type":"box","text":"13","page_number":30,"box":{"x":492,"y":917,"width":15,"height":9}},{"id":"2aaee9db-93c6-4c42-85f5-f75fc0a686cb","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":30,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"bee059f7-9089-48e5-add0-9e6ccf680f8a","block_type":"box","text":"The actual pools delivered generally are determined two days prior to the settlement date. The Funds may use","page_number":31,"box":{"x":116,"y":79,"width":760,"height":13}},{"id":"b3a640d8-f879-4542-9bdb-d28a00fb4e1f","block_type":"box","text":"TBA transactions in several ways. For example, the Funds may regularly enter into TBA agreements and “roll","page_number":31,"box":{"x":116,"y":94,"width":761,"height":13}},{"id":"95bb850c-be35-45f4-a80a-e471b38c9a3d","block_type":"box","text":"over” such agreements prior to the settlement date stipulated in such agreements. This type of TBA","page_number":31,"box":{"x":116,"y":110,"width":687,"height":13}},{"id":"8edecdfc-3993-47fb-b7cb-8ec58f1876b0","block_type":"box","text":"transaction is sometimes known as a “TBA roll.” In a TBA roll, a Fund generally will sell the obligation to","page_number":31,"box":{"x":116,"y":125,"width":738,"height":13}},{"id":"a7423808-1dc2-4117-92fa-2894b437a72b","block_type":"box","text":"purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and will enter into","page_number":31,"box":{"x":116,"y":141,"width":755,"height":13}},{"id":"7dd5f497-eff4-40ea-bfc4-e32b1f205b07","block_type":"box","text":"a new TBA agreement for future delivery of pools of mortgage pass-through securities. In addition, a Fund","page_number":31,"box":{"x":116,"y":156,"width":739,"height":13}},{"id":"4a6f273e-fbb8-48e0-904d-c948c47047fa","block_type":"box","text":"may enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting","page_number":31,"box":{"x":116,"y":172,"width":735,"height":13}},{"id":"b903c011-1dc3-4c1e-ae72-33fe3ac3d64c","block_type":"box","text":"actual receipt or delivery of the pools of mortgage pass-through securities stipulated in the TBA agreement.","page_number":31,"box":{"x":116,"y":187,"width":741,"height":13}},{"id":"12ed6831-2400-4517-b91e-23ac047a2478","block_type":"box","text":"Default by or bankruptcy of a counterparty to a TBA transaction would expose a Fund to possible loss","page_number":31,"box":{"x":116,"y":203,"width":714,"height":13}},{"id":"470a04e4-cd7e-4389-9c4d-aa4736f4aad0","block_type":"box","text":"because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of","page_number":31,"box":{"x":116,"y":218,"width":748,"height":13}},{"id":"90cdd130-dcc7-48b0-907a-fb8cd0807941","block_type":"box","text":"mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Funds will enter","page_number":31,"box":{"x":116,"y":234,"width":757,"height":13}},{"id":"c1be97c3-1972-430a-835d-c96b33af9986","block_type":"box","text":"into TBA transactions only with established counterparties (such as major broker-dealers) and BFA will","page_number":31,"box":{"x":116,"y":249,"width":719,"height":13}},{"id":"0faab405-b021-4250-b1ff-26ad7adfad16","block_type":"box","text":"monitor the creditworthiness of such counterparties. The use of TBA rolls may cause the Funds to experience","page_number":31,"box":{"x":116,"y":265,"width":757,"height":13}},{"id":"4618774f-63e8-426f-b6e9-d3799d61d617","block_type":"box","text":"higher portfolio turnover and to pay higher capital gain distributions, which may result in larger amounts of","page_number":31,"box":{"x":116,"y":280,"width":752,"height":13}},{"id":"8ce4f424-2cc0-45c6-94a5-9b7b9bca7f03","block_type":"box","text":"short-term capital gains allocable to shareholders.","page_number":31,"box":{"x":116,"y":296,"width":345,"height":13}},{"id":"1bf8e1eb-cfaa-4d85-be75-76821d7bbd5f","block_type":"box","text":"Mortgage Securities.","page_number":31,"box":{"x":116,"y":319,"width":140,"height":12}},{"id":"0dc5db78-86b6-45c0-aebf-fe253e93fc50","block_type":"box","text":"BlackRock Cash Funds: Institutional may invest in mortgage securities. Mortgage","page_number":31,"box":{"x":262,"y":319,"width":565,"height":12}},{"id":"0210750d-c483-4069-be6e-5e41995d0f86","block_type":"box","text":"securities are issued by government and non-government entities such as banks, mortgage lenders, or other","page_number":31,"box":{"x":116,"y":334,"width":740,"height":12}},{"id":"c7138a20-baef-4338-bff1-9b2b2331ab34","block_type":"box","text":"institutions. A mortgage security is an obligation of the issuer that is backed by a mortgage or pool of","page_number":31,"box":{"x":116,"y":349,"width":705,"height":12}},{"id":"31a4bffb-f223-4322-ba93-dd276b4dfd20","block_type":"box","text":"mortgages or a direct interest in an underlying pool of mortgages. Some mortgage securities, such as","page_number":31,"box":{"x":116,"y":364,"width":694,"height":12}},{"id":"e5446ebf-dac1-4ab6-bcbf-dd00802b8f42","block_type":"box","text":"collateralized mortgage obligations, make payments of both principal and interest at a range of specified","page_number":31,"box":{"x":116,"y":379,"width":723,"height":12}},{"id":"811f4e68-10af-4e82-9f6e-22b91e386e1a","block_type":"box","text":"intervals; others make semi-annual interest payments at a p","page_number":31,"box":{"x":116,"y":394,"width":410,"height":12}},{"id":"4ca08430-b707-40f2-93b5-7367b6f90f87","block_type":"box","text":"re-determined rate and repay principal at maturity","page_number":31,"box":{"x":527,"y":394,"width":349,"height":12}},{"id":"58a9be2c-43fe-4a73-bafd-db68529edb79","block_type":"box","text":"(like a typical bond). Mortgage securities are based on different types of mortgages, including those on","page_number":31,"box":{"x":117,"y":408,"width":709,"height":13}},{"id":"20d8eb30-eb0f-43d0-b96c-3e223b7f2667","block_type":"box","text":"commercial real estate or residential properties. Stripped mortgage securities are created when the interest and","page_number":31,"box":{"x":116,"y":423,"width":762,"height":13}},{"id":"d27b8058-74ad-43d5-8c0b-5a53e9a405e9","block_type":"box","text":"principal components of a mortgage security are separated and sold as individual securities. In the case of a","page_number":31,"box":{"x":116,"y":438,"width":742,"height":13}},{"id":"e7e1b7df-8743-46eb-8c73-789bed70b7d1","block_type":"box","text":"stripped mortgage security, the holder of the “principal-only” security (PO) receives the principal payments","page_number":31,"box":{"x":116,"y":453,"width":743,"height":13}},{"id":"782afaf6-2815-4170-8e5d-dc521caa45c9","block_type":"box","text":"made by the underlying mortgage, while the holder of the “interest-only” security (IO) receives interest","page_number":31,"box":{"x":116,"y":468,"width":713,"height":13}},{"id":"01f098f8-86b1-4625-ab19-0eb3f322d079","block_type":"box","text":"payments from the same underlying mortgage.","page_number":31,"box":{"x":116,"y":483,"width":322,"height":13}},{"id":"9c807856-91b1-4f2b-94db-62859e72b7f4","block_type":"box","text":"The value of mortgage securities may change due to shifts in the market’s perception of the creditworthiness","page_number":31,"box":{"x":116,"y":506,"width":749,"height":13}},{"id":"ebd37573-6d69-4aed-b1cb-53e421b5300f","block_type":"box","text":"of issuers and changes in interest rates or liquidity. The value of some mortgage-backed securities may be","page_number":31,"box":{"x":116,"y":521,"width":728,"height":13}},{"id":"f516c2ba-f05a-466a-b244-db8cc44eadff","block_type":"box","text":"particularly sensitive to changes in prevailing interest rates. In addition, regulatory or tax changes may","page_number":31,"box":{"x":116,"y":536,"width":709,"height":13}},{"id":"7b57d102-5733-48ad-90a6-fe1056a61b5e","block_type":"box","text":"adversely affect the mortgage securities market as a whole. Mortgage securities issued by non-government","page_number":31,"box":{"x":116,"y":551,"width":734,"height":13}},{"id":"5d9cb385-c144-4d83-b62e-6e54ab6a843c","block_type":"box","text":"entities may be subject to greater credit risk than those issued by government entities. The performance of","page_number":31,"box":{"x":116,"y":566,"width":734,"height":13}},{"id":"683bf995-1120-470b-8d5b-15559ab50cb3","block_type":"box","text":"privately-issued mortgage securities may depend on the integrity and competence of the institutions that","page_number":31,"box":{"x":116,"y":581,"width":720,"height":13}},{"id":"078833af-3b23-4ee6-bbeb-8aab8f78ed61","block_type":"box","text":"originate the underlying mortgages, yet investors in these mortgage securities may have only limited access to","page_number":31,"box":{"x":116,"y":596,"width":755,"height":13}},{"id":"9922ea62-c5c7-40e2-a0c8-682cc4d32295","block_type":"box","text":"information required to evaluate the practices of these mortgage originators. In order to prevent defaults by","page_number":31,"box":{"x":116,"y":611,"width":745,"height":13}},{"id":"82a2c266-8a02-4221-9cfa-d6b6741f7b30","block_type":"box","text":"troubled mortgage borrowers, the sponsors of mortgage securities may have to renegotiate and investors in","page_number":31,"box":{"x":116,"y":626,"width":742,"height":13}},{"id":"227d04bb-39dc-4e6b-8ade-2dce8a7a52bf","block_type":"box","text":"mortgage securities may have to accept less favorable interest rates or other terms on the mortgages","page_number":31,"box":{"x":116,"y":641,"width":689,"height":13}},{"id":"4ff76092-6c9c-4e19-be29-b6cbd7110f46","block_type":"box","text":"underlying these securities. Unanticipated mortgage defa","page_number":31,"box":{"x":116,"y":656,"width":391,"height":13}},{"id":"bd7e3f2b-28ad-4edf-b4d6-88377483c63e","block_type":"box","text":"ults or renegotiations of mortgage terms are likely to","page_number":31,"box":{"x":508,"y":656,"width":364,"height":13}},{"id":"04813d3f-e440-4c5f-9911-e3c6060f064c","block_type":"box","text":"depress the prices of related mortgage securities. Although mortgage securities may be supported by some","page_number":31,"box":{"x":116,"y":671,"width":731,"height":13}},{"id":"20031202-d827-4766-85fe-67afc8d83e84","block_type":"box","text":"form of government or private guarantee and/or insurance, there is no assurance that private guarantors or","page_number":31,"box":{"x":116,"y":686,"width":741,"height":13}},{"id":"6459d3a3-3bb4-41a7-932d-90a901b9eb26","block_type":"box","text":"insurers will meet their obligations. Guarantees, insurance and other forms of credit enhancement supporting","page_number":31,"box":{"x":116,"y":701,"width":757,"height":13}},{"id":"13848f2c-786a-4808-b2ef-b9d0486599ee","block_type":"box","text":"mortgage securities may also be insufficient to cover all losses on underlying mortgages if mortgage borrowers","page_number":31,"box":{"x":116,"y":716,"width":763,"height":13}},{"id":"4fa98d15-29ce-4475-a405-2e2b1c085d1e","block_type":"box","text":"default at a greater than expected rate.","page_number":31,"box":{"x":116,"y":731,"width":266,"height":13}},{"id":"b5751b6f-cf6c-4982-a298-d930b8775662","block_type":"box","text":"Non-government mortgage securities may be subject to greater price changes than government issues.","page_number":31,"box":{"x":116,"y":754,"width":703,"height":13}},{"id":"9b905939-34f7-4c06-9320-271e3c6e44fc","block_type":"box","text":"Mortgage securities are subject to prepayment risk. Prepaym","page_number":31,"box":{"x":116,"y":769,"width":420,"height":13}},{"id":"eda0ccb0-a5eb-4641-8b2a-91b888cf5877","block_type":"box","text":"ent risk is the risk that early principal payments","page_number":31,"box":{"x":537,"y":769,"width":329,"height":13}},{"id":"a37cb0e0-526e-44f4-bd72-4621ea655109","block_type":"box","text":"made on the underlying mortgages, usually in response to a reduction in interest rates, will result in the return","page_number":31,"box":{"x":116,"y":784,"width":761,"height":12}},{"id":"596d21da-4dca-4de8-8cda-5c92bc0c3787","block_type":"box","text":"of principal to the investor, causing the investor to be invested subsequently at a lower current interest rate.","page_number":31,"box":{"x":116,"y":799,"width":743,"height":12}},{"id":"86c5e685-a34f-4f00-b010-10e1a6997581","block_type":"box","text":"Alternatively, in a rising interest rate environmen","page_number":31,"box":{"x":116,"y":814,"width":340,"height":12}},{"id":"a76e2ad7-c766-4ccb-9353-eb5d2cb9a3f3","block_type":"box","text":"t, mortgage security values may be adversely affected when","page_number":31,"box":{"x":456,"y":814,"width":409,"height":12}},{"id":"04096560-bc7b-444e-91b1-b4a3901f74fc","block_type":"box","text":"prepayments on underlying mortgages do not occur as an","page_number":31,"box":{"x":116,"y":829,"width":399,"height":12}},{"id":"5bb92b8c-423f-42bd-96a7-ada88049dcf0","block_type":"box","text":"ticipated, resulting in the extension of the security’s","page_number":31,"box":{"x":515,"y":829,"width":355,"height":12}},{"id":"6adfc8b4-1460-4929-8de1-b692f4d3dc09","block_type":"box","text":"effective maturity and the related increase in interest rate sensitivity of a longer-term instrument. The prices of","page_number":31,"box":{"x":116,"y":844,"width":762,"height":12}},{"id":"5a24bdd7-6f73-426d-8d98-76ef18a412cd","block_type":"box","text":"stripped mortgage securities tend to be more volatile in response to changes in interest rates than those of","page_number":31,"box":{"x":116,"y":859,"width":730,"height":12}},{"id":"b5a045a0-f6b2-4319-a56a-04d178b4e09a","block_type":"box","text":"14","page_number":31,"box":{"x":492,"y":917,"width":16,"height":9}},{"id":"6958d82b-548e-49e5-a3e8-54404fd76fad","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":31,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5891d4bd-23ba-4f9f-8cbe-970f926e736e","block_type":"box","text":"non-stripped mortgage securities. In addition, alt","page_number":32,"box":{"x":116,"y":78,"width":338,"height":13}},{"id":"654b5d5f-f6bd-448a-a365-2a8a7f700265","block_type":"box","text":"hough mortgages and mortgage-related securities are","page_number":32,"box":{"x":455,"y":78,"width":366,"height":13}},{"id":"754f743a-d1a6-432d-a06b-1592d9826cb9","block_type":"box","text":"generally supported by some form of government or private guarantee and/or insurance, there is no assurance","page_number":32,"box":{"x":116,"y":93,"width":760,"height":13}},{"id":"2413d600-8ed8-4176-9e6d-693c88dccd6f","block_type":"box","text":"that private guarantors or insurers will meet their obligations. Also see “Asset-Backed and Commercial","page_number":32,"box":{"x":116,"y":108,"width":715,"height":13}},{"id":"cc92be6e-ddf5-4396-a81f-6dc2c992c7a1","block_type":"box","text":"Mortgage-Backed Securities” and “Mortgage Pass-Through Securities.”","page_number":32,"box":{"x":116,"y":123,"width":497,"height":13}},{"id":"6579eb9a-2270-4a4d-adea-f9eb0d727db9","block_type":"box","text":"Municipal Securities.","page_number":32,"box":{"x":116,"y":146,"width":143,"height":13}},{"id":"009e9b23-1483-4b4c-8e51-257b203dfc04","block_type":"box","text":"Each Fund may invest in municipal securities. Municipal securities are generally issued","page_number":32,"box":{"x":265,"y":146,"width":599,"height":13}},{"id":"8c684f87-ba75-4488-b2aa-411b93065d68","block_type":"box","text":"by states and local governments and their agencies,","page_number":32,"box":{"x":116,"y":162,"width":353,"height":13}},{"id":"307cdb9b-5e57-4592-82a9-637a833d17b5","block_type":"box","text":"authorities and other instrumentalities. Municipal bonds","page_number":32,"box":{"x":475,"y":162,"width":391,"height":13}},{"id":"4dba13ca-32f2-4633-912b-c5d929e2484e","block_type":"box","text":"are subject to interest rate, credit and market risk. The ability of a municipal security issuer to make payments","page_number":32,"box":{"x":116,"y":177,"width":763,"height":13}},{"id":"0e667c25-0fbb-45f1-adc8-8620cde2546b","block_type":"box","text":"on that security could be affected by litigation, legislation or other political events or the bankruptcy of the","page_number":32,"box":{"x":116,"y":192,"width":740,"height":13}},{"id":"20627490-073c-474d-996e-c37b3148ad6f","block_type":"box","text":"issuer. Lower-rated municipal bonds are subject to greater credit and market risk than higher quality","page_number":32,"box":{"x":116,"y":208,"width":698,"height":13}},{"id":"1dadefec-14a3-416c-a23e-a3fa46841c87","block_type":"box","text":"municipal bonds. Municipal securities in which the Funds may invest include, but are not limited to,","page_number":32,"box":{"x":116,"y":223,"width":694,"height":13}},{"id":"ccd16d9c-4cb3-428b-957e-01b633a4fda0","block_type":"box","text":"municipal lease obligations and securities issued by entities whose underlying assets are municipal bonds.","page_number":32,"box":{"x":116,"y":239,"width":727,"height":12}},{"id":"7ae73c25-9b5f-484a-980a-2879717a5bd0","block_type":"box","text":"There is no guarantee that income from municipal securities will be exempt from federal and state taxes.","page_number":32,"box":{"x":116,"y":254,"width":724,"height":13}},{"id":"afd25332-3510-4b43-8cae-25370e1590bd","block_type":"box","text":"Changes in federal or state tax treatment of municipal securities may make municipal securities less attractive","page_number":32,"box":{"x":117,"y":269,"width":756,"height":13}},{"id":"d2e304f3-ebe0-444e-9cb8-20ebb21186f7","block_type":"box","text":"as investments or cause them to lose value.","page_number":32,"box":{"x":116,"y":285,"width":295,"height":10}},{"id":"a55dad42-f9c4-4c24-a752-9bf99c543dd6","block_type":"box","text":"Each Fund will invest in high-quality, long-term municipal bonds, municipal notes and short-term commercial","page_number":32,"box":{"x":116,"y":308,"width":764,"height":13}},{"id":"5bc98d48-c738-4d9d-847a-b83cb6746a23","block_type":"box","text":"paper with remaining maturities not exceeding 397 calendar days.","page_number":32,"box":{"x":116,"y":323,"width":458,"height":13}},{"id":"10b04df0-275f-4f1a-97a7-ac47d81ddd90","block_type":"box","text":"Negative Interest Rate Scenarios.","page_number":32,"box":{"x":116,"y":347,"width":228,"height":12}},{"id":"e5b451d5-d7b5-43fd-8ba2-39d11576988c","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government","page_number":32,"box":{"x":351,"y":346,"width":525,"height":13}},{"id":"32f755de-2c68-4247-907d-cf7377350fc9","block_type":"box","text":"money market fund to have a negative gross yield, the fund may account for the negative gross yield by either","page_number":32,"box":{"x":116,"y":362,"width":759,"height":13}},{"id":"8627dbf7-b9df-42ea-a608-55ca44871a01","block_type":"box","text":"using a floating NAV or a reverse distribution mechanism that seeks to maintain a stable net asset value of the","page_number":32,"box":{"x":116,"y":377,"width":764,"height":13}},{"id":"bf517b7f-3094-420d-83db-e1d36fa07357","block_type":"box","text":"fund by cancelling shareholders’ shares in the amount of the negative gross yield. If a fund converts to a","page_number":32,"box":{"x":116,"y":392,"width":718,"height":13}},{"id":"0382c593-357b-449f-bd76-94fb52aef3ea","block_type":"box","text":"floating NAV, any losses the fund experiences due to negative interest rates will be reflected in a declining","page_number":32,"box":{"x":116,"y":408,"width":732,"height":13}},{"id":"d9941670-6935-4f69-9515-cc73c024aff0","block_type":"box","text":"NAV per share. Under a reverse distribution mechanism, shareholders in a fund would observe a stable share","page_number":32,"box":{"x":116,"y":423,"width":757,"height":13}},{"id":"e98164ce-c811-428d-9103-282ca9df24df","block_type":"box","text":"price but a declining number of shares for their investment. This means that such an investor would lose","page_number":32,"box":{"x":116,"y":439,"width":722,"height":12}},{"id":"b4e505ae-5d87-4b5a-b3af-9aabbc2ab05f","block_type":"box","text":"money when the fund cancels shares. In either situation, the Board will need to determine that the approach is","page_number":32,"box":{"x":116,"y":454,"width":762,"height":13}},{"id":"6c76386d-f102-43c1-a1e6-a09a3da81521","block_type":"box","text":"in the best interests of the fund and will need to ensure shareholders are provided adequate disclosures around","page_number":32,"box":{"x":116,"y":469,"width":764,"height":13}},{"id":"1ab10aee-4ff1-4600-a6f0-0262ffd8f06a","block_type":"box","text":"the consequences of the approach chosen by the Board for the fund.","page_number":32,"box":{"x":116,"y":485,"width":470,"height":13}},{"id":"71f1b54f-0526-4c17-a8c2-6cfb1dae172f","block_type":"box","text":"Non-U.S. Obligations.","page_number":32,"box":{"x":116,"y":508,"width":156,"height":13}},{"id":"b951a965-49db-419e-8c0c-aec18b507d85","block_type":"box","text":"The Funds may invest in certain securities of non-U.S. issuers. Investing in the","page_number":32,"box":{"x":278,"y":508,"width":538,"height":13}},{"id":"c1c66c6d-5263-404d-b346-fedc1f0d5c45","block_type":"box","text":"securities of non-U.S. issuers involves special risks and considerations not typically associated with investing in","page_number":32,"box":{"x":116,"y":523,"width":765,"height":13}},{"id":"9469f1d3-d3e3-4cda-a98e-67a77d9cc977","block_type":"box","text":"U.S. issuers.","page_number":32,"box":{"x":116,"y":539,"width":82,"height":10}},{"id":"d0b069d9-f0f2-471d-84b9-79d9fa6c8d6c","block_type":"box","text":"These include differences in accounting, auditing and","page_number":32,"box":{"x":116,"y":562,"width":368,"height":13}},{"id":"1ee4cb5f-f370-4a7b-bbf1-86a7a53df5f4","block_type":"box","text":"financial reporting standards, the possibility of","page_number":32,"box":{"x":489,"y":562,"width":324,"height":13}},{"id":"ef8912d9-474e-465a-a006-6faf8b8b115d","block_type":"box","text":"expropriation or potentially confiscatory taxation, adverse changes in investment or exchange control","page_number":32,"box":{"x":116,"y":577,"width":706,"height":13}},{"id":"b88501da-d52a-451c-80cc-1ac50342ffbb","block_type":"box","text":"regulations, political instability which could affect","page_number":32,"box":{"x":116,"y":592,"width":347,"height":13}},{"id":"1f1f7ec6-d36d-48b1-bd52-13b380d50b9d","block_type":"box","text":"U.S. investments in non-U.S. countries, potential","page_number":32,"box":{"x":467,"y":592,"width":335,"height":13}},{"id":"09aa8439-805d-4d93-8416-915f5da56a1d","block_type":"box","text":"restrictions of the flow of international capital and transaction costs of foreign currency conversions.","page_number":32,"box":{"x":116,"y":608,"width":697,"height":13}},{"id":"34b4ac8d-7eff-475c-941c-708edbfd8f1c","block_type":"box","text":"Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. 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To the extent a Fund uses CFTC Derivatives, it intends to do so below such","page_number":34,"box":{"x":116,"y":211,"width":736,"height":12}},{"id":"9bda08b4-a3ea-43cb-8f9c-73a5ede0abd1","block_type":"box","text":"prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments.","page_number":34,"box":{"x":116,"y":226,"width":749,"height":13}},{"id":"fbb60dd4-b6c7-48ce-ad38-45ad66880adf","block_type":"box","text":"Accordingly, BFA has claimed an exclusion from the definition of the term “commodity pool operator” under","page_number":34,"box":{"x":116,"y":242,"width":764,"height":12}},{"id":"fcee6861-26dc-4ec2-8bca-3981391d5dac","block_type":"box","text":"the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. BFA is not, therefore, subject to","page_number":34,"box":{"x":116,"y":257,"width":762,"height":13}},{"id":"4045ca7a-5880-46f1-857e-59e3843b2e1a","block_type":"box","text":"registration or regulation as a “commodity pool operator” under the CEA in respect of the Funds.","page_number":34,"box":{"x":116,"y":273,"width":680,"height":12}},{"id":"0cd1294c-76fd-4ca4-aa47-84e1ef2a671a","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":34,"box":{"x":116,"y":296,"width":703,"height":13}},{"id":"5e451d85-bbac-4d5d-af4a-605250a0b57e","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":34,"box":{"x":116,"y":311,"width":749,"height":13}},{"id":"c1ae4fe6-8674-4713-a8af-8ff310514750","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains","page_number":34,"box":{"x":116,"y":327,"width":749,"height":13}},{"id":"b0fd34e1-3269-43ba-a2d0-abf96bc538db","block_type":"box","text":"and customer activity, as well as general concern and uncertainty for a period of time. The impact of this","page_number":34,"box":{"x":116,"y":342,"width":708,"height":13}},{"id":"26791a35-0d49-42a7-98e6-eda8884d1493","block_type":"box","text":"outbreak has adversely affected the economies of many nations and the entire global economy and impacted","page_number":34,"box":{"x":116,"y":358,"width":733,"height":13}},{"id":"841520d4-7b00-4b34-abdb-9846e9df9d40","block_type":"box","text":"individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or","page_number":34,"box":{"x":116,"y":373,"width":765,"height":13}},{"id":"1380ffc5-87a4-459e-94c5-bbed7c534764","block_type":"box","text":"other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":34,"box":{"x":116,"y":389,"width":754,"height":13}},{"id":"dcb6846b-68b7-469e-86e1-6d7ab268d89d","block_type":"box","text":"Repurchase Agreements.","page_number":34,"box":{"x":116,"y":412,"width":170,"height":13}},{"id":"c44cde7e-a31b-431b-9064-2f24d025f770","block_type":"box","text":"The Funds may enter into repurchase agreements. A repurchase agreement is an","page_number":34,"box":{"x":292,"y":412,"width":553,"height":13}},{"id":"77c85df9-e2f0-41ed-b90e-205421c71b24","block_type":"box","text":"instrument under which the purchaser (","page_number":34,"box":{"x":116,"y":428,"width":273,"height":12}},{"id":"43f211d3-cc88-4008-854a-a90ec4ac1bc7","block_type":"box","text":"i.e.","page_number":34,"box":{"x":391,"y":429,"width":18,"height":9}},{"id":"a57c7178-b65e-4a5e-ab3f-f17e6d62a91e","block_type":"box","text":", the Fund) acquires the security and the seller agrees, at the time of","page_number":34,"box":{"x":412,"y":428,"width":466,"height":12}},{"id":"b4f4d8c4-6add-4d21-b51b-2d649075fc8f","block_type":"box","text":"the sale, to repurchase the security at a mutually agreed upon time and price, thereby determining the yield","page_number":34,"box":{"x":116,"y":443,"width":740,"height":13}},{"id":"9f4258db-5280-4aad-a077-61ecbe83fd80","block_type":"box","text":"during the purchaser’s holding period. In accordance with guidance issued by the Staff of the SEC, each Fund","page_number":34,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"3718d19c-8df2-44b6-97c7-77f7507c701d","block_type":"box","text":"may also transfer uninvested cash balances into a single joint account, the daily aggregate balance of which","page_number":34,"box":{"x":116,"y":474,"width":742,"height":13}},{"id":"c74911d3-48d6-43d6-809b-3c65173faa59","block_type":"box","text":"will be invested in one or more repurchase agreements. The Board of Trustees has established and periodically","page_number":34,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"5781ffde-5f54-4b7a-93ee-c94770fef83d","block_type":"box","text":"reviews procedures applicable to transactions involv","page_number":34,"box":{"x":116,"y":505,"width":362,"height":13}},{"id":"08c186ff-1706-4d81-a459-24e34bc21c5d","block_type":"box","text":"ing such joint accounts. Repurchase agreements may be","page_number":34,"box":{"x":478,"y":505,"width":385,"height":13}},{"id":"aec78b60-40de-4807-bcd8-8e607f397629","block_type":"box","text":"construed to be collateralized loans by the purchaser to the seller secured by the securities transferred to the","page_number":34,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"c013b35a-8e56-4558-aa95-175c874ada3a","block_type":"box","text":"purchaser. If a repurchase agreement is construed to be a collateralized loan, the underlying securities will not","page_number":34,"box":{"x":116,"y":536,"width":760,"height":13}},{"id":"73c78602-2408-4824-86a5-1d5f33b780bb","block_type":"box","text":"be considered to be owned by each Fund but only to constitute collateral for the seller’s obligation to pay the","page_number":34,"box":{"x":116,"y":552,"width":755,"height":12}},{"id":"631b2522-ba3e-4588-b79c-83657d852bc8","block_type":"box","text":"repurchase price, and, in the event of a default by the seller, each Fund may suffer time delays and incur costs","page_number":34,"box":{"x":116,"y":567,"width":757,"height":13}},{"id":"a37b165f-5c0d-4c7f-b957-8bf31b095d6d","block_type":"box","text":"or losses in connection with the disposition of the collateral.","page_number":34,"box":{"x":116,"y":583,"width":415,"height":12}},{"id":"f16f3bf0-e6b3-46bc-b1f3-532884f90c8d","block_type":"box","text":"The collateral for a repurchase agreement may include (i) cash items; (ii) obligations issued by the U.S.","page_number":34,"box":{"x":116,"y":606,"width":707,"height":13}},{"id":"5ab4738c-bfca-4c2f-b976-98c4d4d83f76","block_type":"box","text":"Government or its agencies or instrumentalities; or (iii) obligations that, at the time the repurchase agreement","page_number":34,"box":{"x":117,"y":621,"width":757,"height":13}},{"id":"302e314b-cec8-407a-b90e-04bd35b25304","block_type":"box","text":"is entered into, are rated in the highest category generally by at least two nationally recognized statistical","page_number":34,"box":{"x":116,"y":637,"width":724,"height":13}},{"id":"1a736fcf-a5b6-4f5d-93f2-44fffde5cba8","block_type":"box","text":"rating organizations (“NRSRO”), or, if unrated, det","page_number":34,"box":{"x":116,"y":652,"width":362,"height":13}},{"id":"a6a11690-56b1-4524-b6b0-0c72744e7364","block_type":"box","text":"ermined to be of comparable quality by BFA. Collateral,","page_number":34,"box":{"x":479,"y":652,"width":390,"height":13}},{"id":"d23f2420-f0db-4dbb-ada6-a9c2d6e7f9e0","block_type":"box","text":"however, is not limited to the foregoing and may include for example obligations rated in any category by","page_number":34,"box":{"x":116,"y":668,"width":734,"height":13}},{"id":"253b4916-31ba-44d0-8e5e-7ff9ced34ff0","block_type":"box","text":"NRSROs, including collateral that may be below investment grade. Collateral for a repurchase agreement","page_number":34,"box":{"x":116,"y":683,"width":733,"height":13}},{"id":"32d076f4-70da-41a6-9323-b460668eac85","block_type":"box","text":"may also include securities, and with respect to BlackRock Cash Funds: Institutional, equity securities and","page_number":34,"box":{"x":116,"y":699,"width":735,"height":13}},{"id":"caa9cfe0-037b-4a5f-a9ec-65449adeca2b","block_type":"box","text":"other fixed income securities, that a Fund could not hold directly without the repurchase obligation.","page_number":34,"box":{"x":116,"y":714,"width":693,"height":13}},{"id":"2201935c-00d4-480a-91eb-b99d4d331a24","block_type":"box","text":"Irrespective of the type of collateral underlying the","page_number":34,"box":{"x":116,"y":730,"width":349,"height":13}},{"id":"1b4344e4-74aa-4ae2-aba8-316e3aa647e8","block_type":"box","text":"repurchase agreement, in the case of a repurchase","page_number":34,"box":{"x":470,"y":730,"width":342,"height":13}},{"id":"6132caff-62dc-4e95-8565-7b9798f1b812","block_type":"box","text":"agreement entered into by a money market fund, the repurchase obligation of a seller must involve minimal","page_number":34,"box":{"x":116,"y":745,"width":745,"height":13}},{"id":"d1be5944-6bdb-4921-82cb-5b46998c2b0a","block_type":"box","text":"credit risk to a Fund, and otherwise satisfy credit quality standards set forth in the Fund’s Rule 2a-7","page_number":34,"box":{"x":116,"y":761,"width":692,"height":13}},{"id":"6c6b3955-7935-429f-a400-96e915e98782","block_type":"box","text":"procedures.","page_number":34,"box":{"x":116,"y":776,"width":79,"height":13}},{"id":"3e0725e1-8d27-4325-8ee8-59b322d9c65f","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that utilizes them. Such risks are not unique to the Fund","page_number":34,"box":{"x":116,"y":800,"width":757,"height":13}},{"id":"9528802d-6c24-4be6-a7ff-3cb3ad030104","block_type":"box","text":"but are inherent in repurchase agreements. The Funds seek to minimize such risks but because of the inherent","page_number":34,"box":{"x":116,"y":815,"width":758,"height":13}},{"id":"cdbf8a15-2df3-4456-bef3-0cb6fd751612","block_type":"box","text":"legal uncertainties involved in repurchase agreements, such risks cannot be eliminated. Lower quality","page_number":34,"box":{"x":116,"y":831,"width":700,"height":13}},{"id":"de1c845b-ac0b-49a5-9c8b-2e43384492f1","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":34,"box":{"x":116,"y":846,"width":761,"height":13}},{"id":"337dbfd3-670c-4370-acec-c509c0e2695f","block_type":"box","text":"collateral and collateral with shorter maturities. If th","page_number":34,"box":{"x":116,"y":862,"width":364,"height":10}},{"id":"c183d642-6c0f-492f-80ca-3c8320fbc2f6","block_type":"box","text":"e repurchase agreement counterparty were to default,","page_number":34,"box":{"x":481,"y":862,"width":369,"height":13}},{"id":"ec68a67b-9027-4d28-80ac-e8ce8ad28dca","block_type":"box","text":"17","page_number":34,"box":{"x":492,"y":917,"width":17,"height":9}},{"id":"14348206-17f6-4af0-8dfb-ef632515496c","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":34,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"57813e6c-3789-46b0-8e31-e49c36436e83","block_type":"box","text":"lower quality collateral may be more difficult to liquidate than higher quality collateral. Should the","page_number":35,"box":{"x":116,"y":79,"width":686,"height":13}},{"id":"d7584b82-0841-4186-9dd4-f4eb6f151c89","block_type":"box","text":"counterparty default and the amount of collateral not be sufficient to cover the counterparty’s repurchase","page_number":35,"box":{"x":116,"y":94,"width":730,"height":13}},{"id":"b9bcd0e4-2773-4450-a42f-35456870d671","block_type":"box","text":"obligation, the Fund would retain the status of an unsecured creditor of the counterparty (","page_number":35,"box":{"x":116,"y":110,"width":625,"height":13}},{"id":"5c5a77a2-3cfe-400d-be5d-7dedbc858384","block_type":"box","text":"i.e.","page_number":35,"box":{"x":743,"y":111,"width":18,"height":9}},{"id":"0dcc29e3-751b-4156-89f4-13c7718e2d89","block_type":"box","text":", the position the","page_number":35,"box":{"x":763,"y":110,"width":116,"height":13}},{"id":"93cfdda7-4ee8-4e11-956c-0ffc650eb8fc","block_type":"box","text":"Fund would normally be in if it were to hold, pursuant to its investment policies, other unsecured debt","page_number":35,"box":{"x":116,"y":125,"width":710,"height":13}},{"id":"3e5f4f17-0f59-4749-9a13-6088535bf276","block_type":"box","text":"securities of the defaulting counterparty) with respect","page_number":35,"box":{"x":116,"y":141,"width":369,"height":13}},{"id":"bd3c21b0-ca75-4c3b-895a-5217701fb7c7","block_type":"box","text":"to the amount of the shortfall. As an unsecured creditor,","page_number":35,"box":{"x":490,"y":141,"width":390,"height":12}},{"id":"a17b8c54-5b74-414b-adff-5541ae0afc6b","block_type":"box","text":"a Fund would be at risk of losing some or all of the principal and income involved in the transaction.","page_number":35,"box":{"x":116,"y":156,"width":699,"height":13}},{"id":"c8f3de65-1e3b-42a5-93db-725394dd85cf","block_type":"box","text":"Regulations adopted by global prudential regulators","page_number":35,"box":{"x":116,"y":180,"width":361,"height":12}},{"id":"4386a127-821f-4125-94f3-f007558d1440","block_type":"box","text":"require certain bank-regulated counterparties and certain","page_number":35,"box":{"x":483,"y":180,"width":395,"height":12}},{"id":"ec6e8367-9263-4609-af6b-fa96a1c57e74","block_type":"box","text":"of their affiliates to include in certain financial contracts, including many repurchase agreements and purchase","page_number":35,"box":{"x":116,"y":195,"width":763,"height":13}},{"id":"27d54c23-dc61-469b-a312-bc84544dd35d","block_type":"box","text":"and sale contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":35,"box":{"x":116,"y":211,"width":749,"height":12}},{"id":"44cd0c32-62b8-4396-8a74-0a9041c9377b","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the","page_number":35,"box":{"x":116,"y":226,"width":745,"height":13}},{"id":"a2cadbea-3c54-4f9f-87f3-dc92a83a8382","block_type":"box","text":"event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":35,"box":{"x":116,"y":242,"width":700,"height":12}},{"id":"69c4d071-4aed-4a41-814a-376dff68b67b","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and","page_number":35,"box":{"x":116,"y":257,"width":750,"height":13}},{"id":"571e3ab8-2aec-486e-9641-9f1623e072d5","block_type":"box","text":"other developments in the market, could adversely affect a Fund’s ability to terminate existing repurchase","page_number":35,"box":{"x":116,"y":273,"width":730,"height":12}},{"id":"f2679ec5-f561-4afd-bb7b-9848c3877b3d","block_type":"box","text":"agreements and purchase and sale contracts or to realize amounts to be received under such agreements. The","page_number":35,"box":{"x":116,"y":288,"width":753,"height":13}},{"id":"dab4bb68-5a8f-4986-a5ee-c43c520e082e","block_type":"box","text":"SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":35,"box":{"x":116,"y":304,"width":701,"height":12}},{"id":"d50d8dad-9423-4d08-911f-29765279bd6e","block_type":"box","text":"information (not including party names); this may in","page_number":35,"box":{"x":116,"y":319,"width":365,"height":13}},{"id":"04eeb418-e9ec-4fff-b1b6-1d1d541a3d7a","block_type":"box","text":"clude, but is not limited to, information about securities","page_number":35,"box":{"x":482,"y":319,"width":386,"height":12}},{"id":"19afbea3-5f30-4707-bf61-e2514fe4b9ef","block_type":"box","text":"loans entered into in connection with short sales. Compliance with this rule is expected to be required in early","page_number":35,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"cf7e7054-85c4-40d3-992c-3bf9dbc076b2","block_type":"box","text":"2026, although a legal challenge against the rule is currently pending.","page_number":35,"box":{"x":116,"y":350,"width":480,"height":13}},{"id":"7631d9ee-932c-4ff0-ac3c-42cb443bd243","block_type":"box","text":"Restricted Securities.","page_number":35,"box":{"x":116,"y":373,"width":138,"height":10}},{"id":"f2e80ced-e77f-471e-9632-d02138d21f16","block_type":"box","text":"Restricted securities are subject to legal restrictions on their sale. Difficulty in selling","page_number":35,"box":{"x":260,"y":373,"width":566,"height":13}},{"id":"f352139f-b2a6-445f-b14c-1ac00241fc10","block_type":"box","text":"restricted securities may result in a loss or be costly to the Funds. Restricted securities generally can be sold in","page_number":35,"box":{"x":116,"y":389,"width":738,"height":13}},{"id":"d8f6a9a5-3e8c-4ce0-b4b2-656868bea436","block_type":"box","text":"privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933,","page_number":35,"box":{"x":116,"y":404,"width":750,"height":13}},{"id":"4d7cf600-c885-4315-8e27-4b8a14489530","block_type":"box","text":"as amended, or in a registered public offering. Where registration is required, the restricted security’s holder may","page_number":35,"box":{"x":116,"y":420,"width":760,"height":13}},{"id":"65c78038-085a-4702-a85b-6ccb5a2d4076","block_type":"box","text":"be obligated to pay all or part of the registration expense and a considerable period may elapse between the time","page_number":35,"box":{"x":116,"y":435,"width":761,"height":13}},{"id":"79f18a90-63d3-4c35-9a0b-4a66b019be54","block_type":"box","text":"the holder decides to seek registration and the time the holder may be permitted to sell the security under an","page_number":35,"box":{"x":116,"y":451,"width":730,"height":13}},{"id":"8de173cc-3779-4675-9280-e2d06605af1a","block_type":"box","text":"effective registration statement. If, during that period, adverse market conditions were to develop, the holder","page_number":35,"box":{"x":116,"y":466,"width":733,"height":13}},{"id":"9dc98c94-bba8-4c5a-a87f-8ea8e43335d9","block_type":"box","text":"might obtain a less favorable price than prevailed when it decided to seek registration of the security.","page_number":35,"box":{"x":116,"y":482,"width":680,"height":13}},{"id":"481f1b06-490e-4202-bcc2-f29107061319","block_type":"box","text":"Securities Lending.","page_number":35,"box":{"x":116,"y":505,"width":130,"height":13}},{"id":"63ce4dc4-99ac-43f8-b5a1-703e6cad5598","block_type":"box","text":"(1)","page_number":35,"box":{"x":248,"y":506,"width":11,"height":7}},{"id":"6fa50a3a-b5d1-4fcb-8ea3-32a1eeb1e39c","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":35,"box":{"x":264,"y":505,"width":608,"height":13}},{"id":"23017a62-38fe-4fb8-be97-56ddfb7665c7","block_type":"box","text":"creditworthy, including to borrowers affiliated with BFA. The borrowers provide collateral that is maintained","page_number":35,"box":{"x":116,"y":521,"width":761,"height":12}},{"id":"f46b2a0b-1da5-4b94-8e10-f336be769ba1","block_type":"box","text":"in an amount at least equal to the current market value of the securities loaned. No securities loan shall be","page_number":35,"box":{"x":116,"y":536,"width":736,"height":13}},{"id":"7e467967-acae-4564-8acd-a6f5d7f90302","block_type":"box","text":"made on behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund","page_number":35,"box":{"x":116,"y":552,"width":719,"height":12}},{"id":"7cb9ea8e-cc33-4eec-baba-8e6616d588c9","block_type":"box","text":"exceeds one-third of the value of such Fund’s total assets (including the value of the collateral received). A","page_number":35,"box":{"x":116,"y":567,"width":733,"height":13}},{"id":"8a3094ca-d7f2-406c-bfe7-8ff0318b8358","block_type":"box","text":"Fund may terminate a loan at any time and obtain the return of the securities loaned. Each Fund receives, by","page_number":35,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"105306ce-a4b5-4e8f-ab37-8473d7b7129d","block_type":"box","text":"way of substitute payment, the value of any interest or cash or non-cash distributions paid on the loaned","page_number":35,"box":{"x":116,"y":598,"width":725,"height":13}},{"id":"e4be8cea-9945-4cf7-bdc9-00127ad739c9","block_type":"box","text":"securities that it would have otherwise received if the securities were not on loan.","page_number":35,"box":{"x":116,"y":614,"width":560,"height":10}},{"id":"641fea72-0e73-4576-adb4-7a2450cbdfc0","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":35,"box":{"x":116,"y":637,"width":748,"height":13}},{"id":"c68eaafa-8e2b-4044-95dd-a7031829fc66","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on","page_number":35,"box":{"x":116,"y":652,"width":762,"height":13}},{"id":"bc34d158-310f-4ed0-b7b4-ec2d7d552b05","block_type":"box","text":"the reinvestment of cash collateral and the fee paid to th","page_number":35,"box":{"x":116,"y":668,"width":379,"height":13}},{"id":"c0e1246a-3243-436c-9b6c-c8f44dd6801f","block_type":"box","text":"e borrower. In the case of collateral other than cash, a","page_number":35,"box":{"x":496,"y":668,"width":364,"height":12}},{"id":"8fb75670-a4f8-4f3c-8db9-82e7badf7622","block_type":"box","text":"Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned","page_number":35,"box":{"x":116,"y":683,"width":725,"height":13}},{"id":"54f95e40-b283-481a-9016-89cac8401614","block_type":"box","text":"securities. Any cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in","page_number":35,"box":{"x":116,"y":699,"width":735,"height":13}},{"id":"d8dc2fb4-40ed-442f-b28c-5f94bd9ec595","block_type":"box","text":"certain short-term instruments either directly on behalf of the Fund or through one or more joint accounts or","page_number":35,"box":{"x":116,"y":714,"width":737,"height":13}},{"id":"1ab36b14-8628-466e-a82c-0e7c25e6da18","block_type":"box","text":"money market funds, including those affiliated with BFA; such investments are subject to investment risk.","page_number":35,"box":{"x":116,"y":730,"width":713,"height":13}},{"id":"ee0309e6-66cf-4bc7-9990-0f18b4027cd6","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting","page_number":35,"box":{"x":116,"y":753,"width":759,"height":13}},{"id":"b2d501e7-98d6-419f-a5b6-9e56c53aa66b","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the","page_number":35,"box":{"x":116,"y":769,"width":756,"height":13}},{"id":"bacf5873-7dee-4dce-b56e-85b4076fba80","block_type":"box","text":"return on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign","page_number":35,"box":{"x":116,"y":784,"width":702,"height":13}},{"id":"5ee3d2ff-b547-4352-883d-9924e51d11dd","block_type":"box","text":"exchange risk (","page_number":35,"box":{"x":116,"y":800,"width":103,"height":13}},{"id":"d0b3cc50-dce1-4d28-b56e-1501c4f57ab8","block_type":"box","text":"i.e.","page_number":35,"box":{"x":221,"y":801,"width":18,"height":9}},{"id":"0d6e3d82-86d1-464f-8e0a-b142832f3f88","block_type":"box","text":", the risk of a shortfall at default when a cash collateral investment is denominated in a","page_number":35,"box":{"x":241,"y":800,"width":602,"height":12}},{"id":"15ca0c98-921d-470a-a115-39c3d55f23e9","block_type":"box","text":"currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and","page_number":35,"box":{"x":116,"y":815,"width":757,"height":13}},{"id":"567a81e8-c168-410d-9d62-f974ad92afe9","block_type":"box","text":"(1)","page_number":35,"box":{"x":122,"y":849,"width":10,"height":6}},{"id":"aa5aca55-1acd-4d10-b488-985a0d7d6288","block_type":"box","text":"Note that “Securities Lending” describes lending of securities by the Funds/Master Portfolios. SL Agency Shares of the Funds","page_number":35,"box":{"x":146,"y":848,"width":724,"height":10}},{"id":"3eacfda4-08ca-424c-80ec-646b95ab7f54","block_type":"box","text":"are designed, among other things, for the investment of cash collateral provided by borrowers to lenders of securities for which","page_number":35,"box":{"x":147,"y":859,"width":735,"height":10}},{"id":"3e992dad-cd41-421e-999e-9566582c18fa","block_type":"box","text":"BTC acts as securities lending agent.","page_number":35,"box":{"x":146,"y":869,"width":210,"height":10}},{"id":"78f028f6-f7c5-44e5-a4f3-f46a30a4d697","block_type":"box","text":"18","page_number":35,"box":{"x":492,"y":917,"width":15,"height":9}},{"id":"3c449569-efb1-466c-b074-c929a3347c7b","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":35,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a3b017ac-c712-44e5-8782-b951562d5f93","block_type":"box","text":"credit, legal, counterparty and market risks (including the risk that market events, including but not limited to","page_number":36,"box":{"x":116,"y":79,"width":761,"height":13}},{"id":"49cbafcf-178f-4d0b-a8c1-af031247bd4c","block_type":"box","text":"corporate actions, could lead the Fund to lend securities that are trading at a premium due to increased","page_number":36,"box":{"x":116,"y":94,"width":714,"height":13}},{"id":"995a74e5-8bc2-4386-8e1d-3df41f090e7a","block_type":"box","text":"demand, or to recall loaned securities or to lend less or none at all, which could lead to reduced securities","page_number":36,"box":{"x":116,"y":110,"width":728,"height":12}},{"id":"6b172fc2-894f-4f1e-b61f-bf32ec1cc5b0","block_type":"box","text":"lending revenue). If a Fund were to lend out securities that are subject to a corporate action and commit to the","page_number":36,"box":{"x":116,"y":125,"width":765,"height":13}},{"id":"c5692d40-04a5-4193-a605-e89a9dbea492","block_type":"box","text":"borrower a particular election as determined by the Fund’s investment adviser, the benefit the Fund would","page_number":36,"box":{"x":116,"y":141,"width":737,"height":13}},{"id":"3eba45ce-6013-4126-b033-881b5509425a","block_type":"box","text":"receive in respect of committing to such election may or may not be less than the benefit the Fund would have","page_number":36,"box":{"x":116,"y":156,"width":762,"height":13}},{"id":"85e903a6-d5a8-428f-aa43-058050240ae7","block_type":"box","text":"received from making a different election in such corporate action. If a securities lending counterparty were to","page_number":36,"box":{"x":116,"y":172,"width":762,"height":13}},{"id":"56d6d69b-fbdb-4459-9550-5887b7119f90","block_type":"box","text":"default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the","page_number":36,"box":{"x":116,"y":187,"width":726,"height":13}},{"id":"2ff2238f-6c67-41a6-848f-057723f60d0f","block_type":"box","text":"loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a","page_number":36,"box":{"x":116,"y":203,"width":729,"height":13}},{"id":"81e0d916-e608-4f91-bb9a-94d4142951f5","block_type":"box","text":"Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event may be impacted, or","page_number":36,"box":{"x":116,"y":218,"width":746,"height":13}},{"id":"f3a1147a-5064-4134-aa0f-3d8150d87801","block_type":"box","text":"the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the","page_number":36,"box":{"x":116,"y":234,"width":766,"height":13}},{"id":"7449e0c6-eece-407f-a648-5d77a8905ea1","block_type":"box","text":"value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in","page_number":36,"box":{"x":116,"y":249,"width":715,"height":13}},{"id":"c1b80951-d142-40e6-a81e-094b0297c96a","block_type":"box","text":"purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":36,"box":{"x":116,"y":265,"width":765,"height":13}},{"id":"a1c127fe-375b-440b-88c3-25d37ae74e0d","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan.","page_number":36,"box":{"x":116,"y":280,"width":736,"height":13}},{"id":"fdc2e878-a935-4a97-abfb-66b9b0cd36fd","block_type":"box","text":"Substitute payments received by a Fund representing dividends paid on securities loaned out by the Fund will","page_number":36,"box":{"x":116,"y":296,"width":756,"height":13}},{"id":"c3608d68-2fbd-4724-a16f-c7c99af8a02d","block_type":"box","text":"not be considered qualified dividend income, and distributions by the Fund of such substitute payments will","page_number":36,"box":{"x":116,"y":311,"width":748,"height":13}},{"id":"f55816b6-5915-4dd3-985e-f4cd6cc617e7","block_type":"box","text":"not constitute qualified dividend income. Additiona","page_number":36,"box":{"x":116,"y":327,"width":358,"height":13}},{"id":"11965984-f15c-47d1-98e5-60447ea7e042","block_type":"box","text":"lly, substitute payments received by a Fund representing","page_number":36,"box":{"x":475,"y":327,"width":387,"height":13}},{"id":"328eed60-ec74-4d7b-adaa-9ce8dc75b70d","block_type":"box","text":"qualified REIT dividends paid on REIT securities loaned out by the Fund will not be considered qualified","page_number":36,"box":{"x":116,"y":342,"width":729,"height":13}},{"id":"7e78f5c2-05ab-4908-862f-e63c6617e98c","block_type":"box","text":"REIT dividends, and distributions by the Fund of such substitute payments will not be eligible for a 20%","page_number":36,"box":{"x":116,"y":358,"width":726,"height":13}},{"id":"442124d5-6cf7-471f-bc3d-a5d6e091466c","block_type":"box","text":"deduction currently available for ordinary REIT dividends paid to non-corporate shareholders provided","page_number":36,"box":{"x":116,"y":373,"width":720,"height":13}},{"id":"5580bf41-b849-447b-b9ad-45400bdc49bc","block_type":"box","text":"certain other requirements are satisfied. The securities lending agent will take into account the tax effects on","page_number":36,"box":{"x":116,"y":389,"width":748,"height":13}},{"id":"236e5ab3-e880-460e-ba1a-9dbb23a4fa5e","block_type":"box","text":"shareholders caused by these differences in connection with a Fund’s securities lending program. Substitute","page_number":36,"box":{"x":116,"y":404,"width":740,"height":13}},{"id":"baabd1fd-07ed-4b69-ba42-ed9d8948747f","block_type":"box","text":"payments received on tax-exempt securities loaned out will not be tax-exempt income. There could also be","page_number":36,"box":{"x":116,"y":420,"width":741,"height":13}},{"id":"1abfb8b4-4050-47b3-8506-ab87241e58a5","block_type":"box","text":"changes in the status of issuers under applicable laws and regulations, including tax regulations, that may","page_number":36,"box":{"x":116,"y":435,"width":730,"height":13}},{"id":"47dcec62-82f6-491d-9ea2-c3caf8d1aed9","block_type":"box","text":"impact the regulatory or tax treatment of loaned securities and could, for example, result in a delay in the","page_number":36,"box":{"x":116,"y":451,"width":731,"height":13}},{"id":"baea93c2-9823-4e7f-b921-6cfb1a815372","block_type":"box","text":"payment of dividend equivalent payments ow","page_number":36,"box":{"x":116,"y":466,"width":316,"height":13}},{"id":"f9df2bee-c9f4-4098-9144-1b82a82ec2d0","block_type":"box","text":"ed to a Fund (as permitted by applicable law).","page_number":36,"box":{"x":433,"y":466,"width":317,"height":13}},{"id":"2ec09506-6564-4f6f-ab02-1c24957e5da7","block_type":"box","text":"Regulations adopted by global prudential regulators","page_number":36,"box":{"x":116,"y":490,"width":361,"height":12}},{"id":"fac2b10e-b9f1-4fc3-bd3c-72f59cc799a8","block_type":"box","text":"require certain bank-regulated counterparties and certain","page_number":36,"box":{"x":483,"y":490,"width":395,"height":12}},{"id":"1379cacb-9632-4206-bcd8-21cbe5bdc4b5","block_type":"box","text":"of their affiliates to include in certain financial contracts, including many securities lending agreements, terms","page_number":36,"box":{"x":116,"y":505,"width":757,"height":13}},{"id":"9c563ff2-d5da-4e9c-ac5a-1c2e95137988","block_type":"box","text":"that delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose","page_number":36,"box":{"x":116,"y":521,"width":739,"height":12}},{"id":"57d31026-fbd9-4f8e-984f-7b5fee3bf1e5","block_type":"box","text":"upon collateral, exercise other default rights or restrict transfers of credit support in the event that the","page_number":36,"box":{"x":116,"y":536,"width":704,"height":13}},{"id":"abd8a2b8-171f-4a2c-805a-bcba423c3768","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":36,"box":{"x":116,"y":552,"width":721,"height":12}},{"id":"9c243fa6-64c5-4572-80f1-2ba7e1dd80d2","block_type":"box","text":"possible that these requirements, as well as potential additional government regulation and other","page_number":36,"box":{"x":116,"y":567,"width":671,"height":13}},{"id":"db170e71-1de3-40ba-aa1d-9be0bec948a1","block_type":"box","text":"developments in the market, could adversely affect the Fund’s ability to terminate existing securities lending","page_number":36,"box":{"x":116,"y":583,"width":746,"height":12}},{"id":"0d13ea54-1529-4827-a205-2405b776b930","block_type":"box","text":"agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":36,"box":{"x":116,"y":598,"width":755,"height":13}},{"id":"32ae73b7-0bd9-4bf1-b1b0-f7fea5cd763f","block_type":"box","text":"lenders that can provide additional protections, such as liens that are exercisable in connection with a lender","page_number":36,"box":{"x":116,"y":614,"width":750,"height":12}},{"id":"5a281e99-cc6c-43e1-9284-669b19f22792","block_type":"box","text":"default, to borrowers. The Fund expects to provide a","page_number":36,"box":{"x":116,"y":629,"width":367,"height":13}},{"id":"f3f0f854-a19b-4972-8372-7c08f2912b62","block_type":"box","text":"dditional protections to borrowers, where permitted","page_number":36,"box":{"x":484,"y":629,"width":361,"height":13}},{"id":"ab11f64a-7eb9-42a2-bb7e-ab0b545e856a","block_type":"box","text":"pursuant to a Fund’s investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":36,"box":{"x":116,"y":645,"width":715,"height":12}},{"id":"e4edd03f-a2ae-4f15-ad91-729d8ec606e3","block_type":"box","text":"Unrated Investments.","page_number":36,"box":{"x":118,"y":668,"width":146,"height":10}},{"id":"329a42b9-a285-4122-8a0c-0dd6c562c38f","block_type":"box","text":"If permitted by their investment strategies, each Fund may purchase instruments that are","page_number":36,"box":{"x":270,"y":668,"width":612,"height":13}},{"id":"6ab1f7f7-de0a-43f9-a052-caddb1a916d7","block_type":"box","text":"not rated if, in the opinion of BFA, such obligations are of an investment quality that is comparable to other","page_number":36,"box":{"x":116,"y":683,"width":750,"height":13}},{"id":"fa6fe31a-0da0-4f44-b124-5bd83cf05483","block_type":"box","text":"investments that are permitted for purchase by a Fund, an","page_number":36,"box":{"x":116,"y":699,"width":402,"height":13}},{"id":"b8a52685-1a1c-46a3-b9e4-998da35ed65b","block_type":"box","text":"d they are purchased in accordance with the Trust’s","page_number":36,"box":{"x":519,"y":699,"width":357,"height":13}},{"id":"327950de-fea1-41ed-bf28-be3f8bbf5932","block_type":"box","text":"procedures adopted by the Board of Trustees in accordance with Rule 2a-7 under the 1940 Act. After","page_number":36,"box":{"x":116,"y":714,"width":705,"height":13}},{"id":"78735963-7f24-498c-8798-7195fdbf4131","block_type":"box","text":"purchase by a Fund, a security may cease to be rated or its rating may be reduced. If a portfolio security ceases","page_number":36,"box":{"x":116,"y":730,"width":765,"height":13}},{"id":"f5b06d56-dde6-4dce-ae57-0917c05babbf","block_type":"box","text":"to be an eligible security under Rule 2a-7 (e.g., no longer presents minimal credit risks in the determination of","page_number":36,"box":{"x":116,"y":745,"width":761,"height":13}},{"id":"853e62f9-c2a2-4c97-9f43-8a811eb13340","block_type":"box","text":"BFA), or there is a default with respect to the portfolio secur","page_number":36,"box":{"x":116,"y":761,"width":418,"height":13}},{"id":"169d62c9-6d64-412a-9611-1c8a936eae9c","block_type":"box","text":"ity (other than an immaterial default unrelated to","page_number":36,"box":{"x":535,"y":761,"width":341,"height":13}},{"id":"ec5e1f84-432e-4476-bf91-680d2a5af646","block_type":"box","text":"the financial condition of the issuer), or an event of","page_number":36,"box":{"x":116,"y":776,"width":355,"height":13}},{"id":"22448310-4ea2-4fa3-8ffa-4f21d22babf7","block_type":"box","text":"insolvency occurs with respect to the issuer of a portfolio","page_number":36,"box":{"x":475,"y":776,"width":395,"height":13}},{"id":"e68e7163-2f4a-4bef-89b1-ed97a4723e68","block_type":"box","text":"security or the provider of any demand feature or guarantee, the Fund shall dispose of such security as soon as","page_number":36,"box":{"x":116,"y":792,"width":765,"height":13}},{"id":"dcce9b89-38c1-4b33-a2b9-0c0fd6ed3ff0","block_type":"box","text":"practicable consistent with achieving an orderly disposition of the security, unless the Board of Trustees finds","page_number":36,"box":{"x":116,"y":807,"width":755,"height":13}},{"id":"6a19b226-ac19-4fbb-a86c-e5109272b11a","block_type":"box","text":"that the disposal of such security would not be in such Fund’s best interests.","page_number":36,"box":{"x":116,"y":823,"width":524,"height":13}},{"id":"f2f81af8-3521-4d82-802b-b35e3e58a982","block_type":"box","text":"U.S. Government Obligations.","page_number":36,"box":{"x":118,"y":846,"width":205,"height":13}},{"id":"a79630a5-165e-4612-90a7-35c221013cae","block_type":"box","text":"Each Fund may invest in U.S. Government obligations, including securities issued","page_number":36,"box":{"x":329,"y":846,"width":551,"height":13}},{"id":"5c4122f9-03c8-407d-ad60-0884b93e4872","block_type":"box","text":"or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities. Payment of","page_number":36,"box":{"x":116,"y":862,"width":752,"height":13}},{"id":"4b1f2171-c71f-421f-bd66-959d935ebfb5","block_type":"box","text":"19","page_number":36,"box":{"x":492,"y":917,"width":16,"height":9}},{"id":"9936a77d-e0df-4c50-9ecb-645897978e72","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":36,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3c47c97c-a7ec-48c2-8852-7eb4c80ae14b","block_type":"box","text":"principal and interest on U.S. Government obligations (i) may be backed by the full faith and credit of the United","page_number":37,"box":{"x":116,"y":79,"width":765,"height":13}},{"id":"c1005c02-95ca-4f9a-8821-d5d2cf0cbebc","block_type":"box","text":"States (as with U.S. Treasury obligations and Ginnie Mae certificates), or (ii) may be backed solely by the issuing","page_number":37,"box":{"x":116,"y":94,"width":761,"height":13}},{"id":"2293ce50-4c85-43e3-bd53-5f5b868570a7","block_type":"box","text":"or guaranteeing agency or instrumentality itself (as with Fannie Mae notes). In the latter case, the investor must","page_number":37,"box":{"x":116,"y":110,"width":753,"height":13}},{"id":"57583b61-fd01-4ec4-ba78-8dc01a14ddc1","block_type":"box","text":"look principally to the agency or instrumentality issuin","page_number":37,"box":{"x":116,"y":125,"width":370,"height":13}},{"id":"81b92dd6-8145-4aa6-86c7-cfbce97743b3","block_type":"box","text":"g or guaranteeing the obligation for ultimate repayment,","page_number":37,"box":{"x":486,"y":125,"width":381,"height":13}},{"id":"a0025691-38b2-458f-a686-e9cce1f02490","block_type":"box","text":"which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government","page_number":37,"box":{"x":116,"y":141,"width":752,"height":13}},{"id":"edf3875c-94e5-45d5-94ca-1e087a1ca447","block_type":"box","text":"would provide financial support to its agencies or instrumentalities where it is not obligated to do so. As a","page_number":37,"box":{"x":116,"y":156,"width":717,"height":13}},{"id":"6396b54c-3d8d-43c0-9a8b-5446cc3e1f8e","block_type":"box","text":"general matter, the value of debt instruments, including U.S. Government obligations, declines when market","page_number":37,"box":{"x":116,"y":172,"width":731,"height":13}},{"id":"54a3ee31-c76c-4e9b-96d0-c8614be8501a","block_type":"box","text":"interest rates increase and rises when market interest rates decrease. Certain types of U.S. Government","page_number":37,"box":{"x":116,"y":187,"width":691,"height":13}},{"id":"43788e1f-9ed9-4e9e-bd68-4f19e5615928","block_type":"box","text":"obligations are subject to fluctuations in yield or value due to their structure or contract terms. 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There can be no assurance, however, that the Trust’s or MIP’s policies","page_number":43,"box":{"x":116,"y":578,"width":762,"height":12}},{"id":"fbba7cad-8254-48fa-ac23-613210e6dc0b","block_type":"box","text":"and procedures with respect to the selective disclosure of Portfolio Holdings will prevent the misuse of such","page_number":43,"box":{"x":116,"y":593,"width":726,"height":13}},{"id":"fdf80769-3a58-44be-a7cc-193c4616aa58","block_type":"box","text":"information by individuals or firms that receive such information.","page_number":43,"box":{"x":116,"y":609,"width":444,"height":12}},{"id":"bb8766c2-16f3-4c35-834f-2cd6129a1fe0","block_type":"box","text":"Management","page_number":43,"box":{"x":116,"y":637,"width":95,"height":12}},{"id":"7b23b323-44c5-4763-8d01-77947da57439","block_type":"box","text":"The Board of Trustees of the Trust consists of thirteen individuals (each, a “Trustee”), eleven of whom are","page_number":43,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"ea150e95-39d6-4b6a-aa81-95f85d6319bd","block_type":"box","text":"not “interested persons” of the Trust as defined in the 1940 Act (the “Independent Trustees”). The same","page_number":43,"box":{"x":116,"y":676,"width":725,"height":13}},{"id":"749d446f-c217-4391-aac6-2e0a33398052","block_type":"box","text":"individuals serve on the Board of Trustees of MIP. The registered investment companies advised by the","page_number":43,"box":{"x":116,"y":692,"width":713,"height":13}},{"id":"e11b51c0-7742-43c0-9793-38e332eac35f","block_type":"box","text":"Manager or its affiliates (the “BlackRock-advised F","page_number":43,"box":{"x":116,"y":707,"width":356,"height":13}},{"id":"ac1c3e42-3dfb-420d-b42b-cf356f390de6","block_type":"box","text":"unds”) are organized into the BlackRock Multi-Asset","page_number":43,"box":{"x":473,"y":707,"width":369,"height":13}},{"id":"5303aab8-5336-4f09-ab47-37544c891955","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":43,"box":{"x":117,"y":723,"width":710,"height":13}},{"id":"943aedc5-efd2-4c20-b500-ca3269fa7266","block_type":"box","text":"Complex”). The Trust and MIP are included in the BlackRock Fund Complex referred to as the BlackRock","page_number":43,"box":{"x":117,"y":738,"width":744,"height":13}},{"id":"5fadfa89-eb83-4db1-a0a0-f0b29cc646f9","block_type":"box","text":"Multi-Asset Complex. The Trustees also oversee as board members the operations of the other open","page_number":43,"box":{"x":116,"y":754,"width":700,"height":13}},{"id":"a4e5daa5-246c-4887-807d-caf120b80e43","block_type":"box","text":"end registered investment companies included in the BlackRock Multi-Asset Complex.","page_number":43,"box":{"x":116,"y":769,"width":598,"height":13}},{"id":"4cd9de96-e2e8-4da9-9ff0-70e9a3ce60ef","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and each Fund. The Chair of the Board is","page_number":43,"box":{"x":116,"y":792,"width":747,"height":13}},{"id":"cd3d480e-b809-48d2-96fe-344e7bdf7479","block_type":"box","text":"an Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent","page_number":43,"box":{"x":116,"y":807,"width":736,"height":13}},{"id":"7d4d37f9-f834-4ceb-b2c4-557c3593fe99","block_type":"box","text":"Trustee. The Board has five standing Committees: an Audit Committee, a Governance and Nominating","page_number":43,"box":{"x":116,"y":823,"width":718,"height":13}},{"id":"ac049945-ea35-48d9-bc54-1f09b5c8c388","block_type":"box","text":"Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics","page_number":43,"box":{"x":117,"y":838,"width":688,"height":13}},{"id":"8f6ca5ab-55ab-4838-a910-c6d013908555","block_type":"box","text":"Committee. The role of the Chair of the Board is to preside at all meetings of the Board and to act as a liaison","page_number":43,"box":{"x":117,"y":854,"width":760,"height":13}},{"id":"cd095728-5089-4904-a473-ed176b60173e","block_type":"box","text":"with service providers, officers, attorneys and other Tru","page_number":43,"box":{"x":116,"y":869,"width":386,"height":13}},{"id":"b79a04f4-4a94-45e9-9014-d0131a970983","block_type":"box","text":"stees generally between meetings. The Chair of each","page_number":43,"box":{"x":503,"y":869,"width":360,"height":13}},{"id":"5f556ccf-86e2-4847-8bf7-f3d4bb3dffe5","block_type":"box","text":"26","page_number":43,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"ddf1def8-97a3-4065-95d9-b8c079faeb81","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":43,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"efe52cdb-bf72-4141-89ee-b64a0a0d22a9","block_type":"box","text":"Committee performs a similar role with respect to the Committee. The Chair of the Board or the Chair of a","page_number":44,"box":{"x":117,"y":78,"width":744,"height":13}},{"id":"971daa49-9a4f-4411-8afa-9be6688feff6","block_type":"box","text":"Committee may also perform such other functions as may be delegated by the Board or the Committee from","page_number":44,"box":{"x":117,"y":94,"width":752,"height":12}},{"id":"5a893061-3d43-4e56-9392-61862104933c","block_type":"box","text":"time to time. The Independent Trustees meet regularly outside the presence of Fund management, in executive","page_number":44,"box":{"x":116,"y":109,"width":763,"height":12}},{"id":"110232f6-3082-48ca-837c-ef25bf6f4062","block_type":"box","text":"session or with other service providers to each Fund. The Board has regular meetings five times a year, and","page_number":44,"box":{"x":116,"y":124,"width":740,"height":13}},{"id":"18942c64-2d3c-49c5-b355-4d4e67118cf6","block_type":"box","text":"may hold special meetings if required before its next regular meeting. Each Committee meets regularly to","page_number":44,"box":{"x":116,"y":139,"width":727,"height":13}},{"id":"649d2581-19c6-4373-9797-6cd146da9df8","block_type":"box","text":"conduct the oversight functions delegated to that Committee by the Board and reports its findings to the","page_number":44,"box":{"x":116,"y":154,"width":722,"height":13}},{"id":"ba58a4a9-4ad1-4687-85e3-78abceb8da4e","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":44,"box":{"x":116,"y":169,"width":749,"height":13}},{"id":"f2e89f4e-1c81-4e86-bd1d-b09e09d5e624","block_type":"box","text":"structure. The Board has determined that the Board’s le","page_number":44,"box":{"x":116,"y":184,"width":385,"height":10}},{"id":"cdb82e75-3bc8-4c1a-87ba-0debf38c660b","block_type":"box","text":"adership structure is appropriate because it allows the","page_number":44,"box":{"x":502,"y":184,"width":372,"height":13}},{"id":"534ad1c1-cf92-4c99-9df0-e3a5fd9d3832","block_type":"box","text":"Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":44,"box":{"x":116,"y":199,"width":723,"height":13}},{"id":"2dfe7fb1-0f27-49f9-b8d5-398a1b41ceb8","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":44,"box":{"x":117,"y":214,"width":425,"height":13}},{"id":"544d2bc1-0424-4967-87d1-5bfe73365d81","block_type":"box","text":"The Board has engaged the Manager to manage each Fund on a day-to-day basis. The Board is responsible for","page_number":44,"box":{"x":116,"y":236,"width":766,"height":13}},{"id":"ec4394dc-5d63-4aff-a4c0-0be18fbd8c16","block_type":"box","text":"overseeing the Manager, other service providers, the operations of each Fund and associated risks in","page_number":44,"box":{"x":116,"y":251,"width":694,"height":13}},{"id":"db9b9396-2e80-472c-bcbf-865724c0a531","block_type":"box","text":"accordance with the provisions of the 1940 Act, state law, other applicable laws, the Trust’s charter, and each","page_number":44,"box":{"x":116,"y":266,"width":762,"height":13}},{"id":"cb74f78f-6900-4b36-b8e4-18d79f0d4936","block_type":"box","text":"Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, each Fund’s performance,","page_number":44,"box":{"x":116,"y":282,"width":765,"height":12}},{"id":"cc962665-33be-49ef-b026-0d828cb76df9","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its","page_number":44,"box":{"x":116,"y":297,"width":760,"height":12}},{"id":"edbd9c66-0260-4d28-aae7-9688b600a965","block_type":"box","text":"role in running the operations of each Fund.","page_number":44,"box":{"x":116,"y":312,"width":305,"height":13}},{"id":"c8e4ed7c-ecca-477a-8556-890da6810006","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager or of","page_number":44,"box":{"x":116,"y":334,"width":675,"height":12}},{"id":"af7cd756-c8d4-4119-87e4-25fd7e356718","block_type":"box","text":"sub-advisers or other service providers (depending on the nature of the risk), subject to the supervision of the","page_number":44,"box":{"x":116,"y":349,"width":754,"height":12}},{"id":"1689075d-f0d0-4d98-ba00-cee3f7cc937b","block_type":"box","text":"Manager. Each Fund is subject to a number of risks, including investment, compliance, operational and","page_number":44,"box":{"x":116,"y":364,"width":718,"height":13}},{"id":"01903575-e2e4-4e17-a75a-0b994e490175","block_type":"box","text":"valuation risks, among others. While there are a number of risk management functions performed by the","page_number":44,"box":{"x":116,"y":379,"width":727,"height":13}},{"id":"52036c29-51c4-4974-bd65-dcab7cd9e15c","block_type":"box","text":"Manager and the sub-advisers or other service providers, as applicable, it is not possible to eliminate all of the","page_number":44,"box":{"x":116,"y":394,"width":761,"height":13}},{"id":"aba0ae5e-61fd-4534-a097-6e8c7bcd32d5","block_type":"box","text":"risks applicable to the Funds. Risk oversight forms part of the Board’s general oversight of each Fund and is","page_number":44,"box":{"x":116,"y":409,"width":748,"height":13}},{"id":"a32a1183-2e49-4a83-88a2-effe5ae48cae","block_type":"box","text":"addressed as part of various Board and Committee activities. The Board, directly or through a Committee,","page_number":44,"box":{"x":116,"y":424,"width":738,"height":13}},{"id":"8b9c2be8-9016-4cfa-acd4-486d9af2df98","block_type":"box","text":"also reviews reports from, among others, management, the independent registered public accounting firm for","page_number":44,"box":{"x":116,"y":439,"width":755,"height":13}},{"id":"fdaf34d9-5f26-466f-b0df-9b0e4439ff18","block_type":"box","text":"each Fund, sub-advisers and internal auditors for the investment adviser or its affiliates, as appropriate,","page_number":44,"box":{"x":116,"y":454,"width":715,"height":13}},{"id":"6f00f493-ddf9-4c0b-b8a1-b9db16419943","block_type":"box","text":"regarding risks faced by each Fund and management’s or the service provider’s risk functions. The Committee","page_number":44,"box":{"x":116,"y":470,"width":762,"height":12}},{"id":"89c3836a-d1b9-4664-9232-f467533009e8","block_type":"box","text":"system facilitates the timely and efficient consideration of matters by the Trustees, and facilitates effective","page_number":44,"box":{"x":116,"y":485,"width":729,"height":13}},{"id":"b2b31678-fb36-4f5f-afe9-41041aac7a96","block_type":"box","text":"oversight of compliance with legal and regulatory requirements and of each Fund’s activities and associated","page_number":44,"box":{"x":116,"y":500,"width":745,"height":13}},{"id":"f703520b-37ec-45ad-9588-027889e86965","block_type":"box","text":"risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and testing","page_number":44,"box":{"x":116,"y":515,"width":733,"height":13}},{"id":"92837103-659a-4f4d-8373-5e3c40fb7361","block_type":"box","text":"of the Trust’s compliance program and reports to the Board regarding compliance matters for the Funds","page_number":44,"box":{"x":116,"y":530,"width":723,"height":13}},{"id":"a1b04ded-74a0-4f0a-9735-8f00e2823f8d","block_type":"box","text":"and their service providers. The Independent Trustees have engaged independent legal counsel to assist them","page_number":44,"box":{"x":116,"y":545,"width":750,"height":13}},{"id":"8b873c3a-6739-4fb5-b1af-6509ab046922","block_type":"box","text":"in performing their oversight responsibilities.","page_number":44,"box":{"x":116,"y":560,"width":310,"height":13}},{"id":"e6e44c8f-7cb4-4ebb-9c56-07c660766d6f","block_type":"box","text":"Audit Committee.","page_number":44,"box":{"x":116,"y":582,"width":124,"height":10}},{"id":"48da9fff-3b34-4a95-b8e9-9ccb8c96cdbb","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer","page_number":44,"box":{"x":246,"y":582,"width":588,"height":13}},{"id":"6490ab0b-a4e5-4469-92e1-da163444188e","block_type":"box","text":"(Chair), Neil A. Cotty, Lori Richards Kenneth L. Urish and Claire A. Walton, all of whom are Independent","page_number":44,"box":{"x":117,"y":597,"width":743,"height":13}},{"id":"b9256b95-bbf5-4cb0-9578-36c378271889","block_type":"box","text":"Trustees. The principal responsibilities of the Audit Committee are to approve, and recommend to the full","page_number":44,"box":{"x":116,"y":612,"width":735,"height":13}},{"id":"f663e7f5-926e-466c-908a-fdd7a50d7cfb","block_type":"box","text":"Board for approval, the selection, retention, termination and compensation of each Fund’s independent","page_number":44,"box":{"x":116,"y":627,"width":716,"height":13}},{"id":"bcb7e516-8db6-41c9-9b0a-75dc29fed35f","block_type":"box","text":"registered public accounting firm (the “Independent Registered Public Accounting Firm”) and to oversee the","page_number":44,"box":{"x":116,"y":643,"width":749,"height":12}},{"id":"fe90f425-7d84-48c1-bf59-e9d1ad77a77e","block_type":"box","text":"Independent Registered Public Accounting Firm’s w","page_number":44,"box":{"x":116,"y":658,"width":360,"height":12}},{"id":"704d9f5b-bfa6-46bd-b470-8ad1cdadc7b0","block_type":"box","text":"ork. The Audit Committee’s responsibilities include,","page_number":44,"box":{"x":476,"y":658,"width":361,"height":12}},{"id":"482422f1-9777-44f7-afd7-55cb71484fdb","block_type":"box","text":"without limitation, to (1) evaluate the qualifications and independence of the Independent Registered Public","page_number":44,"box":{"x":116,"y":673,"width":747,"height":13}},{"id":"ddc038e0-e76f-4be4-89ce-5eb21f263735","block_type":"box","text":"Accounting Firm; (2) approve all audit engagement terms and fees for each Fund; (3) review the conduct and","page_number":44,"box":{"x":116,"y":688,"width":754,"height":13}},{"id":"1dd0175a-dea5-46b8-b489-b1b79887d991","block_type":"box","text":"results of each independent audit of each Fund’s annual financial statements; (4) review any issues raised by","page_number":44,"box":{"x":116,"y":703,"width":746,"height":13}},{"id":"fdac9634-b835-4251-bd73-9d2e3d5c4fce","block_type":"box","text":"the Independent Registered Public Accounting Firm or Fund management regarding the accounting or","page_number":44,"box":{"x":116,"y":718,"width":708,"height":13}},{"id":"e0c747a8-af18-4d4e-9108-de8fe82cfc86","block_type":"box","text":"financial reporting policies and practices of each Fund and the internal controls of each Fund and certain","page_number":44,"box":{"x":116,"y":733,"width":726,"height":13}},{"id":"a42bf8be-6106-4509-b510-5d94c006642f","block_type":"box","text":"service providers; (5) oversee the performance of each Fund’s Independent Registered Public Accounting Firm;","page_number":44,"box":{"x":116,"y":748,"width":763,"height":13}},{"id":"394fd131-e9d4-4c76-91e7-e315237462dc","block_type":"box","text":"(6) review and discuss with management and each Fund’s Independent Registered Public Accounting Firm the","page_number":44,"box":{"x":117,"y":763,"width":760,"height":13}},{"id":"9cc25e59-1e7f-4ea5-80e6-caece26ae706","block_type":"box","text":"performance and findings of each Fund’s internal auditors; (7) discuss with Fund management its policies","page_number":44,"box":{"x":116,"y":779,"width":730,"height":12}},{"id":"2e7ed615-026c-4a69-b9be-ccaa48bdfb07","block_type":"box","text":"regarding risk assessment and risk management as such matters relate to each Fund’s financial reporting and","page_number":44,"box":{"x":116,"y":794,"width":752,"height":13}},{"id":"06b3334f-726f-4718-84a4-95cd543b1265","block_type":"box","text":"controls; (8) resolve any disagreements between Fund management and the Independent Registered Public","page_number":44,"box":{"x":116,"y":809,"width":735,"height":13}},{"id":"a1ff013b-383c-4f23-92c4-473c4ec54d72","block_type":"box","text":"Accounting Firm regarding financial reporting; and (9) undertake such other duties and responsibilities as may","page_number":44,"box":{"x":116,"y":824,"width":766,"height":13}},{"id":"ead0c9f5-01c2-4f4b-a0fd-13722e1da713","block_type":"box","text":"from time to time be delegated by the Board to the Audit Committee. The Board has adopted a written","page_number":44,"box":{"x":116,"y":839,"width":714,"height":13}},{"id":"bada68a9-884b-4d69-941d-fbc35e88d9b1","block_type":"box","text":"charter for the Audit Committee. During the fiscal year ended December 31, 2025, the Audit Committee met","page_number":44,"box":{"x":116,"y":854,"width":757,"height":13}},{"id":"03276bac-4f71-4dc4-a489-0ce4813ca46d","block_type":"box","text":"four times.","page_number":44,"box":{"x":116,"y":869,"width":73,"height":10}},{"id":"a6daa263-59f1-4d42-86e5-2ed7e74b83b8","block_type":"box","text":"27","page_number":44,"box":{"x":491,"y":917,"width":18,"height":9}},{"id":"7867a2a9-2078-49a0-a002-19f2a4a1d6b0","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":44,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b7232332-f8b9-4718-aded-db3618f7c61a","block_type":"box","text":"Governance and Nominating Committee.","page_number":45,"box":{"x":117,"y":79,"width":288,"height":13}},{"id":"76a66c43-5eb8-483a-8711-f94a0a19ef2b","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":45,"box":{"x":411,"y":79,"width":459,"height":13}},{"id":"82444abc-db3a-45cc-8cd5-54988dd6de3e","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter,","page_number":45,"box":{"x":117,"y":94,"width":724,"height":13}},{"id":"24156e49-a18a-483c-9f94-cef115f3a360","block_type":"box","text":"Collette Chilton and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of","page_number":45,"box":{"x":117,"y":110,"width":758,"height":13}},{"id":"8cf0dc97-e096-4a46-b55b-f41d6096a6bd","block_type":"box","text":"the Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the","page_number":45,"box":{"x":116,"y":125,"width":736,"height":13}},{"id":"74acd37e-86ca-438c-94c5-92ff3b6053f8","block_type":"box","text":"Trust and recommend Independent Trustee nominees for election by shareholders or appointment by the","page_number":45,"box":{"x":116,"y":141,"width":727,"height":13}},{"id":"d10b8594-a5e3-436b-98b1-6998efbd2811","block_type":"box","text":"Board; (2) advise the Board with respect to Board compos","page_number":45,"box":{"x":116,"y":156,"width":402,"height":13}},{"id":"429baf4d-a2b4-443b-a7f4-17d672bb982a","block_type":"box","text":"ition, procedures and committees (other than the","page_number":45,"box":{"x":519,"y":156,"width":338,"height":13}},{"id":"5b14da88-763e-4f16-ab6b-772f561282e4","block_type":"box","text":"Audit Committee); (3) oversee periodic self-assessments of","page_number":45,"box":{"x":116,"y":172,"width":404,"height":13}},{"id":"647253ca-8175-4c90-bd45-29e7c5380389","block_type":"box","text":"the Board and committees of the Board (other than","page_number":45,"box":{"x":524,"y":172,"width":355,"height":12}},{"id":"92213ace-0fb3-4556-a49a-a2ec7fa15056","block_type":"box","text":"the Audit Committee); (4) review and make recommendati","page_number":45,"box":{"x":116,"y":187,"width":407,"height":13}},{"id":"72243f92-d93d-4f42-9137-7bfca5d5d62c","block_type":"box","text":"ons regarding Independent Trustee compensation;","page_number":45,"box":{"x":524,"y":187,"width":346,"height":13}},{"id":"9fa53311-73f3-48fe-9ead-1d7d9ab8ba1e","block_type":"box","text":"(5) monitor corporate governance matters and develop appropriate recommendations to the Board; (6) act as","page_number":45,"box":{"x":117,"y":203,"width":756,"height":13}},{"id":"45409165-399d-4db5-89c2-6abd49f12899","block_type":"box","text":"the administrative committee with respect to Board","page_number":45,"box":{"x":116,"y":218,"width":356,"height":13}},{"id":"0547db04-0880-48a0-8710-be4d595d692e","block_type":"box","text":"policies and procedures, committee policies and","page_number":45,"box":{"x":476,"y":218,"width":331,"height":13}},{"id":"fb4b617e-da40-40e7-9a4e-97034dacb183","block_type":"box","text":"procedures (other than the Audit Committee) and codes of ethics as they relate to Independent Trustees; and","page_number":45,"box":{"x":116,"y":234,"width":752,"height":13}},{"id":"79a85eaf-719f-467d-8146-dbc856880211","block_type":"box","text":"(7) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":45,"box":{"x":117,"y":249,"width":760,"height":13}},{"id":"601a5fbc-d16c-4bf5-9e11-13788317c20d","block_type":"box","text":"Governance Committee. The Governance Committee may","page_number":45,"box":{"x":117,"y":265,"width":404,"height":13}},{"id":"71c361c1-f746-42cf-a174-eb57975cb63b","block_type":"box","text":"consider nominations for the office of Trustee","page_number":45,"box":{"x":526,"y":265,"width":317,"height":10}},{"id":"ab9a2e48-8b7f-42c4-a79c-c52f8c003bfa","block_type":"box","text":"made by Fund shareholders as it deems appropriate. Fund shareholders who wish to recommend a nominee","page_number":45,"box":{"x":116,"y":280,"width":747,"height":13}},{"id":"676e497c-4b73-4277-a6da-3f7e7e4400a1","block_type":"box","text":"should send nominations to the Secretary of the Trust that include biographical information and set forth the","page_number":45,"box":{"x":116,"y":296,"width":756,"height":13}},{"id":"f2d473f6-1d9f-4b25-aa5e-a94667c9f3d4","block_type":"box","text":"qualifications of the proposed nominee. The Board has adopted a written charter for the Governance","page_number":45,"box":{"x":116,"y":311,"width":701,"height":13}},{"id":"c29001cb-35ba-4e93-918d-31bc1348e2d5","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Governance Committee met eleven times.","page_number":45,"box":{"x":117,"y":327,"width":744,"height":13}},{"id":"a2d7e725-97d7-49ed-a222-141d7f6b9f9b","block_type":"box","text":"Compliance Committee.","page_number":45,"box":{"x":117,"y":350,"width":167,"height":13}},{"id":"65b9567b-abc6-41f2-bf5b-57e2c6b1eb3d","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are","page_number":45,"box":{"x":290,"y":350,"width":558,"height":13}},{"id":"2c803ae1-92f4-4b52-bd7c-1b357f080856","block_type":"box","text":"Claire A. Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish,","page_number":45,"box":{"x":117,"y":366,"width":761,"height":12}},{"id":"55b48270-8f87-4d56-bbe7-afb0718f4b6e","block_type":"box","text":"all of whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling","page_number":45,"box":{"x":116,"y":381,"width":767,"height":13}},{"id":"536ad923-14b5-434a-9007-64e85cdb8868","block_type":"box","text":"its responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related","page_number":45,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"f9e786a9-46cf-47b4-afbb-4603eef0076f","block_type":"box","text":"activities of BFA and any sub-adviser and the Trust’s third-party service providers. The Compliance","page_number":45,"box":{"x":116,"y":412,"width":690,"height":13}},{"id":"535d4817-dfd1-4fd2-9b6d-120329e4c978","block_type":"box","text":"Committee’s responsibilities include, without limitation, to","page_number":45,"box":{"x":117,"y":428,"width":406,"height":12}},{"id":"5af7049e-b421-4427-8393-95eb43f76c71","block_type":"box","text":"(1) oversee the compliance policies and procedures","page_number":45,"box":{"x":529,"y":428,"width":350,"height":12}},{"id":"4984caa1-65ab-4b1c-af6c-d901a72c9548","block_type":"box","text":"of the Trust and its service providers and recommend changes or additions to such policies and procedures;","page_number":45,"box":{"x":116,"y":443,"width":743,"height":13}},{"id":"02b92d7a-2429-4e3c-8c92-cd369fe181ce","block_type":"box","text":"(2) review information on and, where appropriate, recommend policies concerning the Trust’s compliance","page_number":45,"box":{"x":117,"y":459,"width":735,"height":12}},{"id":"12715234-6ab7-4fa3-b1c9-482c782b9ce4","block_type":"box","text":"with applicable law; (3) review reports from, oversee the annual performance review of, and make certain","page_number":45,"box":{"x":116,"y":474,"width":734,"height":13}},{"id":"77db0e61-4961-4304-915b-02516b5969d9","block_type":"box","text":"recommendations and determinations regarding the Trus","page_number":45,"box":{"x":116,"y":490,"width":395,"height":12}},{"id":"54eeb3d3-b8de-4fae-be57-2dc413400be3","block_type":"box","text":"t’s Chief Compliance Officer (the “CCO”), including","page_number":45,"box":{"x":512,"y":490,"width":368,"height":12}},{"id":"bf57d9f0-cb90-4fac-8b29-4c874768c244","block_type":"box","text":"determining the amount and structure of the CCO’s compensation and recommending such amount and","page_number":45,"box":{"x":116,"y":505,"width":725,"height":13}},{"id":"b42ab76c-3559-45de-952f-d9c479105abc","block_type":"box","text":"structure to the full Board for approval and ratification; and (4) undertake such other duties and","page_number":45,"box":{"x":116,"y":521,"width":668,"height":12}},{"id":"ad79796a-2d9f-446c-b67a-8ab912ab2010","block_type":"box","text":"responsibilities as may from time to time be delegated by the Board to the Compliance Committee. The Board","page_number":45,"box":{"x":116,"y":536,"width":762,"height":13}},{"id":"c6dc122a-8db5-4c54-888a-91546a34b605","block_type":"box","text":"has adopted a written charter for the Compliance Committee. During the fiscal year ended December 31,","page_number":45,"box":{"x":116,"y":552,"width":729,"height":12}},{"id":"1e6512c4-4dc6-463c-8ba8-5cac94b5e615","block_type":"box","text":"2025, the Compliance Committee met four times.","page_number":45,"box":{"x":116,"y":567,"width":344,"height":13}},{"id":"fdfcfa2a-1157-49cb-ab33-65dee5ed77d0","block_type":"box","text":"Performance Oversight Committee.","page_number":45,"box":{"x":116,"y":590,"width":247,"height":13}},{"id":"ff3e90ab-e19c-4c56-85b3-68091df7407c","block_type":"box","text":"The members of the Performance Oversight Committee (the","page_number":45,"box":{"x":369,"y":590,"width":416,"height":13}},{"id":"710feee2-6507-417c-85e0-ab1451c51872","block_type":"box","text":"“Performance Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter,","page_number":45,"box":{"x":117,"y":606,"width":765,"height":13}},{"id":"2ee464e8-875f-4714-82da-7bd913ba42dc","block_type":"box","text":"Collette Chilton and Neil A. Cotty, all of whom are Independent Trustees. The Performance Oversight","page_number":45,"box":{"x":117,"y":621,"width":712,"height":13}},{"id":"dbbe02ea-d434-4865-8c65-83ef9d62c615","block_type":"box","text":"Committee’s purpose is to assist the Board in fulfilling its responsibility to oversee each Fund’s investment","page_number":45,"box":{"x":117,"y":637,"width":732,"height":13}},{"id":"72e5f190-0175-43ed-8b7a-7b5961ff5c0d","block_type":"box","text":"performance relative to its agreed-upon performance objectives and to assist the Independent Trustees in their","page_number":45,"box":{"x":116,"y":652,"width":761,"height":13}},{"id":"cd6ded40-883d-43f4-a474-0e1f5adb5caf","block_type":"box","text":"consideration of investment advisory agreements. The Performance Oversight Committee’s responsibilities","page_number":45,"box":{"x":116,"y":668,"width":737,"height":13}},{"id":"21e380b3-ac08-453b-b6f1-29c822a220cd","block_type":"box","text":"include, without limitation, to (1) review information on, and make recommendations to the full Board in","page_number":45,"box":{"x":116,"y":683,"width":735,"height":13}},{"id":"3508266a-84b1-4db3-bce3-fa8f174785c7","block_type":"box","text":"respect of, each Fund’s investment objective, policies and practices; (2) review information on each Fund’s","page_number":45,"box":{"x":116,"y":699,"width":734,"height":13}},{"id":"4cb1beb6-1fb2-4b6e-ac53-82ba8a7272a2","block_type":"box","text":"investment performance; (3) review information on appropriate benchmarks and competitive universes and","page_number":45,"box":{"x":116,"y":714,"width":744,"height":13}},{"id":"8657dd20-c488-4171-acff-fc5b6381fd40","block_type":"box","text":"unusual or exceptional investment matters; (4) review personnel and other resources devoted to management","page_number":45,"box":{"x":116,"y":730,"width":756,"height":13}},{"id":"91799e90-773b-41b6-9625-9b1109145dc7","block_type":"box","text":"of each Fund and evaluate the nature and quality of information furnished to the Performance Oversight","page_number":45,"box":{"x":116,"y":745,"width":726,"height":13}},{"id":"32578080-cc4f-4692-976e-8476b127688e","block_type":"box","text":"Committee; (5) recommend any required action regarding changes in fundamental and non-fundamental","page_number":45,"box":{"x":117,"y":761,"width":725,"height":13}},{"id":"5908669e-d297-48d7-a08f-8e0e7792fc42","block_type":"box","text":"investment policies and restrictions, fund mergers or liquidations; (6) request and review information on the","page_number":45,"box":{"x":116,"y":776,"width":748,"height":13}},{"id":"5591a7b0-dc5a-4067-bf97-899514d5537c","block_type":"box","text":"nature, extent and quality of services provided to the shareholders; (7) make recommendations to the Board","page_number":45,"box":{"x":116,"y":792,"width":748,"height":13}},{"id":"091a0ecc-0ea5-48c3-9980-23f1c522075e","block_type":"box","text":"concerning the approval or renewal of investment advisory agreements; and (8) undertake such other duties","page_number":45,"box":{"x":116,"y":807,"width":746,"height":13}},{"id":"69921045-d088-408f-8b5f-205bde3b09ba","block_type":"box","text":"and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":45,"box":{"x":116,"y":823,"width":706,"height":13}},{"id":"15247314-ae65-4fa4-b823-36c5372704f1","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the","page_number":45,"box":{"x":117,"y":838,"width":749,"height":13}},{"id":"f6935e75-8d99-430a-864b-e1449c62836f","block_type":"box","text":"fiscal year ended December 31, 2025, the Performance Oversight Committee met five times.","page_number":45,"box":{"x":116,"y":854,"width":638,"height":13}},{"id":"ac807482-3227-44f3-8738-2a2fbd959124","block_type":"box","text":"28","page_number":45,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"6e33d915-a129-42ef-8b3e-63f403304bca","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":45,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"552c0194-b3f2-4a65-8cbc-b85010ef245c","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":46,"box":{"x":116,"y":78,"width":191,"height":13}},{"id":"0b521fc5-f729-421d-bcef-8364ab83e028","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics","page_number":46,"box":{"x":313,"y":78,"width":481,"height":13}},{"id":"9b442116-c832-42a8-accc-481dacfe913a","block_type":"box","text":"Committee”) are Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees,","page_number":46,"box":{"x":117,"y":93,"width":736,"height":13}},{"id":"81b7b35d-0f56-4e41-9db3-d5bf48ecd89b","block_type":"box","text":"and John M. Perlowski, who serves as an interested Trustee. The principal responsibilities of the Ad Hoc","page_number":46,"box":{"x":116,"y":108,"width":726,"height":13}},{"id":"077e363e-64b6-4efc-98a9-17aa82b18bf9","block_type":"box","text":"Topics Committee are to (1) act on routine matters between meetings of the Board; (2) act on such matters as","page_number":46,"box":{"x":116,"y":123,"width":759,"height":13}},{"id":"e5cb7143-4444-4fdd-a092-d8fdcda7c8d6","block_type":"box","text":"may require urgent action between meetings of the Board; and (3) exercise such other authority as may from","page_number":46,"box":{"x":116,"y":138,"width":753,"height":12}},{"id":"389e44f0-2d0e-4fae-ae57-26c05698d5a2","block_type":"box","text":"time to time be delegated to the Ad Hoc Topics Committee by the Board. The Board has adopted a written","page_number":46,"box":{"x":116,"y":152,"width":743,"height":13}},{"id":"38fdb88e-7a2e-4b16-ae3b-d5cccb6aec33","block_type":"box","text":"charter for the Ad Hoc Topics Committee. During the fiscal year ended December 31, 2025, the Ad Hoc","page_number":46,"box":{"x":116,"y":167,"width":727,"height":13}},{"id":"b50972ff-a509-4799-a315-163cbbd57647","block_type":"box","text":"Topics Committee did not meet.","page_number":46,"box":{"x":116,"y":182,"width":224,"height":13}},{"id":"90e1458f-f01a-4318-b996-326ff8325abe","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":46,"box":{"x":116,"y":205,"width":743,"height":13}},{"id":"103a6fc6-426a-473c-829a-940ac95906af","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the","page_number":46,"box":{"x":116,"y":220,"width":705,"height":12}},{"id":"287322a5-4db2-4e19-b190-85e345f37413","block_type":"box","text":"“Statement of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was","page_number":46,"box":{"x":117,"y":234,"width":752,"height":13}},{"id":"02fde28e-91f5-436e-a50f-c7e14334ce90","block_type":"box","text":"initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement","page_number":46,"box":{"x":116,"y":249,"width":760,"height":13}},{"id":"2e7ac9b7-32fe-4117-9578-ca08cd7ffb89","block_type":"box","text":"of Policy. Furthermore, in determining that a particular Independent Trustee was and continues to be","page_number":46,"box":{"x":116,"y":264,"width":702,"height":13}},{"id":"28abc367-acb3-47b0-9801-f0ae07189f44","block_type":"box","text":"qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":46,"box":{"x":116,"y":279,"width":755,"height":13}},{"id":"077bb38e-8aae-4365-bcb0-1e461e66f61e","block_type":"box","text":"controlling. The Board believes that, collectively, the Independent Trustees have balanced and diverse","page_number":46,"box":{"x":116,"y":294,"width":702,"height":13}},{"id":"308e864c-c1b9-4b3c-878f-250ae0192adf","block_type":"box","text":"experience, skills, attributes and qualifications, which allow the Board to operate effectively in governing the","page_number":46,"box":{"x":116,"y":309,"width":752,"height":13}},{"id":"a5871d23-94cb-435e-90a6-fb5c9b0e4b74","block_type":"box","text":"Trust and protecting the interests of shareholders. Am","page_number":46,"box":{"x":116,"y":324,"width":375,"height":12}},{"id":"f5e45576-8dc0-4023-ae0b-229a6775d0fb","block_type":"box","text":"ong the attributes common to all Independent Trustees","page_number":46,"box":{"x":492,"y":324,"width":380,"height":12}},{"id":"3a35b52c-e943-400e-a901-783134037708","block_type":"box","text":"are their ability to review critically, evaluate, question a","page_number":46,"box":{"x":116,"y":338,"width":384,"height":13}},{"id":"c7073d9f-bb49-4d02-b7a1-d1616fe4dca8","block_type":"box","text":"nd discuss information provided to them, to interact","page_number":46,"box":{"x":501,"y":338,"width":362,"height":13}},{"id":"3195717e-0ece-4464-98b2-202d94f9bda6","block_type":"box","text":"effectively with each Fund’s investment adviser, sub-advisers, other service providers, counsel and the","page_number":46,"box":{"x":116,"y":353,"width":701,"height":13}},{"id":"341a15e6-2afa-4dfb-a4de-4ae68d3f02ef","block_type":"box","text":"Independent Registered Public Accounting Firm, and to exercise effective business judgment in the","page_number":46,"box":{"x":116,"y":368,"width":680,"height":13}},{"id":"adedaf04-8123-4fa8-8675-8e59133fbcde","block_type":"box","text":"performance of their duties as Trustees.","page_number":46,"box":{"x":116,"y":383,"width":273,"height":13}},{"id":"a76b9799-d7b0-400a-bf79-a5e98204d791","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational","page_number":46,"box":{"x":116,"y":406,"width":682,"height":12}},{"id":"9de66f4c-c4af-4ccf-b4d1-d8a20c727fcb","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience","page_number":46,"box":{"x":116,"y":421,"width":736,"height":12}},{"id":"69a7eec9-bf3c-4427-8e67-c44d05df03e8","block_type":"box","text":"from service as a board member of the Trust and the other funds in the BlackRock Fund Complexes (and any","page_number":46,"box":{"x":116,"y":435,"width":760,"height":13}},{"id":"8835fd68-1898-46bd-a815-a1738a13bf4f","block_type":"box","text":"predecessor funds), other investment funds, public companies, non-profit entities or other organizations;","page_number":46,"box":{"x":116,"y":450,"width":723,"height":13}},{"id":"77c3a75f-0264-4c02-a22a-8bb6a1fd1186","block_type":"box","text":"ongoing commitment to and participation in Board an","page_number":46,"box":{"x":116,"y":465,"width":377,"height":13}},{"id":"f2a911a3-1176-4524-b465-7437ff969897","block_type":"box","text":"d Committee meetings, as well as his or her leadership","page_number":46,"box":{"x":494,"y":465,"width":375,"height":13}},{"id":"bb24971f-70f1-4385-90cc-3b7ff9a1ea15","block_type":"box","text":"of standing and ad hoc committees throughout the years; or other relevant life experiences.","page_number":46,"box":{"x":116,"y":480,"width":629,"height":13}},{"id":"91c3f8e2-7927-41b6-a1bc-ac8726e4a10d","block_type":"box","text":"Trustees Elect","page_number":46,"box":{"x":117,"y":503,"width":97,"height":10}},{"id":"5788146c-dea4-4d38-9b6c-826353bb2a2f","block_type":"box","text":". Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":46,"box":{"x":214,"y":503,"width":621,"height":12}},{"id":"05fdb2cc-a47b-4ced-bb07-5bd1b78a1106","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at","page_number":46,"box":{"x":115,"y":517,"width":756,"height":13}},{"id":"a067fda6-3221-4277-9797-0f06e9eb5216","block_type":"box","text":"the time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to","page_number":46,"box":{"x":116,"y":532,"width":736,"height":13}},{"id":"f1932b24-1c30-452f-8e93-4471cbe8ce67","block_type":"box","text":"assist the Independent Trustees in the performance of their duties to the Trust and is expected to serve in that","page_number":46,"box":{"x":116,"y":547,"width":757,"height":13}},{"id":"f2d8746e-865a-4a45-8397-ff5c8c934087","block_type":"box","text":"capacity until July 1, 2026.","page_number":46,"box":{"x":116,"y":562,"width":187,"height":13}},{"id":"157cb15b-d3b3-47c2-8a43-1e9aaac0486b","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":46,"box":{"x":116,"y":585,"width":712,"height":12}},{"id":"1dde8708-2673-462f-b5af-655f733418cb","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":46,"box":{"x":116,"y":599,"width":471,"height":13}},{"id":"642c355b-46ae-4445-8402-cfb75b3f41fe","block_type":"box","text":"Trustees","page_number":46,"box":{"x":116,"y":628,"width":48,"height":7}},{"id":"584c78b3-e1d2-439b-ae24-6c45358d66f8","block_type":"box","text":"Experience, Qualifications and Skills","page_number":46,"box":{"x":276,"y":627,"width":212,"height":11}},{"id":"bcb2b811-c13b-4736-af4e-59ed5a52c3f9","block_type":"box","text":"Independent Trustees","page_number":46,"box":{"x":116,"y":649,"width":124,"height":10}},{"id":"e9fdc357-755f-47a5-a0c5-2961d5a3dd7c","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services industry, including \r\nlhf fff hlfh","page_number":46,"box":{"x":116,"y":664,"width":745,"height":10}},{"id":"166fc2bf-8ccb-4630-96bf-bdc592183d78","block_type":"box","text":"pypyg most recently serving as Chief Investment Officer of the California State Teachers Retirement System\r\nlfhhld ll","page_number":46,"box":{"x":276,"y":674,"width":584,"height":10}},{"id":"4c92e608-d2a5-467b-8f9c-7f3b6bcde815","block_type":"box","text":"y g y\r\n(CalSTRS) from 2000 to June 2024 where he led its investment program. Mr. Ailman currently is a\r\nl ldddhhhld lhdld","page_number":46,"box":{"x":277,"y":684,"width":574,"height":10}},{"id":"339e3a03-dd7c-4dab-a53d-c6ded3b203c0","block_type":"box","text":"Jpgy \r\nprincipal at Ailman Advisers. In addition, he has held various roles in the industry, including as member\r\nd hf hf hfl hhf h","page_number":46,"box":{"x":276,"y":693,"width":602,"height":11}},{"id":"a1b0bd17-5982-43bd-9e58-afcb9517a078","block_type":"box","text":"ppyg \r\nand chair of the asset owner committee of the Kroner Center for Financial Research, chairman of the","page_number":46,"box":{"x":276,"y":703,"width":584,"height":10}},{"id":"b20bc142-bc27-471a-80c3-643be986aab5","block_type":"box","text":"North American Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital\r\nkdlhhdd lh dbl","page_number":46,"box":{"x":276,"y":713,"width":587,"height":10}},{"id":"b1fada7b-fea3-4b27-a58d-68a46085ebec","block_type":"box","text":"pp\r\nMarkets Advisory Council. These positions have provided Mr. Ailman with considerable investment\r\nld d hd hkd h","page_number":46,"box":{"x":276,"y":723,"width":581,"height":10}},{"id":"693d9a61-5eb8-40fd-9e94-a6424e3346e0","block_type":"box","text":"y pp\r\nexpertise across asset classes and strategies, and insight and perspective on the markets and the\r\nddlbf hd h","page_number":46,"box":{"x":276,"y":733,"width":548,"height":10}},{"id":"b78611d2-908c-4337-8116-7eb8e463b10f","block_type":"box","text":"pggpp\r\neconomy. In addition, Mr. Ailman serves as a member of the Governance Committee and the\r\nfh","page_number":46,"box":{"x":276,"y":743,"width":540,"height":10}},{"id":"0ab4b964-a96b-4200-9dff-13e6f99a24bf","block_type":"box","text":"y\r\nPerformance Oversight Committee.","page_number":46,"box":{"x":276,"y":753,"width":204,"height":10}},{"id":"edfce597-a781-446a-bf83-bb8c645c344d","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has served as President \r\nhf fff fd ld d","page_number":46,"box":{"x":116,"y":768,"width":754,"height":10}},{"id":"b69b631c-346f-4cf5-9450-bafbdceeb609","block_type":"box","text":"Jypg\r\n& Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a registered investment adviser\r\nfd ffhf fff f","page_number":46,"box":{"x":276,"y":778,"width":565,"height":10}},{"id":"bc48ab19-3cb8-415f-b8f4-67bc67958b94","block_type":"box","text":"pg\r\nfocused on non-profit investors, from 1997 to 2013, Chief Executive Officer of CCI from 2013 to 2014\r\nd dld df hf","page_number":46,"box":{"x":276,"y":788,"width":601,"height":10}},{"id":"1998d394-ddc2-414f-b45b-94c6cd06dcba","block_type":"box","text":"p\r\nand Senior Advisor to CCI in 2015. Ms. Carter also served as director of the Pacific Pension Institute","page_number":46,"box":{"x":276,"y":798,"width":584,"height":8}},{"id":"14741a7e-825c-4145-9e0d-21820f2a2271","block_type":"box","text":"from 2014 to 2018, trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board\r\nbfhfd hk hl f f","page_number":46,"box":{"x":276,"y":808,"width":606,"height":10}},{"id":"d6fbb9b5-9287-4093-be78-bafe1a917b72","block_type":"box","text":"g y \r\nMember for the Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997\r\ndd bfdd fdd","page_number":46,"box":{"x":276,"y":818,"width":595,"height":10}},{"id":"dd5897ef-ff85-4ac2-8aff-e9300f345c9f","block_type":"box","text":"qy pp \r\nto 2021, Advisory Board Member for Bridges Fund Management from 2016 to 2018, Advisory Board\r\nbflhfd d bhf fd","page_number":46,"box":{"x":276,"y":828,"width":591,"height":10}},{"id":"c8b173a6-0534-4b2d-8208-61f8fbb96b3a","block_type":"box","text":"y ggy \r\nMember for Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022, and","page_number":46,"box":{"x":276,"y":837,"width":593,"height":10}},{"id":"ccb23e37-8b65-4692-836a-60ae2d8a5431","block_type":"box","text":"Practitioner Advisory Board Member for Private Capital Research Institute (“PCRI”) from 2017 to\r\nhlbf hdl fhh","page_number":46,"box":{"x":276,"y":847,"width":574,"height":11}},{"id":"ee315b50-5e61-4af7-92df-418b19d4cfc8","block_type":"box","text":"y p\r\n2024. She currently serves as Member of the President’s Counsel for CCI. These positions have provided\r\nhh hd hkd h","page_number":46,"box":{"x":276,"y":857,"width":605,"height":10}},{"id":"e38d75fa-b0a6-404d-a19b-664ec0c49bf5","block_type":"box","text":"y \r\nher with insight and perspective on the markets and the economy.","page_number":46,"box":{"x":276,"y":867,"width":380,"height":10}},{"id":"976331b9-e332-430f-a55b-e7d395430f5f","block_type":"box","text":"29","page_number":46,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"705ef786-7a82-4aab-92d4-55dc83fd2b1d","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":46,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"274287e3-7155-46b1-b959-1f5b051ebb73","block_type":"box","text":"Trustees","page_number":47,"box":{"x":116,"y":76,"width":48,"height":8}},{"id":"879cbf16-3f8c-43df-a4ec-890b2bd104d6","block_type":"box","text":"Experience, Qualifications and Skills","page_number":47,"box":{"x":276,"y":76,"width":212,"height":10}},{"id":"a6ad8f8a-6829-4a6a-81fe-6b9a84b74c45","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the position of \r\nhf fff llllfbhh","page_number":47,"box":{"x":116,"y":95,"width":742,"height":10}},{"id":"9c61326d-dbbf-4c60-93f2-c06c8b5440f4","block_type":"box","text":"ypgp\r\nChief Investment Officer of Williams College from October 2006 to June 2023. Prior to that she was\r\ndd hf fff hh","page_number":47,"box":{"x":276,"y":105,"width":584,"height":10}},{"id":"79f4183a-a6c6-469d-b5fb-915cf7df161b","block_type":"box","text":"gJ\r\nPresident and Chief Investment Officer of Lucent Asset Management Corporation, where she oversaw\r\nl$blld fhh","page_number":47,"box":{"x":276,"y":115,"width":591,"height":10}},{"id":"9bb01a8c-a9c4-49f0-a7ef-d711222fb38e","block_type":"box","text":"gp, \r\napproximately $40 billion in pension and retirement savings assets for the company. These positions\r\nhdd hh hd hkd h","page_number":47,"box":{"x":276,"y":124,"width":581,"height":11}},{"id":"3c64e3d1-95e4-45b6-92c3-799f55e16757","block_type":"box","text":"ppy pgp\r\nhave provided her with insight and perspective on the markets and the economy.","page_number":47,"box":{"x":276,"y":135,"width":466,"height":10}},{"id":"95a48590-a201-41e5-827f-45ec605f38cd","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry, including 19 years \r\nk f d fflhhddffhhf","page_number":47,"box":{"x":116,"y":150,"width":760,"height":10}},{"id":"f9ba77e4-592b-477c-9588-505993720912","block_type":"box","text":"y ypyg \r\nat Bank of America Corporation and its affiliates, where he served, at different times, as the Chief\r\nl fff bldklbl klh","page_number":47,"box":{"x":276,"y":160,"width":566,"height":10}},{"id":"8ab6a58b-03ee-4c72-9fb4-a71728d3c7c4","block_type":"box","text":"p\r\nFinancial Officer of various businesses including Investment Banking, Global Markets, Wealth\r\nd d ld hhf fff","page_number":47,"box":{"x":276,"y":170,"width":546,"height":10}},{"id":"ea116c24-bea7-41f8-87b6-06822e0b15e4","block_type":"box","text":"g g\r\nManagement and Consumer and also served ten years as the Chief Accounting Officer for Bank of\r\nhbdd bhdbd","page_number":47,"box":{"x":276,"y":180,"width":570,"height":10}},{"id":"ab126504-b7be-4659-8ec7-67869bc4bb0d","block_type":"box","text":"gyg \r\nAmerica Corporation. Mr. Cotty has been determined by the Audit Committee to be an audit committee\r\nfl h dfd hlbll","page_number":47,"box":{"x":276,"y":190,"width":605,"height":10}},{"id":"1c46819c-1531-4efc-975e-64234005e83a","block_type":"box","text":"py y \r\nfinancial expert, as such term is defined in the applicable Commission rules.","page_number":47,"box":{"x":276,"y":200,"width":438,"height":10}},{"id":"5c0e5d1a-3207-4e8c-a985-0234bafd29db","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and global expertise \r\nd hh hlbl fl d bh","page_number":47,"box":{"x":116,"y":215,"width":755,"height":10}},{"id":"21ba8199-f1bb-462f-93b2-3822120ce794","block_type":"box","text":"y gypggp\r\ngained through his 35 year career at KPMG, a global professional services organization and by his\r\ndbh blld lhld h","page_number":47,"box":{"x":276,"y":225,"width":569,"height":11}},{"id":"c01456a7-a172-407e-a175-3d8a40031be6","block_type":"box","text":"ggygpgy \r\nservice as a director to both publicly and privately held organizations. He has extensive experience with\r\nfllbl d fl dk","page_number":47,"box":{"x":276,"y":235,"width":599,"height":11}},{"id":"93d2b390-d5fc-4cc6-87fd-deab6c4bd87b","block_type":"box","text":"py py gp\r\nissues facing complex, global companies and expertise in financial reporting, accounting, auditing, risk\r\nd lfffh lld","page_number":47,"box":{"x":276,"y":245,"width":594,"height":11}},{"id":"8e960c9f-f102-40d1-bdb3-f51d4bc94cc3","block_type":"box","text":"g pgpppggg\r\nmanagement, and regulatory affairs for such companies. Mr. Keizer’s experience also includes service as\r\ndhbh blld lhld d","page_number":47,"box":{"x":276,"y":255,"width":601,"height":11}},{"id":"f0d38392-1840-413b-b304-1b42c3992a73","block_type":"box","text":"ggy pp\r\nan audit committee chair to both publicly and privately held organizations across numerous industries\r\nldfl d ldfd fl","page_number":47,"box":{"x":276,"y":265,"width":591,"height":11}},{"id":"8c36bcdd-049b-4045-b02e-e81bdfcd9363","block_type":"box","text":"py py g\r\nincluding professional services, property and casualty reinsurance, insurance, diversified financial\r\nbkdbbd hlf","page_number":47,"box":{"x":276,"y":275,"width":562,"height":11}},{"id":"93e313c9-d395-41fd-b9d8-c84402567ee3","block_type":"box","text":"g pppy y \r\nservices, banking, direct to consumer, business to business and technology. Mr. Keizer is a certified\r\nbld ld hbd f hf fd bl","page_number":47,"box":{"x":276,"y":285,"width":573,"height":11}},{"id":"b4b1e64a-b998-410f-90a8-ebee03e11872","block_type":"box","text":"ggy\r\npublic accountant and also served on the board of the American Institute of Certified Public\r\nhbdd bhdbd","page_number":47,"box":{"x":276,"y":295,"width":532,"height":11}},{"id":"4fc6436e-47bc-4b14-9c59-733047260a6a","block_type":"box","text":"p\r\nAccountants. Mr. Keizer has been determined by the Audit Committee to be an audit committee\r\nfl h dfd hlbll","page_number":47,"box":{"x":276,"y":305,"width":557,"height":11}},{"id":"724fe5cc-7d29-4493-9a1c-eaa385f64046","block_type":"box","text":"y \r\nfinancial expert, as such term is defined in the applicable Commission rules.","page_number":47,"box":{"x":276,"y":315,"width":438,"height":11}},{"id":"d845403e-e703-4895-8a00-59a847249e6f","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered investment companies, \r\nlbf hbdf lkkdd dd dfd","page_number":47,"box":{"x":116,"y":331,"width":762,"height":10}},{"id":"8858288d-93c3-47da-969d-f8d8a05f2ec6","block_type":"box","text":"ygy ygp\r\nmost recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds,\r\nldhlll h fdhd bf","page_number":47,"box":{"x":276,"y":341,"width":582,"height":10}},{"id":"58880721-9074-47ef-9cf0-379449e76d00","block_type":"box","text":"y p\r\nincluding the legacy Merrill Lynch Investment Managers, L.P. (“MLIM”) funds. The Board benefits\r\nfhf dfd","page_number":47,"box":{"x":276,"y":351,"width":578,"height":10}},{"id":"e09eed94-4f81-4a60-8239-6c3878532067","block_type":"box","text":"g gy yg\r\nfrom Ms. Montgomery’s more than 20 years of academic experience as a professor at Harvard Business\r\nhl hhhd l","page_number":47,"box":{"x":276,"y":361,"width":600,"height":10}},{"id":"64544cd5-01b8-4fc1-8cd8-5d610068c0ff","block_type":"box","text":"gyypp\r\nSchool where she taught courses on corporate strategy and corporate governance. Ms. Montgomery also\r\nhbd hh hh","page_number":47,"box":{"x":276,"y":371,"width":606,"height":10}},{"id":"4613389d-0dd3-4752-8bb6-999338868ec1","block_type":"box","text":"gpgy pggy \r\nhas business management and corporate governance experience through her service on the corporate\r\nbdf f blhhlhd ld bkh","page_number":47,"box":{"x":276,"y":381,"width":583,"height":10}},{"id":"b3656aad-d8d9-4cb4-b85d-08bb00ebda7f","block_type":"box","text":"gpgpgp\r\nboards of a variety of public companies. She has also authored numerous articles and books on these","page_number":47,"box":{"x":276,"y":391,"width":584,"height":10}},{"id":"0b0a6783-536a-4265-8ed5-a51086e22ce9","block_type":"box","text":"topics.","page_number":47,"box":{"x":276,"y":401,"width":37,"height":10}},{"id":"d1c3ea35-b9af-4d52-b4b2-e8debf50cda8","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive experience, including \r\nhh hddd hfdd f","page_number":47,"box":{"x":116,"y":416,"width":749,"height":10}},{"id":"12d020e4-104e-466d-9a15-f8cdb826f205","block_type":"box","text":"py ygp\r\nthrough his service as president, director and investment committee chair for academic and not-for\r\nfd hdd dd","page_number":47,"box":{"x":276,"y":426,"width":575,"height":10}},{"id":"392cd638-4c30-4f52-bf0a-ab10ede440b4","block_type":"box","text":"gp\r\nprofit organizations, and his experience as a partner, managing director and advisory director at\r\nldhflhbd b","page_number":47,"box":{"x":276,"y":436,"width":557,"height":10}},{"id":"e5ab1c07-da1a-4a20-8825-691bdc7e6117","block_type":"box","text":"pgppgg y \r\nGoldman Sachs for 32 years. He also has investment management experience as a board member of\r\nhl d","page_number":47,"box":{"x":276,"y":446,"width":578,"height":10}},{"id":"487cb56a-9d6f-44d8-af24-b9b5c34299f4","block_type":"box","text":"y\r\nAthena Capital Advisors LLC.","page_number":47,"box":{"x":276,"y":456,"width":175,"height":10}},{"id":"ce67d0b6-902b-45c9-8e26-87cc6bbf88e4","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry, most notably as \r\nhff hfff ld f h","page_number":47,"box":{"x":116,"y":471,"width":747,"height":11}},{"id":"f36065ca-7736-40f8-bab9-3b5093fd8093","block_type":"box","text":"ypyy \r\nthe first Director of the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities\r\nd hfhf h","page_number":47,"box":{"x":276,"y":481,"width":596,"height":11}},{"id":"30c20b06-3fa8-4c62-b445-508250cdc237","block_type":"box","text":"pp\r\nand Exchange Commission (“SEC”) from 1995 to 2009. During 14 years as the Director of OCIE, she\r\nld hdhfdl fdhdfd","page_number":47,"box":{"x":276,"y":491,"width":594,"height":11}},{"id":"e162da22-a492-43a5-8ded-3855dc059aee","block_type":"box","text":"gg y\r\nled the SEC’s nationwide examination oversight program for advisers, mutual funds, hedge funds,\r\nbkdlk hd hdfhfhh","page_number":47,"box":{"x":276,"y":501,"width":566,"height":11}},{"id":"8029b298-e99b-4af5-a7c8-ec17d3ce4e25","block_type":"box","text":"gpgg\r\nbroker-dealers, stock exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held\r\nlhldfffhfl","page_number":47,"box":{"x":276,"y":511,"width":585,"height":11}},{"id":"24c17554-85be-44e5-bff3-68fcf0797480","block_type":"box","text":"gy \r\nvarious roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific Regional\r\nffd d dhhhl","page_number":47,"box":{"x":276,"y":521,"width":585,"height":11}},{"id":"2b176480-5ba8-4579-8a60-72692d979abe","block_type":"box","text":"g g\r\nOffice and executive assistant and senior advisor to then SEC Chairman Arthur Levitt. More recently,\r\nhdd hf lfff hd lh lbl l","page_number":47,"box":{"x":276,"y":531,"width":590,"height":11}},{"id":"e83d31d0-cbe7-44b7-8345-65396f46f93b","block_type":"box","text":"y\r\nMs. Richards served as Chief Compliance Officer of the Asset and Wealth Management global lines of\r\nbhfhhld lbl l","page_number":47,"box":{"x":276,"y":541,"width":594,"height":11}},{"id":"81d7f5fc-ae5a-4603-be65-9c916aae3700","block_type":"box","text":"pgg\r\nbusiness at JPMorgan Chase & Co. from 2013 to 2018 where she led its global compliance program,\r\ndd bldlk d","page_number":47,"box":{"x":276,"y":551,"width":586,"height":11}},{"id":"9b3c6516-1fd3-4554-90c7-38e15314de72","block_type":"box","text":"Jggppg\r\nadvised business leaders on compliance issues, oversaw risk assessment, monitoring, testing and training,\r\nd d lhh lddhdd bf h","page_number":47,"box":{"x":276,"y":561,"width":606,"height":11}},{"id":"ee806b56-d6dc-41ee-869f-bd2bb979b57a","block_type":"box","text":"pgg \r\nand maintained relationships with regulators. In addition, Ms. Richards served as a member of the\r\nl ddl f hl dlhf","page_number":47,"box":{"x":276,"y":571,"width":570,"height":11}},{"id":"973a1f91-e868-4bad-9d7c-e79dfbdd96f0","block_type":"box","text":"pg\r\nNational Adjudicatory Council of the Financial Industry Regulatory Authority (FINRA) from 2019 to\r\nd hld hhd hdhhfh","page_number":47,"box":{"x":276,"y":581,"width":591,"height":11}},{"id":"25cd8d76-1e10-4a2f-a5b4-a8a33138b351","block_type":"box","text":"jy y gy y \r\n2022 and held the chair and vice chair posts during her tenure. Prior thereto, from 2010 to 2013, she\r\nl hd ldf","page_number":47,"box":{"x":276,"y":591,"width":586,"height":11}},{"id":"825b6b2d-cd60-4668-b79a-ff63a17a25aa","block_type":"box","text":"pg \r\nwas a Principal at PricewaterhouseCoopers LLP (“PwC”) and co-leader of its Asset Management\r\nlhd bd f fl ld","page_number":47,"box":{"x":276,"y":602,"width":562,"height":10}},{"id":"96ef070f-accf-4407-a5e9-849062484866","block_type":"box","text":"ppg\r\nRegulatory group. At PwC, she assisted a broad range of financial services clients in designing and\r\nlk d ld fl","page_number":47,"box":{"x":276,"y":612,"width":569,"height":10}},{"id":"1f6e5199-c37c-49bc-a76f-0857c01e6ad6","block_type":"box","text":"gy gpgg\r\nimplementing risk management and compliance programs, and preparing for new regulatory\r\nhhdd hh hd hk","page_number":47,"box":{"x":276,"y":622,"width":536,"height":10}},{"id":"682e055d-d558-4d67-aa0f-526c031e3e72","block_type":"box","text":"pg gppgppg gy\r\nexpectations. These positions have provided her with insight and perspective on the markets and the\r\nll ld lddhd","page_number":47,"box":{"x":276,"y":632,"width":580,"height":10}},{"id":"6bcff93e-5640-4fb2-9a67-889ba3323488","block_type":"box","text":"pppgpp\r\neconomy, as well as asset management regulation and compliance. 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The Codes of Ethics are on public file with,","page_number":53,"box":{"x":116,"y":826,"width":750,"height":13}},{"id":"29142993-6b31-46f8-817b-de281acc08b8","block_type":"box","text":"and are available from, the SEC.","page_number":53,"box":{"x":116,"y":841,"width":224,"height":13}},{"id":"9ba16f4b-1a0b-41b7-abf2-542b7a89cc43","block_type":"box","text":"36","page_number":53,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"efb7030e-0ff9-4d7f-9919-70318fa502d7","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":53,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"90ac37cb-eaf8-44a6-8700-5f9a1889b7a4","block_type":"box","text":"Proxy Voting Policies of the Master Portfolios.","page_number":54,"box":{"x":116,"y":79,"width":325,"height":13}},{"id":"978677c0-f6a5-42c8-927b-47ff1149f707","block_type":"box","text":"The Board of Trustees of MIP has delegated the voting of","page_number":54,"box":{"x":446,"y":79,"width":400,"height":13}},{"id":"aaddbf79-70e3-45ed-897d-f74cfa8d945f","block_type":"box","text":"proxies for the Master Portfolios’ securities to the Manager pursuant to the Open-End Active and Fixed","page_number":54,"box":{"x":116,"y":94,"width":720,"height":13}},{"id":"ce244bc0-1042-40aa-9676-560a2d9d76be","block_type":"box","text":"Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting Policy”).","page_number":54,"box":{"x":116,"y":110,"width":570,"height":13}},{"id":"b9c1b8ef-17aa-490e-abf6-98f874f6a39c","block_type":"box","text":"With respect to the Master Portfolios, the Manager has adopted the BlackRock Active Investment","page_number":54,"box":{"x":116,"y":133,"width":679,"height":13}},{"id":"e994e1d2-7a2e-492b-8d24-905062821b6c","block_type":"box","text":"Stewardship — Global Engagement and Voting Guidelines (the “BAIS Guidelines”).","page_number":54,"box":{"x":116,"y":149,"width":583,"height":12}},{"id":"6c568f58-2906-49d2-92a5-beb783ba606d","block_type":"box","text":"If a Master Portfolio invests in an underlying fund managed by BlackRock, the Master Portfolio will use its","page_number":54,"box":{"x":116,"y":172,"width":744,"height":13}},{"id":"17a02078-ae30-45e3-bfbf-69a976046d8e","block_type":"box","text":"proxy voting policy when voting on proxies for the underlying fund while the underlying fund will use its","page_number":54,"box":{"x":116,"y":187,"width":731,"height":13}},{"id":"c543aef5-11ee-47a7-998f-0d4f60604cc4","block_type":"box","text":"proxy voting policy when voting proxies on investme","page_number":54,"box":{"x":116,"y":203,"width":369,"height":13}},{"id":"5d3ce1e4-f3d6-4133-99ad-86e7f422c769","block_type":"box","text":"nts the underlying fund holds. 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As such, BlackRock is or may be actively engaged in transactions in the same securities, currencies, and","page_number":54,"box":{"x":116,"y":807,"width":758,"height":13}},{"id":"df88cded-9721-4b49-9591-791e77a728cb","block_type":"box","text":"instruments in which a Fund invests.","page_number":54,"box":{"x":116,"y":823,"width":253,"height":10}},{"id":"768ee7be-1e58-4401-a436-874eb920e03e","block_type":"box","text":"Such activities could affect the prices and availability of t","page_number":54,"box":{"x":116,"y":846,"width":401,"height":13}},{"id":"7edb4219-ba62-48bd-9a90-acf7beb0ac34","block_type":"box","text":"he securities, currencies, and instruments in which","page_number":54,"box":{"x":518,"y":846,"width":353,"height":13}},{"id":"66b9d69c-2d6c-4ac9-a1fa-05ce8120ce0c","block_type":"box","text":"a Fund invests, which could have an adverse impact on a Fund’s performance. 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When BlackRock implements a portfo","page_number":55,"box":{"x":116,"y":358,"width":402,"height":13}},{"id":"5f688497-9b42-4ea9-a3b6-8f5af0748be3","block_type":"box","text":"lio decision or strategy on behalf of another account","page_number":55,"box":{"x":518,"y":358,"width":362,"height":13}},{"id":"22a1ff6e-3836-4342-9478-96790674a41e","block_type":"box","text":"ahead of, or contemporaneously with, similar decisions or strategies for a Fund, market impact, liquidity","page_number":55,"box":{"x":116,"y":373,"width":726,"height":13}},{"id":"a23ee00d-1c68-455c-9b1a-040e2830e28a","block_type":"box","text":"constraints, or other factors could result in the Fund receiving less favorable trading results and the costs of","page_number":55,"box":{"x":116,"y":389,"width":743,"height":13}},{"id":"c1d9f6b0-bfb1-4e2d-ad0c-46f40e110726","block_type":"box","text":"implementing such decisions or strategies could be increased or the Fund could otherwise be disadvantaged.","page_number":55,"box":{"x":116,"y":404,"width":746,"height":13}},{"id":"b7005ae0-7732-4d2c-b785-701c1ce9fd08","block_type":"box","text":"BlackRock may, in certain cases, elect to implement int","page_number":55,"box":{"x":116,"y":420,"width":382,"height":13}},{"id":"37091100-4613-40bf-b3c2-1aa9c8b1494d","block_type":"box","text":"ernal policies and procedures designed to limit such","page_number":55,"box":{"x":499,"y":420,"width":356,"height":13}},{"id":"3e4fad7d-6968-4797-b6c4-180552767bda","block_type":"box","text":"consequences, which may cause a Fund to be unable to engage in certain activities, including purchasing or","page_number":55,"box":{"x":116,"y":435,"width":741,"height":13}},{"id":"8caf6f98-dee0-431b-9b19-7ccbc76d6c77","block_type":"box","text":"disposing of securities, when it might otherwise be desirable for it to do so. 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Black","page_number":56,"box":{"x":116,"y":132,"width":381,"height":13}},{"id":"98b89d9a-38b8-46ab-bdd8-c532c7860525","block_type":"box","text":"Rock may (but is not required to) effect purchases and","page_number":56,"box":{"x":498,"y":132,"width":384,"height":13}},{"id":"ac72ea18-a108-4c5c-a2ed-cdab03a56a1b","block_type":"box","text":"sales between BlackRock clients (“cross trades”)","page_number":56,"box":{"x":116,"y":147,"width":341,"height":13}},{"id":"833bb8b5-eeab-4bf3-92b9-31ead55f212f","block_type":"box","text":", including the Funds, if BlackRock believes such","page_number":56,"box":{"x":459,"y":147,"width":344,"height":13}},{"id":"60bc54c3-d42e-4253-a685-a032b8ea5fbf","block_type":"box","text":"transactions are appropriate based on each party’s investment objectives and guidelines, subject to","page_number":56,"box":{"x":116,"y":163,"width":693,"height":13}},{"id":"9122a83a-be26-4442-9f74-afef2c3087c6","block_type":"box","text":"applicable law and regulation. 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As a result, prices, availability, liquidity and terms","page_number":56,"box":{"x":116,"y":262,"width":767,"height":13}},{"id":"1f3c15b9-ff02-44a7-9b3e-7cc105d4317a","block_type":"box","text":"of the Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and","page_number":56,"box":{"x":116,"y":278,"width":707,"height":13}},{"id":"01e9b6fa-e202-4ddc-a066-1562f4cc2fa8","block_type":"box","text":"transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than","page_number":56,"box":{"x":116,"y":294,"width":719,"height":12}},{"id":"b2afbc33-269d-4438-8262-ea108e622d9a","block_type":"box","text":"would otherwise have been the case.","page_number":56,"box":{"x":116,"y":309,"width":251,"height":10}},{"id":"a56e7f7d-e7a8-4ecd-a420-597e88df85b6","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock","page_number":56,"box":{"x":116,"y":331,"width":745,"height":13}},{"id":"4823161c-8021-4de2-b05e-bc8cc33a5734","block_type":"box","text":"for its proprietary accounts or other accounts (including investment companies or collective investment","page_number":56,"box":{"x":116,"y":347,"width":714,"height":12}},{"id":"7d6bc2b4-d13f-466b-9ae4-7558f72b7cf4","block_type":"box","text":"vehicles) that it manages or advises. It is possible that one or more accounts managed or advised by","page_number":56,"box":{"x":116,"y":362,"width":688,"height":13}},{"id":"d1d5fc71-f138-48ac-94c1-4fd744cdc1be","block_type":"box","text":"BlackRock and such other accounts will achieve investment results that are substantially more or less","page_number":56,"box":{"x":116,"y":378,"width":700,"height":12}},{"id":"132b9dee-eecc-4e8c-9d4f-022a6b0ba3ab","block_type":"box","text":"favorable than the results achieved by a Fund. Moreover, it is possible that a Fund will sustain losses during","page_number":56,"box":{"x":116,"y":393,"width":747,"height":13}},{"id":"5b5e7dbf-f428-4f94-a7c8-c630d1f9bee4","block_type":"box","text":"periods in which one or more proprietary or other accounts managed or advised by BlackRock achieve","page_number":56,"box":{"x":116,"y":409,"width":714,"height":12}},{"id":"de40c3c5-f4ec-4879-b7c0-475769745992","block_type":"box","text":"significant profits. The opposite result is also possible.","page_number":56,"box":{"x":116,"y":424,"width":373,"height":13}},{"id":"badbcb6e-1711-4484-af07-908645339e6c","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":56,"box":{"x":116,"y":446,"width":748,"height":13}},{"id":"6aced725-8a74-4919-9bba-3f4c82bb22f2","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":56,"box":{"x":116,"y":462,"width":765,"height":13}},{"id":"0cd90349-837f-4995-8a96-81a42d257fe3","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply","page_number":56,"box":{"x":116,"y":477,"width":737,"height":13}},{"id":"a6bf3788-7532-4291-89c2-0efa53cfc121","block_type":"box","text":"with such requirements. As a result, there may be periods, for example, when BlackRock will not initiate or","page_number":56,"box":{"x":116,"y":493,"width":746,"height":13}},{"id":"8ae2abe8-2e4d-4815-9b3e-52e527c01c02","block_type":"box","text":"recommend certain types of transactions in certain securities or instruments with respect to which BlackRock","page_number":56,"box":{"x":116,"y":508,"width":757,"height":13}},{"id":"3ed4f868-6163-4b2b-8d8d-3cd411561c32","block_type":"box","text":"is performing services or when position limits have been","page_number":56,"box":{"x":116,"y":524,"width":388,"height":13}},{"id":"6d7cabd0-198d-4029-9796-0db994e9fd79","block_type":"box","text":"reached. 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BlackRock will not be under any obligation,","page_number":56,"box":{"x":116,"y":608,"width":720,"height":13}},{"id":"c3df38c4-950a-4fd4-b6e7-d15dfaa2cf7d","block_type":"box","text":"however, to effect transactions on behalf of a Fund in accordance with such analysis and models. 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The proprietary activities or portfolio strategies of BlackRock, or the activities","page_number":56,"box":{"x":116,"y":685,"width":763,"height":13}},{"id":"91050ee9-bcf9-4c95-85ef-f0ea3fa3ed62","block_type":"box","text":"or strategies used for accounts managed by BlackRock or other client accounts could conflict with the","page_number":56,"box":{"x":116,"y":701,"width":706,"height":13}},{"id":"cc248246-17f6-417a-86d6-0e68ebb57cfc","block_type":"box","text":"transactions and strategies employed by BlackRock in managing a Fund.","page_number":56,"box":{"x":116,"y":716,"width":503,"height":13}},{"id":"b8faa0dc-3be2-4015-9b80-a427bbb18094","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":56,"box":{"x":116,"y":738,"width":734,"height":13}},{"id":"633dfbd6-7191-47fb-b819-f7587be970b4","block_type":"box","text":"advisors. 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The","page_number":56,"box":{"x":116,"y":769,"width":749,"height":13}},{"id":"55f4aae5-c1e2-42dc-9a90-492260a4777c","block_type":"box","text":"net asset value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven","page_number":56,"box":{"x":116,"y":785,"width":750,"height":13}},{"id":"cac3d886-1697-478e-9656-48b9bc837737","block_type":"box","text":"investment portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":56,"box":{"x":116,"y":800,"width":547,"height":13}},{"id":"6a0016fa-53c1-4b20-8bf1-5d880edc3a89","block_type":"box","text":"In addition, certain principals and certain employees","page_number":56,"box":{"x":116,"y":823,"width":363,"height":12}},{"id":"61308171-a634-4712-848e-806bc9e79135","block_type":"box","text":"of a Fund’s investment adviser are also principals or","page_number":56,"box":{"x":484,"y":823,"width":360,"height":12}},{"id":"f3644a85-2002-4b79-85d1-7212f70a7663","block_type":"box","text":"employees of other business units or entities within BlackRock. 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In such cases, such party’s interests in the transaction will be","page_number":57,"box":{"x":116,"y":110,"width":740,"height":13}},{"id":"d3a2c3d9-015c-42be-99a6-1239c40c46d5","block_type":"box","text":"adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the","page_number":57,"box":{"x":116,"y":125,"width":759,"height":13}},{"id":"707c7563-e1e7-43a3-b7f1-3df959191a36","block_type":"box","text":"best possible prices or terms in connection with the transactions. In addition, the purchase, holding and sale of","page_number":57,"box":{"x":116,"y":141,"width":766,"height":13}},{"id":"64147401-d302-45f0-98f6-062de08f8ae7","block_type":"box","text":"such investments by a Fund may enhance the profitability of BlackRock.","page_number":57,"box":{"x":116,"y":156,"width":501,"height":13}},{"id":"ab118f17-92d0-4d37-8e1b-f4004309c392","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":57,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"d8a27b41-6725-41c0-8e10-0c831cb6c004","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","page_number":57,"box":{"x":116,"y":195,"width":760,"height":13}},{"id":"42df2446-fd45-4722-b8a6-fce3a5f8fd16","block_type":"box","text":"Fund. 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Trading activity in these derivative products could also","page_number":57,"box":{"x":116,"y":257,"width":758,"height":13}},{"id":"01849f81-07a9-44a4-8c4c-37932a90684d","block_type":"box","text":"potentially lead to greater liquidity for such products, increased purchase activity with respect to these iShares","page_number":57,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"a1458f08-f61a-46d0-a2f5-c48d02d37115","block_type":"box","text":"ETFs and increased assets under management for BlackRock.","page_number":57,"box":{"x":116,"y":288,"width":425,"height":13}},{"id":"adc33320-791f-4fc0-926c-5ae0a5b87603","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":57,"box":{"x":116,"y":311,"width":755,"height":13}},{"id":"1992d37b-35ed-40c5-9bd9-f2198e990980","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such","page_number":57,"box":{"x":116,"y":327,"width":745,"height":13}},{"id":"8f93db45-8dbc-4cfb-a835-03133aa894f6","block_type":"box","text":"other clients have interests adverse to those of the Fund. 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As describe","page_number":58,"box":{"x":116,"y":79,"width":385,"height":13}},{"id":"d8acf80d-f213-4368-ba78-4905a4c6a036","block_type":"box","text":"d further below, BlackRock seeks to mitigate this","page_number":58,"box":{"x":502,"y":79,"width":341,"height":13}},{"id":"a11ca15f-016b-4bc7-996f-05bd2dfa5e5b","block_type":"box","text":"conflict by providing its securities lending clients with equal lending opportunities over time in order to","page_number":58,"box":{"x":116,"y":94,"width":714,"height":13}},{"id":"0d74e771-24db-431e-8d53-13a9af176563","block_type":"box","text":"approximate pro rata allocation.","page_number":58,"box":{"x":116,"y":110,"width":226,"height":13}},{"id":"a675929e-9b5a-4b37-ac5f-347d3a648bab","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":58,"box":{"x":116,"y":133,"width":739,"height":13}},{"id":"b202bb18-c3ea-4090-a987-beb2c72a4275","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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BlackRock","page_number":58,"box":{"x":116,"y":180,"width":355,"height":12}},{"id":"90fd3fbc-5630-4103-b7c0-aab2de0e5a54","block_type":"box","text":"establishes program-wide borrower limits (“credit limits”)","page_number":58,"box":{"x":476,"y":180,"width":403,"height":12}},{"id":"796b23ed-b043-4ba1-aa6e-e8022bab984d","block_type":"box","text":"to actively manage borrower-specific credit exposure. BlackRock oversees the risk model that calculates","page_number":58,"box":{"x":116,"y":195,"width":719,"height":13}},{"id":"47c88e9a-4912-41c4-8092-5a3b7f82b4b4","block_type":"box","text":"projected collateral shortfall values using loan-level factors such as loan and collateral type and market value","page_number":58,"box":{"x":116,"y":211,"width":754,"height":12}},{"id":"d651da04-ada8-458f-b4ae-4b8e73d89819","block_type":"box","text":"as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":58,"box":{"x":116,"y":226,"width":745,"height":13}},{"id":"1830472c-374c-4cc7-b56a-ec3aeb22e0b3","block_type":"box","text":"program attributes by restricting eligible collatera","page_number":58,"box":{"x":116,"y":242,"width":343,"height":12}},{"id":"b290cc08-9a97-4b7a-9109-8c28d4cd076c","block_type":"box","text":"l or reducing borrower credit limits. 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Specifically, short and long-term outcomes for individual","page_number":58,"box":{"x":116,"y":552,"width":720,"height":12}},{"id":"a57e72e0-da12-46a3-a332-13d1087496c3","block_type":"box","text":"clients may vary due to asset mix, asset/liability spreads on different securities, and the overall limits imposed","page_number":58,"box":{"x":116,"y":567,"width":755,"height":13}},{"id":"58371929-03c7-404d-b0bb-6262ab5407ee","block_type":"box","text":"by the firm.","page_number":58,"box":{"x":116,"y":583,"width":80,"height":12}},{"id":"5f68e390-ce2f-4f03-a6a5-eb8241c2f5f1","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be bunched or aggregated with orders for","page_number":58,"box":{"x":116,"y":606,"width":741,"height":13}},{"id":"b8455dee-98e3-4ae7-afd0-adf3bbd73739","block_type":"box","text":"other BlackRock client accounts, including with accounts that pay different transaction costs solely due to the","page_number":58,"box":{"x":116,"y":621,"width":760,"height":13}},{"id":"2ffc2278-1061-4a1a-b8d3-c986d6692981","block_type":"box","text":"fact that they have different research payment arrangem","page_number":58,"box":{"x":116,"y":637,"width":388,"height":13}},{"id":"79692cc9-64ef-4650-a4b1-2e578be939f4","block_type":"box","text":"ents. 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Under the European Union Markets in Financial Instruments Directive (Directive","page_number":58,"box":{"x":116,"y":838,"width":716,"height":13}},{"id":"22671ffb-47ab-45bd-b8e9-6b7913df1926","block_type":"box","text":"2014/65/EU) and Markets in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together","page_number":58,"box":{"x":116,"y":854,"width":729,"height":13}},{"id":"fa2e62ad-4c5d-4941-9e9e-f42e720a2275","block_type":"box","text":"“MiFID II”), European Union’s (the “EU”) investment ma","page_number":58,"box":{"x":117,"y":869,"width":405,"height":13}},{"id":"a67db0c5-1d1f-41c7-8eed-86ce7508d501","block_type":"box","text":"nagers, including BlackRock International Limited","page_number":58,"box":{"x":523,"y":869,"width":350,"height":13}},{"id":"7ef55f01-c1ed-4c56-811f-6cfab147b988","block_type":"box","text":"41","page_number":58,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"3a39280b-6c1e-4180-a01d-5168a56cca66","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":58,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"21e3e2b2-1092-41cc-bfdf-7e617346f903","block_type":"box","text":"(“BIL”) which acts as a sub-adviser to certain Funds, pay for research from brokers and dealers directly out of","page_number":59,"box":{"x":117,"y":79,"width":764,"height":12}},{"id":"ab7e937a-1cf2-4115-9ea0-3fc40886b621","block_type":"box","text":"their own resources, rather than through client commissions.","page_number":59,"box":{"x":116,"y":94,"width":421,"height":13}},{"id":"6c7c6440-1f28-45d0-bc22-3cc2898df357","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers","page_number":59,"box":{"x":116,"y":116,"width":390,"height":13}},{"id":"319a92f5-7985-4bf0-bdbe-786ab297c50c","block_type":"box","text":"that furnish BlackRock, the Funds, other BlackRock","page_number":59,"box":{"x":511,"y":116,"width":363,"height":13}},{"id":"229a5b73-22d2-4942-8c86-41eeb4cfa739","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other","page_number":59,"box":{"x":116,"y":132,"width":693,"height":12}},{"id":"5ca5a166-214d-475e-b8e4-7d7ca3f3fdb6","block_type":"box","text":"appropriate services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the","page_number":59,"box":{"x":116,"y":147,"width":696,"height":13}},{"id":"90cbe1b4-98cb-428a-86b7-d42a727c5390","block_type":"box","text":"investment decision-making process (including with respect to futures, fixed-price offerings and","page_number":59,"box":{"x":116,"y":162,"width":660,"height":13}},{"id":"4c89caf6-b111-48c8-8b86-ec65ce1579a3","block_type":"box","text":"over-the-counter (“OTC”) transactions). Such research or other services may include, to the extent permitted","page_number":59,"box":{"x":116,"y":177,"width":756,"height":13}},{"id":"0eb0dd4c-18f1-4f92-b2bc-242ff86c64ec","block_type":"box","text":"by law, research reports on companies, industries and securities; economic and financial data; financial","page_number":59,"box":{"x":116,"y":193,"width":713,"height":12}},{"id":"b3795643-171c-429a-ac07-61dab4dcc437","block_type":"box","text":"publications; proxy analysis; trade industry semina","page_number":59,"box":{"x":116,"y":208,"width":352,"height":13}},{"id":"6f732d60-2af3-40e4-9a04-505e6efce778","block_type":"box","text":"rs; computer data bases; research-oriented software and","page_number":59,"box":{"x":469,"y":208,"width":387,"height":13}},{"id":"be355823-9a2a-4fb9-a8b1-6479ac570512","block_type":"box","text":"other services and products.","page_number":59,"box":{"x":116,"y":223,"width":193,"height":13}},{"id":"61c4e836-1c8c-4666-890a-0781d5802fc4","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":59,"box":{"x":116,"y":246,"width":756,"height":12}},{"id":"14f96e6c-0086-4696-bcce-34dfe76c0967","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":59,"box":{"x":116,"y":261,"width":756,"height":13}},{"id":"53ae07fd-8fd1-4c7d-bdca-868cec3e36ee","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services","page_number":59,"box":{"x":116,"y":276,"width":752,"height":13}},{"id":"290e4f51-77ed-45a9-a25e-d1d92d3707d8","block_type":"box","text":"may disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of","page_number":59,"box":{"x":116,"y":291,"width":759,"height":13}},{"id":"5ead8414-1958-4ef1-8a65-a1b281e15ca2","block_type":"box","text":"brokerage commissions paid by the Funds and such other BlackRock client accounts. For example, research","page_number":59,"box":{"x":116,"y":307,"width":748,"height":12}},{"id":"62cc2f09-c9e4-41b5-b727-fa8744db97b7","block_type":"box","text":"or other services that are paid for through one client’s commissions may not be used in managing that client’s","page_number":59,"box":{"x":116,"y":322,"width":758,"height":13}},{"id":"7a56a165-f475-438c-bdd9-f4406d0b1830","block_type":"box","text":"account. In addition, other BlackRock client accounts may receive the benefit, including disproportionate","page_number":59,"box":{"x":116,"y":337,"width":729,"height":13}},{"id":"d85c8154-6eac-4354-a7ac-5ade97903804","block_type":"box","text":"benefits, of economies of scale or price discounts in connection with products and services that may be","page_number":59,"box":{"x":116,"y":352,"width":710,"height":13}},{"id":"f1c0eae9-8aea-427f-a92b-e47023b9c8f4","block_type":"box","text":"provided to the Funds and to such other BlackRock client accounts. To the extent that BlackRock uses soft","page_number":59,"box":{"x":116,"y":368,"width":743,"height":12}},{"id":"b5e9a288-7691-4e8a-993d-fa8cc70036cc","block_type":"box","text":"dollars, it will not have to pay for those products and services itself.","page_number":59,"box":{"x":116,"y":383,"width":468,"height":13}},{"id":"a756eb0d-44a9-4522-984b-68b05a77d428","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who,","page_number":59,"box":{"x":116,"y":405,"width":713,"height":13}},{"id":"52bb0f62-de9d-4be5-9a18-88f76dc09081","block_type":"box","text":"pursuant to such arrangements, provide research or other services in order to ensure the continued receipt of","page_number":59,"box":{"x":116,"y":421,"width":752,"height":12}},{"id":"1bd3e984-95c3-456e-af43-6ea489312a19","block_type":"box","text":"research or other services BlackRock believes are useful in its investment decision-making process. BlackRock","page_number":59,"box":{"x":116,"y":436,"width":759,"height":13}},{"id":"d947e4f0-c55d-4e61-a734-902e6780800c","block_type":"box","text":"may from time to time choose not to engage in the above described arrangements to varying degrees.","page_number":59,"box":{"x":116,"y":451,"width":698,"height":13}},{"id":"e1fa170e-d23a-4744-9319-8044919e9839","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may also enter into commission sharing arrangements under","page_number":59,"box":{"x":116,"y":466,"width":757,"height":13}},{"id":"3fc40dd6-493f-4ca4-b118-5b3fe05e32ee","block_type":"box","text":"which BlackRock may execute transactions through a broker-dealer and request that the broker-dealer","page_number":59,"box":{"x":116,"y":482,"width":713,"height":12}},{"id":"7bb72c40-9734-4af1-ba2c-1b1ead45f3b7","block_type":"box","text":"allocate a portion of the commissions or commission credits to another firm that provides research to","page_number":59,"box":{"x":116,"y":497,"width":703,"height":13}},{"id":"03a02015-9059-4d57-8ad8-f6ab33f5b621","block_type":"box","text":"BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":59,"box":{"x":116,"y":512,"width":737,"height":13}},{"id":"7d068b5c-437e-4922-a913-71d75b2b484a","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":59,"box":{"x":116,"y":527,"width":361,"height":13}},{"id":"c235bc11-903b-4fe5-b3d7-8d42e659918f","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in","page_number":59,"box":{"x":116,"y":550,"width":761,"height":13}},{"id":"18028021-f8c4-4f73-906e-5680735a34ff","block_type":"box","text":"which BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing","page_number":59,"box":{"x":116,"y":565,"width":754,"height":13}},{"id":"d185e998-002e-443d-9fa4-3f63ccc6fe30","block_type":"box","text":"client securities transactions for certain types of securities. These ECNs may charge fees for their services,","page_number":59,"box":{"x":116,"y":580,"width":728,"height":13}},{"id":"657b1e70-e0d0-4246-81d1-f344d785c551","block_type":"box","text":"including access fees and transaction fees. The transaction fees, which are similar to commissions or markups/","page_number":59,"box":{"x":116,"y":596,"width":762,"height":12}},{"id":"15fc9e33-c95a-458d-8c68-ef402572f937","block_type":"box","text":"markdowns, will generally be charged to clients and, like commissions and markups/markdowns, would","page_number":59,"box":{"x":116,"y":611,"width":724,"height":13}},{"id":"9dd2e5e7-9ba3-42dd-a660-9f514e573c3a","block_type":"box","text":"generally be included in the cost of the securities purchased. Access fees may be paid by BlackRock even","page_number":59,"box":{"x":116,"y":626,"width":721,"height":13}},{"id":"4bcfd8ee-a44c-47e8-9b65-3d6594cae400","block_type":"box","text":"though incurred in connection with executing transactions on behalf of clients, including the Funds. In certain","page_number":59,"box":{"x":116,"y":641,"width":761,"height":13}},{"id":"b5f5de07-004d-4f74-b3b2-67cfaf3b0772","block_type":"box","text":"circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by BlackRock.","page_number":59,"box":{"x":116,"y":657,"width":762,"height":12}},{"id":"0f4a8167-e3ec-4420-9397-7446a2465306","block_type":"box","text":"BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":59,"box":{"x":116,"y":672,"width":720,"height":13}},{"id":"e392646b-4fef-43d2-8a98-a39176211a74","block_type":"box","text":"transactions.","page_number":59,"box":{"x":116,"y":688,"width":87,"height":9}},{"id":"c3fff877-10c8-4cd4-b431-9bddb6f4d4e6","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created","page_number":59,"box":{"x":116,"y":710,"width":761,"height":12}},{"id":"30ae56c6-b825-43e9-a03d-9f25c6b4d51b","block_type":"box","text":"U.S. stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select","page_number":59,"box":{"x":116,"y":725,"width":709,"height":13}},{"id":"dce15b73-a74e-47a8-83ea-c66583ee816d","block_type":"box","text":"MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf of client","page_number":59,"box":{"x":116,"y":740,"width":727,"height":13}},{"id":"2477d8ac-af34-4cf1-8c81-947e2c48d6ae","block_type":"box","text":"portfolios.","page_number":59,"box":{"x":116,"y":755,"width":71,"height":13}},{"id":"252dbd6c-18cf-4d56-90b5-462cb01e0c06","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing","page_number":59,"box":{"x":116,"y":778,"width":726,"height":13}},{"id":"a0ac2e97-a36b-47ef-a743-af356a9dc0de","block_type":"box","text":"proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that","page_number":59,"box":{"x":116,"y":793,"width":765,"height":13}},{"id":"f37c684f-62d1-4679-bcc5-800912a8a125","block_type":"box","text":"such decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless,","page_number":59,"box":{"x":116,"y":808,"width":727,"height":13}},{"id":"c95e83db-05c5-4047-8c49-0f59c4b430da","block_type":"box","text":"notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may","page_number":59,"box":{"x":116,"y":824,"width":755,"height":12}},{"id":"8fb4f096-8a50-45bc-a6e5-9301b5af30f0","block_type":"box","text":"have the effect of favoring the interests of other clients or businesses of other divisions or units of BlackRock,","page_number":59,"box":{"x":116,"y":839,"width":755,"height":13}},{"id":"eaea2db4-59ce-460f-831a-47ba8cbf0fe1","block_type":"box","text":"provided that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations. For","page_number":59,"box":{"x":116,"y":854,"width":758,"height":13}},{"id":"3e96325b-730e-4c15-8a91-16b5315b76c6","block_type":"box","text":"a more detailed discussion of these policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":59,"box":{"x":116,"y":869,"width":722,"height":13}},{"id":"a1e64508-424f-427e-a591-2e0d7f889daa","block_type":"box","text":"42","page_number":59,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"7a3732fa-1ff3-45ec-81d3-89852d55a38b","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":59,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"479217fc-e7ea-4c76-b65e-3e309c60cb88","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":60,"box":{"x":116,"y":79,"width":735,"height":13}},{"id":"3acb3531-81df-4060-8792-633c98e8a900","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a","page_number":60,"box":{"x":116,"y":94,"width":756,"height":13}},{"id":"b1b0cb16-5773-4b1d-a198-6d8004641f52","block_type":"box","text":"Fund. Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to","page_number":60,"box":{"x":116,"y":110,"width":759,"height":13}},{"id":"f5bde044-32c7-41eb-ad68-495a1c682169","block_type":"box","text":"economies of scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to","page_number":60,"box":{"x":116,"y":125,"width":719,"height":13}},{"id":"01f38037-8a5b-4581-a278-123cf05d1f6d","block_type":"box","text":"compliance with applicable law, to redeem at any time some or all of the shares of a Fund acquired for its","page_number":60,"box":{"x":116,"y":141,"width":733,"height":13}},{"id":"5a8f0236-a461-449e-a4b4-9b97622cd787","block_type":"box","text":"own accounts. A large redemption of shares of a Fund by BlackRock could significantly reduce the asset size","page_number":60,"box":{"x":116,"y":156,"width":751,"height":13}},{"id":"4bba6105-13b0-46cb-9c0b-f1b5223e4449","block_type":"box","text":"of the Fund, which might have an adverse effect on the Fund’s investment flexibility, portfolio diversification","page_number":60,"box":{"x":116,"y":172,"width":754,"height":13}},{"id":"de2c6d74-8886-4703-b35d-b51121b39db4","block_type":"box","text":"and expense ratio. BlackRock seeks to consider the effect of redemptions on a Fund and other shareholders in","page_number":60,"box":{"x":116,"y":187,"width":761,"height":13}},{"id":"040893f2-91dd-4c80-8aa9-12f468450955","block_type":"box","text":"deciding whether to redeem its shares but is not obligated to do so and may elect not to do so.","page_number":60,"box":{"x":116,"y":203,"width":652,"height":13}},{"id":"4b7ddc88-e6d1-4da8-a4b5-9eb0f3890568","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":60,"box":{"x":116,"y":226,"width":717,"height":13}},{"id":"6f79e1ea-be4a-42fb-83e1-5618959907e2","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances","page_number":60,"box":{"x":116,"y":242,"width":745,"height":12}},{"id":"0c343806-d9e6-4f1f-8a1e-1ed5df0fcf08","block_type":"box","text":"(such as structured notes) by entities for which BlackRock provides and is compensated for cash management","page_number":60,"box":{"x":117,"y":257,"width":759,"height":13}},{"id":"8b9e0e00-a1e9-4483-8a42-117cc96ffb47","block_type":"box","text":"services relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund,","page_number":60,"box":{"x":116,"y":273,"width":744,"height":12}},{"id":"92c3ac09-98da-413e-ab07-5ea731aae0ae","block_type":"box","text":"BlackRock is not permitted to obtain or use material non-public information acquired by any unit of","page_number":60,"box":{"x":116,"y":288,"width":699,"height":13}},{"id":"386fe45e-bccd-4d73-b8ed-ce151210c83b","block_type":"box","text":"BlackRock, in the course of these activities. In addition, from time to time, the activities of BlackRock may","page_number":60,"box":{"x":116,"y":304,"width":740,"height":12}},{"id":"5e076121-ac19-4735-92ed-8553439fbe6b","block_type":"box","text":"limit a Fund’s flexibility in purchases and sales of securities. As indicated below, BlackRock may engage in","page_number":60,"box":{"x":116,"y":319,"width":738,"height":13}},{"id":"594506c1-a846-48ca-9854-b02ecb50350f","block_type":"box","text":"transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an","page_number":60,"box":{"x":116,"y":335,"width":707,"height":12}},{"id":"f8ca0710-3947-4371-8208-ca76184316e5","block_type":"box","text":"investment.","page_number":60,"box":{"x":116,"y":351,"width":78,"height":9}},{"id":"ee320420-1252-4d8e-bec6-57ec1089d450","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":60,"box":{"x":116,"y":373,"width":762,"height":13}},{"id":"1dbf806b-dc67-4a3a-8df5-73a25a72a8bd","block_type":"box","text":"Funds. 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The Distributor also pays for other supplementary sales","page_number":67,"box":{"x":116,"y":621,"width":759,"height":13}},{"id":"d4096e1c-d1f5-44fa-be2e-7d4793a68608","block_type":"box","text":"literature and advertising costs.","page_number":67,"box":{"x":116,"y":637,"width":215,"height":13}},{"id":"dfe24edc-d4cf-4589-ad3f-18e8c17fa6a7","block_type":"box","text":"Other Payments by the Fund.","page_number":67,"box":{"x":117,"y":660,"width":204,"height":13}},{"id":"71fbce0c-eae9-4bea-8835-13cc3c1924ad","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to Shareholder","page_number":67,"box":{"x":327,"y":660,"width":531,"height":13}},{"id":"15fb094b-6227-4e7f-9ae8-bfba21fda0b4","block_type":"box","text":"Servicing Agents of the Fund pursuant to a Shareholder Servicing Plan and fees a Fund pays to its transfer","page_number":67,"box":{"x":116,"y":676,"width":732,"height":12}},{"id":"656e517f-eeba-45d3-ba94-5d0d30ab4fd1","block_type":"box","text":"agent, BFA, on behalf of a Fund, may enter into non-Plan agreements with affiliated and unaffiliated brokers,","page_number":67,"box":{"x":116,"y":691,"width":759,"height":13}},{"id":"38ff618b-813b-44f0-a88e-6844ded23f06","block_type":"box","text":"dealers, financial institutions, insurance compani","page_number":67,"box":{"x":116,"y":707,"width":338,"height":12}},{"id":"b15a58af-e009-42cb-bf54-ac5a85e74e5c","block_type":"box","text":"es, retirement plan record-keepers and other financial","page_number":67,"box":{"x":455,"y":707,"width":369,"height":12}},{"id":"9c177f7d-4370-4294-9d16-e779c26f36c9","block_type":"box","text":"intermediaries (including BlackRock, BRIL and their affiliates, and entities that may also be serving as","page_number":67,"box":{"x":116,"y":722,"width":706,"height":13}},{"id":"b3ee3b68-0274-4bf1-8bd5-d2b5dfc99a40","block_type":"box","text":"distribution agents or Shareholder Servicing Agents o","page_number":67,"box":{"x":116,"y":738,"width":368,"height":12}},{"id":"dd59adc8-4e00-47ad-8d5f-52d4d153cb4a","block_type":"box","text":"f the Fund) (collectively, “Service Organizations”)","page_number":67,"box":{"x":485,"y":738,"width":345,"height":12}},{"id":"fb140f8a-5a41-4397-a548-a5fad0e626d6","block_type":"box","text":"pursuant to which the Fund will pay a Service Organizatio","page_number":67,"box":{"x":116,"y":753,"width":406,"height":13}},{"id":"f20c6e77-a2b1-4ab8-bdbc-79d6871d967a","block_type":"box","text":"n for administrative, networking, recordkeeping,","page_number":67,"box":{"x":522,"y":753,"width":337,"height":13}},{"id":"b2f687c0-4089-4617-a498-70727c98e5e1","block_type":"box","text":"sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are generally based","page_number":67,"box":{"x":116,"y":769,"width":766,"height":13}},{"id":"5d535c61-429f-4a85-aaf1-b67fefe5229a","block_type":"box","text":"on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":67,"box":{"x":116,"y":784,"width":683,"height":13}},{"id":"aed3c93d-26c2-464c-82b2-5663d964ae37","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. 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A Service Organization may perform these obligations itself or may arrange for a third party to","page_number":68,"box":{"x":116,"y":94,"width":722,"height":13}},{"id":"9cf1c05e-9246-4e69-9f7e-ab002bf40a50","block_type":"box","text":"perform them. BlackRock may also make payments to Service Organizations as part of an effort to enhance","page_number":68,"box":{"x":116,"y":110,"width":748,"height":13}},{"id":"9395a87e-8e74-4104-a1ed-5aee98df9e7a","block_type":"box","text":"its business relationship with such entities trading on technology platforms. These payments, which are not","page_number":68,"box":{"x":116,"y":125,"width":742,"height":13}},{"id":"eb5dd7af-6651-40a4-8ee2-1ddfb499fbf3","block_type":"box","text":"made pursuant to a Shareholder Servicing Plan or distribution plan or otherwise paid by a Fund, are referred","page_number":68,"box":{"x":116,"y":141,"width":754,"height":13}},{"id":"f54fde86-1b81-4fe0-bb52-96362bdd3eec","block_type":"box","text":"to as “Additional Payments” herein.","page_number":68,"box":{"x":116,"y":156,"width":251,"height":13}},{"id":"a0832251-8e4a-4c8c-aea7-8d8ccb47933a","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":68,"box":{"x":116,"y":180,"width":762,"height":12}},{"id":"62ad5d8d-6d42-4b4f-82bf-c8a5e2200b08","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). 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Additional","page_number":68,"box":{"x":116,"y":226,"width":745,"height":13}},{"id":"7e2d6c04-2ac0-44d1-b6be-bc925c05273a","block_type":"box","text":"Payments made to Service Organizations are in addition to any distribution or shareholder servicing fees paid","page_number":68,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"d0f21faa-b890-4316-a01e-9f614fce6ccc","block_type":"box","text":"under any Plan of any Fund, any sales charges, commissions or other concessions described in the","page_number":68,"box":{"x":116,"y":257,"width":676,"height":13}},{"id":"0ba2c8a7-49ac-4595-b954-24a3d118017b","block_type":"box","text":"Prospectuses or this SAI, and any administrative,","page_number":68,"box":{"x":116,"y":273,"width":338,"height":12}},{"id":"a7e5abb1-0c49-4731-8e31-e872669f508a","block_type":"box","text":"networking, recordkeeping, sub-transfer agency or","page_number":68,"box":{"x":459,"y":273,"width":350,"height":12}},{"id":"8caa47c0-5e7d-493f-8283-af32851bc165","block_type":"box","text":"sub-accounting fees payable by a Fund. Pursuant to applicable FINRA regulations, the details of certain of","page_number":68,"box":{"x":116,"y":288,"width":738,"height":13}},{"id":"5606ad10-a2ee-49c6-a329-832d25e673ca","block_type":"box","text":"these payments, including the Service Organizations","page_number":68,"box":{"x":116,"y":304,"width":359,"height":12}},{"id":"6c300d4b-fe14-4ac0-a6fe-5f7f98a40e44","block_type":"box","text":"receiving such payments in connection with the sale and","page_number":68,"box":{"x":481,"y":304,"width":388,"height":12}},{"id":"f09d117f-4244-46a7-9f80-8cfb9c331f85","block_type":"box","text":"distribution of Fund shares, are required to be disclosed. While FINRA regulations limit the sales charges that","page_number":68,"box":{"x":116,"y":319,"width":761,"height":13}},{"id":"1a95d2c6-7aa9-400f-9158-7cf4e2957fc9","block_type":"box","text":"shareholders may bear, there are no limits with regard to the amounts that BlackRock may pay out of its own","page_number":68,"box":{"x":116,"y":335,"width":763,"height":12}},{"id":"7bbd78fb-daf1-449d-b066-ab2cf70339ee","block_type":"box","text":"assets.","page_number":68,"box":{"x":116,"y":353,"width":42,"height":7}},{"id":"7181e508-eb6d-4ccb-8565-de9e603fcf7a","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of customer","page_number":68,"box":{"x":116,"y":373,"width":712,"height":13}},{"id":"0b4b654f-a6b7-4327-8e4e-9806bd605b4a","block_type":"box","text":"accounts maintained by a Service Organization, may be based on a percentage of the value of shares sold to,","page_number":68,"box":{"x":116,"y":389,"width":750,"height":13}},{"id":"83f36808-7be4-4e65-9725-dfcee1e3bea4","block_type":"box","text":"or held by, customers of the Service Organization involved, or may be calculated on another basis.","page_number":68,"box":{"x":116,"y":404,"width":681,"height":13}},{"id":"3df46d3c-76a8-4b75-9d5f-baebf2654d79","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":68,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"ea2efed0-9732-4bbc-9b87-a2a4d953807b","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid","page_number":68,"box":{"x":116,"y":443,"width":748,"height":13}},{"id":"e8a81ab8-3b58-48a0-aedb-e4731440d9ac","block_type":"box","text":"pursuant to more than one of the calculations described above. Not all Service Organizations receive","page_number":68,"box":{"x":116,"y":459,"width":697,"height":12}},{"id":"1058278e-99f6-4c65-ad17-f0dc7dbae90c","block_type":"box","text":"Additional Payments. Sales-based payments primarily","page_number":68,"box":{"x":116,"y":474,"width":372,"height":13}},{"id":"e9cce4e0-48cf-4fe4-8c4a-835164c23205","block_type":"box","text":"create incentives to make new sales of shares of the","page_number":68,"box":{"x":493,"y":474,"width":354,"height":10}},{"id":"a6da89be-67de-4da7-85ca-56a75c8aa6ba","block_type":"box","text":"Fund, and asset-based payments primarily create incen","page_number":68,"box":{"x":116,"y":490,"width":379,"height":12}},{"id":"30133670-90ba-4a86-a6ee-ab256b7a336a","block_type":"box","text":"tives to retain previously sold shares of the Fund. The","page_number":68,"box":{"x":495,"y":490,"width":371,"height":12}},{"id":"21673674-3581-4934-8329-2d4c5a49a4b6","block_type":"box","text":"level of payments made to these Service Organizations in any year will vary and may be limited to specific","page_number":68,"box":{"x":116,"y":505,"width":734,"height":13}},{"id":"3c815452-df41-43ac-8d63-6496ef3c865f","block_type":"box","text":"Funds or share classes. In certain cases, these payments may be subject to certain minimum payment levels.","page_number":68,"box":{"x":116,"y":521,"width":740,"height":12}},{"id":"90892f89-cc3b-467f-af44-173afcb71c19","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant","page_number":68,"box":{"x":116,"y":544,"width":762,"height":13}},{"id":"88c8239d-2b7f-43fa-a473-93992d274d4c","block_type":"box","text":"to certain Service Organizations. The categories of Additional Payments listed below are not mutually","page_number":68,"box":{"x":116,"y":559,"width":706,"height":13}},{"id":"bdaacaa5-44fc-47ca-ab82-b0470d90079c","block_type":"box","text":"exclusive. The same Service Organization, or one or more of its affiliates, may receive payments under more","page_number":68,"box":{"x":116,"y":575,"width":748,"height":13}},{"id":"37b6bc2f-e095-4e6c-a1a2-96fdf43ac6fb","block_type":"box","text":"than one category of Additional Payments.","page_number":68,"box":{"x":116,"y":590,"width":296,"height":13}},{"id":"24287874-5626-4a3e-a682-abdd460d9384","block_type":"box","text":"A. Distribution and Marketing Support","page_number":68,"box":{"x":116,"y":619,"width":287,"height":13}},{"id":"29bd1532-be44-4e9a-b93b-46d19aaebfce","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":68,"box":{"x":116,"y":645,"width":731,"height":12}},{"id":"d7a0eb0d-9740-49d4-b4de-6f851e8eb1b8","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":68,"box":{"x":116,"y":660,"width":746,"height":13}},{"id":"d39544d4-966b-41e3-ab8f-f856189a1d90","block_type":"box","text":"examination of a Fund; payments for providing extra e","page_number":68,"box":{"x":116,"y":676,"width":381,"height":12}},{"id":"d274715b-1027-4ff6-80dc-7b95d52d094b","block_type":"box","text":"mployee training and information relating to a Fund;","page_number":68,"box":{"x":498,"y":676,"width":367,"height":12}},{"id":"91c9931e-6108-4110-8f33-087d1fef53ab","block_type":"box","text":"fees for access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":68,"box":{"x":116,"y":691,"width":748,"height":13}},{"id":"aa59c2fd-bdce-469c-b2d1-ab7a5e36f05e","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for","page_number":68,"box":{"x":116,"y":707,"width":721,"height":12}},{"id":"35f48595-b1f2-4bbf-9ee1-737dec2ce350","block_type":"box","text":"placing the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a","page_number":68,"box":{"x":116,"y":722,"width":730,"height":13}},{"id":"c53292cb-a99e-4ff1-98e7-37f69d09074a","block_type":"box","text":"dealer’s list (which may be a preferred or recommended list) of mutual funds available for purchase by its","page_number":68,"box":{"x":116,"y":738,"width":730,"height":12}},{"id":"f6be68c4-cffd-4c2c-9098-aef6fae06a72","block_type":"box","text":"customers or in certain sales programs from time to time; fees for providing assistance in promoting the sale of","page_number":68,"box":{"x":116,"y":753,"width":767,"height":13}},{"id":"d612f309-705c-4fb1-8b0d-f1d8a0f821f4","block_type":"box","text":"the Fund’s shares (which may include promotions in communications with the Service Organization’s","page_number":68,"box":{"x":116,"y":769,"width":704,"height":13}},{"id":"8c998efc-e330-4b16-9298-5790a5a5f0a8","block_type":"box","text":"customers, registered representatives, salespersons and/","page_number":68,"box":{"x":116,"y":784,"width":381,"height":13}},{"id":"dbb47ca9-e09b-47c9-bc7c-d0ad424296ef","block_type":"box","text":"or other personnel); payments for the sale of shares","page_number":68,"box":{"x":498,"y":784,"width":354,"height":13}},{"id":"47b65d4c-e10a-4286-8d0e-48db44d7092a","block_type":"box","text":"and/or the maintenance of share balances; transactio","page_number":68,"box":{"x":116,"y":800,"width":364,"height":12}},{"id":"180a95b7-6762-43ef-b24c-ac11d5d528b1","block_type":"box","text":"n fees (also referred to as “ticket charges”); and payments","page_number":68,"box":{"x":481,"y":800,"width":400,"height":13}},{"id":"64b43c37-58a1-4d74-b7bf-e8426f24212c","block_type":"box","text":"for infrastructure support. These payments normally will not exceed the sum of (a) 0.25% of such year’s Fund","page_number":68,"box":{"x":116,"y":815,"width":766,"height":13}},{"id":"e0ffb4aa-58a2-4d51-bb5f-ae86c7a4910a","block_type":"box","text":"sales by that Service Organization, and (b) 0.21% of the assets attributable to that Service Organization","page_number":68,"box":{"x":116,"y":831,"width":720,"height":13}},{"id":"7f6faa96-5492-4cd8-9312-157ea8e6569a","block_type":"box","text":"invested in a Fund.","page_number":68,"box":{"x":116,"y":846,"width":130,"height":10}},{"id":"a45dd408-7b88-41f0-ab45-ea723c08c505","block_type":"box","text":"51","page_number":68,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"4e3549ad-26e3-45a9-b9a6-2978cdd66987","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":68,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"7f4c7ce8-6118-408d-bd97-7a087fd88c7b","block_type":"box","text":"B. 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Such services include sub-accounting","page_number":69,"box":{"x":116,"y":151,"width":734,"height":13}},{"id":"1f9af8d4-9de6-4c77-9ff7-8cfcaf0de07e","block_type":"box","text":"services, shareholder servicing and transaction processing services and are sometimes referred to as","page_number":69,"box":{"x":116,"y":167,"width":683,"height":12}},{"id":"de18e157-aab9-4b94-83ba-af1a3a5b18d9","block_type":"box","text":"“recordkeeping,” “sub-transfer agency,” “sub-accoun","page_number":69,"box":{"x":117,"y":182,"width":374,"height":13}},{"id":"237ec9d6-0464-481d-a6a8-43b0de91455d","block_type":"box","text":"ting,” “networking” and/or “administrative” services.","page_number":69,"box":{"x":491,"y":182,"width":374,"height":13}},{"id":"f5bec319-1db9-4bd8-b934-fddbdc22d1b3","block_type":"box","text":"Additional Payments may exceed amounts that would be earned on these assets by the transfer agent for the","page_number":69,"box":{"x":116,"y":198,"width":750,"height":12}},{"id":"5d61b35e-edd4-40d6-aea3-53d24d6c3161","block_type":"box","text":"performance of these or similar services. 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Such charges may vary among Service","page_number":75,"box":{"x":116,"y":211,"width":727,"height":12}},{"id":"7cb4db88-7e93-421a-8e41-2d89daa2f994","block_type":"box","text":"Organizations but in all cases will be retained by the Service Organization and will not be remitted to a Fund","page_number":75,"box":{"x":117,"y":226,"width":754,"height":13}},{"id":"7d2b9fa3-68c8-4e45-9a26-15506c6492e7","block_type":"box","text":"or BlackRock.","page_number":75,"box":{"x":116,"y":242,"width":98,"height":10}},{"id":"764ec4f8-d5b7-4a9a-8042-44e14089b8a4","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":75,"box":{"x":116,"y":265,"width":735,"height":13}},{"id":"d6a29611-a649-407c-a7b4-5d3c1e6bfb32","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":75,"box":{"x":116,"y":280,"width":729,"height":13}},{"id":"42ce7543-1126-406a-b44d-ecf312de537e","block_type":"box","text":"appropriate.","page_number":75,"box":{"x":116,"y":297,"width":85,"height":12}},{"id":"1f10c704-73fb-4298-8529-db1a24877d10","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the","page_number":75,"box":{"x":206,"y":296,"width":656,"height":13}},{"id":"1bd630f4-faba-440b-b871-56c6892db9cf","block_type":"box","text":"Service Organization, as to compensation received by it or its affiliates and for more information about the","page_number":75,"box":{"x":116,"y":311,"width":741,"height":13}},{"id":"64ad4507-86bf-41b2-91eb-7910f14fc511","block_type":"box","text":"payments described above.","page_number":75,"box":{"x":116,"y":327,"width":185,"height":13}},{"id":"e534734e-6115-42ac-8fa1-f76903033a4a","block_type":"box","text":"***","page_number":75,"box":{"x":483,"y":351,"width":33,"height":4}},{"id":"7e6321a5-ecb0-4b4f-aab4-5ac98e4a0d42","block_type":"box","text":"Accounting Services Provider.","page_number":75,"box":{"x":116,"y":373,"width":206,"height":13}},{"id":"d03be052-bd79-4ebb-ad4d-e925285c9092","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as the accounting","page_number":75,"box":{"x":328,"y":373,"width":544,"height":13}},{"id":"cf6f94d2-d2b3-47b8-98b1-1db45cb4dafe","block_type":"box","text":"services provider for the Master Portfolios. State Street maintains the books of account and other financial","page_number":75,"box":{"x":116,"y":389,"width":737,"height":13}},{"id":"f2966134-9203-4bfd-b1d8-87f764742562","block_type":"box","text":"records (other than those maintained by the Master Portfolios’ custodian); records general ledger entries;","page_number":75,"box":{"x":116,"y":404,"width":725,"height":13}},{"id":"02f8543e-df97-4898-943d-29c84507b2bb","block_type":"box","text":"calculates daily net income; reconciles activity to the trial balance; calculates and publishes daily net asset","page_number":75,"box":{"x":116,"y":420,"width":728,"height":13}},{"id":"8191314b-4635-4130-b4e7-4051a0687b8f","block_type":"box","text":"value; prepares account balances; and provides such other accounting services as may be required. In","page_number":75,"box":{"x":116,"y":435,"width":698,"height":13}},{"id":"efb8c8e7-9cd7-4c89-b5eb-ff203ed3677a","block_type":"box","text":"connection with its accounting services, State Street also provides certain administration services.","page_number":75,"box":{"x":116,"y":451,"width":670,"height":13}},{"id":"51e079dd-08ad-4490-82f6-abbce0171d21","block_type":"box","text":"Custodian.","page_number":75,"box":{"x":117,"y":474,"width":74,"height":10}},{"id":"dc2d3481-2e09-408c-a4d8-83f065688a94","block_type":"box","text":"State Street has been retained to act as custodian for the Funds and the Master Portfolios and is","page_number":75,"box":{"x":197,"y":474,"width":661,"height":10}},{"id":"bfd8efb2-ea63-40ad-8b5f-f25655278eaa","block_type":"box","text":"located at One Congress Street, Suite 1, Boston, Massachusetts 02111-2016. The custodian, among other","page_number":75,"box":{"x":116,"y":490,"width":732,"height":12}},{"id":"d93fa30b-9ea3-40bc-893d-2270b6f87b03","block_type":"box","text":"responsibilities, maintains a custody account or accounts in the name of the Funds and the Master Portfolios;","page_number":75,"box":{"x":116,"y":505,"width":757,"height":13}},{"id":"7347a67e-3c50-4f92-ba33-1fa91061e55a","block_type":"box","text":"receives and delivers all assets for each Fund and each Master Portfolio upon purchase and upon sale or","page_number":75,"box":{"x":116,"y":521,"width":720,"height":12}},{"id":"1f7cbf55-cc42-4ffb-9d2e-89667fd900d0","block_type":"box","text":"maturity, and collects and receives all income and other payments and distributions on account of the assets of","page_number":75,"box":{"x":116,"y":536,"width":768,"height":13}},{"id":"f83c1807-7ba0-46cc-91ba-3c902c098c48","block_type":"box","text":"the Funds and the Master Portfolios.","page_number":75,"box":{"x":116,"y":552,"width":254,"height":10}},{"id":"6e5afe5e-1e9d-4c61-9b6c-c4f6845a7d61","block_type":"box","text":"Transfer and Dividend Disbursing Agent.","page_number":75,"box":{"x":117,"y":575,"width":287,"height":13}},{"id":"0e64b61a-f134-4612-b7ba-19377eae7653","block_type":"box","text":"State Street, located at 1776 Heritage Drive, JAB/3, North Quincy,","page_number":75,"box":{"x":410,"y":575,"width":463,"height":13}},{"id":"683e0565-c569-4024-9687-01632e4e5473","block_type":"box","text":"MA 02171, attn: Quincy Nunnally-Transfer Agency, has also been retained to act as the transfer and dividend","page_number":75,"box":{"x":116,"y":590,"width":766,"height":13}},{"id":"937a124b-98b1-4e79-a031-d3b62b46b1b8","block_type":"box","text":"disbursing agent for the Funds and the Master Portfolios. For its services as transfer and dividend disbursing","page_number":75,"box":{"x":116,"y":606,"width":751,"height":13}},{"id":"61306efd-83e5-417e-bae5-8b47f83332bc","block_type":"box","text":"agent to the Funds and the Master Portfolios, State Street is paid fees based on the Funds’ and the Master","page_number":75,"box":{"x":116,"y":621,"width":730,"height":13}},{"id":"f2c203ae-7db1-49b2-b0b7-2bc9f906b3a2","block_type":"box","text":"Portfolios’ net assets. State Street is entitled to be reim","page_number":75,"box":{"x":116,"y":637,"width":374,"height":10}},{"id":"b1b71917-58dd-49f2-8ba9-07cc0a124adc","block_type":"box","text":"bursed for out-of-pocket expenses or advances incurred","page_number":75,"box":{"x":490,"y":637,"width":385,"height":13}},{"id":"6bcd5d4d-f2d6-4162-8894-e3f01d14ed24","block_type":"box","text":"by it in performing its obligations under the Transfer Agency Agreement. BAL has agreed to pay these fees","page_number":75,"box":{"x":116,"y":652,"width":738,"height":13}},{"id":"4ea067ba-b829-4106-a962-11c62fbd41e1","block_type":"box","text":"and expenses pursuant to its Administration Agreemen","page_number":75,"box":{"x":116,"y":668,"width":381,"height":13}},{"id":"74407be9-d588-4d3f-8be4-9997e73b49f5","block_type":"box","text":"t with the Trust. In addition, the Transfer Agency","page_number":75,"box":{"x":497,"y":668,"width":344,"height":13}},{"id":"e7848237-1557-4fc0-9b2d-ed9449023bf1","block_type":"box","text":"Agreement contemplates that State Street will be reimbu","page_number":75,"box":{"x":116,"y":683,"width":390,"height":13}},{"id":"511dd09e-d4b0-490f-84a2-64b5198c5cf4","block_type":"box","text":"rsed for other expenses incurred by it at the request or","page_number":75,"box":{"x":506,"y":683,"width":375,"height":13}},{"id":"ca9d2647-7fd6-40b6-914c-6cc896dddfaa","block_type":"box","text":"with the written consent of the Funds, including, without limitation, any equipment or supplies that the Trust","page_number":75,"box":{"x":116,"y":699,"width":760,"height":13}},{"id":"a3fdcda2-c94d-4a17-949a-8ca6f4d25bbf","block_type":"box","text":"specifically orders or requires State Street to order.","page_number":75,"box":{"x":116,"y":714,"width":349,"height":13}},{"id":"f9025a0e-5aa2-45fe-b89d-d3e49c027a5a","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":75,"box":{"x":116,"y":738,"width":337,"height":12}},{"id":"c0e3012a-5e8b-4207-9cee-5480cce1b0b9","block_type":"box","text":"The Audit Committee of the Trust, which is comprised","page_number":75,"box":{"x":459,"y":738,"width":381,"height":12}},{"id":"656ba989-2adb-407b-b66d-ecbc4c56ff14","block_type":"box","text":"solely of non-interested Trustees, has selected an independent registered public accounting firm for the Funds","page_number":75,"box":{"x":116,"y":753,"width":755,"height":13}},{"id":"56269b89-23a2-4113-8172-d0e19014208f","block_type":"box","text":"that audits the Funds’ financial statements. Please see","page_number":75,"box":{"x":116,"y":769,"width":368,"height":10}},{"id":"309e944d-e4dc-4c54-ab5b-bbe43ed16112","block_type":"box","text":"the inside back cover page of your Fund’s Prospectus for","page_number":75,"box":{"x":489,"y":769,"width":392,"height":13}},{"id":"9e8c5746-20a2-4178-870e-d149c4cc0ec2","block_type":"box","text":"information on your Fund’s independent registered public accounting firm.","page_number":75,"box":{"x":116,"y":784,"width":519,"height":13}},{"id":"08113ce9-f8cd-4336-b0c0-2ae6974a1031","block_type":"box","text":"Counsel.","page_number":75,"box":{"x":117,"y":807,"width":58,"height":11}},{"id":"5aaec59c-3d14-4a94-8407-cfe7832697e1","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of Americas, New York, New York 10036.","page_number":75,"box":{"x":182,"y":807,"width":645,"height":13}},{"id":"18fc1f40-79fb-4353-bb54-dea2b0a2aa8a","block_type":"box","text":"58","page_number":75,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"2e52d834-731c-4e3b-979b-25b6caced2e6","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":75,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"40f5dedf-3c8c-47aa-b31d-e34adbe49000","block_type":"box","text":"Determination of Net Asset Value","page_number":76,"box":{"x":116,"y":79,"width":247,"height":10}},{"id":"8607019d-d54b-4a95-87e6-0d226b578fa2","block_type":"box","text":"Pursuant to Rule 2a-7, the Funds must maintain a dollar-weighted average portfolio maturity of 60 days or","page_number":76,"box":{"x":116,"y":105,"width":744,"height":12}},{"id":"8a8694d5-5092-4757-8d70-65f6cdb939b5","block_type":"box","text":"less and a dollar-weighted average life of 120 days or less, purchase securities having remaining maturities (as","page_number":76,"box":{"x":116,"y":120,"width":758,"height":13}},{"id":"2af6a7de-e288-4c28-b85e-7012cf84ca00","block_type":"box","text":"defined in Rule 2a-7) of 397 calendar days or less, and invest only in those high-quality securities that are","page_number":76,"box":{"x":116,"y":136,"width":730,"height":12}},{"id":"d7b4a585-2a48-4435-a093-0527f00455f1","block_type":"box","text":"determined by the Investment Adviser to be “eligible securities” under Rule 2a-7. The maturity of an","page_number":76,"box":{"x":116,"y":151,"width":698,"height":13}},{"id":"cb0b2597-8b69-4df4-b5fa-7dbceebe559c","block_type":"box","text":"instrument is generally deemed to be the period remaini","page_number":76,"box":{"x":116,"y":167,"width":386,"height":12}},{"id":"2211a3e7-ad16-47e9-b7ce-2700f13fe090","block_type":"box","text":"ng until the date when the principal amount thereof is","page_number":76,"box":{"x":502,"y":167,"width":374,"height":12}},{"id":"454c2ef8-e214-48c2-95e8-682a256e97cd","block_type":"box","text":"due or the date on which the instrument is to be redeemed. However, Rule 2a-7 provides that the maturity of","page_number":76,"box":{"x":116,"y":182,"width":759,"height":13}},{"id":"027c2d1a-0827-490b-9a75-3e3a9d3b58e9","block_type":"box","text":"an instrument may be deemed shorter in the case of certain instruments, including certain variable-rate and","page_number":76,"box":{"x":116,"y":198,"width":742,"height":12}},{"id":"c8e3f4ee-b077-4421-b4d2-6f29fc463a2c","block_type":"box","text":"floating-rate instruments subject to demand features.","page_number":76,"box":{"x":116,"y":213,"width":365,"height":13}},{"id":"a9ce5450-b698-4316-b6a2-833e3a1bd4d6","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":76,"box":{"x":116,"y":242,"width":233,"height":12}},{"id":"29684f4f-882d-4d2b-9676-1ce689020eff","block_type":"box","text":"BlackRock Cash Funds: Treasury’s Master Portfolio uses the amortized cost method to determine the value of","page_number":76,"box":{"x":116,"y":265,"width":763,"height":13}},{"id":"cd67de29-f3a6-42fb-814e-d024fe97e28b","block_type":"box","text":"its respective securities pursuant to Rule 2a-7 under the 1940 Act. The amortized cost method involves","page_number":76,"box":{"x":116,"y":280,"width":712,"height":13}},{"id":"c140e73a-afed-4586-ad31-4b48c74a9096","block_type":"box","text":"valuing a security at its cost and amortizing any discount or premium over the period until maturity,","page_number":76,"box":{"x":116,"y":296,"width":696,"height":13}},{"id":"38c639ef-c6af-4eac-8ee2-862a62fb8311","block_type":"box","text":"regardless of the impact of fluctuating interest rates on the market value of the security. While this method","page_number":76,"box":{"x":116,"y":311,"width":738,"height":13}},{"id":"29a26c4e-84ee-459a-a94d-c14570674e6f","block_type":"box","text":"provides certainty in valuation, it may result in periods during which the value, as determined by amortized","page_number":76,"box":{"x":116,"y":327,"width":745,"height":13}},{"id":"96e71794-04c9-4e65-a303-138ace1675ff","block_type":"box","text":"cost, is higher or lower than the price that BlackRock Cash Funds: Treasury would receive if the security were","page_number":76,"box":{"x":116,"y":342,"width":763,"height":13}},{"id":"0db977a6-8189-4892-bc86-95143accf69e","block_type":"box","text":"sold. During these periods the yield to a shareholder may differ somewhat from that which could be obtained","page_number":76,"box":{"x":116,"y":358,"width":759,"height":13}},{"id":"3fc19e02-d38d-4f19-aaa6-f305b7154850","block_type":"box","text":"from a similar fund that uses a method of valuation based upon market prices. Thus, during periods of","page_number":76,"box":{"x":116,"y":373,"width":714,"height":13}},{"id":"c2a4525c-504e-4285-9e2d-74946db07cf8","block_type":"box","text":"declining interest rates, if the use of the amortized cost method results in a lower value of BlackRock Cash","page_number":76,"box":{"x":116,"y":389,"width":736,"height":13}},{"id":"e69b56b0-fb58-446b-9059-e8336ccf4245","block_type":"box","text":"Funds: Treasury’s portfolio on a particular day, a prospective investor in the Fund would be able to obtain a","page_number":76,"box":{"x":116,"y":404,"width":752,"height":13}},{"id":"f8a8b1ff-490b-4745-9615-df7cc994d017","block_type":"box","text":"somewhat higher yield than would result from making an investment in the Fund using solely market values,","page_number":76,"box":{"x":116,"y":420,"width":753,"height":13}},{"id":"179c7373-0858-4853-a7e1-a1e2d814783c","block_type":"box","text":"and existing BlackRock Cash Funds: Treasury shareholders would receive correspondingly less income. The","page_number":76,"box":{"x":116,"y":435,"width":748,"height":13}},{"id":"78aef36c-8368-4291-ae11-76c77fbd0ea8","block_type":"box","text":"converse would apply during periods of rising interest rates.","page_number":76,"box":{"x":116,"y":451,"width":414,"height":13}},{"id":"74b28d19-e692-49ca-91ab-51e524bebaec","block_type":"box","text":"Pursuant to Rule 2a-7, the Board is required to establish procedures designed to stabilize, to the extent","page_number":76,"box":{"x":116,"y":474,"width":710,"height":13}},{"id":"1e126112-75bb-4f1e-bfea-676dc556838b","block_type":"box","text":"reasonably possible, BlackRock Cash Funds: Treasury’s price per share as computed for the purpose of sales","page_number":76,"box":{"x":116,"y":490,"width":750,"height":12}},{"id":"fc057d3d-94cb-49f2-811b-8b2060ce6407","block_type":"box","text":"and redemptions at $1.00. Such procedures include review of BlackRock Cash Funds: Treasury’s portfolio","page_number":76,"box":{"x":116,"y":505,"width":738,"height":13}},{"id":"b5ca7268-98db-46a5-9a9d-45e6203d6773","block_type":"box","text":"holdings, at least daily, and at such other intervals as the Board of Trustees deems appropriate, to determine","page_number":76,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"db76733f-f0e2-4c36-9f91-949566c87b4f","block_type":"box","text":"whether a Fund’s net asset value per share as determined by using available market quotations (or an","page_number":76,"box":{"x":116,"y":536,"width":700,"height":13}},{"id":"1b64d953-f722-427d-a357-9ce91aaa0e23","block_type":"box","text":"appropriate substitute which reflects current market conditions) deviates from $1.00 per share based on","page_number":76,"box":{"x":116,"y":551,"width":720,"height":13}},{"id":"1980abec-e9f6-4051-8b4c-ddd12156c5d5","block_type":"box","text":"amortized cost. The extent of any deviation will be examined by the Board of Trustees. If such deviation","page_number":76,"box":{"x":116,"y":567,"width":723,"height":13}},{"id":"88b6d777-7031-419f-b411-74250827c7a0","block_type":"box","text":"exceeds 1/2 of 1%, the Board will promptly consider what action, if any, will be initiated. In the event the","page_number":76,"box":{"x":116,"y":583,"width":733,"height":12}},{"id":"09e231ee-20fe-425e-b0cc-f11847cc9abc","block_type":"box","text":"Board determines that a deviation exists that may","page_number":76,"box":{"x":116,"y":598,"width":344,"height":13}},{"id":"eb5d17cc-67f2-46fb-bfaf-19f42cbb6fe9","block_type":"box","text":"result in material dilution or other unfair results to","page_number":76,"box":{"x":465,"y":598,"width":350,"height":10}},{"id":"5b84b956-39e1-4e4c-bc86-8f0d14b03112","block_type":"box","text":"shareholders, the Board will take such corrective action as it regards as necessary and appropriate, such action","page_number":76,"box":{"x":116,"y":614,"width":764,"height":12}},{"id":"fe41339a-c39b-463a-8399-cc9f43322691","block_type":"box","text":"may include redeeming shares in-kind, selling portfolio securities prior to maturity, reducing or withholding","page_number":76,"box":{"x":116,"y":629,"width":747,"height":13}},{"id":"a688fc04-dc79-45b6-8646-e7880b78ebed","block_type":"box","text":"dividends, shortening the average portfolio maturity","page_number":76,"box":{"x":116,"y":645,"width":362,"height":12}},{"id":"4353a5f9-26f1-42fa-8902-9ce9de99cbea","block_type":"box","text":", reducing the number of outstanding shares without","page_number":76,"box":{"x":478,"y":645,"width":364,"height":12}},{"id":"2cdcf1d1-46ae-4be3-a651-1e1f8063e13c","block_type":"box","text":"monetary consideration, and utilizing a net asset value per share as determined by using available market","page_number":76,"box":{"x":116,"y":660,"width":728,"height":13}},{"id":"c2efcbef-01ac-4cd1-bd7b-dac6a2efb2ea","block_type":"box","text":"quotations.","page_number":76,"box":{"x":116,"y":676,"width":77,"height":12}},{"id":"1670ef26-37ac-49bd-8406-9941d33a73d1","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":76,"box":{"x":116,"y":704,"width":257,"height":10}},{"id":"391e90b1-f385-4f02-8a81-e6f536708f05","block_type":"box","text":"In computing the net asset value of its shares for purposes of sales and redemptions, BlackRock Cash Funds:","page_number":76,"box":{"x":116,"y":727,"width":750,"height":13}},{"id":"08e7b4b3-e4bf-4ff1-b848-602b2333d7c6","block_type":"box","text":"Institutional’s Master Portfolio values its portfolio securities as described below and the Institutional Fund will","page_number":76,"box":{"x":116,"y":743,"width":767,"height":13}},{"id":"e2413d33-393b-4033-9d67-8cb0b285b589","block_type":"box","text":"quote its net asset value per share to the fourth decimal place (e.g., $1.0000), which net asset value per share is","page_number":76,"box":{"x":116,"y":758,"width":767,"height":13}},{"id":"39c4f1ee-635b-4495-b4f6-70ec9b8ccadc","block_type":"box","text":"expected to fluctuate from time to time.","page_number":76,"box":{"x":116,"y":774,"width":275,"height":13}},{"id":"1d4198a4-ba7d-42b6-aec3-eda32c4afc88","block_type":"box","text":"Valuation of assets held by BlackRock Cash Funds: Institutional’s Master Portfolio is performed as follows:","page_number":76,"box":{"x":116,"y":797,"width":746,"height":13}},{"id":"46ca3053-5de2-4677-ab90-b8d1312fbb70","block_type":"box","text":"Fixed Income Investments","page_number":76,"box":{"x":116,"y":820,"width":182,"height":10}},{"id":"445a939a-eead-41bf-94c2-f295eced2886","block_type":"box","text":". Fixed-income securities for which market quotations are readily available are","page_number":76,"box":{"x":300,"y":820,"width":543,"height":13}},{"id":"ad409013-c570-4ed6-8df9-39e86760179e","block_type":"box","text":"generally valued using such securities’ current market value. BlackRock Cash Funds: Institutional’s Master","page_number":76,"box":{"x":116,"y":836,"width":739,"height":13}},{"id":"b4fcc446-991c-4607-9a5f-d23ebb5aa580","block_type":"box","text":"Portfolio values fixed-income portfolio securities using the last available bid prices or current market","page_number":76,"box":{"x":116,"y":851,"width":698,"height":13}},{"id":"7fe5c2fb-503a-4f20-a10f-9de97c089c8f","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by BlackRock Cash Funds:","page_number":76,"box":{"x":116,"y":867,"width":726,"height":13}},{"id":"4da47453-f21b-45fb-a86a-a86197e90af6","block_type":"box","text":"59","page_number":76,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"1fe6f7d1-786d-446e-be0b-89c0e75a1899","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":76,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b64511bb-4a70-46cf-8946-b3082db3f2b9","block_type":"box","text":"Institutional’s Master Portfolio’s approved independent third-party pricing services, each in accordance with","page_number":77,"box":{"x":116,"y":79,"width":751,"height":13}},{"id":"ad6fdf3b-6ccf-4989-833f-eb4ef15dfb6f","block_type":"box","text":"the Valuation Procedures. The pricing services may use matrix pricing or valuation models that utilize certain","page_number":77,"box":{"x":116,"y":94,"width":758,"height":13}},{"id":"11ea9ca9-3244-4099-98cf-9f30489a77cc","block_type":"box","text":"inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and","page_number":77,"box":{"x":116,"y":110,"width":715,"height":13}},{"id":"c76b96a7-bc68-4b0f-b3c8-e88661fa746e","block_type":"box","text":"offers), credit quality information, perceived market mov","page_number":77,"box":{"x":116,"y":125,"width":395,"height":13}},{"id":"3c9cc7fc-197a-4ab2-9bca-8d900c852598","block_type":"box","text":"ements, news, and other relevant information and by","page_number":77,"box":{"x":512,"y":125,"width":367,"height":13}},{"id":"f80c9e58-1c40-4b45-a9b4-0e36ba6bb8d4","block_type":"box","text":"other methods, which may include consideration of: yields or prices of securities of comparable quality,","page_number":77,"box":{"x":116,"y":141,"width":716,"height":13}},{"id":"bfa99e61-a7a6-4328-b13a-a241a5e58e91","block_type":"box","text":"coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other","page_number":77,"box":{"x":116,"y":156,"width":731,"height":13}},{"id":"3ac0eac1-888b-4cfc-8b4e-c7ff88a20cc0","block_type":"box","text":"factors and assumptions. Pricing services generally value fixed-income securities assuming orderly transactions","page_number":77,"box":{"x":116,"y":172,"width":764,"height":13}},{"id":"a479bc32-bd91-4594-b8fa-75f5a28da93e","block_type":"box","text":"of an institutional round lot size, but BlackRock Cash Funds: Institutional’s Master Portfolio may hold or","page_number":77,"box":{"x":116,"y":187,"width":734,"height":13}},{"id":"9d3773c6-c450-4c30-9095-376998ef41b3","block_type":"box","text":"transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round","page_number":77,"box":{"x":116,"y":203,"width":764,"height":13}},{"id":"18fc9c03-6161-40d3-b7a9-9e56337177ea","block_type":"box","text":"lots. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or","page_number":77,"box":{"x":116,"y":218,"width":740,"height":13}},{"id":"722c34e3-06ff-456a-b657-3a418530a8f3","block_type":"box","text":"less remaining to maturity unless such method does not represent fair value. Certain fixed-income","page_number":77,"box":{"x":116,"y":234,"width":677,"height":13}},{"id":"1b87fbb8-7bee-4570-85cc-25601bd25477","block_type":"box","text":"investments, including asset-backed and mortgage related securities, may be valued based on valuation models","page_number":77,"box":{"x":116,"y":249,"width":765,"height":13}},{"id":"b925418a-0ace-4f68-923b-397e1a5b8fa4","block_type":"box","text":"that consider the estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop","page_number":77,"box":{"x":116,"y":265,"width":751,"height":13}},{"id":"d2647642-9aa7-4e2e-9c73-0a72330a96c8","block_type":"box","text":"an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":77,"box":{"x":116,"y":280,"width":732,"height":13}},{"id":"b8e22432-07b2-43dc-9230-a10b83cd61cf","block_type":"box","text":"Other Investment Companies","page_number":77,"box":{"x":117,"y":302,"width":205,"height":13}},{"id":"faa0eacf-f8a5-437e-9052-5bf74188e6e2","block_type":"box","text":". Shares of underlying open-end funds (including money market funds) are","page_number":77,"box":{"x":324,"y":302,"width":514,"height":13}},{"id":"00938645-4ae6-403f-ac0b-e5efca185838","block_type":"box","text":"valued at NAV. Shares of underlying exchange-traded closed-end funds or other exchange-traded funds will","page_number":77,"box":{"x":116,"y":318,"width":748,"height":12}},{"id":"e001ad84-a33b-43e1-8422-92385b1961cf","block_type":"box","text":"be valued at their most recent closing price.","page_number":77,"box":{"x":116,"y":333,"width":299,"height":13}},{"id":"0f593fd7-17d5-42aa-be0e-3d5f5390e001","block_type":"box","text":"General Valuation Information","page_number":77,"box":{"x":117,"y":355,"width":217,"height":13}},{"id":"3c66df70-0367-4140-a326-fa07c0f72e4f","block_type":"box","text":". In determining the market value of portfolio investments, BlackRock Cash","page_number":77,"box":{"x":336,"y":355,"width":524,"height":13}},{"id":"6a74ae9b-25ad-4638-bf79-74838c7b57f5","block_type":"box","text":"Funds: Institutional’s Master Portfolio may employ independent third party pricing services, which may use,","page_number":77,"box":{"x":116,"y":370,"width":750,"height":13}},{"id":"c90b9b20-b339-41bb-9aee-d279f7e701a2","block_type":"box","text":"without limitation, a matrix or formula method that takes into consideration market indexes, matrices, yield","page_number":77,"box":{"x":116,"y":386,"width":753,"height":13}},{"id":"70e0b077-eca6-4b59-96ee-8d383bc58ab4","block_type":"box","text":"curves and other specified inputs and assumptions. This may result in the assets being valued at a price","page_number":77,"box":{"x":116,"y":401,"width":711,"height":13}},{"id":"46fe50ee-9135-477a-bb03-bf68c0a3120a","block_type":"box","text":"different from the price that would have been determined had the matrix or formula method not been used.","page_number":77,"box":{"x":116,"y":417,"width":746,"height":13}},{"id":"fed92b20-6160-4ad8-91bb-b45e8ce155f9","block_type":"box","text":"The price BlackRock Cash Funds: Institutional’s Master Portfolio could receive upon the sale of any particular","page_number":77,"box":{"x":116,"y":432,"width":766,"height":13}},{"id":"25ec6655-06cb-4987-8270-3b8a4abd11d6","block_type":"box","text":"portfolio investment may differ from BlackRock Cash Funds: Institutional’s Master Portfolio’s valuation","page_number":77,"box":{"x":116,"y":448,"width":725,"height":13}},{"id":"0be0a4ce-d843-49c5-b414-34548fde9df5","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the","page_number":77,"box":{"x":116,"y":463,"width":741,"height":13}},{"id":"26f8d63d-6b2c-443f-a8fb-2965f33360ef","block_type":"box","text":"sale of an investment may be less than the value ascribed by BlackRock Cash Funds: Institutional’s Master","page_number":77,"box":{"x":116,"y":479,"width":738,"height":13}},{"id":"c5e88440-1f90-4614-8d86-76a6df10744c","block_type":"box","text":"Portfolio, and BlackRock Cash Funds: Institutional’s Master Portfolio could realize a greater than expected","page_number":77,"box":{"x":116,"y":494,"width":744,"height":13}},{"id":"45716c2b-b865-48b6-9f98-6efce4198b27","block_type":"box","text":"loss or lesser than expected gain upon the sale of the investment. BlackRock Cash Funds: Institutional’s","page_number":77,"box":{"x":116,"y":510,"width":717,"height":13}},{"id":"adff8e53-29a0-42a5-b51c-1d4cf41cdb0e","block_type":"box","text":"Master Portfolio’s ability to value its investments may also be impacted by technological issues and/or errors","page_number":77,"box":{"x":116,"y":525,"width":751,"height":13}},{"id":"85be73a8-f666-49d7-b02e-4deb2f3b2bb2","block_type":"box","text":"by pricing services or other third party service providers. All cash, receivables and current payables are carried","page_number":77,"box":{"x":116,"y":541,"width":763,"height":13}},{"id":"2fcbfa0c-a1bd-4964-a8e7-0571c2ede833","block_type":"box","text":"on BlackRock Cash Funds: Institutional’s Master Portfolio’s books at their fair value.","page_number":77,"box":{"x":116,"y":556,"width":592,"height":10}},{"id":"0dc1fbba-628b-4b76-91f2-7d93424250ec","block_type":"box","text":"Prices obtained from independent third party pricing services, broker-dealers or market makers to value","page_number":77,"box":{"x":116,"y":578,"width":719,"height":13}},{"id":"66c2eb0a-091c-4d81-ab43-6a1e84b22ac0","block_type":"box","text":"BlackRock Cash Funds: Institutional’s Master Portfolio’s securities and other assets and liabilities are based","page_number":77,"box":{"x":116,"y":594,"width":745,"height":10}},{"id":"6083e115-3d45-4208-bba6-3e8fc2c0af54","block_type":"box","text":"on information available at the time BlackRock Cash","page_number":77,"box":{"x":116,"y":609,"width":369,"height":10}},{"id":"9a7fc40f-08e1-4cd9-b992-b6f3715673ff","block_type":"box","text":"Funds: Institutional’s Master Portfolio values its assets","page_number":77,"box":{"x":490,"y":609,"width":376,"height":10}},{"id":"a3896f67-b2e8-49b1-b6b6-da9e46243920","block_type":"box","text":"and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on","page_number":77,"box":{"x":116,"y":625,"width":728,"height":12}},{"id":"817cf355-1a7d-45e7-887d-6bcdd01f6206","block_type":"box","text":"which the BlackRock Cash Funds: Institutional’s Master Portfolio valued such security, the revised pricing","page_number":77,"box":{"x":116,"y":640,"width":737,"height":13}},{"id":"bc6c8803-25a1-4f04-b91f-81bb31f8f97b","block_type":"box","text":"service quotation generally will be applied prospectively. Such determination will be made considering","page_number":77,"box":{"x":116,"y":656,"width":708,"height":12}},{"id":"2abaf783-47c8-4d26-a866-8f89e488e8a4","block_type":"box","text":"pertinent facts and circumstances surrounding the revision.","page_number":77,"box":{"x":116,"y":671,"width":408,"height":13}},{"id":"561d66f9-c8f8-4799-98e1-6559eb47792b","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which","page_number":77,"box":{"x":116,"y":693,"width":759,"height":13}},{"id":"57f00fca-2017-4cb3-ada3-3f867d8a3423","block_type":"box","text":"is deemed not to be representative of the fair market value of such security, the security will be valued by,","page_number":77,"box":{"x":116,"y":708,"width":730,"height":13}},{"id":"4981e40e-7e3c-4f78-b789-3a30e043e8ac","block_type":"box","text":"under the direction of or in accordance with a method approved by BFA, BlackRock Cash Funds:","page_number":77,"box":{"x":116,"y":724,"width":677,"height":13}},{"id":"3147ef31-1a89-4ab3-8f6c-9126bded81f2","block_type":"box","text":"Institutional’s Master Portfolio’s valuation designee, as reflecting fair value. All other assets and liabilities","page_number":77,"box":{"x":116,"y":739,"width":729,"height":13}},{"id":"42d0c004-9358-4081-bc8e-afbd4e602146","block_type":"box","text":"(including securities for which market quotations are not readily available) held by BlackRock Cash Funds:","page_number":77,"box":{"x":117,"y":755,"width":741,"height":13}},{"id":"11727703-9d78-4443-96c2-86661bcefcd5","block_type":"box","text":"Institutional’s Master Portfolio (including restricted securities) are valued at fair value as determined in good","page_number":77,"box":{"x":116,"y":770,"width":752,"height":13}},{"id":"fc4c9734-66eb-4de5-96af-ac09e95054bf","block_type":"box","text":"faith by the Board or BlackRock pursuant to the Valuation Procedures.","page_number":77,"box":{"x":116,"y":786,"width":493,"height":13}},{"id":"af92d9f6-963f-4ef0-b62b-33f5c739b7a1","block_type":"box","text":"Certain of the securities acquired by BlackRock Cash Funds: Institutional’s Master Portfolio may be traded on","page_number":77,"box":{"x":117,"y":807,"width":765,"height":13}},{"id":"2a48b199-1a71-475f-83f0-cac769ac1858","block_type":"box","text":"foreign exchanges or OTC markets on days on which BlackRock Cash Funds: Institutional’s Master","page_number":77,"box":{"x":116,"y":823,"width":695,"height":13}},{"id":"a6a1d083-679e-4f89-a9db-1e89875c252e","block_type":"box","text":"Portfolio’s NAV is not calculated. In such cases, the NAV of BlackRock Cash Funds: Institutional’s Master","page_number":77,"box":{"x":116,"y":838,"width":743,"height":13}},{"id":"27b28b3d-62e1-4b35-856b-a05164fad3ab","block_type":"box","text":"Portfolio’s shares may be significantly affected on days","page_number":77,"box":{"x":116,"y":854,"width":379,"height":13}},{"id":"ccaa2def-4fef-4394-8a2c-653f82d08191","block_type":"box","text":"when investors can neither purchase nor redeem shares","page_number":77,"box":{"x":500,"y":854,"width":381,"height":13}},{"id":"95afcdcd-88ca-4a9c-b3e9-364b1b54a9b5","block_type":"box","text":"of BlackRock Cash Funds: Institutional’s Master Portfolio.","page_number":77,"box":{"x":116,"y":869,"width":407,"height":11}},{"id":"81070b57-c421-40c9-a4a6-403db8a8b38e","block_type":"box","text":"60","page_number":77,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"16c79e53-43aa-4bbe-8ba9-859e483dbe45","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":77,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e2353575-ae53-40d9-b3d7-e38b0425c3e8","block_type":"box","text":"Fair Value","page_number":78,"box":{"x":116,"y":79,"width":72,"height":10}},{"id":"7b2bcb8b-bad2-4b0d-a044-d384fe464164","block_type":"box","text":". When market quotations are not readily available or are believed by the Investment Adviser to be","page_number":78,"box":{"x":189,"y":79,"width":683,"height":13}},{"id":"113cc22f-e15a-4c44-9802-8a0e6d2abdf9","block_type":"box","text":"unreliable, BlackRock Cash Funds: Institutional’s Master Portfolio’s investments are valued at fair value","page_number":78,"box":{"x":116,"y":94,"width":722,"height":13}},{"id":"7fcfe8db-ff2b-4c65-9cc5-125416a03392","block_type":"box","text":"(“Fair Value Assets”). Fair Value Assets are valued by the Investment Adviser in accordance with the","page_number":78,"box":{"x":117,"y":110,"width":698,"height":13}},{"id":"af37045e-e21a-40b8-8a38-feeb1825e6e9","block_type":"box","text":"Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of Trustees has","page_number":78,"box":{"x":116,"y":125,"width":749,"height":13}},{"id":"f353499a-26e7-4daf-bce2-e29e4df7d123","block_type":"box","text":"designated the Investment Adviser as the valuation designee for the respective funds for which it serves as","page_number":78,"box":{"x":116,"y":141,"width":729,"height":13}},{"id":"ebceb2f8-d6ab-4cb1-a2ba-0290def87f43","block_type":"box","text":"investment adviser. 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On any day the NYSE is open and a foreign market or the primary","page_number":78,"box":{"x":116,"y":327,"width":740,"height":13}},{"id":"0c9dfc9e-6586-446f-ab47-3b11abbaffc5","block_type":"box","text":"exchange on which a foreign asset or liability is traded","page_number":78,"box":{"x":116,"y":342,"width":377,"height":13}},{"id":"609399fd-e982-4ba5-85cd-2943cce0b7a7","block_type":"box","text":"is closed, such asset or liability will be valued using the","page_number":78,"box":{"x":498,"y":342,"width":379,"height":13}},{"id":"2643b5d4-159f-444e-ad58-b3b460ec4659","block_type":"box","text":"prior day’s price, provided that the Investment Adviser is not aware of any significant event or other","page_number":78,"box":{"x":116,"y":358,"width":694,"height":13}},{"id":"986c4895-a70a-4239-b439-5bc7013576c2","block_type":"box","text":"information that would cause such price to no longer reflect the fair value of the asset or liability, in which","page_number":78,"box":{"x":116,"y":373,"width":738,"height":13}},{"id":"568d7fa9-14af-4563-944b-5f0cedb0f7dd","block_type":"box","text":"case such asset or liability would be treated as a Fair Value Asset.","page_number":78,"box":{"x":116,"y":389,"width":452,"height":13}},{"id":"95359fb0-d225-408a-b76d-9d7ea7dcd2ad","block_type":"box","text":"The Investment Adviser’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by","page_number":78,"box":{"x":116,"y":412,"width":756,"height":13}},{"id":"3b2fd163-032b-43b2-9f3c-2490a59279e7","block_type":"box","text":"investment type and significant inputs used in the fair valuation of BlackRock Cash Funds: Institutional’s","page_number":78,"box":{"x":116,"y":428,"width":728,"height":12}},{"id":"302bcbbc-68ff-4706-ba58-ef0bdf392c6b","block_type":"box","text":"Master Portfolio’s assets or liabilities. In addition, BlackRock Cash Funds: Institutional’s Master Portfolio’s","page_number":78,"box":{"x":116,"y":443,"width":745,"height":12}},{"id":"1e074357-b725-43d0-84b1-f20869e1d385","block_type":"box","text":"accounting agent assists the Investment Adviser by periodically endeavoring to confirm the prices it receives","page_number":78,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"7aa146d5-3c38-46c3-8c4a-f4388ee70a47","block_type":"box","text":"from all third-party pricing services, index providers and broker-dealers. The Investment Adviser regularly","page_number":78,"box":{"x":116,"y":474,"width":736,"height":13}},{"id":"c6a4cc39-c1eb-453f-8dca-6b51a2d41464","block_type":"box","text":"evaluates the values assigned to the securities and other assets and liabilities of BlackRock Cash Funds:","page_number":78,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"b0caa152-b07a-4fed-9db2-55d7e94a3644","block_type":"box","text":"Institutional’s Master Portfolio.","page_number":78,"box":{"x":116,"y":505,"width":218,"height":10}},{"id":"a08ca1ba-d4e6-4885-b136-c4eab93c54c7","block_type":"box","text":"When determining the price for a Fair Value Asset, the Investment Adviser will seek to determine the price","page_number":78,"box":{"x":116,"y":528,"width":737,"height":13}},{"id":"c45b09dc-c715-438c-b410-b8b9c02f7e78","block_type":"box","text":"that BlackRock Cash Funds: Institutional’s Master Portfolio might reasonably expect to receive from the","page_number":78,"box":{"x":116,"y":544,"width":725,"height":13}},{"id":"e64ab0d2-d955-4b80-ac1b-a336ab97d9c1","block_type":"box","text":"current sale of that asset or liability in an arm’s-length transaction on the date on which the asset or liability is","page_number":78,"box":{"x":116,"y":559,"width":762,"height":13}},{"id":"cdf05d15-f8a2-4cfe-ab4e-b6a656dc5562","block_type":"box","text":"being valued, and does not seek to determine the price BlackRock Cash Funds: Institutional’s Master Portfolio","page_number":78,"box":{"x":116,"y":575,"width":765,"height":13}},{"id":"29b8a701-41d2-4d55-a376-6ad42add898f","block_type":"box","text":"might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or","page_number":78,"box":{"x":116,"y":590,"width":720,"height":13}},{"id":"d9a7b851-0298-47f5-8b01-66e665c4e198","block_type":"box","text":"liability to maturity. Fair value determinations will be based upon all available factors that the Investment","page_number":78,"box":{"x":116,"y":606,"width":733,"height":13}},{"id":"623bbcb5-ee2d-4a02-a9a7-c3b2fe244e34","block_type":"box","text":"Adviser deems relevant at the time of the determination, and may be based on analytical values determined by","page_number":78,"box":{"x":116,"y":621,"width":763,"height":13}},{"id":"29e684b6-9605-4d25-88cc-c996c6c12be5","block_type":"box","text":"the Investment Adviser using proprietary or third party valuation models.","page_number":78,"box":{"x":116,"y":637,"width":509,"height":13}},{"id":"7163c052-5853-4085-ac46-7d49016ffa20","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the","page_number":78,"box":{"x":116,"y":660,"width":742,"height":13}},{"id":"fb22fca2-debe-4009-88b9-41722cb3fa56","block_type":"box","text":"fair value of an investment, one or more fair value me","page_number":78,"box":{"x":116,"y":676,"width":373,"height":12}},{"id":"54b2618e-32b0-4495-bbb2-a74bff409592","block_type":"box","text":"thodologies may be used (depending on certain factors,","page_number":78,"box":{"x":489,"y":676,"width":382,"height":12}},{"id":"6fef47da-0cc8-4f4b-8a84-49f24bdc5daa","block_type":"box","text":"including the asset type). For example, the investment may be initially priced based on the original cost of the","page_number":78,"box":{"x":116,"y":691,"width":757,"height":13}},{"id":"06d5fa80-6e71-49d8-b134-88c557fa0341","block_type":"box","text":"investment or, alternatively, using proprietary or third-party models that may rely upon one or more","page_number":78,"box":{"x":116,"y":707,"width":697,"height":12}},{"id":"8795c2c7-3d5a-4d4b-b9b6-0a1395a256d2","block_type":"box","text":"unobservable inputs. Prices of actual, executed or historical transactions in the relevant investment (or","page_number":78,"box":{"x":116,"y":722,"width":707,"height":13}},{"id":"ec8ab3ee-0c4c-4f3e-8158-44097c2aaf49","block_type":"box","text":"comparable instruments) or, where appropriate, an appraisal by a third-party experienced in the valuation of","page_number":78,"box":{"x":116,"y":738,"width":757,"height":12}},{"id":"9691b64f-0dc1-4fa8-9529-35f0adfcc9c6","block_type":"box","text":"similar instruments, may also be used as a basis for establishing the fair value of an investment. The fair value","page_number":78,"box":{"x":116,"y":753,"width":760,"height":13}},{"id":"6fce669b-e6dd-42b7-aac4-fdbf483e9aef","block_type":"box","text":"or one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could","page_number":78,"box":{"x":116,"y":769,"width":758,"height":13}},{"id":"9700cf86-5c18-4e2e-85b6-a6744cc9883e","block_type":"box","text":"have been sold during the period in which the particul","page_number":78,"box":{"x":116,"y":784,"width":375,"height":13}},{"id":"ffab2a28-9445-4b43-8e57-1218beacc107","block_type":"box","text":"ar fair values were used in determining BlackRock Cash","page_number":78,"box":{"x":492,"y":784,"width":387,"height":13}},{"id":"fdc7c25d-82e4-4379-96b9-f32ce7729279","block_type":"box","text":"Funds: Institutional’s Master Portfolio’s NAV. As a result, BlackRock Cash Funds: Institutional’s Master","page_number":78,"box":{"x":116,"y":800,"width":728,"height":12}},{"id":"1aa55304-b9cf-42f7-8318-66629221bf9b","block_type":"box","text":"Portfolio’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at fair","page_number":78,"box":{"x":116,"y":815,"width":738,"height":13}},{"id":"3d636c50-74cf-46c0-8ed2-3c3157bfc440","block_type":"box","text":"value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":78,"box":{"x":116,"y":831,"width":674,"height":13}},{"id":"cf4ecb80-0ffe-4d19-95fd-d1cad6ef4bb8","block_type":"box","text":"BlackRock Cash Funds: Institutional’s Master Portfolio’s annual audited financial statements, which are","page_number":78,"box":{"x":116,"y":854,"width":723,"height":12}},{"id":"9ef7a5dd-2b8d-4f9d-83e5-2f1b85649137","block_type":"box","text":"prepared in accordance with accounting principles g","page_number":78,"box":{"x":116,"y":869,"width":362,"height":13}},{"id":"1030bea9-9629-4896-b1fd-12d7c79d6ecf","block_type":"box","text":"enerally accepted in the United States of America (“US","page_number":78,"box":{"x":478,"y":869,"width":377,"height":13}},{"id":"ef1b6d04-e6c5-4167-983a-806d19879c4e","block_type":"box","text":"61","page_number":78,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"24a33624-99fa-499d-b0fa-d59a4d634a80","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":78,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5336647b-2e8b-4a2d-8b1e-ca4587206a3e","block_type":"box","text":"GAAP”), follow the requirements for valuation set forth i","page_number":79,"box":{"x":117,"y":79,"width":398,"height":13}},{"id":"2363d5de-0361-4b05-84ab-d5b502c81562","block_type":"box","text":"n Financial Accounting Standards Board Accounting","page_number":79,"box":{"x":516,"y":79,"width":365,"height":13}},{"id":"07067f55-a440-4eb2-b962-45507378ed19","block_type":"box","text":"Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), which defines","page_number":79,"box":{"x":116,"y":94,"width":754,"height":13}},{"id":"f31a2f7a-f7be-4a74-8db6-6e96e25d8441","block_type":"box","text":"and establishes a framework for measuring fair","page_number":79,"box":{"x":116,"y":110,"width":327,"height":13}},{"id":"6d36265c-2d27-44d7-9ab6-2435da1588c2","block_type":"box","text":"value under US GAAP and expands financial statement","page_number":79,"box":{"x":448,"y":110,"width":383,"height":13}},{"id":"f62ac83c-6036-4ad7-8f0f-a0621c239781","block_type":"box","text":"disclosure requirements relating to fair value measurements.","page_number":79,"box":{"x":116,"y":125,"width":415,"height":13}},{"id":"bfede700-91e8-4df7-a8f0-123b5429c1d9","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":79,"box":{"x":117,"y":149,"width":762,"height":12}},{"id":"bcecf5e6-de78-467a-8364-290cf830fd17","block_type":"box","text":"evolving. Such changes may adversely affect BlackRock Cash Funds: Institutional’s Master Portfolio. For","page_number":79,"box":{"x":116,"y":164,"width":727,"height":13}},{"id":"e1a65a43-4f84-46de-9438-8626959642fb","block_type":"box","text":"example, the evolution of rules governing the determin","page_number":79,"box":{"x":116,"y":180,"width":379,"height":12}},{"id":"1f3f532b-7d9d-4b15-a2c1-972d433a8563","block_type":"box","text":"ation of the fair market value of assets or liabilities to","page_number":79,"box":{"x":496,"y":180,"width":370,"height":10}},{"id":"b56b8317-9251-4145-b90b-642967ffae1f","block_type":"box","text":"the extent such rules become more stringent would tend to increase the cost and/or reduce the availability of","page_number":79,"box":{"x":116,"y":195,"width":751,"height":13}},{"id":"562e4eb3-b0a2-4081-9614-9f83be813f13","block_type":"box","text":"third-party determinations of fair market value. Thi","page_number":79,"box":{"x":116,"y":211,"width":358,"height":12}},{"id":"eeba8fd0-d485-438f-8776-354b5c9d0cc0","block_type":"box","text":"s may in turn increase the costs associated with selling","page_number":79,"box":{"x":475,"y":211,"width":375,"height":12}},{"id":"0c54adb1-7305-4702-87ee-f0b35b2d260f","block_type":"box","text":"assets or affect their liquidity due to BlackRock Cash Funds: Institutional’s Master Portfolio’s inability to","page_number":79,"box":{"x":116,"y":226,"width":728,"height":13}},{"id":"c26809ff-cca0-49c2-91a9-a0fcc74ab645","block_type":"box","text":"obtain a third-party determination of fair market value.","page_number":79,"box":{"x":116,"y":242,"width":385,"height":12}},{"id":"6da90a48-5db1-4476-9f8d-2ad299d74dc7","block_type":"box","text":"Purchase, Redemption and Pricing of Shares","page_number":79,"box":{"x":116,"y":270,"width":320,"height":13}},{"id":"651a5be5-ec3b-41f9-8d8c-8ede910470bb","block_type":"box","text":"Terms of Purchase and Redemption. The Funds are generally open Monday through Friday and are closed on","page_number":79,"box":{"x":116,"y":296,"width":762,"height":13}},{"id":"41c385d1-3116-42ba-bd01-8902bcce18e6","block_type":"box","text":"weekends and are generally closed on all other days th","page_number":79,"box":{"x":116,"y":311,"width":377,"height":13}},{"id":"387f064b-bd37-42db-86cd-213603a5fa4e","block_type":"box","text":"at the Fedwire Funds Service (the “Fedwire”) is closed","page_number":79,"box":{"x":494,"y":311,"width":374,"height":13}},{"id":"d2d16e72-1ad7-40dd-a23d-c1ec8ba84dff","block_type":"box","text":"or the primary markets for the Master Portfolios’ portfolio securities (","page_number":79,"box":{"x":116,"y":327,"width":484,"height":13}},{"id":"2509ccfc-9139-4ed4-a491-388512014ea9","block_type":"box","text":"i.e.","page_number":79,"box":{"x":602,"y":328,"width":18,"height":9}},{"id":"0d838035-5df0-4de9-b124-49033a2be9ce","block_type":"box","text":", the bond markets) are closed.","page_number":79,"box":{"x":622,"y":327,"width":212,"height":12}},{"id":"93e135a0-b090-4190-9bb0-727867b4c2b3","block_type":"box","text":"The holidays on which both the Fedwire and the primary markets for the Master Portfolios’ portfolio","page_number":79,"box":{"x":116,"y":342,"width":704,"height":13}},{"id":"c33e1ac6-d917-4899-8996-a1bef7d354e5","block_type":"box","text":"securities are closed currently are: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day,","page_number":79,"box":{"x":116,"y":358,"width":679,"height":13}},{"id":"0efeec4a-217a-4df2-88d8-d9add8eef98f","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor D","page_number":79,"box":{"x":116,"y":373,"width":390,"height":13}},{"id":"0c159482-d5cd-49ed-83a3-45864d13f47b","block_type":"box","text":"ay, Columbus Day, Veterans Day, Thanksgiving Day","page_number":79,"box":{"x":507,"y":373,"width":369,"height":13}},{"id":"a6edaab1-6e28-43d7-b60a-8700318d0da0","block_type":"box","text":"and Christmas Day. The Funds are also closed on Good Friday. On any day that the principal bond markets","page_number":79,"box":{"x":116,"y":389,"width":752,"height":13}},{"id":"0dbc639f-153f-4cfe-950e-0c19ec7cb4be","block_type":"box","text":"close early (as recommended by The Securities Industry Financial Markets Association (“SIFMA”)) or the","page_number":79,"box":{"x":116,"y":404,"width":733,"height":13}},{"id":"66b63535-941b-4c92-a4b1-40f28a449dc1","block_type":"box","text":"Federal Reserve Bank of Philadelphia or the New York Stock Exchange (“NYSE”) closes early","page_number":79,"box":{"x":116,"y":420,"width":656,"height":13}},{"id":"4011399b-6ffe-43e4-9945-1da10b638124","block_type":"box","text":"(1)","page_number":79,"box":{"x":773,"y":421,"width":12,"height":7}},{"id":"5613b5cd-c5a2-4b42-9515-3cb2a3218916","block_type":"box","text":", a Fund may","page_number":79,"box":{"x":786,"y":420,"width":91,"height":13}},{"id":"d39a75f6-7121-48be-be65-bbb2a9ee63d7","block_type":"box","text":"advance the time on that day by which a purchase order must be placed so that it will be effected and begin to","page_number":79,"box":{"x":116,"y":435,"width":763,"height":13}},{"id":"27c65c85-5b07-4acf-9f26-9d8707608bff","block_type":"box","text":"earn dividends that day. Each Fund reserves the right to change the amount of the minimum investment and","page_number":79,"box":{"x":116,"y":451,"width":750,"height":13}},{"id":"985e9a9c-2344-41df-b37a-5fb61d190c9b","block_type":"box","text":"subsequent purchases in the Fund. An investor’s investment in the Funds and/or other investment vehicles","page_number":79,"box":{"x":116,"y":466,"width":731,"height":13}},{"id":"f0f54de5-ee97-4b7d-9032-fe788a3cb3bf","block_type":"box","text":"managed or maintained by BFA or its affiliates may be aggregated when determining whether an investor","page_number":79,"box":{"x":116,"y":482,"width":731,"height":13}},{"id":"1c067112-4da8-49a9-b134-f468e4c4bae1","block_type":"box","text":"meets a minimum investment amount. The minimum i","page_number":79,"box":{"x":116,"y":497,"width":378,"height":10}},{"id":"0bca2962-9cc0-48ce-b3ef-5b23ffe83144","block_type":"box","text":"nitial investment amounts for the classes of the Funds","page_number":79,"box":{"x":495,"y":497,"width":370,"height":10}},{"id":"25eb98f8-1645-4489-8f93-ac3c4fa450d5","block_type":"box","text":"may be reduced or waived by BFA. Orders received after the applicable deadline for a Fund on any Business","page_number":79,"box":{"x":116,"y":513,"width":749,"height":13}},{"id":"efef23e2-fff8-49d1-920a-196fa1219353","block_type":"box","text":"Day (or, if the Fund closes early, at such closing time) will be cancelled. 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Box 5493, Boston, Massachusetts 02206.","page_number":79,"box":{"x":116,"y":598,"width":733,"height":13}},{"id":"b381ae3f-7ab7-481f-9f04-b45a7ae82a0f","block_type":"box","text":"Please include the Fund’s Share Class number and your account number on your check. You will find the","page_number":79,"box":{"x":116,"y":614,"width":730,"height":12}},{"id":"4c5d1eab-a8e9-45c6-8b23-a80dbcd9c962","block_type":"box","text":"numbers on your monthly statements. When a direct buyer purchases Fund shares and then quickly sells (e.g.,","page_number":79,"box":{"x":116,"y":629,"width":761,"height":13}},{"id":"c7afdfeb-c341-47c8-9f39-6d34f8e90028","block_type":"box","text":"sells before clearance of the purchase check), the Fund may delay the payment of proceeds for up to ten days","page_number":79,"box":{"x":116,"y":645,"width":753,"height":12}},{"id":"41cbf8f6-ac2e-4ce0-bc0b-886225a44510","block_type":"box","text":"to ensure that purchase checks have cleared.","page_number":79,"box":{"x":116,"y":660,"width":305,"height":13}},{"id":"6930d70f-7441-4706-b87c-75e3ba5fae03","block_type":"box","text":"In-Kind Purchases.","page_number":79,"box":{"x":116,"y":683,"width":131,"height":10}},{"id":"d61291ce-3751-496a-a5ad-ef567697abc1","block_type":"box","text":"Payment for shares of the Funds may, at the discretion of BFA, be made in the form of","page_number":79,"box":{"x":253,"y":683,"width":600,"height":13}},{"id":"fe3a29c4-ba7c-491e-a495-67bc9d708f75","block_type":"box","text":"securities that are permissible investments for the Funds and must meet the investment objectives, policies and","page_number":79,"box":{"x":116,"y":699,"width":761,"height":13}},{"id":"b355bca0-beb8-4d0b-8c83-87b48a96b663","block_type":"box","text":"limitations of the Funds as described in their Prospectus","page_number":79,"box":{"x":116,"y":714,"width":386,"height":13}},{"id":"a9af56a0-0d48-413f-a2ad-81c8033b6d67","block_type":"box","text":". In connection with an in-kind securities payment, the","page_number":79,"box":{"x":503,"y":714,"width":377,"height":13}},{"id":"5cadc3ce-917b-40f9-b3ca-6b6026f21516","block_type":"box","text":"Funds may require, among other things, that the securities (i) be valued on the day of purchase in accordance","page_number":79,"box":{"x":116,"y":730,"width":756,"height":13}},{"id":"67cecb37-f79f-4ed2-8e44-1613e8a4da67","block_type":"box","text":"with the pricing methods used by the Funds or the Master Portfolios; (ii) are accompanied by satisfactory","page_number":79,"box":{"x":116,"y":745,"width":730,"height":13}},{"id":"9cff2444-d442-4698-9f81-53f7c5a41d89","block_type":"box","text":"assurance that the Funds will have good and marketable title to such securities received by them; (iii) are not","page_number":79,"box":{"x":116,"y":761,"width":751,"height":13}},{"id":"30b76184-1d49-4093-86d9-8abb4c615d16","block_type":"box","text":"subject to any restrictions upon resale by the Funds; (iv) be in proper form for transfer to the Funds; and","page_number":79,"box":{"x":116,"y":776,"width":724,"height":13}},{"id":"08a0cb47-d9a2-4e5b-ae03-23702110ea88","block_type":"box","text":"(v) are accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":79,"box":{"x":117,"y":792,"width":716,"height":13}},{"id":"c0e73cbc-e5db-470a-9e05-b6eb754d897f","block_type":"box","text":"securities. All dividends, interest, subscription or other","page_number":79,"box":{"x":116,"y":807,"width":377,"height":13}},{"id":"bdf7cb43-f94d-4713-bfcd-d7b30d28c675","block_type":"box","text":"rights pertaining to such securities shall become the","page_number":79,"box":{"x":497,"y":807,"width":356,"height":13}},{"id":"3670b72e-9854-444e-b616-177c66a080ba","block_type":"box","text":"property of the Funds engaged in the in-kind purchase transaction and must be delivered to such Fund or","page_number":79,"box":{"x":116,"y":823,"width":729,"height":13}},{"id":"515c9c80-3b62-4fe7-b4c1-9883c7a9dfb1","block_type":"box","text":"(1)","page_number":79,"box":{"x":122,"y":851,"width":10,"height":6}},{"id":"80ae2e46-a877-4abe-bb03-5b39133bb1ab","block_type":"box","text":"SIFMA currently recommends an early close for the bond markets on the following dates: May 22, July 2, November 27,","page_number":79,"box":{"x":147,"y":851,"width":700,"height":10}},{"id":"97eeacde-41eb-4b38-aa8c-54e57e901d7d","block_type":"box","text":"December 24 and December 31, 2026 and March 26, 2027. The NYSE will close early on November 27 and December 24,","page_number":79,"box":{"x":146,"y":861,"width":715,"height":10}},{"id":"c601fd43-6b77-4867-b324-6c0748b18fd9","block_type":"box","text":"2026.","page_number":79,"box":{"x":146,"y":872,"width":33,"height":7}},{"id":"ada77ad0-d46b-45b9-8042-185d891e95b3","block_type":"box","text":"62","page_number":79,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"b71e1733-f587-460b-b37d-f6ae6d3a9887","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":79,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"71d5417e-84a0-465b-ab3d-784c53e514f6","block_type":"box","text":"Funds by the investor upon receipt from the issuer. Securities acquired through an in-kind purchase will be","page_number":80,"box":{"x":116,"y":79,"width":739,"height":13}},{"id":"991a0986-8b77-47f5-aa79-98efc2b49fe2","block_type":"box","text":"acquired for investment and not for immediate resale. A Fund immediately will transfer to its Master Portfolio","page_number":80,"box":{"x":116,"y":94,"width":765,"height":13}},{"id":"f050a7ce-2603-4211-bd86-cbdcbb7f266c","block_type":"box","text":"any and all securities received by it in connection with an in-kind purchase transaction, in exchange for","page_number":80,"box":{"x":116,"y":110,"width":715,"height":13}},{"id":"e0e2a340-dc59-4a60-9504-aef108396427","block_type":"box","text":"interests in such Master Portfolio. Shares purchased","page_number":80,"box":{"x":116,"y":125,"width":359,"height":13}},{"id":"0210bd9a-6dd9-49a4-b7a2-3b506a35ce2a","block_type":"box","text":"in exchange for securities generally cannot be redeemed","page_number":80,"box":{"x":480,"y":125,"width":384,"height":13}},{"id":"d9db056e-8942-4613-86cd-35357859fcc6","block_type":"box","text":"until the transfer has settled.","page_number":80,"box":{"x":116,"y":141,"width":196,"height":10}},{"id":"373bce76-c6dc-4638-ae56-e883c3623aa9","block_type":"box","text":"Suspension of Redemption Rights or Payment of Redemption Proceeds.","page_number":80,"box":{"x":116,"y":164,"width":498,"height":13}},{"id":"6c01a49e-c5ff-4020-9862-8bb9d2e91292","block_type":"box","text":"The Funds generally remit the","page_number":80,"box":{"x":620,"y":164,"width":207,"height":13}},{"id":"dba1b571-ae64-4535-ab9c-fb40770cf7fd","block_type":"box","text":"proceeds from a sale the same Business Day after receivi","page_number":80,"box":{"x":116,"y":180,"width":388,"height":12}},{"id":"553e9606-d20f-49ef-8bbc-ce00a349e041","block_type":"box","text":"ng a properly executed order to sell. Each Fund can","page_number":80,"box":{"x":505,"y":180,"width":357,"height":12}},{"id":"374350b4-59c6-4923-b3bf-361bcf2b04e2","block_type":"box","text":"delay payment for one Business Day. A Fund may postpone and/or suspend redemption and payment beyond","page_number":80,"box":{"x":116,"y":195,"width":760,"height":13}},{"id":"7ab2d28f-75b4-49d0-a036-b8cb623f369b","block_type":"box","text":"one Business Day only as follows: (1) for any period during which there is a non-routine closure of the Federal","page_number":80,"box":{"x":116,"y":211,"width":765,"height":12}},{"id":"437a2e40-c2da-43ca-8e58-15626535dcee","block_type":"box","text":"Reserve wire system or applicable Federal Reserve Banks; (2) for any period (a) during which the NYSE is","page_number":80,"box":{"x":116,"y":226,"width":734,"height":13}},{"id":"633a1cec-e387-465b-9338-b948c7a49f54","block_type":"box","text":"closed other than customary weekend and holiday closings or (b) during which trading on the NYSE is","page_number":80,"box":{"x":116,"y":242,"width":713,"height":12}},{"id":"71259afd-4632-49ca-9b36-3c1f890c28e4","block_type":"box","text":"restricted; (3) for any period during which an emergency exists as a result of which (a) disposal of securities","page_number":80,"box":{"x":116,"y":257,"width":744,"height":13}},{"id":"16057c63-cc3c-4b4c-ab90-d30401a569c5","block_type":"box","text":"owned by a Fund is not reasonably practicable or (b) it is not reasonably practicable for a Fund to fairly","page_number":80,"box":{"x":116,"y":273,"width":721,"height":12}},{"id":"4be664fb-04bc-4ff9-9942-b6f17fe56df5","block_type":"box","text":"determine the net asset value of shares of the Fund; (4) for any period during which the SEC has, by rule or","page_number":80,"box":{"x":116,"y":288,"width":743,"height":13}},{"id":"053f2879-02f8-48dd-b318-2a749b41a682","block_type":"box","text":"regulation, deemed that (a) trading shall be restricted","page_number":80,"box":{"x":116,"y":304,"width":367,"height":12}},{"id":"f3b4ed58-90d0-48a5-b73d-8a20776fbe36","block_type":"box","text":"or (b) an emergency exists; (5) for any period that the","page_number":80,"box":{"x":488,"y":304,"width":371,"height":12}},{"id":"acdfbcad-6039-4199-9b85-5f94982a9331","block_type":"box","text":"SEC may by order permit for your protection; or (6) for any period during which a Fund, as part of a","page_number":80,"box":{"x":116,"y":319,"width":703,"height":13}},{"id":"26b1fbf5-7f11-4b17-8f3b-d74291b7fc4c","block_type":"box","text":"necessary liquidation of the Fund, has properly postponed and/or suspended redemption of shares and","page_number":80,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"68888e1f-5393-4219-8830-2c304fa2976e","block_type":"box","text":"payment in accordance with Federal securities laws as discussed below.","page_number":80,"box":{"x":116,"y":350,"width":492,"height":13}},{"id":"88b5b91c-1e8c-49be-a094-9e66b008e77a","block_type":"box","text":"If the Board, including a majority of the non-interested tr","page_number":80,"box":{"x":116,"y":373,"width":396,"height":13}},{"id":"9ebb06bd-2d89-4e84-bc48-843ddebd9f93","block_type":"box","text":"ustees, determines either that (1) a Fund has invested,","page_number":80,"box":{"x":512,"y":373,"width":370,"height":13}},{"id":"26858764-0f60-40b1-9183-8566273fc966","block_type":"box","text":"at the end of a business day, less than 10% of its total assets in weekly liquid assets, or (2) in the case of","page_number":80,"box":{"x":116,"y":389,"width":720,"height":13}},{"id":"6e6d98f3-782a-4446-abe2-b7654063ae65","block_type":"box","text":"BlackRock Cash Funds: Treasury, such Fund’s calculated NAV per share has deviated from $1.00 or such","page_number":80,"box":{"x":116,"y":404,"width":736,"height":13}},{"id":"84ee6598-10d4-4a4e-b300-f5bdf77e4002","block_type":"box","text":"deviation is likely to occur; then the Board, subject to certain conditions, may in the case of a Fund that the","page_number":80,"box":{"x":116,"y":420,"width":743,"height":13}},{"id":"18a179b2-89bd-4c50-8056-0263d46758a0","block_type":"box","text":"Board has determined to liquidate irrevocably, suspe","page_number":80,"box":{"x":116,"y":435,"width":364,"height":13}},{"id":"ab070043-cbd8-4cda-a381-134fc6375ff7","block_type":"box","text":"nd redemptions and payment of redemption proceeds in","page_number":80,"box":{"x":481,"y":435,"width":389,"height":13}},{"id":"3f3fd4bc-d6ed-4050-956a-aeab57263b7c","block_type":"box","text":"order to facilitate the permanent liquidation of the Fund in an orderly manner. If this were to occur, it would","page_number":80,"box":{"x":116,"y":451,"width":756,"height":13}},{"id":"6f23cd9e-ad56-4f08-8704-8d866cacb2f4","block_type":"box","text":"likely result in a delay in your receipt of your redemption proceeds.","page_number":80,"box":{"x":116,"y":466,"width":465,"height":13}},{"id":"a521cff4-df76-4172-9ae6-69811a883aa7","block_type":"box","text":"Declaration of Trust Provisions Regarding Redemptions at Option of Trust.","page_number":80,"box":{"x":116,"y":490,"width":529,"height":12}},{"id":"3933b2f9-3647-4843-aba9-18bae63edc81","block_type":"box","text":"As provided in the Trust’s","page_number":80,"box":{"x":651,"y":490,"width":180,"height":12}},{"id":"c765dc88-321e-4a65-b7aa-5ad9e65a5bb6","block_type":"box","text":"Declaration of Trust, the Trustees may require shareholders to redeem shares for any reason under terms set","page_number":80,"box":{"x":116,"y":505,"width":750,"height":13}},{"id":"4d0a70f8-92b5-418b-9340-d5e601c06bb8","block_type":"box","text":"by the Trustees, including, but not limited to, the failure of a shareholder to supply a taxpayer identification","page_number":80,"box":{"x":116,"y":521,"width":748,"height":12}},{"id":"1a20e50c-2850-49d6-a825-57fdd843adaa","block_type":"box","text":"number if required to do so, or to have the minimum investment required, or to pay when due for the","page_number":80,"box":{"x":116,"y":536,"width":705,"height":13}},{"id":"50a16306-cef7-4002-a9ca-4baff6ebc854","block_type":"box","text":"purchase of shares issued to such shareholder.","page_number":80,"box":{"x":116,"y":552,"width":318,"height":12}},{"id":"4e99aa4e-1c72-48d1-8f4a-f3c8c9308e4c","block_type":"box","text":"Portfolio Transactions","page_number":80,"box":{"x":116,"y":580,"width":163,"height":10}},{"id":"567d876a-2ccc-4a40-a685-90e091a9c2f4","block_type":"box","text":"Since the Funds invest all of their assets in portfolios of MIP, set forth below is a description of the Master","page_number":80,"box":{"x":116,"y":606,"width":737,"height":13}},{"id":"36a7e581-3c57-4989-bff1-9ca158e9485d","block_type":"box","text":"Portfolios’ policies governing portfolio securities transactions.","page_number":80,"box":{"x":116,"y":621,"width":427,"height":13}},{"id":"50c52e6c-6653-468f-9b4e-97dc75ee81dc","block_type":"box","text":"General.","page_number":80,"box":{"x":117,"y":645,"width":57,"height":10}},{"id":"23a75b2d-7480-4ba3-bb54-3fbf95ee5f1c","block_type":"box","text":"Subject to policies established by the Board of Trustees, BFA is primarily responsible for the","page_number":80,"box":{"x":181,"y":645,"width":635,"height":12}},{"id":"24f73e0f-fad6-40fb-827f-bbcdeadb928c","block_type":"box","text":"execution of a Master Portfolio’s portfolio transactions and the allocation of brokerage. BFA does not execute","page_number":80,"box":{"x":116,"y":660,"width":764,"height":13}},{"id":"a7e1ea38-e007-456f-bf6c-e6855aba0b00","block_type":"box","text":"transactions through any particular broker or dealer, but seeks to obtain the best net results for the Master","page_number":80,"box":{"x":116,"y":676,"width":740,"height":12}},{"id":"c6be37b8-26df-41d2-94cf-a21c71ffb7ce","block_type":"box","text":"Portfolio, taking into account such factors as price (including the applicable brokerage commission or dealer","page_number":80,"box":{"x":116,"y":691,"width":752,"height":13}},{"id":"cc521d9f-ac3b-4800-bff3-b57f4be269e9","block_type":"box","text":"spread), size of order, difficulty of execution, operational facilities of the firm and the firm’s risk and skill in","page_number":80,"box":{"x":116,"y":707,"width":746,"height":12}},{"id":"5503abba-3f74-42c5-90b5-9c3f229de672","block_type":"box","text":"positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Master","page_number":80,"box":{"x":116,"y":722,"width":705,"height":13}},{"id":"4783c850-1df8-4e3a-b945-d57c4ef54042","block_type":"box","text":"Portfolio does not necessarily pay the lowest spread or commission available, and payment of the lowest","page_number":80,"box":{"x":116,"y":738,"width":724,"height":12}},{"id":"e5f41b2c-13f8-4fbc-90e4-7a5993617ac4","block_type":"box","text":"commission or spread is not necessarily consistent with obtaining the best price and execution in particular","page_number":80,"box":{"x":116,"y":753,"width":741,"height":13}},{"id":"0d599585-67fd-4803-8ec7-7c1c76d09fe0","block_type":"box","text":"transactions. The following disclosure provides some more detail regarding the Master Portfolio’s practices","page_number":80,"box":{"x":116,"y":769,"width":742,"height":13}},{"id":"a517e61a-ad71-4dda-99ad-0aace815e5c1","block_type":"box","text":"regarding Portfolio Transactions. Depending on its investment objective, a Master Portfolio may not engage in","page_number":80,"box":{"x":116,"y":784,"width":767,"height":13}},{"id":"4cfdc742-ab09-4b81-98d4-4cf02ed43bf0","block_type":"box","text":"some of the transactions described below.","page_number":80,"box":{"x":116,"y":800,"width":288,"height":10}},{"id":"b8649f04-33ee-4d87-9c7b-8015f7fdae4a","block_type":"box","text":"BFA does not consider the provision or value of research, products or services a broker or dealer may provide,","page_number":80,"box":{"x":116,"y":823,"width":755,"height":13}},{"id":"24e18535-e871-4c95-acd9-ae4f7a2a0d10","block_type":"box","text":"if any, as a factor in the selection of a broker or dealer or the determination of the reasonableness of","page_number":80,"box":{"x":116,"y":838,"width":686,"height":13}},{"id":"05f322c2-0ef5-4eaa-85f6-dea6332cdc19","block_type":"box","text":"commissions paid in connection with portfolio transactions. BFA does not consider sales of shares of the","page_number":80,"box":{"x":116,"y":854,"width":715,"height":13}},{"id":"46f9916f-cb7c-4d35-88eb-f9c3f95de6e0","block_type":"box","text":"mutual funds it advises as a factor in the selection of brokers or dealers to execute portfolio transactions for a","page_number":80,"box":{"x":116,"y":869,"width":749,"height":13}},{"id":"8497058e-df13-430e-b3ab-53b0329f3fbf","block_type":"box","text":"63","page_number":80,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"a24aadac-f54f-4dde-93e0-fbdfa676d8b3","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":80,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5d876e4b-6af1-429a-af26-29867edc8677","block_type":"box","text":"Master Portfolio; however, whether or not a particular broker or dealer sells shares of the mutual funds advised","page_number":81,"box":{"x":116,"y":79,"width":766,"height":13}},{"id":"ef7ff6d8-b92b-4757-af6f-488f374f5f51","block_type":"box","text":"by BFA neither qualifies nor disqualifies such broker or dealer to execute transactions for those mutual funds.","page_number":81,"box":{"x":116,"y":94,"width":750,"height":13}},{"id":"6e1871c1-0e2d-46c4-9cad-23bb8caed446","block_type":"box","text":"A Master Portfolio’s purchase and sale orders for securities may be combined with those of other accounts","page_number":81,"box":{"x":116,"y":117,"width":739,"height":12}},{"id":"95a35164-6f4e-4104-a6a6-13277d12b35f","block_type":"box","text":"that BFA manages or advises, and for which it has brokerage placement authority. If purchases or sales of","page_number":81,"box":{"x":116,"y":132,"width":734,"height":13}},{"id":"97db3ff4-ee39-4546-8228-328dc2fe780f","block_type":"box","text":"portfolio securities of a Master Portfolio and one or more other accounts managed or advised by BFA are","page_number":81,"box":{"x":116,"y":148,"width":732,"height":12}},{"id":"5ee35f5d-fc05-44d2-864e-e883778a449c","block_type":"box","text":"considered at or about the same time, transactions in su","page_number":81,"box":{"x":116,"y":163,"width":386,"height":12}},{"id":"949643dd-56a6-475c-b4e9-b68af6d483af","block_type":"box","text":"ch securities are allocated among the Master Portfolio","page_number":81,"box":{"x":503,"y":163,"width":374,"height":13}},{"id":"876a13e6-9a55-4b3a-858c-a90c913876bc","block_type":"box","text":"and the other accounts in a manner deemed equitable to all by BFA. In some cases, this procedure could have","page_number":81,"box":{"x":116,"y":179,"width":757,"height":12}},{"id":"f6182d17-21cb-49f3-9013-411c3f8c50a0","block_type":"box","text":"a detrimental effect on the price or volume of the security as far as a Master Portfolio is concerned. 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Because the shares of each Fund and interests of","page_number":81,"box":{"x":116,"y":361,"width":761,"height":13}},{"id":"d0939daf-3f1f-4b11-b13d-05a0380dffb7","block_type":"box","text":"the Master Portfolios are redeemable on a daily basis i","page_number":81,"box":{"x":116,"y":376,"width":376,"height":13}},{"id":"959909a1-ee25-4c06-a34b-11b1ec0d1dba","block_type":"box","text":"n U.S. dollars, each Master Portfolio intends to manage","page_number":81,"box":{"x":493,"y":376,"width":385,"height":13}},{"id":"099f4ede-049a-4cf4-995f-906a579d5b32","block_type":"box","text":"its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the extent necessary","page_number":81,"box":{"x":116,"y":391,"width":765,"height":13}},{"id":"c7dca761-2c8d-45be-922a-9e25decf791d","block_type":"box","text":"to meet anticipated redemptions. Under present conditions, it is not believed that these considerations will","page_number":81,"box":{"x":116,"y":407,"width":734,"height":12}},{"id":"e4e3c340-8830-4a27-a680-31c6cd4cf0a8","block_type":"box","text":"have a significant effect on a Master Portfolio’s portfolio strategies.","page_number":81,"box":{"x":116,"y":422,"width":465,"height":13}},{"id":"60255269-5d75-4f5e-a257-631c4868e416","block_type":"box","text":"Each Master Portfolio may invest in certain securities traded in the OTC market and intends to deal directly","page_number":81,"box":{"x":116,"y":444,"width":740,"height":13}},{"id":"acba8c7c-ec4f-43d6-ab38-0743769365b2","block_type":"box","text":"with the dealers who make a market in the particular securities, except in those circumstances in which better","page_number":81,"box":{"x":116,"y":459,"width":750,"height":13}},{"id":"6f91327d-e507-437a-9053-eb532df211d7","block_type":"box","text":"prices and execution are available elsewhere. Under the 1940 Act, persons affiliated with a Master Portfolio","page_number":81,"box":{"x":116,"y":474,"width":738,"height":13}},{"id":"73076476-c3dc-4f12-a4c9-c15ae8d94d83","block_type":"box","text":"and persons who are affiliated with such affiliated persons are prohibited from dealing with the Master","page_number":81,"box":{"x":116,"y":490,"width":707,"height":12}},{"id":"71e22da0-731d-4fdc-8a4f-561f042950b5","block_type":"box","text":"Portfolio as principal in the purchase and sale of securities unless a permissive order allowing such transactions","page_number":81,"box":{"x":116,"y":505,"width":759,"height":13}},{"id":"efe1835b-449b-49c4-b1d9-5dace45759f5","block_type":"box","text":"is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":81,"box":{"x":116,"y":520,"width":746,"height":13}},{"id":"f6ba6ee9-4eed-47fc-905e-39460d8cb782","block_type":"box","text":"acting as principal for their own accounts, the Master Portfolios will not deal with affiliated persons in","page_number":81,"box":{"x":116,"y":535,"width":703,"height":13}},{"id":"406c7094-b846-489e-9718-63384eb1d233","block_type":"box","text":"connection with such transactions. However, an affiliated person of a Master Portfolio may serve as its broker","page_number":81,"box":{"x":116,"y":551,"width":756,"height":12}},{"id":"c5a9fccc-1180-401e-a133-61bba9565ea4","block_type":"box","text":"in OTC transactions conducted on an agency basis provided that, among other things, the fee or commission","page_number":81,"box":{"x":116,"y":566,"width":747,"height":13}},{"id":"3e943958-a9ee-43da-a05c-89c440af727a","block_type":"box","text":"received by such affiliated broker is reasonable and fair compared to the fee or commission received by","page_number":81,"box":{"x":116,"y":581,"width":705,"height":13}},{"id":"b2252a28-74fc-4105-813c-2bb6e6cb6c79","block_type":"box","text":"non-affiliated brokers in connection with comparable transactions.","page_number":81,"box":{"x":116,"y":596,"width":457,"height":13}},{"id":"2862b842-a1df-4ce1-a83b-33670e272732","block_type":"box","text":"OTC issues, including most fixed income securities such as corporate debt and U.S. Government securities, are","page_number":81,"box":{"x":117,"y":618,"width":765,"height":13}},{"id":"ace34537-4d8c-4f79-91ec-facc7f39e220","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account","page_number":81,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"b31f0b13-ddd1-4270-adde-281257a524d4","block_type":"box","text":"and not as brokers. The Master Portfolios will primarily engage in transactions with these dealers or deal","page_number":81,"box":{"x":116,"y":649,"width":728,"height":13}},{"id":"b8a703e4-940a-4014-a3ce-19b2d21880ff","block_type":"box","text":"directly with the issuer unless a better price or execution could be obtained by using a broker. Prices paid to a","page_number":81,"box":{"x":116,"y":664,"width":759,"height":13}},{"id":"44eb23b6-79a7-4336-adb0-359c58fcab4c","block_type":"box","text":"dealer with respect to both foreign and domestic securities will generally include a “spread,” which is the","page_number":81,"box":{"x":116,"y":679,"width":727,"height":13}},{"id":"1c000926-2cad-4987-8bcb-0e347f5f5bc1","block_type":"box","text":"difference between the prices at which the dealer is willin","page_number":81,"box":{"x":116,"y":695,"width":395,"height":12}},{"id":"61c94e35-0465-4a69-8bf7-569ff1049d8e","block_type":"box","text":"g to purchase and sell the specific security at the time,","page_number":81,"box":{"x":512,"y":695,"width":370,"height":12}},{"id":"849c6e30-d3b6-428e-855d-b9a3d16c15ae","block_type":"box","text":"and includes the dealer’s normal profit.","page_number":81,"box":{"x":116,"y":710,"width":271,"height":13}},{"id":"8424f03a-a700-49a4-b080-5bed61ca3611","block_type":"box","text":"Purchases of money market instruments by a Master Portfolio are made from dealers, underwriters and","page_number":81,"box":{"x":116,"y":732,"width":718,"height":13}},{"id":"95def0c4-bf27-4917-a66c-090842bfc8d8","block_type":"box","text":"issuers. The Master Portfolios do not currently expect to incur any brokerage commission expense on such","page_number":81,"box":{"x":116,"y":747,"width":740,"height":13}},{"id":"ecd96259-1d57-4cca-8540-8320527e39bb","block_type":"box","text":"transactions because money market instruments are generally traded on a “net” basis with dealers acting as","page_number":81,"box":{"x":116,"y":762,"width":745,"height":13}},{"id":"f90bf97a-701f-4f3c-9234-939fbdb4d815","block_type":"box","text":"principal for their own accounts without a stated commission. The price of the security, however, usually","page_number":81,"box":{"x":116,"y":778,"width":730,"height":13}},{"id":"6c00e1e4-2d99-45e6-a169-285fd5ec8cce","block_type":"box","text":"includes a profit to the dealer. Each Master Portfolio intends to purchase only securities with remaining","page_number":81,"box":{"x":116,"y":793,"width":718,"height":13}},{"id":"c73ddd3e-6f46-4a23-8ab5-d106b4ad7028","block_type":"box","text":"maturities of 13 months or less as determined in accordance with the rules of the SEC and the policies or","page_number":81,"box":{"x":116,"y":808,"width":726,"height":13}},{"id":"f45da2a7-ebd7-4988-bbf3-697126b15e90","block_type":"box","text":"investment objectives of the Fund and Master Portfolio. As a result, the portfolio turnover rates of a Master","page_number":81,"box":{"x":116,"y":823,"width":747,"height":13}},{"id":"3088b99b-1817-4240-9153-f2919e92d010","block_type":"box","text":"Portfolio will be relatively high. However, because brokerage commissions will not normally be paid with","page_number":81,"box":{"x":116,"y":839,"width":734,"height":13}},{"id":"9e712548-31e0-441e-9858-3057085d282e","block_type":"box","text":"respect to investments made by a money market fund, the turnover rates should not adversely affect the","page_number":81,"box":{"x":116,"y":854,"width":718,"height":13}},{"id":"c3fa9def-f649-49a9-bc8d-8c0c5714a9dd","block_type":"box","text":"Master Portfolio’s net asset values or net income.","page_number":81,"box":{"x":116,"y":869,"width":340,"height":10}},{"id":"72d1d708-5734-442c-a2a4-ba949d2e195f","block_type":"box","text":"64","page_number":81,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"532de1cd-f42c-4158-9d0b-3cc33bcba4d1","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":81,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b2b983ce-c4cc-49e6-b8d5-a9954b7e307d","block_type":"box","text":"A Master Portfolio will not purchase securities during the existence of any underwriting or selling group","page_number":82,"box":{"x":116,"y":79,"width":722,"height":12}},{"id":"d61b7948-bb89-4497-994d-eea22de7cd90","block_type":"box","text":"relating to such securities of which BFA or any affiliated person (as defined in the 1940 Act) thereof is","page_number":82,"box":{"x":116,"y":94,"width":706,"height":13}},{"id":"ac303f88-0ad9-4d66-9093-7264284c3046","block_type":"box","text":"a member except pursuant to procedures adopted by the Board in accordance with Rule 10f-3 under the","page_number":82,"box":{"x":116,"y":109,"width":724,"height":13}},{"id":"816a2453-fb4f-457f-a883-aaf0f2fed4bd","block_type":"box","text":"1940 Act. In no instance will portfolio securities be purchased from or sold to BFA or any affiliated person","page_number":82,"box":{"x":117,"y":124,"width":740,"height":13}},{"id":"5771fcc6-68d2-427b-95d1-636b4fafc6e2","block_type":"box","text":"thereof except as permitted by SEC exemptive order or by applicable law.","page_number":82,"box":{"x":116,"y":139,"width":510,"height":13}},{"id":"760bc371-ce6a-4181-95f4-d8409d1427eb","block_type":"box","text":"Portfolio Turnover.","page_number":82,"box":{"x":116,"y":162,"width":135,"height":13}},{"id":"e831dc57-a545-43c1-99a6-470dbaaa4f6a","block_type":"box","text":"Portfolio turnover may vary from year to year, as well as within a year. Because the","page_number":82,"box":{"x":257,"y":162,"width":580,"height":13}},{"id":"a53eecd4-0ada-416d-81d2-7145610ac4a9","block_type":"box","text":"portfolios of the Funds consist of securities with relatively short-term maturities, the Funds expect to","page_number":82,"box":{"x":116,"y":178,"width":696,"height":13}},{"id":"d2c4c006-6a44-4360-b7ff-23c00a131325","block_type":"box","text":"experience high portfolio turnover. A high portfolio turnover rate should not adversely affect the Funds since","page_number":82,"box":{"x":116,"y":193,"width":756,"height":13}},{"id":"36f1920f-6203-4ff9-a373-58e8956b404a","block_type":"box","text":"portfolio transactions ordinarily will be made directly with principals on a net basis and, consequently, the","page_number":82,"box":{"x":116,"y":208,"width":739,"height":13}},{"id":"4c1d6d76-c488-46d4-bb4f-b938c4483da6","block_type":"box","text":"Funds usually will not incur brokerage expenses or excessive transaction costs.","page_number":82,"box":{"x":116,"y":223,"width":544,"height":13}},{"id":"925ec2db-aae4-436c-bd08-1aad9fb65fa1","block_type":"box","text":"Securities of Regular Broker-Dealers.","page_number":82,"box":{"x":116,"y":247,"width":251,"height":13}},{"id":"f6cf87f7-aeca-4620-9394-da0df18f61df","block_type":"box","text":"Neither of the Master Portfolios owned securities of their “regular brokers","page_number":82,"box":{"x":372,"y":247,"width":505,"height":13}},{"id":"c50d9680-dd13-4731-9908-c3f9f009ddbc","block_type":"box","text":"or dealers” (as defined in the 1940 Act) or their parents as of December 31, 2025, if any portion of such","page_number":82,"box":{"x":116,"y":262,"width":706,"height":13}},{"id":"b40fa4bb-16f0-4c14-a0f2-8b547fbae836","block_type":"box","text":"holdings were purchased during the fiscal year ended December 31, 2025, except as disclosed below:","page_number":82,"box":{"x":116,"y":278,"width":682,"height":13}},{"id":"15bc839e-4f50-4396-90df-f650e31fb884","block_type":"box","text":"Master Portfolio","page_number":82,"box":{"x":116,"y":306,"width":96,"height":8}},{"id":"5d14f9f7-1d91-4002-894f-2abc7a8bafe7","block_type":"box","text":"Regular Broker-Dealer or Parent","page_number":82,"box":{"x":410,"y":306,"width":189,"height":10}},{"id":"07d7aeb9-47f9-4170-8dfc-c1484d11c97b","block_type":"box","text":"Debt (D)/Equity (E)","page_number":82,"box":{"x":646,"y":306,"width":114,"height":10}},{"id":"84fdedd6-4eaf-49b2-ae0c-42a41b066d63","block_type":"box","text":"Amount (000s)","page_number":82,"box":{"x":786,"y":306,"width":87,"height":9}},{"id":"918e1246-1c65-4a52-9642-552e1ba5875a","block_type":"box","text":"Treasury Money Market Master Portfolio Citigroup Hldg Inc D $6,757,000","page_number":82,"box":{"x":116,"y":325,"width":746,"height":10}},{"id":"d41d7c33-160b-4e57-8c70-1dbfbd285e36","block_type":"box","text":"Treasury Money Market Master Portfolio Wells Fargo Secs LLC D $2,300,000","page_number":82,"box":{"x":116,"y":340,"width":746,"height":11}},{"id":"49b2ae66-cbcc-46bf-b659-3642df73b9b0","block_type":"box","text":"Treasury Money Market Master Portfolio Barclays PLC D $1,010,000","page_number":82,"box":{"x":116,"y":356,"width":746,"height":10}},{"id":"03cfb697-a6a5-4ffe-84a4-a0f3d43ddf1d","block_type":"box","text":"Money Market Master Portfolio Nomur Try Party D $4,530,000","page_number":82,"box":{"x":116,"y":371,"width":746,"height":11}},{"id":"6eb408f6-7ba6-4f3f-88de-fa74a4b0609f","block_type":"box","text":"Money Market Master Portfolio JP Morgan D $2,942,405","page_number":82,"box":{"x":116,"y":387,"width":746,"height":10}},{"id":"3fd2cb4e-a8cc-41e3-920c-b6f297a5c918","block_type":"box","text":"Money Market Master Portfolio Barclays PLC D $2,796,435","page_number":82,"box":{"x":116,"y":402,"width":746,"height":11}},{"id":"60ed13c1-fff7-47f0-8738-1e17d200b7cf","block_type":"box","text":"Money Market Master Portfolio Deutsche Bank D $2,002,113","page_number":82,"box":{"x":116,"y":418,"width":746,"height":10}},{"id":"a7ca55d3-db78-4d2d-b4e8-2bfc27717818","block_type":"box","text":"Money Market Master Portfolio RBC Capital Markets D $1,000,000","page_number":82,"box":{"x":116,"y":433,"width":746,"height":11}},{"id":"73bca088-fcfb-46a8-9381-fb25d2526649","block_type":"box","text":"Money Market Master Portfolio First Abu Dhabi Bank D $526,347","page_number":82,"box":{"x":116,"y":449,"width":741,"height":10}},{"id":"fe5ca8e6-47b6-4015-a9b6-0ac027c4687e","block_type":"box","text":"Distributions and Taxes","page_number":82,"box":{"x":116,"y":475,"width":175,"height":10}},{"id":"b16552ef-012f-4200-9055-c561a21dfbf5","block_type":"box","text":"The following information supplements, and should be read in conjunction with, the section in each","page_number":82,"box":{"x":116,"y":501,"width":693,"height":13}},{"id":"c5f328b4-ca40-4d8b-bd58-d27bf3994cbd","block_type":"box","text":"Prospectus entitled “Account Information — Federal Taxes.” The Prospectus generally describes the U.S.","page_number":82,"box":{"x":116,"y":517,"width":728,"height":13}},{"id":"5d060c94-abfd-44ed-b4e5-0a34c34e72d1","block_type":"box","text":"federal income tax treatment of distributions by the Funds. This section of the SAI provides additional","page_number":82,"box":{"x":116,"y":532,"width":709,"height":13}},{"id":"c61a9f09-ba7b-4146-a23d-5c0c7e9f5a27","block_type":"box","text":"information concerning U.S. federal income taxes. It is based on the U.S. Internal Revenue Code of 1986, as","page_number":82,"box":{"x":116,"y":548,"width":748,"height":13}},{"id":"1f486721-7a87-48c4-bf66-0ef601d044b7","block_type":"box","text":"amended (the “Internal Revenue Code”), applicable Treasury Regulations, judicial authority, and","page_number":82,"box":{"x":116,"y":563,"width":676,"height":13}},{"id":"ff8dc7b3-a9d6-434c-8646-d05ff990f247","block_type":"box","text":"administrative rulings and practice, all as of the date of this SAI and all of which are subject to change,","page_number":82,"box":{"x":116,"y":579,"width":711,"height":13}},{"id":"e45b5637-31a2-49d7-b3b8-706571f4f658","block_type":"box","text":"including changes with retroactive effect. The following discussion does not address any state, local or foreign","page_number":82,"box":{"x":116,"y":594,"width":761,"height":13}},{"id":"218aeadc-1fb8-46da-ba1e-f5ed17ba304d","block_type":"box","text":"tax matters.","page_number":82,"box":{"x":116,"y":613,"width":82,"height":7}},{"id":"621e53a7-7c75-42ad-9210-da826fb44fc8","block_type":"box","text":"A shareholder’s tax treatment may vary depending upon his or her particular situation. Except as otherwise","page_number":82,"box":{"x":116,"y":633,"width":746,"height":13}},{"id":"63254dbc-efca-4010-b794-124e39b1d8f7","block_type":"box","text":"noted, this discussion only applies to shareholders who are U.S. persons,","page_number":82,"box":{"x":116,"y":649,"width":501,"height":12}},{"id":"157f2673-837d-458c-a7c3-2a1c2518070a","block_type":"box","text":"i.e.","page_number":82,"box":{"x":623,"y":650,"width":18,"height":9}},{"id":"5c9e01b0-45b0-4e1d-ab1d-ff8dd4d4861a","block_type":"box","text":", U.S. citizens or residents or U.S.","page_number":82,"box":{"x":643,"y":649,"width":228,"height":12}},{"id":"8a05f09d-c0a4-4271-bf7c-3a0512a949f5","block_type":"box","text":"corporations, trusts or estates, and who are subject to U.S. federal income tax and hold Fund shares as capital","page_number":82,"box":{"x":116,"y":664,"width":761,"height":13}},{"id":"47e61137-1d78-47f3-b1af-dfe5ed39b241","block_type":"box","text":"assets within the meaning of the Internal Revenue Code. Except as otherwise noted, it may not apply to","page_number":82,"box":{"x":116,"y":680,"width":718,"height":12}},{"id":"81d2da83-1aa9-4757-a981-486017a707d3","block_type":"box","text":"certain types of shareholders who may be subject to special rules, such as partnerships (or other entities","page_number":82,"box":{"x":116,"y":695,"width":715,"height":13}},{"id":"a500f404-ea57-47d6-a679-b082c792785f","block_type":"box","text":"treated as partnerships for U.S. federal income tax purposes), insurance companies, tax-exempt organizations,","page_number":82,"box":{"x":116,"y":711,"width":762,"height":12}},{"id":"d3388789-38de-4f42-b3d4-5631565fe9d2","block_type":"box","text":"shareholders holding Fund shares through tax-advantaged accounts (such as 401(k) plan accounts or","page_number":82,"box":{"x":116,"y":726,"width":700,"height":13}},{"id":"d6d7de52-e44d-4c82-8f4b-5b619658a073","block_type":"box","text":"individual retirement accounts (“IRAs”)), financial institutions, broker-dealers, entities that are not organized","page_number":82,"box":{"x":116,"y":742,"width":759,"height":12}},{"id":"0aabca92-7cf7-4850-867b-c6767b50d7f5","block_type":"box","text":"under the laws of the United States or a political subdivision thereof, persons who are neither citizens nor","page_number":82,"box":{"x":116,"y":757,"width":730,"height":13}},{"id":"dbaa38d7-3745-4005-bb24-bf747ad67df9","block_type":"box","text":"residents of the United States, shareholders holding Fund shares as part of a hedge, straddle or conversion","page_number":82,"box":{"x":116,"y":773,"width":733,"height":12}},{"id":"17ea165b-6f87-409e-92d5-bb45a369c0f8","block_type":"box","text":"transaction, and shareholders who are subject to the U.S. federal alternative minimum tax.","page_number":82,"box":{"x":116,"y":788,"width":627,"height":13}},{"id":"c6ac20cf-da86-4525-8483-d271c1051be0","block_type":"box","text":"The Trust has not requested and will not request an advance ruling from the Internal Revenue Service (the","page_number":82,"box":{"x":116,"y":811,"width":736,"height":13}},{"id":"5b46ae7a-114e-4e84-a611-82f8e7bd57fa","block_type":"box","text":"“IRS”) as to the U.S. federal income tax matters described below. The IRS could adopt positions contrary to","page_number":82,"box":{"x":117,"y":827,"width":751,"height":13}},{"id":"41cdfaf0-cf08-45da-9277-d835cf0abbf9","block_type":"box","text":"those discussed below and such positions could be sustained. In addition, the foregoing discussion and the","page_number":82,"box":{"x":116,"y":842,"width":735,"height":13}},{"id":"ffb82759-7011-4ab3-8e90-2323ca05cfb7","block_type":"box","text":"discussions in the Prospectus applicable to each shareholder address only some of the U.S. federal income tax","page_number":82,"box":{"x":116,"y":858,"width":756,"height":13}},{"id":"81d3ba1b-189d-4c0c-8bbb-75419fc0f07e","block_type":"box","text":"65","page_number":82,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"f11aa686-83db-4ed4-8c00-3a86b23bb771","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":82,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"51f6709c-ba25-4c72-9e77-a3117a69894f","block_type":"box","text":"considerations generally affecting investments in the Funds. Prospective shareholders are urged to consult with","page_number":83,"box":{"x":116,"y":79,"width":765,"height":13}},{"id":"40391297-436a-4d47-ae39-0ff6613b77e9","block_type":"box","text":"their own tax advisers and financial planners as to the particular U.S. federal tax consequences to them of an","page_number":83,"box":{"x":116,"y":94,"width":754,"height":13}},{"id":"51ca82e9-145c-4f1f-b098-abab61e54cb2","block_type":"box","text":"investment in the Funds, as well as the applicability and effect of any state, local or foreign laws, and the effect","page_number":83,"box":{"x":116,"y":110,"width":766,"height":13}},{"id":"8d98146b-4285-4259-8a31-3db0ad6ed584","block_type":"box","text":"of possible changes in applicable tax laws.","page_number":83,"box":{"x":116,"y":125,"width":292,"height":13}},{"id":"8b6a2380-eaa2-40ce-b5cf-125ff9cd1654","block_type":"box","text":"Qualification as a Regulated Investment Company.","page_number":83,"box":{"x":117,"y":149,"width":355,"height":12}},{"id":"eb258caf-a7af-49d7-a470-4d8747daaac6","block_type":"box","text":"Each Fund has elected to be treated, has qualified and","page_number":83,"box":{"x":478,"y":149,"width":373,"height":12}},{"id":"dca5163d-568f-41e9-8515-483667f902b7","block_type":"box","text":"intends to continue to qualify each year, as a “regulated investment company” under Subchapter M of the","page_number":83,"box":{"x":116,"y":164,"width":737,"height":13}},{"id":"5bac2cb7-174e-4b1f-a049-a61a1d947fbc","block_type":"box","text":"Internal Revenue Code as long as such qualification is in the best interests of the Fund’s shareholders. Each","page_number":83,"box":{"x":116,"y":180,"width":741,"height":12}},{"id":"3ceea2fa-c35f-47b1-a79e-bede0a2b474d","block_type":"box","text":"Fund will be treated as a separate entity for U.S. federal income tax purposes. Thus, the provisions of the","page_number":83,"box":{"x":116,"y":195,"width":727,"height":13}},{"id":"db312f16-b63d-485f-9ca6-f16166887935","block_type":"box","text":"Internal Revenue Code applicable to regulated investment companies generally will apply separately to each","page_number":83,"box":{"x":116,"y":211,"width":748,"height":12}},{"id":"5f3ebf9b-067a-498d-b7e6-dcfa3fb8ff81","block_type":"box","text":"Fund, even though each Fund is a series of a trust. Furthermore, each Fund separately determines its income,","page_number":83,"box":{"x":116,"y":226,"width":753,"height":13}},{"id":"deb288c7-b9f5-469c-a86a-e5910b2e81ba","block_type":"box","text":"gains, losses and expenses for U.S. federal income tax purposes.","page_number":83,"box":{"x":116,"y":242,"width":440,"height":12}},{"id":"823765d8-5c21-4107-bfcd-e42490032292","block_type":"box","text":"In order to qualify as a regulated investment company under the Internal Revenue Code, each Fund must,","page_number":83,"box":{"x":116,"y":265,"width":724,"height":13}},{"id":"13b38d84-2aa5-407d-a0d1-0c9596cb8886","block_type":"box","text":"among other things, derive at least 90% of its annual gross income from dividends, interest, certain payments","page_number":83,"box":{"x":116,"y":280,"width":750,"height":13}},{"id":"e8381dfa-c77b-47dd-a11f-cbbee0b608b4","block_type":"box","text":"with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies,","page_number":83,"box":{"x":116,"y":296,"width":764,"height":13}},{"id":"93fa4637-b26d-4581-8f98-b794983a6f8c","block_type":"box","text":"or other income attributable to its business of investing in such stock, securities or foreign currencies (including,","page_number":83,"box":{"x":116,"y":311,"width":763,"height":13}},{"id":"67ad170b-3ca4-4b32-b9c3-eb2dc124fbe7","block_type":"box","text":"but not limited to, gains from options, futures or forward contracts) and net income derived from an interest in","page_number":83,"box":{"x":116,"y":327,"width":762,"height":13}},{"id":"b8968e02-15f9-4468-8be2-51b4b658e04f","block_type":"box","text":"a qualified publicly-traded partnership as defined in Section 851(h) of the Internal Revenue Code. Pursuant to","page_number":83,"box":{"x":116,"y":342,"width":752,"height":13}},{"id":"a48aa381-dba3-4cf8-afef-48fcae88a500","block_type":"box","text":"regulations that may be promulgated in the future, the IRS may limit qualifying income from foreign currency","page_number":83,"box":{"x":116,"y":358,"width":753,"height":13}},{"id":"2c757e37-7e7b-40fe-8901-1505c45118a2","block_type":"box","text":"gains to the amount of such currency gains that are directly related to a regulated investment company’s","page_number":83,"box":{"x":116,"y":373,"width":712,"height":13}},{"id":"21cde18f-7efa-4e86-99cb-f62c3a9cb726","block_type":"box","text":"principal business of investing in stock or securities. Each Fund must also diversify its holdings so that, at the","page_number":83,"box":{"x":116,"y":389,"width":744,"height":13}},{"id":"b0b41e9b-3da7-41f9-9d93-a3798e1b129d","block_type":"box","text":"end of each quarter of each taxable year: (i) at least 50% of the value of its assets consists of (A) cash and cash","page_number":83,"box":{"x":116,"y":404,"width":756,"height":13}},{"id":"b122fd22-f805-47d7-a81a-7d5233e2f506","block_type":"box","text":"items (including receivables), U.S. Government securities and securities of other regulated investment","page_number":83,"box":{"x":116,"y":420,"width":689,"height":13}},{"id":"a7673d1a-54d2-4516-aa84-ed08b69a1383","block_type":"box","text":"companies, and (B) other securities, with such other securities limited, in respect to any one issuer, to an","page_number":83,"box":{"x":116,"y":435,"width":710,"height":13}},{"id":"3a22c881-4a59-4bac-913c-9aae00db3680","block_type":"box","text":"amount not greater than 5% of the value of the Fund’s total assets and to not more than 10% of the","page_number":83,"box":{"x":116,"y":451,"width":689,"height":13}},{"id":"9bc742eb-6184-4c8b-b109-1c4ac6128c91","block_type":"box","text":"outstanding voting securities of such issuer and (ii) not more than 25% of the value of the Fund’s total assets is","page_number":83,"box":{"x":116,"y":466,"width":759,"height":13}},{"id":"301f33db-5309-4bf6-b931-48f75cf7a30f","block_type":"box","text":"invested in (A) the securities (other than U.S. Government securities and securities of other regulated investment","page_number":83,"box":{"x":116,"y":482,"width":765,"height":13}},{"id":"e4daa697-10c6-47a1-b886-70cb78b9e3e4","block_type":"box","text":"companies) of any one issuer, (B) the securities (other than the securities of other regulated investment","page_number":83,"box":{"x":116,"y":497,"width":698,"height":13}},{"id":"c973e89a-8d29-42b5-abb6-c47766098d4a","block_type":"box","text":"companies) of two or more issuers that the Fund controls and that are engaged in the same, similar, or related","page_number":83,"box":{"x":116,"y":513,"width":752,"height":13}},{"id":"5b0bf877-627c-439f-a89a-bc0ca69b96f2","block_type":"box","text":"trades or businesses, or (C) the securities of one or more qualified publicly-traded partnerships. The qualifying","page_number":83,"box":{"x":116,"y":528,"width":754,"height":13}},{"id":"00d04678-6106-481f-94e0-1bc6569a28fa","block_type":"box","text":"income and diversification requirements applicable to a Fund may limit the extent to which it can engage in","page_number":83,"box":{"x":116,"y":544,"width":737,"height":13}},{"id":"c2318707-6868-4223-ab8e-e493061d3930","block_type":"box","text":"transactions in options, futures contracts, forward contracts and swap agreements.","page_number":83,"box":{"x":116,"y":559,"width":566,"height":13}},{"id":"e5e18405-2e5e-41bb-9d8b-39aca2f128cc","block_type":"box","text":"In addition, each Fund generally must distribute to its shareholders an amount equal to or exceeding the sum","page_number":83,"box":{"x":116,"y":583,"width":756,"height":12}},{"id":"c7d76510-3a2d-4682-a81f-bd912924688c","block_type":"box","text":"of (i) 90% of its “investment company taxable income,” as that term is defined in the Internal Revenue Code","page_number":83,"box":{"x":116,"y":598,"width":757,"height":13}},{"id":"45fa1818-f79f-488c-ae3a-cd5aff162c54","block_type":"box","text":"(which generally includes, among other things, dividends, taxable interest, and the excess of any net","page_number":83,"box":{"x":117,"y":614,"width":690,"height":12}},{"id":"b73bb08c-f9a9-4595-a76c-50267e715f6b","block_type":"box","text":"short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses) without","page_number":83,"box":{"x":116,"y":629,"width":752,"height":13}},{"id":"918203cf-92dc-4c35-95f3-3ddf87f67812","block_type":"box","text":"regard to the deduction for dividends paid and (ii) 90% of its net tax-exempt income earned in each taxable","page_number":83,"box":{"x":116,"y":645,"width":748,"height":12}},{"id":"053401e6-99d5-4758-b0d2-e24aea2e4cb2","block_type":"box","text":"year. A Fund generally will not be subject to U.S. federal income tax on the investment company taxable","page_number":83,"box":{"x":116,"y":660,"width":724,"height":13}},{"id":"06956a80-8578-4b9f-a727-97494c0ab7ad","block_type":"box","text":"income and “net capital gain” (","page_number":83,"box":{"x":116,"y":676,"width":218,"height":12}},{"id":"89a6cd5b-b40d-4bca-9e35-afc3c870add2","block_type":"box","text":"i.e.","page_number":83,"box":{"x":335,"y":677,"width":19,"height":9}},{"id":"e6a037e3-8a95-4d4e-8704-360434c50e80","block_type":"box","text":", the excess of net long-term capital gain over net short-term capital loss) it","page_number":83,"box":{"x":356,"y":676,"width":517,"height":12}},{"id":"9d5178d9-39b9-4e06-84d2-fb796e557322","block_type":"box","text":"distributes to its shareholders. However, if a Fund meets such distribution requirements, but chooses to retain","page_number":83,"box":{"x":116,"y":691,"width":761,"height":13}},{"id":"3fa918e4-bc08-4b11-89be-43d7621b0781","block_type":"box","text":"some portion of its investment company taxable income or net capital gain, it generally will be subject to U.S.","page_number":83,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"21aa811a-271e-46c2-b5a3-e6f704316732","block_type":"box","text":"federal income tax at regular corporate rates on the amount retained. Although dividends generally will be","page_number":83,"box":{"x":116,"y":722,"width":738,"height":13}},{"id":"dca87393-4571-4188-a137-553d838e614d","block_type":"box","text":"treated as distributed when paid, if a Fund declares a distribution to shareholders of record in October,","page_number":83,"box":{"x":116,"y":738,"width":714,"height":12}},{"id":"6aa1297a-272e-427b-957e-2e1bd8df0fa0","block_type":"box","text":"November or December of one year and pays the distribution by January 31 of the following year, the Fund","page_number":83,"box":{"x":116,"y":753,"width":750,"height":13}},{"id":"44ce3fae-95cc-4095-b881-88938bc25af7","block_type":"box","text":"and its shareholders will be treated as if the Fund paid the distribution by December 31 of the calendar year in","page_number":83,"box":{"x":116,"y":769,"width":765,"height":13}},{"id":"89111653-cbc1-4834-ab4d-281b2579b359","block_type":"box","text":"which it was declared. Each Fund intends to distribute its net income and gain in a timely manner to maintain","page_number":83,"box":{"x":116,"y":784,"width":762,"height":13}},{"id":"b8d31019-e45a-4483-9837-97382eef5f28","block_type":"box","text":"its status as a regulated investment company and eliminate fund-level U.S. federal income taxation of such","page_number":83,"box":{"x":116,"y":800,"width":736,"height":13}},{"id":"316bad4d-8aa8-477f-9053-b67572785e56","block_type":"box","text":"income and gain. However, no assurance can be given that a Fund will not be subject to U.S. federal income","page_number":83,"box":{"x":116,"y":815,"width":750,"height":13}},{"id":"101ab954-d66b-4072-afec-c76101795930","block_type":"box","text":"taxation.","page_number":83,"box":{"x":116,"y":831,"width":61,"height":10}},{"id":"8a9f5dad-86c7-40e1-ab45-928ab2de16f5","block_type":"box","text":"If, in any taxable year, a Fund fails to qualify as a regulated investment company under the Internal Revenue","page_number":83,"box":{"x":116,"y":854,"width":744,"height":13}},{"id":"7dbea069-3dd7-41d9-b01a-50f68bb4a0b8","block_type":"box","text":"Code, notwithstanding the availability of certain relief provisions, or fails to meet the distribution requirements","page_number":83,"box":{"x":117,"y":869,"width":760,"height":13}},{"id":"11f3902b-e999-4dee-8365-4a1104fb1359","block_type":"box","text":"66","page_number":83,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"e549e229-a4a1-4601-bb87-cdecd120ac67","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":83,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"f1c3b4f1-f697-40f9-ac5c-215aaf416770","block_type":"box","text":"described above, the Fund would be taxed in the same manner as an ordinary U.S. corporation without any","page_number":84,"box":{"x":116,"y":79,"width":738,"height":13}},{"id":"16c0a71e-6178-45ae-b663-69e9057da985","block_type":"box","text":"deduction for distributions to shareholders, and all distributions from the Fund’s earnings and profits (including","page_number":84,"box":{"x":116,"y":94,"width":767,"height":13}},{"id":"39083daa-eb8a-406f-ad35-2d2630d4d0a3","block_type":"box","text":"any distributions of net tax-exempt income and net capital gain) to its shareholders would also be taxable as","page_number":84,"box":{"x":116,"y":110,"width":742,"height":13}},{"id":"2d5f901c-b2fc-46fa-901e-a222e6e83fe3","block_type":"box","text":"ordinary income at the shareholder level. To qualify again to be taxed as a regulated investment company in a","page_number":84,"box":{"x":116,"y":125,"width":753,"height":13}},{"id":"3cd43bcf-ab02-4469-843e-cb89daa38ec2","block_type":"box","text":"subsequent year, the Fund may be required to pay an interest charge and penalty to the IRS as well as distribute","page_number":84,"box":{"x":116,"y":141,"width":764,"height":13}},{"id":"d5a61055-3f7b-4a5e-9c8e-afcbe4f2da12","block_type":"box","text":"to its shareholders its earnings and profits attributable to non-regulated investment company years. In addition,","page_number":84,"box":{"x":116,"y":156,"width":763,"height":13}},{"id":"ad26c2ab-9d04-42ce-9503-d5edefe81fdd","block_type":"box","text":"if the Fund fails to qualify as a regulated investment company for a period greater than two taxable years, the","page_number":84,"box":{"x":116,"y":172,"width":750,"height":13}},{"id":"42795df2-0494-43f4-af5e-eb2fb9e30dd9","block_type":"box","text":"Fund may be required to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including","page_number":84,"box":{"x":116,"y":187,"width":760,"height":13}},{"id":"f86e4c09-201f-4f1d-8f6f-a4408a188dd6","block_type":"box","text":"items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or,","page_number":84,"box":{"x":116,"y":203,"width":703,"height":13}},{"id":"d324cf4e-a827-4c1e-8600-fdc073561c59","block_type":"box","text":"alternatively, to be subject to taxation on such built-in gain recognized for a period of ten years, in order to","page_number":84,"box":{"x":116,"y":218,"width":733,"height":13}},{"id":"4cf4edeb-f654-4592-aeb7-df7f7db99d88","block_type":"box","text":"qualify as a regulated investment company in a subsequent year.","page_number":84,"box":{"x":116,"y":234,"width":440,"height":13}},{"id":"5eaeb49b-eee9-4561-b700-8f843596f1d1","block_type":"box","text":"Excise Tax.","page_number":84,"box":{"x":116,"y":258,"width":80,"height":9}},{"id":"f32b6902-0c9e-44cf-963f-ad0972e0aef5","block_type":"box","text":"A 4% non-deductible excise tax will be imposed on each Fund to the extent it fails to distribute","page_number":84,"box":{"x":202,"y":257,"width":661,"height":13}},{"id":"537a662c-bc13-401b-95ab-42c56cd752b9","block_type":"box","text":"during each calendar year (i) at least 98% of its ordinary income (excluding capital gains and losses) for the","page_number":84,"box":{"x":116,"y":273,"width":746,"height":12}},{"id":"5ddc15c2-5421-4002-acc4-c4799963a6d0","block_type":"box","text":"calendar year, (ii) at least 98.2% of its net capital gain income (generally the excess of net long-term capital","page_number":84,"box":{"x":116,"y":288,"width":743,"height":13}},{"id":"7d588585-718b-4eb3-b139-62db6d606e08","block_type":"box","text":"gains over net short-term capital losses as adjusted for ordinary losses) for the 12 month period ending on","page_number":84,"box":{"x":116,"y":304,"width":734,"height":12}},{"id":"7de6b173-705a-4e22-93f8-fd598090c2b1","block_type":"box","text":"October 31, and (iii) all of its ordinary income and net capital gain income from previous years that was not","page_number":84,"box":{"x":117,"y":319,"width":750,"height":13}},{"id":"c95eb10d-731e-498f-9aa3-1732fb503110","block_type":"box","text":"distributed or subject to tax during such years. Each Fund intends to distribute substantially all of its net","page_number":84,"box":{"x":116,"y":335,"width":723,"height":12}},{"id":"a077ae17-b44f-432e-b92b-82ff6a80426d","block_type":"box","text":"income and gains, if any, by the end of each calendar year and, thus, expects not to be subject to the excise","page_number":84,"box":{"x":116,"y":350,"width":739,"height":13}},{"id":"58d09001-7783-4803-8d94-48f13bcfad85","block_type":"box","text":"tax. However, no assurance can be given that a Fund will not be subject to the excise tax.","page_number":84,"box":{"x":116,"y":366,"width":620,"height":12}},{"id":"3680a94b-3afa-4416-a5bf-4643447608f7","block_type":"box","text":"Capital Loss Carry-Forwards.","page_number":84,"box":{"x":117,"y":389,"width":208,"height":13}},{"id":"d02d9a23-ce1b-4517-8885-0e300628aec8","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in","page_number":84,"box":{"x":331,"y":389,"width":544,"height":13}},{"id":"80ff0d38-e823-4b5b-b8d9-342f10616fec","block_type":"box","text":"each succeeding year, until they have been reduced to zer","page_number":84,"box":{"x":116,"y":404,"width":398,"height":13}},{"id":"22b8eca0-74f2-4f01-9cae-7dd348a4a9df","block_type":"box","text":"o. In the event that the Fund were to experience an","page_number":84,"box":{"x":515,"y":404,"width":355,"height":13}},{"id":"7ef45d67-1851-4b6c-a9b0-7492e0c3772a","block_type":"box","text":"ownership change as defined under the Code, the Fund’s loss carryforwards and other favorable tax","page_number":84,"box":{"x":116,"y":420,"width":700,"height":13}},{"id":"da937fbc-8640-4edb-90a5-81e1f8eb12cc","block_type":"box","text":"attributes of the Fund, if any, may be subject to limitation.","page_number":84,"box":{"x":116,"y":435,"width":408,"height":13}},{"id":"ea26999f-a814-4239-8c78-6c32d0b3dc8c","block_type":"box","text":"Investment through the Master Portfolios.","page_number":84,"box":{"x":116,"y":459,"width":292,"height":12}},{"id":"93f899c7-183e-4d71-b7d1-6fce248bad8f","block_type":"box","text":"The Funds seek to continue to qualify as regulated investment","page_number":84,"box":{"x":414,"y":459,"width":429,"height":12}},{"id":"48bc3d2c-e786-41cc-b543-4bd7263c1dd3","block_type":"box","text":"companies by investing their assets through the Master Portfolios. Each Master Portfolio is treated as a","page_number":84,"box":{"x":116,"y":474,"width":714,"height":13}},{"id":"f32e85df-7105-494f-81f7-edcc8909f3f8","block_type":"box","text":"non-publicly traded partnership (or, in the event that a Fund is the sole investor in a Master Portfolio, as","page_number":84,"box":{"x":116,"y":490,"width":724,"height":12}},{"id":"4aa13c81-eeda-49df-a598-b8036222f213","block_type":"box","text":"disregarded from the Fund) for U.S. federal income tax purposes rather than as a regulated investment","page_number":84,"box":{"x":116,"y":505,"width":709,"height":13}},{"id":"1492e3e9-40fd-4d7c-a1f9-dee280dcdffb","block_type":"box","text":"company or a corporation under the Internal Revenue Code. Under the rules applicable to a non-publicly","page_number":84,"box":{"x":116,"y":521,"width":731,"height":12}},{"id":"8d7c2544-ca7b-4b1f-8b91-4e5ab45ad1c2","block_type":"box","text":"traded partnership (or disregarded entity), a proportionate share of any interest, dividends, gains and losses of","page_number":84,"box":{"x":116,"y":536,"width":763,"height":13}},{"id":"0a097ec5-05af-4f2c-98db-07644773404f","block_type":"box","text":"a Master Portfolio will be deemed to have been realized by (","page_number":84,"box":{"x":116,"y":552,"width":416,"height":12}},{"id":"fd89e886-db9a-4a16-9a39-c476abdc54e6","block_type":"box","text":"i.e.","page_number":84,"box":{"x":534,"y":553,"width":18,"height":9}},{"id":"6bf7d316-c351-42cb-9639-cd9d5693e814","block_type":"box","text":", “passed-through” to) its investors, including","page_number":84,"box":{"x":554,"y":552,"width":316,"height":12}},{"id":"2f6f982b-02ac-46a6-b694-98b98eb635a0","block_type":"box","text":"the corresponding Fund, regardless of whether any amounts are actually distributed by the Master Portfolio.","page_number":84,"box":{"x":116,"y":567,"width":752,"height":13}},{"id":"d18ea28a-92d9-4d34-ab12-9affe9aeeac3","block_type":"box","text":"Each investor in a Master Portfolio will be taxable on such share, as determined in accordance with the","page_number":84,"box":{"x":116,"y":583,"width":716,"height":12}},{"id":"722ae8b9-f5bb-4f20-ba07-2e6004c98b98","block_type":"box","text":"governing instruments of the particular Master Portfolio, the Internal Revenue Code and Treasury","page_number":84,"box":{"x":116,"y":598,"width":682,"height":13}},{"id":"06908528-40d2-40e8-9568-6ee83d8fa181","block_type":"box","text":"Regulations. Therefore, to the extent that a Master Portfolio were to accrue but not distribute any income or","page_number":84,"box":{"x":116,"y":614,"width":755,"height":12}},{"id":"dbf83e92-c7f8-4120-8bd9-933284541bd7","block_type":"box","text":"gains, the corresponding Fund would be deemed to have realized its proportionate share of such income or","page_number":84,"box":{"x":116,"y":629,"width":741,"height":13}},{"id":"fbf5fbbb-d650-41a1-9246-04253d99ebea","block_type":"box","text":"gains without receipt of any corresponding distribution. However, each of the Master Portfolios will seek to","page_number":84,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"8fdfbd38-6b67-4ab8-8c48-da45f42a0fd0","block_type":"box","text":"minimize recognition by its investors (such as the Funds) of income and gains without a corresponding","page_number":84,"box":{"x":116,"y":660,"width":711,"height":13}},{"id":"ad1140cb-0043-496c-a74b-7b574adb8b46","block_type":"box","text":"distribution. Furthermore, each Master Portfolio’s assets, income and distributions will be managed in such a","page_number":84,"box":{"x":116,"y":676,"width":757,"height":12}},{"id":"62c018aa-558d-4f97-8fb3-54cb8913d365","block_type":"box","text":"way that an investor in a Master Portfolio will be able to continue to qualify as a regulated investment","page_number":84,"box":{"x":116,"y":691,"width":710,"height":13}},{"id":"c435ed89-77e5-415f-b6d4-30045396b3bb","block_type":"box","text":"company by investing its assets through the Master Portfolio.","page_number":84,"box":{"x":116,"y":707,"width":424,"height":12}},{"id":"87e38bdb-8610-437e-8a5e-27ea660b8d0a","block_type":"box","text":"Taxation of Fund Investments.","page_number":84,"box":{"x":117,"y":730,"width":212,"height":13}},{"id":"43b54a8b-5f9a-4b12-b8f0-8a4eb2bc03d6","block_type":"box","text":"In general, if a Fund realizes gains or losses on the sale of portfolio securities,","page_number":84,"box":{"x":335,"y":730,"width":533,"height":13}},{"id":"16d89fd2-87d1-4036-9b1c-68288cbd27ed","block_type":"box","text":"such gains or losses are capital gains or losses. If the Fund has held the disposed securities for more than one","page_number":84,"box":{"x":116,"y":745,"width":750,"height":13}},{"id":"04239248-798f-4787-8183-5285ab18db6a","block_type":"box","text":"year at the time of disposition, such gains and losses generally are treated as long-term capital gains or losses.","page_number":84,"box":{"x":116,"y":761,"width":755,"height":13}},{"id":"3efb2b96-d744-4377-af65-078e3ff5c747","block_type":"box","text":"If a Fund purchases a debt obligation with original issu","page_number":84,"box":{"x":116,"y":784,"width":382,"height":13}},{"id":"8b4d9f41-34df-4e04-9794-ba61cd813dde","block_type":"box","text":"e discount (“OID”), generally at a price less than its","page_number":84,"box":{"x":498,"y":784,"width":359,"height":13}},{"id":"fb3d1b1f-3223-4a3b-a3bf-675a594cef63","block_type":"box","text":"principal amount, such as a zero-coupon bond, the Fund may be required to annually include in its taxable","page_number":84,"box":{"x":116,"y":800,"width":741,"height":13}},{"id":"0ff7cff8-f255-46a7-8dd7-f162faebecb1","block_type":"box","text":"income a portion of the OID as ordinary income, even though the Fund will not receive cash payments for","page_number":84,"box":{"x":116,"y":815,"width":738,"height":13}},{"id":"1b57fc80-dd46-468f-a27f-676a707d23a9","block_type":"box","text":"such discount until maturity or disposition of the obligation. A portion of the OID includible in income with","page_number":84,"box":{"x":116,"y":831,"width":753,"height":13}},{"id":"01dbc8d6-23cb-4880-a5dd-70b1f4fa4d93","block_type":"box","text":"respect to certain high-yield corporate debt securities may be treated as a dividend for U.S. federal income tax","page_number":84,"box":{"x":116,"y":846,"width":759,"height":13}},{"id":"0ebd3d8b-5aa7-4374-8197-7186ea01447a","block_type":"box","text":"purposes. Gains recognized on the disposition of a debt obligation (including a municipal obligation)","page_number":84,"box":{"x":116,"y":862,"width":698,"height":13}},{"id":"f44d9099-0ee4-4d92-b729-1b11dbac0d29","block_type":"box","text":"67","page_number":84,"box":{"x":491,"y":917,"width":18,"height":9}},{"id":"d2f0d018-96af-4702-b04c-0900e25a603f","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":84,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"11b4843d-a213-4d49-ab48-3c5ef3e4167e","block_type":"box","text":"purchased by a Fund at a market discount, usually at a price less than its principal amount, generally will be","page_number":85,"box":{"x":116,"y":79,"width":750,"height":13}},{"id":"3f3cdbf2-9b39-4f7a-b0f8-8611fc9b8f70","block_type":"box","text":"treated as ordinary income to the extent of the portion of market discount which accrued, but was not","page_number":85,"box":{"x":116,"y":94,"width":710,"height":13}},{"id":"4fc43977-28d2-4a47-80d0-57388909cff2","block_type":"box","text":"previously recognized pursuant to an available election, during the term that the Fund held the debt","page_number":85,"box":{"x":116,"y":110,"width":690,"height":13}},{"id":"cea3cf39-9a63-4bf4-8e61-c7f37927f148","block_type":"box","text":"obligation. A Fund generally will be required to make distributions to shareholders representing the OID on","page_number":85,"box":{"x":116,"y":125,"width":749,"height":13}},{"id":"8b12ca0f-311a-4ce6-a6fd-644d99100417","block_type":"box","text":"debt securities that is currently includible in income, even though the cash representing such income may not","page_number":85,"box":{"x":116,"y":141,"width":753,"height":13}},{"id":"089ba5a8-47d4-42db-8266-274c2e91814d","block_type":"box","text":"have been received by the Fund. Cash to pay such distributions may be obtained from borrowing or from","page_number":85,"box":{"x":116,"y":156,"width":732,"height":13}},{"id":"53bed2c9-b94d-4a99-85f8-a7db0dfe2366","block_type":"box","text":"sales of securities held by a Fund which the Fund otherwise might have continued to hold.","page_number":85,"box":{"x":116,"y":172,"width":623,"height":13}},{"id":"873441fa-c35d-49e8-a6d7-00167672dee1","block_type":"box","text":"If an option granted by a Fund lapses or is terminated through a closing transaction, such as a repurchase by","page_number":85,"box":{"x":116,"y":195,"width":753,"height":13}},{"id":"3c4469fb-b6ae-4828-8833-73b032185454","block_type":"box","text":"the Fund of the option from its holder, the Fund generally will realize a short-term capital gain or loss,","page_number":85,"box":{"x":116,"y":211,"width":709,"height":12}},{"id":"d70c253a-39a5-4819-b059-370852918394","block_type":"box","text":"depending on whether the premium income is greater or less than the amount paid by the Fund in the closing","page_number":85,"box":{"x":116,"y":226,"width":757,"height":13}},{"id":"2df97a98-9006-4a95-b7a4-5d663bf47fde","block_type":"box","text":"transaction. If securities are sold by a Fund pursuant to the exercise of a call option granted by it, the Fund","page_number":85,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"1eab5b82-22ad-40a5-9542-73de29a71931","block_type":"box","text":"will add the premium received to the sale price of the securities delivered in determining the amount of gain or","page_number":85,"box":{"x":116,"y":257,"width":764,"height":13}},{"id":"b3ec0b44-3322-4f9b-a110-a9d9574fe533","block_type":"box","text":"loss on the sale. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the","page_number":85,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"a3b7f1f8-1187-41c6-8614-b8bd85bbead3","block_type":"box","text":"Fund will subtract the premium received from its cost basis in the securities purchased.","page_number":85,"box":{"x":116,"y":288,"width":600,"height":13}},{"id":"5617a4ab-b94c-454b-82bf-84c3e022d1f2","block_type":"box","text":"Foreign exchange gains and losses realized by a Fund in connection with certain transactions involving foreign","page_number":85,"box":{"x":116,"y":311,"width":765,"height":13}},{"id":"845f5da0-673a-475b-b202-69af75775887","block_type":"box","text":"currency-denominated debt securities, certain options an","page_number":85,"box":{"x":116,"y":327,"width":392,"height":13}},{"id":"19008aaf-f745-485d-91eb-d3bdaac9329e","block_type":"box","text":"d futures contracts relating to foreign currency,","page_number":85,"box":{"x":509,"y":327,"width":326,"height":13}},{"id":"03411e2e-7dd2-4893-8c4e-b40a3d6aafb7","block_type":"box","text":"foreign currency forward contracts, foreign currencies,","page_number":85,"box":{"x":116,"y":342,"width":378,"height":13}},{"id":"b4232bcc-d218-45cd-a76f-f29a9995b623","block_type":"box","text":"or payables or receivables denominated in a foreign","page_number":85,"box":{"x":500,"y":342,"width":356,"height":13}},{"id":"3b4c1924-6e86-4985-884a-3a5e183713ce","block_type":"box","text":"currency are subject to Section 988 of the Internal Revenue Code, which generally causes such gains and","page_number":85,"box":{"x":116,"y":358,"width":724,"height":13}},{"id":"59b2a561-e7a2-4157-806b-e1480bb751d1","block_type":"box","text":"losses to be treated as ordinary income and losses and m","page_number":85,"box":{"x":116,"y":373,"width":391,"height":13}},{"id":"38f2d8f1-f17a-46a8-aa47-1ae24e956ae5","block_type":"box","text":"ay affect the amount and timing of recognition of the","page_number":85,"box":{"x":508,"y":373,"width":368,"height":13}},{"id":"b279a713-83b5-405c-a0de-3f4d0d3bd1e4","block_type":"box","text":"Fund’s income. Under Treasury Regulations that may be promulgated in the future, any such transactions that","page_number":85,"box":{"x":116,"y":389,"width":766,"height":13}},{"id":"ced72d70-e4b8-4ad0-9c50-4b95ee95ac18","block_type":"box","text":"are not directly related to a Fund’s principal business of investing in stock or securities (or its options contracts","page_number":85,"box":{"x":116,"y":404,"width":766,"height":13}},{"id":"b3977cdf-3fa4-4385-8d80-6a79794a00ed","block_type":"box","text":"or futures contracts with respect to stock or securities) may have to be limited in order to enable the Fund to","page_number":85,"box":{"x":116,"y":420,"width":751,"height":13}},{"id":"5d487ad8-c296-43a6-ab47-2fd899ab1fce","block_type":"box","text":"satisfy the 90% income test described above. If the net foreign exchange loss for a year exceeds a Fund’s","page_number":85,"box":{"x":116,"y":435,"width":722,"height":13}},{"id":"1453844a-bbaa-42ba-8d6b-f4daf9f43548","block_type":"box","text":"investment company taxable income (computed without regard to such loss), the resulting ordinary loss for","page_number":85,"box":{"x":116,"y":451,"width":745,"height":13}},{"id":"b1aab2fc-0000-49df-b8f8-8c8cd3a264b9","block_type":"box","text":"such year will not be deductible by the Fund or its shareholders in future years.","page_number":85,"box":{"x":116,"y":466,"width":547,"height":13}},{"id":"c01157e0-9cde-4e2a-ad21-42ce2e998dde","block_type":"box","text":"If a Fund enters into a “constructive sale” of any appreciated financial position in stock, a partnership interest, or","page_number":85,"box":{"x":116,"y":490,"width":767,"height":12}},{"id":"11d0fab4-1faf-4bf7-8e9a-f42745782e3b","block_type":"box","text":"certain debt instruments, the Fund will be treated as if it had sold and immediately repurchased the property and","page_number":85,"box":{"x":116,"y":505,"width":763,"height":13}},{"id":"858b031f-934b-450c-8f8a-f7a5e4ac7b79","block_type":"box","text":"must recognize gain (but not loss) with respect to that position. A constructive sale occurs when a Fund enters","page_number":85,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"6e524000-42e6-438b-a3ed-78055ec5a90c","block_type":"box","text":"into one of the following transactions with respect to the sam","page_number":85,"box":{"x":116,"y":536,"width":415,"height":13}},{"id":"32e9a277-39ba-4d51-91ff-64ad1f878f5e","block_type":"box","text":"e or substantially identical property: (i) a short sale;","page_number":85,"box":{"x":532,"y":536,"width":347,"height":13}},{"id":"a26835ad-65e2-4c06-a7ee-80551e2df547","block_type":"box","text":"(ii) an offsetting notional principal contract; (iii) a futures or forward contract; or (iv) other transactions","page_number":85,"box":{"x":117,"y":552,"width":701,"height":12}},{"id":"75d9c789-9934-4338-a4c8-0a5e5fcda74e","block_type":"box","text":"identified in Treasury Regulations that may be promulgated in the future. The character of the gain from","page_number":85,"box":{"x":116,"y":567,"width":710,"height":13}},{"id":"0d862e5f-b98c-44d6-a60a-46ba332fd424","block_type":"box","text":"constructive sales will depend upon a Fund’s holding period in the property. Losses from a constructive sale of","page_number":85,"box":{"x":116,"y":583,"width":747,"height":12}},{"id":"074a3003-d2e5-44af-ab1c-b93f54718412","block_type":"box","text":"property will be recognized when the property is subsequently disposed of. The character of such losses will","page_number":85,"box":{"x":116,"y":598,"width":728,"height":13}},{"id":"f0ae9130-7ca8-46f0-89aa-f1aafea15677","block_type":"box","text":"depend upon a Fund’s holding period in the property and the application of various loss deferral provisions in","page_number":85,"box":{"x":116,"y":614,"width":744,"height":12}},{"id":"b8e311c9-30e7-431d-985f-41c18d80e4d0","block_type":"box","text":"the Internal Revenue Code. Constructive sale treatment does not apply to a transaction if such transaction is","page_number":85,"box":{"x":116,"y":629,"width":732,"height":13}},{"id":"5ea478b6-ce53-4600-bdfa-73a782435b2a","block_type":"box","text":"closed before the end of the 30th day after the close of the Fund’s taxable year, the Fund holds the appreciated","page_number":85,"box":{"x":116,"y":645,"width":747,"height":12}},{"id":"dae8a997-32eb-4a9b-94ce-9474a027332a","block_type":"box","text":"financial position throughout the 60-day period beginning with the day such transaction was closed, and the","page_number":85,"box":{"x":116,"y":660,"width":734,"height":13}},{"id":"d57da942-3e4f-4155-92e1-bb5b808c9186","block_type":"box","text":"Fund’s risk of loss with respect to such position is not reduced at any time during such 60-day period.","page_number":85,"box":{"x":116,"y":676,"width":687,"height":12}},{"id":"fb9f395e-fad7-4061-b5ef-7447ce40cb19","block_type":"box","text":"In addition to the investments described above, prospective shareholders should be aware that other investments","page_number":85,"box":{"x":116,"y":699,"width":760,"height":13}},{"id":"e42ee64e-42ac-480d-9a7f-fe84fdf1395f","block_type":"box","text":"made by the Funds may involve sophisticated tax rules that may result in income or gain recognition by the","page_number":85,"box":{"x":116,"y":714,"width":726,"height":13}},{"id":"9e1c77b7-5447-4788-8c3c-6f24d3d2b7b5","block_type":"box","text":"Funds without corresponding current cash receipts. Although the Funds seek to avoid significant non-cash","page_number":85,"box":{"x":116,"y":730,"width":719,"height":13}},{"id":"5df4f847-50bd-4a4e-8a46-916c43bf710d","block_type":"box","text":"income, such non-cash income could be recognized by the Funds, in which case the Funds may distribute cash","page_number":85,"box":{"x":116,"y":745,"width":743,"height":13}},{"id":"0111bde9-a27e-4eb8-af54-7d9e2334e735","block_type":"box","text":"derived from other sources in order to meet the minimum distribution requirements described above. In this","page_number":85,"box":{"x":116,"y":761,"width":729,"height":13}},{"id":"6c01cc05-22df-4d98-b207-189c07de4767","block_type":"box","text":"regard, the Funds could be required at times to liquidate investments prematurely in order to satisfy their","page_number":85,"box":{"x":116,"y":776,"width":709,"height":13}},{"id":"f3718de1-9fa2-4cfe-bfac-1e542a745aa3","block_type":"box","text":"minimum distribution requirements.","page_number":85,"box":{"x":116,"y":792,"width":245,"height":13}},{"id":"7e6b4209-cf18-4394-b7d9-6d203c41aacd","block_type":"box","text":"Taxation of Distributions.","page_number":85,"box":{"x":117,"y":815,"width":181,"height":13}},{"id":"a3532a9a-d1ca-464b-aadd-4daae60db42b","block_type":"box","text":"For U.S. federal income tax purposes, a Fund’s earnings and profits, described","page_number":85,"box":{"x":304,"y":815,"width":541,"height":13}},{"id":"715328ea-f32e-4451-90a7-1aca9c82c574","block_type":"box","text":"above, are determined at the end of the Fund’s taxable year and are allocated pro rata to distributions made","page_number":85,"box":{"x":116,"y":831,"width":748,"height":13}},{"id":"9043036e-7645-434f-b36d-bc907b5b8fa4","block_type":"box","text":"throughout the entire year in the case of a Fund with a calendar taxable year. In the case of a Fund with a","page_number":85,"box":{"x":116,"y":846,"width":733,"height":13}},{"id":"18a48e31-4338-4281-9942-dd3ba9aa088a","block_type":"box","text":"non-calendar taxable year, a Fund’s earnings and profits are allocated first to distributions made on or before","page_number":85,"box":{"x":116,"y":862,"width":758,"height":13}},{"id":"7efff745-fc76-4820-9412-599d01f7ff42","block_type":"box","text":"68","page_number":85,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"c74195a4-5ea8-4e82-9b06-5ec893dcc5ab","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":85,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9aa9bf65-85e2-4192-909d-0aa57a565fe4","block_type":"box","text":"December 31 of the taxable year, and then to distributions made after December 31 of the taxable year. All","page_number":86,"box":{"x":116,"y":79,"width":745,"height":13}},{"id":"6dfa8d4c-2248-4da1-8467-c00a38d3a937","block_type":"box","text":"distributions paid out of a Fund’s earnings and profits (as determined at the end of the year), whether paid in","page_number":86,"box":{"x":116,"y":94,"width":756,"height":13}},{"id":"d349b610-6ee8-44dd-a38e-cd7a1070bc34","block_type":"box","text":"cash or reinvested in the Fund, generally are deemed to be taxable distributions and must generally be","page_number":86,"box":{"x":116,"y":110,"width":705,"height":13}},{"id":"fb11479c-0836-40c2-a786-8794b21fc333","block_type":"box","text":"reported on each Fund shareholder’s U.S. federal income tax return. Distributions in excess of a Fund’s","page_number":86,"box":{"x":116,"y":125,"width":714,"height":13}},{"id":"23236e05-15ea-4971-a493-7fac1959ba5f","block_type":"box","text":"earnings and profits will first be treated as a return of capital up to the amount of a shareholder’s tax basis in","page_number":86,"box":{"x":116,"y":141,"width":757,"height":13}},{"id":"da96747f-8949-4d26-8fe6-4958a897ec62","block_type":"box","text":"the shareholder’s Fund shares and any such amount in excess of that basis as capital gain from the sale of","page_number":86,"box":{"x":116,"y":156,"width":731,"height":13}},{"id":"ae53bcb3-2139-4c06-9843-3e9931ecfc59","block_type":"box","text":"shares, as discussed below. A Fund may make distributions in excess of earnings and profits to a limited","page_number":86,"box":{"x":116,"y":172,"width":721,"height":13}},{"id":"2c25e8a2-889e-4939-9320-454ee0b1a4d0","block_type":"box","text":"extent, from time to time.","page_number":86,"box":{"x":116,"y":187,"width":177,"height":13}},{"id":"251cbece-5865-4777-af4b-7b8765cff4c0","block_type":"box","text":"In general, assuming that each Fund has sufficient earnings and profits, distributions from investment","page_number":86,"box":{"x":116,"y":210,"width":702,"height":13}},{"id":"5deaa623-6a32-42b2-85e8-afab20253035","block_type":"box","text":"company taxable income are taxable as ordinary income. Since each Fund’s income is derived from sources","page_number":86,"box":{"x":116,"y":225,"width":743,"height":13}},{"id":"57c8f2b8-55f4-4871-aeaf-b8d002d8f31c","block_type":"box","text":"that do not pay “qualified dividend income,” as defined in Section 1(h)(11)(B) of the Internal Revenue Code,","page_number":86,"box":{"x":116,"y":240,"width":754,"height":13}},{"id":"c02661f3-db46-4bff-831b-1c82d74e9f43","block_type":"box","text":"distributions from investment company taxable income of the Funds generally will not qualify for taxation at","page_number":86,"box":{"x":116,"y":256,"width":757,"height":12}},{"id":"730f2ac7-6569-46d7-bc6e-0e7e72cbdff1","block_type":"box","text":"the maximum 20% U.S. federal income tax rate available to individuals on qualified dividend income.","page_number":86,"box":{"x":116,"y":271,"width":708,"height":12}},{"id":"79616b6f-9f80-48e9-8309-e299329958f7","block_type":"box","text":"Distributions reported by a Fund as a “capital gain dividend”, if any, will be taxed to shareholders as long","page_number":86,"box":{"x":116,"y":294,"width":742,"height":12}},{"id":"55f117e5-7cd3-4a2b-a9fe-d4b9a3cbeb63","block_type":"box","text":"term capital gain (to the extent such distributions do not exceed the Fund’s actual net capital gain for the","page_number":86,"box":{"x":116,"y":309,"width":727,"height":12}},{"id":"69128015-e9a6-4055-8d34-ec87ac542f68","block_type":"box","text":"taxable year), regardless of how long a shareholder has held Fund shares. Each Fund will report capital gains","page_number":86,"box":{"x":116,"y":324,"width":755,"height":13}},{"id":"efd0d29d-99f2-4dee-bc36-b9e97e27879f","block_type":"box","text":"dividends, if any, in a written statement furnished to its shareholders. Normally the Funds do not expect to","page_number":86,"box":{"x":116,"y":339,"width":742,"height":13}},{"id":"99d992b8-3607-4c16-b9b8-40e1198e9569","block_type":"box","text":"realize or distribute a significant amount of long-term capital gains (if any).","page_number":86,"box":{"x":116,"y":354,"width":520,"height":13}},{"id":"f37c5cfa-1c34-4e09-b352-2377944be6e9","block_type":"box","text":"Distributions from each Fund paid to corporate shareholders are not expected to qualify for the dividends","page_number":86,"box":{"x":116,"y":377,"width":739,"height":13}},{"id":"4775d6be-88ba-4019-bbfe-47b5397325f6","block_type":"box","text":"received deductions generally available to corporate taxpayers. The U.S. federal income tax status of all","page_number":86,"box":{"x":116,"y":392,"width":716,"height":13}},{"id":"827afbc7-d4a3-42f1-b5f2-275a744763a6","block_type":"box","text":"distributions will be reported to shareholders annually.","page_number":86,"box":{"x":116,"y":407,"width":380,"height":13}},{"id":"26029d5d-190c-4dd6-b733-75a761c8e420","block_type":"box","text":"Some states will not tax distributions made to individual shareholders that are attributable to interest a Fund","page_number":86,"box":{"x":116,"y":430,"width":754,"height":10}},{"id":"5fe2e36e-4e55-4dfd-84d5-a67e40b4cfc2","block_type":"box","text":"earned on direct obligations of the U.S. Government if the Fund meets the state’s minimum investment or","page_number":86,"box":{"x":116,"y":445,"width":731,"height":13}},{"id":"6ae112df-1f8a-449c-8392-2860d2a126e0","block_type":"box","text":"reporting requirements, if any. Investments in Ginnie Mae or Fannie Mae securities, bankers’ acceptances,","page_number":86,"box":{"x":116,"y":460,"width":735,"height":13}},{"id":"a3b156b3-def8-4d85-a329-69d6af1e3d7d","block_type":"box","text":"commercial paper and repurchase agreements collateralized by U.S. Government securities generally do not","page_number":86,"box":{"x":116,"y":475,"width":744,"height":13}},{"id":"a9826bfe-e23a-4949-88bc-b7da316653d8","block_type":"box","text":"qualify for tax-free treatment. This exemption may not apply to corporate shareholders.","page_number":86,"box":{"x":116,"y":490,"width":610,"height":13}},{"id":"ae30cfc0-0449-4a5b-b112-89779acd1bfb","block_type":"box","text":"Sales of Fund Shares.","page_number":86,"box":{"x":116,"y":513,"width":145,"height":13}},{"id":"187bab3a-e038-4150-81ba-e5a2d916d434","block_type":"box","text":"Redemptions are treated as sales for tax purposes and generally are taxable events for","page_number":86,"box":{"x":267,"y":513,"width":594,"height":13}},{"id":"80837044-bf42-4b29-ab7d-6183c078c59f","block_type":"box","text":"shareholders that are subject to tax. In general, if Fund shares are sold, a shareholder will recognize gain or","page_number":86,"box":{"x":116,"y":528,"width":742,"height":13}},{"id":"a35c099f-473c-4af4-b5b9-44ef4a720b25","block_type":"box","text":"loss equal to the difference between the amount realized on the sale and the shareholder’s adjusted tax basis in","page_number":86,"box":{"x":116,"y":544,"width":765,"height":12}},{"id":"36809b62-77dd-4724-9bde-e65c821ed9be","block_type":"box","text":"the shares. As long as BlackRock Cash Funds: Treasury maintains a constant NAV of $1.00 per share,","page_number":86,"box":{"x":116,"y":558,"width":711,"height":13}},{"id":"09dccdd8-1fb6-492b-be40-8526f816a479","block_type":"box","text":"generally no gain or loss should be recognized upon the sale of shares of BlackRock Cash Funds: Treasury.","page_number":86,"box":{"x":116,"y":574,"width":740,"height":13}},{"id":"c68f72e6-8300-4f41-9478-96ff820fe4fd","block_type":"box","text":"Because BlackRock Cash Funds: Institutional offers an","page_number":86,"box":{"x":116,"y":589,"width":379,"height":10}},{"id":"902efb3c-f90d-4073-aa53-ef0d4d10e660","block_type":"box","text":"d redeems its shares using a floating NAV, a redeeming","page_number":86,"box":{"x":495,"y":589,"width":384,"height":13}},{"id":"b4e1a20f-3d2c-415f-b3e3-a3072eb0518e","block_type":"box","text":"shareholder may realize gains and losses because of differences between the NAV at which shares are acquired","page_number":86,"box":{"x":116,"y":604,"width":765,"height":13}},{"id":"68f57b5d-342c-4a03-902f-5162b1d22060","block_type":"box","text":"and the NAV at which shares are redeemed. If a shareholder recognizes gain or loss on the sale of Fund","page_number":86,"box":{"x":116,"y":619,"width":717,"height":13}},{"id":"918998ce-1407-44ce-997d-2224a988da69","block_type":"box","text":"shares, this gain or loss will be long-term capital gain or loss if the shareholder has held such Fund shares for","page_number":86,"box":{"x":116,"y":634,"width":754,"height":13}},{"id":"a693a0b1-bc33-4db6-b9ca-03d40ba6e77a","block_type":"box","text":"more than one year at the time of the sale. If a shareholder receives a capital gain dividend with respect to any","page_number":86,"box":{"x":116,"y":649,"width":762,"height":13}},{"id":"e919d4b1-0938-49ea-bcd5-f7c0467cf7ec","block_type":"box","text":"Fund share and such Fund share is held for six months or less, then (unless otherwise disallowed) any loss on","page_number":86,"box":{"x":116,"y":664,"width":755,"height":13}},{"id":"8a73310d-d63b-46ef-85d5-09d22fe53000","block_type":"box","text":"the sale or exchange of that Fund share will be treated as a long-term capital loss to the extent of the capital","page_number":86,"box":{"x":116,"y":680,"width":747,"height":12}},{"id":"e30a9b28-220b-4450-8bfb-86097da7ddf8","block_type":"box","text":"gain dividend. In addition, a shareholder in a money market fund (whether the money market fund has a","page_number":86,"box":{"x":116,"y":695,"width":727,"height":12}},{"id":"50671d8f-1c78-4ecc-a637-acbb071e3dbd","block_type":"box","text":"constant NAV of $1.00 or a floating NAV) may elect to adopt a simplified, aggregate accounting method","page_number":86,"box":{"x":116,"y":709,"width":732,"height":14}},{"id":"2589104a-49a9-4403-acf3-2ad533274326","block_type":"box","text":"under which gains and losses can be netted based on computation periods rather than reported separately.","page_number":86,"box":{"x":116,"y":725,"width":735,"height":13}},{"id":"c8629346-1ba1-4058-b4f2-2fc3efaaeeeb","block_type":"box","text":"Shareholders are urged to consult their tax advisors before deciding to adopt such accounting method.","page_number":86,"box":{"x":116,"y":740,"width":708,"height":13}},{"id":"d598208f-637c-483e-84fe-a18da2db8913","block_type":"box","text":"If BlackRock Cash Funds: Institutional imposes a mandatory or discretionary liquidity fee on share","page_number":86,"box":{"x":116,"y":763,"width":687,"height":13}},{"id":"55317286-6f49-48f2-90c8-afa9b1e1214e","block_type":"box","text":"redemptions, the amount that would ordinarily be payable to a redeeming shareholder of the Fund will be","page_number":86,"box":{"x":116,"y":779,"width":736,"height":13}},{"id":"83fbe68c-697f-4250-8ab0-47872ed1c8f0","block_type":"box","text":"reduced, consequently reducing the amount of gain, or increasing the amount of loss, that would otherwise be","page_number":86,"box":{"x":116,"y":794,"width":763,"height":13}},{"id":"81324fba-29b8-4fda-9ac7-dc975f2f2b30","block_type":"box","text":"reportable for income tax purposes. A mandatory liquidity fee or discretionary liquidity fee cannot be","page_number":86,"box":{"x":116,"y":810,"width":704,"height":13}},{"id":"0b1178c5-ca2f-4885-ba2a-ade28dbefb7b","block_type":"box","text":"separately claimed as a deduction.","page_number":86,"box":{"x":116,"y":825,"width":235,"height":13}},{"id":"1deb147d-0929-47cb-baa4-cb99a627b23a","block_type":"box","text":"Any such mandatory or discretionary liquidity fee will constitute an asset of the imposing Fund and will serve","page_number":86,"box":{"x":116,"y":849,"width":760,"height":12}},{"id":"7f2da0e1-e0e8-45cd-93c3-95fdfb91bd85","block_type":"box","text":"to benefit non-redeeming shareholders. If such fees were distributed to non-redeeming shareholders, the tax","page_number":86,"box":{"x":116,"y":864,"width":745,"height":13}},{"id":"889bf7d5-fc82-4aa1-8d04-c5e8de7e475a","block_type":"box","text":"69","page_number":86,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"6e7207b9-ecec-4df7-8445-5e3497574661","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":86,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"8a2ebc0b-9aed-4de3-b3aa-5259505e118d","block_type":"box","text":"treatment would be similar to the tax treatment of distributions described in this section. Such fees may raise","page_number":87,"box":{"x":116,"y":79,"width":753,"height":13}},{"id":"66aaa469-b610-4866-a0f7-ec099a6d2642","block_type":"box","text":"the Fund’s NAV, increasing the taxable income or reducing the deductible losses of shareholders that redeem","page_number":87,"box":{"x":116,"y":94,"width":755,"height":13}},{"id":"5b7f596c-ff17-454a-94ca-fe4752d0e96c","block_type":"box","text":"their shares at a later time when such fees are not being charged. If a Fund receives mandatory or","page_number":87,"box":{"x":116,"y":110,"width":673,"height":13}},{"id":"4be57ad9-6573-47a2-a773-b00a53ce228d","block_type":"box","text":"discretionary liquidity fees, it will consider the appropriate tax treatment of such fees to the Fund at such time.","page_number":87,"box":{"x":116,"y":125,"width":765,"height":13}},{"id":"1f4291a4-0d9a-4bf6-b3bf-b67b9a4bfc04","block_type":"box","text":"However, due to a lack of guidance, the tax consequences of such liquidity fees to the Fund and the","page_number":87,"box":{"x":116,"y":141,"width":689,"height":13}},{"id":"506d2ade-d7f2-47a0-85bf-ac7647ca24d4","block_type":"box","text":"shareholders is unclear and may differ from that described in this section.","page_number":87,"box":{"x":116,"y":156,"width":507,"height":13}},{"id":"c276a2b5-2cfd-4edf-a623-e4ce09e06366","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government money market fund to have a","page_number":87,"box":{"x":116,"y":180,"width":717,"height":12}},{"id":"58ef38a1-ba3c-48b9-9417-368380443a8e","block_type":"box","text":"negative gross yield, the fund may account for the negative gross yield by either using a floating NAV or a","page_number":87,"box":{"x":116,"y":195,"width":716,"height":13}},{"id":"e11f0d97-403f-4adc-b4bd-83822b8925ac","block_type":"box","text":"reverse distribution mechanism that seeks to maintain a stable NAV of the fund by cancelling shareholders’","page_number":87,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"6a8aa581-55a4-4422-829e-534c0998c83a","block_type":"box","text":"shares in the amount of the negative gross yield. Under a reverse distribution mechanism, shareholders in a fund","page_number":87,"box":{"x":116,"y":226,"width":758,"height":13}},{"id":"456a4ad0-379e-4ad2-8781-b2961f2dbdcc","block_type":"box","text":"would observe a stable share price but a declining number of shares for their investment. After a cancellation of","page_number":87,"box":{"x":116,"y":242,"width":754,"height":12}},{"id":"32d54eb7-07f3-4277-b44a-aedae9bc7f3a","block_type":"box","text":"shares, the basis of eliminated shares would be added to the basis of shareholders’ remaining fund shares, and","page_number":87,"box":{"x":116,"y":257,"width":742,"height":13}},{"id":"12357e5f-bfa7-4f38-98c2-fa4b199a55b7","block_type":"box","text":"any shareholders disposing of shares at that time may recognize a capital loss. Dividends, including dividends","page_number":87,"box":{"x":116,"y":273,"width":738,"height":12}},{"id":"987431a9-6095-4182-8578-ce5c2e09d730","block_type":"box","text":"reinvested in additional shares of a fund, will nonetheless be fully taxable, even if the number of shares in","page_number":87,"box":{"x":116,"y":288,"width":711,"height":13}},{"id":"62560086-81aa-422d-9019-295327edad68","block_type":"box","text":"shareholders’ accounts has been reduced as described above. However, due to a lack of guidance regarding the","page_number":87,"box":{"x":116,"y":304,"width":748,"height":12}},{"id":"4e21aece-7c0d-4b85-a944-2793445f8b61","block_type":"box","text":"cancellation of shares, the tax consequences of such cancellation of shares to the Fund and the shareholders is","page_number":87,"box":{"x":116,"y":319,"width":741,"height":13}},{"id":"271a1171-a76d-4703-95cc-449a2212539e","block_type":"box","text":"unclear and may differ from that described in this section.","page_number":87,"box":{"x":116,"y":335,"width":391,"height":12}},{"id":"8d3bde89-08e7-457a-94ea-0267a812fab1","block_type":"box","text":"Foreign Taxes.","page_number":87,"box":{"x":116,"y":359,"width":100,"height":12}},{"id":"2c2b130a-1a22-48df-99ce-778882093f37","block_type":"box","text":"Amounts realized by a Fund on foreign securities may be subject to withholding and other taxes","page_number":87,"box":{"x":222,"y":358,"width":658,"height":13}},{"id":"b8b9960c-6891-4b84-8b24-7a7babd41462","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or","page_number":87,"box":{"x":116,"y":373,"width":753,"height":13}},{"id":"06accec7-84f2-4734-9325-c99452870fe9","block_type":"box","text":"eliminate such taxes. If more than 50% of the value of a Fund’s total assets at the close of its taxable year were","page_number":87,"box":{"x":116,"y":389,"width":759,"height":13}},{"id":"01c03fe1-6579-418b-a1cf-7a3130660688","block_type":"box","text":"to consist of securities of non-U.S. corporations, the Fund would be eligible to file an annual election with the","page_number":87,"box":{"x":116,"y":404,"width":749,"height":13}},{"id":"04d3535f-1306-456e-86f3-105a5bb93c32","block_type":"box","text":"IRS pursuant to which the Fund could pass-through to its shareholders on a pro rata basis foreign income and","page_number":87,"box":{"x":116,"y":420,"width":755,"height":13}},{"id":"878fc94d-e322-43fe-a9bf-167165287878","block_type":"box","text":"similar taxes paid by the Fund, which could be claimed, subject to certain limitations, either as a tax credit or","page_number":87,"box":{"x":116,"y":435,"width":748,"height":13}},{"id":"29ebf745-5665-4c5d-b79a-d24fc276105d","block_type":"box","text":"deduction by shareholders. However, neither of the Funds expects to qualify for this election.","page_number":87,"box":{"x":116,"y":451,"width":638,"height":13}},{"id":"6fec378b-6b2d-419e-9f33-0c9b9e1c42f7","block_type":"box","text":"Federal Income Tax Rates.","page_number":87,"box":{"x":116,"y":474,"width":183,"height":10}},{"id":"441fa34e-44e6-437c-bae3-8a0504511c9c","block_type":"box","text":"As of the date of this SAI, the maximum stated individual U.S. federal income tax","page_number":87,"box":{"x":305,"y":474,"width":559,"height":12}},{"id":"d3e3868e-2101-4ab2-9254-6fb91439380a","block_type":"box","text":"rate applicable to (i) ordinary income generally is 37%; (ii) capital gain dividends is 20%; and (iii) long-term","page_number":87,"box":{"x":116,"y":490,"width":742,"height":12}},{"id":"e804f5a4-a62a-4ea5-a916-e0a9dba4c7f5","block_type":"box","text":"capital gains generally is 20%. In addition, a 3.8% Medicare tax is imposed on the net investment income","page_number":87,"box":{"x":116,"y":505,"width":726,"height":13}},{"id":"5f2a5fe7-c138-4eb1-9a73-4c52eea23260","block_type":"box","text":"(which includes, but is not limited to, interest, dividends and net gain from investments) of U.S. individuals with","page_number":87,"box":{"x":117,"y":521,"width":765,"height":12}},{"id":"06e71632-afa5-4227-aee9-3fc300490d88","block_type":"box","text":"income exceeding $200,000, or $250,000 if married filing jointly, and of trusts and estates. An individual","page_number":87,"box":{"x":116,"y":536,"width":723,"height":13}},{"id":"cc0c096c-e0b4-4eb3-b896-ecc55fd7b4ca","block_type":"box","text":"shareholder also should be aware that the benefits of the favorable tax rates applicable to capital gain dividends","page_number":87,"box":{"x":116,"y":552,"width":765,"height":12}},{"id":"af06f782-b5ce-4282-9ece-dc80456e4244","block_type":"box","text":"and long-term capital gains may be impacted by the application of the alternative minimum tax.","page_number":87,"box":{"x":116,"y":567,"width":658,"height":13}},{"id":"124ca100-36ad-47d1-9607-07a3807f267d","block_type":"box","text":"The current corporate U.S. federal income tax rate applicable to ordinary income, capital gain dividends, and","page_number":87,"box":{"x":116,"y":590,"width":757,"height":13}},{"id":"2f3ea3f6-ed57-4230-834e-07e14c4526cb","block_type":"box","text":"long-term capital gains is 21%. Actual marginal tax rates may be higher for some shareholders, for example,","page_number":87,"box":{"x":116,"y":606,"width":754,"height":13}},{"id":"8e6e8fe9-2608-429d-acdc-6dff7dc9dd1b","block_type":"box","text":"through reductions in deductions. Naturally, the amount of tax payable by any taxpayer will be affected by a","page_number":87,"box":{"x":116,"y":621,"width":758,"height":13}},{"id":"9a6301d2-6983-4a69-aa0c-e4ae189cdc09","block_type":"box","text":"combination of tax laws covering, for example, deductions, credits, deferrals, exemptions, sources of income","page_number":87,"box":{"x":116,"y":637,"width":753,"height":13}},{"id":"87681881-297e-4153-88b4-0b8deac37e97","block_type":"box","text":"and other matters.","page_number":87,"box":{"x":116,"y":652,"width":127,"height":10}},{"id":"8c0b0ad3-0108-4124-89a7-2904c29d9efa","block_type":"box","text":"Backup Withholding.","page_number":87,"box":{"x":116,"y":676,"width":148,"height":12}},{"id":"cafb498d-2a62-421d-8200-ec9ab8aa175b","block_type":"box","text":"The Trust may be required to withhold, subject to certain exemptions, at a rate of 24%","page_number":87,"box":{"x":270,"y":676,"width":606,"height":12}},{"id":"5c972f78-0db7-42dd-a542-5e30aa322de3","block_type":"box","text":"(“backup withholding”) on all distributions and red","page_number":87,"box":{"x":117,"y":691,"width":360,"height":13}},{"id":"2dbd8d26-e33a-4c08-be75-f140f637a32b","block_type":"box","text":"emption proceeds (including proceeds from exchanges","page_number":87,"box":{"x":478,"y":691,"width":375,"height":13}},{"id":"edfe2ce1-8492-4f09-a4c5-2a659fb4b555","block_type":"box","text":"and redemptions in-kind) paid or credited to a Fund sh","page_number":87,"box":{"x":116,"y":707,"width":381,"height":12}},{"id":"2c2c6118-4bce-4324-950d-7d2ed13cf0e2","block_type":"box","text":"areholder, unless the shareholder generally certifies","page_number":87,"box":{"x":498,"y":707,"width":352,"height":12}},{"id":"0f2ec517-ebc1-48c4-bb69-a4c996fe8d87","block_type":"box","text":"under penalties of perjury that the shareholder’s social security or other “taxpayer identification number”","page_number":87,"box":{"x":116,"y":722,"width":731,"height":13}},{"id":"1602402a-85c0-4cde-a89e-3a488c8a782c","block_type":"box","text":"(“TIN”) provided is correct and that the shareholder is not subject to backup withholding, or the IRS notifies","page_number":87,"box":{"x":117,"y":738,"width":757,"height":12}},{"id":"389e40d7-28f0-444a-9346-e7848e8dbe20","block_type":"box","text":"the Fund that the shareholder’s TIN is incorrect or that the shareholder is subject to back-up withholding.","page_number":87,"box":{"x":116,"y":753,"width":734,"height":13}},{"id":"e111c58e-23f4-44a2-8516-efd8e4f59b0e","block_type":"box","text":"This tax is not an additional U.S. federal income tax imposed on the shareholder, and the shareholder may","page_number":87,"box":{"x":116,"y":769,"width":740,"height":13}},{"id":"0fc861da-3361-4075-82e8-a47f4cce3693","block_type":"box","text":"claim the tax withheld as a tax payment on his or her federal income tax return, provided that the required","page_number":87,"box":{"x":116,"y":784,"width":742,"height":13}},{"id":"e0ed4a3f-a90e-48d7-a306-6b8be6e40985","block_type":"box","text":"information is furnished to the IRS. An investor must provide a valid TIN upon opening or reopening an","page_number":87,"box":{"x":116,"y":800,"width":726,"height":13}},{"id":"8080c4f8-04ef-4ec0-b46c-f3aca7a20523","block_type":"box","text":"account. If a shareholder fails to furnish a valid TIN upon request, the shareholder can also be subject to IRS","page_number":87,"box":{"x":116,"y":815,"width":754,"height":13}},{"id":"53ff3f37-adc6-4cff-aa45-a71202c3d008","block_type":"box","text":"penalties.","page_number":87,"box":{"x":116,"y":831,"width":64,"height":13}},{"id":"5dbf6c85-debe-46cf-9c36-8796b69ea955","block_type":"box","text":"Tax-Deferred Plans.","page_number":87,"box":{"x":117,"y":854,"width":139,"height":13}},{"id":"3358605a-bc7a-4cce-b6ce-bbaa260cb848","block_type":"box","text":"Shares of the Funds may be available for a variety of tax-deferred retirement and other","page_number":87,"box":{"x":262,"y":854,"width":601,"height":13}},{"id":"3383efd9-aa59-4ff1-a770-7eafc46f3034","block_type":"box","text":"tax-advantaged plans and accounts, including IRAs, Simplified Employee Pension Plans, Savings Incentive","page_number":87,"box":{"x":116,"y":869,"width":734,"height":13}},{"id":"0569e49a-5572-444e-b11a-d8bf04c8484a","block_type":"box","text":"70","page_number":87,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"aa2d7d22-b4f9-452d-810a-8b5d1b818b25","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":87,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"186718fe-2113-47b9-ab38-9f5260da6c75","block_type":"box","text":"Match Plans for Employees, Roth IRAs, and Coverdell Education Savings Accounts. Prospective investors","page_number":88,"box":{"x":116,"y":79,"width":734,"height":13}},{"id":"0be72588-0515-44fb-b7bf-0b8fd123ed38","block_type":"box","text":"should contact their tax advisers and financial planners regarding the tax consequences to them of holding","page_number":88,"box":{"x":116,"y":94,"width":737,"height":13}},{"id":"17f92c60-8365-4a80-8242-3ae66de072ce","block_type":"box","text":"Fund shares through a tax-advantaged plan or account.","page_number":88,"box":{"x":116,"y":110,"width":384,"height":13}},{"id":"7ef1e3c9-cea6-46ec-a46d-b96518ebead8","block_type":"box","text":"Foreign Shareholders.","page_number":88,"box":{"x":116,"y":133,"width":150,"height":13}},{"id":"560d1dcc-d34c-456f-b107-d43950c85402","block_type":"box","text":"If you are a non-resident alien individual, foreign trust (","page_number":88,"box":{"x":272,"y":133,"width":384,"height":13}},{"id":"ae75136b-82b2-4b46-b8c2-95d9bd568cbc","block_type":"box","text":"i.e.","page_number":88,"box":{"x":658,"y":134,"width":18,"height":9}},{"id":"aad91241-9e99-4d85-8978-a566c0ef2089","block_type":"box","text":", a trust other than a trust","page_number":88,"box":{"x":678,"y":133,"width":178,"height":12}},{"id":"b7778af1-7213-495b-92c9-e6741a22f221","block_type":"box","text":"which a U.S. court is able to exercise primary supervision over administration of that trust and one or more","page_number":88,"box":{"x":116,"y":149,"width":745,"height":12}},{"id":"9204263d-2a25-4ade-82eb-9c1b7b92f13a","block_type":"box","text":"U.S. persons have authority to control substantial decisions of that trust), foreign estate (","page_number":88,"box":{"x":116,"y":164,"width":613,"height":13}},{"id":"30708c93-6370-4230-bca7-0213b346c83d","block_type":"box","text":"i.e.","page_number":88,"box":{"x":731,"y":165,"width":18,"height":9}},{"id":"a4018fd3-1772-4483-90d9-e1bdd4301c42","block_type":"box","text":", the income of","page_number":88,"box":{"x":751,"y":164,"width":104,"height":12}},{"id":"f3c4bd8e-f167-4958-a611-771d864c4742","block_type":"box","text":"which is not subject to U.S. tax regardless of source) or a foreign corporation (each, a “foreign shareholder”),","page_number":88,"box":{"x":116,"y":180,"width":759,"height":12}},{"id":"fb3b34b7-d5fc-4b5d-a972-228858a87b5a","block_type":"box","text":"the Fund’s ordinary income dividends (which include distributions of net short-term capital gains) are","page_number":88,"box":{"x":116,"y":195,"width":704,"height":13}},{"id":"73ee22dc-778c-447d-b1f3-6039ba4086de","block_type":"box","text":"generally subject to a 30% U.S. federal income withholding tax, unless a lower treaty rate applies. Certain","page_number":88,"box":{"x":116,"y":211,"width":736,"height":12}},{"id":"57a50c91-c25b-41b7-9a83-55d897217fcf","block_type":"box","text":"distributions reported by a Fund as interest-related divi","page_number":88,"box":{"x":116,"y":226,"width":381,"height":13}},{"id":"e0f11f16-29da-4a19-94bf-e87055d81165","block_type":"box","text":"dends or short-term capital gains dividends, and paid","page_number":88,"box":{"x":498,"y":226,"width":368,"height":13}},{"id":"7fff526a-a2c9-462a-9260-d744dedc91d2","block_type":"box","text":"to a foreign shareholder may be exempt from U.S. federal income withholding tax, provided that the Fund","page_number":88,"box":{"x":116,"y":242,"width":738,"height":12}},{"id":"f6469510-c438-47c5-83fd-e2b6b24ef8fc","block_type":"box","text":"received proper certification of foreign status from the foreign shareholder, and other conditions are met.","page_number":88,"box":{"x":116,"y":257,"width":727,"height":13}},{"id":"d21ef23f-4ba5-4f1d-8b25-45c9db89c8a9","block_type":"box","text":"However, a Fund may choose not to report distributions in this manner. Notwithstanding the foregoing, if","page_number":88,"box":{"x":116,"y":273,"width":740,"height":12}},{"id":"5b0d9294-190f-457c-881b-336f95dc6778","block_type":"box","text":"such distribution is “effectively connected” with a U.S. t","page_number":88,"box":{"x":116,"y":288,"width":389,"height":13}},{"id":"42cf1966-9e6f-4e5e-8a9a-6b97c1a683b3","block_type":"box","text":"rade or business (or, if an income tax treaty applies, is","page_number":88,"box":{"x":505,"y":288,"width":374,"height":13}},{"id":"ee093fba-aca4-45af-822e-10dcedccb0ba","block_type":"box","text":"attributable to a permanent establishment) of the recipi","page_number":88,"box":{"x":116,"y":304,"width":383,"height":12}},{"id":"19844f81-1ab9-415f-a080-b1d3a6949d1f","block_type":"box","text":"ent foreign shareholder, then the withholding tax and","page_number":88,"box":{"x":499,"y":304,"width":372,"height":12}},{"id":"2482bbcf-41d4-42ff-8e13-e2ef6c91e4a1","block_type":"box","text":"any related exemptions applicable to foreign persons generally will not apply, and the tax, reporting and","page_number":88,"box":{"x":116,"y":319,"width":724,"height":13}},{"id":"cf9fa111-8d97-4406-9329-1807affde2fd","block_type":"box","text":"withholding requirements applicable to U.S. persons will apply.","page_number":88,"box":{"x":116,"y":335,"width":440,"height":12}},{"id":"be19419d-ca0c-4e9c-8639-a1d10e3273b2","block_type":"box","text":"Subject to the discussion on foreign account tax compliance below, a foreign shareholder’s capital gains","page_number":88,"box":{"x":116,"y":358,"width":710,"height":13}},{"id":"f826d833-2dd0-4cca-9af4-081831c4a512","block_type":"box","text":"realized on a disposition of Fund shares, if any, and capital gain distributions by a Fund, if any, will generally","page_number":88,"box":{"x":116,"y":373,"width":748,"height":13}},{"id":"791b52e4-9258-45ba-958a-a2b88ef3155f","block_type":"box","text":"not be subject to U.S. federal income tax withholding, provided that the Fund obtains a properly completed","page_number":88,"box":{"x":116,"y":389,"width":737,"height":13}},{"id":"a7466576-4a7d-472c-bcb9-1fe70aaafaf8","block_type":"box","text":"and signed certificate of foreign status, unless: (i) such gains or distributions are “effectively connected” with a","page_number":88,"box":{"x":116,"y":404,"width":755,"height":13}},{"id":"b415400f-fe1d-4788-9443-28c01ca467ee","block_type":"box","text":"U.S. trade or business (or, if an income tax treaty applies, are attributable to a permanent establishment) of the","page_number":88,"box":{"x":116,"y":420,"width":758,"height":13}},{"id":"a82ed4ad-08f3-48b6-8379-082cc844858f","block_type":"box","text":"foreign shareholder; or (ii) in the case of an individual foreign shareholder, the shareholder is present in the U.S.","page_number":88,"box":{"x":116,"y":435,"width":764,"height":13}},{"id":"d32b8d1d-2d35-4c4e-af93-51118335e9dc","block_type":"box","text":"for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions","page_number":88,"box":{"x":116,"y":451,"width":744,"height":13}},{"id":"ad61ab08-4cd3-4e45-b36d-a9e6b657251b","block_type":"box","text":"are met. If such capital gains or distributions are “effectively connected” with a U.S. trade or business or are","page_number":88,"box":{"x":116,"y":466,"width":739,"height":13}},{"id":"535484cd-b7f5-4e72-a4d7-8cf199e601b6","block_type":"box","text":"attributable to a U.S. permanent establishment of the foreign shareholder pursuant to an income tax treaty,","page_number":88,"box":{"x":116,"y":482,"width":734,"height":13}},{"id":"c7420e2d-7b8f-4707-96cd-542a08bfb406","block_type":"box","text":"then the tax, reporting and withholding requirements applicable to U.S. persons apply. If such capital gains or","page_number":88,"box":{"x":116,"y":497,"width":753,"height":13}},{"id":"62514c31-0919-4eaf-ad0c-ca765e97567c","block_type":"box","text":"distributions are not “effectively connected” for this purpose, but the foreign shareholder meets the","page_number":88,"box":{"x":116,"y":513,"width":679,"height":13}},{"id":"ed5f517a-78b8-4a8f-b031-2f3ecc9becad","block_type":"box","text":"requirements of clause (ii) described above, such gains and distributions will be subject to U.S. federal income","page_number":88,"box":{"x":116,"y":528,"width":749,"height":13}},{"id":"850cbf2f-ebdb-43e5-97e6-c5bb5ddc706f","block_type":"box","text":"withholding tax at a 30% rate (or a lower rate if so provided by an applicable income tax treaty).","page_number":88,"box":{"x":116,"y":544,"width":668,"height":13}},{"id":"d9502a0e-8909-46cb-866b-e3d2c310224c","block_type":"box","text":"If a foreign shareholder is a resident of a foreign country but is not a citizen or resident of the United States at","page_number":88,"box":{"x":116,"y":567,"width":759,"height":13}},{"id":"de3184f5-25ec-472f-9442-5c1d654b499d","block_type":"box","text":"the time of the shareholder’s death, Fund shares will be","page_number":88,"box":{"x":116,"y":583,"width":382,"height":12}},{"id":"dabe7f72-a9ea-4630-95a4-ab540561a271","block_type":"box","text":"deemed to be property situated in the United States","page_number":88,"box":{"x":504,"y":583,"width":354,"height":12}},{"id":"f2cea30d-4113-45c3-adab-d7f50870eddd","block_type":"box","text":"and will be subject to U.S. federal estate taxes (at current graduated rates of up to 40% of the total value, less","page_number":88,"box":{"x":116,"y":598,"width":759,"height":13}},{"id":"5381286d-4d34-4105-976d-39bb6bb47cc2","block_type":"box","text":"allowable deductions and credits). The availability of reduced U.S. estate taxes pursuant to an applicable","page_number":88,"box":{"x":116,"y":614,"width":724,"height":12}},{"id":"319eaed5-de3b-4521-ae96-d0a577e7e0d7","block_type":"box","text":"estate tax convention generally depends upon compliance with the established procedures for claiming the","page_number":88,"box":{"x":116,"y":629,"width":735,"height":13}},{"id":"b3ae1509-d9d5-47a0-ba19-df4f224ce649","block_type":"box","text":"benefits thereof, and may, under certain circumstances, depend upon the foreign shareholder making a","page_number":88,"box":{"x":116,"y":645,"width":711,"height":12}},{"id":"9c4dbeed-78d1-4261-8666-caa1f4c1f3ea","block_type":"box","text":"satisfactory demonstration to U.S. tax authorities that the shareholder qualifies as a foreign person under U.S.","page_number":88,"box":{"x":116,"y":660,"width":760,"height":13}},{"id":"81104611-a4f5-4f08-b60e-1bea3b65a9bc","block_type":"box","text":"federal income tax laws and the applicable convention. In general, no U.S. federal gift tax will be imposed on","page_number":88,"box":{"x":116,"y":676,"width":756,"height":12}},{"id":"2861acf7-854b-4997-af6c-4d5f1a1f7ede","block_type":"box","text":"gifts of Fund shares made by foreign shareholders.","page_number":88,"box":{"x":116,"y":691,"width":348,"height":13}},{"id":"8693c976-4c85-471f-ba39-2388c3d08c43","block_type":"box","text":"Foreign shareholders should consult with their tax advisers regarding the tax consequences of an investment","page_number":88,"box":{"x":116,"y":714,"width":749,"height":13}},{"id":"6360c1ba-57bb-4659-8467-9a3808e6a2a0","block_type":"box","text":"in a Fund.","page_number":88,"box":{"x":116,"y":730,"width":69,"height":10}},{"id":"2ed87065-dc11-4691-beca-30ebe4026bea","block_type":"box","text":"Special rules apply to foreign partnerships and those holding Fund shares through foreign partnerships.","page_number":88,"box":{"x":116,"y":753,"width":714,"height":13}},{"id":"3aae2179-73f5-410a-aafa-9e7642665891","block_type":"box","text":"Foreign Account Tax Compliance.","page_number":88,"box":{"x":116,"y":776,"width":239,"height":13}},{"id":"6dacfb08-b769-4ed3-aec6-e30bef06995c","block_type":"box","text":"A 30% withholding tax is currently imposed on U.S.-source dividends,","page_number":88,"box":{"x":361,"y":776,"width":490,"height":13}},{"id":"9b348cc9-4a17-4ade-8144-21f5bac6a002","block_type":"box","text":"interest and other income items paid to (i) certain foreign financial institutions and investment funds, and (ii)","page_number":88,"box":{"x":116,"y":792,"width":752,"height":13}},{"id":"9838f9c7-6b4c-4485-8c1b-a8ecd87c6959","block_type":"box","text":"certain other foreign entities. To avoid withholding, foreign financial institutions and investment funds will","page_number":88,"box":{"x":116,"y":807,"width":742,"height":13}},{"id":"21eadc30-9fd2-4d28-a018-1122b4ae4caa","block_type":"box","text":"generally either need to (a) collect and report to the IRS detailed information identifying their U.S. accounts","page_number":88,"box":{"x":116,"y":823,"width":744,"height":13}},{"id":"5db28cb9-2bbf-4bc8-9402-c8956f92fadd","block_type":"box","text":"and U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold","page_number":88,"box":{"x":116,"y":838,"width":744,"height":13}},{"id":"599e07e6-c7ba-498c-ad68-2a6c2d8350a8","block_type":"box","text":"tax on certain payments made to noncomplying foreign entities and account holders or (b) if an","page_number":88,"box":{"x":116,"y":854,"width":663,"height":13}},{"id":"798246e5-1e8e-4d1e-906b-90a53cf13f5d","block_type":"box","text":"intergovernmental agreement is entered into and imp","page_number":88,"box":{"x":116,"y":869,"width":367,"height":13}},{"id":"9293f0b1-a901-41fe-ace4-72ff6441337d","block_type":"box","text":"lementing legislation is adopted, comply with the","page_number":88,"box":{"x":484,"y":869,"width":340,"height":13}},{"id":"08b369ff-e389-480c-8db9-d3ca4108740e","block_type":"box","text":"71","page_number":88,"box":{"x":491,"y":917,"width":16,"height":9}},{"id":"8ab38ddb-339e-4836-affc-f6391e3c0c6c","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":88,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c140b404-0bf5-497d-b029-57397c486f7f","block_type":"box","text":"agreement and legislation. Other foreign entities will gen","page_number":89,"box":{"x":116,"y":79,"width":392,"height":13}},{"id":"de17fa67-31b3-4e26-9147-937db84b8234","block_type":"box","text":"erally either need to provide detailed information","page_number":89,"box":{"x":509,"y":79,"width":341,"height":13}},{"id":"918a4974-7aa2-4fd3-ab17-140cfc0023b3","block_type":"box","text":"identifying each substantial U.S. owner or certify there are no such owners.","page_number":89,"box":{"x":116,"y":94,"width":520,"height":13}},{"id":"feea7af7-dfa1-4251-9272-c3dde27dce3c","block_type":"box","text":"Capital Stock","page_number":89,"box":{"x":116,"y":123,"width":98,"height":13}},{"id":"0d55b3f6-6a7a-4834-a515-72c874f806e8","block_type":"box","text":"As of the date of this SAI, the beneficial interests in t","page_number":89,"box":{"x":116,"y":149,"width":363,"height":12}},{"id":"45292368-2f27-4fa7-a1f2-e8347236755f","block_type":"box","text":"he Trust are divided into transferable shares of 38","page_number":89,"box":{"x":479,"y":149,"width":345,"height":10}},{"id":"6fb6da51-7be5-4c0a-9a4f-3b14451207e7","block_type":"box","text":"separate and distinct series authorized and established by the Board of Trustees. The number of shares of each","page_number":89,"box":{"x":116,"y":164,"width":763,"height":13}},{"id":"3ba0c732-451d-4356-aea9-780485a2610a","block_type":"box","text":"series, and class thereof, is unlimited and each share has no par value. The Board of Trustees may, in the","page_number":89,"box":{"x":116,"y":180,"width":723,"height":12}},{"id":"e1e0f711-a2b6-4492-98cd-2207aa6e1f77","block_type":"box","text":"future, authorize the issuance of other series representing shares of additional investment portfolios or funds.","page_number":89,"box":{"x":116,"y":195,"width":753,"height":13}},{"id":"c7afad4c-ca10-4458-b809-92ff7da5241c","block_type":"box","text":"Except to the extent the 1940 Act expressly grants to shareholders the power to vote on such termination(s),","page_number":89,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"28dbeef2-05cc-4aa3-9c2d-6fdf5e05a580","block_type":"box","text":"the Trust, or any series (or class) thereof, may be termin","page_number":89,"box":{"x":116,"y":226,"width":388,"height":13}},{"id":"a692c1ba-0b7e-458d-800d-468ea7df17ee","block_type":"box","text":"ated at any time by the Trustees with written notice to","page_number":89,"box":{"x":505,"y":226,"width":375,"height":13}},{"id":"7f2a8264-f6d4-4a96-8dbd-13778a40e175","block_type":"box","text":"the shareholders.","page_number":89,"box":{"x":116,"y":242,"width":117,"height":10}},{"id":"beff00e0-3261-4004-9c4b-43b6661f8a38","block_type":"box","text":"Although the Trust is not required to hold regular annual shareholder meetings, occasional annual or special","page_number":89,"box":{"x":116,"y":265,"width":753,"height":13}},{"id":"a9388768-fa94-4701-b94c-078f8836a5c8","block_type":"box","text":"meetings may be required for purposes such as electing and removing Trustees, approving advisory contracts,","page_number":89,"box":{"x":116,"y":280,"width":758,"height":13}},{"id":"de90e8d4-ea8f-469e-88d6-195ad9e9b5f8","block_type":"box","text":"and changing a Fund’s fundamental investment policies.","page_number":89,"box":{"x":116,"y":296,"width":388,"height":13}},{"id":"99f2ae83-b176-4feb-9527-fe3a2ece3fe0","block_type":"box","text":"Voting.","page_number":89,"box":{"x":117,"y":320,"width":49,"height":12}},{"id":"c2932bca-5166-4c41-a680-4d101357e7f4","block_type":"box","text":"All shares of the Trust have equal voting rights and will be voted separately by individual series,","page_number":89,"box":{"x":172,"y":319,"width":664,"height":13}},{"id":"38b0f991-b1a6-453d-8938-8fa18e7a3cf7","block_type":"box","text":"except: (i) when required by the 1940 Act, shares will be voted in the aggregate and not by individual series;","page_number":89,"box":{"x":116,"y":335,"width":748,"height":12}},{"id":"79814e87-aefb-4459-b712-ba8532bd1318","block_type":"box","text":"and (ii) when the Trustees have determined that the m","page_number":89,"box":{"x":116,"y":350,"width":375,"height":12}},{"id":"6e75bd0f-5200-4a3b-a348-57d6557bc809","block_type":"box","text":"atter affects the interests of more than one series, then","page_number":89,"box":{"x":492,"y":350,"width":373,"height":12}},{"id":"5c0d4e6d-0d94-44c6-9b93-af2fdd3b0db0","block_type":"box","text":"the shareholders of all such affected series will be entitled to vote thereon in the aggregate and not by","page_number":89,"box":{"x":116,"y":366,"width":700,"height":12}},{"id":"7058fef5-c519-4a44-aa45-15cf3d906d63","block_type":"box","text":"individual series. The Trustees also may determine t","page_number":89,"box":{"x":116,"y":381,"width":359,"height":13}},{"id":"d767e43c-28e2-4531-8d4d-2b359f1a7757","block_type":"box","text":"hat a matter affects only the interests of one or more","page_number":89,"box":{"x":475,"y":381,"width":364,"height":13}},{"id":"2c5ed50e-5141-491a-8d08-1002f85f4447","block_type":"box","text":"classes of a series, in which case any such matter will be voted on separately by such class or classes. For","page_number":89,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"d59d5147-23f1-4188-a89d-920a01daff09","block_type":"box","text":"example, a change in a Fund’s fundamental investment policy would be voted upon only by shareholders of","page_number":89,"box":{"x":116,"y":412,"width":748,"height":13}},{"id":"808aafaf-da9f-492f-a48a-e87f6eda8f85","block_type":"box","text":"that Fund. Additionally, approval of a Master Portfolio’s Advisory Contract is a matter to be determined","page_number":89,"box":{"x":116,"y":428,"width":728,"height":12}},{"id":"190c7bc8-6c82-4579-b543-c2dfa0a32c9a","block_type":"box","text":"separately by each Master Portfolio. Approval by the shareholders of a Fund is effective as to that Fund","page_number":89,"box":{"x":116,"y":443,"width":718,"height":13}},{"id":"1df4659e-6092-4543-ae0f-9b67aa475cb9","block_type":"box","text":"whether or not sufficient votes are received from the shareholders of the other investment portfolios to","page_number":89,"box":{"x":116,"y":459,"width":710,"height":12}},{"id":"344042c5-d0e6-49d0-9add-64b7ee7e16a1","block_type":"box","text":"approve the proposal as to those investment portfolios. As used in the Prospectus of each Fund and in this","page_number":89,"box":{"x":116,"y":474,"width":735,"height":13}},{"id":"609dae83-f38d-4760-a764-f3a99754f2e3","block_type":"box","text":"SAI, the term “1940 Act majority,” when referring to approvals to be obtained from shareholders of a Fund,","page_number":89,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"c061e053-f943-4f33-8c24-01c52eb0525f","block_type":"box","text":"means the vote of the lesser of (i) 67% of the shares of the Fund represented at a meeting if the holders of","page_number":89,"box":{"x":116,"y":505,"width":731,"height":13}},{"id":"8bedbd4f-1429-46c9-888b-5d31d3fbc80b","block_type":"box","text":"more than 50% of the outstanding shares of the Fund are present in person or by proxy, or (ii) more than","page_number":89,"box":{"x":116,"y":521,"width":734,"height":12}},{"id":"400456e5-d43b-4e88-9a4b-26be201acce0","block_type":"box","text":"50% of the outstanding shares of the Fund. The term “majority,” when referring to the approvals to be","page_number":89,"box":{"x":116,"y":536,"width":719,"height":13}},{"id":"bdc57cca-ea5d-4759-bc2a-1365df1e6c26","block_type":"box","text":"obtained from shareholders of the Trust as a whole, means the vote of the lesser of (i) 67% of the Trust’s","page_number":89,"box":{"x":116,"y":552,"width":728,"height":12}},{"id":"9eff5ae0-b5a7-47ba-84bf-d8980e78adce","block_type":"box","text":"shares represented at a meeting if the holders of more than 50% of the Trust’s outstanding shares are present","page_number":89,"box":{"x":116,"y":567,"width":756,"height":13}},{"id":"a030f183-bab5-47cf-96ac-fc7a533cc150","block_type":"box","text":"in person or by proxy, or (ii) more than 50% of the Trust’s outstanding shares.","page_number":89,"box":{"x":116,"y":583,"width":548,"height":12}},{"id":"76254991-62fe-4be6-a9f8-10fed684fce2","block_type":"box","text":"Each share will entitle the holder thereof to one vote for e","page_number":89,"box":{"x":116,"y":606,"width":399,"height":10}},{"id":"c5c1fb35-83e4-416f-b986-32b19045710d","block_type":"box","text":"ach dollar (and each fractional dollar thereof) of","page_number":89,"box":{"x":516,"y":606,"width":336,"height":12}},{"id":"9a647ee7-71c9-4020-a67a-3bf81e325384","block_type":"box","text":"NAV (number of shares owned times NAV per share) of shares outstanding in such holder’s name on the","page_number":89,"box":{"x":116,"y":621,"width":731,"height":13}},{"id":"9aab5b5b-636d-453e-895a-f40c92d141bb","block_type":"box","text":"books of the Trust. There shall be no cumulative voting in the election of Trustees. For additional voting","page_number":89,"box":{"x":116,"y":637,"width":725,"height":13}},{"id":"47ca65fb-ca26-4334-ae78-c5d164d3f347","block_type":"box","text":"information and a discussion of the possible effects of changes to a Master Portfolio’s investment objective or","page_number":89,"box":{"x":116,"y":652,"width":758,"height":13}},{"id":"3da84b7e-b7ab-4a17-814d-524f057b0409","block_type":"box","text":"policies on a Fund, as an interestholder in the Master Portfolio, or the Fund’s shareholders, see “Description","page_number":89,"box":{"x":116,"y":668,"width":751,"height":13}},{"id":"70c2d982-06f8-4a9d-bd3d-459da2b39448","block_type":"box","text":"of the Funds and their Investments and Risks — Master/Feeder Structure” herein.","page_number":89,"box":{"x":116,"y":683,"width":565,"height":10}},{"id":"b922fb39-3750-4443-bf56-056e4ab56b6c","block_type":"box","text":"The Trust may dispense with an annual meeting of shareholders in any year in which it is not required to elect","page_number":89,"box":{"x":116,"y":707,"width":764,"height":12}},{"id":"8a588421-a053-40c1-8ed0-d171ba236394","block_type":"box","text":"Trustees under the 1940 Act. However, the Trust will hold a special meeting of its shareholders for the","page_number":89,"box":{"x":116,"y":722,"width":713,"height":13}},{"id":"e64c1ba9-9da4-4e29-b229-9bd51993b4d6","block_type":"box","text":"purpose of voting on the question of removal of a Trustee or Trustees if requested in writing by the holders of","page_number":89,"box":{"x":116,"y":738,"width":762,"height":12}},{"id":"9bb86fff-b73d-45f6-9ae6-d0a619a8737f","block_type":"box","text":"at least 10% of the Trust’s outstanding voting securities, and to assist in communicating with other","page_number":89,"box":{"x":116,"y":753,"width":688,"height":13}},{"id":"ef8c262d-a99c-4ca9-9de5-a76b2c3d713b","block_type":"box","text":"shareholders as required by Section 16(c) of the 1940 Act.","page_number":89,"box":{"x":116,"y":769,"width":402,"height":13}},{"id":"426014f9-cde7-40f5-adcd-11916f51e56d","block_type":"box","text":"Dividends and Distributions.","page_number":89,"box":{"x":116,"y":792,"width":201,"height":10}},{"id":"eeb2ad76-0cef-4fae-a37e-50894daf3c9c","block_type":"box","text":"Each share of a Fund represents an equal proportional interest in the Fund with","page_number":89,"box":{"x":323,"y":792,"width":552,"height":13}},{"id":"5a6b9e3e-9e31-4ed9-81e0-9460443ba6c4","block_type":"box","text":"each other share and is entitled to such dividends and distributions out of the income earned on the assets","page_number":89,"box":{"x":116,"y":807,"width":731,"height":11}},{"id":"cf9a2e53-76cc-4fe7-985a-bd70b80b9add","block_type":"box","text":"belonging to the Fund as are declared in the discretion of the Trustees. In the event of the liquidation or","page_number":89,"box":{"x":116,"y":823,"width":717,"height":13}},{"id":"2e490b08-6593-4b13-a70a-0c0308950af7","block_type":"box","text":"dissolution of the Trust, shareholders of a Fund are entitled to receive the assets attributable to the Fund that","page_number":89,"box":{"x":116,"y":838,"width":754,"height":13}},{"id":"c8241d8f-987a-4608-abcd-d873a620f452","block_type":"box","text":"are available for distribution, and a distribution o","page_number":89,"box":{"x":116,"y":854,"width":344,"height":12}},{"id":"d502c3d3-9a5c-4342-bbee-254d124f760c","block_type":"box","text":"f any general assets not attributable to a particular","page_number":89,"box":{"x":460,"y":854,"width":349,"height":13}},{"id":"a8b95b23-a29a-4d47-92ad-c3d22478f540","block_type":"box","text":"investment portfolio that are available for distribution in such manner and on such basis as the Trustees in","page_number":89,"box":{"x":116,"y":869,"width":738,"height":13}},{"id":"8827e1a6-aa7a-4dfe-be87-5b64ba09ef20","block_type":"box","text":"72","page_number":89,"box":{"x":491,"y":917,"width":17,"height":9}},{"id":"5d5bfdd6-6611-4f1c-a51c-4072a5513f62","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":89,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"963780eb-dcb0-4bfd-b3ec-03325b5c65cf","block_type":"box","text":"their sole discretion may determine. Shareholders ar","page_number":90,"box":{"x":116,"y":79,"width":360,"height":13}},{"id":"b4463f16-84df-4df1-a28d-2c68a9a690bc","block_type":"box","text":"e not entitled to any preemptive rights. All shares, when","page_number":90,"box":{"x":476,"y":79,"width":387,"height":13}},{"id":"0705c02c-0c8a-404f-b4c7-dd20a8e99140","block_type":"box","text":"issued, will be fully paid and non-assessable by the Trust.","page_number":90,"box":{"x":116,"y":94,"width":396,"height":13}},{"id":"f5095cb4-e4da-4191-929b-93278a93a4bd","block_type":"box","text":"Master Portfolios.","page_number":90,"box":{"x":116,"y":118,"width":124,"height":12}},{"id":"e6a562d2-3fee-4ec1-a79c-d15dfaef416a","block_type":"box","text":"MIP is an open-end, series management investment company organized as a Delaware","page_number":90,"box":{"x":247,"y":118,"width":597,"height":12}},{"id":"33cdea30-dc88-4e32-8e46-c9d0b4f865eb","block_type":"box","text":"statutory trust on October 20, 1993. MIP’s Declaration of Trust provides that obligations of MIP are not","page_number":90,"box":{"x":116,"y":133,"width":731,"height":13}},{"id":"b966d731-b11d-4068-b068-a3b2bcb31cfe","block_type":"box","text":"binding upon its Trustees individually but only upon th","page_number":90,"box":{"x":116,"y":149,"width":384,"height":12}},{"id":"71c3252d-94f0-4ecc-b28c-fb5a7e750942","block_type":"box","text":"e property of MIP and that the Trustees will not be","page_number":90,"box":{"x":500,"y":149,"width":354,"height":12}},{"id":"fb222a5e-a210-413d-b88e-8ee2daa43997","block_type":"box","text":"liable for any action or failure to act, but nothing in the Declaration of Trust protects a Trustee against any","page_number":90,"box":{"x":116,"y":164,"width":743,"height":13}},{"id":"d45b18f8-2300-448f-a404-82a570fe4125","block_type":"box","text":"liability to which the Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross","page_number":90,"box":{"x":116,"y":180,"width":734,"height":12}},{"id":"129433f1-7fc3-4be0-8671-ec45f53f9dab","block_type":"box","text":"negligence, or reckless disregard of the duties involved in the conduct of the Trustee’s office.","page_number":90,"box":{"x":116,"y":195,"width":636,"height":13}},{"id":"1fb7a3ed-36d8-4851-83c7-888590e077d2","block_type":"box","text":"Interests in each Master Portfolio have voting and other rights generally corresponding to those rights","page_number":90,"box":{"x":116,"y":218,"width":696,"height":13}},{"id":"93b53425-cc69-422f-a5d4-ee2473165d32","block_type":"box","text":"enumerated above for shares of the Funds. MIP also intends to dispense with annual meetings, but is required","page_number":90,"box":{"x":116,"y":234,"width":751,"height":13}},{"id":"c90a4858-bb15-467e-a163-88e836f04d8c","block_type":"box","text":"by Section 16(c) of the 1940 Act to hold a special meeting and assist investor communications under the","page_number":90,"box":{"x":116,"y":249,"width":714,"height":13}},{"id":"276b532d-24cd-4a4d-87ce-166ba78c5edb","block_type":"box","text":"circumstances described above with respect to the Trust. Whenever a Fund is requested to vote on a matter","page_number":90,"box":{"x":116,"y":265,"width":733,"height":13}},{"id":"27b1ae11-7279-4f0e-8e12-c2fa363b2193","block_type":"box","text":"with respect to its Master Portfolio, the Fund will follow its voting procedures, as described in “Voting” above.","page_number":90,"box":{"x":116,"y":280,"width":762,"height":13}},{"id":"4a72571a-985b-47fb-a5ad-92d4ac5bd9f6","block_type":"box","text":"Additional Information on the Funds","page_number":90,"box":{"x":116,"y":309,"width":269,"height":10}},{"id":"6f5603c5-0aaf-4dce-9b7d-81df7d0bc959","block_type":"box","text":"The Trust provides annual and semi-annual reports to all shareholders. The annual reports contain","page_number":90,"box":{"x":116,"y":335,"width":686,"height":12}},{"id":"f9899f17-2e60-4b37-ade8-9530e83c7c35","block_type":"box","text":"information about the Funds, including additional information on performance. Shareholders may obtain a","page_number":90,"box":{"x":116,"y":350,"width":745,"height":13}},{"id":"983b6096-1dba-461e-94d9-5b305d52ae34","block_type":"box","text":"copy of the Trust’s most recent annual or semi-annual reports without charge by calling 1-888-204-3956 (toll","page_number":90,"box":{"x":116,"y":366,"width":766,"height":12}},{"id":"1a506ffb-83fb-412d-afe0-913b2579b7b2","block_type":"box","text":"free).","page_number":90,"box":{"x":116,"y":381,"width":34,"height":12}},{"id":"6a5a7fe3-cc1e-4f29-8ae2-7013a5b2c813","block_type":"box","text":"Statements contained in the Prospectus or this SAI a","page_number":90,"box":{"x":116,"y":404,"width":360,"height":13}},{"id":"51b4d593-36a4-40e5-bdaf-fd2e9ccd2ee9","block_type":"box","text":"s to the contents of any contract or other document","page_number":90,"box":{"x":477,"y":404,"width":357,"height":13}},{"id":"53a11b9c-4faf-4d02-8d58-e43ce750f558","block_type":"box","text":"referred to herein or in the Prospectus are not necessarily complete and, in each instance, reference is made to","page_number":90,"box":{"x":116,"y":420,"width":757,"height":13}},{"id":"91c5e099-b792-48d5-b284-4c0fd645df93","block_type":"box","text":"the copy of such contract or other document filed as an exhibit to the registration statement, each such","page_number":90,"box":{"x":116,"y":435,"width":712,"height":13}},{"id":"31066916-0f5a-41a5-af76-1600e87c93c3","block_type":"box","text":"statement being qualified in all respects by such reference.","page_number":90,"box":{"x":116,"y":451,"width":399,"height":13}},{"id":"bc304c7d-93e7-4514-8f5b-74d9b8d7320b","block_type":"box","text":"No person has been authorized to give any information or to make any representations other than those","page_number":90,"box":{"x":116,"y":474,"width":722,"height":13}},{"id":"efcef886-1c95-4683-be4b-9121042983d4","block_type":"box","text":"contained in the Prospectus, this SAI and in the Trust’s official sales literature in connection with the offer of","page_number":90,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"8ecfb500-a0ca-4188-83bd-1601d6c0faac","block_type":"box","text":"the Trust’s shares and, if given or made, such other information or representations must not be relied upon as","page_number":90,"box":{"x":116,"y":505,"width":759,"height":13}},{"id":"0c3420fe-216f-4427-83ad-256164bb966a","block_type":"box","text":"having been authorized by the Trust. This SAI does not constitute an offer in any state in which, or to any","page_number":90,"box":{"x":116,"y":521,"width":735,"height":12}},{"id":"db82a0d1-f8e5-45d6-ba18-398ec1c2e8f7","block_type":"box","text":"person to whom, such offering may not lawfully be made.","page_number":90,"box":{"x":116,"y":536,"width":402,"height":13}},{"id":"6c49ccf5-5a6c-4b1b-804c-7e8e6e72241e","block_type":"box","text":"Financial Statements","page_number":90,"box":{"x":116,"y":565,"width":149,"height":10}},{"id":"3c1628b2-f046-4f9a-98f5-a7db99badd67","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in each Fund’s and related Master","page_number":90,"box":{"x":116,"y":590,"width":731,"height":13}},{"id":"445bec26-e7f0-45b4-a069-38616e9903ff","block_type":"box","text":"Portfolio’s Annual Financial Statements and Additional Information for the fiscal year ended December 31,","page_number":90,"box":{"x":116,"y":606,"width":744,"height":13}},{"id":"b65a49c7-be92-4fdd-8ae5-a5fca982be1a","block_type":"box","text":"2025, as filed with the SEC on Form N-CSR (the “2025 Annual Financial Statements”), are incorporated in","page_number":90,"box":{"x":116,"y":621,"width":748,"height":13}},{"id":"27b7d384-fb9f-43e6-b9ea-a02b8141c396","block_type":"box","text":"this SAI by reference. 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We comply fully with these requirements and do not","page_number":95,"box":{"x":72,"y":866,"width":759,"height":10}},{"id":"b782de2f-834c-4ab0-b85f-b3c0e762c870","block_type":"box","text":"engage with","page_number":95,"box":{"x":835,"y":866,"width":69,"height":10}},{"id":"323df0c1-7565-4986-9ddc-0ccfe4a17664","block_type":"box","text":"portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.","page_number":95,"box":{"x":72,"y":879,"width":618,"height":10}},{"id":"18870f22-39e8-4040-85fa-4f16acbfa1db","block_type":"box","text":"A-5","page_number":95,"box":{"x":486,"y":916,"width":26,"height":10}},{"id":"df4f524f-9246-4277-8fd7-08ccb83ced59","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":95,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d6d08b3e-2de9-42e6-b4a3-11c0180fb6c3","block_type":"box","text":"Different active equity strategies may impl","page_number":96,"box":{"x":45,"y":79,"width":293,"height":13}},{"id":"cccf0ffe-bdb6-4316-9428-f04c06fdfed7","block_type":"box","text":"ement these voting guidelines differently, as","page_number":96,"box":{"x":338,"y":79,"width":301,"height":13}},{"id":"f86fdcd1-ae1c-42dc-aac6-b8314b6e6b9b","block_type":"box","text":"a result of the latitude each portfoli","page_number":96,"box":{"x":639,"y":79,"width":250,"height":13}},{"id":"12ec0e31-a0a5-4e65-b690-dd17d8bb76fd","block_type":"box","text":"o","page_number":96,"box":{"x":890,"y":83,"width":13,"height":6}},{"id":"2e7ba1be-1342-4951-af9a-009388e58b01","block_type":"box","text":"manager has to make independent voting decisions on their hol","page_number":96,"box":{"x":45,"y":94,"width":439,"height":13}},{"id":"306b73f6-4d03-4f54-b651-89dbf10a00e4","block_type":"box","text":"dings. 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We recognize that accepted corporate governance norms can","page_number":96,"box":{"x":513,"y":164,"width":434,"height":13}},{"id":"a292c7be-56dc-4167-805d-e6e1aff27d7a","block_type":"box","text":"differ across markets, and believe these guidelines represent globally","page_number":96,"box":{"x":46,"y":180,"width":470,"height":13}},{"id":"e5a6fe83-ca88-411f-9a7a-99e97d6c838d","block_type":"box","text":"y applicable elements of governance that support a company","page_number":96,"box":{"x":516,"y":180,"width":413,"height":13}},{"id":"e81962c6-f424-43fa-963e-27525db52eaf","block_type":"box","text":"’s","page_number":96,"box":{"x":930,"y":181,"width":14,"height":9}},{"id":"77358304-2821-40a5-8582-50d14d43036f","block_type":"box","text":"ability to manage material risks and opportunities and deliver finan","page_number":96,"box":{"x":46,"y":195,"width":467,"height":13}},{"id":"c3194b91-1d5f-44d0-be2a-96e411fa4d98","block_type":"box","text":"cial returns to investors. 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As one of many minority shareholders, BlackRock","page_number":96,"box":{"x":497,"y":226,"width":424,"height":13}},{"id":"5d3531fa-6932-479e-a642-43ca6e8c3971","block_type":"box","text":"cannot — and does not try to — direct a company’s strategy or its","page_number":96,"box":{"x":45,"y":242,"width":459,"height":13}},{"id":"00a8dd0a-8472-4a4c-a6d6-4605d824713b","block_type":"box","text":"implementation. We look to companies to provide disclosures","page_number":96,"box":{"x":505,"y":242,"width":438,"height":13}},{"id":"950d4887-636c-4827-9e6d-726d208a457d","block_type":"box","text":"that explain how their approach to corporate governance b","page_number":96,"box":{"x":45,"y":257,"width":411,"height":13}},{"id":"a590f049-4b1b-4363-a6d7-d3d7cfeda987","block_type":"box","text":"est aligns with the financial interests of their investors.","page_number":96,"box":{"x":457,"y":257,"width":380,"height":13}},{"id":"eb3864c6-2ef3-4ec4-8944-ef5c319208e0","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":96,"box":{"x":238,"y":289,"width":528,"height":12}},{"id":"c60d5598-937a-4974-8c11-b4d2b52994ad","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share","page_number":96,"box":{"x":45,"y":312,"width":431,"height":13}},{"id":"63270f0b-b0e9-40ad-a6c5-7bd02424640e","block_type":"box","text":"ownership and a core principle of corporate governance. 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As a fiduciary, BlackRock is legally re","page_number":96,"box":{"x":45,"y":343,"width":438,"height":13}},{"id":"8eac559b-3f22-4c56-bce4-896b6440c227","block_type":"box","text":"quired to make proxy voting determinations, on behalf of clients","page_number":96,"box":{"x":484,"y":343,"width":452,"height":13}},{"id":"ce76c192-65ee-4a07-9180-eb77add009fa","block_type":"box","text":"who have delegated voting authority to us, in a manner consiste","page_number":96,"box":{"x":45,"y":359,"width":443,"height":12}},{"id":"c161ab67-e110-4738-8c86-a66c602e65dc","block_type":"box","text":"nt with BlackRock’s contractual arrangements with clients and","page_number":96,"box":{"x":489,"y":359,"width":441,"height":12}},{"id":"2aef3d1b-7e9f-45b6-8343-df7cafab76f7","block_type":"box","text":"funds.","page_number":96,"box":{"x":45,"y":374,"width":48,"height":10}},{"id":"cc535761-74ef-413c-a710-7125006552ad","block_type":"box","text":"In general, we tend to support the recommendations of the board of","page_number":96,"box":{"x":45,"y":398,"width":473,"height":12}},{"id":"72ea200e-5493-47ed-9e25-fd969e9b166a","block_type":"box","text":"f directors and management. 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We welcome disclosures that explain how th","page_number":97,"box":{"x":45,"y":314,"width":443,"height":13}},{"id":"e952df90-4e7b-4b3d-8aa3-45f62d8588a8","block_type":"box","text":"e board considered different skills","page_number":97,"box":{"x":489,"y":314,"width":238,"height":10}},{"id":"de4d2b2b-6c6a-4f73-a4da-6f4d888d7a4d","block_type":"box","text":"and experience to ensure that","page_number":97,"box":{"x":727,"y":314,"width":208,"height":13}},{"id":"d645d3ce-d017-47f6-bc5d-20eb287ec82a","block_type":"box","text":"the directors collectively can be effective in fulfilling thei","page_number":97,"box":{"x":45,"y":330,"width":389,"height":13}},{"id":"ea29d7e4-2e17-45fe-8b40-6421f4b99de1","block_type":"box","text":"r responsibilities. 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We do not prescribe any particular board composition i","page_number":97,"box":{"x":473,"y":368,"width":448,"height":13}},{"id":"5e2e7840-96f4-49ff-a59e-092b39a03f9c","block_type":"box","text":"n","page_number":97,"box":{"x":922,"y":372,"width":13,"height":6}},{"id":"7e4df2f5-4ac3-413e-bc4b-987a7f212d33","block_type":"box","text":"our engagements or voting but seek to understand how well placed a boa","page_number":97,"box":{"x":46,"y":384,"width":507,"height":13}},{"id":"fac8c578-79cd-4d53-a8f6-f7041061c955","block_type":"box","text":"rd is to act in investors’ interests. 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We may vote against newly nominated","page_number":97,"box":{"x":467,"y":430,"width":441,"height":13}},{"id":"ac0ecb1a-1747-467a-83df-0d0f91c13fb7","block_type":"box","text":"directors who do not seem to have the appropriate skills or","page_number":97,"box":{"x":46,"y":446,"width":409,"height":13}},{"id":"bbc433de-0163-4b88-be9c-4f41b44f91c6","block_type":"box","text":"r experience to contribute to the board’s effectiveness.","page_number":97,"box":{"x":455,"y":446,"width":373,"height":13}},{"id":"4b43494d-15da-4b4c-a782-10df6cb32622","block_type":"box","text":"Independence","page_number":97,"box":{"x":45,"y":473,"width":106,"height":13}},{"id":"d79e9668-9286-4789-a62e-736c824527c1","block_type":"box","text":"Director independence from management, significant shareholders or","page_number":97,"box":{"x":45,"y":496,"width":481,"height":13}},{"id":"651cf639-2a56-4446-9168-8641c70fee6d","block_type":"box","text":"r other stakeholders (e.g., government or employees) is of","page_number":97,"box":{"x":526,"y":496,"width":397,"height":13}},{"id":"46a64bbf-644e-4cbe-91d3-55850cad0013","block_type":"box","text":"paramount importance to the protection of the interests of minority","page_number":97,"box":{"x":45,"y":512,"width":470,"height":13}},{"id":"22a9eb25-eb95-429f-9ba1-1134bb9d984d","block_type":"box","text":"y shareholders such as BlackRock’s clients. We consider it go","page_number":97,"box":{"x":515,"y":512,"width":415,"height":13}},{"id":"c579a746-727d-42f5-8019-e420ea04914f","block_type":"box","text":"od","page_number":97,"box":{"x":931,"y":512,"width":22,"height":10}},{"id":"ec0a569e-e58e-4f9a-84df-5202962ea7b9","block_type":"box","text":"practice for at least half the directors to be independent and free from conflicts of interest or undue influence.","page_number":97,"box":{"x":45,"y":527,"width":757,"height":13}},{"id":"078094ad-9401-45b5-a02e-c38fe3816f8e","block_type":"box","text":"7","page_number":97,"box":{"x":803,"y":528,"width":6,"height":6}},{"id":"5333e0b7-5788-4e30-b2d7-3a7eaa78d263","block_type":"box","text":"7 This also helps to","page_number":97,"box":{"x":808,"y":527,"width":131,"height":13}},{"id":"d8f6a719-a8b2-46ec-ae64-24ddf50b86b5","block_type":"box","text":"ensure that board committees are composed","page_number":97,"box":{"x":46,"y":543,"width":310,"height":13}},{"id":"733aeeb2-826a-4324-8ee6-749e1e3bb967","block_type":"box","text":"of a sufficient number of independent directors. Companies domiciled in markets","page_number":97,"box":{"x":356,"y":543,"width":568,"height":13}},{"id":"690a3be5-5f5d-4f18-b2e2-33dba67aaec4","block_type":"box","text":"with a higher threshold for board independence should meet those local requirements.","page_number":97,"box":{"x":45,"y":558,"width":602,"height":13}},{"id":"0705b954-0d87-4991-9501-c2e3f3e7f8c6","block_type":"box","text":"We may vote against the election of non-independent directors if th","page_number":97,"box":{"x":45,"y":581,"width":467,"height":13}},{"id":"38a51be3-63c4-461e-ad0b-d8184870a860","block_type":"box","text":"e board does not have a sufficient balance of independence. W","page_number":97,"box":{"x":513,"y":581,"width":416,"height":13}},{"id":"266d2b67-fcc3-4eb6-836e-acad9c733948","block_type":"box","text":"We","page_number":97,"box":{"x":929,"y":582,"width":28,"height":9}},{"id":"7864d4ca-3901-4182-906f-1fdbe56356d4","block_type":"box","text":"may also vote against the election of the chair of the committ","page_number":97,"box":{"x":45,"y":597,"width":424,"height":12}},{"id":"186c7442-b5ea-4777-9060-eccece0a42eb","block_type":"box","text":"ee responsible for board composition if this is a perennial issue","page_number":97,"box":{"x":470,"y":597,"width":433,"height":12}},{"id":"468beb1a-c65f-4ebb-b8c9-f15d9e9a239b","block_type":"box","text":".","page_number":97,"box":{"x":905,"y":605,"width":8,"height":2}},{"id":"4d84e8d5-22f7-4d39-af7e-ed3449ac9e2d","block_type":"box","text":"Independent board leadership","page_number":97,"box":{"x":45,"y":624,"width":225,"height":13}},{"id":"d0c0a3f5-5a1a-4ee4-ac57-96dc0b009c54","block_type":"box","text":"Practices across markets differ, as do board structures, but we","page_number":97,"box":{"x":45,"y":647,"width":434,"height":12}},{"id":"81dd60db-d419-44d8-aec2-92fa400864dc","block_type":"box","text":"observe two main approaches to independent board leadership. On","page_number":97,"box":{"x":480,"y":647,"width":467,"height":13}},{"id":"8ccf94a5-9b5b-4205-b492-fb52a0ded773","block_type":"box","text":"e","page_number":97,"box":{"x":947,"y":651,"width":11,"height":6}},{"id":"f184b241-195c-4ae7-8a6c-308c993f9f1b","block_type":"box","text":"is a non-executive, independent chair of the board who is respons","page_number":97,"box":{"x":45,"y":663,"width":455,"height":12}},{"id":"fd1af436-79c4-44dc-ba5f-e282c9b80376","block_type":"box","text":"ible for leading the board in the effective exercise of its du","page_number":97,"box":{"x":500,"y":663,"width":401,"height":12}},{"id":"fd3dd26c-3584-4e6c-9382-97d34797ef9e","block_type":"box","text":"ties.","page_number":97,"box":{"x":901,"y":663,"width":26,"height":10}},{"id":"067d2e70-3b93-48c1-b806-9e6028c45191","block_type":"box","text":"The other is a lead or senior independent director, who is","page_number":97,"box":{"x":45,"y":678,"width":397,"height":13}},{"id":"bb6005dd-6da1-4960-8695-5651dfe7f7d3","block_type":"box","text":"responsible for coordinating with the other non-executive directors","page_number":97,"box":{"x":447,"y":678,"width":464,"height":13}},{"id":"56434067-c41b-4fdd-ac0b-61de354c2377","block_type":"box","text":"and","page_number":97,"box":{"x":917,"y":678,"width":25,"height":10}},{"id":"4570f480-700f-4ce4-aa00-7e871c59be50","block_type":"box","text":"working closely with the executive chair on the board agenda and ot","page_number":97,"box":{"x":45,"y":694,"width":476,"height":12}},{"id":"1c894ae1-9f7f-41cd-8ca0-6526309a3881","block_type":"box","text":"her board procedures. In this case, the executive chair and","page_number":97,"box":{"x":521,"y":694,"width":402,"height":12}},{"id":"48c5b0eb-4e8d-49be-b41e-3da55c41ac7a","block_type":"box","text":"the","page_number":97,"box":{"x":928,"y":694,"width":21,"height":10}},{"id":"247afa11-1069-418b-b306-f9ecd21ebb0e","block_type":"box","text":"lead independent director work together to ensure the board","page_number":97,"box":{"x":45,"y":709,"width":419,"height":13}},{"id":"d2dd5171-f676-4276-a508-442518b7893a","block_type":"box","text":"is effectively fulfilling its responsibilities. In our view, the in","page_number":97,"box":{"x":469,"y":709,"width":411,"height":13}},{"id":"7f96af86-ea8e-4b3f-885e-c78163d09568","block_type":"box","text":"dependent","page_number":97,"box":{"x":880,"y":709,"width":71,"height":13}},{"id":"ec0bc1fe-4b12-403a-97d3-cc6686b09b5c","block_type":"box","text":"leader of the board, and/or the chair of a relevant committee,","page_number":97,"box":{"x":45,"y":725,"width":424,"height":12}},{"id":"f7a0467c-fb8f-447c-85ea-f3772727bc4a","block_type":"box","text":"should be available to investors to discuss governance matters s","page_number":97,"box":{"x":474,"y":725,"width":439,"height":12}},{"id":"426b1aa3-1299-4e41-8a6b-66b9f31f3eb8","block_type":"box","text":"uch","page_number":97,"box":{"x":913,"y":725,"width":25,"height":10}},{"id":"74c8f77a-3aa5-4b84-9689-c64d4e8d29c0","block_type":"box","text":"as CEO succession, executive pay, and board performance. We look","page_number":97,"box":{"x":46,"y":740,"width":473,"height":13}},{"id":"6b0bb292-d8e7-4db7-9a1b-997f47f11772","block_type":"box","text":"to boards to explain their board leadership model and how it","page_number":97,"box":{"x":523,"y":740,"width":425,"height":13}},{"id":"cb578069-3bc1-4b4c-809d-cdd0d226c112","block_type":"box","text":"serves the interests of shareholders.","page_number":97,"box":{"x":46,"y":756,"width":242,"height":10}},{"id":"5230d618-3c13-412b-b697-baed7999183b","block_type":"box","text":"We may vote against the election of the chair of the committ","page_number":97,"box":{"x":45,"y":778,"width":420,"height":13}},{"id":"c5ed72b5-4c1c-4126-88ee-0719f8b9c190","block_type":"box","text":"ee responsible for board composition if there is not an identified","page_number":97,"box":{"x":466,"y":778,"width":444,"height":13}},{"id":"5faf28ce-cf0e-4888-b7bb-0cb63eb04ba1","block_type":"box","text":"independent leader of the board with clear responsibilities for","page_number":97,"box":{"x":45,"y":794,"width":427,"height":13}},{"id":"628680eb-a13c-4a75-8b28-10ebe5284a7e","block_type":"box","text":"board performance. We may vote against the most senior","page_number":97,"box":{"x":477,"y":794,"width":398,"height":13}},{"id":"2088b5eb-d629-4e00-9310-de0d82c8ddda","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":97,"box":{"x":45,"y":809,"width":560,"height":13}},{"id":"73091ada-a4d4-4288-a2d7-98775991b73d","block_type":"box","text":"7","page_number":97,"box":{"x":45,"y":841,"width":5,"height":4}},{"id":"fde9c5ed-982e-46b6-875b-1234b763e139","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsid","page_number":97,"box":{"x":73,"y":840,"width":771,"height":10}},{"id":"a17795ce-df68-4e6a-ade0-c2b0e604de37","block_type":"box","text":"iary; being, or","page_number":97,"box":{"x":844,"y":840,"width":81,"height":10}},{"id":"b32ffe5e-c473-4803-a253-8af24bbeda2a","block_type":"box","text":"representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and hav","page_number":97,"box":{"x":72,"y":853,"width":734,"height":10}},{"id":"7779e63a-db86-4a58-91ab-bd6901084171","block_type":"box","text":"ing any other interest,","page_number":97,"box":{"x":807,"y":853,"width":126,"height":10}},{"id":"f3160c7e-17ba-4ad0-9abf-cf2394c96d9f","block_type":"box","text":"business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director’s abilit","page_number":97,"box":{"x":73,"y":866,"width":711,"height":10}},{"id":"d4f3fbc6-cb49-4f47-8ab5-0721790ceb3b","block_type":"box","text":"y to act in the best interests","page_number":97,"box":{"x":785,"y":866,"width":157,"height":10}},{"id":"0425d835-9a6e-4e54-93c0-362262ab29c4","block_type":"box","text":"of the company and shareholders.","page_number":97,"box":{"x":72,"y":879,"width":196,"height":10}},{"id":"975ab2d4-8a35-4a43-bf6a-048135fd11fe","block_type":"box","text":"A-7","page_number":97,"box":{"x":486,"y":916,"width":27,"height":10}},{"id":"385e6843-2322-461c-8ed4-8ac317033d1f","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":97,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c8e2c580-8693-465f-b7d2-5011ea15a074","block_type":"box","text":"Tenure and succession","page_number":98,"box":{"x":46,"y":79,"width":169,"height":10}},{"id":"5f5772bb-7dd9-4657-9b8a-403c68d32bcd","block_type":"box","text":"In our view, it is good practice for boards to establish the length","page_number":98,"box":{"x":45,"y":103,"width":444,"height":13}},{"id":"bda0851b-6b84-46be-9aaa-98684824bc56","block_type":"box","text":"h of time a director would normally be expected to serve, in","page_number":98,"box":{"x":489,"y":103,"width":411,"height":13}},{"id":"2c94b852-5dec-431b-a549-4924055e01f3","block_type":"box","text":"line","page_number":98,"box":{"x":901,"y":103,"width":29,"height":10}},{"id":"d016ec64-6687-4cd7-8a76-b6180207d98b","block_type":"box","text":"with market norms where those exist. 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In o","page_number":98,"box":{"x":510,"y":134,"width":408,"height":13}},{"id":"e4119fe6-fe95-41d6-b603-160c989f4c89","block_type":"box","text":"ur","page_number":98,"box":{"x":919,"y":138,"width":19,"height":6}},{"id":"33cfd366-befa-406f-bbdf-7069515bcba7","block_type":"box","text":"experience, long-serving directors could become less independe","page_number":98,"box":{"x":46,"y":150,"width":435,"height":13}},{"id":"df9d8310-b77e-4655-b2d8-3c475f7db8b3","block_type":"box","text":"nt given their long-term relationship with management and","page_number":98,"box":{"x":482,"y":150,"width":415,"height":13}},{"id":"b1398554-3b5d-4660-b983-3ad2583af3ff","block_type":"box","text":"involvement in past board decisions.","page_number":98,"box":{"x":45,"y":165,"width":258,"height":13}},{"id":"e733e5c1-cf93-4b92-8402-4159d48c8582","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate","page_number":98,"box":{"x":46,"y":190,"width":458,"height":13}},{"id":"1f5246f8-d6de-4767-b0a5-cb265d6aad0c","block_type":"box","text":"cadence of turnover that balances renewal through the regular","page_number":98,"box":{"x":504,"y":190,"width":431,"height":13}},{"id":"22ebb766-f7eb-4f66-878f-7556eaf83ef7","block_type":"box","text":"introduction of directors with fresh perspectives and expertise with","page_number":98,"box":{"x":45,"y":206,"width":464,"height":12}},{"id":"8908e4c0-dfee-4ae5-b50f-221a0b95555c","block_type":"box","text":"continuity through the retention of directors with long-te","page_number":98,"box":{"x":509,"y":206,"width":400,"height":12}},{"id":"2ac68a2e-3314-4788-b280-65a296327bf4","block_type":"box","text":"rm","page_number":98,"box":{"x":910,"y":209,"width":24,"height":6}},{"id":"777d23ca-4ddd-4b37-be2e-43e86d89a965","block_type":"box","text":"knowledge of the board and company.","page_number":98,"box":{"x":45,"y":221,"width":274,"height":13}},{"id":"20cf19ef-5639-4d6d-a3af-fdd4151c3822","block_type":"box","text":"In markets where there is not specific director tenure guidance from","page_number":98,"box":{"x":45,"y":246,"width":470,"height":12}},{"id":"c660e779-e7fe-48bf-807e-b16dea404c54","block_type":"box","text":"m regulation or corporate governance best practices, we may","page_number":98,"box":{"x":515,"y":246,"width":414,"height":12}},{"id":"f443cbab-f6de-4010-a921-51243127f8da","block_type":"box","text":"vote against the election of the chair of the committee responsib","page_number":98,"box":{"x":45,"y":261,"width":443,"height":13}},{"id":"47e204fa-cb82-4828-8b0b-439a4207c626","block_type":"box","text":"le for board composition if a company does not clearly disclos","page_number":98,"box":{"x":488,"y":261,"width":431,"height":13}},{"id":"3c8ef64f-1a1c-4daf-b6f6-e63e98c84e9f","block_type":"box","text":"e its","page_number":98,"box":{"x":920,"y":262,"width":31,"height":9}},{"id":"a3a4be20-e735-43a8-9df2-f3df46e31784","block_type":"box","text":"approach to director tenure and board renewal. We may vote","page_number":98,"box":{"x":46,"y":277,"width":431,"height":12}},{"id":"86025f00-5692-412c-876b-486ac5237265","block_type":"box","text":"against the election of directors who have served for more years","page_number":98,"box":{"x":477,"y":277,"width":446,"height":12}},{"id":"a2834bf8-ca47-4f38-9d18-49bcef8d98de","block_type":"box","text":"than is typical in markets with specific guidance, wh","page_number":98,"box":{"x":45,"y":292,"width":363,"height":13}},{"id":"2ecdc272-5261-47da-a8d9-3a040144119b","block_type":"box","text":"ere the case for their continued service is not evident.","page_number":98,"box":{"x":408,"y":292,"width":371,"height":10}},{"id":"90983b68-ac22-4442-9bcb-5cf9f7f5d5b2","block_type":"box","text":"Capacity","page_number":98,"box":{"x":46,"y":323,"width":71,"height":13}},{"id":"cf0a005e-8121-4e82-83cb-006a2787e26b","block_type":"box","text":"To be effective and engaged, directors need to have the time and","page_number":98,"box":{"x":45,"y":347,"width":451,"height":13}},{"id":"808905bd-5686-4b12-b48a-d773a92d29d5","block_type":"box","text":"energy to commit to the role. In our view, an effective board w","page_number":98,"box":{"x":496,"y":347,"width":423,"height":13}},{"id":"8a2bcbdd-7759-468f-bf43-ea6c03124371","block_type":"box","text":"will","page_number":98,"box":{"x":919,"y":347,"width":30,"height":10}},{"id":"ceb187df-e328-408e-8e7e-50b969638cde","block_type":"box","text":"assess the ability of its members to maintain an appropriate fo","page_number":98,"box":{"x":46,"y":363,"width":430,"height":13}},{"id":"49f22efd-87d6-4b69-94bb-be5848cd67ae","block_type":"box","text":"cus on board matters and the company taking into consideration","page_number":98,"box":{"x":477,"y":363,"width":454,"height":13}},{"id":"1e43fa0e-0e74-4087-9656-1afb2c37ec3b","block_type":"box","text":"competing responsibilities. We recognize that board leadership","page_number":98,"box":{"x":45,"y":378,"width":439,"height":13}},{"id":"ca5909e5-8c3a-4783-8be1-8328efc61f21","block_type":"box","text":"roles vary across markets in responsibilities and required time","page_number":98,"box":{"x":484,"y":378,"width":432,"height":13}},{"id":"5acea8e4-f109-4732-ac3e-a8f161bf3b2b","block_type":"box","text":"commitment but note that they are generally","page_number":98,"box":{"x":45,"y":394,"width":310,"height":13}},{"id":"5441cbda-9107-421c-a38e-0038397826fe","block_type":"box","text":"y more intensive than a standard directorship. We will take local norms and practices","page_number":98,"box":{"x":354,"y":394,"width":585,"height":13}},{"id":"88863a7c-a7c1-4529-8110-3ce2bf8ad90d","block_type":"box","text":"into consideration when making our voting determinations across markets.","page_number":98,"box":{"x":45,"y":409,"width":526,"height":13}},{"id":"b80d8a4a-447f-41ce-ad32-0133f57c6df1","block_type":"box","text":"We may vote against the election of directors who do not seem to","page_number":98,"box":{"x":45,"y":434,"width":460,"height":13}},{"id":"7309fd39-262e-4d28-a078-68931504bcdc","block_type":"box","text":"have sufficient capacity to effectively fulfil their duties to","page_number":98,"box":{"x":505,"y":434,"width":391,"height":13}},{"id":"57e4b521-9eb2-4f7d-940c-7fa3e74788b2","block_type":"box","text":"the","page_number":98,"box":{"x":896,"y":434,"width":31,"height":10}},{"id":"50b42be4-57e1-4ac1-b16a-cae0a5f3696b","block_type":"box","text":"board and company.","page_number":98,"box":{"x":46,"y":450,"width":148,"height":12}},{"id":"9f58d05d-72d2-4b6e-a363-eba3f59d15c6","block_type":"box","text":"Director elections","page_number":98,"box":{"x":45,"y":480,"width":134,"height":10}},{"id":"9ee734b3-f1eb-4d40-be24-b43aae27b05e","block_type":"box","text":"Regular election of directors, ideally annually, supports director","page_number":98,"box":{"x":46,"y":505,"width":441,"height":13}},{"id":"a2cff634-ea7d-4e98-9802-af5dc868ac99","block_type":"box","text":"accountability to shareholders. 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We will generally not support the election of di","page_number":98,"box":{"x":46,"y":592,"width":433,"height":12}},{"id":"343a2dca-fe15-4b42-b726-428222f7322c","block_type":"box","text":"rectors whose names and biographical details have not been","page_number":98,"box":{"x":480,"y":592,"width":420,"height":12}},{"id":"9c7d49af-44ed-4fa6-a2e1-61d5a3bc84d2","block_type":"box","text":"disclosed sufficiently in advance","page_number":98,"box":{"x":46,"y":607,"width":225,"height":13}},{"id":"9687ff52-89f1-4a30-b906-07d75cfef7f8","block_type":"box","text":"of the shareholder meeting.","page_number":98,"box":{"x":271,"y":607,"width":194,"height":13}},{"id":"1b80d9e0-0649-4642-b6fb-91889899c6d5","block_type":"box","text":"Each director’s appointment should be depende","page_number":98,"box":{"x":45,"y":632,"width":330,"height":12}},{"id":"9e00b22d-c6cf-4ea4-9819-b70e4ee72a9e","block_type":"box","text":"nt on receiving a simple majority of the votes cast at the shareholder meeting.","page_number":98,"box":{"x":376,"y":632,"width":541,"height":12}},{"id":"897ce2b0-0b67-47fd-b9ef-56ca76d02c5e","block_type":"box","text":"Where a company’s practices differ, we look to the board to prov","page_number":98,"box":{"x":45,"y":647,"width":454,"height":13}},{"id":"c09e9271-8ef9-4fd1-8599-261f45f5394d","block_type":"box","text":"ide a detailed explanation as to how its approach best serves","page_number":98,"box":{"x":500,"y":647,"width":423,"height":13}},{"id":"6280e38b-e027-4458-9597-1c3a18c0c605","block_type":"box","text":"investors’ interests.","page_number":98,"box":{"x":45,"y":663,"width":131,"height":10}},{"id":"98d7fe2f-3375-423d-b290-a283a2ceb84a","block_type":"box","text":"We may vote for shareholder or management proposals seeking to","page_number":98,"box":{"x":45,"y":687,"width":461,"height":13}},{"id":"66bd0fc2-c81f-4ef0-98e9-aa7c42a80d08","block_type":"box","text":"establish annual election of directors and/or a simple majority","page_number":98,"box":{"x":511,"y":687,"width":428,"height":13}},{"id":"386fc6d0-bc29-4270-a739-9741b1cc0b59","block_type":"box","text":"vote standard for director elections. We may vote against all th","page_number":98,"box":{"x":45,"y":703,"width":437,"height":13}},{"id":"7fc98c71-1cdb-470e-aa24-1d7ddee4c42b","block_type":"box","text":"e directors standing for election as part of a single slate if","page_number":98,"box":{"x":482,"y":703,"width":395,"height":13}},{"id":"c9e184d0-fca2-4f7f-afc1-6cc8f327315c","block_type":"box","text":"we have","page_number":98,"box":{"x":881,"y":703,"width":56,"height":10}},{"id":"751158d3-f2ee-45e5-8485-a1d2a7eb5ecb","block_type":"box","text":"concerns about the profile or performance of an individual director.","page_number":98,"box":{"x":45,"y":718,"width":470,"height":13}},{"id":"3333769d-a97e-45ca-bff0-288b57a6e9e2","block_type":"box","text":"Committees","page_number":98,"box":{"x":46,"y":750,"width":86,"height":9}},{"id":"9973aad0-459e-4d84-ac70-0c36288d070a","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of","page_number":98,"box":{"x":45,"y":774,"width":505,"height":12}},{"id":"d827b24e-e55e-4216-a89b-f54e76ebd35b","block_type":"box","text":"the board such as audit and risk, governance and huma","page_number":98,"box":{"x":554,"y":774,"width":384,"height":12}},{"id":"407980bf-0350-460b-acfa-2f3d2e7b1702","block_type":"box","text":"n","page_number":98,"box":{"x":938,"y":778,"width":9,"height":5}},{"id":"a3169545-bcda-4a37-95aa-970fce06c49f","block_type":"box","text":"capital, and executive compensation, amongst other matters. We","page_number":98,"box":{"x":45,"y":789,"width":449,"height":13}},{"id":"82244485-2626-46dd-a2f6-7df02e792c67","block_type":"box","text":"do not prescribe to companies what committees they should","page_number":98,"box":{"x":499,"y":789,"width":417,"height":13}},{"id":"21368aab-08f9-4012-8ec1-6790cb0ae4a8","block_type":"box","text":"establish, but we seek to understand the board’s rationale for","page_number":98,"box":{"x":46,"y":805,"width":423,"height":12}},{"id":"fd635a93-1c80-404c-bfcc-84f4a4bbfe0e","block_type":"box","text":"the committee structure it determines is appropriate. We note th","page_number":98,"box":{"x":474,"y":805,"width":445,"height":12}},{"id":"38726a41-94a4-4caa-ac96-8543d5fb31f4","block_type":"box","text":"at,","page_number":98,"box":{"x":919,"y":807,"width":17,"height":10}},{"id":"812dec5f-7065-42fe-84f3-ccabb169f7f5","block_type":"box","text":"in some markets, regulation requires such committees. The res","page_number":98,"box":{"x":45,"y":820,"width":432,"height":13}},{"id":"ed43b260-71a5-4ab9-879f-e800529d1e6e","block_type":"box","text":"ponsibilities of each committee should be clear, and the board","page_number":98,"box":{"x":477,"y":820,"width":430,"height":13}},{"id":"90f8a829-938c-42e1-b56c-f9c4ff85ff34","block_type":"box","text":"should ensure that all critical matters are assigned either to the","page_number":98,"box":{"x":46,"y":836,"width":437,"height":12}},{"id":"38e8e6b8-e4e2-47d3-acd9-5cc64849e240","block_type":"box","text":"full board or to one of the committees. It is helpful to inv","page_number":98,"box":{"x":483,"y":836,"width":396,"height":12}},{"id":"23f201fb-52d0-426b-98fc-aa1f57a8d465","block_type":"box","text":"estor","page_number":98,"box":{"x":879,"y":838,"width":38,"height":8}},{"id":"f65c23e6-41df-4199-af53-b2fca49baba9","block_type":"box","text":"8","page_number":98,"box":{"x":46,"y":867,"width":3,"height":4}},{"id":"7d34188a-82d5-4f51-9fb7-b2dc90bfc759","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. 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In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. 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In those situations, we encourage companies to e","page_number":101,"box":{"x":45,"y":132,"width":421,"height":12}},{"id":"f1351d3c-f8dd-4c2c-ae7c-12007f45eb1b","block_type":"box","text":"valuate and seek approval for their capital structure on a periodi","page_number":101,"box":{"x":466,"y":132,"width":447,"height":12}},{"id":"b6e86e81-00f9-4cd1-8254-121e8f3f46ae","block_type":"box","text":"c","page_number":101,"box":{"x":913,"y":136,"width":12,"height":6}},{"id":"8b616588-42dc-44b5-b3eb-3bc7c48f0d5a","block_type":"box","text":"basis.","page_number":101,"box":{"x":46,"y":147,"width":42,"height":10}},{"id":"23b948ce-286a-4cd5-a673-43cb5e2fbddf","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":101,"box":{"x":317,"y":176,"width":369,"height":9}},{"id":"2d72ede7-1068-4fa2-9ce5-0fdef9f53a0b","block_type":"box","text":"We monitor developments in transactions and special situati","page_number":101,"box":{"x":45,"y":197,"width":418,"height":13}},{"id":"eb9cfa37-6ddb-40ac-b03a-442023c4f8d0","block_type":"box","text":"ons closely and undertake our own detailed analyses of proposals.","page_number":101,"box":{"x":464,"y":197,"width":463,"height":13}},{"id":"de317f6f-8515-4dcb-adc5-a03e2ffbdf0d","block_type":"box","text":"Mergers and acquisitions","page_number":101,"box":{"x":45,"y":223,"width":187,"height":13}},{"id":"91bcaf9e-e434-4640-9d21-3dae85c7c604","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the","page_number":101,"box":{"x":45,"y":245,"width":438,"height":13}},{"id":"1a3300d4-172b-4e99-a42d-a533e22aae05","block_type":"box","text":"financial outcome for our clients as minority shareholders.","page_number":101,"box":{"x":483,"y":245,"width":409,"height":13}},{"id":"38d25cf1-2b77-45e3-920f-ad5bb9b898d1","block_type":"box","text":"Management should provide an assessment of the proposed transac","page_number":101,"box":{"x":45,"y":261,"width":469,"height":12}},{"id":"ff9891b3-6c2f-4b18-a1b6-48f72b659a07","block_type":"box","text":"tion’s strategic and financial rationale, along with its executi","page_number":101,"box":{"x":515,"y":261,"width":417,"height":12}},{"id":"bfecdd51-8e07-4af6-a193-b8f6f9d6eada","block_type":"box","text":"on","page_number":101,"box":{"x":933,"y":265,"width":22,"height":6}},{"id":"80407dc7-61e3-4f3e-888e-fbb0591fec24","block_type":"box","text":"and operational risks. We review each transaction independently","page_number":101,"box":{"x":46,"y":276,"width":448,"height":13}},{"id":"b7aab342-01a7-49bc-a5be-1851fd110c78","block_type":"box","text":"y based on these factors and the degree to which the transaction","page_number":101,"box":{"x":494,"y":276,"width":441,"height":13}},{"id":"fac83999-3edd-4ded-bfad-e7532a54e4df","block_type":"box","text":"enhances shareholder value. The board might consider establishing","page_number":101,"box":{"x":46,"y":292,"width":468,"height":12}},{"id":"b874e5cf-9efa-4a9d-86c3-908f11ee3ff9","block_type":"box","text":"an ad hoc transaction committee to undertake an independent","page_number":101,"box":{"x":514,"y":292,"width":436,"height":12}},{"id":"536df28e-dd65-4d37-a63a-1080e5f1814b","block_type":"box","text":"assessment of a significant merger or acquisition, in","page_number":101,"box":{"x":46,"y":307,"width":361,"height":13}},{"id":"ee73d672-2f3c-4d75-b485-34da6410a210","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":101,"box":{"x":407,"y":307,"width":393,"height":13}},{"id":"4a89e388-2913-41bc-a467-80a3a4d3ccd3","block_type":"box","text":"We will vote against transactions that, in our assessm","page_number":101,"box":{"x":45,"y":329,"width":371,"height":13}},{"id":"162961d8-dcc6-412d-bb13-f2d72322b7dd","block_type":"box","text":"ent, do not advance our clients’ financial interests.","page_number":101,"box":{"x":416,"y":329,"width":352,"height":12}},{"id":"22c0524a-0871-4a32-aca9-af0acce8ef42","block_type":"box","text":"Anti-takeover defenses","page_number":101,"box":{"x":45,"y":355,"width":169,"height":10}},{"id":"d6b550ac-711e-456d-be93-f33c4e252733","block_type":"box","text":"In principle, we do not support companies using anti-takeover defe","page_number":101,"box":{"x":45,"y":377,"width":465,"height":13}},{"id":"27cf866f-6c4c-4591-ba8d-97c559268844","block_type":"box","text":"nses, also known as poison pills or shareholder rights plans,","page_number":101,"box":{"x":510,"y":377,"width":415,"height":13}},{"id":"437e7324-2a3f-467e-bd49-97bfcabaaeaf","block_type":"box","text":"as","page_number":101,"box":{"x":925,"y":381,"width":23,"height":6}},{"id":"126fe04e-3042-4912-a7e2-30d9dc2ea410","block_type":"box","text":"they can entrench management and boards which have not deliv","page_number":101,"box":{"x":45,"y":392,"width":447,"height":13}},{"id":"91fe9cbf-0aff-4853-b9d6-ccbe3ff88847","block_type":"box","text":"ered long-term shareholder value. By exception, a poison pill may","page_number":101,"box":{"x":492,"y":392,"width":461,"height":13}},{"id":"9e5ab00c-b517-4c3e-9395-6675dd402172","block_type":"box","text":"be supported if its purpose is to delay a takeover that is consid","page_number":101,"box":{"x":46,"y":408,"width":432,"height":13}},{"id":"21e486fa-c4e4-4f82-86fd-99ad4ff78dc6","block_type":"box","text":"ered sub-optimal and enable management to seek an improved","page_number":101,"box":{"x":478,"y":408,"width":440,"height":13}},{"id":"af2f3402-d5de-48d9-b3d1-5a2aae0bf0ed","block_type":"box","text":"offer. 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Defense mechanisms","page_number":101,"box":{"x":45,"y":439,"width":437,"height":10}},{"id":"a6c86a3e-c3ad-4afa-9ff2-26ba60680951","block_type":"box","text":"introduced in these circumstances should be limited in term and","page_number":101,"box":{"x":482,"y":439,"width":447,"height":10}},{"id":"1b3130ba-572e-4efb-99a9-fb655953054d","block_type":"box","text":"threshold, and also be closely monitored by the independent m","page_number":101,"box":{"x":45,"y":454,"width":422,"height":13}},{"id":"243b53f2-a25e-43e7-b3b4-6e756ae69fba","block_type":"box","text":"members of the board. We consider it good practice for companies to","page_number":101,"box":{"x":467,"y":454,"width":482,"height":13}},{"id":"58502a38-2b03-489f-993d-c09f3d062983","block_type":"box","text":"put to a shareholder vote any mechanisms exp","page_number":101,"box":{"x":45,"y":470,"width":322,"height":13}},{"id":"5e7a30dd-a20a-4a18-a2a9-5244f38c3deb","block_type":"box","text":"ected to be in place for more than 12 months.","page_number":101,"box":{"x":368,"y":470,"width":321,"height":13}},{"id":"2428923d-14e7-4b69-a8aa-e2a50249a098","block_type":"box","text":"Shareholder activism","page_number":101,"box":{"x":46,"y":496,"width":155,"height":10}},{"id":"87c0f570-3453-4c29-ab76-49159a41c5cf","block_type":"box","text":"When companies are the focus of an activism campaign, we m","page_number":101,"box":{"x":45,"y":518,"width":433,"height":13}},{"id":"9cd08789-2e91-4200-b1bb-c02f7a01feaa","block_type":"box","text":"ay communicate with the activist to understand their analysis and","page_number":101,"box":{"x":478,"y":518,"width":460,"height":13}},{"id":"b3a46afc-e9c7-4086-afbb-acb8b735eba9","block_type":"box","text":"objectives, once they have publicly disclosed their campaign. 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We evaluate each c","page_number":101,"box":{"x":46,"y":580,"width":418,"height":13}},{"id":"f26c97ff-f16e-40d0-977d-8df3f4c7908d","block_type":"box","text":"ontested situation by assessing the potential financial outcome fo","page_number":101,"box":{"x":465,"y":580,"width":449,"height":13}},{"id":"a0e7660c-189e-4bbd-a445-21dce61b2f15","block_type":"box","text":"r our","page_number":101,"box":{"x":914,"y":584,"width":39,"height":6}},{"id":"ecf2708c-8397-4b37-ba1b-889e253ab802","block_type":"box","text":"clients as minority shareholders.","page_number":101,"box":{"x":45,"y":595,"width":228,"height":13}},{"id":"0c396949-6a99-4152-bd21-b69205fc2146","block_type":"box","text":"We may support board candidates nominated by a shareholder ac","page_number":101,"box":{"x":45,"y":617,"width":458,"height":13}},{"id":"4f7f2e03-2c24-4ab4-9a79-f047d75f4d44","block_type":"box","text":"tivist if BAIS, in its independent judgment, or the relevant","page_number":101,"box":{"x":503,"y":617,"width":403,"height":13}},{"id":"da51665a-dc96-4eec-acdd-eb58bfbcdf23","block_type":"box","text":"portfolio manager has determined that there","page_number":101,"box":{"x":45,"y":633,"width":312,"height":13}},{"id":"64196f8a-87fe-4a7d-a4ac-3dd4f328e1f9","block_type":"box","text":"is a case for change to enhance sharehol","page_number":101,"box":{"x":358,"y":633,"width":276,"height":13}},{"id":"9156417a-3183-47e4-84e3-c9a39463f498","block_type":"box","text":"der value, or if the incumbent board member","page_number":101,"box":{"x":635,"y":633,"width":311,"height":12}},{"id":"2bb73d59-09da-4fd4-ad66-3c98685da3c0","block_type":"box","text":"s","page_number":101,"box":{"x":947,"y":637,"width":10,"height":6}},{"id":"82bc3d69-cae7-4e73-970d-4592245f06ff","block_type":"box","text":"do not demonstrate the relevant skills and expertise or have","page_number":101,"box":{"x":46,"y":648,"width":412,"height":13}},{"id":"ce7c6cef-442b-48e7-ab15-5e34036ad7e0","block_type":"box","text":"a poor track record of protecting shareholders’ interests.","page_number":101,"box":{"x":459,"y":648,"width":399,"height":13}},{"id":"cdcd6602-bd71-4b65-8c1f-17fe025f3cb2","block_type":"box","text":"Significant shareholders and related party transactions","page_number":101,"box":{"x":46,"y":674,"width":393,"height":13}},{"id":"215d6d60-4068-407e-b360-48b8000f7660","block_type":"box","text":"Boards of companies with affiliated shareholders or directors s","page_number":101,"box":{"x":46,"y":696,"width":433,"height":13}},{"id":"7eca7b64-33ba-428a-b4c7-21fa5eba6856","block_type":"box","text":"hould give equitable consideration to the interests of all","page_number":101,"box":{"x":480,"y":696,"width":383,"height":13}},{"id":"5135d0ae-63d9-40d9-8648-cd6781604e43","block_type":"box","text":"shareholders when evaluating related party transactions.","page_number":101,"box":{"x":46,"y":712,"width":390,"height":12}},{"id":"9f4e6512-b239-466a-9511-c60d47cc355b","block_type":"box","text":"We consider it good practice for transactions with related parti","page_number":101,"box":{"x":45,"y":733,"width":436,"height":13}},{"id":"5547272e-564b-4bb1-9874-548ba3527830","block_type":"box","text":"es, such as significant shareholders or companies affiliated wi","page_number":101,"box":{"x":482,"y":733,"width":424,"height":13}},{"id":"a5d34eee-2cff-4101-b31b-20a3d0257d12","block_type":"box","text":"th the","page_number":101,"box":{"x":907,"y":733,"width":40,"height":11}},{"id":"96476d13-78e9-4e76-8fbf-87f177b157c7","block_type":"box","text":"public company, to be disclosed in detail and conducted on term","page_number":101,"box":{"x":45,"y":749,"width":448,"height":13}},{"id":"80300605-0eaf-4e97-89d7-7540effa8560","block_type":"box","text":"s similar to what would objectively have been agreed with a","page_number":101,"box":{"x":494,"y":749,"width":414,"height":13}},{"id":"f012f122-0abe-4471-ad15-fb253d91df61","block_type":"box","text":"non-related party. 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We consider it good practice for t","page_number":101,"box":{"x":46,"y":861,"width":428,"height":13}},{"id":"329dbc30-c68e-43bd-bdfa-d179428f11d2","block_type":"box","text":"the board to oversee corporate reporting and the policies and","page_number":101,"box":{"x":474,"y":861,"width":429,"height":13}},{"id":"a940a27f-3e28-44e0-90ec-baef5de2bc8f","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":101,"box":{"x":45,"y":877,"width":501,"height":12}},{"id":"9b35b912-5f27-48ff-ac01-77930c826f2a","block_type":"box","text":"A-11","page_number":101,"box":{"x":482,"y":916,"width":34,"height":10}},{"id":"d08c18e6-c702-4b29-9496-4d667a250287","block_type":"box","text":"BNM1026U-6033397-19205807","page_number":101,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6ef313d9-0037-4a65-87b5-4af2187597e8","block_type":"box","text":"A company’s financial reporting should provide decision-useful in","page_number":102,"box":{"x":45,"y":79,"width":457,"height":13}},{"id":"4af92098-f535-4057-afcb-c4a815cc565d","block_type":"box","text":"formation for investors, and other stakeholders, on its financ","page_number":102,"box":{"x":502,"y":79,"width":422,"height":12}},{"id":"802614b2-7da3-4fab-a434-e3c08eae776d","block_type":"box","text":"ial","page_number":102,"box":{"x":925,"y":79,"width":21,"height":10}},{"id":"4b2f2172-20c6-461d-a579-23159f326e63","block_type":"box","text":"performance and position. 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