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You may request a copy of the 2026 Annual Financial Statements at no charge by calling","page_number":15,"box":{"x":69,"y":397,"width":783,"height":11}},{"id":"17195640-3123-4d30-9cab-8dee51ef5b65","block_type":"box","text":"(800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":15,"box":{"x":69,"y":409,"width":637,"height":12}},{"id":"a6e736b7-1ccb-4e98-9b49-7bca471994cf","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":426,"width":767,"height":12}},{"id":"58d9842d-5aed-4142-8cb0-5cc4b822d167","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":439,"width":796,"height":12}},{"id":"8e8685ab-5d5c-4dc3-a2fd-3e6e8665bdb2","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":452,"width":837,"height":12}},{"id":"369ff3c0-1268-461a-a0a6-44a7947c3c28","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":465,"width":749,"height":11}},{"id":"227935e6-0b29-48cb-b711-df0329613710","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":478,"width":274,"height":11}},{"id":"c57740eb-3778-49e0-968a-45cc8e1520d3","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":504,"width":31,"height":7}},{"id":"7a27980e-80e5-4a29-a0c0-7b15920dfe0c","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":504,"width":82,"height":9}},{"id":"f25cfa54-ca02-45d0-9b23-4488699baa2d","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":522,"width":124,"height":8}},{"id":"2d4df7e4-e72c-4cdf-b7d4-347e4c6ec051","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PINXX","page_number":15,"box":{"x":199,"y":522,"width":690,"height":8}},{"id":"acc433a2-f11d-4d6a-860a-40778948746f","block_type":"box","text":"Investor C Shares .","page_number":15,"box":{"x":70,"y":537,"width":131,"height":9}},{"id":"dd26cc63-c800-4f4e-895a-d0ad355d00b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BMCXX","page_number":15,"box":{"x":208,"y":537,"width":686,"height":9}},{"id":"7f13f33d-dcd8-4158-9a81-187de0f89e5a","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":552,"width":137,"height":9}},{"id":"e0b880a9-c186-41b4-af44-4b649387f982","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PNIXX","page_number":15,"box":{"x":216,"y":552,"width":673,"height":9}},{"id":"39a1cfa8-da6d-455f-94b6-496b186fdffa","block_type":"box","text":"Service Shares","page_number":15,"box":{"x":69,"y":567,"width":107,"height":9}},{"id":"97cee928-3553-4c68-9b38-953fc39f7a86","block_type":"box","text":"............................................................................","page_number":15,"box":{"x":183,"y":574,"width":613,"height":2}},{"id":"e710e287-0dbe-4080-b6a0-397229468e5f","block_type":"box","text":"PNPXX","page_number":15,"box":{"x":846,"y":567,"width":46,"height":9}},{"id":"c4abc2c3-eca4-4313-be28-f35005b2838d","block_type":"box","text":"Premier Shares","page_number":15,"box":{"x":69,"y":582,"width":109,"height":9}},{"id":"6dad11af-56b5-4fa2-b8a8-fa1cbb211fcb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BMMXX","page_number":15,"box":{"x":183,"y":582,"width":713,"height":9}},{"id":"4ed2e1d0-f2c8-4712-8fe8-f61cbdd092aa","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":637,"width":460,"height":19}},{"id":"dbe00b34-ffd8-4f65-87f5-bf746838d09a","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":659,"width":536,"height":18}},{"id":"32f55bcf-08d0-48f0-8b51-95cb17703d3b","block_type":"box","text":"The date of this Statement of Additional Information is July 29, 2026.","page_number":15,"box":{"x":225,"y":719,"width":527,"height":12}},{"id":"57ff69bb-3d87-4f0c-9250-de538bb2d7bc","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01861d23-7ab3-45e6-adfd-72e6078ec883","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"a84ec2f3-1247-470b-9689-d834fa0e7a1a","block_type":"box","text":"Page","page_number":16,"box":{"x":879,"y":73,"width":28,"height":9}},{"id":"c4f96de4-6648-4cbf-a17d-3ff18eb90248","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"a8d2bf80-2d26-494e-a9c1-cca40b07d55a","block_type":"box","text":"Investment Objective and Policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"23c804c9-5a3f-44e2-be3c-afc22164f5bc","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-3","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"ceabd024-3bf2-4dd3-8e25-ab1a6a1b3146","block_type":"box","text":"Information on Trustees and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-4","page_number":16,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"586e3053-89d5-4607-b654-7eb2847ece7f","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":454,"height":11}},{"id":"eaaae0f4-1291-4eb0-aea7-3582830640c8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-16","page_number":16,"box":{"x":531,"y":158,"width":378,"height":8}},{"id":"3890bca2-e0eb-4803-b2e8-7e8cd538092f","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses . .","page_number":16,"box":{"x":70,"y":174,"width":479,"height":11}},{"id":"fbfced16-cc8b-42c3-9f0d-039e6388d515","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":16,"box":{"x":555,"y":174,"width":354,"height":9}},{"id":"5aac742d-84ab-48dd-a5c5-965f4835862e","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":464,"height":11}},{"id":"819a2a5b-6fe5-40a7-843f-d6634e756b30","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":539,"y":190,"width":370,"height":9}},{"id":"0ac64b91-6f2e-45af-8988-0ce1a8a5b51b","block_type":"box","text":"Yield Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":68,"y":206,"width":841,"height":10}},{"id":"a89d4bee-947e-4cb3-ab03-9d33a62ba9ef","block_type":"box","text":"Por tfolio Transactions .","page_number":16,"box":{"x":69,"y":223,"width":162,"height":9}},{"id":"a473045f-9f08-4f83-8c89-d7b4e286c739","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":237,"y":223,"width":672,"height":9}},{"id":"548d7fcb-028a-4ba1-b7cd-bd2ba9d4e5ff","block_type":"box","text":"Additional Information . .","page_number":16,"box":{"x":68,"y":239,"width":171,"height":9}},{"id":"dc1f2b5a-1b4f-49d1-ad3c-607852735538","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-20","page_number":16,"box":{"x":245,"y":239,"width":664,"height":9}},{"id":"0751269d-8c4e-40cc-9393-96f0d3708e60","block_type":"box","text":"Financial Statements. .","page_number":16,"box":{"x":70,"y":256,"width":161,"height":9}},{"id":"52ce8b15-78ac-4419-8a9a-5faf182a2284","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-21","page_number":16,"box":{"x":237,"y":256,"width":672,"height":9}},{"id":"20e46688-e06d-488b-ae8a-a46e325916e1","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":287,"width":52,"height":9}},{"id":"3435c3c4-30be-4265-b030-5cf10cc6f76f","block_type":"box","text":"Investment Risks and Considerations . . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":304,"width":454,"height":9}},{"id":"52c010e7-5920-44ef-9ec6-7b09a44090f7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":16,"box":{"x":531,"y":304,"width":378,"height":8}},{"id":"9a8b0320-40bd-40b4-9a78-8f86870e3279","block_type":"box","text":"Management and Other Service Arrangements. . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":320,"width":471,"height":11}},{"id":"5b062a21-0a5e-4174-ac70-d8ce90bd9d77","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-18","page_number":16,"box":{"x":547,"y":320,"width":362,"height":9}},{"id":"962bcfe6-8172-45da-ae13-ec529575fd6e","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"70e41409-761f-45c8-b6cb-ee148b2a5485","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-32","page_number":16,"box":{"x":213,"y":336,"width":696,"height":9}},{"id":"0367e987-af3f-4054-b816-348223f9e82b","block_type":"box","text":"Redemption of Shares","page_number":16,"box":{"x":70,"y":353,"width":157,"height":11}},{"id":"e00d03a4-3175-49c5-9e8e-a24d2c52fc03","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-49","page_number":16,"box":{"x":237,"y":353,"width":672,"height":9}},{"id":"789e2cfe-0585-4054-b3ff-d36712216362","block_type":"box","text":"Determination of Net Asset Value . . . . . . .","page_number":16,"box":{"x":70,"y":369,"width":291,"height":9}},{"id":"43de03a1-a753-408a-8f21-ee2522365cff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-53","page_number":16,"box":{"x":368,"y":369,"width":541,"height":9}},{"id":"50eb676c-e423-42ea-9a51-292e2c040009","block_type":"box","text":"Yield Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-54","page_number":16,"box":{"x":68,"y":385,"width":841,"height":9}},{"id":"599122ff-b48b-4ca3-bfb7-4db8d8cd7854","block_type":"box","text":"Por tfolio Transactions .","page_number":16,"box":{"x":69,"y":402,"width":162,"height":9}},{"id":"fa3d0652-8190-464d-b584-bdf0ec970bc5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-54","page_number":16,"box":{"x":237,"y":402,"width":672,"height":9}},{"id":"7b4b4e47-1aac-4a9a-8798-3b8a85c5c0a4","block_type":"box","text":"Dividends and Taxes","page_number":16,"box":{"x":70,"y":418,"width":143,"height":9}},{"id":"879bdf06-c9a1-4076-b018-470a406f4b8d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-56","page_number":16,"box":{"x":221,"y":418,"width":688,"height":9}},{"id":"4479826b-3658-43c6-903d-9d52becfb1bd","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . .","page_number":16,"box":{"x":69,"y":435,"width":309,"height":11}},{"id":"2d6074c6-31f2-401b-8f02-b8738a0f96f9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-59","page_number":16,"box":{"x":384,"y":435,"width":525,"height":9}},{"id":"ec08549d-7b77-4f39-a2a2-3091d15ffea8","block_type":"box","text":"General Information . .","page_number":16,"box":{"x":69,"y":451,"width":154,"height":9}},{"id":"1c503fa7-f611-4c13-b1ca-816820a67be7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-59","page_number":16,"box":{"x":229,"y":451,"width":680,"height":9}},{"id":"82afa2c2-bb54-44d1-9410-5d1f1365b1b6","block_type":"box","text":"Appendix A — Description of Bond Ratings .","page_number":16,"box":{"x":68,"y":467,"width":310,"height":12}},{"id":"c0787c06-c16f-4b21-95d3-c455c91a4ae1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":384,"y":468,"width":525,"height":8}},{"id":"83fad465-6323-4719-83db-a35b88c81f97","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . .","page_number":16,"box":{"x":68,"y":484,"width":293,"height":11}},{"id":"4dd3d068-2902-4cdf-b21b-d89fac25d19e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":368,"y":484,"width":541,"height":9}},{"id":"f5190c17-3523-48cb-b03a-c36f85f031c8","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c233d3d1-b877-440a-b69e-81217d3fda29","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK WEALTH LIQUID ENVIRONMENTALLY AWARE FUND","page_number":17,"box":{"x":144,"y":45,"width":691,"height":10}},{"id":"ef6cbb0b-ade5-40f9-b801-b0deacdbce1b","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about BlackRock Wealth Liquid","page_number":17,"box":{"x":102,"y":67,"width":785,"height":11}},{"id":"efcbac72-4956-4c03-bf4d-94ab091814b7","block_type":"box","text":"Environmentally Aware Fund (the “Fund”), a series of BlackRock Funds","page_number":17,"box":{"x":70,"y":82,"width":500,"height":12}},{"id":"93ae43f3-3cd4-4b29-901f-d4b89b8f40a7","block_type":"box","text":"SM","page_number":17,"box":{"x":571,"y":83,"width":11,"height":4}},{"id":"ca693dcf-b1c0-4dcf-afb9-0f23a7fe70c5","block_type":"box","text":"(the “Trust”). It includes information about","page_number":17,"box":{"x":588,"y":82,"width":302,"height":11}},{"id":"e14881ff-2c8c-4729-86b1-7b1b0c755b1a","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”), the advisory and management services provided to and the management","page_number":17,"box":{"x":68,"y":98,"width":841,"height":11}},{"id":"2dbaa0de-84f4-4851-954c-7c2bd275d838","block_type":"box","text":"fees paid by the Fund and information about other fees applicable to and services provided to the Fund. This Par t I of","page_number":17,"box":{"x":68,"y":113,"width":840,"height":11}},{"id":"5f0e116b-8188-47fe-9b23-ea049d2ebd8f","block_type":"box","text":"this SAI should be read in conjunction with the Fund’s Prospectus and those por tions of Par t II of this SAI that","page_number":17,"box":{"x":68,"y":128,"width":787,"height":11}},{"id":"ab75e8d5-e277-40d3-8af8-719ed1d11f0b","block_type":"box","text":"per tain to the Fund.","page_number":17,"box":{"x":70,"y":143,"width":138,"height":11}},{"id":"23086238-1bd2-4367-ad10-39c9d4307b9e","block_type":"box","text":"The Fund is a retail money market fund under Rule 2a-7 under the Investment Company Act of 1940, as","page_number":17,"box":{"x":101,"y":166,"width":741,"height":11}},{"id":"32d7ff03-0b85-47c6-8b55-cf726ad3e865","block_type":"box","text":"amended (the “Investment Company Act”), which means it has policies and procedures reasonably designed to limit","page_number":17,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"ffcd46eb-e9b2-4626-953c-f2a7c9a94af0","block_type":"box","text":"all beneficial owners of the Fund to natural persons.","page_number":17,"box":{"x":69,"y":196,"width":370,"height":11}},{"id":"ea19166c-bbeb-4032-89d1-57b2e00ac36c","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":226,"width":262,"height":11}},{"id":"c460e497-3df7-4e2b-aaff-5e337ba537a6","block_type":"box","text":"Please see the section “Details About the Fund — How the Fund Invests” in the Fund’s Prospectus for","page_number":17,"box":{"x":102,"y":249,"width":730,"height":11}},{"id":"9c353e18-d340-49c5-9b7d-173c59a276bb","block_type":"box","text":"information about the Fund’s investment objective and policies. 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Only information that is clearly identified as applicable to the Fund is considered to form a","page_number":17,"box":{"x":69,"y":828,"width":822,"height":11}},{"id":"e944f6a1-e1ee-448f-9fd7-6c6ac61fb12d","block_type":"box","text":"par t of the Fund’s SAI.","page_number":17,"box":{"x":70,"y":843,"width":158,"height":11}},{"id":"b144c734-25b5-404a-abed-f50a4c57b7c6","block_type":"box","text":"Wealth Liquid Environmentally Aware Fund","page_number":17,"box":{"x":641,"y":872,"width":248,"height":9}},{"id":"1b782d2d-c9f1-4f18-872b-874bfb4c8e2a","block_type":"box","text":"Bank Money 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instruments.","page_number":18,"box":{"x":69,"y":886,"width":770,"height":11}},{"id":"1ab1c54a-60ac-44a6-bcbb-37c66de00b2a","block_type":"box","text":"To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market","page_number":18,"box":{"x":68,"y":901,"width":815,"height":11}},{"id":"485385ce-d3e9-477a-bba0-a6dd7a9861a7","block_type":"box","text":"I-2","page_number":18,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"21c4a970-e69a-479a-a97d-9132c76c7abb","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":18,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72eff70f-d2eb-4a06-a36d-81f7b11e9335","block_type":"box","text":"itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, BlackRock has claimed an","page_number":19,"box":{"x":70,"y":45,"width":780,"height":11}},{"id":"465bcf7a-37ac-47f3-b948-ca5dc61ac6de","block_type":"box","text":"exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”)","page_number":19,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"1b84c7dc-ec26-441f-b2f9-f48fcf5b3231","block_type":"box","text":"pursuant to Rule 4.5 under the CEA. BlackRock is not, therefore, subject to registration or regulation as a","page_number":19,"box":{"x":70,"y":75,"width":751,"height":11}},{"id":"3624b427-2e74-4916-a3b4-0d1a302f956d","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Fund.","page_number":19,"box":{"x":70,"y":90,"width":461,"height":11}},{"id":"a055accc-4a61-46d0-bdc7-32ef90dbcad4","block_type":"box","text":"II. Investment Restrictions","page_number":19,"box":{"x":69,"y":120,"width":194,"height":9}},{"id":"7648b6a2-787a-4225-8c3a-3f8cfec51326","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":19,"box":{"x":101,"y":143,"width":800,"height":11}},{"id":"ba2499ba-a80f-4ea2-8add-d10d7cf330d6","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":19,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"78101852-6552-480c-b7aa-9238cd43ccfa","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":19,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"710a3968-0ba7-4df8-8827-c218acce8bf7","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":19,"box":{"x":69,"y":188,"width":803,"height":12}},{"id":"d1501e12-fec9-447c-a9ec-e2622b9fb4bd","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":19,"box":{"x":69,"y":203,"width":608,"height":12}},{"id":"a619d4fa-ae56-465e-afda-bc092490c02f","block_type":"box","text":"Fundamental Investment Restrictions of the Fund:","page_number":19,"box":{"x":102,"y":226,"width":355,"height":9}},{"id":"9e4a5f05-280c-40fc-892a-4e8716a64da7","block_type":"box","text":"1. The Fund may not purchase securities of any one issuer (other than securities issued or guaranteed by the","page_number":19,"box":{"x":102,"y":249,"width":779,"height":11}},{"id":"8f2e3838-7e3f-472a-837e-4b0edc6bbced","block_type":"box","text":"U.S. Government, its agencies or instrumentalities or cer tificates of deposit for any such securities) if more than 5%","page_number":19,"box":{"x":70,"y":264,"width":828,"height":11}},{"id":"5db3d2c1-0c04-40fa-8d14-802b0fb315c8","block_type":"box","text":"of the value of the Fund’s total assets (taken at current value) would be invested in the securities of such issuer, or","page_number":19,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"dcd1b8bf-7bee-4c2b-9e4e-7a1370a36c1d","block_type":"box","text":"more than 10% of the issuer’s outstanding voting securities would be owned by the Fund or the Trust, except that up","page_number":19,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"3e8cba12-25c8-4737-baa8-766a57be3f52","block_type":"box","text":"to 25% of the value of the Fund’s total assets (taken at current value) may be invested without regard to these","page_number":19,"box":{"x":68,"y":309,"width":790,"height":11}},{"id":"e7446228-c3c3-4813-a7e6-2b122b78804d","block_type":"box","text":"limitations. For purposes of this limitation, a security is considered to be issued by the entity (or entities) whose","page_number":19,"box":{"x":70,"y":324,"width":797,"height":11}},{"id":"3e12e38b-4343-49e0-be15-263725f27859","block_type":"box","text":"assets and revenues back the security. A guarantee of a security is not deemed to be a security issued by the","page_number":19,"box":{"x":69,"y":339,"width":784,"height":12}},{"id":"dfeb261d-16fb-4964-a3c2-8f16b88c5a66","block_type":"box","text":"guarantor when the value of all securities issued and guaranteed by the guarantor, and owned by the Fund, does not","page_number":19,"box":{"x":68,"y":355,"width":830,"height":11}},{"id":"77be7cef-fd38-4684-8260-4a670f824584","block_type":"box","text":"exceed 10% of the value of the Fund’s total assets.","page_number":19,"box":{"x":69,"y":370,"width":366,"height":9}},{"id":"4a75aaa2-70c5-4f65-a9b8-3b352803382b","block_type":"box","text":"2. The Fund may not borrow money or issue senior securities, except that the Fund may borrow from banks and","page_number":19,"box":{"x":102,"y":392,"width":794,"height":12}},{"id":"d64cb92e-ca43-4587-8bf9-979e8388353a","block_type":"box","text":"enter into reverse repurchase agreements for temporary purposes in amounts up to one-third of the value of its total","page_number":19,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"0b57002a-bc73-4caf-902f-c72ad323155e","block_type":"box","text":"assets at the time of such borrowing; or mor tgage, pledge or hypothecate any assets, except in connection with any","page_number":19,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"31fb5656-f865-4055-8af1-87947f40d6f7","block_type":"box","text":"such borrowing and then in amounts not in excess of one-third of the value of the Fund’s total assets at the time of","page_number":19,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"98b41607-da7c-4a95-80b0-132105127429","block_type":"box","text":"such borrowing. The Fund will not purchase securities while its aggregate borrowings (including reverse repurchase","page_number":19,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"752cd5b9-5e9e-4b63-8d9e-fd7be6a06ed7","block_type":"box","text":"agreements and borrowings from banks) in excess of 5% of its total assets are outstanding. Securities held in","page_number":19,"box":{"x":69,"y":468,"width":785,"height":11}},{"id":"1466b620-fa86-4c8a-9054-ef5f181b5b20","block_type":"box","text":"escrow or separate accounts in connection with the Fund’s investment practices are not deemed to be pledged for","page_number":19,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"bba60c1d-334f-45d3-bbbb-419a45b7c04b","block_type":"box","text":"purposes of this limitation.","page_number":19,"box":{"x":70,"y":498,"width":189,"height":11}},{"id":"47039b8b-825d-4310-9c09-c4bce0b0180e","block_type":"box","text":"3. The Fund may not purchase any securities which would cause, at the time of purchase, less than 25% of the","page_number":19,"box":{"x":102,"y":521,"width":792,"height":11}},{"id":"e9d2bb61-03ce-48ea-a94d-8635a4aaad9d","block_type":"box","text":"value of its total assets to be invested in the obligations of issuers in the financial services industry, or in","page_number":19,"box":{"x":68,"y":536,"width":755,"height":11}},{"id":"b4f88828-7d8c-43ba-82cb-22ddc76960fc","block_type":"box","text":"obligations, such as repurchase agreements, secured by such obligations (unless the Fund is in a temporary","page_number":19,"box":{"x":69,"y":551,"width":776,"height":11}},{"id":"a26aa03a-ba10-4b7e-b288-2d7f6dbc1ec9","block_type":"box","text":"defensive position) or which would cause, at the time of purchase, more than 25% of the value of its total assets to","page_number":19,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"91876204-a8b4-4ad6-a1eb-4e2eb5b37b32","block_type":"box","text":"be invested in the obligations of issuers in any other industry. In applying the investment limitations stated in this","page_number":19,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"e6bc6a5b-f090-4616-a3c2-775167cc552f","block_type":"box","text":"paragraph, (i) there is no limitation with respect to the purchase of (a) instruments issued (as defined in Investment","page_number":19,"box":{"x":70,"y":596,"width":826,"height":12}},{"id":"6af98d07-8940-4150-96a0-e042399773fc","block_type":"box","text":"Limitation number 1 above) or guaranteed by the United States, any state, territory or possession of the United","page_number":19,"box":{"x":70,"y":612,"width":792,"height":11}},{"id":"67b043fb-92d7-4eea-9940-18087f6b58aa","block_type":"box","text":"States, the District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions,","page_number":19,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"1d1d4510-6230-4ff1-a923-4bc1016c868b","block_type":"box","text":"(b) instruments issued by domestic banks (which may include U.S. branches of non-U.S. banks) and (c) repurchase","page_number":19,"box":{"x":69,"y":642,"width":819,"height":11}},{"id":"781dd526-6617-47e2-a820-98399de8af9d","block_type":"box","text":"agreements secured by the instruments described in clauses (a) and (b); (ii) wholly-owned finance companies will be","page_number":19,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"d87dc574-a4db-47aa-b7b8-01cbcc7364d2","block_type":"box","text":"considered to be in the industries of their parents if their activities are primarily related to financing the activities of","page_number":19,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"140267cf-a64b-465c-b948-33364a9a9cf1","block_type":"box","text":"the parents; and (iii) utilities will be divided according to their services, for example, gas, gas transmission, electric","page_number":19,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"a3c535aa-781a-42c3-a111-65dc5f000647","block_type":"box","text":"and gas, electric and telephone will each be considered a separate industry.","page_number":19,"box":{"x":69,"y":703,"width":543,"height":11}},{"id":"a9ed1c6c-658a-4873-89f7-ac74e47553c2","block_type":"box","text":"4. The Fund may not:","page_number":19,"box":{"x":101,"y":725,"width":149,"height":11}},{"id":"edc6c170-45f1-484f-8e4f-16cd29e8def7","block_type":"box","text":"a. purchase or sell real estate, except that the Fund may purchase securities of issuers which deal in real","page_number":19,"box":{"x":134,"y":748,"width":754,"height":11}},{"id":"89585a70-7d70-4eaa-a635-6ed529124bb5","block_type":"box","text":"estate and may purchase securities which are secured by interests in real estate;","page_number":19,"box":{"x":101,"y":763,"width":582,"height":11}},{"id":"74134420-5e7d-4246-bc9a-062be9e667be","block_type":"box","text":"b. acquire any other investment company or investment company security except in connection with a","page_number":19,"box":{"x":134,"y":786,"width":722,"height":11}},{"id":"56fc63c1-9978-4a25-bf1d-2868c6fcac72","block_type":"box","text":"merger, consolidation, reorganization or acquisition of assets or where otherwise permitted by the Investment","page_number":19,"box":{"x":102,"y":801,"width":784,"height":11}},{"id":"b278166c-31c0-4128-ab48-4fe7f0d678b3","block_type":"box","text":"Company Act;","page_number":19,"box":{"x":102,"y":816,"width":95,"height":11}},{"id":"0fbcee5f-f550-46f2-98ba-0e834f2d4812","block_type":"box","text":"c. act as an underwriter of securities within the meaning of the Securities Act of 1933 except to the extent","page_number":19,"box":{"x":134,"y":838,"width":761,"height":12}},{"id":"f09fc291-f713-4982-9954-e50c34f78dab","block_type":"box","text":"that the purchase of obligations directly from the issuer thereof, or the disposition of securities, in accordance","page_number":19,"box":{"x":101,"y":853,"width":788,"height":12}},{"id":"87220711-a6c3-4a16-9137-dd4e7d639c38","block_type":"box","text":"with the Fund’s investment objective, policies and limitations may be deemed to be underwriting;","page_number":19,"box":{"x":101,"y":869,"width":691,"height":11}},{"id":"6d9f484c-2842-4481-8d1d-ed30f535e6e8","block_type":"box","text":"d. write or sell put options, call options, straddles, spreads, or any combination thereof, except for","page_number":19,"box":{"x":134,"y":891,"width":703,"height":11}},{"id":"229b310a-aef3-430c-b73c-c1ac41b42511","block_type":"box","text":"transactions in options on securities and securities indices, futures contracts and options on futures contracts;","page_number":19,"box":{"x":101,"y":906,"width":794,"height":11}},{"id":"d0baf83c-7d84-4fa8-a4e1-3588f86e4514","block_type":"box","text":"I-3","page_number":19,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"24d62be8-574e-4ce4-aa5d-6f02fb65fe7b","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":19,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af8c239d-cc6c-41db-8455-97056c5ec908","block_type":"box","text":"e. purchase securities of companies for the purpose of exercising control;","page_number":20,"box":{"x":134,"y":45,"width":526,"height":11}},{"id":"c3ccfae4-2dd0-48b4-9531-8a7f1fd15de6","block_type":"box","text":"f. purchase securities on margin, make shor t sales of securities or maintain a shor t position, except that","page_number":20,"box":{"x":134,"y":67,"width":751,"height":12}},{"id":"e24641e9-12d1-4fca-8902-e5fd28d261c0","block_type":"box","text":"(i) this investment limitation shall not apply to the Fund’s transactions in futures contracts and related options or","page_number":20,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"2de16f3b-1fbd-4cba-9090-c61dd765bd9c","block_type":"box","text":"the Fund’s sale of securities shor t against the box, and (ii) the Fund may obtain shor t-term credit as may be","page_number":20,"box":{"x":101,"y":98,"width":771,"height":11}},{"id":"09a6e5ad-46c0-4b3f-9f4a-128766767eb7","block_type":"box","text":"necessary for the clearance of purchases and sales of por tfolio securities;","page_number":20,"box":{"x":102,"y":113,"width":531,"height":11}},{"id":"dc576e56-1175-49a3-bff9-9764e0d51b47","block_type":"box","text":"g. purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development","page_number":20,"box":{"x":134,"y":136,"width":705,"height":11}},{"id":"71e1c15b-0fa6-480c-b3ec-b54b904f0d93","block_type":"box","text":"programs, except that the Fund may, to the extent appropriate to its investment policies, purchase securities,","page_number":20,"box":{"x":102,"y":151,"width":779,"height":11}},{"id":"9fa8206c-db06-415e-94e0-dac9177007cd","block_type":"box","text":"including publicly traded securities, of companies engaging in whole or in par t in such activities and may enter","page_number":20,"box":{"x":102,"y":166,"width":785,"height":11}},{"id":"38e72b99-50f5-4528-abcb-d502a94a13b6","block_type":"box","text":"into futures contracts and related options;","page_number":20,"box":{"x":102,"y":181,"width":299,"height":11}},{"id":"c03922c9-a234-467b-afbf-b220219218e5","block_type":"box","text":"h. make loans, except that the Fund may purchase and hold debt instruments and enter into repurchase","page_number":20,"box":{"x":135,"y":204,"width":743,"height":11}},{"id":"fc3724a5-bff8-431d-a378-61af23d68c45","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend por tfolio securities. See","page_number":20,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"05e6c1cd-b7ef-44ec-ba66-8dc56b12f711","block_type":"box","text":"“Investment Objectives and Policies” above; or","page_number":20,"box":{"x":102,"y":234,"width":333,"height":11}},{"id":"364a2a56-6a01-4020-aefe-e76998769ffe","block_type":"box","text":"i. purchase or sell commodities except that the Fund may, to the extent appropriate to its investment","page_number":20,"box":{"x":135,"y":257,"width":719,"height":10}},{"id":"900f78fa-6549-4306-b19d-a4881198da45","block_type":"box","text":"policies, purchase securities of companies engaging in whole or in par t in such activities, may engage in","page_number":20,"box":{"x":102,"y":271,"width":744,"height":12}},{"id":"f6764a98-2dfa-46d4-b5f8-7954f30ddca8","block_type":"box","text":"currency transactions and may enter into futures contracts and related options.","page_number":20,"box":{"x":101,"y":286,"width":565,"height":12}},{"id":"3aedd799-d689-4a69-922a-f020dbc15154","block_type":"box","text":"Although the foregoing investment limitations would permit the Fund to invest in options, futures contracts and","page_number":20,"box":{"x":101,"y":309,"width":789,"height":11}},{"id":"324273b9-ce3e-458b-a454-87c09d138e8e","block_type":"box","text":"options on futures contracts, and to sell securities shor t against the box, the Fund does not currently intend to trade","page_number":20,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"fafef77d-5981-4f86-9059-83158e03f51e","block_type":"box","text":"in such instruments or engage in such transactions during the next twelve months (except to the extent a por tfolio","page_number":20,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"18f31d9e-f35f-417b-a239-cf3ac275b8ba","block_type":"box","text":"security may be subject to a “demand feature” or “put” as permitted under Commission regulations for money","page_number":20,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"fdb83b3c-6690-4d5f-83eb-9e37d6ff6731","block_type":"box","text":"market funds). Prior to making any such investments, the Fund would notify its shareholders and add appropriate","page_number":20,"box":{"x":69,"y":370,"width":805,"height":11}},{"id":"9d422370-a359-45f6-a9de-4a89750c9407","block_type":"box","text":"descriptions concerning the instruments and transactions to its Prospectus.","page_number":20,"box":{"x":69,"y":385,"width":541,"height":11}},{"id":"3368c549-d7ab-47ee-b372-a24dad885381","block_type":"box","text":"For purposes of investment restriction 3 above, with respect to the Fund’s industry classifications, the Fund","page_number":20,"box":{"x":102,"y":407,"width":768,"height":12}},{"id":"4df992e0-3507-4742-ae48-ec3f2058d20b","block_type":"box","text":"currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":20,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"65d7c345-1a3d-4006-b155-b8cdf6a0a7d7","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":20,"box":{"x":70,"y":438,"width":817,"height":11}},{"id":"6ce2b232-1eb0-451c-a794-38822a455673","block_type":"box","text":"broad authority to the Fund as to how to classify issuers within or among industries.","page_number":20,"box":{"x":69,"y":453,"width":597,"height":11}},{"id":"6f2778c6-cda0-4da1-9c11-80b6963692f9","block_type":"box","text":"Non-Fundamental Investment Restrictions of the Fund:","page_number":20,"box":{"x":102,"y":475,"width":387,"height":9}},{"id":"eed10956-a73e-4ae7-aa71-6c21c61ffb58","block_type":"box","text":"Under its non-fundamental investment restriction, which may be changed by the Board without shareholder","page_number":20,"box":{"x":102,"y":498,"width":760,"height":11}},{"id":"2a826c08-8917-4006-aa1f-0027faa748b1","block_type":"box","text":"approval, the Fund may not:","page_number":20,"box":{"x":69,"y":514,"width":197,"height":10}},{"id":"21726d9d-5042-4fe8-af94-0c83bd7e63e4","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":20,"box":{"x":134,"y":536,"width":742,"height":11}},{"id":"9302dbe3-4558-4037-9dab-6d6792052246","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":20,"box":{"x":102,"y":551,"width":759,"height":11}},{"id":"dc54c8a2-c680-42c8-bec8-f8c1267306e3","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":20,"box":{"x":102,"y":566,"width":779,"height":11}},{"id":"dfa5625e-4e0b-4394-8d94-5a8c31e8b8ec","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":20,"box":{"x":101,"y":581,"width":761,"height":12}},{"id":"114cd4a7-f246-4813-aecb-f708fb1899d9","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":20,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"c2722b85-5241-4cbb-ab9f-b8be1237da2a","block_type":"box","text":"12(d)(1).","page_number":20,"box":{"x":102,"y":612,"width":60,"height":11}},{"id":"446c9690-3e46-455e-9d08-12d2c3550477","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 of the Investment","page_number":20,"box":{"x":102,"y":634,"width":745,"height":11}},{"id":"c681a5ea-4079-4b7a-80ab-eca1d4ef4ca1","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":20,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"2596b1c1-2baa-4718-a2d4-6a98725a0d6c","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in cer tain","page_number":20,"box":{"x":68,"y":664,"width":803,"height":12}},{"id":"818cb119-3f19-4dfe-b0f8-c2ebd676d3f1","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":20,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"034ec569-e7dc-4e28-ab8d-14fb4df981f6","block_type":"box","text":"require the Fund to dispose of an investment until the Manager determines that it is practicable to sell or close out","page_number":20,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"f0938fc7-abca-4af0-9af5-7ded734463f2","block_type":"box","text":"the investment without undue market or tax consequences.","page_number":20,"box":{"x":68,"y":710,"width":423,"height":11}},{"id":"272aa2a8-3d24-4424-8f3c-08ba6737e7b0","block_type":"box","text":"III. Information on Trustees and Officers","page_number":20,"box":{"x":69,"y":740,"width":290,"height":9}},{"id":"87a576af-c2ff-4fba-9c50-c56e3a0d179f","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":20,"box":{"x":101,"y":763,"width":788,"height":11}},{"id":"462e0008-3d50-4028-859a-e91f500b5de9","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":20,"box":{"x":68,"y":778,"width":779,"height":11}},{"id":"7ed2cfa4-e98a-4d0f-9c17-02253f0599db","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":20,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"bb9007bd-3341-4b17-80c6-4f2426705a24","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":20,"box":{"x":70,"y":808,"width":793,"height":11}},{"id":"d5e14ab3-a4a1-4e8d-8039-67897f403633","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":20,"box":{"x":69,"y":823,"width":822,"height":11}},{"id":"e4f4dc0a-0134-4726-b62e-a90592670899","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":20,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"30a6ab46-c104-49b3-824e-792498a434ea","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":20,"box":{"x":70,"y":854,"width":335,"height":10}},{"id":"dacda71d-d8e5-43ff-8b74-58ea869f8479","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":20,"box":{"x":101,"y":876,"width":769,"height":11}},{"id":"9cfcfcb1-4c3f-46a3-8304-3d903e86afda","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":20,"box":{"x":70,"y":891,"width":827,"height":11}},{"id":"3984e3ad-69ef-44aa-8227-4d937c41eb23","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":20,"box":{"x":70,"y":906,"width":821,"height":12}},{"id":"f574f659-66e2-402e-ae54-15a127321058","block_type":"box","text":"I-4","page_number":20,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"825063ba-d73e-45af-a2a3-fc3df5ee504f","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":20,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa582b54-ce4d-44d6-8639-188b5066a562","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":21,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"2df2d1c5-3e78-4b38-ab4a-7cb3aec50749","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":21,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"b301e333-b0b0-4f77-a15d-d8b0a9ec5ee5","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":21,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"0355a906-6077-4d73-8974-b70f230c7b2f","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":21,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"78b1ff1e-0c3b-4ef7-8a97-85a057c3369b","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":21,"box":{"x":69,"y":105,"width":809,"height":11}},{"id":"36419625-d685-408c-951d-d2bafd911df9","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":21,"box":{"x":70,"y":120,"width":794,"height":12}},{"id":"1beb653c-67fe-4199-a5b6-9fd3a78a682c","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":21,"box":{"x":69,"y":135,"width":816,"height":12}},{"id":"69f3fc0c-cad4-476e-8d1a-09d51d0a572a","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":21,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"acfb55e5-ef07-446d-983f-7bc3f33c6de2","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":21,"box":{"x":70,"y":166,"width":811,"height":11}},{"id":"4bf562b8-5a63-4588-8f6c-c11b3f342395","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":21,"box":{"x":68,"y":181,"width":809,"height":11}},{"id":"0be79c8a-e006-4b9d-a18a-7935a2a8e469","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":21,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"f901e9a5-e926-4477-9b58-75a25b2ea163","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":21,"box":{"x":69,"y":211,"width":441,"height":11}},{"id":"9ef600d9-86ec-4f93-a8b9-f36e7eeec7ca","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":21,"box":{"x":101,"y":234,"width":777,"height":11}},{"id":"1ad2c90b-18b6-4944-bf5e-8d3940e53896","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":21,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"cff1f9c7-9fe3-4c77-a54d-d44b7a7ab6ad","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":21,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"caa344cb-5c56-4727-979d-96b582e75acf","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":21,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"f2adec1e-1583-40d2-b9bb-08956c412cde","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":21,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"fa7a48e8-51da-4e1a-8765-0228c95e64c1","block_type":"box","text":"the operations of the Fund.","page_number":21,"box":{"x":68,"y":309,"width":192,"height":11}},{"id":"cafc5ab8-2d94-4178-a731-3baff1a4575a","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":21,"box":{"x":102,"y":332,"width":785,"height":11}},{"id":"2dead922-9b58-4cf8-87a8-5343644a6436","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":21,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"236d97bc-756e-4d3e-8e83-821d24e54169","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":21,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"cccfbdb4-4091-44ae-9c24-30b6f63a7d64","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":21,"box":{"x":68,"y":377,"width":820,"height":12}},{"id":"5deaac66-dcdf-4cb3-97d9-38af89671419","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":21,"box":{"x":70,"y":392,"width":811,"height":12}},{"id":"83c35560-0f1c-433b-9287-5b1abb40db26","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":21,"box":{"x":70,"y":407,"width":767,"height":12}},{"id":"6b52cda3-b77e-42d7-bd30-b748aa044be7","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":21,"box":{"x":69,"y":423,"width":815,"height":11}},{"id":"39810294-72eb-4774-8c4e-8681b5198a67","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":21,"box":{"x":70,"y":438,"width":803,"height":11}},{"id":"08dc6fef-f144-47db-ae93-c957aa85411d","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":21,"box":{"x":69,"y":453,"width":840,"height":11}},{"id":"54e5e956-1b71-4833-8b05-9f67eaf12563","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":21,"box":{"x":69,"y":468,"width":812,"height":11}},{"id":"6d0e46da-719c-476a-99e0-f3af6dbb137f","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":21,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"d23a66d6-b173-4221-8687-2bbeb331be8c","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":21,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"0f930c5c-60b7-4370-bc64-2de70719f046","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":21,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"6f551999-5cdf-4907-a1af-27ef6433989e","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":21,"box":{"x":70,"y":529,"width":759,"height":11}},{"id":"1ec2f9c3-6003-4866-bd6a-5a07db195d04","block_type":"box","text":"per forming their oversight responsibilities.","page_number":21,"box":{"x":70,"y":543,"width":299,"height":12}},{"id":"96ccfb1a-0742-41b1-8143-d075297b2f9a","block_type":"box","text":"Audit Committee.","page_number":21,"box":{"x":101,"y":566,"width":122,"height":9}},{"id":"8d4665e0-1ccb-4e02-8882-90e6a333110f","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":21,"box":{"x":229,"y":566,"width":673,"height":11}},{"id":"1af930c8-4cff-4a63-bf22-d8d1483eaf26","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":21,"box":{"x":68,"y":581,"width":831,"height":11}},{"id":"37161308-b615-481c-9bd5-7dbf5a819558","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":21,"box":{"x":68,"y":596,"width":820,"height":11}},{"id":"b9e676c4-7f5c-49aa-9344-ed00587e8199","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":21,"box":{"x":68,"y":612,"width":823,"height":11}},{"id":"09fa4c09-4e43-44ce-aefc-21ff026224ed","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":21,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"85ab10d0-686d-470a-8579-ac550e3b7ffb","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":21,"box":{"x":70,"y":642,"width":825,"height":11}},{"id":"ec47b4fb-2e37-4610-80f2-bf78a1569eac","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":21,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"e48ab7e4-f4fe-4d75-aab9-67dc8a8ffd4f","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":21,"box":{"x":68,"y":672,"width":781,"height":11}},{"id":"8dd4343d-a087-44f5-b006-ed852e576a40","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":21,"box":{"x":69,"y":687,"width":834,"height":11}},{"id":"01844abb-bd67-4b8b-9d2a-7d9d7c209619","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":21,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"f1762b68-bfab-40d9-a0c2-7b893b60baea","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":21,"box":{"x":69,"y":717,"width":825,"height":12}},{"id":"e80f6ea7-a30d-4181-b6fa-87de85716f86","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":21,"box":{"x":70,"y":733,"width":809,"height":11}},{"id":"35c73e75-012f-4288-8562-85f7413fb5a1","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":21,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"1fef7619-978b-4eee-b986-768c75770f0a","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":21,"box":{"x":69,"y":763,"width":774,"height":11}},{"id":"1b32c6ca-b831-47fe-ada5-c961b3e2648b","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":21,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"d6e78ec0-93ef-4d9a-9e62-d528b1762bd1","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":21,"box":{"x":69,"y":793,"width":819,"height":11}},{"id":"1f9733ee-ffc0-4f8c-ab30-f1dc5461aad4","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":21,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"aed3b5a3-2bf6-4823-bcae-9d3ae9e41e7e","block_type":"box","text":"During the fiscal year ended March 31, 2026, the Audit Committee met four times.","page_number":21,"box":{"x":70,"y":823,"width":589,"height":12}},{"id":"3591e439-0d02-4824-9082-7cd8b2debb73","block_type":"box","text":"Governance and Nominating Committee.","page_number":21,"box":{"x":102,"y":846,"width":286,"height":11}},{"id":"3a376bc9-86d7-413e-9ff7-72817cdfac35","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":21,"box":{"x":394,"y":846,"width":464,"height":11}},{"id":"1deafafe-4c39-486c-9426-d8091c5724e0","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":21,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"24d8e846-b8cd-4874-beb2-a7e06366b94f","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":21,"box":{"x":70,"y":876,"width":784,"height":11}},{"id":"24ab3308-25f5-410b-a1b6-8eda163b70bf","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":21,"box":{"x":69,"y":891,"width":803,"height":11}},{"id":"f38d49d5-21ae-438d-b3e1-e32d94f59d7b","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":21,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"a9289f7a-409e-4787-89fd-475a6ace49e5","block_type":"box","text":"I-5","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"119fb591-98d4-4aae-8248-b5936bfda60a","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":21,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a10607f4-4eda-4c73-b82d-2ce1da719c38","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":22,"box":{"x":70,"y":45,"width":828,"height":11}},{"id":"b26deafd-6a8e-4799-b518-e50b43261f29","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":22,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"af5a476a-7994-4d58-8337-5287630e2952","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":22,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"40b2f653-d56f-4f89-b280-ff601f229bd3","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":22,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"f4a24112-9a4a-4cbf-a322-58127dba1af8","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":22,"box":{"x":70,"y":105,"width":813,"height":11}},{"id":"08df51e5-5d85-48be-a650-258cd91db96b","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":22,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"92303d50-7c5c-4b27-a856-5460da93135e","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":22,"box":{"x":68,"y":135,"width":804,"height":12}},{"id":"6268c8aa-839d-49c7-ab7a-adcf477f4826","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and","page_number":22,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"097bd770-08a8-4f1d-9476-b96ab28e1d98","block_type":"box","text":"Restated Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for","page_number":22,"box":{"x":70,"y":166,"width":801,"height":11}},{"id":"ad569b59-4dd1-4f7d-8c49-f1edf5ec9c70","block_type":"box","text":"election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice","page_number":22,"box":{"x":69,"y":181,"width":799,"height":11}},{"id":"122e2b53-8dd8-4782-9318-ee8a5dca1f3a","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and","page_number":22,"box":{"x":70,"y":196,"width":776,"height":11}},{"id":"84a9ed6c-0008-401d-8100-217e7efbb24a","block_type":"box","text":"received at the principal executive offices of the Trust not later than the close of business on the fifth day following","page_number":22,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"6ce2b347-cf48-426c-8593-0722689560eb","block_type":"box","text":"the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was","page_number":22,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"2c61cc06-1eca-4050-9951-b2d6c866d600","block_type":"box","text":"made, whichever first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain","page_number":22,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"b0c01c5e-258d-4e19-abd4-3d3b17235e9e","block_type":"box","text":"information about the shareholder and the nominee, as well as cer tain other information, including a written consent","page_number":22,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"de6f167f-d676-4738-8869-de414c022779","block_type":"box","text":"of the proposed nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board","page_number":22,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"9531ea51-e403-47fb-b9ff-c4956b0846eb","block_type":"box","text":"has adopted a written char ter for the Governance Committee. During the fiscal year ended March 31, 2026, the","page_number":22,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"c2b09ac0-e786-4081-b88f-0e62b7acb648","block_type":"box","text":"Governance Committee met eleven times.","page_number":22,"box":{"x":69,"y":302,"width":297,"height":9}},{"id":"4a5f2f62-a09f-4d23-aaff-e38d06ad4f35","block_type":"box","text":"Compliance Committee.","page_number":22,"box":{"x":102,"y":324,"width":168,"height":11}},{"id":"d3a7bf1f-2bf9-4a19-9906-21206a3d2dc1","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":22,"box":{"x":276,"y":324,"width":629,"height":11}},{"id":"64c33978-c789-48ac-8877-66fbdca7664b","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":22,"box":{"x":68,"y":339,"width":828,"height":12}},{"id":"08ba0474-8f1f-42ce-af4e-9c1625a13edc","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":22,"box":{"x":68,"y":355,"width":771,"height":11}},{"id":"d23d9d1c-4333-4d17-b315-765db5dd8e7a","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":22,"box":{"x":69,"y":370,"width":835,"height":11}},{"id":"59d5f13c-7533-400e-aebf-e65e7c1ec657","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":22,"box":{"x":70,"y":385,"width":754,"height":11}},{"id":"8ed02db9-a3dc-4d84-9fb5-be14d92b14f9","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":22,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"c84aa5d2-393a-41e3-9965-93aca6b860b1","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":22,"box":{"x":69,"y":415,"width":815,"height":11}},{"id":"9cf9dba0-bc2f-4c61-bf84-4884a1bb871f","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":22,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"b9f78b1b-4a72-41f7-a2da-fe61ea49b593","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":22,"box":{"x":69,"y":445,"width":811,"height":11}},{"id":"e1b44930-43a4-4039-b8d8-65f963b1625c","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":22,"box":{"x":69,"y":460,"width":812,"height":12}},{"id":"275fc765-87bc-4d38-b05c-ff058a4ea6ab","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":22,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"45406be6-76c8-4f45-a8a8-945a6a82f889","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":22,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"d8cd55e7-22fb-4bc0-8233-441b04d6b5c7","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":22,"box":{"x":69,"y":506,"width":811,"height":11}},{"id":"eeaa1adc-769b-4480-bf79-8da3678e910f","block_type":"box","text":"year ended March 31, 2026, the Compliance Committee met four times.","page_number":22,"box":{"x":68,"y":521,"width":518,"height":11}},{"id":"8103951b-e008-4938-9f70-255598d15612","block_type":"box","text":"Per formance Oversight Committee.","page_number":22,"box":{"x":102,"y":543,"width":248,"height":12}},{"id":"df9686ec-6fee-4bae-89bb-60182d48bc97","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":22,"box":{"x":356,"y":543,"width":531,"height":12}},{"id":"2f76b62f-cd58-46ba-9a7d-0c33f8fc7eb9","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":22,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"9aa75666-9349-4d55-b425-a2db1299753e","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":22,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"e6d8dac3-8b50-429f-9a35-510d116026b0","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":22,"box":{"x":68,"y":589,"width":832,"height":11}},{"id":"1a8fb184-60ba-47d6-86f4-c648470a6207","block_type":"box","text":"upon per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":22,"box":{"x":69,"y":604,"width":816,"height":11}},{"id":"28df279e-2d7f-4852-ad7f-55c8d34e96ad","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":22,"box":{"x":69,"y":619,"width":782,"height":11}},{"id":"bce4adf9-d59b-456c-bae1-7b4c4116873e","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":22,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"884ea9e2-993a-45ba-ae85-58b358117c35","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":22,"box":{"x":69,"y":649,"width":816,"height":11}},{"id":"6edc99d7-a4ef-454d-8011-ee0ee3fc2247","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":22,"box":{"x":69,"y":665,"width":803,"height":11}},{"id":"9b9b93ba-9e77-4861-8c26-a6ea2521dce9","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":22,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"2677f7af-efb6-4f1c-99a6-bcac5c63796a","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":22,"box":{"x":68,"y":695,"width":811,"height":11}},{"id":"fa610f84-39b8-4676-bed9-5e1beb7775a4","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":22,"box":{"x":69,"y":710,"width":757,"height":11}},{"id":"e7caed22-910a-4372-afc6-4062869dd7f2","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":22,"box":{"x":70,"y":725,"width":835,"height":11}},{"id":"539591e9-7cc3-4d88-8423-c2a4b743a7c4","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":22,"box":{"x":68,"y":740,"width":800,"height":11}},{"id":"fdfc05ae-4438-4b54-a7c4-0cee73ca2b1c","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":22,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"0a52e48f-23e0-4b22-8e6d-fbd284e6e6bb","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":22,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"9bf02ca9-2615-4107-aaa8-6c1b981fa2ee","block_type":"box","text":"ended March 31, 2026, the Per formance Oversight Committee met five times.","page_number":22,"box":{"x":69,"y":785,"width":559,"height":12}},{"id":"4b021340-df49-4f88-b176-d58a9fa8e09b","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":22,"box":{"x":101,"y":808,"width":186,"height":11}},{"id":"7565b144-b69b-444d-a45d-48a41409de5a","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":22,"box":{"x":293,"y":808,"width":598,"height":11}},{"id":"894a3a36-58d3-48b8-8692-cdc10e37f9f9","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":22,"box":{"x":70,"y":823,"width":817,"height":11}},{"id":"cd6da9e1-2fdf-45c3-b136-39a2a8d64525","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":22,"box":{"x":69,"y":838,"width":795,"height":11}},{"id":"36656ab4-67d2-44db-8639-36610c456b2a","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":22,"box":{"x":69,"y":853,"width":788,"height":12}},{"id":"fee85233-f434-4a86-be03-22598c903047","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":22,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"89373ba9-8c23-405b-ab69-fafb00511e9c","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":22,"box":{"x":68,"y":884,"width":816,"height":11}},{"id":"cb31a535-7d57-4aff-b350-6cf2d2b8ad9e","block_type":"box","text":"the fiscal year ended March 31, 2026, the Ad Hoc Topics Committee did not meet.","page_number":22,"box":{"x":68,"y":899,"width":590,"height":11}},{"id":"1fcc6400-4894-4fda-b2f7-d49bf754c695","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8062e731-e7c1-4250-bec3-d8e95d376543","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b44db0db-783a-4131-b54e-c4932af672ff","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":23,"box":{"x":101,"y":45,"width":771,"height":11}},{"id":"bd773419-e6fe-41c7-ad16-00a3df565168","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":23,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7b6cd38a-e330-4b9a-9881-3e9b9396960d","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":23,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"1fc14031-370f-454c-8c48-881eff057f99","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":23,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"88d8f353-840d-44af-a49a-c61718c644c1","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":23,"box":{"x":70,"y":105,"width":807,"height":11}},{"id":"2619945f-7c00-4535-876d-d6f2e83b7d90","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":23,"box":{"x":70,"y":120,"width":787,"height":12}},{"id":"dd94b0ea-6ed7-4d78-9e04-778a6352a666","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":23,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"e6569ee7-2896-49f5-8cb6-74350b2730c3","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":23,"box":{"x":68,"y":150,"width":794,"height":12}},{"id":"d1cc0951-4cdf-45fe-bcf1-3a534358ed69","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":23,"box":{"x":68,"y":166,"width":829,"height":11}},{"id":"a3ebdb87-c6ab-4437-b847-fb533749f05a","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":23,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"e7e71fa4-7d76-4b11-beed-06f7de24744f","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":23,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"90267754-d61a-4b00-b78b-838cf683d02d","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":23,"box":{"x":69,"y":211,"width":473,"height":11}},{"id":"2b4d38f1-b56e-4145-9fb2-9cca0cb8bee9","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":23,"box":{"x":102,"y":234,"width":792,"height":11}},{"id":"42958606-b985-468b-95dd-74c2e902580f","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":23,"box":{"x":69,"y":249,"width":807,"height":11}},{"id":"45fe94cd-2297-436f-9571-da105db51f2a","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":23,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"92ee8328-8756-495a-aade-10915556df74","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":23,"box":{"x":70,"y":279,"width":759,"height":11}},{"id":"1fb24ce9-1900-4658-82ce-91c81f3d0d74","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":23,"box":{"x":70,"y":294,"width":685,"height":11}},{"id":"d091c944-b2eb-4c44-85bd-86c1d3e4e957","block_type":"box","text":"ad hoc","page_number":23,"box":{"x":762,"y":294,"width":47,"height":9}},{"id":"1a83f48e-c312-45fa-ad4f-e56904150665","block_type":"box","text":"committees","page_number":23,"box":{"x":814,"y":294,"width":82,"height":9}},{"id":"3c340992-1456-4ac0-a27d-c6079c6448ab","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":23,"box":{"x":68,"y":309,"width":395,"height":11}},{"id":"308a479b-3a15-49ca-87ea-a834ea716621","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":23,"box":{"x":101,"y":332,"width":751,"height":11}},{"id":"a8bffda8-aab3-4f20-8903-9411c207427a","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":23,"box":{"x":69,"y":347,"width":492,"height":11}},{"id":"1fcc45a4-f7d3-4c9e-9630-90173c08e2ec","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":23,"box":{"x":68,"y":375,"width":409,"height":9}},{"id":"643c95fa-9cac-4e56-a751-79b21b9b88e7","block_type":"box","text":"Independent Trustees","page_number":23,"box":{"x":70,"y":392,"width":154,"height":11}},{"id":"44c5e6a5-b456-40a2-8155-407cfb5fc775","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":23,"box":{"x":69,"y":407,"width":781,"height":11}},{"id":"65327e0a-dde2-4520-9891-30e0766d0ef6","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":23,"box":{"x":265,"y":422,"width":604,"height":11}},{"id":"4558a9f2-9658-4594-910e-56bd2d8783c5","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":23,"box":{"x":265,"y":437,"width":623,"height":11}},{"id":"11fc73d1-c4e0-4ef6-8959-f57131a8a9ab","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":23,"box":{"x":265,"y":452,"width":637,"height":11}},{"id":"d26b8b53-7185-431f-85be-626f69cf3e43","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":23,"box":{"x":265,"y":467,"width":631,"height":12}},{"id":"17c55e51-3767-44c2-a289-b5cc414de2d9","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":23,"box":{"x":264,"y":482,"width":626,"height":11}},{"id":"0e755085-82a2-4f39-95c1-8b9480e06197","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":23,"box":{"x":265,"y":498,"width":639,"height":11}},{"id":"4804500d-ac6f-4a57-a918-b345fa14acbe","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":23,"box":{"x":264,"y":513,"width":637,"height":11}},{"id":"c5595b1e-3119-4e17-8e8e-e980c9463134","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":23,"box":{"x":265,"y":528,"width":586,"height":11}},{"id":"9ca7aafa-48ad-43bc-acf9-754d1320f746","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":23,"box":{"x":265,"y":543,"width":640,"height":11}},{"id":"30195339-711c-48a6-bf2b-7f0c01fa8246","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":23,"box":{"x":265,"y":558,"width":389,"height":11}},{"id":"ba31fe4e-9845-466e-af53-c642728ea51e","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. 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She held the","page_number":23,"box":{"x":69,"y":785,"width":837,"height":11}},{"id":"7cc87ec7-f3c5-4859-89c4-c97f5ed9d91a","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":23,"box":{"x":265,"y":800,"width":638,"height":11}},{"id":"b33ce450-2f8b-4d0e-8913-3bc78c6684ac","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":23,"box":{"x":265,"y":815,"width":642,"height":11}},{"id":"dd5cb2c9-7716-4ec4-9109-c06d322f9f62","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":23,"box":{"x":265,"y":829,"width":601,"height":12}},{"id":"72108aa2-2d05-40a9-9b64-92fb6ffcbe86","block_type":"box","text":"savings assets for the company. 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Cotty has more than 30 years of experience in the financial services industry,","page_number":24,"box":{"x":70,"y":65,"width":798,"height":12}},{"id":"26e29784-345b-42da-a07a-79705effa0b5","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":24,"box":{"x":265,"y":81,"width":631,"height":11}},{"id":"11f10e44-3bae-4e1d-b18a-53382090b349","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":24,"box":{"x":265,"y":96,"width":633,"height":11}},{"id":"10551188-cb67-47c6-b18a-e94fb140aae9","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":24,"box":{"x":265,"y":111,"width":628,"height":11}},{"id":"c0b0f7a7-5843-4754-b8d6-715d89ece204","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":24,"box":{"x":265,"y":126,"width":596,"height":11}},{"id":"7fa8cee5-e6fc-4eb4-b4aa-8bcbe962a895","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":24,"box":{"x":265,"y":141,"width":616,"height":11}},{"id":"4da29713-49be-4b94-a054-00552d349527","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":24,"box":{"x":264,"y":156,"width":368,"height":11}},{"id":"3b9fa725-f746-4cef-95aa-3563e052d03f","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":24,"box":{"x":69,"y":179,"width":777,"height":11}},{"id":"b90225a6-0248-4975-9e9c-f9fcaefd0e9c","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":24,"box":{"x":265,"y":194,"width":613,"height":11}},{"id":"563686a0-79a3-4b23-85fa-c2415ed35a0f","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":24,"box":{"x":265,"y":209,"width":563,"height":11}},{"id":"ecc76530-a772-4d4d-90f6-f1431b17dc8e","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":24,"box":{"x":265,"y":224,"width":607,"height":11}},{"id":"fa22d744-368d-4780-aa62-50dbdfa1f429","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":24,"box":{"x":265,"y":239,"width":638,"height":11}},{"id":"69794d22-ace8-48f6-9e9c-5a8a11bde37d","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":24,"box":{"x":265,"y":255,"width":626,"height":11}},{"id":"972da3c9-40ab-4fb9-9a63-8aa18d13132b","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":24,"box":{"x":265,"y":269,"width":563,"height":12}},{"id":"74151aa4-762e-4143-8b9a-1d047f68fa18","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":24,"box":{"x":265,"y":285,"width":625,"height":11}},{"id":"65102c42-44e6-4bea-b434-9070215098ed","block_type":"box","text":"Independent Trustee.","page_number":24,"box":{"x":265,"y":300,"width":149,"height":11}},{"id":"bde3c45f-fe5a-4080-bc8d-7a85ea40c27a","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":24,"box":{"x":70,"y":322,"width":806,"height":12}},{"id":"4845e6ab-cd38-405e-b357-1a7ecbeb41e4","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":24,"box":{"x":264,"y":338,"width":584,"height":11}},{"id":"7086f3f5-797f-43fa-b709-25f0a0781a6e","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":24,"box":{"x":265,"y":353,"width":622,"height":11}},{"id":"22fce949-5134-4ccd-a547-11fa4b312b05","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":24,"box":{"x":265,"y":368,"width":638,"height":11}},{"id":"00eb3d05-aeb9-47ec-87ca-caa214c5795d","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":24,"box":{"x":265,"y":383,"width":570,"height":11}},{"id":"751e2f79-f1c5-416f-afce-a03d1914e313","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":24,"box":{"x":265,"y":398,"width":642,"height":11}},{"id":"9e204737-f796-4a6c-bd12-6245d59fda72","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":24,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"f7e14c2d-ba8d-4919-8f3f-3865c7d05171","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":24,"box":{"x":265,"y":428,"width":630,"height":12}},{"id":"25353546-109b-4d29-81af-e6da95dfb250","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":24,"box":{"x":265,"y":443,"width":602,"height":12}},{"id":"9b67b563-c9f7-42e2-be55-eb07f7f5fde2","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":24,"box":{"x":264,"y":458,"width":643,"height":12}},{"id":"279e15b0-dbd5-4288-967b-be03dab9df03","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":24,"box":{"x":264,"y":474,"width":639,"height":11}},{"id":"eabcc126-d853-4e64-a231-acd856ac21c5","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":24,"box":{"x":264,"y":489,"width":641,"height":11}},{"id":"05028506-2641-423c-a501-f272d6912656","block_type":"box","text":"applicable Commission rules.","page_number":24,"box":{"x":265,"y":504,"width":208,"height":11}},{"id":"d36ed2b5-1c8f-4b64-b0a2-55d0591a9279","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":24,"box":{"x":69,"y":526,"width":769,"height":12}},{"id":"e86a8159-c5db-455a-b2b3-ad89fb034dcd","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":24,"box":{"x":265,"y":542,"width":621,"height":11}},{"id":"2b64a3f9-6a74-400b-860c-1436a5d49926","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":24,"box":{"x":265,"y":557,"width":599,"height":11}},{"id":"fcb8db25-97d4-4289-95c9-a0d400ec65e4","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":24,"box":{"x":265,"y":572,"width":641,"height":11}},{"id":"db597805-8c31-4320-a690-e562349671d3","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":24,"box":{"x":264,"y":587,"width":602,"height":11}},{"id":"d72d5407-edab-4d95-85fc-62b1c10c7cca","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":24,"box":{"x":264,"y":602,"width":617,"height":11}},{"id":"c0a1525d-c741-46cb-92f1-5dc1bb778187","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":24,"box":{"x":265,"y":617,"width":629,"height":12}},{"id":"5694442d-5956-4c92-a7cb-21be4f3c67ba","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":24,"box":{"x":264,"y":632,"width":628,"height":12}},{"id":"b788fd88-eb7f-40b7-890c-7133117dca7b","block_type":"box","text":"ar ticles and books on these topics.","page_number":24,"box":{"x":265,"y":648,"width":251,"height":10}},{"id":"fd65bf34-3c64-4110-b019-938195b52a60","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":24,"box":{"x":70,"y":670,"width":764,"height":11}},{"id":"81677c95-1639-495b-b3ab-9e449efb255d","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":24,"box":{"x":265,"y":686,"width":642,"height":11}},{"id":"3a1f823c-6e14-46b9-b2a5-5e6a02a35183","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":24,"box":{"x":264,"y":700,"width":593,"height":12}},{"id":"0810fb95-d4ce-4e94-87bf-48c032392c56","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":24,"box":{"x":265,"y":715,"width":603,"height":12}},{"id":"ff5970d3-e6a9-4b6d-b027-3e3c8c901d4f","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":24,"box":{"x":265,"y":731,"width":629,"height":11}},{"id":"c4709489-64fd-41bf-91dc-442a8f71bc60","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"9cc09c50-9048-4bef-b86d-f2266fed6cb0","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71d6521a-9ddc-4635-949c-f60869f4b135","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":25,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"fd4a91a8-7195-448b-965d-d424b96502ba","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":25,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"dfbb4677-a535-40c2-bed7-2901a94dfd58","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":25,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"c2af5b96-801f-49ae-acd7-f61147ee9755","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":25,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"44734835-c6dd-44e8-b3e0-1b5bc8d378ec","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":25,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"6ea001b1-8f93-466b-93d4-8969e4edc183","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":25,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"eb03640a-cff0-4402-ad28-9af52f94ee0b","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":25,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"1d699d05-b674-4da9-92ce-d40b024574b3","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":25,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"49973494-93e2-424e-9232-cc1ebcef0377","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":25,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"3d1144e0-cc46-4efd-97a1-53c733d9dbfe","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":25,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"9c2e86e0-ac25-4b86-959a-fb16479b2efb","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":25,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"322e26f2-82a4-4353-8cee-b012687e960b","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":25,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"75a1776a-59db-4f91-bc3a-a150aad144f8","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":25,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"05493ba3-2798-4b87-8bbc-61e66f84146e","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":25,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"9dd00f9d-22d4-4ea0-9efd-35b3a82eff3b","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":25,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"974da65b-3689-42c9-8052-d5346ffe9179","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":25,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"23d18c62-423d-491e-bd49-5b60b357e6a6","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":25,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"2f6c1d8d-98d5-43e1-8a36-d1b069a64cb3","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. 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In addition, Ms. Richards serves as a","page_number":25,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"345bc74d-748b-4858-a906-eef2b05426dc","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":25,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"96ecc7aa-70fc-4fca-ab9a-9d5ee23cc4ba","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":25,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"753e2408-30c9-40ab-8975-2398ba02dcfb","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":25,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"fba8656c-bd34-48b7-b902-02c2192e7cdf","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":25,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"fd4d67ab-d6db-4983-a810-93c126d60a64","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. 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None Over","page_number":31,"box":{"x":234,"y":227,"width":597,"height":9}},{"id":"e3713acb-9d91-45a8-af88-0607f86efae4","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":226,"width":72,"height":11}},{"id":"bf88d043-4f75-46ab-b21f-dec5550a0ff5","block_type":"box","text":"Lori Richards","page_number":31,"box":{"x":79,"y":242,"width":91,"height":9}},{"id":"dbda62c2-c9dc-42cc-a4e7-1367ee7b2695","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":31,"box":{"x":177,"y":242,"width":695,"height":9}},{"id":"bf1bb6c6-286e-415d-9011-26913e0c88d9","block_type":"box","text":"Mark Stalnecker","page_number":31,"box":{"x":79,"y":257,"width":115,"height":9}},{"id":"a80cd0d7-2e18-469c-afb2-e487491e7a00","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":202,"y":257,"width":629,"height":9}},{"id":"af7b2cac-9bfd-4918-8018-96b0d7faa6e9","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":256,"width":72,"height":11}},{"id":"bdaf5eb4-8a48-4873-b388-dbf543d9b1db","block_type":"box","text":"Marc D. Stern* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":31,"box":{"x":79,"y":272,"width":793,"height":9}},{"id":"8439f985-6f44-4554-9f42-64c475c112e1","block_type":"box","text":"Kenneth L. Urish","page_number":31,"box":{"x":79,"y":287,"width":117,"height":9}},{"id":"31940d6c-bb7d-47ba-8972-8b022aff5e4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over","page_number":31,"box":{"x":202,"y":287,"width":481,"height":9}},{"id":"34b50247-881c-4f85-8154-c15adb67d340","block_type":"box","text":"$100,000 Over $100,000","page_number":31,"box":{"x":689,"y":286,"width":220,"height":12}},{"id":"83ee646f-26ed-4c23-b072-be14d08fe547","block_type":"box","text":"Claire A. Walton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":79,"y":302,"width":752,"height":9}},{"id":"50d5a983-fbfe-4e21-b5fd-aa22ef2852cb","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":302,"width":72,"height":11}},{"id":"089d13d6-339a-403c-b50e-1788d05a68b0","block_type":"box","text":"Interested Trustees","page_number":31,"box":{"x":70,"y":318,"width":138,"height":8}},{"id":"3432d3fd-4740-4eb4-b115-4c0a0d2941ce","block_type":"box","text":"Rober t Fairbairn","page_number":31,"box":{"x":79,"y":333,"width":113,"height":9}},{"id":"0c22b73c-865e-4b38-b267-968cc1aa39fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":202,"y":333,"width":629,"height":9}},{"id":"bbcc8ab7-e123-46b4-82ed-70aadf57a7c9","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":332,"width":72,"height":11}},{"id":"9c258164-58d3-4bad-a3e9-098a2929e30b","block_type":"box","text":"John M. Perlowski","page_number":31,"box":{"x":78,"y":348,"width":127,"height":9}},{"id":"395da009-9c42-429a-864e-8565c2f0ca95","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":210,"y":348,"width":621,"height":9}},{"id":"cfcc000f-16c2-4b80-b398-e54cdd6a7d3d","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":347,"width":72,"height":11}},{"id":"0ec47f01-a00a-4ef1-8c6b-81e3635a5225","block_type":"box","text":"* Information is provided as of April 1, 2026, the date Mr. Jarczyk and Mr. Stern first served as consultants to the Independent Trustees.","page_number":31,"box":{"x":70,"y":372,"width":782,"height":9}},{"id":"8d7f3a63-b6d7-4dcd-9ab4-e8aef08a7c1e","block_type":"box","text":"As of July 2, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned an","page_number":31,"box":{"x":101,"y":393,"width":787,"height":11}},{"id":"3e02cf4a-f702-4567-8544-84cc69320871","block_type":"box","text":"aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025, none of the","page_number":31,"box":{"x":69,"y":408,"width":837,"height":11}},{"id":"39944b61-93a5-4aac-84fb-0b1729991db9","block_type":"box","text":"Independent Trustees of the Trust or their immediate family members owned beneficially or of record any securities of","page_number":31,"box":{"x":70,"y":423,"width":840,"height":11}},{"id":"cf58f85f-bbe8-4c83-84cc-55f06f4c92f6","block_type":"box","text":"the Fund’s investment adviser, sub-adviser, principal underwriter, or any person directly or indirectly controlling,","page_number":31,"box":{"x":68,"y":439,"width":791,"height":11}},{"id":"963d0d7b-5c75-41c4-8934-58da84da6ba6","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":31,"box":{"x":69,"y":454,"width":412,"height":11}},{"id":"abe2e455-d660-47bc-b6c2-903533401c2d","block_type":"box","text":"Compensation of Trustees","page_number":31,"box":{"x":69,"y":484,"width":190,"height":11}},{"id":"768b24ba-64a3-4c5f-8d9c-45f176db7d46","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":31,"box":{"x":102,"y":506,"width":791,"height":12}},{"id":"127d722e-0233-4461-a407-8d2485abd5e4","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":31,"box":{"x":68,"y":521,"width":810,"height":11}},{"id":"13589163-6728-47ed-8342-d4e5be7a9229","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":31,"box":{"x":70,"y":536,"width":838,"height":12}},{"id":"b1f249ea-701b-4033-931e-e38080954f37","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":31,"box":{"x":69,"y":552,"width":807,"height":11}},{"id":"05e4419a-d00c-4ce5-8f8b-076395511652","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":31,"box":{"x":69,"y":567,"width":791,"height":11}},{"id":"9c78bb09-637a-42ff-916d-517dc6e8f70a","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":31,"box":{"x":68,"y":582,"width":786,"height":11}},{"id":"34096497-bef5-4581-8980-74faa1dcb60f","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":31,"box":{"x":69,"y":597,"width":769,"height":11}},{"id":"f13867a7-1a5e-42ac-aa99-2ccfa4ea9afb","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":31,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"fc107b13-379c-47a9-b173-429b8496f15d","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":31,"box":{"x":69,"y":627,"width":689,"height":11}},{"id":"0ddf0f74-08c7-4ed6-b64f-eaa3f147018e","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Fund, for the","page_number":31,"box":{"x":101,"y":650,"width":776,"height":11}},{"id":"c5604e24-78b9-466b-92fb-0e57e21fb7c5","block_type":"box","text":"fiscal year ended March 31, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for","page_number":31,"box":{"x":68,"y":665,"width":829,"height":11}},{"id":"d1f142fa-c1b8-4cc8-8263-6fa14391340e","block_type":"box","text":"the calendar year ended December 31, 2025.","page_number":31,"box":{"x":68,"y":680,"width":326,"height":11}},{"id":"4998c12f-350e-427d-807c-42aa39870a35","block_type":"box","text":"Name","page_number":31,"box":{"x":69,"y":729,"width":32,"height":7}},{"id":"53276776-4081-4296-af14-8f72bf24344e","block_type":"box","text":"Compensation","page_number":31,"box":{"x":364,"y":719,"width":82,"height":8}},{"id":"45666f96-ac98-4fea-aa3f-f0798b25f42b","block_type":"box","text":"from the Fund","page_number":31,"box":{"x":365,"y":729,"width":80,"height":7}},{"id":"50c821f3-cb30-4812-ac93-19bb27a3c9b0","block_type":"box","text":"Estimated Annual","page_number":31,"box":{"x":477,"y":709,"width":102,"height":7}},{"id":"7d169f83-2adf-4d90-a554-6ceaf0ffb0b9","block_type":"box","text":"Benefits upon","page_number":31,"box":{"x":488,"y":719,"width":80,"height":8}},{"id":"74293ded-0e6a-48b6-8158-b0e02c671fa4","block_type":"box","text":"Retirement","page_number":31,"box":{"x":496,"y":729,"width":64,"height":7}},{"id":"2f4d6619-4fb9-4d19-a5b7-4b82ec25f8bc","block_type":"box","text":"Aggregate","page_number":31,"box":{"x":729,"y":709,"width":60,"height":8}},{"id":"b8be3c03-5b31-40f7-8c86-7f586430d440","block_type":"box","text":"Compensation","page_number":31,"box":{"x":718,"y":719,"width":82,"height":8}},{"id":"165b82c3-7bce-4f1c-94f3-45b51c2f2ba0","block_type":"box","text":"from the Fund and Other BlackRock-Advised Funds","page_number":31,"box":{"x":609,"y":729,"width":296,"height":7}},{"id":"07b926e9-1492-4d2e-8555-e04a9decd7f6","block_type":"box","text":"1","page_number":31,"box":{"x":906,"y":729,"width":4,"height":3}},{"id":"a4a5f18c-369f-4b4a-b4d3-138a07cc2b4b","block_type":"box","text":"Independent Trustees","page_number":31,"box":{"x":70,"y":747,"width":154,"height":10}},{"id":"2260d233-1a3c-4eb2-ac4d-fb6c90b9ae12","block_type":"box","text":"Christopher J. Ailman","page_number":31,"box":{"x":79,"y":762,"width":149,"height":10}},{"id":"64d717c4-6e8d-4d6c-b0d3-8430a24a0aed","block_type":"box","text":". . . . . . . . . . . . . $3,452","page_number":31,"box":{"x":233,"y":761,"width":198,"height":11}},{"id":"7ec22c2f-d168-441b-a52c-346be035eac8","block_type":"box","text":"None $445,000","page_number":31,"box":{"x":511,"y":761,"width":284,"height":11}},{"id":"bf1217d3-7094-4492-8cbe-2df4b4cbf052","block_type":"box","text":"Susan J. Car ter . .","page_number":31,"box":{"x":79,"y":777,"width":123,"height":9}},{"id":"3efde6ed-accc-4547-a583-00dd4bb12bc5","block_type":"box","text":". . . . . . . . . . . . . . . . $3,452","page_number":31,"box":{"x":209,"y":776,"width":222,"height":11}},{"id":"59def42b-3b5f-447f-a5bd-8c776659e152","block_type":"box","text":"None $445,000","page_number":31,"box":{"x":511,"y":776,"width":284,"height":11}},{"id":"73fcec36-50c0-41ff-ab0d-cbe859d6ab8b","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . $3,452","page_number":31,"box":{"x":79,"y":791,"width":352,"height":11}},{"id":"fca8498b-7b47-45a4-89d1-53727f4eed37","block_type":"box","text":"None $445,000","page_number":31,"box":{"x":511,"y":791,"width":284,"height":11}},{"id":"b7e89646-3475-40e9-9984-918fbf5bac78","block_type":"box","text":"Neil A. Cotty. . . . . . . . . . . . . . . . . . . . . $3,614","page_number":31,"box":{"x":79,"y":806,"width":353,"height":12}},{"id":"2239f03a-156c-4f67-b910-911f21dace85","block_type":"box","text":"None $467,500","page_number":31,"box":{"x":511,"y":806,"width":284,"height":11}},{"id":"404f81a3-ab30-488b-a0c0-79e917e2e7d8","block_type":"box","text":"Henry R. Keizer","page_number":31,"box":{"x":79,"y":822,"width":109,"height":11}},{"id":"52303612-6395-47b8-8dc2-9ff2b6c8ce96","block_type":"box","text":"2","page_number":31,"box":{"x":189,"y":822,"width":4,"height":5}},{"id":"c1508882-31db-460c-b110-037739fc1b94","block_type":"box","text":". . . . . . . . . . . . . . . . . $3,907","page_number":31,"box":{"x":201,"y":821,"width":230,"height":11}},{"id":"44c1ff66-c475-49b6-a92a-d9ad9b98b890","block_type":"box","text":"None $490,000","page_number":31,"box":{"x":511,"y":821,"width":284,"height":11}},{"id":"090e4568-0566-407b-8cae-deeb0b0924fa","block_type":"box","text":"Cynthia A. Montgomery","page_number":31,"box":{"x":79,"y":837,"width":164,"height":11}},{"id":"1002d143-8c84-43b6-b0a8-8e4f80bc0af9","block_type":"box","text":"3","page_number":31,"box":{"x":244,"y":837,"width":4,"height":5}},{"id":"1b321721-6621-4616-a089-77d8ab18d8a7","block_type":"box","text":". . . . . . . . . . $3,812 None $490,000","page_number":31,"box":{"x":258,"y":836,"width":537,"height":12}},{"id":"1e9b3f31-5aa9-4627-ad20-284f56149f4a","block_type":"box","text":"Donald C. 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In addition, the Manager may delegate cer tain of","page_number":32,"box":{"x":68,"y":379,"width":825,"height":11}},{"id":"7659cf0f-61ee-40b2-b870-2cfd103844b5","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":32,"box":{"x":70,"y":394,"width":801,"height":12}},{"id":"2be4f99c-91de-414f-89d5-7604954c6ae3","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":32,"box":{"x":70,"y":410,"width":827,"height":11}},{"id":"33b676a2-359b-4645-8435-f62e03c9b9c0","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":32,"box":{"x":69,"y":425,"width":486,"height":11}},{"id":"707a7097-0fba-45a9-8177-b691c920fc50","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BlackRock International Limited (“BIL” or the “Sub","page_number":32,"box":{"x":102,"y":447,"width":785,"height":11}},{"id":"1b4b9d3f-4760-4c6e-905f-7eb4b1378ccc","block_type":"box","text":"Adviser”), pursuant to which BlackRock pays the Sub-Adviser for providing services to BlackRock with respect to that","page_number":32,"box":{"x":68,"y":462,"width":831,"height":12}},{"id":"7ffbaad1-6f8b-4e2c-bfdd-9939167b8600","block_type":"box","text":"por tion of the Fund for which it acts as sub-adviser a monthly fee at an annual rate equal to a percentage of the","page_number":32,"box":{"x":70,"y":477,"width":796,"height":12}},{"id":"832f9870-4939-4415-9548-912595bac7b2","block_type":"box","text":"management fee paid to BlackRock under the Management Agreement.","page_number":32,"box":{"x":69,"y":492,"width":508,"height":12}},{"id":"3f7798ca-c177-4ead-8a37-65743c48ded8","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":32,"box":{"x":101,"y":515,"width":792,"height":11}},{"id":"08e73340-7a54-4f73-8a61-c1d43da0dfe1","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":32,"box":{"x":68,"y":530,"width":787,"height":12}},{"id":"d7d466e6-8c45-49e9-88dc-0f66da8deb7e","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and cer tain other Fund expenses (as defined in the","page_number":32,"box":{"x":70,"y":545,"width":811,"height":11}},{"id":"ad4ed6a0-ec53-4843-9b13-661e52add6ee","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 0.55% for Investor A Shares, 0.20% for","page_number":32,"box":{"x":70,"y":561,"width":779,"height":11}},{"id":"3f58d431-1fa5-4af3-99c0-b439b619116d","block_type":"box","text":"Institutional Shares, 1.30% for Investor C Shares, 0.20% for Premier Shares, and 0.50% for Service Shares through","page_number":32,"box":{"x":70,"y":576,"width":825,"height":11}},{"id":"c81114fa-c264-4380-8b0d-1b622cf225cc","block_type":"box","text":"June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent","page_number":32,"box":{"x":69,"y":591,"width":835,"height":11}},{"id":"fef64e58-9e8c-4942-8420-74762e8a8e97","block_type":"box","text":"Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":32,"box":{"x":68,"y":606,"width":588,"height":11}},{"id":"a5e5f509-86f2-4a6b-b83e-60b989162fe9","block_type":"box","text":"The Trust, on behalf of the Fund, paid BlackRock management fees (which includes amounts paid by BlackRock","page_number":32,"box":{"x":101,"y":629,"width":796,"height":11}},{"id":"4119c9c9-b766-4ee6-8d98-9a414740113c","block_type":"box","text":"to the Sub-Adviser), and BlackRock waived management fees and reimbursed expenses as follows for the last three","page_number":32,"box":{"x":68,"y":644,"width":827,"height":11}},{"id":"4ace5b7d-d1ac-472d-8fc3-7a19924c72af","block_type":"box","text":"fiscal years:","page_number":32,"box":{"x":68,"y":659,"width":85,"height":11}},{"id":"dc74d86a-4786-4fac-8beb-0c5ae82625b7","block_type":"box","text":"Fees Paid","page_number":32,"box":{"x":576,"y":687,"width":56,"height":7}},{"id":"b5c58efe-3f43-4a56-821d-7b9802e2724b","block_type":"box","text":"to BlackRock","page_number":32,"box":{"x":564,"y":697,"width":79,"height":7}},{"id":"392807a3-42a7-4bc4-97c8-9d9c20c48d98","block_type":"box","text":"Fees Waived","page_number":32,"box":{"x":695,"y":687,"width":72,"height":7}},{"id":"63d1e25b-d455-419e-aa59-7f01e17ef851","block_type":"box","text":"by BlackRock","page_number":32,"box":{"x":689,"y":697,"width":80,"height":9}},{"id":"7c56a99d-2663-44bf-a412-6f79381731c4","block_type":"box","text":"1","page_number":32,"box":{"x":769,"y":697,"width":4,"height":4}},{"id":"a606f0bf-842a-4d88-8e86-f5f61aaa8e2b","block_type":"box","text":"Fees Reimbursed","page_number":32,"box":{"x":810,"y":687,"width":99,"height":7}},{"id":"6c7d6af0-4712-406a-8fda-66a983c890e3","block_type":"box","text":"by BlackRock","page_number":32,"box":{"x":820,"y":697,"width":80,"height":9}},{"id":"9048d5c5-f2d0-4557-887b-33e25eb68688","block_type":"box","text":"Fiscal Year Ended March 31, 2026. . . . . . . . . . . . . . . . . . . . . . . . . . $20,944,791 $12,717,306 $34,040","page_number":32,"box":{"x":70,"y":714,"width":820,"height":11}},{"id":"f66a6d2f-1e2e-4a7f-abdd-896b05e7d80a","block_type":"box","text":"Fiscal Year Ended March 31, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . $15,296,534 $ 9,751,428 $18,438","page_number":32,"box":{"x":70,"y":729,"width":821,"height":11}},{"id":"525d6577-b442-41a0-a09f-73fa52533136","block_type":"box","text":"Fiscal Year Ended March 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,655,255 $ 6,548,794 $59,104","page_number":32,"box":{"x":70,"y":744,"width":821,"height":12}},{"id":"126d4939-3fe8-43ac-a088-49c687d0c32b","block_type":"box","text":"1","page_number":32,"box":{"x":69,"y":770,"width":3,"height":3}},{"id":"91397173-4acf-423f-a8f6-33d1fe3a7da1","block_type":"box","text":"In addition to the contractual waiver discussed in the prospectus, BlackRock has also voluntarily agreed to waive a por tion of its fees and/or","page_number":32,"box":{"x":94,"y":770,"width":803,"height":9}},{"id":"9c062233-768e-4368-9de9-2adf010df2f2","block_type":"box","text":"reimburse operating expenses to enable the Fund to maintain minimum levels of daily net investment income. BlackRock may discontinue","page_number":32,"box":{"x":94,"y":780,"width":785,"height":9}},{"id":"5eb936d3-6af4-47aa-9a0c-5babf9305b54","block_type":"box","text":"these voluntary waivers and/or reimbursements at any time without notice.","page_number":32,"box":{"x":93,"y":790,"width":428,"height":9}},{"id":"1d3612b7-a7ec-493c-b351-433b636522c8","block_type":"box","text":"BlackRock Retirement of Carbon Credits","page_number":32,"box":{"x":69,"y":818,"width":297,"height":9}},{"id":"10ef7ee8-4aef-4a81-b3bd-708c6357dddf","block_type":"box","text":"BlackRock or its affiliates will use at least 5% of BlackRock’s net revenue from its management fee from the","page_number":32,"box":{"x":102,"y":841,"width":774,"height":11}},{"id":"8a26a856-6b71-497d-8b14-3e5b8ff244bc","block_type":"box","text":"Fund to purchase and then retire carbon credits either directly or through a third-par ty organization. These purchases","page_number":32,"box":{"x":70,"y":856,"width":832,"height":11}},{"id":"58a3f03d-b4eb-4da6-8ae1-c89929baded5","block_type":"box","text":"will be made at least annually, with BlackRock maintaining the option to increase, decrease or terminate these","page_number":32,"box":{"x":68,"y":871,"width":790,"height":11}},{"id":"9ccc0fdf-d47d-402d-92ae-a635481b75bc","block_type":"box","text":"I-16","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"63fcede0-734d-45ce-b86d-28ae350e6384","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75a1c3e8-aff2-469d-88ea-b823899f7636","block_type":"box","text":"purchases in its sole discretion at any time. Based on its revenue from its management fee from the Fund,","page_number":33,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"0bd46368-0bac-4551-928d-6210406ee52c","block_type":"box","text":"BlackRock directly or indirectly purchased and retired carbon credits as follows for the last three fiscal years:","page_number":33,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"519e95dc-8de4-46ec-a84d-e808898b773d","block_type":"box","text":"Carbon Credits Purchased and Retired","page_number":33,"box":{"x":686,"y":88,"width":223,"height":7}},{"id":"0677a63d-7955-42ea-b013-59cc8c32023f","block_type":"box","text":"Fiscal Year Ended March 31, 2026. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":70,"y":106,"width":511,"height":10}},{"id":"c529a3e3-464e-49d3-947f-d74ff6709e85","block_type":"box","text":".........","page_number":33,"box":{"x":587,"y":113,"width":67,"height":2}},{"id":"c7ba6dc4-a0f1-4b29-b384-68ed9282a9b7","block_type":"box","text":"$415,000","page_number":33,"box":{"x":762,"y":105,"width":71,"height":11}},{"id":"f0cfc876-9b0b-4be3-99a9-567d194c05b7","block_type":"box","text":"Fiscal Year Ended March 31, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":70,"y":121,"width":511,"height":10}},{"id":"0d090c10-3c90-4a0c-bf05-5d40ad0cb35e","block_type":"box","text":".........","page_number":33,"box":{"x":587,"y":128,"width":67,"height":2}},{"id":"5950de97-4016-4c4d-91c5-3f4c30b3d1a7","block_type":"box","text":"$280,000","page_number":33,"box":{"x":762,"y":120,"width":71,"height":11}},{"id":"b1d4e93a-4aa9-4979-8b38-fd7aa8cd4eba","block_type":"box","text":"Fiscal Year Ended March 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":70,"y":136,"width":511,"height":10}},{"id":"d1ad3218-8d10-4db9-a050-55c1fd2dfbf1","block_type":"box","text":".........","page_number":33,"box":{"x":587,"y":143,"width":67,"height":2}},{"id":"b237d34d-c177-42c2-89e0-b24e276edf2e","block_type":"box","text":"$156,000","page_number":33,"box":{"x":762,"y":135,"width":71,"height":11}},{"id":"bcbd738c-f8a5-4f81-9862-6b43b057ab0e","block_type":"box","text":"Administration Agreement","page_number":33,"box":{"x":68,"y":168,"width":191,"height":11}},{"id":"14bb83a4-6847-4741-9b73-c8945f519d36","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":33,"box":{"x":102,"y":190,"width":711,"height":11}},{"id":"3f8de89b-c375-4002-aba5-919c922c6b6c","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":33,"box":{"x":69,"y":205,"width":838,"height":12}},{"id":"9be604c9-56fc-435a-af93-08b412e3fbe3","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":33,"box":{"x":68,"y":220,"width":830,"height":12}},{"id":"c1b528aa-838d-4aa2-8e56-59483415628f","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":33,"box":{"x":70,"y":235,"width":813,"height":12}},{"id":"a54782f6-b910-4164-bc4a-9dd055eeaedf","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":33,"box":{"x":69,"y":251,"width":837,"height":11}},{"id":"2397c7e5-37b5-488a-97a0-eb503b1166c4","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":33,"box":{"x":68,"y":266,"width":836,"height":11}},{"id":"8dcb5888-dfdf-4027-8d16-614068ad26c1","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":33,"box":{"x":68,"y":281,"width":785,"height":11}},{"id":"b4820de4-ad43-4717-a317-c33d7c4296c7","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":33,"box":{"x":69,"y":296,"width":765,"height":11}},{"id":"91b35b18-66e8-4912-b79e-c4de6c1334c5","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":33,"box":{"x":70,"y":311,"width":819,"height":11}},{"id":"825cd43a-3d9e-49cf-8d78-f3613b9066b4","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":33,"box":{"x":69,"y":326,"width":818,"height":11}},{"id":"9abd7783-4dfa-44a1-85d3-9fc335e1e862","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":33,"box":{"x":68,"y":341,"width":840,"height":11}},{"id":"769f957c-a0c9-498b-bd71-be6229778094","block_type":"box","text":"reimburse the Fund for expenses.","page_number":33,"box":{"x":69,"y":356,"width":238,"height":11}},{"id":"1f64590f-f8c9-4bbe-80f3-0c7e553f58a6","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":33,"box":{"x":102,"y":379,"width":802,"height":11}},{"id":"c50ca8aa-17e8-4651-a73a-9fc25286f33c","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":33,"box":{"x":69,"y":394,"width":830,"height":12}},{"id":"5d95e44f-fac9-465b-baf2-b132bfedf1aa","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":33,"box":{"x":69,"y":409,"width":788,"height":12}},{"id":"9e26a848-0f7e-4930-8762-4fe830d1fdfb","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":33,"box":{"x":69,"y":424,"width":785,"height":12}},{"id":"c01b1eda-fbbd-4e5c-a379-29ccfbe76f3b","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":33,"box":{"x":69,"y":439,"width":816,"height":12}},{"id":"34c55539-f6d9-4229-9195-3ac6e2a185e7","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":33,"box":{"x":69,"y":454,"width":805,"height":12}},{"id":"b46bde85-cb91-4930-b92d-0370a57430a2","block_type":"box","text":"shares of the Fund.","page_number":33,"box":{"x":69,"y":470,"width":137,"height":9}},{"id":"3536ef17-996f-4be0-83ba-c70a89ebd3dd","block_type":"box","text":"The Trust, on behalf of the Fund, paid the Administrator administration fees, and the Administrator waived","page_number":33,"box":{"x":101,"y":492,"width":754,"height":11}},{"id":"3f36a8d0-b321-4385-a36b-f1a005f5890f","block_type":"box","text":"administration fees, as follows for the periods set for th below.","page_number":33,"box":{"x":69,"y":508,"width":443,"height":11}},{"id":"1ef5360e-10aa-470d-9493-a044e14a28a6","block_type":"box","text":"Fees Paid to","page_number":33,"box":{"x":691,"y":536,"width":72,"height":7}},{"id":"08928343-1ded-4bc4-b5e0-0c1b85ede7bc","block_type":"box","text":"the Administrator","page_number":33,"box":{"x":676,"y":546,"width":102,"height":7}},{"id":"d30561aa-7a34-46ae-8e01-eef7baa52328","block_type":"box","text":"Fees Waived by","page_number":33,"box":{"x":814,"y":536,"width":90,"height":9}},{"id":"f46e8133-afc1-4e1f-962c-ecca5c47d106","block_type":"box","text":"the Administrator","page_number":33,"box":{"x":807,"y":546,"width":102,"height":7}},{"id":"7e72f567-1230-4992-97e2-93a38b8d457e","block_type":"box","text":"Fiscal Year Ended March 31, 2026","page_number":33,"box":{"x":70,"y":564,"width":245,"height":10}},{"id":"f0cebde2-f2bc-4477-8af5-373a02670362","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,","page_number":33,"box":{"x":325,"y":563,"width":381,"height":11}},{"id":"bf973487-f31d-433b-987d-87bfcb99d11f","block_type":"box","text":"066,719 $142,679","page_number":33,"box":{"x":708,"y":563,"width":186,"height":11}},{"id":"18f3811e-dc86-4d9e-ace9-d1576bb88d4c","block_type":"box","text":"Fiscal Year Ended March 31, 2025","page_number":33,"box":{"x":70,"y":579,"width":245,"height":10}},{"id":"9fb81610-82db-4036-9f3e-7a55139a5450","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":33,"box":{"x":325,"y":578,"width":381,"height":11}},{"id":"81406118-e5f0-4ab9-9290-a06c999209dd","block_type":"box","text":"211,191 $106,908","page_number":33,"box":{"x":708,"y":578,"width":187,"height":11}},{"id":"9e117248-4dd7-43b1-acf4-33fdca8ef5f0","block_type":"box","text":"Fiscal Year Ended March 31, 2024","page_number":33,"box":{"x":70,"y":594,"width":246,"height":10}},{"id":"d5648b3b-13e2-4680-aae6-04592a9da341","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":33,"box":{"x":325,"y":593,"width":381,"height":11}},{"id":"decb6774-d829-4025-8cf4-b2cb0e55d94a","block_type":"box","text":"357,471 $104,106","page_number":33,"box":{"x":708,"y":593,"width":186,"height":11}},{"id":"cc6c0b60-3287-4efb-b9d6-33cff96a949b","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":33,"box":{"x":101,"y":618,"width":708,"height":11}},{"id":"26bb4cc9-6380-4c31-abc6-6d22c6b6bdd6","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":33,"box":{"x":69,"y":633,"width":838,"height":11}},{"id":"62427eb8-70b1-44ac-a9a4-c90d3873bf53","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":33,"box":{"x":68,"y":648,"width":800,"height":11}},{"id":"1f7d74f2-6a54-49c4-868e-92dd84b65678","block_type":"box","text":"shares of the Trust.","page_number":33,"box":{"x":69,"y":663,"width":138,"height":9}},{"id":"79938b8f-1c61-439c-abb9-b426205ed277","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain shareholder liaison","page_number":33,"box":{"x":102,"y":686,"width":797,"height":11}},{"id":"680d089f-953b-418e-bf30-abc1daf7030c","block_type":"box","text":"services in connection with the Fund’s investor service center. The Fund reimburses BlackRock for its costs in","page_number":33,"box":{"x":69,"y":701,"width":785,"height":9}},{"id":"b248bb69-65dd-447b-babb-69fd5527dbff","block_type":"box","text":"maintaining the service center, which costs include, among other things, employee salaries, leasehold expenses, and","page_number":33,"box":{"x":69,"y":716,"width":838,"height":11}},{"id":"263f9fc3-5aba-440a-9cf7-35897c4c6a6e","block_type":"box","text":"other out-of-pocket expenses which are a component of the transfer agency fees in the Fund’s annual repor t.","page_number":33,"box":{"x":69,"y":731,"width":775,"height":12}},{"id":"074f2ce5-5c8a-49b4-aca0-93a7e002ebd5","block_type":"box","text":"The following table sets for th the fees paid by the Fund to BlackRock, and the fees waived by BlackRock,","page_number":33,"box":{"x":101,"y":754,"width":747,"height":11}},{"id":"50ff81b2-059f-4ff0-9650-e0109d674b38","block_type":"box","text":"pursuant to the Shareholders’ Administrative Services Agreement for the past three fiscal years:","page_number":33,"box":{"x":70,"y":769,"width":685,"height":11}},{"id":"a0069a57-19a0-486b-92a4-7dfb7eca3aa1","block_type":"box","text":"Fees Paid","page_number":33,"box":{"x":722,"y":797,"width":56,"height":7}},{"id":"f8f3b4b0-31d0-419a-871a-6b506dfacc09","block_type":"box","text":"to BlackRock","page_number":33,"box":{"x":710,"y":808,"width":79,"height":7}},{"id":"5b6f9763-16ba-43f8-8bde-2bbdf599777d","block_type":"box","text":"Fees Waived by","page_number":33,"box":{"x":820,"y":797,"width":89,"height":9}},{"id":"3e5ab975-15d2-400e-8ace-ab58751f0616","block_type":"box","text":"BlackRock","page_number":33,"box":{"x":833,"y":808,"width":63,"height":7}},{"id":"102a4db8-64af-458e-856a-98536379dc72","block_type":"box","text":"Fiscal Year Ended March 31, 2026","page_number":33,"box":{"x":70,"y":825,"width":245,"height":11}},{"id":"a4aa1e3b-7cf7-4277-a50b-afc162ff74c6","block_type":"box","text":".............................................","page_number":33,"box":{"x":319,"y":833,"width":360,"height":1}},{"id":"14b7a650-66ee-4427-a645-a896b3769634","block_type":"box","text":"$52,369 $5,778","page_number":33,"box":{"x":719,"y":824,"width":171,"height":12}},{"id":"3a03fbad-c9bd-43b0-9b74-7c08b55f89ed","block_type":"box","text":"Fiscal Year Ended March 31, 2025","page_number":33,"box":{"x":70,"y":840,"width":245,"height":11}},{"id":"518ec2da-b89f-4b85-99ca-9cef67706828","block_type":"box","text":".............................................","page_number":33,"box":{"x":319,"y":848,"width":360,"height":1}},{"id":"29d94855-8370-4b82-b852-5a8154d111ae","block_type":"box","text":"$72,125 $6,700","page_number":33,"box":{"x":719,"y":840,"width":171,"height":11}},{"id":"35f5d276-8c48-468b-b0cd-df886b41cd41","block_type":"box","text":"Fiscal Year Ended March 31, 2024","page_number":33,"box":{"x":70,"y":855,"width":245,"height":11}},{"id":"0325ed02-db25-47ad-8c00-a2ba1f3b8b85","block_type":"box","text":".............................................","page_number":33,"box":{"x":319,"y":863,"width":360,"height":1}},{"id":"d5fcf2cf-774d-4563-a452-131bf21f72b3","block_type":"box","text":"$69,536 $8,214","page_number":33,"box":{"x":719,"y":855,"width":171,"height":11}},{"id":"95b760c7-7ba8-48e7-a45e-0c5eb36a52e9","block_type":"box","text":"I-17","page_number":33,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"51d01982-cbcf-4131-b7b8-b0bc5cb0fdc8","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3720092e-0ae7-41f1-bb17-6d0216bfbc8d","block_type":"box","text":"Accounting Services","page_number":34,"box":{"x":68,"y":45,"width":150,"height":11}},{"id":"2d23413a-c440-4c45-892e-35a14a049809","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. Among other","page_number":34,"box":{"x":101,"y":67,"width":761,"height":12}},{"id":"728c9600-c217-4b88-bf4c-2d3b941ad18c","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":34,"box":{"x":69,"y":82,"width":837,"height":11}},{"id":"cf1ccbcb-b1a3-4076-91c7-8b872af0b538","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":34,"box":{"x":69,"y":98,"width":813,"height":11}},{"id":"d6fcb3aa-ed2a-4195-bf35-f4b2d753f3f4","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Fund’s net income and capital gains and dividends payable;","page_number":34,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"9ba1e2ee-fc34-4e9e-9783-aa7381d58cd6","block_type":"box","text":"calculates and repor ts net asset value; works with independent pricing sources; reconciles securities and cash","page_number":34,"box":{"x":69,"y":128,"width":792,"height":11}},{"id":"4c718049-9eb4-4acf-b8db-a62eb90ae389","block_type":"box","text":"positions with the Fund’s custodian; prepares cer tain financial statements, notices and repor ts; and prepares cer tain","page_number":34,"box":{"x":70,"y":143,"width":839,"height":11}},{"id":"8af81064-7b04-48e5-8112-cb4f7fa4397a","block_type":"box","text":"tax repor ts. In connection with its accounting services, JPM also provides cer tain administrative services.","page_number":34,"box":{"x":68,"y":158,"width":754,"height":11}},{"id":"a597f348-8272-4528-8c4d-f5961f19f7ba","block_type":"box","text":"The table below shows the amounts paid by the Fund to JPM for accounting services for the past three fiscal","page_number":34,"box":{"x":101,"y":181,"width":774,"height":11}},{"id":"789df495-27c7-4fd3-b051-630e1b0c4329","block_type":"box","text":"years:","page_number":34,"box":{"x":68,"y":198,"width":42,"height":9}},{"id":"cd0a95f9-ceec-4bc9-963b-dbfe06f0b34a","block_type":"box","text":"Fees Paid to","page_number":34,"box":{"x":837,"y":224,"width":72,"height":7}},{"id":"984d4ac1-0273-47f8-be88-11675b3310c4","block_type":"box","text":"JPM","page_number":34,"box":{"x":861,"y":234,"width":24,"height":7}},{"id":"83cd3ad3-04c9-468f-b070-feabc2d81368","block_type":"box","text":"Fiscal Year Ended March 31, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":252,"width":499,"height":10}},{"id":"70e1aa25-580a-4ca9-aec8-5c9d8a719878","block_type":"box","text":".............................","page_number":34,"box":{"x":576,"y":259,"width":230,"height":2}},{"id":"e1ba2e9d-bf47-485c-9b75-971cb21f4bd5","block_type":"box","text":"$85,518","page_number":34,"box":{"x":842,"y":251,"width":62,"height":11}},{"id":"f15f32c4-419e-4db4-a95e-d16f3c6fbe5d","block_type":"box","text":"Fiscal Year Ended March 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":267,"width":499,"height":10}},{"id":"06c844c3-639a-4ce2-80e4-0ef2ed8e1b3c","block_type":"box","text":".............................","page_number":34,"box":{"x":576,"y":274,"width":230,"height":2}},{"id":"ac97d47b-a414-4183-b09b-43afa96a6929","block_type":"box","text":"$65,048","page_number":34,"box":{"x":842,"y":266,"width":62,"height":11}},{"id":"c48b425a-2e38-47b3-aa6e-2d96e6b68008","block_type":"box","text":"Fiscal Year Ended March 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":282,"width":499,"height":11}},{"id":"3e515bfe-e222-421e-831b-2604bdb0e506","block_type":"box","text":".............................","page_number":34,"box":{"x":576,"y":290,"width":230,"height":1}},{"id":"1fa7cb44-2777-4b45-884c-c221b895c196","block_type":"box","text":"$67,431","page_number":34,"box":{"x":842,"y":281,"width":62,"height":12}},{"id":"8b44cc87-3ed4-4170-b3ed-0e7a00e331a7","block_type":"box","text":"Custodian","page_number":34,"box":{"x":69,"y":314,"width":72,"height":9}},{"id":"0f9c636f-5eb8-4b1d-915f-43b28b14921e","block_type":"box","text":"JPMorgan Chase Bank, N.A., which has its principal offices at 270 Park Avenue, New York, New York 10017, and","page_number":34,"box":{"x":101,"y":336,"width":805,"height":12}},{"id":"8c34ce9c-6e48-4068-8d7d-84a9fa47b7ba","block_type":"box","text":"The Bank of New York Mellon, which has its principal offices at 240 Greenwich Street, New York, New York 10286,","page_number":34,"box":{"x":68,"y":351,"width":817,"height":11}},{"id":"99f3b231-b6b5-4a21-8671-3df12e60b987","block_type":"box","text":"each serve as a custodian for the Fund. Among other responsibilities, JPMorgan Chase Bank, N.A. maintains a","page_number":34,"box":{"x":69,"y":366,"width":790,"height":12}},{"id":"f7228933-e125-466e-a7b8-24a2059d0d61","block_type":"box","text":"custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase","page_number":34,"box":{"x":69,"y":382,"width":815,"height":11}},{"id":"711647dc-ca45-49e0-a25c-1dcfdb80bd6e","block_type":"box","text":"and upon sale or maturity, and collects and receives all income and other payments and distributions on account of","page_number":34,"box":{"x":69,"y":397,"width":824,"height":11}},{"id":"aba6a8db-1322-4704-a955-b5954d5c51c3","block_type":"box","text":"the assets of the Fund. Additionally, The Bank of New York Mellon maintains a custody account or accounts in the","page_number":34,"box":{"x":68,"y":412,"width":811,"height":11}},{"id":"957fd796-d740-40de-9f52-b0d4b2b5eb9c","block_type":"box","text":"name of the Fund for the limited purpose of holding cer tain cash assets of the Fund.","page_number":34,"box":{"x":69,"y":427,"width":602,"height":11}},{"id":"1d77ca27-b21b-4575-a7e0-08eb57680788","block_type":"box","text":"Transfer Agent","page_number":34,"box":{"x":68,"y":457,"width":107,"height":11}},{"id":"17c8bbee-984e-46f8-8bbb-798e6864386d","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":34,"box":{"x":102,"y":480,"width":764,"height":11}},{"id":"7e3853fd-5c72-41d1-a950-0d7c78c4810d","block_type":"box","text":"Westborough, Massachusetts 01581, serves as transfer agent and dividend disbursing agent for the Fund.","page_number":34,"box":{"x":68,"y":495,"width":764,"height":11}},{"id":"be3caade-362a-42f9-bcc4-ae71e5ef17e7","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":34,"box":{"x":68,"y":525,"width":491,"height":11}},{"id":"46f899c6-d5b2-49ac-8caf-943f9b1af0ea","block_type":"box","text":"Set for th below is information on sales charges received by the Fund, including the amounts paid to affiliates of","page_number":34,"box":{"x":102,"y":548,"width":799,"height":11}},{"id":"3c1e400f-6137-4e9f-b7e6-3794882ccf85","block_type":"box","text":"the Manager (“affiliates”) for the periods indicated. The Fund’s shares are not subject to sales charges (including any","page_number":34,"box":{"x":68,"y":563,"width":841,"height":11}},{"id":"0af27aa1-6e6a-4ae9-b66f-89db41a1d601","block_type":"box","text":"contingent deferred sales charges (“CDSCs”)) with respect to direct purchases of the Fund’s shares. However, a","page_number":34,"box":{"x":69,"y":578,"width":802,"height":11}},{"id":"3c78f387-cef2-4838-ae85-a61c6d26ffe7","block_type":"box","text":"CDSC may be charged upon redemption of shares received in an exchange transaction for Investor C Shares of a","page_number":34,"box":{"x":69,"y":593,"width":805,"height":12}},{"id":"1f7b052a-11fb-48e7-b6c7-e4fb949f8e1b","block_type":"box","text":"non-money market fund sponsored and advised by BlackRock or its affiliates (a “Non-Money Market BlackRock","page_number":34,"box":{"x":69,"y":608,"width":788,"height":12}},{"id":"630b2938-17a7-464b-8db8-92a39c12a96e","block_type":"box","text":"Fund”). In addition, a CDSC may be charged upon redemption if an investor purchases $1 million or more of","page_number":34,"box":{"x":70,"y":623,"width":770,"height":12}},{"id":"665e4c04-77a6-4d29-9bee-337ebe21f780","block_type":"box","text":"Investor A Shares of a fund sponsored and advised by BlackRock or its affiliates where no initial sales charge was","page_number":34,"box":{"x":70,"y":639,"width":814,"height":11}},{"id":"06c260cd-0a42-4109-89ce-3841e4212494","block_type":"box","text":"paid at the time of purchase of such fund (an “Investor A Load-Waived BlackRock Fund”) (lesser amounts may apply","page_number":34,"box":{"x":70,"y":654,"width":825,"height":11}},{"id":"b72c5af0-dbc9-43a6-a1ab-0e4cdfe1fc16","block_type":"box","text":"depending on the Investor A Load-Waived BlackRock Fund) and exchanges such shares for Investor A Shares of the","page_number":34,"box":{"x":69,"y":669,"width":819,"height":11}},{"id":"dffec3ea-d14d-4ee8-b8e2-640c58c6cfc5","block_type":"box","text":"Fund and subsequently redeems such shares within 18 months after the investor initially acquired such Investor A","page_number":34,"box":{"x":70,"y":684,"width":814,"height":11}},{"id":"75f14900-ed50-47ae-a26d-117c86d04817","block_type":"box","text":"Shares (a shor ter holding period may apply depending on the Investor A Load-Waived BlackRock Fund).","page_number":34,"box":{"x":69,"y":699,"width":730,"height":11}},{"id":"7e02e414-0dce-440c-8187-12155bce4751","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s distributor.","page_number":34,"box":{"x":102,"y":722,"width":622,"height":11}},{"id":"85924196-8f41-4a51-845c-94d4db157e93","block_type":"box","text":"Investor A Shares Sales Charge Information","page_number":34,"box":{"x":70,"y":752,"width":311,"height":11}},{"id":"7206ff5b-d687-4e3e-b477-e25e2e9171b3","block_type":"box","text":"Investor A Shares","page_number":34,"box":{"x":800,"y":780,"width":102,"height":7}},{"id":"46a60c06-44f6-4ec2-96a7-cb29950e3af2","block_type":"box","text":"CDSCs Received","page_number":34,"box":{"x":803,"y":790,"width":96,"height":8}},{"id":"c7f9b126-979a-4e42-9411-3693e07a3ad8","block_type":"box","text":"on Redemption of","page_number":34,"box":{"x":800,"y":800,"width":103,"height":9}},{"id":"d4fe13e2-e00d-4ad0-8d09-48110fe4c8ca","block_type":"box","text":"Load-Waived Shares","page_number":34,"box":{"x":793,"y":811,"width":116,"height":7}},{"id":"1b262890-bf2c-46ae-a43f-0a0c99cd5a75","block_type":"box","text":"Fiscal Year Ended March 31, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":828,"width":455,"height":11}},{"id":"68b6907b-8233-4585-b7a3-06cdce425c7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,033","page_number":34,"box":{"x":532,"y":828,"width":350,"height":11}},{"id":"77f649ac-8fc8-4670-8fc8-cf0f80b8e5ec","block_type":"box","text":"Fiscal Year Ended March 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":843,"width":455,"height":11}},{"id":"e9cd9f84-2427-4a6e-ba15-996c8a1e49c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,066","page_number":34,"box":{"x":532,"y":843,"width":350,"height":11}},{"id":"d92ef7ea-2ae0-4a97-85ed-bbc1d5bd30b3","block_type":"box","text":"Fiscal Year Ended March 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":859,"width":455,"height":10}},{"id":"0456d9ae-35b6-433b-a9a7-5689e37d0ae1","block_type":"box","text":".............................","page_number":34,"box":{"x":532,"y":866,"width":230,"height":1}},{"id":"ba4628be-ec4c-4de6-ad37-c767a81af8b8","block_type":"box","text":"$15,685","page_number":34,"box":{"x":820,"y":858,"width":62,"height":11}},{"id":"cc9e5857-af2d-40cd-90a2-aec22fcc59d3","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"91236076-3b30-424a-b261-8ddbfa469139","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95abf675-e205-4040-933f-900ebaab879f","block_type":"box","text":"Investor C Sales Charge Information","page_number":35,"box":{"x":70,"y":45,"width":257,"height":11}},{"id":"6ffd6ebd-7732-4dc1-be0d-af092a73a924","block_type":"box","text":"Investor C Shares","page_number":35,"box":{"x":760,"y":73,"width":103,"height":7}},{"id":"dfe44743-d70e-4575-a646-19854e829acb","block_type":"box","text":"CDSCs Received","page_number":35,"box":{"x":713,"y":89,"width":97,"height":7}},{"id":"395585a1-a64e-4130-9e49-881c8a5796fd","block_type":"box","text":"by BRIL","page_number":35,"box":{"x":740,"y":99,"width":44,"height":9}},{"id":"321f21d1-bded-43a8-8252-83f258b1930d","block_type":"box","text":"CDSCs Paid","page_number":35,"box":{"x":840,"y":89,"width":69,"height":7}},{"id":"26114733-6aea-4fa3-a358-d7295dd61c2e","block_type":"box","text":"to Affiliates","page_number":35,"box":{"x":841,"y":99,"width":68,"height":7}},{"id":"249b6044-5608-4c15-94f5-a2aea11ea325","block_type":"box","text":"Fiscal Year Ended March 31, 2026 . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":70,"y":117,"width":433,"height":10}},{"id":"bc0802df-819f-46ed-ab0a-57a291bdb23e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $ 190 $ 190","page_number":35,"box":{"x":509,"y":116,"width":392,"height":10}},{"id":"9ef099c5-298d-4c14-a2d8-572cd7409159","block_type":"box","text":"Fiscal Year Ended March 31, 2025 . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":70,"y":132,"width":433,"height":10}},{"id":"4092b833-90df-40c0-a3dc-58f163ac2b52","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $4,156 $4,156","page_number":35,"box":{"x":509,"y":131,"width":392,"height":11}},{"id":"0a7336f7-a0f9-4c30-9b34-e8a25ff428fc","block_type":"box","text":"Fiscal Year Ended March 31, 2024 . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":70,"y":147,"width":433,"height":10}},{"id":"f6d4c0da-0367-42f9-8071-e602fe95df6f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $9,666 $9,666","page_number":35,"box":{"x":509,"y":146,"width":392,"height":11}},{"id":"24f192b5-35aa-4193-a58a-9e06c7b35c05","block_type":"box","text":"Pursuant to the Trust’s Distribution and Service Plan (the “Plan”), the Trust may pay BRIL and/or the Manager or","page_number":35,"box":{"x":102,"y":171,"width":804,"height":11}},{"id":"cb692044-9200-47b7-9147-52517209dd55","block_type":"box","text":"any other affiliate or significant shareholder of the Manager fees for providing shareholder servicing and distribution","page_number":35,"box":{"x":69,"y":186,"width":830,"height":11}},{"id":"5beb8665-e904-4aec-8c1c-89ef84539c73","block_type":"box","text":"related activities.","page_number":35,"box":{"x":69,"y":201,"width":121,"height":9}},{"id":"8f13aae3-62c2-48be-be1a-76e25f4ab103","block_type":"box","text":"The table below provides information for the fiscal year ended March 31, 2026 about the 12b-1 fees the Fund","page_number":35,"box":{"x":101,"y":223,"width":785,"height":12}},{"id":"f76415de-e310-47c4-8c18-e31e80b180d5","block_type":"box","text":"paid to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":35,"box":{"x":70,"y":239,"width":829,"height":11}},{"id":"f7ae14e2-6127-4a05-9975-a1883eb0ca58","block_type":"box","text":"shareholder servicing activities for Investor A Shares and Service Shares and for providing shareholder servicing and","page_number":35,"box":{"x":69,"y":254,"width":833,"height":11}},{"id":"e4738274-38d9-4250-be9b-bab44276c015","block_type":"box","text":"distribution related activities and services for Investor C Shares.","page_number":35,"box":{"x":69,"y":269,"width":458,"height":9}},{"id":"ca91c048-0861-461f-9631-0a176e8bb94f","block_type":"box","text":"Class Name","page_number":35,"box":{"x":69,"y":297,"width":68,"height":7}},{"id":"e692ecc6-ea1c-4d4f-9f92-6732fab146a6","block_type":"box","text":"Fees Paid to BRIL Fees Waived by BRIL","page_number":35,"box":{"x":654,"y":297,"width":255,"height":9}},{"id":"2667b103-f6a9-4bb3-bc37-dec45408d562","block_type":"box","text":"Investor A Shares","page_number":35,"box":{"x":70,"y":315,"width":124,"height":9}},{"id":"d6ec964a-58b4-4ea8-857a-6cc5043c1bf6","block_type":"box","text":"....................................................","page_number":35,"box":{"x":205,"y":322,"width":417,"height":2}},{"id":"537224cb-fc50-41dd-a050-a26f4b8fb20f","block_type":"box","text":"$11,469,515 $0","page_number":35,"box":{"x":658,"y":314,"width":199,"height":11}},{"id":"c2da0c0d-d07e-4442-8e4c-80e909b18e5b","block_type":"box","text":"Investor C Shares","page_number":35,"box":{"x":70,"y":330,"width":125,"height":9}},{"id":"a2e8c1da-3a70-4834-b8f3-903b6963bc54","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,219 $0","page_number":35,"box":{"x":205,"y":329,"width":652,"height":11}},{"id":"dd6711b2-a3d8-4544-9815-2fde357d5e4a","block_type":"box","text":"Service Shares","page_number":35,"box":{"x":69,"y":345,"width":107,"height":9}},{"id":"c0e9de81-fd73-44ab-8f39-69d95e2fae75","block_type":"box","text":"...................................................... $","page_number":35,"box":{"x":189,"y":344,"width":476,"height":11}},{"id":"e046ebba-e068-4d04-944f-021516ba0122","block_type":"box","text":"457,567 $0","page_number":35,"box":{"x":691,"y":344,"width":166,"height":12}},{"id":"cffd1bd0-fb66-4cd1-bc9e-8a2d69c7e1d0","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":35,"box":{"x":68,"y":377,"width":318,"height":11}},{"id":"51fac9fe-bd1e-4f6a-8d31-daab1f8f5988","block_type":"box","text":"The offering price for the Fund’s share classes is equal to the share class’ net asset value computed by dividing","page_number":35,"box":{"x":101,"y":399,"width":803,"height":12}},{"id":"67db0f8f-c486-4db2-8869-bac5e1122a3a","block_type":"box","text":"the value of the share class’ net assets by the number of shares of that share class outstanding. For more","page_number":35,"box":{"x":68,"y":414,"width":764,"height":12}},{"id":"1c7dabe4-500f-4128-b91a-ba4b41580cdf","block_type":"box","text":"information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Determination of Net","page_number":35,"box":{"x":70,"y":429,"width":826,"height":12}},{"id":"0eb77466-4b59-4a0a-868a-af66b59999b9","block_type":"box","text":"Asset Value” in Par t II of this SAI.","page_number":35,"box":{"x":68,"y":445,"width":238,"height":9}},{"id":"1e9df53c-5747-4a4a-99d9-736e81b485de","block_type":"box","text":"VII. Yield Information","page_number":35,"box":{"x":68,"y":475,"width":153,"height":9}},{"id":"399a4606-5471-43a3-804f-a26d60375b36","block_type":"box","text":"The yield on the Fund’s shares normally will fluctuate on a daily basis. Therefore, the yield for any given past","page_number":35,"box":{"x":101,"y":498,"width":774,"height":11}},{"id":"808f76a5-dfe7-4452-8fd6-68f6227a72b2","block_type":"box","text":"period is not an indication or representation by the Fund of future yields or rates of return on its shares. The yield is","page_number":35,"box":{"x":70,"y":513,"width":825,"height":11}},{"id":"3c31131d-7aea-456c-bb6d-5c29b9a8abc4","block_type":"box","text":"affected by such factors as changes in interest rates on the Fund’s por tfolio securities, average por tfolio maturity,","page_number":35,"box":{"x":69,"y":528,"width":814,"height":11}},{"id":"e6a33eb2-6d95-4467-8f0b-f6fe9d4718cd","block_type":"box","text":"the types and quality of por tfolio securities held and operating expenses. The yield on Fund Shares for various","page_number":35,"box":{"x":68,"y":543,"width":786,"height":11}},{"id":"a145c1e9-115e-4aba-b2b3-5690644da493","block_type":"box","text":"reasons may not be comparable to the yield on bank deposits, shares of other money market funds or other","page_number":35,"box":{"x":69,"y":558,"width":771,"height":11}},{"id":"39b195fb-95b5-48d4-987a-daf88f54ca9d","block_type":"box","text":"investments. The yield on the Fund’s Institutional Shares for the seven-day period ended March 31, 2026 was","page_number":35,"box":{"x":70,"y":573,"width":785,"height":11}},{"id":"d99e98f2-1fcf-405a-a467-c55cea9d8bcb","block_type":"box","text":"3.62%.","page_number":35,"box":{"x":69,"y":588,"width":48,"height":9}},{"id":"d384ef9a-c6ef-4e9d-a2e3-b6e55bc6ec08","block_type":"box","text":"VIII. Portfolio Transactions","page_number":35,"box":{"x":68,"y":619,"width":195,"height":8}},{"id":"9da6eaf8-cc25-4340-9fee-90c4378958e9","block_type":"box","text":"See “Por tfolio Transactions” in Par t II of this SAI for more information.","page_number":35,"box":{"x":102,"y":641,"width":501,"height":9}},{"id":"615f32cc-14a7-48aa-86a6-6fc8814eff72","block_type":"box","text":"The value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers (as defined in Rule","page_number":35,"box":{"x":101,"y":664,"width":796,"height":11}},{"id":"50a75850-8ce8-4d75-91a7-5fd03e27202a","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents if any por tion of such holdings were purchased during the","page_number":35,"box":{"x":70,"y":679,"width":829,"height":11}},{"id":"d4beac72-ca1a-412f-b933-f595e4766657","block_type":"box","text":"fiscal year ended March 31, 2026 is as follows:","page_number":35,"box":{"x":68,"y":694,"width":341,"height":11}},{"id":"47b07f81-2559-42d3-8a58-884ab69bbfde","block_type":"box","text":"Regular Broker/Dealer","page_number":35,"box":{"x":69,"y":743,"width":132,"height":8}},{"id":"0e3802eb-333d-4b36-8f98-5d5eb420c93a","block_type":"box","text":"Debt","page_number":35,"box":{"x":763,"y":723,"width":26,"height":7}},{"id":"850e1fe0-9ebd-4399-9aea-e94fb49b30f8","block_type":"box","text":"(D)/Equity","page_number":35,"box":{"x":745,"y":732,"width":62,"height":9}},{"id":"2060e8b1-326d-45e2-b87a-32c08304c007","block_type":"box","text":"(E)","page_number":35,"box":{"x":767,"y":743,"width":16,"height":8}},{"id":"40153dec-9fd7-45e9-a87c-7bb4a4f551d1","block_type":"box","text":"Aggregate","page_number":35,"box":{"x":842,"y":723,"width":61,"height":8}},{"id":"d5c1c900-37b4-4fb2-ae99-50db1e5894b4","block_type":"box","text":"Holdings","page_number":35,"box":{"x":848,"y":732,"width":50,"height":9}},{"id":"52d700ec-0420-4b67-ad62-bc15fb26cddc","block_type":"box","text":"(000’s)","page_number":35,"box":{"x":851,"y":743,"width":43,"height":8}},{"id":"aed15b75-f7b5-4ba6-be0a-a95d33a51919","block_type":"box","text":"RBC Capital Markets, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":70,"y":760,"width":440,"height":11}},{"id":"6216381a-e970-448a-8379-737492784818","block_type":"box","text":"......................... 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D","page_number":35,"box":{"x":524,"y":776,"width":256,"height":8}},{"id":"dc18070e-ab4a-471e-85cf-1c7948cae5d2","block_type":"box","text":"$260,008","page_number":35,"box":{"x":837,"y":775,"width":72,"height":11}},{"id":"777d5068-3a3b-4f27-981c-0d5027047b4b","block_type":"box","text":"Skandinaviska Enskilda Banken AB. . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":69,"y":791,"width":433,"height":8}},{"id":"3ee38747-097f-4a1c-b9bc-9f7604af5e94","block_type":"box","text":".......................... D","page_number":35,"box":{"x":508,"y":791,"width":272,"height":8}},{"id":"619113f9-1e5b-4b24-974e-40e824e1119d","block_type":"box","text":"$164,480","page_number":35,"box":{"x":837,"y":790,"width":72,"height":11}},{"id":"3744bd25-6223-477c-94dc-3670da50c0b4","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D","page_number":35,"box":{"x":70,"y":806,"width":710,"height":10}},{"id":"3c5adde4-7e62-4e1e-a758-5e9687685d30","block_type":"box","text":"$133,000","page_number":35,"box":{"x":837,"y":805,"width":72,"height":11}},{"id":"b8841c4f-3f62-49d6-b56a-5ff8ca2119cc","block_type":"box","text":"Swedbank Securities US, LLC","page_number":35,"box":{"x":69,"y":821,"width":209,"height":10}},{"id":"b0777eec-8f13-4d5c-8fd2-c9fea8ef3d66","block_type":"box","text":"..................................................... D","page_number":35,"box":{"x":288,"y":821,"width":492,"height":9}},{"id":"4ae474d8-670b-4312-b1f4-6bc8051360c0","block_type":"box","text":"$126,642","page_number":35,"box":{"x":837,"y":820,"width":72,"height":11}},{"id":"0c6d40b6-85cd-4990-a0c6-757a776cbf83","block_type":"box","text":"Barclays Capital, Inc.","page_number":35,"box":{"x":70,"y":836,"width":147,"height":11}},{"id":"91ffb773-0be9-490b-bf9b-b74689006f35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 93,000","page_number":35,"box":{"x":223,"y":835,"width":686,"height":11}},{"id":"eb52cba7-563f-43ad-bbd9-c42c5b30337e","block_type":"box","text":"Goldman Sachs & Co. LLC . . . . . . . . . .","page_number":35,"box":{"x":69,"y":851,"width":269,"height":9}},{"id":"73b8171f-db57-4adb-afa3-a1db7bed21f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 52,000","page_number":35,"box":{"x":345,"y":850,"width":564,"height":11}},{"id":"9fb2de5b-c426-47bb-a3db-44e8bec4d5e4","block_type":"box","text":"Citigroup Global Markets Inc. . . . . . . .","page_number":35,"box":{"x":69,"y":866,"width":261,"height":11}},{"id":"9bab3cf4-0d5d-468e-a4b9-c9887a481514","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 35,000","page_number":35,"box":{"x":337,"y":865,"width":572,"height":12}},{"id":"064e6067-b1ab-46f9-bc63-0f97229e82e3","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"baf2f2f5-1895-4371-8e0b-6b46f011b14d","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c28315d-dd5b-4a7e-a5d6-f55d8a0a978d","block_type":"box","text":"IX. Additional Information","page_number":36,"box":{"x":69,"y":45,"width":185,"height":9}},{"id":"81d21cab-22aa-4296-825d-3af66d4e70cb","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":36,"box":{"x":102,"y":67,"width":352,"height":11}},{"id":"cc067e7b-e401-43c7-b78b-37e0a247b74b","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":36,"box":{"x":461,"y":67,"width":412,"height":11}},{"id":"ca3f9250-a302-4d71-95fc-428497cd2188","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":36,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"cede938a-e051-48cb-9000-d18752ccd8b0","block_type":"box","text":"Counsel.","page_number":36,"box":{"x":101,"y":105,"width":62,"height":9}},{"id":"f0ceae12-2558-45ca-bc59-c7103c5a8142","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":36,"box":{"x":170,"y":105,"width":736,"height":11}},{"id":"750bc2de-056f-4a37-b744-32c923b68daa","block_type":"box","text":"the Fund’s counsel.","page_number":36,"box":{"x":68,"y":120,"width":139,"height":9}},{"id":"c3ff4d54-d8e3-40dd-8854-1858e00381eb","block_type":"box","text":"The Trust","page_number":36,"box":{"x":68,"y":151,"width":69,"height":8}},{"id":"eb7c354f-95fb-44fe-be1c-95b5b6eae841","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":36,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"6e7b54c7-8731-44ba-8532-751748a74213","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Fund is diversified pursuant to the","page_number":36,"box":{"x":70,"y":188,"width":826,"height":12}},{"id":"14fd653b-0c8e-4f8f-b550-86f3a36e44c5","block_type":"box","text":"Investment Company Act. Effective January 31, 1998, the Trust changed its name from Compass Capital Funds","page_number":36,"box":{"x":70,"y":203,"width":796,"height":12}},{"id":"57b7ea6b-3084-44cb-a5ed-e582db041b84","block_type":"box","text":"SM","page_number":36,"box":{"x":867,"y":204,"width":10,"height":4}},{"id":"268195e8-f9f1-467d-bead-6956b43cec66","block_type":"box","text":"to","page_number":36,"box":{"x":883,"y":204,"width":13,"height":8}},{"id":"98735079-0d56-4ce0-a5c7-e1fbf8a5b05b","block_type":"box","text":"BlackRock Funds","page_number":36,"box":{"x":70,"y":219,"width":119,"height":8}},{"id":"e4d14767-55b3-44fe-8ae9-715707040a07","block_type":"box","text":"SM","page_number":36,"box":{"x":190,"y":219,"width":11,"height":4}},{"id":"340fbb89-897a-4c62-b9cf-fb71c4cd2e7d","block_type":"box","text":". The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par","page_number":36,"box":{"x":203,"y":218,"width":683,"height":11}},{"id":"a1ff0880-707a-4b67-ad7f-7c0e66402096","block_type":"box","text":"value of $0.001 per share, which may be divided into different series and classes. Effective on December 27, 2017,","page_number":36,"box":{"x":68,"y":233,"width":834,"height":12}},{"id":"a7711ecf-a844-41e7-b41e-a400b983156b","block_type":"box","text":"all of the issued and outstanding Investor B Shares of the Fund were conver ted into Investor A Shares of the Fund.","page_number":36,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"dae458f3-f2c1-4eba-b2d0-1d488aa6f9ca","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":36,"box":{"x":102,"y":271,"width":734,"height":12}},{"id":"b1364da6-2250-4051-a666-b08fdb2c9188","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":36,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"24bbe8a4-c544-40c7-b44d-376688df7b15","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":36,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"6e53cb26-2081-48bc-a539-e35588161de6","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":36,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"a36263bb-5781-41d9-b316-0681c4e27fff","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":36,"box":{"x":69,"y":332,"width":824,"height":11}},{"id":"995a158a-0b0e-45c4-b9b1-f3a758561ef6","block_type":"box","text":"provides for indemnification out of proper ty of any shareholder held personally liable solely by reason of his being or","page_number":36,"box":{"x":70,"y":347,"width":827,"height":11}},{"id":"30256170-7aca-44fa-a549-bd41888b98c0","block_type":"box","text":"having been a shareholder and not because of such shareholder’s acts or omissions or some other reason. The","page_number":36,"box":{"x":69,"y":362,"width":799,"height":11}},{"id":"0e0fab31-6aa6-48b6-a1cf-cd4a56dc1367","block_type":"box","text":"Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made against","page_number":36,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"b0421439-21be-44c0-9b5f-96c893b1179e","block_type":"box","text":"any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":36,"box":{"x":69,"y":392,"width":662,"height":12}},{"id":"53fb71c7-5da4-4fca-8762-b8d5be0b4bbb","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":36,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"5c2a41d7-f21b-414e-91d1-0a7e2b7505f3","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":36,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"488bd0f5-90e9-43c9-9a19-3be8ddf90dd6","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":36,"box":{"x":69,"y":445,"width":827,"height":12}},{"id":"d002c735-e2e3-40f1-bcfc-688d2c16edce","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":36,"box":{"x":70,"y":460,"width":762,"height":12}},{"id":"aa919926-9076-42c2-88f4-f2ea1f5c543c","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":36,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"6f5ab242-3bac-42f4-8d0f-60d8e87e7262","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":36,"box":{"x":69,"y":491,"width":567,"height":11}},{"id":"f2cc47ac-f4ac-48e7-81f6-52e84b4e3a56","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":36,"box":{"x":101,"y":513,"width":792,"height":12}},{"id":"eedccbdb-b749-433b-b050-68066f636d74","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":36,"box":{"x":69,"y":528,"width":825,"height":12}},{"id":"19e91f63-57cd-4986-9eed-1788d7d2334c","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":36,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"de6ec07f-350b-4d9b-a191-fa39d2ce4610","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the 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Such obligations include but are not limited to cer tificates of deposit, bankers’ acceptances, time","page_number":38,"box":{"x":70,"y":641,"width":785,"height":11}},{"id":"7b12d4a9-fedf-4d8d-9e31-5cc815f53eec","block_type":"box","text":"deposits, bank notes and deposit notes. For example, the obligations may be issued by (i) U.S. or foreign depository","page_number":38,"box":{"x":69,"y":656,"width":831,"height":12}},{"id":"dca5b681-5e8a-4136-86a9-e6704e389497","block_type":"box","text":"institutions, (ii) foreign branches or subsidiaries of U.S. depository institutions (“Eurodollar” obligations), (iii) U.S.","page_number":38,"box":{"x":70,"y":671,"width":807,"height":12}},{"id":"1197fde8-fd9d-4dee-9560-9337a5384473","block_type":"box","text":"branches or subsidiaries of foreign depository institutions (“Yankeedollar” obligations) or (iv) foreign branches or","page_number":38,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"d7d0a1d2-e11a-401f-b631-ef829762d6f8","block_type":"box","text":"subsidiaries of foreign depository institutions. Eurodollar and Yankeedollar obligations and obligations of branches or","page_number":38,"box":{"x":69,"y":702,"width":834,"height":11}},{"id":"c204a24c-f72d-4aef-a558-6912a57bb303","block_type":"box","text":"subsidiaries of foreign depository institutions may be general obligations of the parent bank or may be limited to the","page_number":38,"box":{"x":69,"y":717,"width":829,"height":11}},{"id":"29edfa98-e40a-4f9e-afe6-50cc4f1648cc","block_type":"box","text":"issuing branch or subsidiary by the terms of the specific obligations or by government regulation. Investments in","page_number":38,"box":{"x":70,"y":732,"width":799,"height":11}},{"id":"5ba0de16-ea57-44a8-91d5-2c9b01030a6d","block_type":"box","text":"obligations of foreign depository institutions and their foreign branches and subsidiaries will only be made if","page_number":38,"box":{"x":69,"y":747,"width":771,"height":11}},{"id":"0a03150b-50ef-4157-9e40-0caed86c72ab","block_type":"box","text":"determined to be of comparable quality to other investments permissible for each Fund. No Fund will invest more","page_number":38,"box":{"x":69,"y":762,"width":806,"height":11}},{"id":"5046d57b-638c-4550-b8e8-954e9dc1739f","block_type":"box","text":"than 25% of its total assets (taken at market value at the time of each investment) in obligations of foreign","page_number":38,"box":{"x":68,"y":777,"width":764,"height":12}},{"id":"85408ff1-4a58-4009-aad6-3bda2c95fc28","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries or in obligations of foreign branches or","page_number":38,"box":{"x":69,"y":792,"width":754,"height":12}},{"id":"903f5dba-faa1-4646-9127-6811bc764ff2","block_type":"box","text":"subsidiaries of U.S. depository institutions that are not backed by the U.S. parent. The Funds treat bank money","page_number":38,"box":{"x":69,"y":807,"width":795,"height":12}},{"id":"dbcc3cb7-8b39-4990-be68-b4571c30d915","block_type":"box","text":"instruments issued by U.S. branches or subsidiaries of foreign banks as obligations issued by domestic banks (not","page_number":38,"box":{"x":70,"y":823,"width":821,"height":11}},{"id":"6826e296-6563-4159-87dc-0c568beaef15","block_type":"box","text":"subject to the 25% limitation) if the branch or subsidiary is subject to the same bank regulation as U.S. banks.","page_number":38,"box":{"x":69,"y":838,"width":789,"height":11}},{"id":"5e238605-df4a-4256-8730-c8649b652771","block_type":"box","text":"Eurodollar and Yankeedollar obligations, as well as other obligations of foreign depository institutions and shor t","page_number":38,"box":{"x":102,"y":860,"width":796,"height":12}},{"id":"a4449957-6e65-44ce-987a-eb7a30ced8bc","block_type":"box","text":"term obligations issued by other foreign entities, may involve additional investment risks, including adverse political","page_number":38,"box":{"x":68,"y":875,"width":824,"height":12}},{"id":"aacbd005-bc4e-4789-a347-bf1d1af6a62d","block_type":"box","text":"and economic developments, the possible imposition of withholding taxes on interest income payable on such","page_number":38,"box":{"x":69,"y":891,"width":785,"height":11}},{"id":"1a3227cd-0b08-41b0-8fcb-69e41575ded1","block_type":"box","text":"obligations, the possible seizure or nationalization of foreign deposits and the possible establishment of exchange","page_number":38,"box":{"x":69,"y":906,"width":816,"height":11}},{"id":"91f98949-3fa7-4a5d-bbed-b93860660c75","block_type":"box","text":"II-1","page_number":38,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"02768700-17e7-4f6d-a9f2-10db246395f0","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b276754-e80f-4c9f-8aea-8251aac4624b","block_type":"box","text":"controls or other foreign governmental laws or restrictions that might adversely affect the repayment of principal and","page_number":39,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"c09eb61b-1c6a-45ec-b49e-56fdb9fd16a9","block_type":"box","text":"the payment of interest. The issuers of such obligations may not be subject to U.S. regulatory requirements. Foreign","page_number":39,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"e14f8586-4df6-4165-ab59-03d7f8b2c3ce","block_type":"box","text":"branches or subsidiaries of U.S. banks may be subject to less stringent reserve requirements than U.S. banks. U.S.","page_number":39,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"f8bd7ca9-432c-40b5-9d09-5e3088cdde79","block_type":"box","text":"branches or subsidiaries of foreign banks are subject to the reserve requirements of the states in which they are","page_number":39,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"ecc6c968-4b1e-4683-8fe7-ef2a1984d641","block_type":"box","text":"located. There may be less publicly available information about a U.S. branch or subsidiary of a foreign bank or other","page_number":39,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"be4bb26b-82df-433f-a9a4-78300b90abdd","block_type":"box","text":"issuer than about a U.S. bank or other issuer, and such entities may not be subject to the same accounting, auditing","page_number":39,"box":{"x":70,"y":120,"width":833,"height":12}},{"id":"2649740f-f5d1-443a-bfe5-967cdb0f6228","block_type":"box","text":"and financial record keeping standards and requirements as U.S. issuers. Evidence of ownership of Eurodollar and","page_number":39,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"181448c3-116e-4998-a65a-984b544ea5d7","block_type":"box","text":"foreign obligations may be held outside the United States, and the Funds may be subject to the risks associated with","page_number":39,"box":{"x":68,"y":150,"width":836,"height":12}},{"id":"cde1248d-925b-41cc-b7e0-38be4dc868fd","block_type":"box","text":"the holding of such proper ty overseas. Eurodollar and foreign obligations of the Funds held overseas will be held by","page_number":39,"box":{"x":68,"y":166,"width":824,"height":11}},{"id":"0b35ab2e-11ae-4232-ac1b-3f9141d1d620","block_type":"box","text":"foreign branches of each Fund’s custodian or by other U.S. or foreign banks under subcustodian arrangements","page_number":39,"box":{"x":68,"y":181,"width":790,"height":11}},{"id":"6558c25e-c163-4266-b2b4-da628aee35ae","block_type":"box","text":"complying with the requirements of the Investment Company Act.","page_number":39,"box":{"x":69,"y":196,"width":462,"height":11}},{"id":"c0d12c19-5122-43e6-8313-26b207402b4e","block_type":"box","text":"The Manager will carefully consider the above factors in making investments in Eurodollar obligations,","page_number":39,"box":{"x":101,"y":218,"width":724,"height":12}},{"id":"d9168da1-850c-44a9-bb6f-900a00e150b2","block_type":"box","text":"Yankeedollar obligations of foreign depository institutions and other foreign shor t term obligations, and will not","page_number":39,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"b68ddbf6-5bde-43ba-9f44-6bd9896d6dac","block_type":"box","text":"knowingly purchase obligations that, at the time of purchase, are subject to exchange controls or withholding taxes.","page_number":39,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"54a0a1f8-b1b8-4319-bd9b-640c9ee0c3fb","block_type":"box","text":"Generally, a Fund will limit its Yankeedollar investments to obligations of banks organized in Canada, France,","page_number":39,"box":{"x":69,"y":264,"width":773,"height":11}},{"id":"180fa139-f812-4630-a8c7-df48ef096229","block_type":"box","text":"Germany, Japan, the Netherlands, Switzerland, the United Kingdom or other industrialized nations.","page_number":39,"box":{"x":69,"y":279,"width":699,"height":11}},{"id":"fb86c16a-5415-4928-b915-aa2bf12caf64","block_type":"box","text":"Bank money instruments in which cer tain Funds invest must be issued by depository institutions with total","page_number":39,"box":{"x":102,"y":302,"width":759,"height":11}},{"id":"766fc4b2-1895-4944-844d-6d3d9b9e09b1","block_type":"box","text":"assets of at least $1 billion, except that such Funds may invest in cer tificates of deposit of smaller institutions if","page_number":39,"box":{"x":69,"y":316,"width":807,"height":12}},{"id":"8038bbd4-cbfb-4b54-b5c3-546c959c2a69","block_type":"box","text":"such cer tificates of deposit are Federally insured and if, as a result of such purchase, no more than 10% of total","page_number":39,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"815c0ae7-534c-4955-92af-1b849bb9fb9a","block_type":"box","text":"assets (taken at market value), are invested in such cer tificates of deposit.","page_number":39,"box":{"x":69,"y":347,"width":537,"height":11}},{"id":"95558fb3-7cee-4c33-b8f2-54d4fcfb1ac5","block_type":"box","text":"Commercial Paper and Other Short Term Obligations.","page_number":39,"box":{"x":101,"y":370,"width":386,"height":11}},{"id":"f0d29b9f-1ae9-4640-b3f2-93552113b177","block_type":"box","text":"Commercial paper (including variable amount master","page_number":39,"box":{"x":494,"y":370,"width":376,"height":11}},{"id":"34b8df87-110b-4d44-985a-e22ddbc00f1e","block_type":"box","text":"demand notes and other variable rate securities, with or without forward features) refers to shor t term unsecured","page_number":39,"box":{"x":69,"y":385,"width":809,"height":11}},{"id":"7b023552-e348-4783-a8d7-ba2de4038112","block_type":"box","text":"promissory notes issued by corporations, par tnerships, trusts or other entities to finance shor t term credit needs","page_number":39,"box":{"x":70,"y":400,"width":810,"height":11}},{"id":"3eb7d5b1-74db-43af-b774-bca3d881fc51","block_type":"box","text":"and non-conver tible debt securities (","page_number":39,"box":{"x":69,"y":415,"width":259,"height":11}},{"id":"12bd6a88-f0d3-487e-94b3-8e827dce5af4","block_type":"box","text":"e.g.","page_number":39,"box":{"x":330,"y":417,"width":25,"height":9}},{"id":"91332ac6-d37e-4c2e-9b98-f39d644e4e13","block_type":"box","text":", bonds and debentures) with no more than 397 days remaining to maturity","page_number":39,"box":{"x":357,"y":415,"width":536,"height":11}},{"id":"2dff3cc1-f097-41db-9f47-661c19e6dba4","block_type":"box","text":"at the date of purchase. Shor t term obligations issued by trusts, corporations, par tnerships or other entities include","page_number":39,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"0c885e30-0e63-4e60-b600-b4299fc43879","block_type":"box","text":"mor tgage-related or asset-backed instruments, including pass-through cer tificates such as par ticipations in, or bonds","page_number":39,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"a3239626-8729-467e-98b6-4f28df49a985","block_type":"box","text":"and notes backed by, pools of mor tgage, automobile, manufactured housing or other types of consumer loans; credit","page_number":39,"box":{"x":69,"y":460,"width":835,"height":12}},{"id":"6e8a459c-5497-4d16-8db4-3f4192ccbaa2","block_type":"box","text":"card or trade receivables or pools of mor tgage-backed or asset-backed securities. These structured financings will be","page_number":39,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"41573ed1-305d-43b6-bfa0-9a3e6958e0d5","block_type":"box","text":"suppor ted by sufficient collateral and other credit enhancements, including letters of credit, insurance, reserve funds","page_number":39,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"944416f4-b848-4681-bcd4-fec1426e7008","block_type":"box","text":"and guarantees by third par ties, to enable such instruments to obtain a quality rating by a Nationally Recognized","page_number":39,"box":{"x":69,"y":506,"width":801,"height":11}},{"id":"dafc4ba2-4092-4100-b2f9-df1d6db0f74b","block_type":"box","text":"Statistical Rating Organization (“NRSRO”), if applicable. Some structured financings also use various types of swaps,","page_number":39,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"8d7e7c2f-b545-4ae5-85f4-42e50d76086c","block_type":"box","text":"among other things, to issue instruments that have interest rate, quality or maturity characteristics necessary or","page_number":39,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"78d6f06d-8071-4aad-9de5-067c2e0cd2d1","block_type":"box","text":"desirable for a Fund. These swaps may include so-called credit default swaps that might depend for payment not only","page_number":39,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"d52d2bba-611c-471e-92f6-3d7df980a9f1","block_type":"box","text":"on the credit of a counterpar ty, but also on the obligations of another entity, the “reference entity.” Commercial paper","page_number":39,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"8e13fcdd-c573-4261-828b-bd95d93764e9","block_type":"box","text":"is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income securities, commercial","page_number":39,"box":{"x":70,"y":581,"width":831,"height":12}},{"id":"07db105e-d436-4fd9-b5bf-d9732f238060","block_type":"box","text":"paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will","page_number":39,"box":{"x":70,"y":596,"width":790,"height":11}},{"id":"2fec3be1-3e0a-459e-931d-7cc77567c1ba","block_type":"box","text":"decline and vice versa. However, the shor t-term nature of a commercial paper investment generally makes it less","page_number":39,"box":{"x":69,"y":612,"width":806,"height":11}},{"id":"df13050e-c9e6-4ff2-a529-0b5a089e0501","block_type":"box","text":"susceptible to volatility than many other fixed income securities because interest rate risk typically increases as","page_number":39,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"94488050-ac78-40aa-9f90-08f8803d2b6c","block_type":"box","text":"maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because","page_number":39,"box":{"x":69,"y":642,"width":829,"height":11}},{"id":"ba508cf2-6bd8-4722-9005-258821eac6ef","block_type":"box","text":"securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":39,"box":{"x":69,"y":657,"width":733,"height":11}},{"id":"d853947b-75f7-415f-a2df-cfdac3711599","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration.","page_number":39,"box":{"x":102,"y":680,"width":431,"height":11}},{"id":"5148bdf4-17ed-4fa8-ad07-20bf050ddffa","block_type":"box","text":"Although a Fund does not seek to implement a","page_number":39,"box":{"x":539,"y":680,"width":333,"height":11}},{"id":"ec240c53-ecc0-4ddb-8c6e-ebd32a04a272","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in the Fund’s Prospectus, BlackRock will","page_number":39,"box":{"x":69,"y":695,"width":784,"height":11}},{"id":"1645a746-f34b-45d1-b808-f9ffe83fa188","block_type":"box","text":"consider ESG factors as par t of the credit research and investment process for a Fund. BlackRock views ESG","page_number":39,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"c9bea28b-e298-4157-a3fb-02d94404bad2","block_type":"box","text":"integration as the practice of incorporating financially material ESG data or information into investment processes","page_number":39,"box":{"x":70,"y":725,"width":809,"height":11}},{"id":"a3c21c0f-2b23-4bd6-893b-d53e2fd604e2","block_type":"box","text":"with the objective of enhancing risk-adjusted returns. All securities purchases by a Fund are selected from approved","page_number":39,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"2ad4ca51-69cc-4248-b2cf-68e4a18ee6e0","block_type":"box","text":"lists maintained by BlackRock. All instruments on an approved list used by a Fund have met the minimal credit risk","page_number":39,"box":{"x":70,"y":755,"width":819,"height":11}},{"id":"622f7e0d-9ea6-4445-8598-671d97a2ec5b","block_type":"box","text":"requirement of Rule 2a-7, if required. In reviewing instruments, BlackRock will consider the capacity of the issuer or","page_number":39,"box":{"x":69,"y":770,"width":825,"height":12}},{"id":"b064c31e-3bae-4d55-a1b0-04b50b61c271","block_type":"box","text":"guarantor to meet its obligations. BlackRock considers ESG data within the total data available during its review. This","page_number":39,"box":{"x":68,"y":786,"width":835,"height":11}},{"id":"1127d382-d80b-4a3e-ab3b-90553d4aae42","block_type":"box","text":"may include third par ty research as well as considerations of proprietary BlackRock research across the ESG risks","page_number":39,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"84c7bfe6-87f7-4e27-835f-0f45068980b7","block_type":"box","text":"and oppor tunities regarding an issuer.","page_number":39,"box":{"x":69,"y":816,"width":271,"height":11}},{"id":"d4448535-c79e-42fa-a123-bbbe9fab3ee9","block_type":"box","text":"The ESG characteristics utilized in a Fund’s investment processes are anticipated to evolve over time and one or","page_number":39,"box":{"x":101,"y":838,"width":804,"height":11}},{"id":"f0fb10c7-17b5-4512-9000-5bb4696b2872","block_type":"box","text":"more characteristics may not be relevant with respect to all issuers that are eligible for investment. Cer tain of these","page_number":39,"box":{"x":69,"y":853,"width":828,"height":12}},{"id":"c1df7c41-e680-4c5d-aad3-2fa41bdabf7c","block_type":"box","text":"considerations may affect the Fund’s exposure to cer tain companies or industries. While BlackRock views ESG","page_number":39,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"427fd4a0-8a78-4373-8a1b-617290908996","block_type":"box","text":"considerations as having the potential to contribute to a Fund’s long-term per formance, there is no guarantee that","page_number":39,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"a0b5dca1-0fae-4814-b6f3-9f2fcd94cf4a","block_type":"box","text":"such results will be achieved.","page_number":39,"box":{"x":69,"y":899,"width":208,"height":9}},{"id":"8db8f385-cd72-4bb5-ad41-44b013120ac7","block_type":"box","text":"II-2","page_number":39,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"04265b42-c0de-42d5-a213-d2038e069650","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c15f563c-dcdb-4e02-baf3-3db79dc540c3","block_type":"box","text":"Foreign Bank Money Instruments.","page_number":40,"box":{"x":102,"y":45,"width":246,"height":11}},{"id":"37e706a0-6fab-4173-8db1-d81d0e83bf19","block_type":"box","text":"Foreign bank money instruments refer to U.S. dollar-denominated obligations","page_number":40,"box":{"x":355,"y":45,"width":547,"height":11}},{"id":"8f05c646-f93c-4351-8935-8d79595336f3","block_type":"box","text":"of foreign depository institutions and their foreign branches and subsidiaries, such as, but not limited to, cer tificates","page_number":40,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"9cc7de5b-59cd-44ba-bb7c-fd5d1d56b438","block_type":"box","text":"of deposit, bankers’ acceptances, time deposits, bank notes and deposit notes. The obligations of such foreign","page_number":40,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"c98bbc80-9629-4146-afaf-bae09ab862cf","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries may be the general obligations of the parent bank","page_number":40,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"1f1bc7b2-1951-4f62-bb6a-2d91bb095148","block_type":"box","text":"or may be limited to the issuing branch or subsidiary by the terms of the specific obligation or by government","page_number":40,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"572884b4-5bea-48a9-819e-30efaae6b4c4","block_type":"box","text":"regulation. Such investments will only be made if determined to be of comparable quality to other investments","page_number":40,"box":{"x":69,"y":120,"width":786,"height":12}},{"id":"177842f5-777f-4c31-a0f3-d5edcecadc15","block_type":"box","text":"permissible for a Fund. A Fund will not invest more than 25% of its total assets (taken at market value at the time of","page_number":40,"box":{"x":70,"y":135,"width":830,"height":11}},{"id":"a4cd887e-7016-4483-b12d-7b12727f07db","block_type":"box","text":"each investment) in these obligations. Investments in foreign entities generally involve the same risks as those","page_number":40,"box":{"x":69,"y":150,"width":793,"height":12}},{"id":"6afc19a9-9e31-42c7-9aee-c21bb75d37f7","block_type":"box","text":"described above in connection with investments in Eurodollar and Yankeedollar obligations and obligations of foreign","page_number":40,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"3b29c885-3c26-48b9-8472-e3881800ecdd","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries. See “Bank Money Instruments.”","page_number":40,"box":{"x":69,"y":181,"width":713,"height":11}},{"id":"d492d042-0b1f-4e59-8352-dca1a708a359","block_type":"box","text":"Foreign Short Term Debt Instruments.","page_number":40,"box":{"x":102,"y":203,"width":275,"height":11}},{"id":"eeabb01a-19f1-49ed-a959-ed8bccdc3504","block_type":"box","text":"Foreign shor t term debt instruments refer to U.S. dollar-denominated","page_number":40,"box":{"x":384,"y":203,"width":490,"height":12}},{"id":"585ba6df-1ddc-4625-9877-441d138d0137","block_type":"box","text":"commercial paper and other shor t term obligations issued by foreign entities. Such investments are subject to quality","page_number":40,"box":{"x":69,"y":218,"width":839,"height":12}},{"id":"c07ad08f-a95e-475a-bd5f-5fd88c1f8ef7","block_type":"box","text":"standards similar to those applicable to investments in comparable obligations of domestic issuers. These","page_number":40,"box":{"x":69,"y":234,"width":762,"height":11}},{"id":"41cbb396-1e8a-4bf6-87a9-e40ee920f8a5","block_type":"box","text":"investments generally involve the same risks as those described above in connection with investments in Eurodollar","page_number":40,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"7ca84f96-5a1f-4147-8a65-e96cd19d4222","block_type":"box","text":"and Yankeedollar obligations and obligations of foreign depository institutions and their foreign branches and","page_number":40,"box":{"x":69,"y":264,"width":776,"height":11}},{"id":"2e055da3-2c8a-4842-970a-750329271ae4","block_type":"box","text":"subsidiaries. See “Bank Money Instruments.”","page_number":40,"box":{"x":69,"y":279,"width":325,"height":11}},{"id":"bf78667f-3982-407d-9887-afbd35140a65","block_type":"box","text":"Forward Commitments.","page_number":40,"box":{"x":102,"y":302,"width":169,"height":9}},{"id":"c41bf2f6-544a-45b3-b328-fd8315bc5680","block_type":"box","text":"Cer tain Funds may purchase or sell money market securities on a forward commitment","page_number":40,"box":{"x":278,"y":302,"width":621,"height":11}},{"id":"3537206c-c8ea-4e2b-8b73-33a4bc201921","block_type":"box","text":"basis at fixed purchase terms. The purchase or sale will be recorded on the date a Fund enters into the commitment,","page_number":40,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"6e81445a-b3ca-4ee3-8cdb-5c1eb47ff49c","block_type":"box","text":"and the value of the security will thereafter be reflected in the calculation of the Fund’s NAV. The value of the security","page_number":40,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"ffc23335-0228-4f5d-8318-a4268a117c74","block_type":"box","text":"on the delivery date may be more or less than its purchase price. Although a Fund generally will enter into forward","page_number":40,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"511bac35-d3b1-4b8a-aaa1-703e14c420e4","block_type":"box","text":"commitments with the intention of acquiring securities for its por tfolio, a Fund may dispose of a commitment prior to","page_number":40,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"3e5aa394-7d7c-405b-b358-43e7a42953ee","block_type":"box","text":"settlement if the Manager deems it appropriate to do so.","page_number":40,"box":{"x":69,"y":377,"width":405,"height":12}},{"id":"2c05b973-9810-4b4a-92fe-ad3a94dbbf29","block_type":"box","text":"There can be no assurance that a security purchased or sold through a forward commitment will be delivered.","page_number":40,"box":{"x":101,"y":400,"width":782,"height":11}},{"id":"64799b0d-1693-4010-99c7-9e0cec4dd74e","block_type":"box","text":"The value of securities in these transactions on the delivery date may be more or less than a Fund’s purchase price.","page_number":40,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"a3fea33d-c3fe-4937-9515-5e43952f4cd3","block_type":"box","text":"The Fund may bear the risk of a decline in the value of the security in these transactions and may not benefit from","page_number":40,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"9952de97-98c4-4550-8801-2bbc4805a1cf","block_type":"box","text":"appreciation in the value of the security during the commitment period.","page_number":40,"box":{"x":69,"y":445,"width":504,"height":12}},{"id":"993338da-bd82-4111-bcc4-d3d85acb97cf","block_type":"box","text":"Illiquid Investments","page_number":40,"box":{"x":102,"y":468,"width":141,"height":11}},{"id":"0fa0363a-2a0d-46c2-96cf-7d180845f390","block_type":"box","text":". No Fund will acquire any illiquid security (i.e., securities that cannot be sold or disposed of","page_number":40,"box":{"x":246,"y":468,"width":654,"height":11}},{"id":"bf12fa2c-ac3c-40e1-9097-bdbc2fec8546","block_type":"box","text":"in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund) if,","page_number":40,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"0213653c-faed-433b-b339-fb2121229d29","block_type":"box","text":"immediately following such purchase, more than 5% of the Fund’s total assets are invested in illiquid securities. The","page_number":40,"box":{"x":70,"y":498,"width":829,"height":11}},{"id":"93fa0360-ae90-4cc7-9b9f-8139a17f046d","block_type":"box","text":"Manager will monitor the liquidity of illiquid investments under the supervision of the Board.","page_number":40,"box":{"x":70,"y":513,"width":652,"height":12}},{"id":"1b23ed64-de43-4c02-9f14-4a433b4686cb","block_type":"box","text":"Inflation Risk.","page_number":40,"box":{"x":102,"y":536,"width":99,"height":9}},{"id":"fb16c5d9-44c2-42f2-91c0-e6afff9a062f","block_type":"box","text":"The Funds are subject to inflation risk. Inflation risk is the risk that the present value of assets or","page_number":40,"box":{"x":208,"y":536,"width":695,"height":11}},{"id":"ee40151a-f464-45a1-a791-e59906fc2052","block_type":"box","text":"income from investments will be less in the future as inflation decreases the value of money. As inflation increases,","page_number":40,"box":{"x":70,"y":551,"width":825,"height":11}},{"id":"664f9fe3-eacf-4e74-b4a3-7eb5f2809c86","block_type":"box","text":"the present value of a Fund’s assets can decline as can the value of a Fund’s distributions. Inflation rates may","page_number":40,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"9bb3ab68-940a-485c-a582-feb9984ec127","block_type":"box","text":"change frequently and significantly due to a number of potential factors, including, among others, unexpected","page_number":40,"box":{"x":69,"y":581,"width":779,"height":12}},{"id":"1a360a46-b941-4861-af45-db183c2267c8","block_type":"box","text":"economic shifts or changes in fiscal or monetary policies.","page_number":40,"box":{"x":69,"y":596,"width":410,"height":12}},{"id":"b8a43024-9894-454f-bccb-3dea318dc937","block_type":"box","text":"Investment in Other Investment Companies.","page_number":40,"box":{"x":102,"y":619,"width":320,"height":11}},{"id":"e6c75230-8865-455c-a14e-aa18f8b694e2","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":40,"box":{"x":429,"y":619,"width":402,"height":11}},{"id":"1c54244f-18f1-4d03-a49e-3a31bfdd721c","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":40,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"3922b6a1-1fc5-4577-b434-7bb083ba5a19","block_type":"box","text":"market funds and exchange-traded funds (“ETFs”), which are typically open-end funds or unit investment trusts listed","page_number":40,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"205a47ba-7c48-4201-98f1-9d29d1dfe01c","block_type":"box","text":"on a stock exchange. Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to","page_number":40,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"743f344d-1354-46b8-bcef-c98349af76cb","block_type":"box","text":"10% of its total assets in securities of other investment companies (measured at the time of such investment). In","page_number":40,"box":{"x":70,"y":680,"width":810,"height":11}},{"id":"3931eeea-fe20-4a5b-9487-0e4ef945e8bb","block_type":"box","text":"addition, under Section 12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an","page_number":40,"box":{"x":69,"y":695,"width":760,"height":11}},{"id":"a7b17f39-acd6-415a-b8fc-58d4a9faa4b2","block_type":"box","text":"investment company if such acquisition would cause the Fund to own more than 3% of the total outstanding voting","page_number":40,"box":{"x":70,"y":710,"width":815,"height":11}},{"id":"95148e5d-9f90-4bab-bad4-dd2daa09be05","block_type":"box","text":"stock of such investment company and a Fund may not invest in another investment company if such investment","page_number":40,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"540b3b17-5944-4850-8b90-f42788706123","block_type":"box","text":"would cause more than 5% of the value of the Fund’s total assets to be invested in securities of such investment","page_number":40,"box":{"x":68,"y":740,"width":809,"height":9}},{"id":"26f35d05-335c-4fdd-9cbd-77d42d2d43ab","block_type":"box","text":"company. (These limits do not restrict a feeder fund from investing all of its assets in shares of its master por tfolio.)","page_number":40,"box":{"x":69,"y":755,"width":830,"height":11}},{"id":"d348736d-299f-4088-b37a-49e486cce418","block_type":"box","text":"In addition to the restrictions on investing in other investment companies discussed above, under Section","page_number":40,"box":{"x":70,"y":770,"width":753,"height":12}},{"id":"668730a0-d141-4540-b7bb-2e96468f10eb","block_type":"box","text":"12(d)(1)(C) of the Investment Company Act a Fund may not invest in a registered closed-end investment company if","page_number":40,"box":{"x":70,"y":785,"width":820,"height":12}},{"id":"b3fe069a-3246-4374-a160-97e2ea770a0c","block_type":"box","text":"such investment would cause the Fund and other BlackRock-advised investment companies to own more than 10% of","page_number":40,"box":{"x":69,"y":801,"width":838,"height":11}},{"id":"a40bd4b3-8b06-4a33-aa70-839dad00ee1c","block_type":"box","text":"the total outstanding voting stock of such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the","page_number":40,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"e9a746a1-b4de-4805-b2e4-718c8ef4f5de","block_type":"box","text":"Investment Company Act, these percentage limitations do not apply to investments in affiliated investment","page_number":40,"box":{"x":70,"y":831,"width":760,"height":11}},{"id":"10126d8d-eced-4ee6-9fd8-8b58419603a0","block_type":"box","text":"companies, including ETFs, subject to cer tain conditions. In addition, a Fund may be able to rely on cer tain rules","page_number":40,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"f4e7b262-1117-4d53-81c0-b3770ef7c454","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment companies beyond","page_number":40,"box":{"x":69,"y":861,"width":837,"height":11}},{"id":"7d45d4c8-42f9-4c51-a942-5f39bdb64c9b","block_type":"box","text":"the statutory limits noted above, but subject to cer tain conditions.","page_number":40,"box":{"x":68,"y":876,"width":473,"height":11}},{"id":"50bb6931-23ad-440e-908e-2475750f0a53","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":40,"box":{"x":101,"y":899,"width":799,"height":11}},{"id":"bce8fff0-1969-40f4-821e-391b8c488fc1","block_type":"box","text":"II-3","page_number":40,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"482b5f76-8d92-4f50-a412-7dcdc73c0fc3","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e1c4ba0-e918-4a17-b2bc-c362bca86e2e","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":41,"box":{"x":102,"y":45,"width":779,"height":11}},{"id":"6aad9378-5249-4756-86cc-bf0e17d0a4cf","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":41,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"e422885b-b8b5-4407-ab43-2969e12ce4ad","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":41,"box":{"x":69,"y":75,"width":836,"height":11}},{"id":"e55c3d76-64e5-416a-bb24-55cbafdee45f","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":41,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"969d88b5-ca97-434a-b50d-2fe7409d156b","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":41,"box":{"x":68,"y":105,"width":806,"height":11}},{"id":"3fec23b6-f62b-4e06-b453-6fdc26230bc6","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":41,"box":{"x":68,"y":120,"width":810,"height":11}},{"id":"3030c035-6f71-462b-9d28-16f59a11360c","block_type":"box","text":"loss.","page_number":41,"box":{"x":70,"y":136,"width":31,"height":8}},{"id":"b1d35de3-ae7f-4329-a5f8-b4eec79894e7","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":41,"box":{"x":102,"y":158,"width":758,"height":11}},{"id":"37b874b1-1df6-49a6-ae7f-deadad376611","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":41,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"17dcb913-c1af-4746-8b1a-1cf47613032d","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":41,"box":{"x":70,"y":188,"width":835,"height":11}},{"id":"7e6b67ea-50d0-4f83-9269-49913ca9f786","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":41,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"94b98cde-d8c6-429a-9d16-96244833792c","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":41,"box":{"x":69,"y":218,"width":768,"height":12}},{"id":"22823aa0-da9c-4e23-a41d-5ff676b4d970","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":41,"box":{"x":70,"y":234,"width":807,"height":11}},{"id":"cb40ad34-0770-40f3-8f09-dfb336a383c5","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":41,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"c6b8d4f3-b2f8-4e13-a918-087a6acac2b0","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":41,"box":{"x":68,"y":264,"width":804,"height":11}},{"id":"f4cc6914-aa85-4cb0-b547-c2acf9779082","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":41,"box":{"x":70,"y":279,"width":778,"height":11}},{"id":"301d7eef-8634-404c-b846-d5f65b85f8c2","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":41,"box":{"x":69,"y":294,"width":796,"height":11}},{"id":"333944b8-80cd-40be-9d88-0b55c814f8ea","block_type":"box","text":"assets.","page_number":41,"box":{"x":69,"y":310,"width":51,"height":8}},{"id":"26c47095-fbe8-431d-b006-00e6ebc86bbf","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":41,"box":{"x":101,"y":332,"width":776,"height":11}},{"id":"6ddd6678-98fb-4730-b550-8cd2b0cd0fbe","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":41,"box":{"x":69,"y":347,"width":313,"height":11}},{"id":"0a643cc6-2c2e-4af7-9999-5de6e06a87ac","block_type":"box","text":"e.g.","page_number":41,"box":{"x":384,"y":348,"width":24,"height":10}},{"id":"06994422-4353-4862-8746-73f95ec18f40","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":41,"box":{"x":411,"y":347,"width":491,"height":11}},{"id":"858f8c80-034a-498a-885f-0aa99b378992","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":41,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"f9070220-c625-4196-a541-5309640024e0","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":41,"box":{"x":69,"y":377,"width":472,"height":12}},{"id":"aeb8ad90-6329-4cf4-a947-1b012665a43f","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":41,"box":{"x":101,"y":400,"width":790,"height":11}},{"id":"8014e0df-4bc6-49f5-944e-8a09f7665340","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":41,"box":{"x":70,"y":415,"width":818,"height":11}},{"id":"7735c837-1688-464d-80c6-c8366c43b903","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":41,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"eccf2610-c344-4513-9022-13c1fe7b11d8","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":41,"box":{"x":70,"y":445,"width":795,"height":11}},{"id":"65734900-7127-4793-a81e-afd0f255087a","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":41,"box":{"x":70,"y":460,"width":807,"height":12}},{"id":"da69e0b8-2f95-4823-b133-757818282c05","block_type":"box","text":"countries.","page_number":41,"box":{"x":69,"y":476,"width":69,"height":8}},{"id":"da1b3c87-f311-4582-9ed3-e602c62984d4","block_type":"box","text":"Issuer Insolvency Risk.","page_number":41,"box":{"x":102,"y":498,"width":166,"height":11}},{"id":"24456117-3802-4e90-b0df-f5656eb4cc97","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":41,"box":{"x":275,"y":498,"width":631,"height":11}},{"id":"1ba39358-acfc-45c1-b43f-7aa2d008f0a2","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":41,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"8847e405-32fb-461b-955e-dca2fa8b4e1a","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":41,"box":{"x":69,"y":528,"width":781,"height":12}},{"id":"0835e962-0fad-4a2e-ba23-c27241662ce4","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":41,"box":{"x":69,"y":543,"width":797,"height":12}},{"id":"8b798af6-da4e-4a9f-b361-758d30cc0cc1","block_type":"box","text":"issuer uncer tain.","page_number":41,"box":{"x":70,"y":559,"width":118,"height":9}},{"id":"4babf64c-ec19-4748-9d09-ca9af4f4cf56","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":41,"box":{"x":102,"y":581,"width":788,"height":12}},{"id":"dff0c0d5-05ae-420d-937d-e529d4ce3c10","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":41,"box":{"x":68,"y":596,"width":827,"height":12}},{"id":"3424cd15-3a0d-4e82-88a9-45bbb2e10d8e","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":41,"box":{"x":68,"y":612,"width":779,"height":11}},{"id":"de0101c1-b8fe-470e-aec7-af9b2b6c4188","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":41,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"05ef8f98-a832-49b2-9129-2d5843871b88","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":41,"box":{"x":70,"y":642,"width":797,"height":11}},{"id":"5de63c4f-74b2-4d22-9649-b2b8f7655582","block_type":"box","text":"eventually be satisfied.","page_number":41,"box":{"x":69,"y":657,"width":162,"height":11}},{"id":"d86d8243-752e-4df6-ae22-e177399dda2b","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":41,"box":{"x":102,"y":680,"width":805,"height":11}},{"id":"1f46da05-dc09-4a0a-a1b0-24c187f31470","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":41,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"335228a9-42e9-4535-b96d-0c253edcecc7","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":41,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"d65cdcdd-af1d-4037-9618-c507ce133ab8","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":41,"box":{"x":69,"y":725,"width":802,"height":11}},{"id":"773c53f6-ebd9-45ad-a899-671b8586215b","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":41,"box":{"x":70,"y":740,"width":830,"height":11}},{"id":"b7ee6612-1b11-4724-b4b0-47228382b7dd","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":41,"box":{"x":70,"y":755,"width":805,"height":11}},{"id":"569a13f2-1280-4e27-ac45-c3591ae085db","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":41,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"f1792da1-a19b-44f8-8487-cbc990ff56f2","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":41,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"75a8800b-a6b0-4017-899c-f4848351f67a","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":41,"box":{"x":69,"y":801,"width":820,"height":11}},{"id":"8313a995-f10c-4c64-af68-2b637b1c3433","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":41,"box":{"x":70,"y":816,"width":820,"height":11}},{"id":"0478899e-4653-4678-a1c0-d6f5f7f8d9bd","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":41,"box":{"x":69,"y":831,"width":824,"height":11}},{"id":"ae331359-1760-4a72-a73c-4c0a077034f0","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":41,"box":{"x":68,"y":846,"width":788,"height":11}},{"id":"63f72da4-28c9-4693-bb0e-4d117bf8161a","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":41,"box":{"x":68,"y":861,"width":826,"height":11}},{"id":"05995873-758f-475e-bf01-bc3aa7a8fda8","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":41,"box":{"x":69,"y":876,"width":809,"height":11}},{"id":"9cc0fa5b-e183-4e60-985e-741aaa77a164","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":41,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"efacd133-d3b3-436e-8a35-d50b6f9275f8","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":41,"box":{"x":69,"y":907,"width":741,"height":11}},{"id":"82c0509d-f261-4afb-93d3-2586357d1818","block_type":"box","text":"II-4","page_number":41,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"edfb4636-b25a-442b-97e7-581fff1edfe6","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bec35a5-f14b-4b9d-925f-f0492943e3aa","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":42,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"21de06db-7505-40d0-96be-47b51f099f6e","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":42,"box":{"x":68,"y":60,"width":807,"height":11}},{"id":"1bc03085-ea39-49c3-8bfe-1d1e4b991d22","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":42,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"17a4f738-26ab-455f-b7d7-fed07dc60669","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":42,"box":{"x":68,"y":90,"width":814,"height":11}},{"id":"5bc1d1d6-fd20-49ab-88fc-4947beb3b1a1","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":42,"box":{"x":70,"y":105,"width":439,"height":11}},{"id":"331a4e80-80e3-4c2f-8af6-1c2cf026eb77","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":42,"box":{"x":102,"y":128,"width":806,"height":11}},{"id":"9aaa0696-42dc-4b50-9ca8-6b853f7d22fa","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":42,"box":{"x":70,"y":143,"width":829,"height":11}},{"id":"0a241302-5837-4f36-a780-f5687d112e35","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":42,"box":{"x":69,"y":158,"width":767,"height":11}},{"id":"10efca14-a2ac-4a6f-b0eb-78f1bb4c45ee","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":42,"box":{"x":69,"y":173,"width":771,"height":11}},{"id":"ca69552a-9db2-4ce9-902b-3198cd831cc0","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":42,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"e7dd2ab5-c468-4976-8656-74890a80d511","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":42,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"83a9167a-c11a-4450-9eef-09cd7038cd5d","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":42,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"b9593176-e579-441b-96fc-b8e681130e36","block_type":"box","text":"that assumed generally by an investor.","page_number":42,"box":{"x":68,"y":234,"width":274,"height":11}},{"id":"80f11473-e34e-4e19-b53f-ad0ddc95e8e0","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":42,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"b6d348ae-13a0-4271-aff7-4c6ac59af724","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":42,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"7facf012-325c-484a-8184-a5b0e9b50c92","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":42,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"265e1bf8-bd13-471b-b551-054559a19a78","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":42,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"cfec73ce-4418-4722-9e65-04c83f526cc3","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":42,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"912c9cb1-d772-412e-8822-7fefb6e29bf4","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":42,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"fe36c5c9-a8e0-41c4-b077-91d96645de3a","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":42,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"a93e24ff-2bfb-4a5a-afc7-b1bce9010a20","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":42,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"5046715a-9f64-4a4a-a5a5-ab9d0ab2d5b5","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":42,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"6b33737f-cf88-4c0d-9d72-a4c6bd1a71f4","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":42,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"ef112d0c-5111-490a-afc7-577aed802c34","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":42,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"3cf3b91d-5a83-4c29-8ac5-d4ea289a6a61","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair a","page_number":42,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"8ad7ae86-0366-4350-a504-e8bb178fe87a","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":42,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"4a9a402c-72c1-4acd-aafc-e2bc880080cc","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":42,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"58c4ca37-c52a-48c0-b787-3177e746cab7","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":42,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"7a249c1e-9147-4b6a-85f0-9729a4ffcd08","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":42,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"c8edf05a-9e4a-4815-9bc7-0557d9ab206d","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":42,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"3aa52fcf-9947-4184-9823-e1cad764eb64","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":42,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"b0c27ecc-4c2e-4820-8d89-fc9e51ba3793","block_type":"box","text":"conditions.","page_number":42,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"5f975bbc-47d6-4044-9053-65ea12dcd157","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":42,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"7bcf793a-5709-4163-94d4-58ecc3ace941","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":42,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"53071fed-5a17-4bef-b060-3ee75dff9658","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":42,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"96a89b2f-6cc0-44a2-9540-f254dae5000c","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":42,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"d3c526c8-ae9f-4dbb-bea2-796fa6597261","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":42,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"faad937e-22a1-4002-872c-fbf794836d0d","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":42,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"971a1f68-39c3-41bd-aac3-ff16866b281c","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":42,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"9c2cbc70-6ae5-4829-9f63-f9d3c53db2a5","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":42,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"3636d389-600b-4aa3-8aa9-cc3ceb8db90d","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":42,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"6b5dd189-c0f2-4e8b-92e0-a7a911108063","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":42,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"59123905-368a-4ec2-bd51-802bec1d0aad","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":42,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"90acb916-78a1-4638-a988-a57c821fa816","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":42,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"702dbd0c-e3ed-49d9-a677-c0885f8a9bcd","block_type":"box","text":"affected by such events.","page_number":42,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"23c71d9f-ac47-4145-abaf-a12112cefa3a","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of a Fund or the instruments in which a","page_number":42,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"e75bd66a-f7ac-4ba9-94ea-96eb10adc729","block_type":"box","text":"Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation or","page_number":42,"box":{"x":70,"y":755,"width":821,"height":11}},{"id":"cba305f7-71ea-463f-8900-4381ab4033bc","block_type":"box","text":"other governmental actions could limit or preclude a Fund’s abilities to achieve its investment objectives or otherwise","page_number":42,"box":{"x":69,"y":771,"width":838,"height":11}},{"id":"81b1e2bf-2cbf-4790-9ab9-199adff3235b","block_type":"box","text":"adversely impact an investment in a Fund. Recent policy initiatives under taken by the U.S. government have the","page_number":42,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"0529eaae-d052-4124-9244-5a434b1e077c","block_type":"box","text":"potential to impact international relations, trade agreements and the overall regulatory environment in ways that","page_number":42,"box":{"x":70,"y":801,"width":800,"height":11}},{"id":"e3307177-b42e-49ed-952c-56ab09195bcd","block_type":"box","text":"could create uncer tainty and instability in domestic and global markets and could adversely affect the investment","page_number":42,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"cfa3c0d0-bc65-4420-8292-239ebdcffe0c","block_type":"box","text":"per formance of a Fund. In par ticular, actions taken by the U.S. government in respect of international trade relations","page_number":42,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"be1bab80-5649-4606-93c4-a78bce62e112","block_type":"box","text":"could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced foreign","page_number":42,"box":{"x":69,"y":846,"width":765,"height":11}},{"id":"93c3616c-7d4b-41de-8975-60c8fabfdaae","block_type":"box","text":"investment, and instability in regions where a Fund invests. Political and diplomatic events within the United States,","page_number":42,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"0f01bd53-82ba-4762-9a18-bd30b7ce0e5a","block_type":"box","text":"including a contentious domestic political environment, changes in political par ty control of one or more branches of","page_number":42,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"da8090ae-0813-41f7-8567-d8edff47e0dd","block_type":"box","text":"the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction","page_number":42,"box":{"x":68,"y":891,"width":819,"height":12}},{"id":"4f045479-ea17-4b84-babb-1c8422c297d8","block_type":"box","text":"plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the U.S.","page_number":42,"box":{"x":70,"y":906,"width":780,"height":12}},{"id":"5f692ccb-b6b8-4d5a-ba8c-571c7e95530e","block_type":"box","text":"II-5","page_number":42,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f568aeec-0086-454c-bbf7-06e9674b2f00","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12493831-af6a-437d-9ab8-469f3a714324","block_type":"box","text":"Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":43,"box":{"x":69,"y":45,"width":781,"height":11}},{"id":"44327521-f7d2-45a6-9c41-1c68034ac074","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":43,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"94b68384-eb84-4878-b3bd-6f5770f9a8bf","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":43,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"23f137e3-7cf2-4967-8112-7a9456343313","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":43,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"35d8cb7f-2972-4e17-894e-3e47effdc285","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":43,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"da8f3acc-23eb-4df7-bc4d-d5116feb587a","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":43,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"d09e23e3-0947-4257-8230-9436fcbae572","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":43,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"d5a6d84f-f38e-4747-8fcd-73d9d9c1e02b","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":43,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"94cba8b7-8ece-4c3b-9bfd-f93f8d5edfe2","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":43,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"2bd3ff4c-60a2-4d6d-8008-b54bb3f6be68","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund’s investments.","page_number":43,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"2650feb9-5236-471c-80a4-91cff75999bb","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":43,"box":{"x":101,"y":203,"width":802,"height":12}},{"id":"9b446b42-4491-49f0-befb-d8d376ee07d4","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":43,"box":{"x":68,"y":218,"width":796,"height":12}},{"id":"e09bdca5-0e0a-40cd-acc6-77b000f0d004","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":43,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"b79b1f82-c88e-4242-b026-8a0451fd8f1c","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":43,"box":{"x":70,"y":249,"width":813,"height":11}},{"id":"5cbb04f4-4121-49d1-a4b2-4f8c66b80b92","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":43,"box":{"x":68,"y":264,"width":812,"height":11}},{"id":"27a91587-78a3-490d-b07c-9c0273eead11","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":43,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"00b12339-f009-4ead-a0cb-263ec383b1d3","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":43,"box":{"x":69,"y":294,"width":837,"height":11}},{"id":"60b28658-1923-46ec-822d-a763d0d2bd93","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":43,"box":{"x":69,"y":309,"width":646,"height":11}},{"id":"290cbf34-9793-4043-a634-dbf675df9478","block_type":"box","text":"Legal and Regulatory Risks.","page_number":43,"box":{"x":102,"y":332,"width":197,"height":11}},{"id":"0de5b310-1e76-459f-acf5-35a5bb0424b1","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":43,"box":{"x":305,"y":332,"width":583,"height":11}},{"id":"bc5ac986-2a4c-48dc-94db-8c229d70d57a","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":43,"box":{"x":67,"y":347,"width":819,"height":11}},{"id":"45f84269-b413-42cd-9d5a-98839f32f1db","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":43,"box":{"x":69,"y":362,"width":820,"height":11}},{"id":"ec36ec38-b9c8-4251-995e-280e712beb33","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":43,"box":{"x":68,"y":377,"width":781,"height":12}},{"id":"21e1b02a-e161-43d5-8a20-d7b80bd4458f","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":43,"box":{"x":69,"y":392,"width":763,"height":12}},{"id":"5d8ebe9e-712e-4005-8b15-16ecd436866c","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":43,"box":{"x":70,"y":408,"width":838,"height":11}},{"id":"5d1c3ead-6a2d-4567-addf-8d24594dea0c","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":43,"box":{"x":69,"y":423,"width":781,"height":11}},{"id":"32b6c328-c770-4cda-96ec-d4a3364e7c5e","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":43,"box":{"x":69,"y":438,"width":807,"height":11}},{"id":"3828a674-ac28-4423-9e26-d68bb6cad5a9","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":43,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"b325c915-9a09-4f30-aec7-205c90fbe435","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":43,"box":{"x":69,"y":468,"width":666,"height":11}},{"id":"47dee514-dd7d-4ee9-826b-aead6fada592","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":43,"box":{"x":103,"y":491,"width":198,"height":11}},{"id":"c73fec38-d0de-498a-8120-5d2dfe1e69b0","block_type":"box","text":".","page_number":43,"box":{"x":302,"y":498,"width":3,"height":2}},{"id":"4b9e3286-1e06-40b9-9bcc-b36dc6b84b9f","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":43,"box":{"x":312,"y":491,"width":593,"height":11}},{"id":"257c2728-7821-4f90-b61c-93df71aa8519","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":43,"box":{"x":68,"y":506,"width":806,"height":11}},{"id":"f59e1e59-dbf3-4751-94a0-061dcfe39dca","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":43,"box":{"x":70,"y":521,"width":833,"height":11}},{"id":"d4db837d-df8c-4666-90ee-aa693bac953d","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":43,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"5b6b1bf7-82d9-4073-afa7-1d614008e759","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":43,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"b7b69ab4-2163-4386-aaba-33940fecc797","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":43,"box":{"x":70,"y":566,"width":821,"height":11}},{"id":"7956a8d4-378c-4b76-b152-0133c9ad33de","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time. Global trade disruption, significant","page_number":43,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"78acbf83-49a4-4040-bd96-7b44206cc96e","block_type":"box","text":"introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy","page_number":43,"box":{"x":70,"y":596,"width":832,"height":12}},{"id":"2cf304c5-5956-4714-a66d-9863a26241df","block_type":"box","text":"resulting therefrom, could adversely affect the financial per formance of a Fund and its investments. Trade policy may","page_number":43,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"50d69414-10f3-422b-bbb6-90564eb1f482","block_type":"box","text":"be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other","page_number":43,"box":{"x":69,"y":627,"width":787,"height":11}},{"id":"f1d4703e-c5f2-40ac-9f9a-d75bf34309b8","block_type":"box","text":"adverse effects on international markets, international trade agreements, and/or other existing cross-border","page_number":43,"box":{"x":69,"y":642,"width":774,"height":11}},{"id":"ab3710ef-6c10-4fee-b7b6-1f7a741dfaec","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade","page_number":43,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"840722cc-3469-4b7f-a1d7-64c0b9d3907d","block_type":"box","text":"disputes escalate globally, there could be additional significant impacts on the sectors or industries in which a Fund","page_number":43,"box":{"x":69,"y":672,"width":826,"height":11}},{"id":"0a851034-1af3-418c-b62c-c3de8e7f2c02","block_type":"box","text":"invests and other adverse impacts on a Fund’s overall per formance.","page_number":43,"box":{"x":70,"y":687,"width":484,"height":11}},{"id":"7e2401c1-a823-4ccd-8831-9656691b2866","block_type":"box","text":"Municipal Investments","page_number":43,"box":{"x":102,"y":710,"width":164,"height":11}},{"id":"2071ae93-18c2-441f-8077-8a0fb27a121e","block_type":"box","text":"Municipal Securities.","page_number":43,"box":{"x":102,"y":733,"width":152,"height":11}},{"id":"ef1e94f2-1fd0-4d78-9cb2-0c4a21e77efa","block_type":"box","text":"Cer tain Funds invest in shor t term municipal obligations issued by or on behalf of the","page_number":43,"box":{"x":261,"y":732,"width":609,"height":12}},{"id":"13f4a947-46e6-4102-b4f7-91464e3eef6f","block_type":"box","text":"states, their political subdivisions, agencies and instrumentalities and obligations of other qualifying issuers, such as","page_number":43,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"da1d10c3-8663-4400-958a-71c97c75baab","block_type":"box","text":"issuers located in Puer to Rico, the U.S. Virgin Islands and Guam, the interest on which (and/or, in the case of","page_number":43,"box":{"x":70,"y":763,"width":785,"height":11}},{"id":"5435071a-222a-4ed9-8275-0f5a4a751852","block_type":"box","text":"proper ty taxes, the value of which) is excludable, in the opinion of bond counsel to the issuer, from gross income for","page_number":43,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"13668037-7c01-407f-98db-256eef0047b3","block_type":"box","text":"purposes of Federal income taxes and the applicable state’s income taxes (“State Taxes”). Obligations that pay","page_number":43,"box":{"x":70,"y":793,"width":795,"height":11}},{"id":"d2e701bf-942b-4886-98f1-6648fae76f07","block_type":"box","text":"interest that is excludable from gross income for Federal income tax purposes are referred to herein as “Municipal","page_number":43,"box":{"x":70,"y":808,"width":816,"height":11}},{"id":"d09c3f46-ee13-4da3-8b0a-cd6529ec1ebc","block_type":"box","text":"Securities,” and obligations that pay interest that is excludable from gross income for Federal income tax purposes","page_number":43,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"a7e4ee21-8e21-48b8-b918-bccdff339ae4","block_type":"box","text":"and are exempt from the applicable State Taxes are referred to as “State Municipal Securities.” Unless otherwise","page_number":43,"box":{"x":69,"y":838,"width":812,"height":11}},{"id":"3df46e24-4f86-4741-ab7c-1bd338dba1a9","block_type":"box","text":"indicated, references to Municipal Securities shall be deemed to include State Municipal Securities.","page_number":43,"box":{"x":70,"y":853,"width":711,"height":11}},{"id":"726eeea3-68c5-4962-aea2-8d1721e13e46","block_type":"box","text":"Municipal Securities include debt obligations issued to obtain funds for various public purposes, including","page_number":43,"box":{"x":102,"y":876,"width":753,"height":11}},{"id":"a7a22fa4-4416-4378-af57-61875d9e9426","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":43,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"b8ea8b32-c4c3-466d-bd5f-8ba695f8e046","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":43,"box":{"x":69,"y":906,"width":836,"height":12}},{"id":"c1065d9a-b3fd-439b-8a97-cc6688d5cd34","block_type":"box","text":"II-6","page_number":43,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7dbd00b2-5573-4f01-baed-b26be6179190","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bce5164-1bd2-4063-bb90-f2f1a1da1f4d","block_type":"box","text":"by or on behalf of public authorities to finance various facilities operated for private profit. Such obligations are","page_number":44,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"20a7c673-2738-4773-b144-6fa0ff0e72d5","block_type":"box","text":"included within the term Municipal Securities if the interest paid thereon is excludable from gross income for Federal","page_number":44,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"f85f4c74-8004-4366-8c10-98fc5b6db013","block_type":"box","text":"income tax purposes.","page_number":44,"box":{"x":70,"y":75,"width":150,"height":11}},{"id":"3898f1c0-ef0b-4d44-9efc-f804245eb11e","block_type":"box","text":"The two principal classifications of Municipal Securities are “general obligation” bonds and “revenue” or “special","page_number":44,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"276e7ab1-b7fd-47b2-ad54-cefc337055cf","block_type":"box","text":"obligation” bonds. General obligation bonds are secured by the issuer’s pledge of its faith, credit and taxing power","page_number":44,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"78eafb0c-fe15-4bf5-a4d1-add1ad5bab47","block_type":"box","text":"for the repayment of principal and the payment of interest. Revenue or special obligation bonds are payable only from","page_number":44,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"5b925025-1c14-431e-9439-428dce218b6c","block_type":"box","text":"the revenues derived from a par ticular facility or class of facilities or, in some cases, from the proceeds of a special","page_number":44,"box":{"x":68,"y":143,"width":827,"height":11}},{"id":"8f597a5b-76ae-4bb1-a3f1-a368d0d22cdf","block_type":"box","text":"excise tax or other specific revenue source such as from the user of the facility being financed. Private activity bonds","page_number":44,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"8fb11bca-b38c-474d-b33f-fab9bf8c358f","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law) are in most cases revenue bonds and do not generally","page_number":44,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"b37b71c1-2f70-41e4-8592-adf6b42aab34","block_type":"box","text":"constitute the pledge of the credit or taxing power of the issuer of such bonds. The repayment of the principal and","page_number":44,"box":{"x":69,"y":188,"width":812,"height":12}},{"id":"a1cce8bd-04b1-4ef5-861e-7c185ede70ca","block_type":"box","text":"the payment of interest on such private activity bonds depends solely on the ability of the user of the facilities","page_number":44,"box":{"x":68,"y":203,"width":784,"height":12}},{"id":"0d643c77-bf39-4176-a9d1-d2e129d45c35","block_type":"box","text":"financed by the bonds to meet its financial obligation and the pledge, if any, of real and personal proper ty so","page_number":44,"box":{"x":68,"y":218,"width":776,"height":12}},{"id":"1037c52b-2f70-40ae-bf0e-dfacc8c3517b","block_type":"box","text":"financed as security for such payment. In addition, private activity bonds may pay interest that is subject to the","page_number":44,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"422f1cdb-a4d0-421f-bf7e-c52819cf5d48","block_type":"box","text":"Federal alternative minimum tax. A Fund’s por tfolio may include “moral obligation” bonds, which are normally issued","page_number":44,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"852b737f-eb90-4004-8f44-38753c2cec43","block_type":"box","text":"by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its debt service","page_number":44,"box":{"x":69,"y":264,"width":782,"height":11}},{"id":"575d542c-bcd7-4fdf-8c1b-ba6e1af382bc","block_type":"box","text":"obligations from current revenues, it may draw on a reserve fund, the restoration of which is a moral commitment but","page_number":44,"box":{"x":69,"y":279,"width":838,"height":11}},{"id":"168ed49a-edc1-4fc7-b09a-433a79f905b8","block_type":"box","text":"not a legal obligation of a state or municipality.","page_number":44,"box":{"x":69,"y":294,"width":332,"height":11}},{"id":"2405707a-8bac-4b9b-b7c8-feddd28f4c07","block_type":"box","text":"Yields on Municipal Securities are dependent on a variety of factors, including the general condition of the money","page_number":44,"box":{"x":101,"y":317,"width":808,"height":11}},{"id":"9f0397ba-3d21-45b9-a946-7416c8b74b1a","block_type":"box","text":"market and of the municipal bond market, the size of a par ticular offering, the maturity of the obligation, and the","page_number":44,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"8f3f4469-9891-427d-b009-20c0d96826b7","block_type":"box","text":"rating of the issuer. The ability of a Fund to achieve its investment objective is also dependent on the continuing","page_number":44,"box":{"x":69,"y":347,"width":799,"height":11}},{"id":"2fa580fd-b360-479a-af5c-5adf3fdf8f09","block_type":"box","text":"ability of the issuers of the Municipal Securities in which the Fund invests to meet their obligations for the payment of","page_number":44,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"fa70c3f8-da1d-4d3f-8cfe-535ee321ecec","block_type":"box","text":"interest and the repayment of principal when due. There are variations in the risks involved in holding Municipal","page_number":44,"box":{"x":70,"y":377,"width":792,"height":12}},{"id":"e4da61c0-7e12-413c-9028-7333736f3e97","block_type":"box","text":"Securities, both within a par ticular classification and between classifications, depending on numerous factors.","page_number":44,"box":{"x":69,"y":392,"width":786,"height":12}},{"id":"993edb84-6349-40b9-a8c3-7f58cf4d01a9","block_type":"box","text":"Fur thermore, the rights of holders of Municipal Securities and the obligations of the issuers of such Municipal","page_number":44,"box":{"x":70,"y":407,"width":782,"height":12}},{"id":"568901db-25c3-4797-87a2-a46a41444fef","block_type":"box","text":"Securities may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the","page_number":44,"box":{"x":69,"y":423,"width":806,"height":11}},{"id":"d75965f7-364b-4863-8f36-dfb9645bd761","block_type":"box","text":"rights of creditors generally, and such laws, if any, which may be enacted by Congress or state legislatures affecting","page_number":44,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"ad3f49ee-f438-43ba-8cf7-14c38d0043c6","block_type":"box","text":"specifically the rights of holders of Municipal Securities.","page_number":44,"box":{"x":69,"y":453,"width":397,"height":11}},{"id":"0d9667d7-c066-4386-8a72-497ea93010eb","block_type":"box","text":"A Fund’s ability to distribute dividends exempt from Federal income tax will depend on the exclusion from gross","page_number":44,"box":{"x":101,"y":475,"width":793,"height":12}},{"id":"0928643b-db32-4b75-954c-ec0ba424ee86","block_type":"box","text":"income of the interest income that it receives on the Municipal Securities in which it invests. A Fund will only","page_number":44,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"d04a7f71-6780-453e-9169-507a7ba15b2e","block_type":"box","text":"purchase a Municipal Security if it is accompanied by an opinion of counsel to the issuer, which is delivered on the","page_number":44,"box":{"x":70,"y":506,"width":816,"height":11}},{"id":"bf04263f-fc92-4f6a-afb6-58f2acf15028","block_type":"box","text":"date of issuance of that security, that interest on such securities is excludable from gross income for Federal income","page_number":44,"box":{"x":69,"y":521,"width":834,"height":11}},{"id":"aba1b102-e834-43b6-ac98-11ad2104ba4e","block_type":"box","text":"tax purposes (the “tax exemption opinion”).","page_number":44,"box":{"x":68,"y":536,"width":310,"height":11}},{"id":"160fdce2-b8d7-4611-9b7a-e13136c0685c","block_type":"box","text":"Events occurring after the date of issuance of the Municipal Securities, however, may cause the interest on such","page_number":44,"box":{"x":102,"y":559,"width":803,"height":11}},{"id":"ef6a54ab-ff15-4261-ba0d-86fb256d82c9","block_type":"box","text":"securities to be includable in gross income for Federal income tax purposes. For example, the Internal Revenue Code","page_number":44,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"de6e1142-bba3-423c-a80f-5a9bf6e4f3c7","block_type":"box","text":"of 1986, as amended (the “Code”) establishes cer tain requirements, such as restrictions as to the investment of the","page_number":44,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"aa46ee5e-84ac-45ba-9e17-955909b8211b","block_type":"box","text":"proceeds of the issue, limitations as to the use of proceeds of such issue and the proper ty financed by such","page_number":44,"box":{"x":70,"y":604,"width":775,"height":11}},{"id":"7602ff96-8634-4bbd-91b2-2b093ce31ed8","block_type":"box","text":"proceeds, and the payment of cer tain excess earnings to the Federal government, that must be met after the","page_number":44,"box":{"x":70,"y":619,"width":778,"height":11}},{"id":"26f226d4-123f-4d06-a188-95193a1a6370","block_type":"box","text":"issuance of the Municipal Securities for interest on such securities to remain excludable from gross income for","page_number":44,"box":{"x":70,"y":634,"width":792,"height":12}},{"id":"9fdc63eb-8ca1-4889-9541-fce1fbce62de","block_type":"box","text":"Federal income tax purposes. The issuers and the conduit borrowers of the Municipal Securities generally covenant","page_number":44,"box":{"x":70,"y":649,"width":821,"height":12}},{"id":"eda18321-c530-45fb-b993-9d6a09385873","block_type":"box","text":"to comply with such requirements and the tax exemption opinion generally assumes continuing compliance with such","page_number":44,"box":{"x":68,"y":665,"width":834,"height":11}},{"id":"8f73ece3-7aff-42f8-8af2-b7937e2e30a8","block_type":"box","text":"requirements. Failure to comply with these continuing requirements, however, may cause the interest on such","page_number":44,"box":{"x":69,"y":680,"width":782,"height":11}},{"id":"11c7edaa-7b5b-4865-9c02-5328b4b3138e","block_type":"box","text":"Municipal Securities to be includable in gross income for Federal income tax purposes retroactive to their date of","page_number":44,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"8fd5cb82-1b69-4e10-97a7-260708e77729","block_type":"box","text":"issue.","page_number":44,"box":{"x":70,"y":710,"width":40,"height":9}},{"id":"51a066d5-84f9-4e2f-906f-7be598ae4553","block_type":"box","text":"In addition, the Internal Revenue Service (“IRS”) has an ongoing enforcement program that involves the audit of","page_number":44,"box":{"x":102,"y":732,"width":798,"height":12}},{"id":"82436836-58b6-4c14-8081-076b5a0dfc23","block_type":"box","text":"tax exempt bonds to determine whether an issue of bonds satisfies all of the requirements that must be met for","page_number":44,"box":{"x":68,"y":748,"width":803,"height":11}},{"id":"361a83f6-43a4-4b56-b3d6-c4595bb73dde","block_type":"box","text":"interest on such bonds to be excludable from gross income for Federal income tax purposes. From time to time,","page_number":44,"box":{"x":70,"y":763,"width":797,"height":11}},{"id":"3ca69194-4704-4594-bfb3-f89f60642b2e","block_type":"box","text":"some of the Municipal Securities held by a Fund may be the subject of such an audit by the IRS, and the IRS may","page_number":44,"box":{"x":69,"y":778,"width":808,"height":11}},{"id":"40583841-c69d-4634-98fe-fb46062163c9","block_type":"box","text":"determine that the interest on such securities is includable in gross income for Federal income tax purposes either","page_number":44,"box":{"x":69,"y":793,"width":820,"height":11}},{"id":"e9504d40-f7f9-4f74-b8ab-5cb4dc20b3a4","block_type":"box","text":"because the IRS has taken a legal position adverse to the conclusion reached by the counsel to the issuer in the tax","page_number":44,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"0754347e-8ab6-4a01-ae7a-eed4bd17bb53","block_type":"box","text":"exemption opinion or as a result of an action taken or not taken after the date of issue of such obligation.","page_number":44,"box":{"x":69,"y":823,"width":754,"height":12}},{"id":"eb6c0d1c-4b95-4e58-b182-d35c55c817b9","block_type":"box","text":"If interest paid on a Municipal Security in which a Fund invests is determined to be taxable subsequent to the","page_number":44,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"cdca9011-61ed-4e8f-bbbf-8ce86cadeb5f","block_type":"box","text":"Fund’s acquisition of such security, the IRS may demand that such Fund pay taxes on the affected interest income","page_number":44,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"5194a5c7-e7ed-4d39-8534-a5d7cdfda2b2","block_type":"box","text":"and, if the Fund agrees to do so, its yield could be adversely affected. If the interest paid on any Municipal Security","page_number":44,"box":{"x":69,"y":876,"width":822,"height":11}},{"id":"2a60a753-f1ec-4a47-b0a4-9f6d403be632","block_type":"box","text":"held by a Fund is determined to be taxable, such Fund will dispose of the security as soon as practicable. A","page_number":44,"box":{"x":69,"y":891,"width":767,"height":11}},{"id":"f5ec9773-a420-4e75-9451-5997bcebad69","block_type":"box","text":"determination that interest on a security held by a Fund is includable in gross income for Federal or state income tax","page_number":44,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"f5112a71-74b1-4b3a-86d1-a80b5bae898a","block_type":"box","text":"II-7","page_number":44,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"26582202-d962-4786-9156-a98f1955996b","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c686bd8-c7d0-46ec-90fb-37fa7f8662e6","block_type":"box","text":"purposes retroactively to its date of issue may, likewise, cause a por tion of prior distributions received by","page_number":45,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"4097f256-5932-4b5b-aa1e-c9bb4deb3247","block_type":"box","text":"shareholders to be taxable to those shareholders in the year of receipt.","page_number":45,"box":{"x":69,"y":60,"width":508,"height":11}},{"id":"4950c27e-4314-48cd-bdba-3dff39fed0d5","block_type":"box","text":"From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating","page_number":45,"box":{"x":102,"y":82,"width":797,"height":12}},{"id":"6094a69d-88a6-4961-ba6a-b61567fa731a","block_type":"box","text":"the Federal income tax exclusion for interest on Municipal Securities. Similar proposals may be introduced in the","page_number":45,"box":{"x":68,"y":98,"width":804,"height":11}},{"id":"be0e35d4-d55b-4080-b1de-50521f119800","block_type":"box","text":"future. If such a proposal were enacted, the ability of each Fund to pay “exempt-interest dividends” would be affected","page_number":45,"box":{"x":68,"y":113,"width":839,"height":11}},{"id":"bd2a1d18-1942-4391-ad63-ede6f90ef097","block_type":"box","text":"adversely and the Fund would re-evaluate its investment objectives and policies and consider changes in structure.","page_number":45,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"e390e0f4-9f7e-43f0-8c3a-070760901527","block_type":"box","text":"See “Dividends and Taxes — Taxes.”","page_number":45,"box":{"x":69,"y":143,"width":262,"height":9}},{"id":"3a172d8f-1415-440a-ab1f-9e1f702ff039","block_type":"box","text":"Municipal Securities — Derivative Products.","page_number":45,"box":{"x":102,"y":166,"width":322,"height":11}},{"id":"314cfcf5-8d83-4145-b2a2-288e0b29c4d8","block_type":"box","text":"Derivative Products are typically structured by a bank, broker","page_number":45,"box":{"x":431,"y":166,"width":435,"height":11}},{"id":"115174e6-f5b8-4214-98c6-d02bdde3dcea","block_type":"box","text":"dealer or other financial institution. A Derivative Product generally consists of a trust or par tnership through which a","page_number":45,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"459ec064-7d8f-450a-b2ab-76de84dbc863","block_type":"box","text":"Fund holds an interest in one or more underlying bonds coupled with a right to sell (“put”) the Fund’s interest in the","page_number":45,"box":{"x":70,"y":196,"width":823,"height":11}},{"id":"6336cd82-4550-4d10-8e7f-f2332dd91bec","block_type":"box","text":"underlying bonds at par plus accrued interest to a financial institution (a “Liquidity Provider”). Typically, a Derivative","page_number":45,"box":{"x":69,"y":211,"width":820,"height":11}},{"id":"3309f862-1db6-4c07-aaa4-bbed1b8928dc","block_type":"box","text":"Product is structured as a trust or par tnership that provides for pass-through tax-exempt income. There are currently","page_number":45,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"32711440-7dc0-4d70-963c-91ced76d2e65","block_type":"box","text":"three principal types of derivative structures: (1) “Tender Option Bonds,” which are instruments that grant the holder","page_number":45,"box":{"x":68,"y":241,"width":831,"height":11}},{"id":"20c13ba9-23a1-4cda-8b87-263b01b1528c","block_type":"box","text":"thereof the right to put an underlying bond at par plus accrued interest at specified intervals to a Liquidity Provider;","page_number":45,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"e645f391-c483-4354-be60-4ed59b11c9dd","block_type":"box","text":"(2) “Swap Products,” in which the trust or par tnership swaps the payments due on an underlying bond with a swap","page_number":45,"box":{"x":69,"y":272,"width":818,"height":11}},{"id":"a32e5eb2-e5db-43c4-a088-1cd169434826","block_type":"box","text":"counterpar ty who agrees to pay a floating municipal money market interest rate; and (3) “Par tnerships,” which","page_number":45,"box":{"x":69,"y":286,"width":787,"height":12}},{"id":"4c960d51-5fe3-467e-b263-ac56fa014e2f","block_type":"box","text":"allocate to the par tners por tions of income, expenses, capital gains and losses associated with holding an underlying","page_number":45,"box":{"x":69,"y":302,"width":840,"height":11}},{"id":"4e60ab0f-946d-4552-9722-2655709a8a0f","block_type":"box","text":"bond in accordance with a governing agreement. A Fund may also invest in other forms of shor t term Derivative","page_number":45,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"121958c4-6879-406e-8dd0-568a13f1b382","block_type":"box","text":"Products eligible for investment by money market funds.","page_number":45,"box":{"x":69,"y":332,"width":399,"height":11}},{"id":"33781b40-52f0-4ddb-a6f4-13d08b276e05","block_type":"box","text":"Investments in Derivative Products raise cer tain tax, legal, regulatory and accounting issues that may not be","page_number":45,"box":{"x":102,"y":355,"width":773,"height":11}},{"id":"fc22ea10-d1be-4d06-8b9e-7d2bcf7178a2","block_type":"box","text":"presented by investments in municipal bonds. There is some risk that cer tain issues could be resolved in a manner","page_number":45,"box":{"x":70,"y":370,"width":824,"height":11}},{"id":"bd70f11c-826b-4e3a-9136-b4691b13d7df","block_type":"box","text":"that could adversely impact the per formance of a Fund. For example, the tax-exempt treatment of the interest paid to","page_number":45,"box":{"x":68,"y":385,"width":836,"height":11}},{"id":"f2780bff-88e0-40b9-ac44-e127f67825e1","block_type":"box","text":"holders of Derivative Products is premised on the legal conclusion that the holders of such Derivative Products have","page_number":45,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"0c4cc1a2-d07d-495e-9152-3413fd3fdf9f","block_type":"box","text":"an ownership interest in the underlying bonds. Were the IRS or any state taxing authority to issue an adverse ruling or","page_number":45,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"4c63d0aa-2236-40de-9f23-a9b6b7d6e0da","block_type":"box","text":"take an adverse position with respect to the taxation of Derivative Products, there is a risk that the interest paid on","page_number":45,"box":{"x":68,"y":430,"width":822,"height":11}},{"id":"dbfe08f9-bffc-40d9-a841-d1dfedec1122","block_type":"box","text":"such Derivative Products or, in the case of proper ty taxes, the value of such Fund to the extent represented by such","page_number":45,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"feb5d665-988d-4aa7-a274-20b403d03b85","block_type":"box","text":"Derivative Products, would be deemed taxable at the Federal and/or state level. Before purchasing a Derivative","page_number":45,"box":{"x":70,"y":460,"width":791,"height":12}},{"id":"d7911a67-fef7-4211-afcb-969199d9dc66","block_type":"box","text":"Product, the Manager is required by the Funds’ procedures to conclude that the tax-exempt security and the","page_number":45,"box":{"x":69,"y":476,"width":768,"height":11}},{"id":"5ac7d118-5ce9-4588-8ede-eab5008c5d7a","block_type":"box","text":"suppor ting shor t-term obligation involve minimal credit risks and are Eligible Securities under the Funds’ Rule 2a-7","page_number":45,"box":{"x":69,"y":491,"width":816,"height":11}},{"id":"6ede41d9-f2c2-4b74-b213-80b58614faf5","block_type":"box","text":"procedures. In evaluating the creditwor thiness of the entity obligated to purchase the tax-exempt security, the","page_number":45,"box":{"x":70,"y":506,"width":780,"height":11}},{"id":"e96b0f5f-bc9d-43e3-bd57-8bbbe1c3f203","block_type":"box","text":"Manager will review periodically the entity’s relevant financial information.","page_number":45,"box":{"x":70,"y":521,"width":522,"height":11}},{"id":"f264751c-9e49-4413-a3cc-b10c56bee49a","block_type":"box","text":"Municipal Notes.","page_number":45,"box":{"x":102,"y":544,"width":122,"height":11}},{"id":"482dab1d-a368-46fb-93d3-b6c149b90313","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim","page_number":45,"box":{"x":231,"y":544,"width":612,"height":11}},{"id":"d89506b6-3f24-42fe-bc19-dbee61da84af","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated","page_number":45,"box":{"x":68,"y":559,"width":802,"height":11}},{"id":"ce7858d3-3662-4dcb-a7b1-27247d8782e7","block_type":"box","text":"proceeds, the note may not be fully repaid and a Fund may lose money.","page_number":45,"box":{"x":70,"y":574,"width":507,"height":11}},{"id":"a7424ce3-3258-4e78-b94e-df6cdcb83346","block_type":"box","text":"Municipal Commercial Paper.","page_number":45,"box":{"x":102,"y":597,"width":212,"height":10}},{"id":"410cc385-41dd-4a52-8362-63062f0bf8d4","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t term","page_number":45,"box":{"x":320,"y":597,"width":588,"height":11}},{"id":"430a8ccd-d016-4a6c-9036-37b0ff3db02b","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":45,"box":{"x":68,"y":612,"width":767,"height":11}},{"id":"f9bb3017-9e70-47c4-a2ae-fc24e72bc686","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors are paid out of the assets, if any, that","page_number":45,"box":{"x":69,"y":627,"width":808,"height":11}},{"id":"5676afdd-5be2-4c18-8346-56e3a4f17df0","block_type":"box","text":"remain.","page_number":45,"box":{"x":69,"y":642,"width":52,"height":9}},{"id":"00c8108e-4396-4cc2-b890-9eac8ab7c6d5","block_type":"box","text":"Municipal Lease Obligations.","page_number":45,"box":{"x":102,"y":665,"width":209,"height":11}},{"id":"4f63cc74-52f8-417d-a308-bd857a35caad","block_type":"box","text":"Also included within the general category of State Municipal Securities are","page_number":45,"box":{"x":317,"y":664,"width":530,"height":12}},{"id":"590d3b51-5663-4741-8a22-c357ef02b046","block_type":"box","text":"Cer tificates of Par ticipation (“COPs”) issued by governmental authorities or entities to finance the acquisition or","page_number":45,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"793dfeaf-14e8-41e6-b84b-c435e5fa5984","block_type":"box","text":"construction of equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment","page_number":45,"box":{"x":69,"y":695,"width":786,"height":11}},{"id":"f600da0f-b65e-4047-80fd-a206f92b493f","block_type":"box","text":"purchase contract or a conditional sales contract (hereinafter collectively called “lease obligations”) relating to such","page_number":45,"box":{"x":70,"y":710,"width":825,"height":11}},{"id":"103fb2d6-ea06-44ca-b64b-c1f05761d5b2","block_type":"box","text":"equipment, land or facilities. Although lease obligations do not constitute general obligations of the issuer for which","page_number":45,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"2d755e7f-850a-42e7-ab76-d06908af3473","block_type":"box","text":"the issuer’s unlimited taxing power is pledged, a lease obligation is frequently backed by the issuer’s covenant to","page_number":45,"box":{"x":68,"y":740,"width":810,"height":11}},{"id":"bef61807-bca9-4f0b-b90c-0e9a496eb9fe","block_type":"box","text":"budget for, appropriate and make the payments due under the lease obligation. However, cer tain lease obligations","page_number":45,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"7f1ae1df-2ad0-46db-8a50-60a13717cbbd","block_type":"box","text":"contain “non-appropriation” clauses that provide that the issuer has no obligation to make lease or installment","page_number":45,"box":{"x":69,"y":771,"width":791,"height":11}},{"id":"097fa2c7-a8f0-4871-a1b7-e6e3592e42a0","block_type":"box","text":"purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although “non","page_number":45,"box":{"x":70,"y":785,"width":826,"height":12}},{"id":"43b918ef-ce32-4036-bf21-37cda655c12a","block_type":"box","text":"appropriation” lease obligations are secured by the leased proper ty, disposition of the proper ty in the event of","page_number":45,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"79e59e30-8217-4cf7-978e-f2293ff6e1f0","block_type":"box","text":"foreclosure might prove difficult. The securities represent a type of financing that has not yet developed the depth of","page_number":45,"box":{"x":68,"y":816,"width":833,"height":11}},{"id":"af15cdcc-a55c-48ef-aca3-460d10899f7b","block_type":"box","text":"marketability associated with more conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":45,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"08c4b433-dc81-459e-ae2e-bcfaae62bdd2","block_type":"box","text":"Municipal Securities — Short-Term Maturity Standards.","page_number":45,"box":{"x":102,"y":854,"width":404,"height":11}},{"id":"ea1a3769-4f01-4453-a5f3-c6466f905922","block_type":"box","text":"All of the investments of a Fund in Municipal Securities","page_number":45,"box":{"x":511,"y":853,"width":393,"height":11}},{"id":"7aec43ad-d44d-4286-b22f-74bede697a79","block_type":"box","text":"will be in securities with remaining maturities of 397 days or less. The dollar-weighted average maturity of each","page_number":45,"box":{"x":68,"y":869,"width":793,"height":11}},{"id":"27d093ad-5557-4b8d-9558-e4f7a9063a64","block_type":"box","text":"Fund’s por tfolio will be 60 days or less. For purposes of this investment policy, an obligation will be treated as having","page_number":45,"box":{"x":70,"y":884,"width":836,"height":11}},{"id":"f5d2e6f6-19dd-4e26-a3b2-17ed145f8024","block_type":"box","text":"II-8","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"025684ae-0354-47ef-aeae-3b5f0532148e","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"408d9961-3c2a-4963-ac67-80bf7acc1726","block_type":"box","text":"a maturity earlier than its stated maturity date if such obligation has technical features that, in the judgment of the","page_number":46,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"cf6ef45f-76f3-4d3b-a018-2663502a0d22","block_type":"box","text":"Manager, will result in the obligation being valued in the market as though it has such earlier maturity.","page_number":46,"box":{"x":70,"y":60,"width":725,"height":11}},{"id":"5232c342-34ab-41ba-bac4-527fae3caf9e","block_type":"box","text":"The maturities of Variable Rate Demand Obligations (“VRDOs”) are deemed to be the longer of (i) the notice","page_number":46,"box":{"x":101,"y":82,"width":768,"height":12}},{"id":"e14a6009-81ce-4274-8a50-7c500236f2a9","block_type":"box","text":"period required before a Fund is entitled to receive payment of the principal amount of the VRDOs on demand or","page_number":46,"box":{"x":70,"y":98,"width":799,"height":11}},{"id":"fd88c4a6-2b0f-4b65-ad6e-0337e4668c17","block_type":"box","text":"(ii) the period remaining until the VRDO’s next interest rate adjustment. If not redeemed by a Fund through the","page_number":46,"box":{"x":69,"y":113,"width":786,"height":11}},{"id":"3016562f-ba5f-4b9a-a46c-c3e58f236376","block_type":"box","text":"demand feature, VRDOs mature on a specified date, which may range up to 30 years from the date of issuance. See","page_number":46,"box":{"x":69,"y":128,"width":832,"height":11}},{"id":"11e17d28-45a3-424f-abc3-fcabeaa95f82","block_type":"box","text":"“VRDOs” below.","page_number":46,"box":{"x":70,"y":143,"width":111,"height":9}},{"id":"82d3ee12-0eae-417f-99ba-1a2b80f59ca5","block_type":"box","text":"Municipal Securities — Quality Standards.","page_number":46,"box":{"x":102,"y":166,"width":308,"height":11}},{"id":"35755390-c5f0-43f0-b3cd-509f9e8b1ddb","block_type":"box","text":"A Fund’s por tfolio investments in municipal notes and shor t term","page_number":46,"box":{"x":416,"y":166,"width":465,"height":11}},{"id":"0ee3189b-eb62-48e7-9ff0-285e54a7291f","block_type":"box","text":"tax-exempt commercial paper will be limited to those obligations that are (i) secured by a pledge of the full faith and","page_number":46,"box":{"x":68,"y":181,"width":826,"height":11}},{"id":"7c5fab18-5221-4b48-b6b7-f68d1fb505dd","block_type":"box","text":"credit of the United States or (ii) otherwise are determined by the Manager to present minimal credit risks to the","page_number":46,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"f24d3735-08ce-4e44-81e4-bab67665c98a","block_type":"box","text":"Fund. A Fund’s investments in municipal bonds will be in securities that have been determined by the Manager to","page_number":46,"box":{"x":70,"y":211,"width":808,"height":11}},{"id":"1282dc47-be81-4fa1-9ddd-7c2738e07cd6","block_type":"box","text":"present minimal credit risks to the Fund. In addition, cer tain Funds may require that por tfolio investments (or their","page_number":46,"box":{"x":70,"y":226,"width":815,"height":11}},{"id":"cdaeaf47-1210-4574-85bf-404ec86cee0a","block_type":"box","text":"issuers) receive minimum credit ratings from one or more NRSROs, or if not rated, are determined by the Manager to","page_number":46,"box":{"x":70,"y":241,"width":833,"height":11}},{"id":"2a0be7b4-e53b-47da-a032-477533ae6c3a","block_type":"box","text":"be of comparable quality to securities that have received such rating(s). Cer tain tax-exempt obligations (primarily","page_number":46,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"5370f0a0-828a-4699-b9c2-0ea64970ac27","block_type":"box","text":"VRDOs) may be entitled to the benefit of letters of credit or similar credit enhancements issued by financial","page_number":46,"box":{"x":68,"y":271,"width":765,"height":12}},{"id":"7e347e34-556e-443b-9701-d3d1effc3171","block_type":"box","text":"institutions. In such instances, in assessing the quality of such instruments, the Trustees and the Manager will take","page_number":46,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"1bf4690f-dc12-49e1-bdcc-10f73d710b7d","block_type":"box","text":"into account not only the creditwor thiness of the issuers, but also the creditwor thiness and type of obligation of the","page_number":46,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"7ed5bfce-515e-4d37-ad55-a5858b1af597","block_type":"box","text":"financial institution. The type of obligation of the financial institution concerns, for example, whether the letter of","page_number":46,"box":{"x":68,"y":317,"width":804,"height":11}},{"id":"1ebe57ee-848f-452b-a857-af844bc0b44a","block_type":"box","text":"credit or similar credit enhancement being issued is conditional or unconditional. For a description of debt ratings,","page_number":46,"box":{"x":69,"y":332,"width":812,"height":11}},{"id":"e2cab0dc-710e-4cc7-9043-8eee609ae9ff","block_type":"box","text":"see Appendix A — “Description of Bond Ratings.”","page_number":46,"box":{"x":69,"y":347,"width":352,"height":11}},{"id":"3b9f5fb5-3c4e-4fc4-9665-e57ec42887f2","block_type":"box","text":"Cer tain Funds may not invest in any security issued by a depository institution unless such institution is","page_number":46,"box":{"x":102,"y":370,"width":741,"height":11}},{"id":"9ebe33a4-b518-46a9-bd04-16a56fb3371e","block_type":"box","text":"organized and operating in the United States, has total assets of at least $1 billion and is federally insured. While","page_number":46,"box":{"x":69,"y":384,"width":813,"height":12}},{"id":"a6f6fb64-0c67-4712-bf86-b6abc8c1b394","block_type":"box","text":"the types of money market securities in which the Funds invest generally are considered to have low principal risk,","page_number":46,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"c4de2879-7118-4a16-a6f2-c4e410165f84","block_type":"box","text":"such securities are not completely risk free. There is a risk of the failure of issuers or credit enhancers to meet their","page_number":46,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"4c9a1ada-27b8-417f-884a-f1339872a28d","block_type":"box","text":"principal and interest obligations. With respect to repurchase agreements and purchase and sale contracts, there is","page_number":46,"box":{"x":70,"y":430,"width":827,"height":11}},{"id":"f74675c0-8f54-4bc1-b940-71f7c09f9389","block_type":"box","text":"also the risk of the failure of the par ties involved to repurchase at the agreed-upon price, in which event each Fund","page_number":46,"box":{"x":69,"y":445,"width":818,"height":12}},{"id":"2f3d9a8c-db51-4ab8-8f68-80ceac612c83","block_type":"box","text":"may suffer time delays and incur costs or possible losses in connection with such transactions.","page_number":46,"box":{"x":69,"y":460,"width":681,"height":12}},{"id":"a5c37167-5e6e-4dee-bd15-9d06d09821df","block_type":"box","text":"Municipal Securities — Other Factors.","page_number":46,"box":{"x":102,"y":483,"width":279,"height":11}},{"id":"8430d656-2dc6-43c3-937f-76ed30a8cf37","block_type":"box","text":"Management of the Funds will endeavor to be as fully invested as","page_number":46,"box":{"x":387,"y":483,"width":467,"height":11}},{"id":"0c3e1564-4ac0-41d8-a35c-4366bf6d1e06","block_type":"box","text":"reasonably practicable in order to maximize the yield on each Fund’s por tfolio. Not all shor t term municipal securities","page_number":46,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"ca2b3ef3-c779-497f-9908-4167fa1b65b4","block_type":"box","text":"trade on the basis of same day settlements and, accordingly, a por tfolio of such securities cannot be managed on a","page_number":46,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"043dd740-4fa6-4a22-9738-2d18db2485de","block_type":"box","text":"daily basis with the same flexibility as a por tfolio of money market securities, which can be bought and sold on a","page_number":46,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"81ffdcd4-334f-433c-8007-a1d5f08c3a42","block_type":"box","text":"same day basis. There may be times when a Fund has uninvested cash resulting from an influx of cash due to large","page_number":46,"box":{"x":69,"y":543,"width":825,"height":12}},{"id":"eaf8d73b-9801-4248-a96f-1c21cd783167","block_type":"box","text":"purchases of shares or the maturing of por tfolio securities. A Fund also may be required to maintain cash reserves","page_number":46,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"9363896a-c10d-4c7e-939f-dba568dddffe","block_type":"box","text":"or incur temporary bank borrowings to make redemption payments, which are made on the same day the redemption","page_number":46,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"f9067a43-e2e5-4b37-b147-407e6abd5417","block_type":"box","text":"request is received. Such inability to be invested fully would lower the yield on such Fund’s por tfolio.","page_number":46,"box":{"x":69,"y":589,"width":714,"height":11}},{"id":"ff2027b6-5406-49d3-853f-84a9529574a4","block_type":"box","text":"Because cer tain Funds may at times invest a substantial por tion of their assets in Municipal Securities secured","page_number":46,"box":{"x":102,"y":612,"width":797,"height":11}},{"id":"71a67c68-d2d8-4c44-8605-b097af6e08cc","block_type":"box","text":"by bank letters of credit or guarantees, an investment in a Fund should be made with an understanding of the","page_number":46,"box":{"x":69,"y":627,"width":781,"height":11}},{"id":"b7882642-ac64-4500-aff8-30b4fc0537f7","block_type":"box","text":"characteristics of the banking industry and the risks that such an investment in such credit enhanced securities may","page_number":46,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"3b774e39-2b7f-4b87-8085-efc27f8db1ff","block_type":"box","text":"entail. Banks are subject to extensive governmental regulations that may limit both the amounts and types of loans","page_number":46,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"bd62abf4-4380-4e70-8f43-1fcb28df4f28","block_type":"box","text":"and other financial commitments that may be made and interest rates and fees that may be charged. The profitability","page_number":46,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"2393f883-714a-4205-b1ce-702d1ea2dc7c","block_type":"box","text":"of the banking industry is largely dependent on the availability and cost of capital funds for the purpose of financing","page_number":46,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"bb58b874-3ca3-4b09-ae93-786c4e184b16","block_type":"box","text":"lending operations under prevailing money market conditions. Fur thermore, general economic conditions play an","page_number":46,"box":{"x":70,"y":703,"width":798,"height":11}},{"id":"cb468027-e9a6-4d9c-bd40-e02dc6c70958","block_type":"box","text":"impor tant par t in the operations of this industry and exposure to credit losses arising from possible financial","page_number":46,"box":{"x":70,"y":717,"width":775,"height":12}},{"id":"80e6ba1a-e636-4e64-a442-0400f8a1e752","block_type":"box","text":"difficulties of borrowers might affect a bank’s ability to meet its obligations under a letter of credit.","page_number":46,"box":{"x":69,"y":732,"width":705,"height":12}},{"id":"794e98fb-4004-414f-ac73-a3165cbc13c7","block_type":"box","text":"Changes to the Code may limit the types and volume of securities qualifying for the Federal income tax","page_number":46,"box":{"x":102,"y":755,"width":731,"height":11}},{"id":"a23d7e48-cfba-4fb7-8580-256f08dac461","block_type":"box","text":"exemption of interest; this may affect the availability of Municipal Securities for investment by the Funds, which","page_number":46,"box":{"x":69,"y":770,"width":794,"height":11}},{"id":"c69ee70e-fba8-4301-9938-77a37a02714a","block_type":"box","text":"could, in turn, have a negative impact on the yield of the por tfolios. A Fund reserves the right to suspend or","page_number":46,"box":{"x":69,"y":785,"width":768,"height":12}},{"id":"6fbce927-acd2-4f92-962d-fefb8b0128dc","block_type":"box","text":"otherwise limit sales of its shares if, as a result of difficulties in acquiring por tfolio securities or otherwise, it is","page_number":46,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"24c02692-090f-49c3-80d2-39e0e881f925","block_type":"box","text":"determined that it is not in the interests of the Fund’s shareholders to issue additional shares.","page_number":46,"box":{"x":69,"y":816,"width":677,"height":9}},{"id":"6f31994a-5df8-409c-a4a0-98c1dae7d576","block_type":"box","text":"VRDOs.","page_number":46,"box":{"x":103,"y":838,"width":52,"height":9}},{"id":"f24dbe51-ec43-4661-862f-54a274c68c65","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or variable interest rate adjustment formula","page_number":46,"box":{"x":161,"y":838,"width":717,"height":12}},{"id":"fff993d4-a90e-440b-b2d1-17c1a5404e99","block_type":"box","text":"and right of demand on the par t of the holder thereof to receive payment of the unpaid balance plus accrued interest","page_number":46,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"0d6a3974-c3db-4a71-ac6b-4fc8c6f89e71","block_type":"box","text":"upon a shor t notice period not to exceed seven days. There is, however, the possibility that because of default or","page_number":46,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"f14100b5-9566-43b5-ad44-f725fd123cce","block_type":"box","text":"insolvency the demand feature of VRDOs may not be honored. The interest rates are adjustable at periodic intervals","page_number":46,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"de6d7f55-10bd-4cae-9ff8-b5edf9ee7fcc","block_type":"box","text":"to some prevailing market rate of the VRDOs at approximately the par value of the VRDOs on the adjustment date.","page_number":46,"box":{"x":68,"y":899,"width":815,"height":11}},{"id":"d649c646-01be-4f6e-a59a-d3847fae2519","block_type":"box","text":"II-9","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c2a53157-0ad7-445d-9651-c865a3dd7f91","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"735d7d9c-0325-41f6-bb35-6e229dd08864","block_type":"box","text":"The adjustment may be based upon the Securities Industry and Financial Markets Association (“SIFMA”) Municipal","page_number":47,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"e4efc1a4-a816-4131-8f75-9350d3b72845","block_type":"box","text":"Swap Index or some other appropriate interest rate adjustment index. Each Fund may invest in all types of tax-exempt","page_number":47,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"675754f9-974b-47ab-9e00-dd6453bc9871","block_type":"box","text":"instruments currently outstanding or to be issued in the future that satisfy its shor t term maturity and quality","page_number":47,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"d7d47e89-1e80-49e0-ad82-cd97aad91782","block_type":"box","text":"standards.","page_number":47,"box":{"x":69,"y":90,"width":74,"height":9}},{"id":"900606ed-b22b-4c7e-8f0d-c75b22aa4ac9","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, the VRDOs are not comparable to fixed rate","page_number":47,"box":{"x":102,"y":113,"width":740,"height":11}},{"id":"7fa23b08-0c52-41fc-b182-dc5f8d1dc27a","block_type":"box","text":"securities. A Fund’s yield on VRDOs will decline and its shareholders will forego the oppor tunity for capital","page_number":47,"box":{"x":69,"y":128,"width":754,"height":11}},{"id":"aa8ed77e-9e16-47c3-8508-851735c779dc","block_type":"box","text":"appreciation during periods when prevailing interest rates have declined. On the other hand, during periods where","page_number":47,"box":{"x":69,"y":143,"width":809,"height":11}},{"id":"1dccad17-429c-431a-90af-6d27756d48e2","block_type":"box","text":"prevailing interest rates have increased, a Fund’s yield on VRDOs will increase and its shareholders will have a","page_number":47,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"3b3fadd5-ae6a-44b3-ba25-2abe40d48488","block_type":"box","text":"reduced risk of capital depreciation.","page_number":47,"box":{"x":69,"y":173,"width":254,"height":11}},{"id":"7d6cc72d-eb36-4b8b-972e-81b6fc28bb10","block_type":"box","text":"Negative Interest Rate Scenarios.","page_number":47,"box":{"x":102,"y":196,"width":246,"height":11}},{"id":"1634fce5-7302-46f6-a358-87647e76d611","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government","page_number":47,"box":{"x":355,"y":196,"width":554,"height":11}},{"id":"63e27490-355f-447a-a9bc-ca58384a3191","block_type":"box","text":"or retail money market fund to have a negative gross yield, the fund may account for the negative gross yield by","page_number":47,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"0a66d67f-cd21-4976-87de-f7f11be1c7bc","block_type":"box","text":"either using a floating NAV or a reverse distribution mechanism that seeks to maintain a stable net asset value of the","page_number":47,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"dfb312f6-eaf5-45f8-a7de-ecb2ddecc936","block_type":"box","text":"fund by cancelling shareholders’ shares in the amount of the negative gross yield. If a fund conver ts to a floating","page_number":47,"box":{"x":68,"y":241,"width":806,"height":11}},{"id":"2b23c4ac-7b55-4911-be09-87bcceb2d22f","block_type":"box","text":"NAV, any losses the fund experiences due to negative interest rates will be reflected in a declining NAV per share.","page_number":47,"box":{"x":70,"y":256,"width":807,"height":12}},{"id":"2368c1b5-7ce9-4c6c-a737-a0e146b4d5ef","block_type":"box","text":"Under a reverse distribution mechanism, shareholders in a fund would observe a stable share price but a declining","page_number":47,"box":{"x":70,"y":271,"width":819,"height":12}},{"id":"b338dba6-b78b-40bf-b645-21b99f2ceded","block_type":"box","text":"number of shares for their investment. This means that such an investor would lose money when the fund cancels","page_number":47,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"df72e86b-6fe2-429f-af83-a31414b68bf7","block_type":"box","text":"shares. In either situation, the Board will need to determine that the approach is in the best interests of the fund and","page_number":47,"box":{"x":69,"y":302,"width":838,"height":11}},{"id":"8f18ac44-40b8-4f04-9350-c13117684cbe","block_type":"box","text":"will need to ensure shareholders are provided adequate disclosures around the consequences of the approach","page_number":47,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"a4c8b2ba-77f3-4edc-b2f4-89570d27c7d6","block_type":"box","text":"chosen by the Board for the fund.","page_number":47,"box":{"x":69,"y":332,"width":237,"height":11}},{"id":"5ed1db0f-5098-4926-8d05-ea16ee6b640e","block_type":"box","text":"Operational and Technology Risks","page_number":47,"box":{"x":102,"y":355,"width":247,"height":11}},{"id":"7933f27f-987d-4e9e-a542-4e17ed8e375b","block_type":"box","text":"— Each Fund and the entities with which it interacts directly or indirectly are","page_number":47,"box":{"x":353,"y":355,"width":542,"height":11}},{"id":"0286a3c0-adb4-42fd-80c4-2d011c4e8989","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":47,"box":{"x":69,"y":370,"width":766,"height":11}},{"id":"68959eec-be46-499d-9563-bf96ca7d1bf0","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":47,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"536070ed-5654-4844-b9e4-fae07f1b2d34","block_type":"box","text":"learning (“AI”), which may result in losses for a Fund and its shareholders or impair a Fund’s operations. These","page_number":47,"box":{"x":70,"y":400,"width":792,"height":11}},{"id":"bd3aa378-6e02-419f-93ac-39fb13e78c6f","block_type":"box","text":"entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service providers (e.g., index","page_number":47,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"5dea5202-dd52-48da-a978-e33b85d8f59a","block_type":"box","text":"and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterpar ties,","page_number":47,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"fcc2ac1b-25fa-40ae-befc-46be7e991a5c","block_type":"box","text":"market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and governmental","page_number":47,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"2a8f4585-7ddf-444c-bc31-fc6e289aa856","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which a Fund invests could also result","page_number":47,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"f04e1ad3-0cbf-498d-b021-12e624b470cb","block_type":"box","text":"in material adverse consequences for such issuers and may cause a Fund’s investments in such issuers to lose","page_number":47,"box":{"x":70,"y":475,"width":800,"height":12}},{"id":"44de9fe5-262d-421f-823c-0a9c3fbb88e1","block_type":"box","text":"value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":47,"box":{"x":68,"y":491,"width":677,"height":11}},{"id":"331c1b4b-3191-46c8-ab27-35850578fa79","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a","page_number":47,"box":{"x":102,"y":513,"width":782,"height":12}},{"id":"ddfa5a47-b473-4fc9-a113-7a19e81f79e2","block_type":"box","text":"Fund invests, a Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access","page_number":47,"box":{"x":70,"y":528,"width":832,"height":12}},{"id":"0b11ad1b-77aa-4e27-9c9b-a665210db7dd","block_type":"box","text":"to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":47,"box":{"x":68,"y":543,"width":829,"height":12}},{"id":"ef051e01-d530-4eec-bf9c-e52721fef30b","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, par ticularly those","page_number":47,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"b21c942f-6b5b-439e-85a4-316ba163d252","block_type":"box","text":"from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the","page_number":47,"box":{"x":68,"y":574,"width":776,"height":11}},{"id":"71135946-df46-4186-85f1-7257e9e33697","block_type":"box","text":"following: financial losses; inter ference with a Fund’s ability to calculate its NAV; disclosure of confidential","page_number":47,"box":{"x":68,"y":589,"width":757,"height":11}},{"id":"b64fef45-4dda-4c1d-95a3-16cc5d3ec199","block_type":"box","text":"information; impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or","page_number":47,"box":{"x":70,"y":604,"width":773,"height":11}},{"id":"3eca391a-f6ec-4b4b-a742-e78756f13172","block_type":"box","text":"redemption orders; the inability of a Fund or its service providers to transact business; violations of applicable privacy","page_number":47,"box":{"x":69,"y":619,"width":841,"height":11}},{"id":"a2f0c008-b349-4cf1-a473-0bb2256d9497","block_type":"box","text":"and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and","page_number":47,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"82f3b083-a8ff-4383-b089-84c129de4741","block_type":"box","text":"other legal and compliance expenses. Fur thermore, cybersecurity incidents may render records of a Fund, including","page_number":47,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"63f5b6c0-b6cb-4ab8-a5b3-a3716b27d216","block_type":"box","text":"records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to a","page_number":47,"box":{"x":69,"y":664,"width":817,"height":12}},{"id":"e5f7482c-69f3-4075-b8d0-37baa9644f61","block_type":"box","text":"Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions","page_number":47,"box":{"x":70,"y":680,"width":838,"height":11}},{"id":"11d42269-306a-4d7b-b4db-43f57d43e431","block_type":"box","text":"and processing errors that threaten information and technology systems relied upon by a Fund or its service","page_number":47,"box":{"x":69,"y":695,"width":771,"height":11}},{"id":"2a4b1ba0-6027-41d6-b83f-cda9ca27b8ca","block_type":"box","text":"providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business","page_number":47,"box":{"x":70,"y":710,"width":813,"height":11}},{"id":"5baf20c2-fa84-4f7f-bf16-f7604b37d8b4","block_type":"box","text":"operations or impact critical data. Recent advances in AI technology pose risks to a Fund and its por tfolio","page_number":47,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"733741ff-5505-47be-9a9e-940fc416f456","block_type":"box","text":"investments. These advancements could harm a Fund and its por tfolio investments by reducing the demand for both","page_number":47,"box":{"x":70,"y":740,"width":830,"height":11}},{"id":"a9e3e232-f0ba-43d1-ad34-873189f8d311","block_type":"box","text":"the technology and software offerings of the Fund’s por tfolio investments. Additionally, these advancements could","page_number":47,"box":{"x":68,"y":755,"width":815,"height":11}},{"id":"8df4739a-769d-4ed7-a03f-5c711a3ae3e5","block_type":"box","text":"significantly disrupt a Fund’s por tfolio investments and subject them to increased competition, which could have a","page_number":47,"box":{"x":69,"y":770,"width":815,"height":12}},{"id":"0dd9dc9b-2692-4f4f-9b77-8e1783f49fa1","block_type":"box","text":"material adverse effect on business, financial condition, and results of operations. AI technology advancements,","page_number":47,"box":{"x":69,"y":785,"width":801,"height":12}},{"id":"276458dc-fa1f-457f-9068-89b115334911","block_type":"box","text":"including efficiency improvements, without related increases in the adoption and development of such technologies,","page_number":47,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"c474fe69-2f8f-46e2-81e1-f7988a9a900c","block_type":"box","text":"could also negatively impact demand for, and the valuation of, digital infrastructure assets.","page_number":47,"box":{"x":69,"y":816,"width":647,"height":11}},{"id":"d29a5111-36a5-4de4-abb6-a5fb3bba9684","block_type":"box","text":"Each Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":47,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"a95a7739-5d8b-4714-a5c5-3555c7a7a4f4","block_type":"box","text":"providers or any counterpar ties, whether or not known to a Fund, also use AI technology in their business activities.","page_number":47,"box":{"x":70,"y":854,"width":821,"height":11}},{"id":"54f2e0e5-7d22-4244-83dc-e43435d28a88","block_type":"box","text":"Each Fund and its service providers may not be in a position to control the use of AI technology in third-par ty","page_number":47,"box":{"x":70,"y":869,"width":774,"height":11}},{"id":"9b730743-cf22-4e98-8403-7587e006a0cc","block_type":"box","text":"products or services.","page_number":47,"box":{"x":70,"y":884,"width":148,"height":11}},{"id":"3b6944d6-b866-4fbe-8324-a83ec11c8491","block_type":"box","text":"II-10","page_number":47,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c1d8a9a-8190-4251-8662-2fd438e95e24","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63b86ed0-434d-48d2-ba88-a73174946efe","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":48,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"22d388c3-2f16-44e4-9812-28aefa3a65d0","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":48,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"300e0946-e458-4054-b48b-40bc2ffe4e61","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":48,"box":{"x":69,"y":75,"width":383,"height":11}},{"id":"6cb8d293-d9ce-46e0-9959-1afd72160f59","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":48,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"a77b5c9c-f6e4-487a-91fa-de7ab021fd6d","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":48,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"6862df27-bc64-435e-90d6-c788ed915654","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":48,"box":{"x":69,"y":128,"width":785,"height":11}},{"id":"1a704f2e-6ca8-4727-8282-963635aa1b36","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":48,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"072d4c09-d358-4126-b5c6-fdcd2ce72222","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":48,"box":{"x":69,"y":158,"width":787,"height":11}},{"id":"8421a744-bdda-4c25-9547-f9f516793b37","block_type":"box","text":"incomplete, erroneous, distor ted or misleading. Fur ther, AI tools may lack transparency as to how data is utilized and","page_number":48,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"edaa2155-26c7-4bb0-8b8d-e04aae8b0e83","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":48,"box":{"x":69,"y":188,"width":773,"height":12}},{"id":"ebba6a5b-a76e-446f-9505-22b6c3b44721","block_type":"box","text":"infrastructures and applications. To the extent that a Fund or its por tfolio investments are exposed to the risks of AI","page_number":48,"box":{"x":70,"y":203,"width":825,"height":11}},{"id":"0386c567-f6a5-4973-9da6-6624ddf09660","block_type":"box","text":"technology use, any such inaccuracies or errors could have adverse impacts on a Fund or its investments.","page_number":48,"box":{"x":68,"y":219,"width":756,"height":11}},{"id":"abc4c73e-9766-46aa-b8c7-744ad52cc372","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":48,"box":{"x":102,"y":241,"width":786,"height":11}},{"id":"64e44d3f-1b28-4543-a378-fa4d48d32696","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":48,"box":{"x":69,"y":256,"width":791,"height":11}},{"id":"857b056f-8352-4cb5-bd20-f8b82e4786ff","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":48,"box":{"x":70,"y":272,"width":796,"height":11}},{"id":"c961d266-fe59-4a01-b038-8f4527ae3d03","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":48,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"8fa4fa42-28d6-455d-ab33-6e75c90018ce","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":48,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"9d0b9114-57a7-44a4-b2dc-e0dd8f80940e","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":48,"box":{"x":68,"y":317,"width":773,"height":11}},{"id":"d765a532-0124-43a3-b0cf-5d447f526a35","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":48,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"5c3bc217-e6a9-4473-b00b-217e91c7edf9","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should a Fund, the","page_number":48,"box":{"x":69,"y":347,"width":791,"height":11}},{"id":"38fb6405-54e8-4b20-bb86-d59f5f136722","block_type":"box","text":"adviser, or a Fund’s por tfolio investments fail to comply.","page_number":48,"box":{"x":69,"y":362,"width":398,"height":11}},{"id":"157f7f80-69bb-4a91-9d20-607f58b918bf","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":48,"box":{"x":101,"y":385,"width":797,"height":11}},{"id":"3801c6b1-78a3-45c5-9bfb-f3d9499c9bb4","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":48,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"dc589c55-f0bb-4f12-9e75-8173b6d7e767","block_type":"box","text":"future risks related thereto is not possible to predict, and a Fund may not be able to anticipate, prevent, mitigate, or","page_number":48,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"137e3363-3f0a-4abc-bdf5-40208af8483b","block_type":"box","text":"remediate all of the potential risks, challenges, or impacts of such changes.","page_number":48,"box":{"x":69,"y":430,"width":542,"height":11}},{"id":"422c1c32-23b1-4756-9244-e8be98e46c11","block_type":"box","text":"While each Fund’s service providers are required to have appropriate operational, information security and","page_number":48,"box":{"x":101,"y":453,"width":758,"height":11}},{"id":"5ded52fd-9117-4631-bd08-8e346673fa76","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":48,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"2fe84911-910d-4b3b-9cfd-3908e8590f13","block_type":"box","text":"a Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":48,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"f80343b4-c4a8-4e4a-a242-b7b394d198ed","block_type":"box","text":"Each Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":48,"box":{"x":70,"y":498,"width":762,"height":11}},{"id":"48dfdb32-197b-4713-8d0d-dbc7e7f15743","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":48,"box":{"x":69,"y":514,"width":838,"height":11}},{"id":"fc13cb77-aaea-45bb-95d6-aa47a59392ac","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect a Fund have not been identified or may","page_number":48,"box":{"x":70,"y":528,"width":832,"height":12}},{"id":"ef0bf329-e6cb-42da-923d-31686feb941a","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":48,"box":{"x":69,"y":543,"width":794,"height":12}},{"id":"8dcf4f37-0cc8-4a2e-9d98-67fdd21b926f","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":48,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"5d43c57f-371c-4362-ae20-57fd2c0025a1","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. A Fund cannot control the","page_number":48,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"167b72a6-e949-4496-8813-1d308d5358f8","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":48,"box":{"x":69,"y":589,"width":775,"height":11}},{"id":"219c0707-37eb-4059-abbc-6734b1504a2e","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect a Fund.","page_number":48,"box":{"x":69,"y":604,"width":495,"height":11}},{"id":"de7084e2-29df-4667-90e0-fb5159dbf987","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":48,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"a1a2f254-cd72-439f-9b89-99608915b927","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":48,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"54c4142b-74dc-4296-9b95-2ae50ddcf0d0","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":48,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"bbad2873-f45d-4b36-a266-c2b8f0564524","block_type":"box","text":"resources to monitor and implement required changes.","page_number":48,"box":{"x":69,"y":672,"width":391,"height":11}},{"id":"c15d085c-45bc-46b7-937f-47a753a2fe05","block_type":"box","text":"Purchase of Securities with Fixed Price “Puts.”","page_number":48,"box":{"x":102,"y":695,"width":344,"height":9}},{"id":"a2b8c591-9ed8-43b3-b70c-73be0f0bf4a8","block_type":"box","text":"Cer tain Funds have authority to purchase fixed rate Municipal","page_number":48,"box":{"x":453,"y":695,"width":437,"height":11}},{"id":"c2d390c3-72f4-4c05-9814-f6fe4d4b0ee4","block_type":"box","text":"Securities and, for a price, simultaneously acquire the right to sell such securities back to the seller at an agreed","page_number":48,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"f353ad62-a9f7-4f05-896b-01245c961038","block_type":"box","text":"upon rate at any time during a stated period or on a cer tain date. Such a right is generally denoted as a fixed price","page_number":48,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"0580278e-0fe9-4ab4-93b3-85796d5f026f","block_type":"box","text":"put. Puts with respect to fixed rate instruments are to be distinguished from the demand or repurchase features of","page_number":48,"box":{"x":70,"y":740,"width":819,"height":11}},{"id":"d27310c9-8a70-4a16-b35c-7e7295ac6ae7","block_type":"box","text":"VRDOs that enable cer tain Funds to dispose of such a security at a time when the market value of the security","page_number":48,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"e941a9c5-705c-4efb-b678-ca8a011bcabb","block_type":"box","text":"approximates its par value.","page_number":48,"box":{"x":69,"y":771,"width":192,"height":10}},{"id":"1ff16134-ecb8-4dbb-a9d2-169112c242cd","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":48,"box":{"x":102,"y":793,"width":431,"height":11}},{"id":"031c8aa5-6596-4208-81e9-34e4806c6aed","block_type":"box","text":"Funds may invest in Taxable Securities (as defined","page_number":48,"box":{"x":541,"y":793,"width":357,"height":11}},{"id":"99952bb0-f0f5-44e2-a3c6-44a2c8469537","block_type":"box","text":"below, see “Taxable Money Market Securities”) pursuant to repurchase agreements. Repurchase agreements may be","page_number":48,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"c9cd72e9-2b09-4073-b2f2-f6b4996facc6","block_type":"box","text":"entered into only with a member bank of the Federal Reserve System or primary dealer in U.S. Government securities","page_number":48,"box":{"x":69,"y":823,"width":838,"height":11}},{"id":"716535a6-53c0-471c-825d-373fa612ec88","block_type":"box","text":"or an affiliate thereof that meets the creditwor thiness standards adopted by the Manager. Under such agreements,","page_number":48,"box":{"x":69,"y":838,"width":822,"height":12}},{"id":"c3f75460-0708-40d7-8c40-15bf34559e64","block_type":"box","text":"the bank or primary dealer or an affiliate thereof agrees, upon entering into the contract, to repurchase the security","page_number":48,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"cceede57-158c-4b44-8bee-bf22c8e9c124","block_type":"box","text":"at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. This","page_number":48,"box":{"x":69,"y":869,"width":789,"height":11}},{"id":"9788f66a-4501-48a1-94c5-157eee5b5df7","block_type":"box","text":"results in a fixed rate of return insulated from market fluctuations during such period. Repurchase agreements may","page_number":48,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"a4a9d7cc-41d5-4efb-aca2-f259111004a5","block_type":"box","text":"be construed to be collateralized loans by the purchaser to the seller secured by the securities transferred to the","page_number":48,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"aa12a690-6e8f-4c1f-94cb-e66af273681c","block_type":"box","text":"II-11","page_number":48,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bfccdabe-31ba-47fe-bc9e-df99f10c8a79","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81011cc0-c48f-4748-bd68-5da591f8771d","block_type":"box","text":"purchaser. In the case of a repurchase agreement, a Fund will require the seller to provide additional collateral if the","page_number":49,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"551e7e84-69bd-4b97-84ac-77abad5ca09f","block_type":"box","text":"market value of the securities falls below the repurchase price at any time during the term of the repurchase","page_number":49,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"0d76296c-71a8-461f-a856-8606ebe88eaf","block_type":"box","text":"agreement. One common type of repurchase agreement a Fund may enter into is a “tri-par ty” repurchase agreement.","page_number":49,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"4615e94b-87b7-49b7-ad38-21ff6923192f","block_type":"box","text":"In “tri-par ty” repurchase agreements, an unaffiliated third par ty custodian maintains accounts to hold collateral for","page_number":49,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"8cb464a1-4e0d-4bef-8f6c-ee1581ef1065","block_type":"box","text":"the Fund and its counterpar ties and, therefore, the Fund may be subject to the credit risk of those custodians. In any","page_number":49,"box":{"x":68,"y":105,"width":837,"height":11}},{"id":"3137da6f-18d6-4198-87bf-4adc0c6eaf96","block_type":"box","text":"repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash items and","page_number":49,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"696212cc-6cfc-4f78-a605-53bc912141df","block_type":"box","text":"obligations issued by the U.S. Government or its agencies or instrumentalities. Collateral, however, is not limited to","page_number":49,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"e1b8f8e3-d539-42cf-bc1b-d25d3f150b14","block_type":"box","text":"the foregoing and may include, for example, obligations rated below the highest category by NRSROs, including","page_number":49,"box":{"x":68,"y":150,"width":792,"height":12}},{"id":"175fcee5-5bf7-4f8b-aee3-ca15565632f7","block_type":"box","text":"collateral that may be below investment grade. Collateral for a repurchase agreement may also include securities that","page_number":49,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"0d7c857b-dd7a-4fe0-9c8d-edd06eb10913","block_type":"box","text":"a Fund could not hold directly without the repurchase obligation. Irrespective of the type of collateral underlying the","page_number":49,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"deca66f9-f8ee-4887-b8f8-1bc7b80ae291","block_type":"box","text":"repurchase agreement, the Fund must determine that a repurchase obligation with a par ticular counterpar ty involves","page_number":49,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"4deb0e1c-6bae-4b3c-a4eb-cf9602232bb6","block_type":"box","text":"minimal credit risk to the Fund and otherwise satisfies any additional credit quality standards applicable to the Fund.","page_number":49,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"29f8f592-4256-48c1-883a-533026d2ff02","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":49,"box":{"x":102,"y":234,"width":770,"height":11}},{"id":"a879654b-1257-403f-912a-4603de79984f","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":49,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"a49c4816-75b8-4187-b787-200f8eadc25e","block_type":"box","text":"repurchase price. Therefore, a Fund may suffer time delays and incur costs or possible losses in connection with the","page_number":49,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"bbd472f0-3f9a-4c27-8f25-3d0e88d21e6f","block_type":"box","text":"disposition of the collateral. In the event of a default under a repurchase agreement that is construed to be a","page_number":49,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"8e993bc5-6d14-4034-9617-342ed491cef7","block_type":"box","text":"collateralized loan, instead of the contractual fixed rate of return, the rate of return to a Fund will depend upon","page_number":49,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"28078c26-de7c-47bd-80b3-8fb3d314d732","block_type":"box","text":"intervening fluctuations of the market value of such security and the accrued interest on the security. In such event, a","page_number":49,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"d8014bf7-ab78-4cb6-9b14-3353df79657c","block_type":"box","text":"Fund would have rights against the seller for breach of contract with respect to any losses arising from market","page_number":49,"box":{"x":70,"y":324,"width":785,"height":12}},{"id":"85437c0b-0f9d-4112-b13d-2ac45f7162c4","block_type":"box","text":"fluctuations following the failure of the seller to per form. In general, for Federal income tax purposes, repurchase","page_number":49,"box":{"x":68,"y":339,"width":808,"height":12}},{"id":"b0645901-e242-42b3-81fd-c275224e7b88","block_type":"box","text":"agreements are treated as collateralized loans secured by the securities “sold.” Therefore, amounts earned under","page_number":49,"box":{"x":69,"y":355,"width":816,"height":11}},{"id":"91b108eb-beb9-4117-820b-f1ca8eae85b0","block_type":"box","text":"such agreements, even if the underlying securities are tax-exempt securities, will not be considered tax-exempt","page_number":49,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"2743c3cb-7331-4338-88ad-c92a4c279155","block_type":"box","text":"interest. From time to time, a Fund also may invest in money market securities pursuant to purchase and sale","page_number":49,"box":{"x":70,"y":385,"width":784,"height":11}},{"id":"72759ed8-dff5-4d80-8863-781e3c3ed777","block_type":"box","text":"contracts. While purchase and sale contracts are similar to repurchase agreements, purchase and sale contracts are","page_number":49,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"b6541da1-c53c-4ebc-a5af-26cda751153e","block_type":"box","text":"structured so as to be in substance more like a purchase and sale of the underlying security than is the case with","page_number":49,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"1c636a9a-f5b3-44c7-8b5c-3d96ab6d4d71","block_type":"box","text":"repurchase agreements and, with purchase and sale contracts, the purchaser receives any interest on the security","page_number":49,"box":{"x":69,"y":430,"width":819,"height":11}},{"id":"203d4e3f-44d3-4219-b277-47a49da30418","block_type":"box","text":"paid during the period of the contract.","page_number":49,"box":{"x":70,"y":445,"width":266,"height":12}},{"id":"33148402-bbaa-467d-887b-bf2d5e9be215","block_type":"box","text":"Repurchase agreements pose cer tain risks for a Fund that utilizes them. Such risks are not unique to the Fund","page_number":49,"box":{"x":102,"y":468,"width":790,"height":11}},{"id":"b064151d-6ff7-499a-82b5-729965d2f119","block_type":"box","text":"but are inherent in repurchase agreements. The Funds seek to minimize such risks but because of the inherent legal","page_number":49,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"160e4978-d0dd-419d-87c7-7e707aa3ace7","block_type":"box","text":"uncer tainties involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and","page_number":49,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"3974aa52-9745-4841-a318-1f5bd9e923e6","block_type":"box","text":"collateral with longer maturities may be subject to greater price fluctuations than higher quality collateral and","page_number":49,"box":{"x":69,"y":513,"width":775,"height":12}},{"id":"b53c8475-4c76-4ce0-a930-b1be47128b24","block_type":"box","text":"collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower quality collateral","page_number":49,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"03720972-8069-4259-afb4-d349f676949c","block_type":"box","text":"may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and the amount of","page_number":49,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"6ce83c0b-bdf5-4b7a-8184-c9702a5c6ad6","block_type":"box","text":"collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the status of an","page_number":49,"box":{"x":69,"y":559,"width":810,"height":11}},{"id":"5fbd4b23-acde-45fd-8d81-2c782223d419","block_type":"box","text":"unsecured creditor of the counterpar ty (","page_number":49,"box":{"x":69,"y":574,"width":283,"height":11}},{"id":"42f622c9-967f-4fa7-bbcd-3305ea4f2571","block_type":"box","text":"i.e.","page_number":49,"box":{"x":354,"y":574,"width":20,"height":9}},{"id":"f7e71e89-ba01-4efb-a15d-1031788b4f6c","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to","page_number":49,"box":{"x":377,"y":574,"width":522,"height":11}},{"id":"716493bd-094a-42e3-a794-4a614876e1d9","block_type":"box","text":"its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to the amount of","page_number":49,"box":{"x":70,"y":589,"width":833,"height":11}},{"id":"b8b91adb-539f-4960-8d0b-9721718ad4d2","block_type":"box","text":"the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal and income","page_number":49,"box":{"x":68,"y":604,"width":799,"height":11}},{"id":"7981f524-b8bd-4436-8c62-ff3c6d711868","block_type":"box","text":"involved in the transaction.","page_number":49,"box":{"x":70,"y":619,"width":189,"height":9}},{"id":"a9bd89af-ca12-4240-8dad-aef01eda72a3","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":49,"box":{"x":102,"y":642,"width":800,"height":11}},{"id":"582babbf-6f80-4215-93b6-1f5a4f2bf99b","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":49,"box":{"x":68,"y":657,"width":840,"height":11}},{"id":"5ef1369f-431a-440f-af28-f38209c53cce","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":49,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"3c207127-d2d9-4028-a722-b26742d69149","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":49,"box":{"x":68,"y":687,"width":790,"height":11}},{"id":"b9d9ed35-e1d0-44e0-8899-12e052367fdb","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":49,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"c97cdddd-03d9-4050-99ed-81fec03dd74f","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":49,"box":{"x":68,"y":718,"width":783,"height":11}},{"id":"71375f19-7333-4a63-b6ec-3c860173c004","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":49,"box":{"x":69,"y":732,"width":821,"height":12}},{"id":"01174334-053f-42c8-a886-36ed4a7e55af","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":49,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"a616c296-b3bd-4e01-893e-d5def229ad6d","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":49,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"47f89ba5-ae46-4a3c-b474-9c762b51d551","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":49,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"0adf5f12-8715-48f6-b6d7-b4e82b4dcbcb","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":49,"box":{"x":68,"y":793,"width":824,"height":11}},{"id":"aa7ede1d-4dd1-41e0-9e00-36034f9fb56c","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":49,"box":{"x":69,"y":808,"width":279,"height":11}},{"id":"95fa8780-c59f-4a9e-87d0-6dc77167a529","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":49,"box":{"x":102,"y":831,"width":246,"height":11}},{"id":"b7dfee4a-91d3-4182-98a5-df2a78e2d898","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":49,"box":{"x":354,"y":831,"width":548,"height":11}},{"id":"cd6d96ad-d9d2-4afd-97c5-c7fedc077df1","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":49,"box":{"x":68,"y":846,"width":830,"height":11}},{"id":"5d241a99-03d7-4e23-bedc-1691f2837e23","block_type":"box","text":"to another par ty and agrees to repurchase them at a mutually agreed-upon date and price. Reverse repurchase","page_number":49,"box":{"x":68,"y":861,"width":793,"height":11}},{"id":"777c2583-e33d-45ec-a81c-7e30ac9ee28c","block_type":"box","text":"agreements involve the risk that (i) the market value of the securities retained in lieu of sale by a Fund may decline","page_number":49,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"58d7031f-6c5f-4332-9a58-d6a829679b78","block_type":"box","text":"below the price of the securities the Fund has sold but is obligated to repurchase and (ii) the price of the securities","page_number":49,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"0f9ff1a0-f26f-4129-b1e1-e7d1a8c8ce06","block_type":"box","text":"sold may decline below the price at which the Fund is required to repurchase them. In addition, if the buyer of","page_number":49,"box":{"x":69,"y":906,"width":782,"height":12}},{"id":"e929d529-dd34-4576-84c3-d7bd9140c2f3","block_type":"box","text":"II-12","page_number":49,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8808fcd9-4094-4171-b1fa-fc074b2b67c2","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0d6dce3-e769-4944-ba5c-3d727a24478e","block_type":"box","text":"securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee","page_number":50,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"ec3c8d6a-7ab7-4c44-adbe-483199eeba38","block_type":"box","text":"or receiver may receive an extension of time to determine whether to enforce a Fund’s obligations to repurchase the","page_number":50,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"cdbfb031-5d5c-4bc8-88bb-791a4e025769","block_type":"box","text":"securities and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted","page_number":50,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"8727dfe4-83cd-4b76-ac53-6444cd587c6d","block_type":"box","text":"pending such decision.","page_number":50,"box":{"x":70,"y":90,"width":161,"height":11}},{"id":"2fe38d48-0c2c-473d-a1d9-0916aa9a2470","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that require cer tain bank-regulated","page_number":50,"box":{"x":101,"y":113,"width":704,"height":11}},{"id":"27d56591-1d0e-4a41-8116-30592f7184ec","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":50,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"f5784ee9-4979-42ba-804f-a35229ff4136","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":50,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"4d2a813f-44f7-494d-b62a-01ed790421a8","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":50,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"0c0b907b-32f2-416a-a6ae-d54e55e882e7","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":50,"box":{"x":68,"y":173,"width":815,"height":11}},{"id":"059ebd36-e07e-4ac3-90be-3db5d4c1f5ab","block_type":"box","text":"possible that these requirements, as well as potential additional government regulation and other developments in","page_number":50,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"302c0dd6-d33b-4e99-b194-2f68f5e0b90c","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":50,"box":{"x":68,"y":203,"width":829,"height":12}},{"id":"473d8d87-9891-4c8b-ad4c-9c36b471e4c6","block_type":"box","text":"amounts to be received under such agreements. The SEC has also finalized rules that will require cer tain","page_number":50,"box":{"x":69,"y":218,"width":750,"height":12}},{"id":"98afd88e-c783-4c49-aba8-d40ef6998e05","block_type":"box","text":"transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Compliance","page_number":50,"box":{"x":68,"y":234,"width":833,"height":11}},{"id":"3e1e7411-60c1-41d1-8668-3ab80e611840","block_type":"box","text":"with these rules is expected to be required by the middle of 2027. Although the impact of these rules on the Funds is","page_number":50,"box":{"x":68,"y":249,"width":840,"height":11}},{"id":"6e9e1e91-68ed-41d5-90c5-34ea9901d51a","block_type":"box","text":"difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely","page_number":50,"box":{"x":69,"y":264,"width":802,"height":11}},{"id":"17e650ab-7cb6-4fe5-9256-5d48dacfa5fd","block_type":"box","text":"affect a Fund’s per formance.","page_number":50,"box":{"x":69,"y":279,"width":207,"height":11}},{"id":"623c31c4-21e9-440a-bc83-0e0c4dce6200","block_type":"box","text":"Rule 2a-7 Requirements.","page_number":50,"box":{"x":102,"y":302,"width":179,"height":11}},{"id":"838f426b-490a-40ee-8e54-7db7a15cfd3d","block_type":"box","text":"Rule 2a-7 under the Investment Company Act sets for th por tfolio maturity, liquidity,","page_number":50,"box":{"x":288,"y":302,"width":589,"height":11}},{"id":"7a95bdca-0371-4e96-bb01-e862d17b5b17","block_type":"box","text":"diversification and quality requirements applicable to all money market funds.","page_number":50,"box":{"x":69,"y":317,"width":552,"height":11}},{"id":"bbf1885e-198a-4325-9d7e-f8ae61a3ebe5","block_type":"box","text":"Maturity.","page_number":50,"box":{"x":102,"y":340,"width":64,"height":11}},{"id":"27a86359-228d-4a54-9ede-a76884e64655","block_type":"box","text":"Each Fund is managed so that the dollar-weighted average maturity of all of its investments will be 60","page_number":50,"box":{"x":173,"y":339,"width":723,"height":12}},{"id":"7ae1014f-6fe5-41f9-95c8-38f3b21f056b","block_type":"box","text":"days or less, and the dollar-weighted average life of all of its investments will be 120 days or less. In addition, the","page_number":50,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"ae2bc581-6cec-4572-88b1-8ace9970d476","block_type":"box","text":"Funds will not acquire any instrument with a remaining maturity of greater than 397 days. The “dollar-weighted","page_number":50,"box":{"x":70,"y":370,"width":785,"height":11}},{"id":"87857838-db85-4c08-b399-a0cb30420936","block_type":"box","text":"average maturity” of a Fund is the average amount of time until the issuers of the debt securities in the Fund’s","page_number":50,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"a405e460-0d06-4971-bab8-e57f342e681f","block_type":"box","text":"por tfolio must pay off the principal amount of the debt. “Dollar-weighted” means the larger the dollar value of a debt","page_number":50,"box":{"x":70,"y":400,"width":830,"height":11}},{"id":"abcba88f-ee7b-452d-8899-033c94bfc841","block_type":"box","text":"security based on its market value in a Fund, the more weight it gets in calculating this average. To calculate the","page_number":50,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"4c8cf520-0268-4428-8b24-4c6b055170a6","block_type":"box","text":"dollar-weighted average maturity, the Fund may treat a variable or floating rate security under cer tain circumstances","page_number":50,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"0ba5ac91-1bba-47c9-9837-cd62086c7ca5","block_type":"box","text":"as having a maturity equal to the time remaining to the security’s next interest rate reset date or the period","page_number":50,"box":{"x":69,"y":446,"width":765,"height":11}},{"id":"20122930-4786-46d9-98fe-8b533b4ad087","block_type":"box","text":"remaining until the principal amount can be recovered through demand rather than the security’s actual maturity.","page_number":50,"box":{"x":69,"y":461,"width":802,"height":11}},{"id":"46fc62d5-1a59-422a-a5f4-ecc5e6157754","block_type":"box","text":"“Dollar-weighted average life” of a Fund’s por tfolio is calculated without reference to the exceptions used in","page_number":50,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"2b249d45-ca3a-461c-835b-ef5ea22a34ee","block_type":"box","text":"calculating the dollar-weighted average maturity for variable or floating rate securities regarding the use of interest","page_number":50,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"7e0cfa63-cc7a-4181-917e-d8746a54a491","block_type":"box","text":"rate reset dates.","page_number":50,"box":{"x":69,"y":506,"width":117,"height":9}},{"id":"35239c19-3ee3-4e57-bae6-4444e3da9a2c","block_type":"box","text":"Liquidity.","page_number":50,"box":{"x":102,"y":529,"width":63,"height":11}},{"id":"44f602f5-35df-4c83-a8c0-fec2bfe71bb6","block_type":"box","text":"Rule 2a-7 contains a “general liquidity requirement” that requires that each Fund hold securities that","page_number":50,"box":{"x":172,"y":529,"width":719,"height":11}},{"id":"9363802b-d487-45f3-bcac-983d815c8254","block_type":"box","text":"are sufficiently liquid to meet reasonably foreseeable shareholder redemptions in light of its obligations under","page_number":50,"box":{"x":69,"y":543,"width":784,"height":12}},{"id":"bc8361d8-16dc-46bf-8508-602e7a57d9ac","block_type":"box","text":"section 22(e) of the Investment Company Act, and any commitments the Fund has made to shareholders. To comply","page_number":50,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"a92606b9-f9ce-49e9-9029-e6a78125a6f2","block_type":"box","text":"with this general liquidity requirement, each Fund’s adviser or sub-adviser must consider factors that could affect the","page_number":50,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"96013925-5101-4063-bab4-25d4872dd47a","block_type":"box","text":"Fund’s liquidity needs, including characteristics of the Fund’s investors and their likely redemptions. Depending upon","page_number":50,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"c830a3bf-4086-4ea4-8faa-e818422343f5","block_type":"box","text":"the volatility of its cash flows (par ticularly shareholder redemptions), this provision may require a Fund to maintain","page_number":50,"box":{"x":68,"y":604,"width":816,"height":11}},{"id":"c329dada-b17e-48c2-83fa-0b9b33bf9a2f","block_type":"box","text":"greater liquidity than would be required by the daily and weekly minimum liquidity requirements discussed below. The","page_number":50,"box":{"x":68,"y":619,"width":833,"height":11}},{"id":"ba6a14d7-556b-4632-9b0f-7ad45874710b","block_type":"box","text":"Funds will not acquire any security other than daily liquid assets unless, immediately following such purchase, at","page_number":50,"box":{"x":70,"y":634,"width":802,"height":12}},{"id":"1685313d-c6d5-4ca3-83be-24fd6e3c6cf8","block_type":"box","text":"least 25% of its total assets would be invested in daily liquid assets. The Funds will not acquire any security other","page_number":50,"box":{"x":70,"y":649,"width":811,"height":12}},{"id":"55f72236-d4dd-4fb4-a08f-b0e594bc7b06","block_type":"box","text":"than weekly liquid assets unless, immediately following such purchase, at least 50% of its total assets would be","page_number":50,"box":{"x":68,"y":664,"width":803,"height":12}},{"id":"56cd9ae5-9a32-47ca-b90e-5fe00428033d","block_type":"box","text":"invested in weekly liquid assets. “Daily Liquid Assets” include (i) cash; (ii) direct obligations of the U.S. Government;","page_number":50,"box":{"x":70,"y":680,"width":828,"height":11}},{"id":"683e56da-7a63-447c-adae-e3267b7135f1","block_type":"box","text":"(iii) securities that will mature, as determined without reference to the maturity shor tening provisions of Rule 2a-7","page_number":50,"box":{"x":69,"y":695,"width":811,"height":11}},{"id":"22552b7c-cbe1-4dc5-a8f7-a5c11320eb9a","block_type":"box","text":"regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within one","page_number":50,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"ffa5a8ac-c525-4e4d-ace2-5ea7ead917c7","block_type":"box","text":"business day; and (iv) amounts receivable and due unconditionally within one business day on pending sales of","page_number":50,"box":{"x":69,"y":725,"width":795,"height":11}},{"id":"e04d70cc-ad92-41be-9e26-163fa7503359","block_type":"box","text":"por tfolio securities. “Weekly Liquid Assets” include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S.","page_number":50,"box":{"x":70,"y":740,"width":813,"height":11}},{"id":"d613f249-ca96-463c-a790-5b4d1e4503d6","block_type":"box","text":"Government securities issued by a person controlled or supervised by and acting as an instrumentality of the U.S.","page_number":50,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"a0aa89e8-886b-405e-8def-efd325889a9c","block_type":"box","text":"Government pursuant to authority granted by the U.S. Congress, that are issued at a discount to the principal amount","page_number":50,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"54b97639-f6d7-441c-9f57-d3ff9970153c","block_type":"box","text":"to be repaid at maturity without provision for the payment of interest and have a remaining maturity of 60 days or","page_number":50,"box":{"x":68,"y":785,"width":809,"height":12}},{"id":"04ed0900-e81d-4066-aea2-93256e68bd08","block_type":"box","text":"less; (iv) securities that will mature, as determined without reference to the maturity shor tening provisions of Rule","page_number":50,"box":{"x":70,"y":801,"width":813,"height":11}},{"id":"90244c50-8f6a-45d9-9492-8cbe08c1de2e","block_type":"box","text":"2a-7 regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within","page_number":50,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"89da1bf3-f130-4ec7-b62d-b27ab15b8180","block_type":"box","text":"five business days; and (v) amounts receivable and due unconditionally within five business days on pending sales of","page_number":50,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"a1cabccf-9702-4862-8a21-a79f724516d0","block_type":"box","text":"por tfolio securities. No Fund will invest more than 5% of the value of its total assets in securities that are illiquid","page_number":50,"box":{"x":70,"y":846,"width":802,"height":11}},{"id":"21e80f6c-362b-44df-a21e-6ce44414acb5","block_type":"box","text":"(","page_number":50,"box":{"x":69,"y":861,"width":3,"height":11}},{"id":"13ce8cef-4036-459a-bfa2-39f2cf11c1b6","block_type":"box","text":"i.e.","page_number":50,"box":{"x":74,"y":861,"width":21,"height":9}},{"id":"26fdde22-fdcc-40db-85a1-aa55f1cf011c","block_type":"box","text":", securities that cannot be sold or disposed of in the ordinary course of business within seven days at","page_number":50,"box":{"x":97,"y":861,"width":728,"height":11}},{"id":"98446c77-cc1e-430e-87e9-d27c6209f61d","block_type":"box","text":"approximately the value ascribed to them by the Fund).","page_number":50,"box":{"x":69,"y":876,"width":389,"height":11}},{"id":"36b73a33-5e4e-4948-8cff-8d6b3b6fae8f","block_type":"box","text":"II-13","page_number":50,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb8f45fb-3304-45c8-ae76-b66c20cb244d","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fd900dc-c65d-4d33-aca5-5fd459a6706f","block_type":"box","text":"Portfolio Diversification and Quality.","page_number":51,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"64cb0187-2825-4b45-9b41-ccefc9903937","block_type":"box","text":"Immediately after the acquisition of any security, taxable money market","page_number":51,"box":{"x":369,"y":45,"width":507,"height":11}},{"id":"248ab84d-a863-44ac-bfd4-9dbbda5a2001","block_type":"box","text":"funds must not have invested more than: Five percent of its total assets in securities issued by the issuer of the","page_number":51,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"e35447b3-984d-42ae-99b4-5a81fd564219","block_type":"box","text":"security, provided, however, such a fund may invest up to twenty-five percent of its total assets in the securities of a","page_number":51,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"bcfe6cc4-dd58-4996-9e55-7aa328af7edb","block_type":"box","text":"single issuer for a period of up to three business days after the acquisition thereof; provided, fur ther, that the fund","page_number":51,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"4e065742-167b-45a9-9f6f-c1d3f2313563","block_type":"box","text":"may not invest in the securities of more than one issuer in accordance with the foregoing proviso at any time; and ten","page_number":51,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"8a24f884-41ea-4325-b330-5fba937581b4","block_type":"box","text":"percent of its total assets in securities issued by or subject to demand features or guarantees from the institution","page_number":51,"box":{"x":70,"y":120,"width":812,"height":12}},{"id":"8e05598c-8424-41f8-84bb-cff4e0750471","block_type":"box","text":"that issued the demand feature or guarantee.","page_number":51,"box":{"x":68,"y":135,"width":325,"height":12}},{"id":"fce9ce32-7e07-4fd6-b78a-4b9243f37465","block_type":"box","text":"Government Money Market Funds.","page_number":51,"box":{"x":102,"y":158,"width":250,"height":11}},{"id":"5da745c3-c324-452a-ac8f-646b3e93eb2d","block_type":"box","text":"A government money market fund invests at least 99.5% of its total assets","page_number":51,"box":{"x":358,"y":158,"width":535,"height":11}},{"id":"60b307a5-a3d4-4a1e-b419-29d647aaabee","block_type":"box","text":"in obligations of the U.S. Government, including obligations of the U.S. Treasury and federal agencies and","page_number":51,"box":{"x":70,"y":173,"width":753,"height":11}},{"id":"6d9b7e24-fb71-4f31-a445-70ff16a62012","block_type":"box","text":"instrumentalities, as well as repurchase agreements collateralized by government securities. Under Rule 2a-7, a","page_number":51,"box":{"x":70,"y":188,"width":799,"height":12}},{"id":"70a40b20-1d3a-481d-ab3a-f90c87d67afc","block_type":"box","text":"government money market fund may, but is not required to, impose discretionary liquidity fees. The Board of Trustees","page_number":51,"box":{"x":68,"y":203,"width":840,"height":12}},{"id":"d49f312c-f82c-40d8-8472-91def8ff1b2b","block_type":"box","text":"has determined that each Fund that is a government money market fund will not be subject to discretionary liquidity","page_number":51,"box":{"x":69,"y":218,"width":826,"height":12}},{"id":"a3e5ab22-9bca-4ec6-a82c-a20680e17c9d","block_type":"box","text":"fees under Rule 2a-7.","page_number":51,"box":{"x":68,"y":234,"width":153,"height":9}},{"id":"cdd89da3-852c-4f23-9587-6aa71cde5d6b","block_type":"box","text":"Retail Money Market Funds.","page_number":51,"box":{"x":102,"y":256,"width":206,"height":11}},{"id":"553618ca-9f63-4331-ab3d-517ae1192068","block_type":"box","text":"A retail money market fund is a money market fund that has policies and","page_number":51,"box":{"x":313,"y":256,"width":519,"height":11}},{"id":"b97e1462-2b24-4609-854f-56bdcd8067b4","block_type":"box","text":"procedures reasonably designed to limit all beneficial owners of the fund to natural persons. Under Rule 2a-7, a retail","page_number":51,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"7c2a3157-627e-4a29-9698-5cd9c13934fa","block_type":"box","text":"money market fund is subject to the discretionary liquidity fees provisions; however, a retail money market fund is","page_number":51,"box":{"x":69,"y":286,"width":812,"height":12}},{"id":"b0ea4917-ff1d-4003-8656-ccb8c61cceb7","block_type":"box","text":"permitted to use the amor tized cost method of accounting or the penny rounding method, allowing a retail money","page_number":51,"box":{"x":70,"y":302,"width":807,"height":11}},{"id":"ef27e474-24c6-44b3-8b15-f1edbdc7edd9","block_type":"box","text":"market fund to maintain a stable NAV.","page_number":51,"box":{"x":69,"y":317,"width":268,"height":9}},{"id":"5e326b3b-0939-4a04-9f14-9cb0ffd15a4e","block_type":"box","text":"Securities Lending.","page_number":51,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"8dc3ecdb-2c04-41d2-bdf4-598e70a0ab3b","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":51,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"13eb03f1-49c6-4284-8188-40f23f7b3ea0","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":51,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"71480f20-58f4-44af-a593-b50f2c7e1789","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":51,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"6af70d05-4e25-4180-8442-888b11034e78","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":51,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"cb04d591-f1ef-43f7-aa0f-e047262a47c7","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":51,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"d21b8cad-7478-4971-bc10-7977f34d0339","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":51,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"f0bbe8db-16cb-490b-a312-da0103e3a070","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":51,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"d96c3d7d-be64-4576-b588-dfde1ccec0c8","block_type":"box","text":"the securities were not on loan.","page_number":51,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"14e32780-a029-4797-a46d-28e66292c317","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":51,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"043a4861-af1e-4c41-a675-20e143a1a2ab","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":51,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"c5c6083e-6b63-4354-8df9-0c12b6707966","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":51,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"6f5ca1cb-2b24-432a-b2ac-f37c50fa5d60","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":51,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"89c8a446-6534-48df-9b9a-19f2c996029d","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":51,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"64dee5a6-fc92-4ecf-bafb-60e19405ac23","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":51,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"bd6fb496-f9f2-4cbd-9a6a-7c8bd3ec44b8","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":51,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"390460af-fe68-4bdd-afe5-e19e4d67c338","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (i.e., the risk of losses resulting","page_number":51,"box":{"x":102,"y":581,"width":791,"height":12}},{"id":"f7fa8905-ffd0-42fc-bcaa-7a08bf302989","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return","page_number":51,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"d057f37e-523b-4f4d-864e-52088b88d23b","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":51,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"5bcc7db7-27ea-46d5-88b2-bb3560c83c48","block_type":"box","text":"i.e","page_number":51,"box":{"x":865,"y":612,"width":17,"height":9}},{"id":"c5efb39c-0668-4f12-8267-8f8390470f53","block_type":"box","text":".,","page_number":51,"box":{"x":883,"y":619,"width":7,"height":3}},{"id":"bf046d8a-07d3-45a9-82a4-f8124d8133e6","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":51,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"2d851b09-6769-4078-9f4f-552e0e433781","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":51,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"128e87b2-8664-483a-b52e-dafcf99ccee9","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":51,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"6a26f44a-2a5f-45b1-b208-e7e43d2d1f26","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":51,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"bf73cac7-376f-47bb-a7c1-13256ba3d812","block_type":"box","text":"less or none at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":51,"box":{"x":70,"y":687,"width":833,"height":11}},{"id":"88853a43-f2a3-4950-baf0-36e32bebb4ca","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":51,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"9969f02c-ce5c-48fb-bfa5-df581b734418","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":51,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"20b1e6fd-bd69-4baa-98db-9bfbee5c7b29","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":51,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"9cb84db0-93fb-439d-85b8-08256a65c6df","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":51,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"1aa3693d-223b-43cf-96a6-92b0d9de33f9","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":51,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"7502f67e-d060-490c-b611-560d3fdbc68f","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":51,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"24679b1d-b247-4035-ab38-caf453b67c78","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":51,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"b4414d2c-5766-4fea-af7c-244cda603cc2","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":51,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"82d43b6c-7a33-4aa9-b057-ce1af44a24bf","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":51,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"5f5c80ce-cd5c-4978-aba0-6bc3ef63fc72","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":51,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"61804aeb-c72d-4868-951a-0dd2bc05fa0c","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":51,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"1e2cb312-af1f-40f1-8e85-7b8592a6d7ac","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":51,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"6a83e6c2-87df-420c-aff7-8c852660a7af","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":51,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"ad71a152-ec97-4b96-8d16-44da130af5ca","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":51,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"7adef055-a2e5-43e4-b5f1-7b384253d142","block_type":"box","text":"II-14","page_number":51,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e490403-3ff8-4cd4-b23a-ad88af6a9f83","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15da090e-263c-4fc5-adfe-e4c22a462d43","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":52,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"30474c08-3ec1-4ad4-97ce-0115ad8d9acd","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":52,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"1103ce4b-5354-4573-a365-1f2e3b920b98","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":52,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"66c45bc5-e5ea-478f-8906-3116e6c2f5a9","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":52,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"d8dbeb24-5030-4348-8334-0ed36ea38728","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":52,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"d3fd9fd3-b002-4586-a8d8-7cd5c8f678b8","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":52,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"f72062bf-280c-4e89-8490-4ac7d6e8bfda","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":52,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"4a2eddae-3a93-4213-beb2-d53f79459423","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":52,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"c2e480fc-a104-4272-b225-d9815fea63b0","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":52,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"f83f1b3d-86f9-48d5-b078-d095884d2f62","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":52,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"31d7ef61-0b44-41b7-ba6a-3a1abd8ca0f9","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":52,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"873515b0-8355-44b4-8714-db631cd0d9ed","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":52,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"2489c7a5-7b36-476d-bac7-f2f3b57d9f40","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":52,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"370d1a37-e048-4eff-bb84-f0c3b7b4788f","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":52,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"854e16ed-1d94-4232-9c95-241967043515","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":52,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"af5714d7-3162-4ed0-bdb5-6705b16e6a73","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":52,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"57c1ae8a-d53d-4758-a248-f6c966a0d844","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":52,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"4dc9fd99-3fa3-416c-ac55-2b3db7bb7336","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":52,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"00c5a7c2-75d0-4df9-82f0-753131352677","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":52,"box":{"x":101,"y":332,"width":753,"height":11}},{"id":"36ebac5f-d5cb-474e-aba8-2e85e35799b7","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":52,"box":{"x":70,"y":347,"width":808,"height":11}},{"id":"12721178-19c4-4ee2-a20f-1831b3cf4669","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":52,"box":{"x":69,"y":362,"width":784,"height":11}},{"id":"ff15a331-7be1-4970-bbaf-39d0e649dc93","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":52,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"9df81eb5-05d3-41fa-ac69-9dc6971ae640","block_type":"box","text":"the current expected compliance date.","page_number":52,"box":{"x":68,"y":393,"width":273,"height":10}},{"id":"68562090-b8ec-4207-babd-d46803fc7a66","block_type":"box","text":"Structured Notes.","page_number":52,"box":{"x":101,"y":415,"width":129,"height":9}},{"id":"80684251-a12c-4336-be23-886a139f7eb1","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":52,"box":{"x":237,"y":415,"width":650,"height":11}},{"id":"4b9d127f-b867-4b37-85c3-3b68e4021318","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":52,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"a6e044ca-d8b7-458e-ba25-6f9df325cad5","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":52,"box":{"x":69,"y":445,"width":839,"height":12}},{"id":"6297d270-cb04-4118-ac05-b7475e03c13f","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":52,"box":{"x":70,"y":461,"width":821,"height":11}},{"id":"d8e72760-1c8e-4781-b50c-377e10e70bc4","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":52,"box":{"x":70,"y":475,"width":839,"height":12}},{"id":"9cdfa495-000e-496a-ac4f-c6bb038fd307","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":52,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"7aab64c6-acc1-4de7-b06c-cf9f906cd07b","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":52,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"00c85017-a201-4907-88b2-942c03af9ac0","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":52,"box":{"x":68,"y":521,"width":673,"height":11}},{"id":"452a095a-7311-4679-a0ee-270845d6e57d","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":52,"box":{"x":102,"y":543,"width":768,"height":12}},{"id":"eab53d45-fb31-48d1-a236-69ec91a7b2d7","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":52,"box":{"x":70,"y":559,"width":821,"height":11}},{"id":"c964450c-4aab-4c0a-a8c5-b6a09067960a","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":52,"box":{"x":69,"y":574,"width":787,"height":11}},{"id":"349560d5-7676-49e8-a305-1f2655b9051e","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":52,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"1de39fde-a3f2-4e8a-96b2-37f7966317d2","block_type":"box","text":"the risk of loss.","page_number":52,"box":{"x":68,"y":604,"width":110,"height":9}},{"id":"0c045d52-a782-44ef-a504-38bab3cc870d","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":52,"box":{"x":101,"y":627,"width":759,"height":11}},{"id":"190e6138-e811-47cc-93dd-945fb978b670","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":52,"box":{"x":69,"y":642,"width":795,"height":11}},{"id":"2bf311dc-b3f8-4186-b4ac-1ecd1808774f","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":52,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"29e9ce26-e3f1-4cff-998b-450ddb3208a9","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":52,"box":{"x":70,"y":672,"width":821,"height":11}},{"id":"100c90a6-26a6-4e01-963f-0ef970084fc6","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":52,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"2260331c-1116-419d-a04c-2780a10cede3","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":52,"box":{"x":70,"y":702,"width":618,"height":11}},{"id":"e90fc5ab-4acc-4f38-bed7-694dd632f76c","block_type":"box","text":"Taxable Money Market Securities.","page_number":52,"box":{"x":101,"y":725,"width":249,"height":11}},{"id":"a7ad51ee-8a32-4b74-964f-49fd9279438b","block_type":"box","text":"Cer tain Funds may invest in a variety of taxable money market securities","page_number":52,"box":{"x":357,"y":725,"width":517,"height":11}},{"id":"8fe3e40e-6c0f-4c9d-ae56-041de0adabe1","block_type":"box","text":"(“Taxable Securities”). The Taxable Securities in which cer tain Funds may invest consist of U.S. Government","page_number":52,"box":{"x":69,"y":740,"width":770,"height":11}},{"id":"ca2ab10e-5955-4c18-9797-db496084b97d","block_type":"box","text":"securities, U.S. Government agency securities, domestic bank cer tificates of deposit and bankers’ acceptances,","page_number":52,"box":{"x":69,"y":755,"width":801,"height":11}},{"id":"7b09efd3-a776-4905-837c-6c478232aecc","block_type":"box","text":"shor t term corporate debt securities such as commercial paper and repurchase agreements. These investments","page_number":52,"box":{"x":69,"y":771,"width":802,"height":11}},{"id":"84180da9-2276-4420-acd1-f3d9dc7ef82e","block_type":"box","text":"must have a maturity not in excess of 397 days from the date of purchase.","page_number":52,"box":{"x":69,"y":785,"width":534,"height":12}},{"id":"5baa6bb9-8060-4189-9695-930964dc25f3","block_type":"box","text":"The standards applicable to Taxable Securities in which cer tain Funds invest are essentially the same as those","page_number":52,"box":{"x":101,"y":808,"width":792,"height":11}},{"id":"05b3559e-c7c5-4de9-887d-64acbffe3074","block_type":"box","text":"described above with respect to Municipal Securities. Cer tain Funds may not invest in any security issued by a","page_number":52,"box":{"x":69,"y":823,"width":787,"height":11}},{"id":"34c588c4-6211-4d90-895b-44866b96b35b","block_type":"box","text":"depository institution unless such institution is organized and operating in the United States, has total assets of at","page_number":52,"box":{"x":69,"y":838,"width":822,"height":12}},{"id":"36f03900-a53c-47a6-83b6-810300530c6e","block_type":"box","text":"least $1 billion and is federally insured. Taxable Securities in which the Funds invest will be determined by the","page_number":52,"box":{"x":70,"y":853,"width":784,"height":12}},{"id":"0df63713-5110-4bd8-a93a-4ec278fb97dc","block_type":"box","text":"Manager to present minimal credit risks to the Fund, if required, and cer tain Funds may require that por tfolio","page_number":52,"box":{"x":70,"y":869,"width":776,"height":11}},{"id":"b095b239-0f6f-409b-9f43-b7a64da2130b","block_type":"box","text":"investments (or their issuers) receive minimum credit ratings from one or more NRSROs, or if not rated, are","page_number":52,"box":{"x":70,"y":884,"width":766,"height":11}},{"id":"82131bb6-1b0f-4fbc-b949-9d0a8abed22e","block_type":"box","text":"determined by the Manager to be of comparable quality to securities that have received such rating(s).","page_number":52,"box":{"x":69,"y":899,"width":729,"height":11}},{"id":"52be07b1-70f2-4c49-a222-43a0edacd94b","block_type":"box","text":"II-15","page_number":52,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33d60813-1a7b-4d65-b50d-de9e0e147fc4","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6583282e-888c-4686-8960-f4cb47ef309c","block_type":"box","text":"U.S. Government Obligations.","page_number":53,"box":{"x":102,"y":45,"width":213,"height":11}},{"id":"66a33f57-1d03-43d0-8b60-8949154369b6","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":53,"box":{"x":321,"y":45,"width":566,"height":11}},{"id":"1c35aa84-4fa5-4966-91ee-fb3cb7e2757d","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":53,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"240b4875-0a60-4289-8093-29108343474e","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":53,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"9d0fe3ff-b830-4ba5-9533-260db087d851","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":53,"box":{"x":68,"y":90,"width":779,"height":11}},{"id":"f3ac387d-0911-4c59-a3ff-d0c2402a4419","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":53,"box":{"x":70,"y":105,"width":798,"height":11}},{"id":"fcbc8c3b-f322-478c-b36d-ad257c430e1a","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":53,"box":{"x":69,"y":120,"width":822,"height":12}},{"id":"656f0224-5f83-40fd-8f12-941116c99e04","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":53,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"965adf82-aaee-4c7e-9017-52ef4a708683","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":53,"box":{"x":69,"y":150,"width":805,"height":12}},{"id":"fe6cbd47-b994-4e6c-96ac-1b95d220393d","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":53,"box":{"x":69,"y":166,"width":807,"height":11}},{"id":"edd649ca-a66a-495e-987d-8ee21f546a42","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":53,"box":{"x":70,"y":181,"width":832,"height":11}},{"id":"f329d076-b616-4fdd-bc9f-11ec0632e5e3","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":53,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"df46be7b-91d4-4f72-aae8-c77ffeed6420","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":53,"box":{"x":69,"y":211,"width":716,"height":11}},{"id":"850df1d9-1ec3-4851-a09c-d2f5d3cd6c78","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by cer tain Funds include U.S. Treasury","page_number":53,"box":{"x":102,"y":234,"width":789,"height":11}},{"id":"1e3d20e5-1390-48fd-b3d5-cd2c5105e7b0","block_type":"box","text":"Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":53,"box":{"x":70,"y":249,"width":823,"height":11}},{"id":"a700007b-2eb1-4d39-b33d-e9be2a9890d0","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, the Government National","page_number":53,"box":{"x":68,"y":264,"width":812,"height":11}},{"id":"e69f7b03-0664-4a19-ae01-29adc07461a0","block_type":"box","text":"Mor tgage Association (“Ginnie Mae”), the Federal National Mor tgage Association (“Fannie Mae”), Federal Financing","page_number":53,"box":{"x":70,"y":279,"width":823,"height":11}},{"id":"2eb2d4ef-ef55-44b5-be89-9ff648ae560c","block_type":"box","text":"Bank, General Services Administration, The Co-operative Central Bank, Federal Home Loan Banks, the Federal Home","page_number":53,"box":{"x":70,"y":294,"width":831,"height":11}},{"id":"685b22f6-1a16-4354-ba60-f7f9420553ee","block_type":"box","text":"Loan Mor tgage Corporation (“Freddie Mac”), Farm Credit System and Tennessee Valley Authority. Cer tain Funds may","page_number":53,"box":{"x":70,"y":309,"width":828,"height":11}},{"id":"d3e6a12f-9761-4404-aa3d-ccd64b9468f4","block_type":"box","text":"also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and instrumentalities,","page_number":53,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"bada383e-9a22-4d71-bfa5-4cb8fd22dd85","block_type":"box","text":"including such obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":53,"box":{"x":70,"y":339,"width":506,"height":12}},{"id":"1698b4c8-b115-4447-b915-7f2d5ebd31e0","block_type":"box","text":"To the extent consistent with their respective investment objectives, the Funds may invest in a variety of U.S.","page_number":53,"box":{"x":101,"y":362,"width":776,"height":11}},{"id":"ac18d50c-e89a-4807-bbbd-2b17ca06f3f9","block_type":"box","text":"Treasury obligations and obligations issued by or guaranteed by the U.S. Government or its agencies,","page_number":53,"box":{"x":68,"y":377,"width":722,"height":12}},{"id":"ac13477b-f000-4941-9bf1-e5a3ddcd9fbb","block_type":"box","text":"instrumentalities or U.S. Government sponsored enterprises. Treasury obligations may differ in their interest rates,","page_number":53,"box":{"x":70,"y":392,"width":818,"height":12}},{"id":"9b708fed-ce67-4207-8149-a9794cc62d81","block_type":"box","text":"maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":53,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"6b3049e2-e875-4afc-94f3-11a7331b1295","block_type":"box","text":"suppor ted by varying degrees of credit but generally are not backed by the full faith and credit of the U.S.","page_number":53,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"0444741c-b34c-47e7-9c88-046133084d55","block_type":"box","text":"Government. No assurance can be given that the U.S. Government would provide financial suppor t to its agencies,","page_number":53,"box":{"x":69,"y":438,"width":816,"height":11}},{"id":"688faf32-8de2-4ff5-8ef7-2cecd8333904","block_type":"box","text":"instrumentalities or U.S. Government sponsored enterprises if it were not obligated to do so by law. There is no","page_number":53,"box":{"x":70,"y":453,"width":794,"height":11}},{"id":"91084fc6-c75b-4bc6-9169-5be392eb31c3","block_type":"box","text":"assurance that these commitments will be under taken or complied with in the future.","page_number":53,"box":{"x":69,"y":468,"width":607,"height":11}},{"id":"78e8d45c-9e8d-4c47-9ddd-de592b0caa90","block_type":"box","text":"In addition, cer tain Funds may invest in U.S. Treasury Floating Rate Notes (FRNs), which are two-year notes","page_number":53,"box":{"x":102,"y":491,"width":763,"height":11}},{"id":"1251d80a-5781-4fcb-bf86-341ecd4be98f","block_type":"box","text":"issued by the U.S. Treasury. The interest rate of an FRN changes over the life of the FRN and is the sum of an index","page_number":53,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"726cb03a-c5fc-4c69-b8f6-e392c68459ba","block_type":"box","text":"rate and a spread. The index rate of an FRN is tied to the highest accepted discount rate of the most recent 13-week","page_number":53,"box":{"x":69,"y":521,"width":834,"height":11}},{"id":"881f0984-a73e-4ddf-a883-3b8c2fda5490","block_type":"box","text":"Treasury bill and is re-set every week. The spread is a rate applied to the index rate. The spread stays the same for","page_number":53,"box":{"x":68,"y":536,"width":826,"height":11}},{"id":"ce88640b-640a-48dc-814e-229b07ebc25a","block_type":"box","text":"the life of an FRN. The spread is determined at the auction where the FRN is first offered. The spread is the highest","page_number":53,"box":{"x":68,"y":551,"width":827,"height":11}},{"id":"4ac021cb-3ed6-48fc-af31-5ae0628b653d","block_type":"box","text":"accepted discount margin in that auction. See also “Variable and Floating Rate Instruments” below.","page_number":53,"box":{"x":69,"y":566,"width":708,"height":11}},{"id":"bf816b94-0bc0-4944-ae0d-77804920ba46","block_type":"box","text":"Variable and Floating Rate Instruments.","page_number":53,"box":{"x":101,"y":589,"width":289,"height":11}},{"id":"e14ee29c-3284-4cef-9b97-c99b15d30dd4","block_type":"box","text":"Cer tain Funds may purchase variable and floating rate instruments.","page_number":53,"box":{"x":397,"y":589,"width":480,"height":11}},{"id":"26624317-0311-4aac-a520-7e8ce6a53a57","block_type":"box","text":"Variable and floating rate instruments are subject to the credit quality standards described in the Prospectus. In","page_number":53,"box":{"x":68,"y":604,"width":798,"height":11}},{"id":"7b82124e-139a-42a8-acb0-84fda41670ff","block_type":"box","text":"some cases, the Funds may require that the obligation to pay the principal of the instrument be backed by a letter of","page_number":53,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"3a2f5df1-9e69-4be4-a5e0-57af667555a5","block_type":"box","text":"credit or guarantee. Such instruments may carry stated maturities in excess of 397 days provided that the maturity","page_number":53,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"49ef8317-d58c-4335-984c-3f8643b2560e","block_type":"box","text":"shor tening provisions stated in Rule 2a-7 are satisfied. Although a par ticular variable or floating rate demand","page_number":53,"box":{"x":69,"y":649,"width":777,"height":12}},{"id":"3799f328-81b0-4f6c-a409-7e15ba37167b","block_type":"box","text":"instrument may not be actively traded in a secondary market, in some cases, a Fund may be entitled to principal on","page_number":53,"box":{"x":70,"y":665,"width":824,"height":11}},{"id":"5b0b458f-35a5-4209-b6c0-c3d7ffe9d770","block_type":"box","text":"demand and may be able to resell such notes in the dealer market.","page_number":53,"box":{"x":69,"y":680,"width":479,"height":11}},{"id":"0741778b-5bb2-4621-89db-eb58571a0139","block_type":"box","text":"Variable and floating rate instruments held by a Fund generally may have maturities of more than 397 days","page_number":53,"box":{"x":101,"y":702,"width":762,"height":12}},{"id":"7f70f536-eca7-4289-986b-b949fab208af","block_type":"box","text":"provided: (i) they are subject to a demand feature entitling the Fund to the payment of principal and interest within","page_number":53,"box":{"x":70,"y":717,"width":812,"height":12}},{"id":"4297ef4b-0488-4c1b-84c8-9467140c40fb","block_type":"box","text":"397 days of exercise, unless the instrument is issued or guaranteed by the U.S. Government or its agencies and/or","page_number":53,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"eea18a7f-dff9-4c40-94b9-c5cd06018df5","block_type":"box","text":"instrumentalities, and (ii) the rate of interest on such instruments is adjusted at periodic intervals which may extend","page_number":53,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"6f58539c-8f47-49b4-88cb-d987a261586a","block_type":"box","text":"up to 397 days.","page_number":53,"box":{"x":69,"y":763,"width":111,"height":11}},{"id":"eb311b5c-4f1d-4642-ae02-867bbae982a0","block_type":"box","text":"In determining a Fund’s weighted average por tfolio maturity and whether a long-term variable rate demand","page_number":53,"box":{"x":102,"y":785,"width":755,"height":12}},{"id":"edc71883-55e0-473e-a583-16bddb304843","block_type":"box","text":"instrument has a remaining maturity of 397 days or less, the instrument will be deemed by a Fund to have a maturity","page_number":53,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"87a7b016-f829-4032-b0c7-74be448b4ca0","block_type":"box","text":"equal to the longer of the period remaining until its next interest rate adjustment or the period remaining until the","page_number":53,"box":{"x":69,"y":816,"width":808,"height":11}},{"id":"6ad26929-0808-4b23-bdfb-e493d6d9f5a3","block_type":"box","text":"principal amount can be recovered through demand. In determining a Fund’s weighted average por tfolio maturity and","page_number":53,"box":{"x":70,"y":831,"width":830,"height":11}},{"id":"53016c84-d8af-4fbc-bd26-7bc00a492cff","block_type":"box","text":"whether a long-term floating rate demand instrument has a remaining maturity of 397 days or less, the instrument","page_number":53,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"0dd71fc5-d79b-4118-82fb-1bff5d712b92","block_type":"box","text":"will be deemed by a Fund to have a maturity equal to the period remaining until the principal amount can be","page_number":53,"box":{"x":68,"y":861,"width":768,"height":11}},{"id":"91129340-83c1-4bfb-b8bd-4e564604b6d3","block_type":"box","text":"recovered through demand. In addition, a variable or floating rate instrument issued or guaranteed by the U.S.","page_number":53,"box":{"x":69,"y":876,"width":784,"height":11}},{"id":"e62d387c-bfb2-4c56-a024-c34902dc6c72","block_type":"box","text":"Government or its agencies and/or instrumentalities will be deemed by a Fund to have a maturity equal to the period","page_number":53,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"11bae56b-0371-4108-aba8-bfb60d2c5398","block_type":"box","text":"remaining until its next interest rate adjustment (in the case of a variable rate instrument) or one day (in the case of","page_number":53,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"acfab6ec-159d-4387-8b4b-28e86984fc37","block_type":"box","text":"II-16","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6350e7bf-4347-4b50-94ab-b1a0bba7ce05","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d74818ee-7a66-4fd5-9eec-33af502e47ef","block_type":"box","text":"a floating rate instrument). Variable and floating rate notes are frequently rated by credit rating agencies, and their","page_number":54,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"94b77b09-b4ec-4bfb-91c4-114c87aff465","block_type":"box","text":"issuers must satisfy the Fund’s quality and maturity requirements. If an issuer of such a note were to default on its","page_number":54,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"50989220-f553-4a85-8910-2ff17e9870d6","block_type":"box","text":"payment obligation, the Fund might be unable to dispose of the note because of the absence of an active secondary","page_number":54,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"0deecb13-7420-4c3d-890f-6ffc5ddc638b","block_type":"box","text":"market and might, for this or other reasons, suffer a loss.","page_number":54,"box":{"x":69,"y":90,"width":411,"height":11}},{"id":"d4686c9c-f7b5-43f8-b08f-8e985768dd6a","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":54,"box":{"x":101,"y":113,"width":586,"height":11}},{"id":"9fec60ba-fcdc-4cdf-8929-790dd1154744","block_type":"box","text":"A Fund may purchase or sell","page_number":54,"box":{"x":694,"y":113,"width":200,"height":11}},{"id":"e0e55f4b-ebae-4aa5-9afc-85edaac91dbd","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":54,"box":{"x":69,"y":128,"width":795,"height":11}},{"id":"ea764bec-77a0-49f2-9fd1-07e5417cc088","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a “TBA” (to be announced) basis). These","page_number":54,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"55c11680-57ad-473a-b0d6-dd93f04ed442","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":54,"box":{"x":68,"y":158,"width":820,"height":11}},{"id":"856da6b6-d12f-45f8-9b92-a1a5cdfec244","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":54,"box":{"x":68,"y":173,"width":807,"height":11}},{"id":"2ffc0604-6e95-441e-bed3-c227500ebc70","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":54,"box":{"x":70,"y":188,"width":430,"height":12}},{"id":"e04e331b-a7eb-4360-af18-3175448cd32d","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":54,"box":{"x":102,"y":211,"width":750,"height":11}},{"id":"17972062-e4c9-49a7-8276-2cc7df05ff50","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":54,"box":{"x":70,"y":226,"width":823,"height":11}},{"id":"40908240-75a3-4e75-b80d-7c5174b2f79f","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":54,"box":{"x":69,"y":241,"width":587,"height":11}},{"id":"4809ca2c-4fc3-46a7-82c1-69fae202adc2","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":54,"box":{"x":101,"y":264,"width":780,"height":11}},{"id":"49f3e86e-3ed1-45c6-8385-60906ea7ecc1","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":54,"box":{"x":70,"y":279,"width":823,"height":11}},{"id":"69ea97ce-e1b0-4821-a723-dbac4047fcaf","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":54,"box":{"x":69,"y":294,"width":838,"height":11}},{"id":"ffc46f4f-4fe5-4b87-9f8c-293a9871be7d","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":54,"box":{"x":68,"y":309,"width":839,"height":11}},{"id":"3bc70ee1-d844-4d31-831a-fcae3471e71b","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":54,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"2dfb659f-e394-47d1-a06a-3e8a399ed43f","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":54,"box":{"x":102,"y":347,"width":776,"height":11}},{"id":"a3718b35-b328-44f6-9364-2d772724a562","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":54,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"687d0bbb-74d0-4c09-a910-2eb7da3e533f","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":54,"box":{"x":69,"y":377,"width":799,"height":12}},{"id":"7f0fe45e-dc5c-4444-ad3b-e4d95d7621f2","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":54,"box":{"x":101,"y":400,"width":784,"height":11}},{"id":"a71e3678-5bb1-4663-9b54-fd20419f6192","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":54,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"3c485bb2-43d6-4308-9f0d-73de6eadce4e","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":54,"box":{"x":69,"y":430,"width":434,"height":11}},{"id":"f32d89eb-3b2d-42fb-b657-35918de7d335","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":54,"box":{"x":101,"y":453,"width":745,"height":11}},{"id":"c1e46842-73cb-4084-8429-a27b534b9f1c","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":54,"box":{"x":68,"y":468,"width":831,"height":11}},{"id":"c8427be9-836a-4545-8975-fc71bcbaac37","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":54,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"20c56fea-5232-49ab-8806-31ba4a9a1b49","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":54,"box":{"x":68,"y":498,"width":514,"height":11}},{"id":"270fc501-5376-4626-8829-1734d7652a5a","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":54,"box":{"x":102,"y":521,"width":743,"height":11}},{"id":"189321c5-ecca-4100-b2ec-6a32cfb3c574","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":54,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"f9db9d8a-f802-4ffc-a03d-682f531e066c","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":54,"box":{"x":69,"y":551,"width":771,"height":11}},{"id":"70669b74-f5e1-4972-9de9-4c03b9d4f1a2","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":54,"box":{"x":69,"y":566,"width":798,"height":11}},{"id":"d3f351d3-27c9-4be3-a8fb-9a7c528ae5e1","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":54,"box":{"x":69,"y":581,"width":797,"height":12}},{"id":"d2f185f5-7747-48cb-ae98-8b92e0eeb66d","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":54,"box":{"x":69,"y":596,"width":835,"height":12}},{"id":"dd081c5f-3956-43cd-bed5-b34aab9d636d","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":54,"box":{"x":69,"y":612,"width":807,"height":11}},{"id":"02857f25-276f-494c-b7e5-2733093ba33c","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":54,"box":{"x":68,"y":627,"width":812,"height":11}},{"id":"2f136df5-70fa-448a-bfaf-d4e71ac7f0ca","block_type":"box","text":"agreements.","page_number":54,"box":{"x":69,"y":643,"width":87,"height":10}},{"id":"168cb2e5-0725-421c-83b3-c961f4ccbb54","block_type":"box","text":"Diversification Status","page_number":54,"box":{"x":69,"y":672,"width":156,"height":9}},{"id":"7d9d4f43-9cbe-4d18-9686-7e0e69a3c916","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to continue to qualify as a regulated","page_number":54,"box":{"x":102,"y":695,"width":728,"height":11}},{"id":"0a88db5a-721b-4b0c-9f12-2ebc78e8dc06","block_type":"box","text":"investment company under the Code. To qualify, among other requirements, each Fund will limit its investments so","page_number":54,"box":{"x":70,"y":710,"width":815,"height":11}},{"id":"df2dc954-b053-479e-bd18-7f307955af3a","block_type":"box","text":"that at the close of each quar ter of the taxable year (i) at least 50% of the market value of each Fund’s total assets","page_number":54,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"f6966e82-a75a-4677-9dbb-82942b718895","block_type":"box","text":"is represented by cash, securities of other regulated investment companies, U.S. Government securities and other","page_number":54,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"d19bbafb-b1ee-4002-b48f-3fe8ad202b49","block_type":"box","text":"securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the","page_number":54,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"5d20706c-dfc9-43e5-b24c-59d054616b1b","block_type":"box","text":"Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer and (ii) not more than","page_number":54,"box":{"x":70,"y":770,"width":806,"height":12}},{"id":"133846ad-a6c5-40e4-8fd8-0aa50005c4de","block_type":"box","text":"25% of the value of its assets is invested in the securities (other than U.S. Government securities or securities of","page_number":54,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"6b0dae51-23e1-4277-9bfd-cd2c38c214c1","block_type":"box","text":"other regulated investment companies) of any one issuer, any two or more issuers that the Fund controls and that","page_number":54,"box":{"x":69,"y":801,"width":813,"height":11}},{"id":"60ac628e-1dfe-4de3-be62-f173c6b97bd8","block_type":"box","text":"are determined to be engaged in the same or similar trades or businesses or related trades or businesses or in the","page_number":54,"box":{"x":69,"y":816,"width":825,"height":11}},{"id":"cb2c28f3-7d55-4ca1-81be-a1e360cf8919","block_type":"box","text":"securities of one or more qualified publicly traded par tnerships (","page_number":54,"box":{"x":69,"y":831,"width":457,"height":11}},{"id":"db0a8597-a199-4056-9a74-8073b4d750d4","block_type":"box","text":"i.e.","page_number":54,"box":{"x":528,"y":831,"width":20,"height":9}},{"id":"956af35a-159b-4e6d-93db-2455206553f9","block_type":"box","text":", par tnerships that are traded on an established","page_number":54,"box":{"x":551,"y":831,"width":342,"height":11}},{"id":"4cc26d10-4981-40bb-9b82-9caea43e40f5","block_type":"box","text":"securities market or tradable on a secondary market, other than par tnerships that derive 90% of their income from","page_number":54,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"0b17ad99-dc5a-4662-a67f-289921d4d0d4","block_type":"box","text":"interest, dividends, capital gains, and other traditional permitted mutual fund income). See “Dividends and Taxes —","page_number":54,"box":{"x":70,"y":861,"width":826,"height":11}},{"id":"66ec4a91-9408-4469-9542-ad0bc3d086be","block_type":"box","text":"Taxes.”","page_number":54,"box":{"x":68,"y":876,"width":51,"height":9}},{"id":"35388e42-232b-4ceb-817e-8db999e0a536","block_type":"box","text":"II-17","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf7256aa-37c5-411a-a060-ea432712834a","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c851805-7e2f-4d81-837f-c9ebfa749e4f","block_type":"box","text":"Each Fund has elected to be classified as “diversified” under the Investment Company Act. Each Fund must also","page_number":55,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"9249b077-6cb8-40d7-92da-190ed4c21108","block_type":"box","text":"satisfy the diversification requirements set for th in Rule 2a-7.","page_number":55,"box":{"x":69,"y":60,"width":438,"height":11}},{"id":"7ca80c64-c5a2-44ec-aedb-f0189450bd97","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":55,"box":{"x":268,"y":89,"width":442,"height":10}},{"id":"e1b002de-fbe5-46cc-a59b-ed62664616be","block_type":"box","text":"Trustees and Officers","page_number":55,"box":{"x":68,"y":120,"width":156,"height":9}},{"id":"d65ea044-5646-4aa9-8874-ae6575c3ce49","block_type":"box","text":"See “Information on Directors and Officers, ‘— Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":55,"box":{"x":102,"y":142,"width":738,"height":12}},{"id":"dcaa5b65-578e-4b1e-bf90-1ca1fd280015","block_type":"box","text":"Compensation of Directors’ ” or “Information on Trustees and Officers, ‘— Biographical Information,’ ‘— Share","page_number":55,"box":{"x":69,"y":157,"width":793,"height":12}},{"id":"58f6c8c1-5f30-4eea-a69f-a3727cd2a79f","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":55,"box":{"x":69,"y":172,"width":795,"height":12}},{"id":"dece9a5f-89e6-4ec3-89d5-4b6aee06ad10","block_type":"box","text":"cer tain other information relating to the Trustees and officers of your Fund, including Trustees’ compensation.","page_number":55,"box":{"x":69,"y":188,"width":784,"height":11}},{"id":"76e81db2-ade8-4b6f-b7c1-af19f69d62a2","block_type":"box","text":"Management Arrangements","page_number":55,"box":{"x":69,"y":218,"width":202,"height":11}},{"id":"c1148ea5-172a-4133-84d8-48d5fa35e410","block_type":"box","text":"Management Services.","page_number":55,"box":{"x":102,"y":241,"width":166,"height":11}},{"id":"83cdc524-211e-4cd2-848d-2a4c0cd6208c","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":55,"box":{"x":274,"y":241,"width":615,"height":11}},{"id":"afe732a9-6d82-4241-b829-725cda437dc2","block_type":"box","text":"Subject to the supervision of the Board of Trustees, the Manager is responsible for the actual management of a","page_number":55,"box":{"x":69,"y":256,"width":799,"height":11}},{"id":"01501c29-fbef-4a0b-b7ab-3a8b3c9de983","block_type":"box","text":"Fund’s por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant","page_number":55,"box":{"x":70,"y":271,"width":807,"height":11}},{"id":"ad1596ca-b663-4480-ab38-c552eab10360","block_type":"box","text":"sources. The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The","page_number":55,"box":{"x":69,"y":286,"width":829,"height":11}},{"id":"1ba8c39d-da8f-44ef-ae2d-36f27d1b72ef","block_type":"box","text":"Manager per forms cer tain of the other administrative services and provides all the office space, facilities, equipment","page_number":55,"box":{"x":70,"y":301,"width":837,"height":11}},{"id":"73217a39-7845-48f2-8901-c7bfc4c6187e","block_type":"box","text":"and necessary personnel for management of each Fund.","page_number":55,"box":{"x":69,"y":316,"width":401,"height":11}},{"id":"b516aa4e-dfe2-4c83-912a-4515561cc1fd","block_type":"box","text":"Management Fee.","page_number":55,"box":{"x":102,"y":339,"width":130,"height":11}},{"id":"ef55fdd7-502a-441f-9699-acb11229be95","block_type":"box","text":"Each Fund has entered into a management agreement with the Manager pursuant to which","page_number":55,"box":{"x":239,"y":339,"width":646,"height":11}},{"id":"172fba43-7a7f-426d-8bb4-f5e8bb00674b","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":55,"box":{"x":68,"y":354,"width":841,"height":11}},{"id":"d1538c44-fd6c-4aa3-b736-5ae48def0c08","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":55,"box":{"x":69,"y":369,"width":833,"height":11}},{"id":"ba4a2ff7-f199-4831-9f00-7c8a5dfee0ab","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":55,"box":{"x":68,"y":384,"width":746,"height":11}},{"id":"6d5a576d-fa4f-47c7-a2c4-03f17c00c742","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":55,"box":{"x":70,"y":399,"width":825,"height":12}},{"id":"db39be13-0885-44a8-b365-decb6d677b85","block_type":"box","text":"Each Management Agreement obligates the Manager to provide investment advisory services and to pay, or cause an","page_number":55,"box":{"x":70,"y":415,"width":836,"height":11}},{"id":"daaf5522-1f68-468c-8138-ed5f3529361d","block_type":"box","text":"affiliate to pay, for maintaining its staff and personnel and to provide office space, facilities and necessary personnel","page_number":55,"box":{"x":69,"y":429,"width":837,"height":12}},{"id":"003adc06-d165-44dd-a585-8e63237398b9","block_type":"box","text":"for the Fund. Each Manager is also obligated to pay, or cause an affiliate to pay, the fees of all officers and Trustees","page_number":55,"box":{"x":68,"y":445,"width":832,"height":11}},{"id":"cfdb8749-a90e-4f65-94fa-119b6cdfccbc","block_type":"box","text":"of the Fund who are affiliated persons of the Manager or any affiliate.","page_number":55,"box":{"x":69,"y":460,"width":495,"height":11}},{"id":"541462a9-3084-401a-8247-6daf6fca9794","block_type":"box","text":"For Funds that do not have an administration agreement with the Manager, each Management Agreement","page_number":55,"box":{"x":102,"y":483,"width":751,"height":11}},{"id":"05e55a60-4324-4bf5-ad4d-19be66aee18b","block_type":"box","text":"obligates the Manager to provide management services and to pay all compensation of and furnish office space for","page_number":55,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"0cd019ef-3aaa-40d5-95c7-f01a87a460df","block_type":"box","text":"officers and employees of a Fund connected with investment and economic research, trading and investment","page_number":55,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"41bf3e03-6a7a-401e-848e-5ffa84eff204","block_type":"box","text":"management of the Fund, as well as the fees of all Trustees of the Fund who are interested persons of the Fund.","page_number":55,"box":{"x":69,"y":528,"width":805,"height":11}},{"id":"e10e6a5c-fb44-4117-9e51-5f9d6c3b333d","block_type":"box","text":"Each Fund pays all other expenses incurred in the operation of that Fund, including among other things: taxes;","page_number":55,"box":{"x":70,"y":543,"width":784,"height":11}},{"id":"6ff1a3e9-5586-4263-b04f-3b1830449c14","block_type":"box","text":"expenses for legal and auditing services; costs of preparing, printing and mailing proxies, shareholder repor ts,","page_number":55,"box":{"x":69,"y":558,"width":787,"height":11}},{"id":"d07dd968-65a8-44ac-ada8-d6467f950b7a","block_type":"box","text":"prospectuses and statements of additional information, except to the extent paid by BlackRock Investments, LLC (the","page_number":55,"box":{"x":70,"y":573,"width":838,"height":11}},{"id":"cdfb3d6d-4295-4412-8975-2ed9cbe8d8ab","block_type":"box","text":"“Distributor” or “BRIL”), charges of the custodian and sub-custodian, and the transfer agent; expenses of redemption","page_number":55,"box":{"x":70,"y":588,"width":836,"height":12}},{"id":"afc0cd69-528b-4903-86ea-f85560c7e0e1","block_type":"box","text":"of shares; Commission fees; expenses of registering the shares under Federal, state or foreign laws; fees and","page_number":55,"box":{"x":69,"y":603,"width":787,"height":12}},{"id":"81afb332-0749-460c-b364-61267c33181c","block_type":"box","text":"expenses of Trustees who are not interested persons of a Fund as defined in the Investment Company Act;","page_number":55,"box":{"x":69,"y":618,"width":763,"height":12}},{"id":"b06a5ac9-b5ce-494e-b698-847ab52c5a79","block_type":"box","text":"accounting and pricing costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation","page_number":55,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"e95fc926-32fc-4875-967b-451fb1f347be","block_type":"box","text":"and other extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Cer tain","page_number":55,"box":{"x":69,"y":649,"width":776,"height":11}},{"id":"3c37ef08-5c97-4f7e-98b5-8064b5025493","block_type":"box","text":"accounting services are provided to each Fund by The Bank of New York Mellon (“BNYM”), State Street Bank and","page_number":55,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"e02e3d57-a44d-4502-a72b-b16144dd67c2","block_type":"box","text":"Trust Company (“State Street”) or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between BNYM,","page_number":55,"box":{"x":68,"y":679,"width":812,"height":11}},{"id":"b4c1153a-0561-4d3b-a0be-f54f3c88b496","block_type":"box","text":"State Street or JPM, as applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager","page_number":55,"box":{"x":69,"y":694,"width":838,"height":11}},{"id":"7f10c17f-f4c5-4323-acee-d3747f9354e2","block_type":"box","text":"provides cer tain accounting services to each Fund and the Fund pays the Manager a fee for such services. The","page_number":55,"box":{"x":70,"y":709,"width":792,"height":11}},{"id":"af3abac2-8097-4869-9d00-eeb139a78dc8","block_type":"box","text":"Distributor pays cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the","page_number":55,"box":{"x":70,"y":724,"width":824,"height":12}},{"id":"7a14d91b-5604-45ef-983f-755dcf56e740","block_type":"box","text":"Funds. Cer tain expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1","page_number":55,"box":{"x":70,"y":739,"width":803,"height":12}},{"id":"73180686-e16b-41ab-b56a-c1557eef1833","block_type":"box","text":"under the Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":55,"box":{"x":69,"y":755,"width":817,"height":11}},{"id":"b63b890a-201d-4379-9a91-1cae0a16b98b","block_type":"box","text":"Organization of the Manager.","page_number":55,"box":{"x":101,"y":777,"width":210,"height":11}},{"id":"f024bbc0-aa18-4581-a52e-5f653a7c7247","block_type":"box","text":"The Manager, BlackRock Advisors, LLC, is a Delaware limited liability company and","page_number":55,"box":{"x":317,"y":777,"width":588,"height":12}},{"id":"182da97c-bacb-4fad-8d27-da3f278f2516","block_type":"box","text":"an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":55,"box":{"x":69,"y":792,"width":399,"height":12}},{"id":"d2d83748-641a-4559-87d2-8348750df39d","block_type":"box","text":"Duration and Termination.","page_number":55,"box":{"x":102,"y":815,"width":186,"height":9}},{"id":"3ae68f11-dd4f-46df-b2d2-2c982481296b","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement will","page_number":55,"box":{"x":296,"y":815,"width":570,"height":11}},{"id":"6402d73b-0f8f-467c-832d-bd1e17de227a","block_type":"box","text":"remain in effect from year to year if approved annually (a) by the Trustees or by a vote of a majority of the outstanding","page_number":55,"box":{"x":69,"y":830,"width":840,"height":11}},{"id":"643b8dd8-5383-43ca-93ec-acd8fcec2d96","block_type":"box","text":"voting securities of the Fund and (b) by a majority of the Trustees who are not par ties to such agreement or","page_number":55,"box":{"x":68,"y":845,"width":767,"height":12}},{"id":"3bd22c26-8a56-4235-9967-c93c3ad56090","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. The Management Agreements are","page_number":55,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"1ac8913e-7e26-4d5b-b1d2-fc5a54fcd3a3","block_type":"box","text":"not assignable and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto","page_number":55,"box":{"x":69,"y":875,"width":834,"height":12}},{"id":"5e6d81db-95c4-4d88-a6c2-6edc0a455f44","block_type":"box","text":"or by the vote of the shareholders of the Fund.","page_number":55,"box":{"x":69,"y":891,"width":330,"height":11}},{"id":"5a4c0079-9411-4f1e-bdc1-6fa818161170","block_type":"box","text":"II-18","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e2e586a-f47f-47cb-b4cc-589e0ee6531b","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de899500-75a8-4f0b-8cc7-945a6e6b251b","block_type":"box","text":"Other Service Arrangements","page_number":56,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"7fd26564-3409-4db0-8dfa-ae138ee80c81","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":56,"box":{"x":101,"y":67,"width":350,"height":9}},{"id":"0e16f6ca-2161-41ac-bcd3-3f5f7c80e3d9","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":56,"box":{"x":457,"y":67,"width":440,"height":12}},{"id":"962bb76a-b898-4b03-a9e0-caebdcc18b63","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":56,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"fa162fb3-efe0-4788-a6b7-68c54dace3af","block_type":"box","text":"SAI (each, an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":56,"box":{"x":69,"y":98,"width":813,"height":11}},{"id":"a9b98e3c-fd8b-4fdd-93a6-d3c0f000294d","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":56,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"9ae13da4-f2eb-4ef9-b7e8-cc079a38a24a","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":56,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"5253708d-9a2e-4fcb-adc0-7e4d9174c0e0","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":56,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"a04e7672-a5e0-49b8-9c27-555a3d10d44a","block_type":"box","text":"that Fund’s SAI.","page_number":56,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"0a032a43-7dfa-4ad1-bb1f-5c1d266d07a4","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":56,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"20441bf7-2c77-420c-aabc-0597b72ad5d0","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":56,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"60cd05fd-362d-4ba5-9948-50b42e222f4d","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":56,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"3d2373d5-3ff0-4a3a-830e-61ae5a3bbc35","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Trustees of the Fund who are affiliated","page_number":56,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"e104aba8-430f-40e2-8b1e-6e39e9a350cc","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":56,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"466c327c-91c1-4efa-8702-fddb7161ed9b","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":56,"box":{"x":102,"y":264,"width":401,"height":11}},{"id":"3e229ad1-8c97-4b81-a286-6e4a92155b75","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":56,"box":{"x":511,"y":264,"width":364,"height":10}},{"id":"fb16d236-0639-4187-8bf7-4c6b1af528e3","block_type":"box","text":"Administration Agreement with BlackRock will continue from year to year if approved annually (a) by the Board of","page_number":56,"box":{"x":68,"y":279,"width":800,"height":11}},{"id":"28ee1bac-98a2-4463-8f33-8fe5e1448ad5","block_type":"box","text":"Trustees of each applicable Fund or by a vote of a majority of the outstanding voting securities of such Fund and","page_number":56,"box":{"x":68,"y":294,"width":800,"height":11}},{"id":"bc91e2c9-be5b-4b91-ba06-d9ee7b2c7f29","block_type":"box","text":"(b) by a majority of the Trustees of the Fund who are not par ties to such contract or interested persons (as defined in","page_number":56,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"252f1424-abc5-4205-abb8-982a7ac97ab4","block_type":"box","text":"the Investment Company Act) of any such par ty. Such contract is not assignable and may be terminated without","page_number":56,"box":{"x":68,"y":324,"width":797,"height":12}},{"id":"76b2bc4b-ba0d-44ce-838c-6bb93e85e9c7","block_type":"box","text":"penalty on written notice at the option of either par ty thereto or by the vote of the shareholders of the Fund.","page_number":56,"box":{"x":70,"y":339,"width":766,"height":12}},{"id":"68bd6801-f463-4b32-942c-367116c5086a","block_type":"box","text":"Transfer Agency Services.","page_number":56,"box":{"x":101,"y":362,"width":189,"height":11}},{"id":"9d4d2a03-e312-4add-95ae-38b87e2ac5ba","block_type":"box","text":"Each Fund has entered into an agreement with a transfer agent identified in the","page_number":56,"box":{"x":297,"y":362,"width":566,"height":11}},{"id":"9875ada6-6717-4679-ad1f-01d39a2bfa92","block_type":"box","text":"Fund’s Prospectus and Par t I of the Fund’s SAI, pursuant to which the transfer agent is responsible for the issuance,","page_number":56,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"def072a8-0d58-41db-8fa8-0e92be9c4933","block_type":"box","text":"transfer, and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays a fee","page_number":56,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"c0cbc1ee-1759-4381-90ee-231ce72304e7","block_type":"box","text":"for these services.","page_number":56,"box":{"x":68,"y":407,"width":133,"height":9}},{"id":"5a6c9780-f272-4cc2-8cd2-f6a90ccc270d","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements, ‘— Transfer Agent’ or ‘— Transfer Agency","page_number":56,"box":{"x":102,"y":430,"width":745,"height":11}},{"id":"4db2d17a-00b3-4779-bd47-8ee53abca8f9","block_type":"box","text":"Agreement’ ” or “Management and Advisory Arrangements — Transfer Agency and Shareholders’ Administrative","page_number":56,"box":{"x":68,"y":445,"width":798,"height":12}},{"id":"bf419d5a-2af6-4f78-a3e5-0345d7fb5f4f","block_type":"box","text":"Services,” as applicable, in Par t I of each Fund’s SAI.","page_number":56,"box":{"x":69,"y":460,"width":381,"height":11}},{"id":"8b2ab0e4-0f48-4249-93e8-0151f5480797","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":56,"box":{"x":102,"y":483,"width":352,"height":11}},{"id":"dfb3f522-16fd-4675-9472-f8711f02c35a","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":56,"box":{"x":460,"y":483,"width":441,"height":11}},{"id":"6be805f7-9c97-48c6-bdad-d155a0ff6486","block_type":"box","text":"non-interested Trustees of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":56,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"a810aeb7-dd1d-46d3-a34d-58a95e498359","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I,","page_number":56,"box":{"x":69,"y":513,"width":828,"height":12}},{"id":"7bd9794d-be04-41e5-887e-e4e274decae1","block_type":"box","text":"Section IX “Additional Information” of each Fund’s SAI for information on your Fund’s independent registered public","page_number":56,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"c4ee54f4-e32c-40e8-8242-456759b5f2f9","block_type":"box","text":"accounting firm.","page_number":56,"box":{"x":69,"y":543,"width":112,"height":12}},{"id":"5e9c3104-3e13-49b3-92e6-66df7043ecbe","block_type":"box","text":"Custodian Services.","page_number":56,"box":{"x":101,"y":566,"width":144,"height":9}},{"id":"b0966f0e-d470-41d0-90f0-03a8e332d421","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":56,"box":{"x":252,"y":566,"width":653,"height":11}},{"id":"18075350-839b-405a-928f-718224beb378","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":56,"box":{"x":70,"y":581,"width":820,"height":12}},{"id":"58f91acc-dfdb-4ed1-86b2-8434cdc394ec","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":56,"box":{"x":70,"y":596,"width":814,"height":12}},{"id":"6fe4fbf6-22d5-4f5e-87a8-f1073a1ae785","block_type":"box","text":"the Fund’s investments. 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Other — Investment Company Institute, Goldman Sachs Asset Management, L.P., JPMorgan Chase Bank, N.A.,","page_number":60,"box":{"x":70,"y":841,"width":821,"height":11}},{"id":"826add49-07a1-4865-a6a3-c2a42bfe5a9c","block_type":"box","text":"Mizuho Asset Management Co., Ltd., Nationwide Fund Advisors, State Street Bank and Trust Company,","page_number":60,"box":{"x":102,"y":856,"width":732,"height":11}},{"id":"ae232f32-02f5-49d5-9773-a419e40e5d53","block_type":"box","text":"Donnelley Financial Solutions, Inc. and Silicon Valley Bank.","page_number":60,"box":{"x":102,"y":871,"width":416,"height":11}},{"id":"c37c7002-2dc2-43bf-99f9-0e0cff46963c","block_type":"box","text":"In connection with effecting redemptions in kind, the Fund or the Manager may provide information about a","page_number":60,"box":{"x":102,"y":894,"width":762,"height":11}},{"id":"2534c957-d8d8-4672-8d94-a916abca371b","block_type":"box","text":"Fund’s por tfolio holdings, such as the securities to be delivered in connection with the redemption in kind, to a","page_number":60,"box":{"x":70,"y":909,"width":790,"height":11}},{"id":"fff428f4-f61f-4c2f-b477-2329a98567a1","block_type":"box","text":"II-23","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f42d9a96-9cac-4cad-9f97-f2a2a1c0fd68","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2249a9ee-5a93-4ea8-b3bf-eb73d1b3f153","block_type":"box","text":"redeeming shareholder. Typically, such shareholder will be subject to a non-disclosure agreement or other duty to","page_number":61,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"fb8fa387-9afc-4745-8f06-208f356df147","block_type":"box","text":"keep the information confidential.","page_number":61,"box":{"x":69,"y":60,"width":238,"height":11}},{"id":"99355f45-fb69-4ec7-b932-c70d810cbfee","block_type":"box","text":"With respect to each such arrangement, a Fund has a legitimate business purpose for the release of","page_number":61,"box":{"x":101,"y":82,"width":720,"height":12}},{"id":"8e5c1fcb-2c3e-4518-8203-1035b65f7b3e","block_type":"box","text":"information. The release of the information is subject to confidential treatment to prohibit the entity from sharing with","page_number":61,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"8e38096d-948f-412d-9272-393af8139f4d","block_type":"box","text":"an unauthorized source. The Funds, BlackRock and their affiliates do not receive any compensation or other","page_number":61,"box":{"x":69,"y":113,"width":770,"height":11}},{"id":"b9600c09-82a1-43fb-8328-e466117a07bc","block_type":"box","text":"consideration in connection with such arrangements.","page_number":61,"box":{"x":69,"y":128,"width":375,"height":11}},{"id":"2d32db0b-051a-456a-88aa-bfa94b2eddde","block_type":"box","text":"The Funds and the Manager may monitor, to the extent possible, the use of Confidential Information by the","page_number":61,"box":{"x":101,"y":150,"width":762,"height":12}},{"id":"8a7552b8-56d9-47e1-bca3-55709c4e1c23","block_type":"box","text":"individuals or firms to which it has been disclosed. 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In addition, the Manager maintains an internal restricted list to prevent trading by the","page_number":61,"box":{"x":68,"y":226,"width":822,"height":11}},{"id":"729898cb-7cfb-4806-bc9d-010bf44797b1","block_type":"box","text":"personnel of the Manager or its affiliates in securities — including securities held by a Fund — about which the","page_number":61,"box":{"x":70,"y":241,"width":793,"height":11}},{"id":"b86a8466-3342-48e3-9855-2ee13cd21b7e","block_type":"box","text":"Manager has Confidential Information. 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(collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":61,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"ad4300f1-a767-415d-9439-da9f9122374e","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":61,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"43126e80-345b-4cf2-8b9d-d681905ceb2e","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":61,"box":{"x":69,"y":385,"width":507,"height":11}},{"id":"0dd3c924-089f-4627-b175-6ab8f62c70fc","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":61,"box":{"x":102,"y":407,"width":731,"height":12}},{"id":"43eedbfb-60cf-4e78-9473-81611773453b","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":61,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"35c0a0f3-f966-4053-b5ec-0e635b55f0d9","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":61,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"9d0560a0-1f3a-4913-af63-8182b87ce0f7","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":61,"box":{"x":70,"y":453,"width":829,"height":11}},{"id":"26af4042-98b5-4eec-ba04-fde75d7376e3","block_type":"box","text":"and have interests other than that of managing the Funds. 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Such other funds or accounts may offer exposure to strategies that are identical or","page_number":61,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"afde1247-46cd-4c9e-a653-9a6f8522ccec","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":61,"box":{"x":69,"y":612,"width":803,"height":11}},{"id":"a446ad96-208e-420a-bbae-86f4b8aac2e1","block_type":"box","text":"services provided by BlackRock. BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":61,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"cb90ac7b-0aac-4b85-903a-8e51d706127b","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":61,"box":{"x":70,"y":710,"width":785,"height":11}},{"id":"1db86cbd-9733-44ba-9b6e-9ee6780e1095","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":61,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"8c599e8f-349e-4cf6-a5d2-d7e227ab3481","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":61,"box":{"x":68,"y":740,"width":652,"height":11}},{"id":"9f230ed8-831c-41ea-a383-543a860a972c","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":61,"box":{"x":102,"y":763,"width":787,"height":11}},{"id":"556d79f6-8c76-416f-9a7b-43270e8d719c","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":61,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"37887fae-845c-4938-93fa-261fc20bc85c","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":61,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"2ef7e06e-7326-4308-b336-8a0be7222c1f","block_type":"box","text":"Fund. 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BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":62,"box":{"x":69,"y":151,"width":776,"height":11}},{"id":"70c47dce-b195-4128-b834-f1d302bc7642","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":62,"box":{"x":70,"y":166,"width":774,"height":11}},{"id":"c05d2ac5-585d-4e49-879c-b8b31e5a5f5b","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":62,"box":{"x":69,"y":181,"width":781,"height":11}},{"id":"97503f35-1d82-4124-aa82-ad600497736b","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":62,"box":{"x":69,"y":196,"width":787,"height":11}},{"id":"2c59e11f-398a-4fbb-93e9-667158970572","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":62,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"7a0e8f9b-8437-4bd8-b090-266a6f2a1613","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":62,"box":{"x":70,"y":226,"width":805,"height":11}},{"id":"e6332b36-9012-4e87-8fdd-aeafe900dd70","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":62,"box":{"x":70,"y":241,"width":797,"height":11}},{"id":"518135e7-1aa7-4e26-8c51-7759cf0fff42","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":62,"box":{"x":69,"y":256,"width":573,"height":11}},{"id":"7452a28b-2bdf-4890-bd3d-e2d701e03381","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":62,"box":{"x":102,"y":279,"width":797,"height":11}},{"id":"5fdd5dc9-b40d-4994-bb35-bccd7a14b839","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":62,"box":{"x":69,"y":294,"width":791,"height":11}},{"id":"5f219dd9-4b52-45ca-a419-8977f0e9a463","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":62,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"b9c04700-7cf2-4bd7-9bff-e69b180cafa5","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":62,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"0212771b-4993-4028-90af-6ad6a34177da","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":62,"box":{"x":69,"y":339,"width":803,"height":12}},{"id":"083a9f93-6490-4856-a6b5-2a6f42bec13d","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":62,"box":{"x":70,"y":355,"width":783,"height":11}},{"id":"9b44f996-ec20-4150-a045-5e71bf8c335c","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":62,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"03ccef0d-f30a-454e-88d2-139d40937470","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":62,"box":{"x":70,"y":385,"width":777,"height":11}},{"id":"c2101425-5f84-443b-a67b-b36438bf4a40","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":62,"box":{"x":70,"y":400,"width":780,"height":11}},{"id":"54bb9526-c36e-466a-ab70-955efeb00f23","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":62,"box":{"x":69,"y":415,"width":802,"height":11}},{"id":"57b6f46a-9857-43f9-969f-30e773616ec0","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":62,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"93d3b8b6-685e-44ea-9ce7-688541efc386","block_type":"box","text":"Funds.","page_number":62,"box":{"x":70,"y":446,"width":44,"height":8}},{"id":"39fe365f-eec3-4366-b2ae-5fbaa1542ca8","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":62,"box":{"x":102,"y":468,"width":755,"height":11}},{"id":"65a0f5ac-2cf1-4967-bae7-84e5306477ad","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":62,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"22896600-97a7-4045-8200-80cd8b946512","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":62,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"fefc675f-f23b-4c6f-860f-9a976968c2af","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":62,"box":{"x":69,"y":513,"width":679,"height":12}},{"id":"2f07ece7-92d0-43ef-b070-13b38bb88437","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":62,"box":{"x":101,"y":536,"width":760,"height":11}},{"id":"8f38a3ce-41b4-4f89-bddf-818a02fb1aaf","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":62,"box":{"x":70,"y":551,"width":818,"height":11}},{"id":"67511bca-a441-4b13-9988-84d975219470","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":62,"box":{"x":68,"y":566,"width":836,"height":11}},{"id":"3cc7620d-18c7-487c-baec-ef123b1dbcf6","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":62,"box":{"x":69,"y":581,"width":825,"height":11}},{"id":"9a2dfdf0-8f93-4440-b43d-4c1f0508f609","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":62,"box":{"x":68,"y":597,"width":421,"height":10}},{"id":"b74cf2c6-6875-4939-a3da-6f41e8f9d237","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":62,"box":{"x":102,"y":619,"width":794,"height":11}},{"id":"f449acd5-2358-48c9-bc9c-bfdf2cff18cd","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":62,"box":{"x":68,"y":634,"width":817,"height":11}},{"id":"f9b6d62e-14cc-48fb-9a19-3266805b7259","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":62,"box":{"x":70,"y":649,"width":797,"height":12}},{"id":"79011a49-4fcb-4a34-9b39-24686f4d40e0","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":62,"box":{"x":69,"y":665,"width":826,"height":11}},{"id":"9ef3c68a-31ce-4584-850f-906f28889cc7","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":62,"box":{"x":70,"y":680,"width":780,"height":11}},{"id":"c2f28162-70a9-40bb-882c-f93cbeaac854","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":62,"box":{"x":69,"y":695,"width":791,"height":11}},{"id":"504c681d-0597-4e0c-aa4d-1c40f0fc7296","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":62,"box":{"x":70,"y":710,"width":457,"height":11}},{"id":"6ada9624-8c8e-4745-87e9-fffc5ec1c93c","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":62,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"376938fd-92a8-4f81-9f20-776aee551fb2","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":62,"box":{"x":69,"y":748,"width":840,"height":11}},{"id":"83ee69bd-7b6e-4cb8-9a80-9b95ecf88faf","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":62,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"ca58d3fc-6c07-459d-9ec4-1e30d1507f77","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":62,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"672117d7-519e-46bc-b1af-8b1001dee3c7","block_type":"box","text":"case.","page_number":62,"box":{"x":69,"y":795,"width":37,"height":7}},{"id":"26f1c815-d8c8-40ec-b49b-0ad1de4ae67a","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":62,"box":{"x":101,"y":816,"width":791,"height":11}},{"id":"a17953bc-22c5-425c-864e-6c6af1829dfc","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":62,"box":{"x":70,"y":831,"width":824,"height":11}},{"id":"5ea8a72f-2c69-4193-ac0a-d8571f5e21b5","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":62,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"36022fbc-c8ef-4a2f-b9a4-766f66b6bf6d","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":62,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"6e0f5269-b1eb-48dd-9375-546cc6014bd0","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":62,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"cf10f540-6592-4fad-826c-3d27a9b0e789","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":62,"box":{"x":69,"y":891,"width":767,"height":12}},{"id":"75eeae1d-25de-4268-965b-86693e57fa05","block_type":"box","text":"II-25","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"77e23497-af6b-4ba8-9090-494e44929330","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"881d7901-758f-4fd3-8ad7-0f4d406d1581","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":63,"box":{"x":102,"y":45,"width":766,"height":11}},{"id":"e217b1bb-192c-4825-91b4-35b97a875250","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":63,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"8883c4c8-3e0e-4d6a-ad1c-62bf93188ea8","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":63,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"87ce6044-71a8-49bc-804f-9a7a74afb37c","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":63,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"8420af80-8a16-4871-89cd-b32e86a22f9e","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":63,"box":{"x":68,"y":105,"width":825,"height":11}},{"id":"cdc6e240-c8ad-4195-9452-189d73a14fcc","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":63,"box":{"x":68,"y":120,"width":790,"height":11}},{"id":"97f7a17f-74a5-47a9-b726-fec7e1e6ef00","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":63,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"d53b3b5c-aa4c-4ddf-830e-c2a694742d5a","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":63,"box":{"x":69,"y":150,"width":827,"height":12}},{"id":"ea3540ae-8388-4fe8-8943-cece8dd32a0c","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":63,"box":{"x":70,"y":166,"width":271,"height":11}},{"id":"f8aea2cb-e72c-415a-9fd5-8f6a4c96c2df","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":63,"box":{"x":102,"y":188,"width":792,"height":12}},{"id":"0badcd6c-f389-40cb-92dc-601dddc4c3b9","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":63,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"41f115b0-10e7-42a8-babf-bde5e9f0f621","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":63,"box":{"x":68,"y":218,"width":821,"height":12}},{"id":"e01a0f9b-94db-4514-b2ca-6a4fa09ca559","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":63,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"40ef7475-8786-44f1-9515-4c41245f6c82","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":63,"box":{"x":69,"y":249,"width":793,"height":11}},{"id":"8c71f79b-9ac4-4acd-b473-fa40b762d426","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":63,"box":{"x":69,"y":264,"width":762,"height":11}},{"id":"7fad09ae-11fa-452c-a297-f41620613a9b","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":63,"box":{"x":70,"y":279,"width":839,"height":11}},{"id":"6ce4f809-d2e8-4634-8533-2b6ca00c0ef5","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":63,"box":{"x":70,"y":294,"width":795,"height":11}},{"id":"0d8f8c85-5020-471d-941e-d5f48d366dcb","block_type":"box","text":"managing a Fund.","page_number":63,"box":{"x":69,"y":309,"width":124,"height":11}},{"id":"c274b0a6-804d-4f01-abe1-a09b4bda5ac9","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":63,"box":{"x":101,"y":332,"width":751,"height":11}},{"id":"6a01be9d-d4ff-4347-9566-4f963890f194","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":63,"box":{"x":69,"y":347,"width":830,"height":11}},{"id":"5c4733b2-fbe0-4086-93a9-707259b03c9c","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":63,"box":{"x":70,"y":362,"width":820,"height":11}},{"id":"588df1a0-b7ce-4488-a5be-4a93cfe17786","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":63,"box":{"x":68,"y":377,"width":785,"height":11}},{"id":"cf8cf07d-c113-4526-aafd-b7723a27c5b9","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":63,"box":{"x":70,"y":392,"width":481,"height":12}},{"id":"b86da79f-4d4e-4df2-86ea-701a96263bfc","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":63,"box":{"x":102,"y":415,"width":754,"height":11}},{"id":"001b4932-7b2e-4c4f-9052-acd9cd0a2de9","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":63,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"5caa70e6-e2f9-495b-b903-4e321907740e","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":63,"box":{"x":69,"y":446,"width":831,"height":11}},{"id":"5360c5a5-13ea-4472-bc5c-fbeb5f05e863","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":63,"box":{"x":69,"y":460,"width":680,"height":12}},{"id":"1974d169-38e4-4693-a485-1707e8bdd420","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":63,"box":{"x":102,"y":483,"width":791,"height":11}},{"id":"dbac9a4b-9215-4a0b-b9d2-fef8288c7452","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":63,"box":{"x":70,"y":498,"width":820,"height":11}},{"id":"a69e1c7d-c8d8-47b6-9033-bf5511e43b2c","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":63,"box":{"x":69,"y":514,"width":837,"height":10}},{"id":"da371946-48ff-4533-87f3-c65a19671b6e","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":63,"box":{"x":70,"y":528,"width":832,"height":12}},{"id":"9166b57a-862f-4947-ab95-67933d6d51ba","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":63,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"00793e2f-6b8b-4a2d-848d-db568f40a0f5","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":63,"box":{"x":70,"y":559,"width":344,"height":11}},{"id":"d26a7656-6f4c-447e-a0c5-ca2987062c10","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":63,"box":{"x":102,"y":581,"width":741,"height":12}},{"id":"4bfbbc97-8a81-49c9-90e9-e6a4cc5ce28f","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":63,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"5c3101cd-eef0-4a31-b8d4-7f2d31ef026e","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":63,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"e718232a-b014-4819-bcf2-f7c90af8941e","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":63,"box":{"x":69,"y":627,"width":777,"height":11}},{"id":"5841eb37-731a-48fc-ae41-4686d57650fa","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":63,"box":{"x":69,"y":642,"width":810,"height":11}},{"id":"32a765f2-1918-4d67-a9d2-ea3aacb37f11","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":63,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"f26f06fe-2a33-4141-b9e4-3ab62f9e38fb","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":63,"box":{"x":70,"y":672,"width":798,"height":11}},{"id":"b3ee71dc-e3ab-4542-b525-8acd24d091cb","block_type":"box","text":"under management for BlackRock.","page_number":63,"box":{"x":69,"y":687,"width":243,"height":11}},{"id":"0c541102-677f-4a2c-a501-9375488d3884","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":63,"box":{"x":101,"y":710,"width":773,"height":11}},{"id":"95dac9a6-81da-488a-afdd-241f7242391e","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":63,"box":{"x":69,"y":725,"width":797,"height":11}},{"id":"f593076e-d6e1-421f-a369-1bd99831e82c","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":63,"box":{"x":69,"y":740,"width":817,"height":11}},{"id":"dc9c7ae9-9044-450e-8e32-7d30b8baab3e","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":63,"box":{"x":68,"y":755,"width":837,"height":11}},{"id":"5e9a2c8e-3f5f-448c-96aa-62169d3698b6","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":63,"box":{"x":70,"y":771,"width":781,"height":11}},{"id":"5d067bd0-32f0-4188-ad1b-fc2207134502","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":63,"box":{"x":101,"y":793,"width":779,"height":11}},{"id":"87706991-ff9b-4bef-8bab-0393f46f05fb","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":63,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"082ec139-b49c-4f58-96c1-f18113be8b9c","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":63,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"ffb04cce-c7a0-4034-b016-fd55d3fcc38d","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":63,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"91b5a821-9956-44c4-82ce-9174fc16372f","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":63,"box":{"x":69,"y":853,"width":792,"height":12}},{"id":"17d14234-1442-44d3-940c-9b4066e9cb40","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":63,"box":{"x":69,"y":869,"width":832,"height":11}},{"id":"ef6597e9-1167-4b03-9b66-33016e891955","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":63,"box":{"x":70,"y":884,"width":833,"height":11}},{"id":"c6d191f0-9629-4f5b-8f54-e56b58b48c1b","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":63,"box":{"x":68,"y":899,"width":726,"height":11}},{"id":"0a1dc834-f443-44ad-9da6-c8d135a18238","block_type":"box","text":"II-26","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a547e79f-50b4-4898-b768-1a0eb1907baf","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ff8973e-a668-4191-8cfc-84946bcc304b","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":64,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"6ddbb9b0-3447-4655-a170-a53903be2595","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":64,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"69811674-9b22-4b73-ac3f-2f3f826512f2","block_type":"box","text":"or in other commercial capacities. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":64,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"ba5ec32a-3743-41c8-bf72-bb2eac669308","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":64,"box":{"x":69,"y":370,"width":660,"height":11}},{"id":"f174b957-e089-4b58-9718-83d884b2e2e5","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":64,"box":{"x":101,"y":392,"width":767,"height":12}},{"id":"cdfce77d-d1d4-4517-80ed-97931523118a","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. 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Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":64,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"a7a2ce7a-db52-4382-9905-1ae07129460c","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":64,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"587b8c71-090c-4d4c-8525-c4a0e5c74f49","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":64,"box":{"x":69,"y":801,"width":444,"height":11}},{"id":"4abdf126-0188-4dcc-9a27-38aa4e168cc7","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":64,"box":{"x":102,"y":823,"width":734,"height":12}},{"id":"695127fc-c1a3-41a4-85b9-0b1a95913609","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":64,"box":{"x":70,"y":838,"width":840,"height":12}},{"id":"3de0b9cb-4f8c-42e0-9a34-528d19841114","block_type":"box","text":"have different research payment arrangements. 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Under the European Union Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets","page_number":65,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"525e525c-b3de-4bee-b75d-cf08f00b6c40","block_type":"box","text":"in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), European Union’s (the","page_number":65,"box":{"x":70,"y":188,"width":795,"height":12}},{"id":"ac024e86-0ad4-42a8-852f-621a66502e9a","block_type":"box","text":"“EU”) investment managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to cer tain","page_number":65,"box":{"x":70,"y":204,"width":826,"height":11}},{"id":"518c4735-53d9-490a-8b70-26b68555dd3a","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than through client","page_number":65,"box":{"x":70,"y":218,"width":790,"height":12}},{"id":"68dbbd9d-7588-4114-8efe-b08f1024db16","block_type":"box","text":"commissions.","page_number":65,"box":{"x":69,"y":234,"width":97,"height":9}},{"id":"4103ff58-732c-41b7-99ef-ed6349f86f7b","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":65,"box":{"x":102,"y":256,"width":770,"height":11}},{"id":"29b9cb40-5ac7-4edd-b85a-3049d8cb5eae","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":65,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"4ae05e3a-82e9-4875-9c11-83938711abe6","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making","page_number":65,"box":{"x":69,"y":287,"width":829,"height":11}},{"id":"a7d813ea-e590-49e2-b1be-1599dd18cc52","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and over-the-counter (“OTC”) transactions). 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In addition,","page_number":65,"box":{"x":68,"y":445,"width":815,"height":12}},{"id":"a56312d7-6062-407a-ae46-5ee88070245b","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":65,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"cf47d9ff-c187-4c44-b14b-939b307ce4be","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":65,"box":{"x":69,"y":476,"width":804,"height":11}},{"id":"08860413-86da-4be7-b1e1-702af803664d","block_type":"box","text":"BlackRock client accounts. 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BlackRock may from time to","page_number":65,"box":{"x":69,"y":559,"width":833,"height":11}},{"id":"84f0526e-0766-4a10-b73b-bf44773b540f","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":65,"box":{"x":68,"y":574,"width":836,"height":11}},{"id":"d3e98f89-7137-41c4-a121-bf4baf16982f","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":65,"box":{"x":69,"y":589,"width":760,"height":11}},{"id":"270bd836-d67d-4960-9c63-13dd22c437f0","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":65,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"a0ed2aae-6fdb-4ea2-8db1-2e9e806aac07","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":65,"box":{"x":69,"y":619,"width":807,"height":11}},{"id":"22e3cda4-1d9c-4d50-aba4-be82e1893453","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":65,"box":{"x":69,"y":634,"width":760,"height":12}},{"id":"86996ec2-bb47-47a2-823e-2d5ba0a0c3d6","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":65,"box":{"x":102,"y":657,"width":799,"height":11}},{"id":"2eec2952-531f-4f02-a8c7-80f5571857b0","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":65,"box":{"x":70,"y":672,"width":767,"height":11}},{"id":"6584f0bd-cb41-46d9-bacc-9a62efd70bc0","block_type":"box","text":"securities transactions for cer tain types of securities. 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Access fees may be paid by BlackRock even though incurred in connection with","page_number":65,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"2ba09913-8576-47c0-8294-a0cc8b8158c4","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":65,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"e24bfb70-0969-4028-b579-a8c9ddf341fa","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":65,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"b9d577cb-6e7b-4699-851d-4451c2504944","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":65,"box":{"x":68,"y":778,"width":519,"height":11}},{"id":"c258bfaf-fb8f-4408-bcc1-2f1b19baf04e","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":65,"box":{"x":102,"y":801,"width":793,"height":11}},{"id":"573baaff-b216-4baf-a640-dcefc784ceaa","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":65,"box":{"x":69,"y":816,"width":782,"height":11}},{"id":"f5e4ee32-5452-4299-bdfe-ca4c9458ee06","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":65,"box":{"x":69,"y":831,"width":710,"height":11}},{"id":"10ea7cef-4a98-4e00-8dfd-97811f0fc136","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":65,"box":{"x":102,"y":853,"width":792,"height":12}},{"id":"bb021bb2-3954-4fdd-b8a3-4accbb78cdfa","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":65,"box":{"x":68,"y":869,"width":784,"height":11}},{"id":"2ae401c7-09ca-4b28-9c50-173d69ed2993","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless,","page_number":65,"box":{"x":69,"y":884,"width":719,"height":11}},{"id":"229b1214-52c3-45dd-8bfe-46d458b28bf3","block_type":"box","text":"II-28","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14cb4448-d40c-4b8a-bc09-f2dd3f1060e6","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2729703-4129-44af-83e3-3f7f91c94940","block_type":"box","text":"notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have","page_number":66,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"ecec1343-a3c0-4219-a96a-bc200c860d87","block_type":"box","text":"the effect of favoring the interests of other clients or businesses of other divisions or units of BlackRock, provided","page_number":66,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"f3d1255d-62fd-43a4-9a4c-944514843be9","block_type":"box","text":"that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations. For a more detailed","page_number":66,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"e8c51c98-cfc6-4863-aafe-0a9ad33b34c6","block_type":"box","text":"discussion of these policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":66,"box":{"x":69,"y":90,"width":635,"height":11}},{"id":"aab1c217-7510-4adc-8066-1099712a3206","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":66,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"02b0c849-f95f-48e4-a571-923e1ab3c2ac","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":66,"box":{"x":69,"y":128,"width":825,"height":11}},{"id":"da58b518-c6c4-439d-8acd-ba84498e51ab","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":66,"box":{"x":70,"y":143,"width":837,"height":11}},{"id":"30e6a4dd-854b-4f98-bb86-e5d038c39bd9","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":66,"box":{"x":69,"y":158,"width":774,"height":11}},{"id":"085ff433-a24a-44f8-b848-b69de7bd551f","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":66,"box":{"x":69,"y":173,"width":796,"height":11}},{"id":"be7e836c-0eb9-47a6-8a03-fa37ba7a5f38","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":66,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"404e8036-7284-45d2-b3d4-292a76fdd8d4","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":66,"box":{"x":69,"y":203,"width":831,"height":12}},{"id":"8d7a09ef-7214-42c0-8b65-c59dceffed28","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":66,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"9eb6b6b7-ad59-4ee7-b300-5944b56256e1","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":66,"box":{"x":69,"y":234,"width":355,"height":11}},{"id":"b4abd5da-10f4-4895-b244-fd901c271f45","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":66,"box":{"x":102,"y":256,"width":742,"height":12}},{"id":"db5ab9eb-ed00-4384-8d74-e3d458659793","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":66,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"11554904-5663-4c12-bdf9-d43b9ecd73dd","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":66,"box":{"x":69,"y":347,"width":766,"height":11}},{"id":"207c40bb-64f6-4572-be8c-f47864ef4b39","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":66,"box":{"x":70,"y":362,"width":533,"height":9}},{"id":"50739918-3c12-4584-8cb9-c2a55a218434","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":66,"box":{"x":102,"y":385,"width":789,"height":11}},{"id":"71941d15-6972-4387-b828-b6dd467ca8e7","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":66,"box":{"x":70,"y":400,"width":805,"height":11}},{"id":"a0b4f920-1c33-41ba-b252-8465b8e7c548","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":66,"box":{"x":69,"y":415,"width":813,"height":11}},{"id":"7ce717db-ce1d-40ee-9d30-d96d229307ad","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":66,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"9ea88527-1313-4603-a6e3-1fd7547cf3d9","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":66,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"73d5cb85-a6b3-43d9-8348-b72b0910d688","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":66,"box":{"x":70,"y":460,"width":745,"height":12}},{"id":"7151bce6-9ace-447d-8a08-65a3a81d7558","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":66,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"65d6794d-d2df-44ae-bc4a-4c842565cc01","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":66,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"5ff0d97b-f0f8-456d-a85b-275ee426c73b","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":66,"box":{"x":70,"y":506,"width":711,"height":11}},{"id":"ba6ac2fd-b2cb-4f68-8aa1-591cc6e60993","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":66,"box":{"x":102,"y":529,"width":741,"height":11}},{"id":"5fe5be02-33e1-4cec-bec8-2eef0c7d4d93","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":66,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"04bd2fb3-4f1e-42a8-8547-48ff57aefb71","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":66,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"332cece3-50b2-4a50-95b2-b618c5befe5f","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":66,"box":{"x":69,"y":574,"width":825,"height":11}},{"id":"f6425d16-751f-4757-8c5b-db493fd91d98","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":66,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"a9068c0b-7ddd-4098-82d1-e4b7429f6ec6","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":66,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"c1870200-052d-4d24-82ed-1b55b273444b","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":66,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"dbd95816-bd0b-4266-bde7-2be5b4b2954a","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":66,"box":{"x":102,"y":642,"width":787,"height":11}},{"id":"76496a0e-f28a-45da-8aac-dc205ff237b6","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":66,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"f55a959d-7006-471b-9054-b7d6b8d2d0c8","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":66,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"24395fc8-e9b3-46fa-8e46-6110d340e617","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":66,"box":{"x":69,"y":732,"width":825,"height":12}},{"id":"e6b770dd-559b-413a-a3bc-2aa5915d70aa","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":66,"box":{"x":70,"y":748,"width":816,"height":11}},{"id":"b871697d-ffe9-402a-aa5b-85886f00cf33","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":66,"box":{"x":70,"y":763,"width":836,"height":11}},{"id":"d76a602b-b3d1-4887-b28d-0bbd35be6ca9","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":66,"box":{"x":69,"y":778,"width":352,"height":11}},{"id":"f320abfc-befd-4b4c-93b4-6e77cacec4fd","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":66,"box":{"x":102,"y":801,"width":768,"height":11}},{"id":"11e6ef24-52d4-409d-9987-83b138967972","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":66,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"85acfc9a-892b-4817-8e19-880cb85379d2","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":66,"box":{"x":68,"y":831,"width":839,"height":10}},{"id":"7248131f-32eb-45ab-9b7c-0d0ca3c5bfea","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":66,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"81515da1-f306-4df8-abed-a7aa010ec1b8","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":66,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"8ffb0227-0103-4324-81ac-6d9c9c0aa209","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":66,"box":{"x":68,"y":876,"width":826,"height":11}},{"id":"a8f2e380-dd6e-4fed-897a-baeac7bde9fd","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":66,"box":{"x":68,"y":891,"width":810,"height":11}},{"id":"90b4634a-7fa8-42e7-8f3b-2e62a514916b","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":66,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"7938c03e-a690-4f10-a586-ebecac43b994","block_type":"box","text":"II-29","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dac7fc34-31f8-459e-9435-1c979bbbd4af","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"738c1fac-ee76-4fa3-b653-d6107c807169","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":67,"box":{"x":68,"y":45,"width":782,"height":11}},{"id":"7f410359-263e-4d6a-a86e-59adb7e6d929","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":67,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"9af33ca1-3beb-4807-aa8c-512bceb29a71","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":67,"box":{"x":70,"y":75,"width":804,"height":11}},{"id":"39daa524-2fcc-418f-a3ac-dee30163943f","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":67,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"0a0ff00b-fab5-4d65-8458-f388c7a54195","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":67,"box":{"x":69,"y":105,"width":755,"height":11}},{"id":"a3360c78-df79-463e-a6f3-842d96af9636","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":67,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"f68ea9f4-4b3e-4400-bad4-26d6e9046e70","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":67,"box":{"x":69,"y":135,"width":806,"height":12}},{"id":"00085a81-5694-496b-8dcd-e79b0fa3068d","block_type":"box","text":"public information about the company (e.g., in connection with par ticipation in a creditors’ committee). Moreover,","page_number":67,"box":{"x":70,"y":150,"width":805,"height":12}},{"id":"8e21c79c-053d-43f5-a2ca-c9696b0ec287","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":67,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"959fa700-32a7-42f5-bad8-d4000eb2ce88","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":67,"box":{"x":70,"y":181,"width":827,"height":11}},{"id":"f20b41b5-fbef-4e70-9948-d2ca230146dd","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":67,"box":{"x":69,"y":196,"width":830,"height":11}},{"id":"8fc3c772-554d-4eea-8ebd-64d1a88f65ea","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":67,"box":{"x":68,"y":211,"width":773,"height":11}},{"id":"393aeee9-6648-462d-80bb-8115912cb003","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":67,"box":{"x":69,"y":226,"width":832,"height":11}},{"id":"b3c997d4-0193-46d5-bcf5-9479be74e268","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":67,"box":{"x":68,"y":241,"width":781,"height":11}},{"id":"c92ca1cd-0310-44db-b4f8-2a28f16d7861","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":67,"box":{"x":69,"y":256,"width":819,"height":11}},{"id":"c5467ba6-75e0-455b-ba91-1ea42f29ba84","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":67,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"0aab5fec-f103-49a6-8ced-bae5fd8a13fa","block_type":"box","text":"of the issuer.","page_number":67,"box":{"x":69,"y":286,"width":92,"height":10}},{"id":"693490b5-efb3-42e5-a9f2-484cc6a2a7bd","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":67,"box":{"x":102,"y":309,"width":748,"height":11}},{"id":"a2a42342-1a49-4af6-a318-92c890ddaef8","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":67,"box":{"x":69,"y":324,"width":819,"height":11}},{"id":"c19cbfd5-954c-48ba-8b99-5a56b7064ff2","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":67,"box":{"x":70,"y":339,"width":817,"height":12}},{"id":"2187ad0d-3d42-4d17-bf24-6e87fe491a06","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":67,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"d2aa633a-2f12-4c06-8539-655a8bb25bc6","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":67,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"a07d6253-b431-4a54-9a96-7237556708b8","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":67,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"bd1b7de3-78c2-42de-aba3-f9b7a9cc494c","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":67,"box":{"x":68,"y":400,"width":797,"height":11}},{"id":"5390ed17-6daf-4017-8803-1018f3532bd7","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":67,"box":{"x":70,"y":415,"width":667,"height":11}},{"id":"26bf86dd-cb7f-48a0-bf20-d9db82a9f08c","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":67,"box":{"x":102,"y":438,"width":794,"height":11}},{"id":"46d0ae9f-e51e-4ea3-bacd-c3f9efc635cc","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":67,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"2ec1b895-d96b-4e78-b013-66e1948e1c0f","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":67,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"aa349c13-2242-47e7-8459-a19932e28924","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":67,"box":{"x":70,"y":483,"width":818,"height":11}},{"id":"fc8548c9-221b-4c07-89c8-c85c0efb92c2","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":67,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"0a7b6ff0-7c9a-4d32-a531-11e7cb487072","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":67,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"3a78e671-e578-4602-b1bb-676ff135bb2d","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":67,"box":{"x":70,"y":528,"width":824,"height":12}},{"id":"c071374e-b443-4001-86de-9f606b0bc397","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":67,"box":{"x":68,"y":543,"width":472,"height":12}},{"id":"a1f16bfc-81d9-467d-86c7-b4f9c095efd9","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":67,"box":{"x":102,"y":566,"width":744,"height":11}},{"id":"3b22455a-be75-4b43-a162-4d8288fac98a","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":67,"box":{"x":70,"y":581,"width":775,"height":11}},{"id":"c65e3330-7343-49ba-9b91-5cc6392de96b","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":67,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"1e2dd2ef-5964-492b-8163-4475f21b53f3","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":67,"box":{"x":68,"y":612,"width":779,"height":11}},{"id":"d5db4054-40ce-4c2b-a834-54829167548d","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":67,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"e9e4c96d-3f75-4967-a121-e5f1a6e72925","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":67,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"d0e82410-a5bc-404c-af45-b8233992613f","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":67,"box":{"x":70,"y":657,"width":803,"height":11}},{"id":"1c3a7d22-b71c-438b-ac6b-02b076ba9a1f","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":67,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"248382bb-7d14-40bc-ba4e-1624ffa3cba4","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":67,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"06b3586f-7292-45bb-9107-7b6bcc03d882","block_type":"box","text":"a barrier.","page_number":67,"box":{"x":69,"y":703,"width":62,"height":8}},{"id":"b501e75a-83e2-4589-b06e-edab8c7ecede","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":67,"box":{"x":101,"y":725,"width":788,"height":11}},{"id":"93ebef32-4a55-4bd8-84f0-0efdd5cf2ca7","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":67,"box":{"x":69,"y":740,"width":827,"height":11}},{"id":"925bd1ed-46f1-4f38-830e-23e81a86f6e5","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":67,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"7656b449-4a9e-42be-a2b6-bb288caacabf","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":67,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"5b7d6d56-b5e1-48d4-91f7-ccfd09c59b32","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":67,"box":{"x":69,"y":786,"width":806,"height":11}},{"id":"e4c6854d-4170-4817-819f-eafb2de8e487","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":67,"box":{"x":70,"y":801,"width":818,"height":11}},{"id":"5765d03d-4936-4ff5-a14c-bd2fbb9a1015","block_type":"box","text":"that operate in cer tain industries (e.g., banking, insurance, and utilities) or in cer tain emerging or international","page_number":67,"box":{"x":68,"y":816,"width":789,"height":11}},{"id":"632a4763-e869-47fa-b53a-fcee6bf4ff0e","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (e.g., with mechanisms such as poison pills","page_number":67,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"1680d012-792f-4183-a1f6-bcd4ff3b8c29","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":67,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"371eea6a-c8b9-489a-91f6-9087cc503de5","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":67,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"6e8711d3-d27e-45f5-ae5b-4d99b486333a","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":67,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"938fdc0b-fba1-4e2d-8da9-38e1ec9d7020","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":67,"box":{"x":69,"y":891,"width":769,"height":11}},{"id":"114cde3e-8a4f-4b9f-9a15-fd8e2d93cacc","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":67,"box":{"x":69,"y":906,"width":775,"height":12}},{"id":"3d8b2c98-c119-40e4-977b-3dd78ae48653","block_type":"box","text":"II-30","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0517428-db31-4bc4-b859-81eaff34aea7","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6829d7bf-849e-4f48-86a1-d3bd2389423e","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":68,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"f4283fc3-329f-4891-9e86-b18d53d9d87c","block_type":"box","text":"seek to make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":68,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"6ec38b50-50a9-4476-bbf1-c91863031c51","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":68,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"8108efaf-b3b5-4a4c-8400-885cfb32a796","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":68,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"6e8e9d69-acee-4761-b007-399b1b72ecc6","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":68,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"afab1ac5-229a-4eec-9fd2-f0e1978d05ed","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":68,"box":{"x":69,"y":120,"width":767,"height":12}},{"id":"7e126c45-2be2-4ce0-9727-f724a1f7ac0b","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":68,"box":{"x":69,"y":135,"width":829,"height":11}},{"id":"5daebe44-ab37-4bda-b4d8-ad0cb480c764","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":68,"box":{"x":69,"y":151,"width":772,"height":11}},{"id":"3c53d848-6572-47a5-b47f-b7cf734321a3","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":68,"box":{"x":102,"y":173,"width":783,"height":11}},{"id":"17324234-9f19-4b5a-aa51-3f6db2a6d99d","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":68,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"ec81ae0f-107e-4b0c-b48d-a1b3959f1c8b","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":68,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"25969beb-c470-4653-9b19-4f2be6309a7a","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":68,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"ba82a1a4-c396-46e0-ae93-9c8a36241470","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":68,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"2631fdb8-d947-43b9-8159-7778e22847de","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":68,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"03ca4f30-e951-47bf-af8f-dcfb4af8dc31","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":68,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"b8d59656-6c8d-4e60-9b63-1f605568585f","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":68,"box":{"x":69,"y":279,"width":826,"height":11}},{"id":"d5fded5c-0233-47fc-a1ed-82a782f5cbd0","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":68,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"d3801dcf-2580-4f17-a45c-f1a7751ca27d","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":68,"box":{"x":69,"y":309,"width":830,"height":11}},{"id":"85a7cf52-eb1f-417c-a00a-400bdb098645","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":68,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"ed162a74-27a6-459c-8685-0c11d8062d76","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":68,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"62806ee4-bf29-4ea5-aa83-a06ac947419b","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":68,"box":{"x":69,"y":355,"width":796,"height":11}},{"id":"fe385bb6-5b00-4d55-b666-7f92537a7f1b","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":68,"box":{"x":69,"y":370,"width":720,"height":11}},{"id":"336eaa5a-6389-4086-85a9-fcfc9f621062","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":68,"box":{"x":101,"y":393,"width":807,"height":11}},{"id":"a3bc8063-5a88-4957-8380-e5acadb9c41c","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":68,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"96b76c04-52ee-4407-998d-2b8ce3a255eb","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":68,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"5466b096-86e1-4c35-85ea-7c4b65ef8027","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":68,"box":{"x":69,"y":438,"width":824,"height":11}},{"id":"8154746e-aa92-4792-ad95-41823497c66a","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":68,"box":{"x":68,"y":453,"width":841,"height":11}},{"id":"458dce4b-3094-4539-936f-8fed7daba0e6","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":68,"box":{"x":69,"y":468,"width":770,"height":11}},{"id":"8a84d960-3d7f-401c-9827-2c44ea82781e","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":68,"box":{"x":69,"y":483,"width":769,"height":11}},{"id":"6fd3dec2-7e2e-4eca-884e-6906ba8f4ff0","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":68,"box":{"x":70,"y":498,"width":794,"height":11}},{"id":"5e8ff2cd-555a-4cc2-a191-b12a76e4575c","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":68,"box":{"x":69,"y":514,"width":757,"height":11}},{"id":"863b325b-17a8-4812-8736-e79b018d5bce","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":68,"box":{"x":69,"y":528,"width":807,"height":12}},{"id":"2530beda-1422-46a5-b68f-7cee04c3a5a2","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities. If client","page_number":68,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"e2ff30dd-c99e-49ba-a0ec-dc87dae103cf","block_type":"box","text":"holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to enable the continued","page_number":68,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"7b14670e-467a-4058-9404-da02bf80355f","block_type":"box","text":"holding of such investments, it may be necessary to reduce these positions to meet the applicable limitations and","page_number":68,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"345b6417-39af-4b7d-a5a4-d726eae8f6cb","block_type":"box","text":"BlackRock or such client may be subject to regulatory actions. In these cases, the investments will be sold in a","page_number":68,"box":{"x":70,"y":589,"width":793,"height":11}},{"id":"bf2eee6b-8546-486a-94dd-f7dd74db748d","block_type":"box","text":"manner that BlackRock deems fair and equitable over time.","page_number":68,"box":{"x":69,"y":604,"width":422,"height":11}},{"id":"446bb797-128f-4b15-8e4e-af4acd27c8ea","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":68,"box":{"x":102,"y":627,"width":795,"height":11}},{"id":"4a858897-c894-43c0-af71-202cc529db0a","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":68,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"33a11d5a-9f50-4159-864f-8d2c03f2d94a","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":68,"box":{"x":69,"y":657,"width":566,"height":11}},{"id":"2871dedd-dfbe-426b-b130-c27dcaf1ce87","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":68,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"906719d4-678b-47c5-a117-051c1ac21955","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":68,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"1b8accdc-1163-4ba6-a453-6c4f222fc0a9","block_type":"box","text":"strategy with respect to such security or asset.","page_number":68,"box":{"x":69,"y":710,"width":333,"height":11}},{"id":"1979307b-c564-4727-9dcc-70fd47146863","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":68,"box":{"x":102,"y":733,"width":785,"height":11}},{"id":"06a6e02c-ff79-4742-b567-607cb5b77b13","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":68,"box":{"x":70,"y":748,"width":760,"height":11}},{"id":"9e19b904-0406-431c-8e7a-9e675df48d05","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":68,"box":{"x":70,"y":763,"width":796,"height":11}},{"id":"802cf5ca-5b8d-41a8-9945-fb93774ddd8b","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":68,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"51fa2539-e7d6-452a-9cf2-0b44b98c87d0","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":68,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"289045dd-df1c-49ce-be15-90350baf4009","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":68,"box":{"x":68,"y":808,"width":829,"height":11}},{"id":"a3c973c7-2dba-40ce-8429-6108436ad099","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":68,"box":{"x":69,"y":823,"width":784,"height":12}},{"id":"06a9969a-82e0-41da-b020-554b937b1ab2","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":68,"box":{"x":70,"y":839,"width":797,"height":11}},{"id":"6bbfe61d-a0fd-4c78-a158-b3ee8afb33a5","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":68,"box":{"x":70,"y":853,"width":837,"height":12}},{"id":"bede95d6-26c0-4108-87ec-a47c39790749","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":68,"box":{"x":70,"y":869,"width":746,"height":11}},{"id":"9c741d5c-cb49-401f-b89f-53d89ab7ed00","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (e.g., custodians,","page_number":68,"box":{"x":102,"y":891,"width":805,"height":12}},{"id":"99d889a0-df56-4d3c-b26d-8e7659a1ef74","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":68,"box":{"x":69,"y":906,"width":756,"height":11}},{"id":"e92f4515-f11a-4117-a87b-8b8424f5ca2a","block_type":"box","text":"II-31","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03a0e4c0-87ba-404e-91a9-d0a2139bc703","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"577c877b-3da7-4185-88db-f6c7428c9474","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":69,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"360bfe73-da53-4464-b95b-396a7cf49224","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":69,"box":{"x":69,"y":60,"width":772,"height":11}},{"id":"b187b2ee-b691-4b5f-a990-b6148a8e2bb8","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":69,"box":{"x":70,"y":75,"width":800,"height":11}},{"id":"d8b75f39-173c-488b-a09e-7365ba9f3b97","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":69,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"e97b9f4d-019b-4700-8884-f3284caedad4","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":69,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"0722b3bb-fb26-4e6b-ae1a-7d78084fa1d6","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":69,"box":{"x":70,"y":120,"width":785,"height":12}},{"id":"0aa48d8d-6e26-4e0f-88ff-849dc6cc246b","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":69,"box":{"x":70,"y":136,"width":786,"height":11}},{"id":"6755abf0-b057-4952-af18-e3d534007902","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":69,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"911bc151-5344-4e66-a911-79a37c46da77","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":69,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"9dff5bba-a058-454d-a3f9-cf0d729dbe52","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":69,"box":{"x":102,"y":188,"width":788,"height":12}},{"id":"5fd0785f-e8e7-49e2-b8b7-7be0e081a0a0","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":69,"box":{"x":69,"y":203,"width":795,"height":12}},{"id":"63442dc0-9ac4-4b9e-940d-afd20bc4ec83","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":69,"box":{"x":69,"y":218,"width":835,"height":12}},{"id":"8ce38b38-d097-4d3b-8f41-828b20a7ccdb","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":69,"box":{"x":70,"y":234,"width":363,"height":9}},{"id":"485da24b-476b-4300-8430-3f9d261659c2","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":69,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"b981d705-4985-43e8-ab04-974a218b5a96","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":69,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"71cc8a0c-7603-4bc5-884b-476b65eea04e","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":69,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"5b21b723-49ed-4f37-b247-743fe92d8bec","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":69,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"3178c699-d50f-45e9-9d4d-9b7263fecfa3","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":69,"box":{"x":70,"y":317,"width":835,"height":11}},{"id":"a773a1fe-ab46-4a89-97e1-d74bdbbb61f3","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":69,"box":{"x":69,"y":332,"width":465,"height":11}},{"id":"67595944-ac9e-4e71-a25d-3c229324ea24","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":69,"box":{"x":102,"y":355,"width":804,"height":11}},{"id":"8538c8c8-16bd-41e6-972c-3afa81ff4bd9","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":69,"box":{"x":69,"y":370,"width":840,"height":11}},{"id":"67c89a64-4d55-4cfb-acc6-897177df0f17","block_type":"box","text":"provider.","page_number":69,"box":{"x":70,"y":385,"width":58,"height":11}},{"id":"7b835b7f-0b31-4f6e-b97d-1444d7735c6d","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":69,"box":{"x":102,"y":407,"width":778,"height":12}},{"id":"0c58389a-df8b-4944-ab98-791db8075296","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":69,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"02b3edf8-e5e8-4329-a281-2702e50c7cb8","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":69,"box":{"x":68,"y":438,"width":485,"height":11}},{"id":"f3f309a4-8665-48f7-8081-a86365d26e96","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":69,"box":{"x":102,"y":460,"width":742,"height":12}},{"id":"d7d0af77-b479-43bd-9e5e-aa19b84036fd","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":69,"box":{"x":69,"y":475,"width":517,"height":12}},{"id":"090ccb4c-2963-4199-acde-70cbbae3916e","block_type":"box","text":"PURCHASE OF SHARES","page_number":69,"box":{"x":395,"y":505,"width":188,"height":10}},{"id":"ecf4cdc1-b067-46a9-ad06-8a9e0cd07d8d","block_type":"box","text":"Each Fund offers its shares without a sales charge at a price equal to the NAV next determined after a purchase","page_number":69,"box":{"x":102,"y":528,"width":800,"height":11}},{"id":"96e09b15-1f03-44b6-bb48-59427ef18944","block_type":"box","text":"order becomes effective. Each Fund attempts to maintain a NAV per share of $1.00. Share purchase orders are","page_number":69,"box":{"x":69,"y":542,"width":797,"height":12}},{"id":"19954347-5ec2-4351-a57c-2641d2c3d235","block_type":"box","text":"effective on the date Federal Funds become available to a Fund. Generally, if Federal Funds are available to a Fund","page_number":69,"box":{"x":69,"y":558,"width":817,"height":11}},{"id":"6fed584d-47b4-4ad9-bd37-07b5d9ff3052","block_type":"box","text":"prior to the determination of NAV on any business day, the order will be effective on that day. Except as otherwise","page_number":69,"box":{"x":70,"y":573,"width":810,"height":11}},{"id":"481aba34-9121-47aa-86bc-e7814abf8af0","block_type":"box","text":"specified in a Fund’s Prospectus, shares purchased will begin accruing dividends on the day following the date of","page_number":69,"box":{"x":69,"y":588,"width":808,"height":12}},{"id":"580acc9e-3f4b-4566-ac92-80c418bc94d1","block_type":"box","text":"purchase. Federal Funds are a commercial bank’s deposits in a Federal Reserve Bank and can be transferred from","page_number":69,"box":{"x":70,"y":603,"width":819,"height":11}},{"id":"e487373e-8ca1-4c48-94f4-f4ce537dc3a6","block_type":"box","text":"one member bank’s account to that of another member bank on the same day and thus are considered to be","page_number":69,"box":{"x":69,"y":618,"width":779,"height":12}},{"id":"f398a8a0-4684-4bac-b910-6f0d97f131f9","block_type":"box","text":"immediately available funds. Any order may be rejected by a Fund or the Distributor.","page_number":69,"box":{"x":70,"y":634,"width":594,"height":11}},{"id":"12dc9834-2074-439b-ad51-d111cb2d758f","block_type":"box","text":"Shareholder Services","page_number":69,"box":{"x":68,"y":664,"width":154,"height":9}},{"id":"da74fc90-0180-4a3c-8d97-f39e5472f87a","block_type":"box","text":"Each Fund offers a number of shareholder services described below that are designed to facilitate investment in","page_number":69,"box":{"x":102,"y":686,"width":801,"height":12}},{"id":"f3bb78f5-4a40-4960-bd0e-3c1dbd3e214d","block_type":"box","text":"shares of the Fund. Full details as to each of such services and copies of the various plans and instructions as to","page_number":69,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"b8ef10e6-ed2c-41dc-8eb0-2f908caf6090","block_type":"box","text":"how to par ticipate in the various services or plans, or how to change options with respect thereto, can be obtained","page_number":69,"box":{"x":69,"y":717,"width":818,"height":11}},{"id":"dc483c33-5a9b-4492-afaf-234ca2a50cd6","block_type":"box","text":"from each Fund, by calling the telephone number on the cover page to Par t I of your Fund’s SAI, or from the","page_number":69,"box":{"x":68,"y":732,"width":766,"height":11}},{"id":"d4094959-d82a-4566-abd2-3e8953a632e1","block_type":"box","text":"Distributor. The types of shareholder service programs offered to shareholders include: Fee-Based Programs;","page_number":69,"box":{"x":70,"y":747,"width":776,"height":11}},{"id":"e1ff4027-5002-4e58-9f81-0a05b82df899","block_type":"box","text":"Automatic Investment Plan; and Systematic Withdrawal Plan.","page_number":69,"box":{"x":68,"y":762,"width":432,"height":11}},{"id":"8769ee7d-6f0d-4f99-b8fa-42b415d939da","block_type":"box","text":"Purchase of Shares of Summit Cash Reserves","page_number":69,"box":{"x":69,"y":792,"width":333,"height":9}},{"id":"2aa305b2-db14-4227-b312-518dc0868ab0","block_type":"box","text":"Summit Cash Reserves has authorized one or more brokers and/or financial institutions (“Authorized Persons”)","page_number":69,"box":{"x":102,"y":815,"width":796,"height":11}},{"id":"ccf4ea1e-f32c-4e82-8ede-46b5cee0c9d4","block_type":"box","text":"to receive on its behalf purchase and redemption orders that are in “good form” in accordance with the policies of","page_number":69,"box":{"x":68,"y":830,"width":817,"height":11}},{"id":"7f156929-90b2-4bd1-b023-b27d56af5bda","block_type":"box","text":"those Authorized Persons. Such Authorized Persons are authorized to designate other intermediaries to receive","page_number":69,"box":{"x":68,"y":845,"width":793,"height":12}},{"id":"7ed8d9b4-764d-4e6a-b542-d89354c436b2","block_type":"box","text":"purchase and redemption orders on the Fund’s behalf, and the Fund will be deemed to have received a purchase or","page_number":69,"box":{"x":70,"y":860,"width":824,"height":11}},{"id":"11bc937d-d6ba-4398-881b-354561cb2330","block_type":"box","text":"redemption order when an Authorized Person or, if applicable, such Authorized Person’s authorized designee,","page_number":69,"box":{"x":69,"y":875,"width":776,"height":12}},{"id":"0de824d9-e69c-4ec5-a99d-eaf221fdfc25","block_type":"box","text":"receives the order. Such customer orders will be priced at the Fund’s NAV next computed after they are received by","page_number":69,"box":{"x":69,"y":891,"width":820,"height":11}},{"id":"ee9f2f3e-9a7e-4886-b0f2-ff01f8d3d8d9","block_type":"box","text":"an Authorized Person or such Authorized Person’s authorized designee. Financial institutions may include retirement","page_number":69,"box":{"x":69,"y":906,"width":828,"height":11}},{"id":"eed2477d-11bd-4e47-8065-72b3dc4d886e","block_type":"box","text":"II-32","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2e084ce1-1b6f-44b3-89eb-d5352916ba8d","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b45abd04-669d-4228-8795-c1850c4e297c","block_type":"box","text":"plan service providers who aggregate purchase and redemption instructions received from numerous retirement","page_number":70,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"f86545ce-b999-429c-9387-726695f04cd1","block_type":"box","text":"plans or plan par ticipants.","page_number":70,"box":{"x":70,"y":60,"width":185,"height":11}},{"id":"62ffeb33-cab5-47ae-8a39-d3a85470458c","block_type":"box","text":"Investor A and Investor C Shares","page_number":70,"box":{"x":102,"y":83,"width":233,"height":8}},{"id":"58e4eaa5-a687-407e-9676-95c574bad90b","block_type":"box","text":"Purchase of Investor A Shares.","page_number":70,"box":{"x":102,"y":105,"width":224,"height":9}},{"id":"c575eea2-3b70-4e5a-ac36-945035d6e9ef","block_type":"box","text":"The minimum investment for the initial purchase of shares is $1,000. There is","page_number":70,"box":{"x":332,"y":104,"width":559,"height":12}},{"id":"bf9b586a-bc82-4b19-951b-273834052611","block_type":"box","text":"no investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs).","page_number":70,"box":{"x":69,"y":120,"width":835,"height":12}},{"id":"30e8485b-1fa1-4dc6-8119-7442d1f7278e","block_type":"box","text":"There is no investment minimum for cer tain fee-based programs. There is a $50 minimum for subsequent","page_number":70,"box":{"x":68,"y":135,"width":757,"height":12}},{"id":"8f61e4fa-0a82-4b12-845a-143e8075b464","block_type":"box","text":"investments (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).","page_number":70,"box":{"x":70,"y":150,"width":821,"height":12}},{"id":"e8407063-72b6-4464-a5cb-4cd72e3160e5","block_type":"box","text":"Purchases through the Automatic Investment Plan are subject to a lower initial purchase minimum. In addition, the","page_number":70,"box":{"x":69,"y":166,"width":816,"height":11}},{"id":"0c8517ba-e634-44ab-8eb1-b8fa12b9d3e4","block_type":"box","text":"minimum initial investment for employees of the Fund, the Fund’s Manager, sub-adviser, BRIL or transfer agent or","page_number":70,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"b5a8f09e-44d0-43d6-8ccd-22d3fd2c60a4","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in which case the","page_number":70,"box":{"x":69,"y":195,"width":836,"height":12}},{"id":"6bf1c1a3-3802-4aa0-b1aa-da649cd9aa1e","block_type":"box","text":"minimum investment is $25.","page_number":70,"box":{"x":69,"y":210,"width":203,"height":11}},{"id":"ac9d47de-07c8-45df-991f-5107b568c040","block_type":"box","text":"Purchases of Investor A Shares Through Brokers.","page_number":70,"box":{"x":102,"y":234,"width":357,"height":11}},{"id":"d4aa1e95-ef1a-4902-b5f3-e2762dc463fb","block_type":"box","text":"It is the responsibility of brokers to transmit purchase orders","page_number":70,"box":{"x":467,"y":234,"width":432,"height":11}},{"id":"4ec249fc-ca8d-44b9-a8d3-ab87cd24ff1c","block_type":"box","text":"and payment on a timely basis. Generally, if payment is not received within the period described in the Prospectus,","page_number":70,"box":{"x":69,"y":249,"width":817,"height":11}},{"id":"01ab95c4-1149-4dec-87ab-68e5103b7c55","block_type":"box","text":"the order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any","page_number":70,"box":{"x":68,"y":264,"width":823,"height":11}},{"id":"597d1e51-1ff9-4e48-b6bd-35b13eaa7797","block_type":"box","text":"loss to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the transfer agent.","page_number":70,"box":{"x":70,"y":278,"width":792,"height":12}},{"id":"417c26d0-4656-4659-82e3-748955d79188","block_type":"box","text":"Other Purchase Information.","page_number":70,"box":{"x":101,"y":302,"width":205,"height":9}},{"id":"8013d1ac-da21-455a-882a-9e0c522222c6","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":70,"box":{"x":313,"y":302,"width":559,"height":11}},{"id":"4769699c-b241-4226-8d01-cbf9f9c58f75","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":70,"box":{"x":69,"y":317,"width":786,"height":11}},{"id":"c280244e-0221-4fda-94e6-88571d905d1a","block_type":"box","text":"weekdays on which the NYSE is open for business (a “Business Day”). Payment for orders of Investor A Shares which","page_number":70,"box":{"x":68,"y":332,"width":839,"height":11}},{"id":"3d7bd5e2-2c9a-4834-80e6-0a0568bbe8a5","block_type":"box","text":"are not received or accepted will be returned after prompt inquiry. The issuance of shares is recorded on the books","page_number":70,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"d5da753b-a3cc-4019-90f5-97fe8e892606","block_type":"box","text":"of the Fund. No cer tificates will be issued for shares. Payments for Investor A Shares of the Fund may, in the","page_number":70,"box":{"x":69,"y":362,"width":776,"height":11}},{"id":"b8ba18a5-c2d7-4453-b348-b33e5623bc75","block_type":"box","text":"discretion of the Fund’s Manager, be made in the form of securities that are permissible investments for the Fund.","page_number":70,"box":{"x":69,"y":377,"width":817,"height":12}},{"id":"afb480e4-8cc4-4631-825b-bbc27199191e","block_type":"box","text":"The Fund reserves the right to reject any purchase order, to modify or waive the minimum initial or subsequent","page_number":70,"box":{"x":68,"y":392,"width":789,"height":12}},{"id":"dcdc725f-d392-4a6d-9de9-6bbbff90df15","block_type":"box","text":"investment requirement and to suspend and resume the sale of any share class of the Fund at any time.","page_number":70,"box":{"x":70,"y":407,"width":745,"height":12}},{"id":"85474b67-7161-4524-8985-788f172ba8bc","block_type":"box","text":"Exchange Privilege.","page_number":70,"box":{"x":102,"y":430,"width":142,"height":11}},{"id":"f15d281b-61d7-4012-a6d9-af6defa73787","block_type":"box","text":"Unless an exemption applies, a front-end sales charge will be charged in connection with","page_number":70,"box":{"x":251,"y":430,"width":633,"height":11}},{"id":"bd022da0-9057-4291-987c-747a08f2d598","block_type":"box","text":"exchanges of Investor A Shares of the Fund for Investor A Shares of another fund advised by BlackRock or its","page_number":70,"box":{"x":69,"y":445,"width":778,"height":12}},{"id":"ceadbd4e-362b-42f6-acf2-f762fe08ae14","block_type":"box","text":"affiliates that imposes such a sales charge. Exchanges of Investor C Shares of the Fund for Investor C Shares of one","page_number":70,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"b42b4dd3-514a-447b-b740-98a076e5ef5a","block_type":"box","text":"of the non-money market por tfolios advised by BlackRock or its affiliates (each a “Non-Money Market Por tfolio”) will","page_number":70,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"8f6e45ae-656e-4e37-b014-dee8b9fcbbfc","block_type":"box","text":"be exercised at NAV. However, a contingent deferred sales charge (“CDSC”) will be charged in connection with the","page_number":70,"box":{"x":69,"y":491,"width":812,"height":11}},{"id":"0b487c54-3f0e-45e2-96e0-590ac65a2df3","block_type":"box","text":"redemption of the Investor C Shares of the Non-Money Market Por tfolio received in the exchange.","page_number":70,"box":{"x":69,"y":506,"width":693,"height":11}},{"id":"78d0cba8-0e0b-45f5-859b-0ba0911c2107","block_type":"box","text":"A CDSC of 1.00% may apply to cer tain redemptions of Investor C Shares of Summit Cash Reserves. The","page_number":70,"box":{"x":101,"y":528,"width":745,"height":12}},{"id":"6b43d514-051e-4cd5-b3e8-b85532ea7d1f","block_type":"box","text":"Investor C Shares CDSC is only charged upon redemptions of Investor C Shares within one year after you originally","page_number":70,"box":{"x":70,"y":543,"width":815,"height":12}},{"id":"f382b255-a3a6-445c-8b7c-464a4cfe7a22","block_type":"box","text":"acquired the Investor C Shares of the Non-Money Market Por tfolio, unless you qualify for a waiver. There is no CDSC","page_number":70,"box":{"x":69,"y":559,"width":828,"height":11}},{"id":"f6ff2a48-3148-4ce6-971a-02b42906bb6c","block_type":"box","text":"charged on redemptions if you have owned your Investor C Shares for more than one year (as measured from your","page_number":70,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"de549342-d65a-4ddc-b785-043dd175a716","block_type":"box","text":"original purchase of Investor C Shares that you exchanged into Investor C Shares of Summit Cash Reserves). In","page_number":70,"box":{"x":69,"y":589,"width":797,"height":11}},{"id":"45ed4a52-3f0a-4014-b667-09d5dbc9bb12","block_type":"box","text":"determining whether an Investor C Shares CDSC is applicable to a redemption, the calculation will be determined in","page_number":70,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"b53dcc46-eef0-4960-b7ad-eb49663c0beb","block_type":"box","text":"the manner that results in the lowest possible rate being charged. The charge will be assessed on an amount equal","page_number":70,"box":{"x":68,"y":619,"width":827,"height":11}},{"id":"d01bddb9-2f26-4f78-b33a-b5757bc7e8a7","block_type":"box","text":"to the lesser of the proceeds of redemption or the cost of the shares being redeemed. Accordingly, no CDSC will be","page_number":70,"box":{"x":68,"y":634,"width":824,"height":12}},{"id":"a4f138c7-217a-4173-ad18-558feea1f9e0","block_type":"box","text":"imposed on increases in NAV above the initial purchase price of Investor C Shares. In addition, no CDSC will be","page_number":70,"box":{"x":70,"y":649,"width":793,"height":11}},{"id":"35f36582-fecf-4dd6-99ce-f72ebc9659a2","block_type":"box","text":"assessed on Investor C Shares acquired through reinvestment of dividends. It will be assumed that the redemption is","page_number":70,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"d37c6119-61d2-42ba-8c2a-6f6d2f1e75a5","block_type":"box","text":"first of shares held for over one year or shares acquired pursuant to reinvestment of dividends and then of shares","page_number":70,"box":{"x":68,"y":680,"width":814,"height":11}},{"id":"d6191e1a-3bb2-455f-b880-6ad7230423e9","block_type":"box","text":"held longest during the one-year period. A transfer of shares from a shareholder’s account to another account will be","page_number":70,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"6b527c37-8363-44e1-aba0-b8db65283eda","block_type":"box","text":"assumed to be made in the same order as a redemption.","page_number":70,"box":{"x":69,"y":710,"width":408,"height":11}},{"id":"5c128c90-d8fa-44d4-9c4f-81aa6e35c584","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of the Fund’s SAI for","page_number":70,"box":{"x":102,"y":732,"width":722,"height":12}},{"id":"74a912d0-594a-431d-b3f6-d1c0153ab3ca","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":70,"box":{"x":70,"y":748,"width":769,"height":11}},{"id":"05bf3f97-2813-4bf3-96a6-7f28b0d261aa","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":70,"box":{"x":101,"y":770,"width":740,"height":12}},{"id":"58e47504-0afe-43c2-810b-a33cea8edf2f","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":70,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"2799bed4-941a-45bb-901d-a3cb598caf21","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges pursuant to the","page_number":70,"box":{"x":69,"y":801,"width":809,"height":11}},{"id":"da2abf38-2497-4308-aa6f-e12bc4076926","block_type":"box","text":"exchange privilege described in the Fund’s Prospectus; (3) redemptions made in connection with minimum required","page_number":70,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"56c899b7-1719-403c-9b81-bf4460fc61cc","block_type":"box","text":"distributions from IRA and 403(b)(7) accounts due to the shareholder reaching the applicable age triggering such","page_number":70,"box":{"x":69,"y":831,"width":803,"height":11}},{"id":"76459e26-2331-49ff-aad2-f4296895af3c","block_type":"box","text":"distributions; (4) redemptions made with respect to cer tain retirement plans sponsored by BlackRock or its affiliates;","page_number":70,"box":{"x":69,"y":846,"width":836,"height":11}},{"id":"12457ecc-6245-4c71-8a7b-17d9a588058d","block_type":"box","text":"(5) redemptions in connection with a shareholder’s death as long as the waiver request is made within one year of","page_number":70,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"f2879a56-5586-4c06-8789-8bd45ca2faaa","block_type":"box","text":"death or, if later, reasonably promptly following completion of probate (including in connection with the distribution of","page_number":70,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"50b5cf56-dbfb-48b8-b8c7-320d2e9bfdd2","block_type":"box","text":"account assets to a beneficiary of the decedent) or disability (as defined in the Code) subsequent to the purchase of","page_number":70,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"03582abe-f36c-43c4-9a68-dc96575b3dd8","block_type":"box","text":"Investor C Shares; (6) withdrawals resulting from shareholder disability (as defined in the Code) as long as the","page_number":70,"box":{"x":70,"y":906,"width":786,"height":12}},{"id":"439490db-dd3f-47e8-871d-839837b3a5f5","block_type":"box","text":"II-33","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ce616a96-ac62-491c-a37f-c34fbfd77f27","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ba538a8-31c2-418c-9189-d1a28dabc4eb","block_type":"box","text":"disability arose subsequent to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in","page_number":71,"box":{"x":69,"y":45,"width":786,"height":11}},{"id":"e7256f5c-4ff9-4fe1-861f-7893241cd568","block_type":"box","text":"accounts with low balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":71,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"bedf780e-1105-41c4-9a43-ca2818ad1f68","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set for th under “Systematic Withdrawal Plan” below;","page_number":71,"box":{"x":69,"y":75,"width":756,"height":11}},{"id":"7dd07a56-e186-4adc-bd70-25a93cd6e984","block_type":"box","text":"(9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":71,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"634f6d9c-d3b5-4844-98f4-e106d07f6f5d","block_type":"box","text":"(10) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund. In addition,","page_number":71,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"e97aceba-c684-405f-86c9-a44b8f934625","block_type":"box","text":"no CDSC is charged on Investor C Shares acquired through the reinvestment of dividends or distributions.","page_number":71,"box":{"x":69,"y":120,"width":753,"height":12}},{"id":"54979d6d-966f-4deb-a08f-6ca50141d820","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":71,"box":{"x":102,"y":143,"width":781,"height":11}},{"id":"63fed464-d471-452c-81e8-887c399d4ab9","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":71,"box":{"x":70,"y":158,"width":813,"height":11}},{"id":"c18aa8e6-7a34-4e6c-86fc-df7d1c0257d6","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":71,"box":{"x":69,"y":173,"width":462,"height":11}},{"id":"fdb36b27-c0c8-4eed-9d42-cc7814592e51","block_type":"box","text":"A shareholder wishing to make an exchange may do so by sending a written request to the Fund at the following","page_number":71,"box":{"x":101,"y":196,"width":799,"height":11}},{"id":"82be5937-1738-494f-9e02-56d6f7e3d79d","block_type":"box","text":"address: BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are automatically","page_number":71,"box":{"x":69,"y":211,"width":785,"height":11}},{"id":"f0de5b04-ab66-4626-bef5-5a3b4d6e5a60","block_type":"box","text":"provided with telephone exchange privileges when opening an account, unless they indicate on the Application that","page_number":71,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"3d1f2072-8a36-4482-951e-8fad721d19c4","block_type":"box","text":"they do not wish to use this privilege. To add this feature to an existing account that previously did not provide this","page_number":71,"box":{"x":68,"y":241,"width":817,"height":11}},{"id":"1276f785-f6ae-4d87-a503-cb229637b615","block_type":"box","text":"option, a request must be made in writing or by telephone. Once this election has been made, the shareholder may","page_number":71,"box":{"x":69,"y":256,"width":823,"height":12}},{"id":"d6616891-518c-4434-a16a-28f514158ea3","block_type":"box","text":"simply contact the Fund by telephone at (800) 441-7762 to request the exchange. During periods of substantial","page_number":71,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"a48ce31e-59bf-4743-a612-5c17708e3048","block_type":"box","text":"economic or market change, telephone exchanges may be difficult to complete and shareholders may have to submit","page_number":71,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"15ed0831-8c9b-4654-aeac-a6ab4fd6ea05","block_type":"box","text":"exchange requests in writing.","page_number":71,"box":{"x":69,"y":302,"width":206,"height":11}},{"id":"11c09679-cf6b-4ee5-99b9-0d393579c58f","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":71,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"9e502e61-f968-407e-9e57-004e3bd4adda","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":71,"box":{"x":69,"y":340,"width":828,"height":11}},{"id":"186b6a3d-6fdb-416e-8807-78e504c9c86e","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":71,"box":{"x":69,"y":355,"width":826,"height":11}},{"id":"2aa7d158-88a6-44d2-aa08-a2229b566977","block_type":"box","text":"with all signatures guaranteed by an “eligible guarantor institution” as defined in Rule 17 Ad-15 under the Exchange","page_number":71,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"c3ddb85d-4dec-4381-a795-96ca79e32aa3","block_type":"box","text":"Act. In order to par ticipate in the Automatic Investment Program or establish a Systematic Withdrawal Plan for the","page_number":71,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"1e7c7681-c345-48ba-9f24-79f5286b1729","block_type":"box","text":"new account, however, an exchanging shareholder must file a specific written request.","page_number":71,"box":{"x":69,"y":400,"width":613,"height":11}},{"id":"06143ef4-ad75-4c3a-8c5e-d8047bcc3dcc","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":71,"box":{"x":101,"y":423,"width":790,"height":11}},{"id":"34bbaf3e-5620-4977-b241-9d9d17c94a05","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For Federal income tax purposes, a share","page_number":71,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"4a3c8740-da93-4695-b0c1-7362be965bc0","block_type":"box","text":"exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an exchange","page_number":71,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"f2a4cb0f-5f7d-4511-8bf1-7373607b69c4","block_type":"box","text":"request, shareholders should consult a tax or other financial adviser and should consider the investment objective,","page_number":71,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"d2004783-e827-40d5-843b-892ffe6163a9","block_type":"box","text":"policies and restrictions of the investment por tfolio into which the shareholder is making an exchange. Brokers may","page_number":71,"box":{"x":70,"y":483,"width":824,"height":11}},{"id":"7c4623a8-699b-47b8-b18b-f7badf726b26","block_type":"box","text":"charge a fee for handling exchanges.","page_number":71,"box":{"x":69,"y":498,"width":261,"height":11}},{"id":"c7b5aa78-8a5a-4f82-9364-8bc8431a7d9b","block_type":"box","text":"The Fund reserves the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":71,"box":{"x":101,"y":521,"width":782,"height":11}},{"id":"e66ba8a1-c2c7-49d8-b69f-2b391b4d9f5d","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Fund","page_number":71,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"842b0942-c55d-48af-9a88-ecaf3d35e52e","block_type":"box","text":"reserves the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":71,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"24431a17-95b9-4ac1-9a27-d2c577edc85e","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":71,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"97b7339e-6186-401d-bfe5-92b05702bf72","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders. The Fund, the Administrator and BRIL will","page_number":71,"box":{"x":69,"y":581,"width":804,"height":12}},{"id":"bb66d414-94c0-4f16-9173-337bd9295f72","block_type":"box","text":"employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund, the","page_number":71,"box":{"x":69,"y":596,"width":819,"height":12}},{"id":"78189edf-6775-4541-88a3-108bf5831a58","block_type":"box","text":"Trust, the Administrator(s) and BRIL will not be liable for any loss, liability, cost or expense for acting upon telephone","page_number":71,"box":{"x":68,"y":612,"width":832,"height":11}},{"id":"ec1ada65-3b80-4397-bc8e-9e1e443be7f4","block_type":"box","text":"instructions reasonably believed to be genuine in accordance with such procedures.","page_number":71,"box":{"x":70,"y":627,"width":596,"height":11}},{"id":"11ce72e9-f605-481d-94b4-84028d329405","block_type":"box","text":"By use of the exchange privilege, the investor authorizes the Fund’s transfer agent to act on telephonic or written","page_number":71,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"0e4fdd12-4d53-439b-9079-2676b18e3793","block_type":"box","text":"exchange instructions from any person representing him- or herself to be the investor and believed by the Fund’s","page_number":71,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"3b9f3cd7-2ea9-4162-bac7-d7b61eb9262d","block_type":"box","text":"transfer agent to be genuine. The records of the Fund’s transfer agent per taining to such instructions are binding.","page_number":71,"box":{"x":68,"y":680,"width":812,"height":11}},{"id":"99733c27-3bbc-4463-995a-dbb208cd9906","block_type":"box","text":"The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders.","page_number":71,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"93e08edb-b0e8-4770-832c-cdd179fe2285","block_type":"box","text":"The exchange privilege is only available in states where the exchange may legally be made.","page_number":71,"box":{"x":68,"y":710,"width":649,"height":11}},{"id":"491979cb-587a-487d-a69f-455913d030b8","block_type":"box","text":"The redemption of shares of one fund and the subsequent investment in another fund generally will be treated","page_number":71,"box":{"x":101,"y":732,"width":787,"height":12}},{"id":"4f542811-5280-4c73-90f9-337d7be2dc42","block_type":"box","text":"as two separate transactions. Therefore, a front-end sales charge will be imposed (unless an exemption applies) on","page_number":71,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"b06156b2-2544-443b-910e-8ed480c1d8bd","block_type":"box","text":"the purchase of Investor A or Investor A1 Shares of a Non-Money Market Por tfolio with the proceeds of a redemption","page_number":71,"box":{"x":68,"y":763,"width":832,"height":11}},{"id":"133da840-010c-46d2-b82a-78d86181a371","block_type":"box","text":"of Investor A Shares of the Fund. In addition, when Investor C Shares of the Fund are redeemed and the proceeds are","page_number":71,"box":{"x":69,"y":778,"width":840,"height":11}},{"id":"69d5810b-97ef-4487-bc14-7d9296914a2b","block_type":"box","text":"used to purchase Investor C Shares of a Non-Money Market Por tfolio, a CDSC will be imposed (unless an exemption","page_number":71,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"25aebb95-2dab-4ec4-88e1-dff98b6381b6","block_type":"box","text":"applies) when the Investor C Shares of the Non-Money Market Por tfolio are redeemed.","page_number":71,"box":{"x":69,"y":808,"width":615,"height":11}},{"id":"c612bf82-f404-46d9-874b-6c107fbfcf09","block_type":"box","text":"The Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":71,"box":{"x":101,"y":831,"width":775,"height":11}},{"id":"b54a6db6-e9e0-49a9-9509-e1b9c1610ec3","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in the","page_number":71,"box":{"x":70,"y":846,"width":797,"height":11}},{"id":"43c997e8-2420-4538-aac7-a88a5390dc84","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":71,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"b04ae872-640f-40c6-a19a-3bfd50b454c8","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":71,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"cc5aaed5-b909-40d7-bcf9-01e3eced46d9","block_type":"box","text":"Investor A Shares.","page_number":71,"box":{"x":70,"y":891,"width":128,"height":9}},{"id":"74dd8c60-cf57-48a1-b987-daf713f39ebd","block_type":"box","text":"II-34","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6cf4e360-7bca-4da1-9fc1-bc405a6372d5","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8977e1cb-0138-4983-a566-b59015eb4a19","block_type":"box","text":"A CDSC of up to 1.00% may apply to cer tain redemptions of Investor A Shares of Summit Cash Reserves","page_number":72,"box":{"x":101,"y":45,"width":750,"height":11}},{"id":"43d975f1-89a5-4a7a-9e37-1de71d0942d7","block_type":"box","text":"purchased in an exchange transaction for Investor A Shares of another mutual fund sponsored and advised by","page_number":72,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"0f38e7cf-4be2-4eb4-915f-6c7392946a07","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Fund”) where no initial sales charge was paid at the time of purchase of such","page_number":72,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"b427e5bf-db66-4a18-82e7-48fd13078d91","block_type":"box","text":"fund (each, an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser","page_number":72,"box":{"x":68,"y":89,"width":782,"height":12}},{"id":"f50cdc29-d12f-4130-877a-2e99ab3e583b","block_type":"box","text":"amounts may apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares","page_number":72,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"3c5b3b3f-d04b-4436-a9da-0ae214393d09","block_type":"box","text":"CDSC is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":72,"box":{"x":69,"y":120,"width":804,"height":12}},{"id":"bd0b2137-849b-4210-9d73-b4cbf33764f8","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":72,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"f94fe5bc-932a-461f-8b9a-c5cad8b41cb1","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no CDSC charged on","page_number":72,"box":{"x":69,"y":150,"width":804,"height":12}},{"id":"52636e46-9597-47fd-9292-9b97a0309560","block_type":"box","text":"redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding period, as","page_number":72,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"aacc558a-63b2-4e1d-8038-f5f306610bd3","block_type":"box","text":"applicable) as measured from your original purchase of Investor A Shares that you exchanged into Investor A Shares","page_number":72,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"3a9027e6-d5b7-42ec-b4c4-2380c0ba210a","block_type":"box","text":"of Summit Cash Reserves or if you purchase Investor A Shares of Summit Cash Reserves not through an exchange.","page_number":72,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"ef5c0f2b-e3d4-4787-ad65-ac0193ae0f13","block_type":"box","text":"The deferred sales charge on Investor A Shares is not charged in connection with: (a) redemptions of Investor A","page_number":72,"box":{"x":68,"y":211,"width":798,"height":11}},{"id":"31e4ae24-fdf9-4e19-aa00-ad45666214b5","block_type":"box","text":"Shares purchased through cer tain employer-sponsored retirement plans and rollovers of current investments in a","page_number":72,"box":{"x":69,"y":226,"width":807,"height":11}},{"id":"c741221d-f4c6-4429-9eb8-7b91d3cb8101","block_type":"box","text":"Fund through such plans; (b) exchanges pursuant to the exchange privilege described in the Fund’s Prospectus;","page_number":72,"box":{"x":70,"y":241,"width":793,"height":11}},{"id":"11965742-8964-4d2b-bc76-93f74093e366","block_type":"box","text":"(c) redemptions made in connection with minimum required distributions due to the shareholder reaching age 72","page_number":72,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"01433e4d-7194-4a2c-98f5-85bcad58d553","block_type":"box","text":"from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by","page_number":72,"box":{"x":68,"y":271,"width":790,"height":12}},{"id":"0acf3b1b-8cd2-49fa-a316-29c96ab7d3b3","block_type":"box","text":"BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of a","page_number":72,"box":{"x":70,"y":286,"width":806,"height":12}},{"id":"3a75b558-f736-4710-a3e7-a0bc5cccd6c1","block_type":"box","text":"cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":72,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"571b5660-c66a-4b0d-a3ce-102567c00d27","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":72,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"48120c1d-c9ef-4398-980e-8542d432ec78","block_type":"box","text":"Investor A Shares; (f) involuntary redemptions of Investor A Shares in accounts with low balances; (g) cer tain","page_number":72,"box":{"x":70,"y":332,"width":775,"height":11}},{"id":"6c2f0af2-c1ca-4b42-834b-4e1ad477fb26","block_type":"box","text":"redemptions made pursuant to the Systematic Withdrawal Plan (described below); (h) redemptions related to the","page_number":72,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"709c8513-ca87-4d8b-9a97-c9abd4ee4d2c","block_type":"box","text":"payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a","page_number":72,"box":{"x":70,"y":362,"width":768,"height":11}},{"id":"7f0de3e9-5e13-4a16-9869-2e3e57681b9f","block_type":"box","text":"shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":72,"box":{"x":69,"y":377,"width":543,"height":11}},{"id":"72cf8116-56be-4696-acf8-970ed6fd07bd","block_type":"box","text":"If a holder of Investor A Shares of the Fund subsequently exchanges back into the same class of shares of the","page_number":72,"box":{"x":102,"y":400,"width":788,"height":11}},{"id":"c9bbfacf-c30d-40e3-8d86-50c4b75397f9","block_type":"box","text":"original affiliated fund it will do so without paying any sales charge. If a holder of Investor A Shares of the Fund","page_number":72,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"dd910bdb-b04f-4eef-8695-fa079a00b60b","block_type":"box","text":"exchanges into Investor A Shares of another affiliated fund, the holder will be required to pay a sales charge equal to","page_number":72,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"1b1dd838-73f4-4a9e-8fc6-e48d2b7b4a2e","block_type":"box","text":"the difference, if any, between the sales charge previously paid on the shares of the original affiliated fund and the","page_number":72,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"e5f03732-aed3-45ab-8fe6-7d0b54042f3c","block_type":"box","text":"sales charge payable at the time of the exchange on the shares of the new affiliated fund.","page_number":72,"box":{"x":69,"y":460,"width":643,"height":12}},{"id":"4a8a8d90-918d-4e11-a41b-194c574a2c62","block_type":"box","text":"It is contemplated that the exchange privilege may be applicable to other new mutual funds whose shares are","page_number":72,"box":{"x":102,"y":483,"width":782,"height":11}},{"id":"c824a8fd-7edf-4ccc-9783-a9424d78a874","block_type":"box","text":"distributed by the Distributor.","page_number":72,"box":{"x":69,"y":498,"width":205,"height":11}},{"id":"5ef44214-afef-4e57-85fa-9e3516f3ac70","block_type":"box","text":"Under the exchange privilege, exchanges are made on the basis of the relative NAVs of the shares being","page_number":72,"box":{"x":102,"y":521,"width":744,"height":11}},{"id":"f9a14dc7-b905-4808-aa1e-6d7eb81d342d","block_type":"box","text":"exchanged. Shares issued pursuant to dividend reinvestment are sold on a no-load basis in each of the affiliated","page_number":72,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"8a7cc434-7a19-43d0-bb28-7c813daab6cd","block_type":"box","text":"funds. For purposes of the exchange privilege, dividend reinvestment shares shall be deemed to have been sold with","page_number":72,"box":{"x":68,"y":551,"width":833,"height":11}},{"id":"2a1c7eaa-2bf2-4956-8d83-e2f8eabd13fc","block_type":"box","text":"a sales charge equal to the sales charge previously paid on the shares on which the dividend was paid. Based on","page_number":72,"box":{"x":69,"y":566,"width":810,"height":11}},{"id":"08787c0f-d873-4a7c-856c-6fbbfc6b1234","block_type":"box","text":"this formula an exchange of Investor A Shares of the Fund for Investor A Shares of an affiliated fund generally will","page_number":72,"box":{"x":68,"y":581,"width":810,"height":12}},{"id":"23d45118-16fd-49db-881f-a0fe5747758c","block_type":"box","text":"require the payment of a sales charge equal to the difference, if any, between the sales charge previously paid on","page_number":72,"box":{"x":69,"y":596,"width":812,"height":12}},{"id":"7ebda02f-acd5-4faf-97d6-b94b6fc8edc9","block_type":"box","text":"the Investor A Shares originally exchanged for Investor A Shares of the Fund and the sales charge that may be","page_number":72,"box":{"x":68,"y":612,"width":786,"height":11}},{"id":"fe791293-bc70-4887-83f5-483b0081cff4","block_type":"box","text":"payable at the time of the exchange on the Investor A Shares of the affiliated fund to be acquired.","page_number":72,"box":{"x":70,"y":627,"width":697,"height":11}},{"id":"dd913534-f651-45a2-b3c2-36f1e231729d","block_type":"box","text":"Before effecting an exchange, shareholders of the Fund should obtain a currently effective prospectus of the","page_number":72,"box":{"x":102,"y":649,"width":774,"height":12}},{"id":"245d8299-2b34-464e-aff9-4df9553f18de","block_type":"box","text":"affiliated fund into which the exchange is to be made for information regarding the fund and for fur ther details","page_number":72,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"209e4d20-30be-425c-a6c0-a6bf460bca6c","block_type":"box","text":"regarding such exchange.","page_number":72,"box":{"x":69,"y":680,"width":180,"height":11}},{"id":"c6202987-cadb-4b2d-8eda-8274d309e62f","block_type":"box","text":"To effect an exchange, shareholders should contact their financial adviser, selected securities dealer or other","page_number":72,"box":{"x":101,"y":702,"width":781,"height":12}},{"id":"fca7658c-c9c1-4d9b-99fc-d2b94a9feec1","block_type":"box","text":"financial intermediary, who will advise the Fund of the exchange, or write to the Fund’s transfer agent requesting that","page_number":72,"box":{"x":68,"y":717,"width":835,"height":12}},{"id":"e024790e-82e2-46f0-af01-b45666c82013","block_type":"box","text":"the exchange be effected. Shareholders of cer tain affiliated funds with shares for which cer tificates have not been","page_number":72,"box":{"x":68,"y":732,"width":819,"height":12}},{"id":"ac0ca2a9-13fa-40d6-a96d-6b3b9dd8d17c","block_type":"box","text":"issued may effect an exchange by wire through their securities dealers. The exchange privilege may be modified or","page_number":72,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"ec192a89-ca1b-4791-b8c1-83a39f85e5a1","block_type":"box","text":"terminated at any time in accordance with the rules of the Commission. There is currently no limitation on the","page_number":72,"box":{"x":68,"y":763,"width":784,"height":11}},{"id":"dd8740d0-fd29-4a3a-912c-aead735ff50d","block_type":"box","text":"number of times a shareholder may effect an exchange into the Fund through the exchange privilege; however, the","page_number":72,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"7764ac58-3cce-4e35-bdc5-72fe49f18e5a","block_type":"box","text":"Fund reserves the right to limit the number of times an investor may effect an exchange. Cer tain affiliated funds may","page_number":72,"box":{"x":70,"y":793,"width":835,"height":11}},{"id":"cabbadaa-c5b8-49a9-acc4-cd71f928fed5","block_type":"box","text":"suspend the continuous offering of their shares at any time and thereafter may resume such offering from time to","page_number":72,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"eb9dfb63-bd41-4bce-9c33-ee4afa4457d5","block_type":"box","text":"time. The exchange privilege is available only to U.S. shareholders in states where the exchange legally may be","page_number":72,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"c7d70d36-c23c-47ad-994b-988b63f4e39f","block_type":"box","text":"made.","page_number":72,"box":{"x":69,"y":839,"width":42,"height":8}},{"id":"61d12a85-de4b-4fb3-b51a-684d6eeff044","block_type":"box","text":"An exchange pursuant to the exchange privilege is treated as a sale of the exchanged shares and a purchase of","page_number":72,"box":{"x":101,"y":861,"width":800,"height":11}},{"id":"74e09f63-191a-4d84-b9f8-82eba94a4338","block_type":"box","text":"the new shares for Federal income tax purposes. In addition, an exchanging shareholder of any of the funds may be","page_number":72,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"011f0e50-b414-4c73-bf55-3a8e77c8338f","block_type":"box","text":"subject to backup withholding unless such shareholder cer tifies under penalty of perjury that the taxpayer","page_number":72,"box":{"x":69,"y":891,"width":753,"height":12}},{"id":"088c827d-57a2-4a40-bc4f-8cfd6f0d9d5e","block_type":"box","text":"II-35","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7dbd3fe8-0154-46aa-868c-bdd0e2e1122f","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5758ec6d-b95f-4639-b22f-4b15b80b499d","block_type":"box","text":"identification number on file with any such fund is correct, and that he or she is not otherwise subject to backup","page_number":73,"box":{"x":70,"y":45,"width":800,"height":11}},{"id":"7b8d9d62-bb6d-4356-b8ea-c2474424b2b4","block_type":"box","text":"withholding. See “Dividends and Taxes — Taxes.”","page_number":73,"box":{"x":68,"y":60,"width":353,"height":11}},{"id":"7f35e259-86ac-44c9-8af4-12e381fc8408","block_type":"box","text":"Additional Shareholder Features (Investor A and Investor C Shares Only)","page_number":73,"box":{"x":101,"y":83,"width":513,"height":11}},{"id":"22dab903-be3f-4f7e-9e0c-e28716736b38","block_type":"box","text":"Automatic Investment Plan (“AIP”).","page_number":73,"box":{"x":101,"y":105,"width":261,"height":11}},{"id":"9360f390-a7e5-4f11-98f0-c7a076add277","block_type":"box","text":"Cer tain shareholders may arrange for periodic investments in the Fund","page_number":73,"box":{"x":369,"y":105,"width":503,"height":11}},{"id":"9d7dd3d5-fb6c-4644-ad0c-4f9f1ebc9509","block_type":"box","text":"through automatic deductions from a checking or savings account by completing the AIP Application which may be","page_number":73,"box":{"x":68,"y":120,"width":812,"height":12}},{"id":"d64c2290-15b5-40f5-83da-0bd7a8d5c274","block_type":"box","text":"obtained from the Fund at (800) 441-7762, or online at www.blackrock.com. The minimum pre-authorized investment","page_number":73,"box":{"x":69,"y":135,"width":834,"height":11}},{"id":"2b850b5c-26bf-4d19-9ec8-adcbf42485a6","block_type":"box","text":"amount is $50 per Fund.","page_number":73,"box":{"x":69,"y":150,"width":175,"height":11}},{"id":"7c989c3c-d8a9-41c4-bba7-3e4c3f0110f8","block_type":"box","text":"Systematic Withdrawal Plan (“SWP”).","page_number":73,"box":{"x":101,"y":173,"width":277,"height":11}},{"id":"e8889f03-b8cb-4024-aebc-c63170a3a500","block_type":"box","text":"The Fund offers a Systematic Withdrawal Plan to shareholders who wish","page_number":73,"box":{"x":385,"y":173,"width":513,"height":11}},{"id":"4dea8ff9-2b1e-4e4d-a8ae-4ba7d44ca274","block_type":"box","text":"to receive regular distributions from their accounts. Upon commencement of the SWP, the account must have a","page_number":73,"box":{"x":68,"y":188,"width":794,"height":12}},{"id":"f683f257-76aa-41f7-ae1d-e55f5246b093","block_type":"box","text":"current value of $10,000 or more in the Fund. Shareholders may elect to receive automatic cash payments of $50 or","page_number":73,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"c3ea8c7d-a744-439d-a082-21a353bc0863","block_type":"box","text":"more at any interval. You may choose any day for the withdrawal. If no day is specified, the withdrawals will be","page_number":73,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"6fdae9e7-413c-4acb-924a-135390afb087","block_type":"box","text":"processed on the 25th day of the month or, if such day is not a Business Day, on the prior Business Day and are","page_number":73,"box":{"x":70,"y":234,"width":804,"height":11}},{"id":"6ac7fbf8-0754-4c56-b1ed-0238bd852080","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal Plan Application","page_number":73,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"366e7229-e84c-4aaf-8ecc-6a1fffdf5307","block_type":"box","text":"Form which may be obtained by calling the Fund or by visiting our website at www.blackrock.com.","page_number":73,"box":{"x":70,"y":264,"width":687,"height":11}},{"id":"c5c0bc20-12c6-4c44-ab9d-8ef37f2d6020","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":73,"box":{"x":102,"y":286,"width":789,"height":11}},{"id":"92f2dfe5-c008-49bd-b1bd-87330de49f15","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":73,"box":{"x":68,"y":302,"width":774,"height":11}},{"id":"e58e57e4-332b-4f97-ba02-83daac5339a8","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":73,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"e260a19a-bd9f-4040-845a-2c8da6985eaf","block_type":"box","text":"(800) 441-7762.","page_number":73,"box":{"x":69,"y":332,"width":119,"height":11}},{"id":"e41415e9-5b34-426a-b1fe-5a4f60d65c9e","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan (see “Account Services and","page_number":73,"box":{"x":102,"y":355,"width":800,"height":11}},{"id":"5493a559-870c-4b15-95f3-0c6f437a5043","block_type":"box","text":"Privileges — Automatic Investment Plan” in the Fund’s Prospectus) and the Systematic Withdrawal Plan at the same","page_number":73,"box":{"x":69,"y":370,"width":829,"height":11}},{"id":"54d1e063-f714-49f8-8958-f5eddbd9b867","block_type":"box","text":"time.","page_number":73,"box":{"x":68,"y":385,"width":35,"height":9}},{"id":"adb9c04c-ad21-449b-9947-38b236a68e9b","block_type":"box","text":"Dividend Allocation Plan.","page_number":73,"box":{"x":102,"y":408,"width":180,"height":8}},{"id":"a9616d02-effb-4810-a9c3-fd073295bd1c","block_type":"box","text":"The Dividend Allocation Plan allows shareholders to elect to have all their dividends","page_number":73,"box":{"x":288,"y":408,"width":595,"height":8}},{"id":"f87976aa-f02e-4f94-a577-0adabd312bf6","block_type":"box","text":"and any other distributions from the Fund or any Eligible Fund (which includes the Fund and other funds as","page_number":73,"box":{"x":69,"y":423,"width":757,"height":11}},{"id":"b9b55931-898d-4625-a200-b16d7d49c599","block_type":"box","text":"designated by BRIL from time to time) automatically invested at NAV in one other such Eligible Fund designated by","page_number":73,"box":{"x":69,"y":438,"width":813,"height":11}},{"id":"04bac172-b901-453f-8193-be863860dbce","block_type":"box","text":"the shareholder, provided the account into which the dividends and distributions are directed is initially funded with","page_number":73,"box":{"x":68,"y":453,"width":820,"height":11}},{"id":"c0e3c8c1-f936-429c-8044-27f1b2c3e8a7","block_type":"box","text":"the requisite minimum amount.","page_number":73,"box":{"x":68,"y":468,"width":223,"height":11}},{"id":"31193891-4cd9-4c99-be80-fd13656c7751","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":73,"box":{"x":70,"y":498,"width":378,"height":9}},{"id":"9860ad2f-cdb0-4897-9ec0-b0f1063058b2","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":73,"box":{"x":102,"y":521,"width":804,"height":11}},{"id":"b5504f0f-30f3-4319-a9ec-d09b6615f00c","block_type":"box","text":"of the Fund will conver t automatically into Investor A Shares of the Fund (the “Investor C 8-Year Conversion”). It is the","page_number":73,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"548115a8-23ee-4ddc-aa17-56d5e1f95ccb","block_type":"box","text":"financial intermediary’s responsibility to ensure that the shareholder is credited with the proper holding period. As of","page_number":73,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"488efdfe-4894-4c6b-beae-7be9d9b2a59c","block_type":"box","text":"the Effective Date, cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have","page_number":73,"box":{"x":68,"y":566,"width":839,"height":11}},{"id":"d286a609-e386-434d-b4f0-c46190f2aabd","block_type":"box","text":"been tracking such holding periods and therefore may not be able to process such conversions. In such instances,","page_number":73,"box":{"x":69,"y":581,"width":817,"height":12}},{"id":"3dcc16c4-fed8-4866-be55-57fb945d0174","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight","page_number":73,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"9b2ca460-840b-4b31-ad1f-b4be8f3026d4","block_type":"box","text":"years after the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial","page_number":73,"box":{"x":68,"y":612,"width":769,"height":11}},{"id":"3c63e881-5431-417c-9f4a-323d881916c8","block_type":"box","text":"intermediary has not implemented systems or procedures to track holding periods commencing from the Effective","page_number":73,"box":{"x":70,"y":627,"width":811,"height":11}},{"id":"adb64571-6bc6-4fe5-83c5-63c834e47f99","block_type":"box","text":"Date, shareholders holding Investor C Shares through such financial intermediary will no longer be eligible to hold","page_number":73,"box":{"x":70,"y":642,"width":809,"height":11}},{"id":"2434682d-ec11-4b6f-9657-3db8e347ec25","block_type":"box","text":"Investor C Shares and any such shares will conver t to Investor A Shares as soon as reasonably practicable after","page_number":73,"box":{"x":70,"y":657,"width":801,"height":11}},{"id":"56ccaede-1ac5-4bf6-a540-7fee89985b90","block_type":"box","text":"such date.","page_number":73,"box":{"x":69,"y":672,"width":73,"height":9}},{"id":"8b14d8f5-ac1d-428b-b574-54a4bf867da1","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":73,"box":{"x":102,"y":695,"width":764,"height":11}},{"id":"1b86c8ae-b704-46f2-b3a7-5a4e0ce959fb","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":73,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"c9805c38-763d-42f7-81bd-fe11db58797a","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":73,"box":{"x":69,"y":725,"width":772,"height":11}},{"id":"f6dcb0d6-3f3b-44a5-8d53-dafcb185cf35","block_type":"box","text":"“Investor C Conversions”).","page_number":73,"box":{"x":70,"y":740,"width":186,"height":11}},{"id":"0966b6af-a7b1-4f02-8583-e8a3a48b6647","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":73,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"2ee36f0a-adae-40c3-84df-f9a0e14e32ce","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":73,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"09f81db2-fa75-4daa-9e5d-95ef28a184b1","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":73,"box":{"x":70,"y":793,"width":827,"height":11}},{"id":"62a6f0f4-2678-4d61-a18d-5e253b8abed3","block_type":"box","text":"of the shares for Federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":73,"box":{"x":69,"y":808,"width":801,"height":11}},{"id":"ce97a9b6-1f56-4d6d-9e7c-25fd36195ff6","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in the Fund’s Prospectus. The Investor C","page_number":73,"box":{"x":69,"y":823,"width":807,"height":11}},{"id":"481d8c6f-baf9-4907-b7b3-fb10e6b57924","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":73,"box":{"x":69,"y":838,"width":836,"height":12}},{"id":"d7402431-0282-469b-ae17-3892e314cc8d","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":73,"box":{"x":69,"y":854,"width":445,"height":11}},{"id":"0ea9f64d-b43c-4b58-8857-93cfb283e8aa","block_type":"box","text":"Institutional Shares","page_number":73,"box":{"x":70,"y":884,"width":138,"height":9}},{"id":"e815c834-c53e-48d7-8bfd-1fbcd7f8ae4d","block_type":"box","text":"Purchase of Shares","page_number":73,"box":{"x":102,"y":906,"width":140,"height":9}},{"id":"e31a7c86-861e-4974-8de3-b106f870a5c6","block_type":"box","text":". Summit Cash Reserves offers Institutional Shares as described in the Fund’s Prospectus.","page_number":73,"box":{"x":244,"y":906,"width":650,"height":11}},{"id":"93f40feb-6e5e-4a28-a8e0-ae817b54b46d","block_type":"box","text":"II-36","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f98948c-acb9-43f0-945f-14942f308813","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0b6c462-da86-45fd-a254-9baa8326c48a","block_type":"box","text":"In addition, the following investors may purchase Institutional Shares: employees, officers and directors/","page_number":74,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"14a32de3-5f51-4a01-a183-d64f9c0c2083","block_type":"box","text":"trustees of BlackRock, Inc., BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their","page_number":74,"box":{"x":68,"y":60,"width":801,"height":11}},{"id":"10758e46-4fbc-4958-ab63-eb3ed6e3f8f0","block_type":"box","text":"respective affiliates and immediate family members of such persons, if they open an account directly with BlackRock;","page_number":74,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"f360efb6-750f-44d3-a67d-1cb9dfd69c15","block_type":"box","text":"individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":74,"box":{"x":70,"y":89,"width":829,"height":12}},{"id":"97a730ae-4a16-4aa0-b119-9c72fe57634b","block_type":"box","text":"the Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such","page_number":74,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"b12d3c20-b32c-4f82-ab25-3652ac358e8a","block_type":"box","text":"shares (“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city,","page_number":74,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"6aafc325-a970-4010-b483-419065b33b03","block_type":"box","text":"and state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":74,"box":{"x":69,"y":136,"width":824,"height":11}},{"id":"005a06bb-fe06-444f-8418-b8a7dd421943","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":74,"box":{"x":69,"y":150,"width":826,"height":11}},{"id":"79698c11-20b3-4757-b398-d610a866c079","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":74,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"f29d3d6b-15da-422e-98c1-4b9ba4220fce","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":74,"box":{"x":68,"y":181,"width":782,"height":11}},{"id":"ba2f6c7e-a57b-44d1-94ec-3732bf5ebdb1","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":74,"box":{"x":68,"y":196,"width":792,"height":11}},{"id":"18374aab-c97c-4519-8979-1ae2d0c18457","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":74,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"a5fc5385-e20b-47e9-ad13-b63a7a10f771","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":74,"box":{"x":70,"y":226,"width":835,"height":11}},{"id":"a8fd9bae-b361-4595-ae1d-f8a47a0121ee","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":74,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"fe1c9277-6774-4c92-9ce5-9a610ad9e89d","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":74,"box":{"x":69,"y":256,"width":830,"height":12}},{"id":"b0772d1a-3487-4677-a941-6c7597365414","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":74,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"cb9eb11f-79ac-4798-b2b2-172d0a73511d","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":74,"box":{"x":68,"y":286,"width":819,"height":12}},{"id":"9db97f32-8c74-40ee-acd4-78b05450a342","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":74,"box":{"x":70,"y":302,"width":826,"height":11}},{"id":"f7d8af96-9e84-4552-a8ec-40a2a93c80f8","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":74,"box":{"x":69,"y":316,"width":837,"height":12}},{"id":"4657ded1-08a5-41f7-af32-3199f361f970","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":74,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"54366dcd-bc79-4596-b917-33e276cf6489","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust depar tment clients of Bank of America,","page_number":74,"box":{"x":69,"y":346,"width":839,"height":12}},{"id":"d59ad8d3-4951-4710-8785-77bdfd0acf43","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit","page_number":74,"box":{"x":70,"y":362,"width":807,"height":11}},{"id":"e9fc178f-e3f4-4aa0-a4e9-cb5bd58f044b","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":74,"box":{"x":70,"y":377,"width":838,"height":11}},{"id":"14087af4-0485-43b1-a583-16886c3ec4ea","block_type":"box","text":"of cer tain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":74,"box":{"x":69,"y":392,"width":794,"height":11}},{"id":"f2e0e7cb-81d0-4b26-9d16-a5bb380651c4","block_type":"box","text":"shares of the Fund.","page_number":74,"box":{"x":69,"y":407,"width":137,"height":9}},{"id":"72a2158c-7551-4759-b130-a5fffeca03d5","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":74,"box":{"x":101,"y":430,"width":778,"height":11}},{"id":"29795325-5d0f-494c-a204-3a57c995528f","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":74,"box":{"x":69,"y":445,"width":638,"height":11}},{"id":"3d6460ba-e1e8-4852-8536-5a49a2aaf105","block_type":"box","text":"Institutional Shares of the Fund may be purchased by customers of broker-dealers and agents that have","page_number":74,"box":{"x":102,"y":468,"width":740,"height":11}},{"id":"7d8c9dec-bc46-42a2-aaa5-34f7f8350daa","block_type":"box","text":"established a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may","page_number":74,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"045d18c1-72f6-4c0e-8160-be150958f3a2","block_type":"box","text":"impose additional or different conditions on the purchase or redemption of Fund shares by their customers and may","page_number":74,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"2938c8f2-7ad4-4577-adea-7ae0f5e29814","block_type":"box","text":"charge their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each","page_number":74,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"6383d986-82c9-4d97-ad5c-8f11767c86db","block_type":"box","text":"broker-dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":74,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"7d5be27c-3759-48f8-af89-5e81b982cabb","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":74,"box":{"x":69,"y":543,"width":773,"height":12}},{"id":"87105d3a-7b64-49b8-a985-4b506f85aaf5","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":74,"box":{"x":69,"y":559,"width":835,"height":11}},{"id":"a56aed6a-316f-46cd-8d7e-7c35677b1691","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":74,"box":{"x":102,"y":581,"width":806,"height":11}},{"id":"35dd9b81-5269-40de-99ee-25e9ba88e202","block_type":"box","text":"in Federal funds or other immediately available funds by the time specified by the shareholder’s financial","page_number":74,"box":{"x":70,"y":596,"width":744,"height":12}},{"id":"974d5992-480f-4b0d-a292-7f43fd46e867","block_type":"box","text":"intermediary, but in no event later than the close of the federal funds wire (normally 6:45 p.m. (Eastern time)).","page_number":74,"box":{"x":70,"y":612,"width":786,"height":11}},{"id":"8658196f-b964-4bfd-a444-7d4f74e1ae0e","block_type":"box","text":"Payment may also, in the discretion of the Fund, be made in the form of securities that are permissible investments","page_number":74,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"3633f657-e440-45fb-afc0-d178ae109b53","block_type":"box","text":"for the Fund. If payment for a purchase order is not received by the prescribed time, an investor may be liable for any","page_number":74,"box":{"x":68,"y":642,"width":836,"height":11}},{"id":"479ad98d-0352-41f9-ae28-901d843af543","block_type":"box","text":"resulting losses or expenses incurred by the Fund.","page_number":74,"box":{"x":69,"y":657,"width":358,"height":11}},{"id":"33f1bb08-ba0f-4045-897e-4f38a3a5dec5","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":74,"box":{"x":102,"y":680,"width":768,"height":11}},{"id":"825641aa-5df7-450c-93ab-1b6116ac304d","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":74,"box":{"x":68,"y":695,"width":821,"height":11}},{"id":"f172a152-a9ae-4a63-b8f7-3eb8e4a082a2","block_type":"box","text":"class of shares of the Fund, provided that the exchanged shares are not subject to a CDSC and that shareholders","page_number":74,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"d02e3bd4-a283-4deb-a1df-a8c5586e32fa","block_type":"box","text":"meet eligibility requirements of the new share class.","page_number":74,"box":{"x":69,"y":725,"width":372,"height":11}},{"id":"8c2ac00c-53c2-429e-98e0-45e369e92016","block_type":"box","text":"DCC&S.","page_number":74,"box":{"x":102,"y":748,"width":56,"height":9}},{"id":"0abf5450-0887-464c-ba46-de1d10e0ba03","block_type":"box","text":"Qualified Plans may be able to invest in shares of the Fund through the Defined Contribution Clearance","page_number":74,"box":{"x":165,"y":748,"width":734,"height":11}},{"id":"678dc997-458e-4c05-91aa-320dba2ee808","block_type":"box","text":"and Settlement System (“DCC&S”) of the National Securities Clearing Corporation. Institutions qualifying to trade on","page_number":74,"box":{"x":69,"y":763,"width":828,"height":11}},{"id":"e5e96aaa-75cd-4e3c-a20a-4a25c27862e6","block_type":"box","text":"DCC&S include broker/dealers, trust companies and third par ty administrators. Please contact the Fund for","page_number":74,"box":{"x":70,"y":778,"width":767,"height":11}},{"id":"13dad1b3-73f6-4633-abfb-36373f32a3df","block_type":"box","text":"information on agreements, procedures, sales charges and fees related to DCC&S transactions.","page_number":74,"box":{"x":70,"y":793,"width":686,"height":11}},{"id":"66241952-e083-4923-b7bd-f8b16865ba17","block_type":"box","text":"Purchase of Shares of WeLEAF","page_number":74,"box":{"x":69,"y":823,"width":224,"height":9}},{"id":"ad15ef40-fa0b-42f2-b8da-36e48ea6b034","block_type":"box","text":"WeLEAF has authorized one or more brokers and/or financial institutions (“Authorized Persons”) to receive on its","page_number":74,"box":{"x":101,"y":846,"width":804,"height":11}},{"id":"25f00768-23fe-40e4-ae07-1f032381d7d6","block_type":"box","text":"behalf purchase and redemption orders that are in “good form” in accordance with the policies of those Authorized","page_number":74,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"578225b2-eb94-42d7-8a4c-a08b82b40dd2","block_type":"box","text":"Persons. Such Authorized Persons are authorized to designate other intermediaries to receive purchase and","page_number":74,"box":{"x":69,"y":876,"width":769,"height":11}},{"id":"8c032355-f93e-48f0-a13c-72042bb71d4e","block_type":"box","text":"redemption orders on the Fund’s behalf, and the Fund will be deemed to have received a purchase or redemption","page_number":74,"box":{"x":69,"y":891,"width":807,"height":11}},{"id":"8839f1a1-b010-405e-97d9-8b34ea596023","block_type":"box","text":"order when an Authorized Person or, if applicable, such Authorized Person’s authorized designee, receives the order.","page_number":74,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"dde9eca7-e079-4b22-9555-b253ea0b2ce6","block_type":"box","text":"II-37","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b93d3177-4884-4de9-ac39-ddfbf72a3ea6","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5af6e12-c74e-4820-9324-357a7906b929","block_type":"box","text":"Such customer orders will be priced at the Fund’s NAV next computed after they are received by an Authorized Person","page_number":75,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"5a411d88-6679-4caf-989e-d8390354bf95","block_type":"box","text":"or such Authorized Person’s authorized designee. Financial institutions may include retirement plan service providers","page_number":75,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"cf02ff33-63c9-417f-a1ff-d1d2024dd39f","block_type":"box","text":"who aggregate purchase and redemption instructions received from numerous retirement plans or plan par ticipants.","page_number":75,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"d8d0a05f-38e0-4988-8244-1aab6bd533ea","block_type":"box","text":"Investor Shares","page_number":75,"box":{"x":70,"y":105,"width":110,"height":9}},{"id":"6c78cb66-9980-4136-98e0-f216f8e88adc","block_type":"box","text":"Purchase of Shares.","page_number":75,"box":{"x":102,"y":128,"width":144,"height":9}},{"id":"7cba9551-320f-4d0b-ade2-1b235850da25","block_type":"box","text":"The minimum investment for the initial purchase of shares is $1,000. There is no","page_number":75,"box":{"x":253,"y":127,"width":582,"height":12}},{"id":"bf83648a-6bb2-42a5-af1a-0aae835cdc77","block_type":"box","text":"investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs).","page_number":75,"box":{"x":70,"y":143,"width":811,"height":11}},{"id":"4cc13803-7d3d-4e57-810c-5948efda7d9e","block_type":"box","text":"There is no investment minimum for cer tain fee-based programs. There is a $50 minimum for subsequent","page_number":75,"box":{"x":68,"y":157,"width":757,"height":12}},{"id":"46ef606b-16ef-4df4-a704-f1639498a52b","block_type":"box","text":"investments (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).","page_number":75,"box":{"x":70,"y":173,"width":821,"height":11}},{"id":"0d0bdec0-85ab-472c-a721-fbc87b72eaa7","block_type":"box","text":"Purchases through the Automatic Investment Plan are subject to a lower initial purchase minimum. In addition, the","page_number":75,"box":{"x":69,"y":188,"width":816,"height":12}},{"id":"e6c5b7e2-8590-42ab-b91a-2fecb0cab787","block_type":"box","text":"minimum initial investment for employees of the Fund, the Fund’s Manager, sub-adviser, BRIL or transfer agent or","page_number":75,"box":{"x":69,"y":203,"width":809,"height":12}},{"id":"d1cfadf5-6424-42c3-aafe-b2b031255eed","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in which case the","page_number":75,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"1a6fae76-9497-41e4-9535-04080fcafeb7","block_type":"box","text":"minimum investment is $25.","page_number":75,"box":{"x":69,"y":233,"width":203,"height":10}},{"id":"6568eab5-b586-4b88-93fa-2954b5648154","block_type":"box","text":"Purchases Through Brokers.","page_number":75,"box":{"x":102,"y":257,"width":204,"height":10}},{"id":"2adb7c08-2315-4328-9fdd-2ff033086bd0","block_type":"box","text":"It is the responsibility of brokers to transmit purchase orders and payment on a","page_number":75,"box":{"x":314,"y":256,"width":566,"height":11}},{"id":"d7978a28-2533-4003-9244-14177a92fe22","block_type":"box","text":"timely basis. Generally, if payment is not received within the period described in the Prospectus, the order will be","page_number":75,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"9c980495-2b99-4cb2-a327-695ff86b3cfe","block_type":"box","text":"canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss to the Fund","page_number":75,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"26465adc-4f86-4063-bca1-84780fc8fd1e","block_type":"box","text":"or its shareholders. Orders of less than $500 may be mailed by a broker to the transfer agent.","page_number":75,"box":{"x":69,"y":301,"width":673,"height":12}},{"id":"20e46a59-8fb0-4342-a3ec-9cfba68896af","block_type":"box","text":"Other Purchase Information.","page_number":75,"box":{"x":101,"y":324,"width":205,"height":9}},{"id":"8501b44a-ac82-4c0f-9ce4-8abe8b6b3357","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":75,"box":{"x":313,"y":324,"width":559,"height":11}},{"id":"49e6309a-2eb6-4ada-9ecd-2a13086c3a17","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":75,"box":{"x":69,"y":339,"width":786,"height":12}},{"id":"b0c45271-cd6a-4bfc-9e3f-a6f4352683d5","block_type":"box","text":"weekdays on which both the NYSE and the Federal Reserve Bank of Philadelphia are open for business (a “Business","page_number":75,"box":{"x":68,"y":355,"width":833,"height":11}},{"id":"dce4c449-a9cb-44c4-ae89-9a8c05ec1317","block_type":"box","text":"Day”). Payment for orders which are not received or accepted will be returned after prompt inquiry. The issuance of","page_number":75,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"71ea6771-dfd0-43c1-94f7-40a065bf9071","block_type":"box","text":"shares is recorded on the books of the Fund. No cer tificates will be issued for shares. Payments for shares of the","page_number":75,"box":{"x":69,"y":385,"width":813,"height":11}},{"id":"0c943723-fb9d-4b2b-a65b-c4d8c1227091","block_type":"box","text":"Fund may, in the discretion of the Fund’s Manager, be made in the form of securities that are permissible","page_number":75,"box":{"x":70,"y":400,"width":751,"height":11}},{"id":"19542672-c0ac-4d7a-89bd-e29b3648d574","block_type":"box","text":"investments for the Fund. The Fund reserves the right to reject any purchase order, to modify or waive the minimum","page_number":75,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"372eb79b-2aaa-4bc7-8e49-f75886a516a6","block_type":"box","text":"initial or subsequent investment requirement and to suspend and resume the sale of any share class of the Fund at","page_number":75,"box":{"x":70,"y":430,"width":827,"height":11}},{"id":"36bff1dc-7577-44a4-ac5c-0c6a55326dd2","block_type":"box","text":"any time.","page_number":75,"box":{"x":69,"y":446,"width":63,"height":10}},{"id":"15eb8c1b-023d-456a-9058-a7b8511f8828","block_type":"box","text":"Shareholder Features","page_number":75,"box":{"x":101,"y":468,"width":155,"height":9}},{"id":"eb0fb169-f40c-4b75-8662-f6225ae6535e","block_type":"box","text":"Exchange Privilege.","page_number":75,"box":{"x":102,"y":491,"width":142,"height":11}},{"id":"13f569a9-93ca-4de9-b868-61a3b1d01511","block_type":"box","text":"Unless an exemption applies, a front-end sales charge will be charged in connection with","page_number":75,"box":{"x":251,"y":491,"width":633,"height":11}},{"id":"d0eb63e7-30b0-418a-ae26-7bc639574701","block_type":"box","text":"exchanges of Investor A Shares of WeLEAF for Investor A Shares of one of the funds advised by BlackRock or its","page_number":75,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"aaedb2e4-7015-4e29-8e25-5fb59f5647b4","block_type":"box","text":"affiliates where an initial sales charge is assessed at the time of purchase of such fund (each, an “Investor A Load","page_number":75,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"e1cb2ae4-2ee3-4d02-af2e-1b171afd603a","block_type":"box","text":"BlackRock Fund”). Exchanges of Investor C Shares of WeLEAF for Investor C Shares of a Non-Money Market Por tfolio","page_number":75,"box":{"x":70,"y":536,"width":830,"height":11}},{"id":"82dd63f3-9cfc-43cf-938f-6ca5b8d96d60","block_type":"box","text":"will be exercised at NAV. However, a CDSC will be charged in connection with the redemption of the Investor C Shares","page_number":75,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"671289db-7a6d-476f-b826-49eb190a5690","block_type":"box","text":"of the Non-Money Market Por tfolio received in the exchange.","page_number":75,"box":{"x":69,"y":566,"width":429,"height":11}},{"id":"2bc94d95-21c3-40ad-8712-5f33d86fc770","block_type":"box","text":"A CDSC of up to 1.00% may apply to cer tain redemptions of Investor A Shares of WeLEAF purchased in an","page_number":75,"box":{"x":101,"y":589,"width":757,"height":11}},{"id":"17161a87-a1e7-4e91-8a43-4a6a04b248eb","block_type":"box","text":"exchange transaction for Investor A Shares of a por tfolio advised by BlackRock or its affiliates where no initial sales","page_number":75,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"a8a44bbe-9873-4660-8f37-81eef26be732","block_type":"box","text":"charge was paid at the time of purchase of such Fund (an “Investor A Load-Waived BlackRock Fund”) as par t of an","page_number":75,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"50857a50-e95b-45e6-8527-a4dd5e0e3362","block_type":"box","text":"investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived BlackRock Fund) or","page_number":75,"box":{"x":70,"y":634,"width":824,"height":12}},{"id":"5cbdb0e9-6299-4b16-89d0-0962f417d4b9","block_type":"box","text":"more. The Investor A Shares CDSC is only charged upon redemptions of Investor A Shares within 18 months after you","page_number":75,"box":{"x":69,"y":649,"width":840,"height":12}},{"id":"1f4d65a2-2e62-4e37-8565-2604801c8bff","block_type":"box","text":"originally acquired such Investor A Shares of the Investor A Load-Waived BlackRock Fund (a shor ter holding period","page_number":75,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"18d61849-14f1-4f68-b8a0-5f18f9255157","block_type":"box","text":"may apply depending on the Investor A Load-Waived BlackRock Fund), unless you qualify for a waiver. There is no","page_number":75,"box":{"x":69,"y":680,"width":803,"height":11}},{"id":"24287f55-19bb-46b2-9b1c-faa2d8ed989d","block_type":"box","text":"CDSC charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter","page_number":75,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"4a718314-6e26-4181-991d-e4793037ed60","block_type":"box","text":"holding period, as applicable) as measured from your original purchase of Investor A Shares that you exchanged into","page_number":75,"box":{"x":69,"y":710,"width":830,"height":11}},{"id":"47b1f183-c13a-487b-afe4-28b5a795030e","block_type":"box","text":"Investor A Shares of WeLEAF. The deferred sales charge on Investor A Shares is not charged in connection with:","page_number":75,"box":{"x":70,"y":725,"width":798,"height":11}},{"id":"3f510baa-7827-46b6-b256-5993561e6839","block_type":"box","text":"(a) redemptions of Investor A Shares purchased through cer tain employer-sponsored retirement plans and rollovers","page_number":75,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"c84ced2e-6d16-425c-badf-f19c12405a86","block_type":"box","text":"of current investments in a Fund through such plans; (b) exchanges pursuant to the exchange privilege described in","page_number":75,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"f26d667b-c857-42a0-adb2-fb4519739045","block_type":"box","text":"the Fund’s Prospectus; (c) redemptions made in connection with minimum required distributions due to the","page_number":75,"box":{"x":68,"y":771,"width":765,"height":10}},{"id":"dfd2df2c-6d9b-4a62-96e2-ecb948a0005d","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain","page_number":75,"box":{"x":69,"y":785,"width":775,"height":12}},{"id":"da941e29-48f0-4689-acc0-91a97c01437b","block_type":"box","text":"retirement plans sponsored by BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death","page_number":75,"box":{"x":69,"y":801,"width":838,"height":11}},{"id":"0d8b97f3-b81d-417d-a560-6b46389765e8","block_type":"box","text":"or, if later, the receipt of a cer tified probate settlement (including in connection with the distribution of account","page_number":75,"box":{"x":69,"y":816,"width":789,"height":11}},{"id":"fc16a8bc-dc9a-411e-a8b4-031cfa69bf0d","block_type":"box","text":"assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code)","page_number":75,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"a3b23291-d605-4f6d-873c-49e04a396691","block_type":"box","text":"subsequent to the purchase of Investor A Shares; (f) involuntary redemptions of Investor A Shares in accounts with","page_number":75,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"082dd497-7626-4848-83c0-6347878043c7","block_type":"box","text":"low balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":75,"box":{"x":70,"y":861,"width":762,"height":11}},{"id":"c1ef40a1-1165-4fe6-9151-6496c5d4efcb","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":75,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"bd0d383f-eb60-4408-918d-0029301d90cf","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":75,"box":{"x":69,"y":891,"width":711,"height":11}},{"id":"f76477cb-b7c9-4f2e-ac75-5171a4bba068","block_type":"box","text":"II-38","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8601aa67-5711-49bd-b553-af1c93555c39","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32118e64-d3c6-4740-a02b-6dc2a57dd7b2","block_type":"box","text":"A CDSC of 1.00% may apply to cer tain redemptions of Investor C Shares of WeLEAF. The Investor C Shares","page_number":76,"box":{"x":101,"y":45,"width":764,"height":11}},{"id":"4976cb5d-69f5-42f7-9394-6249a4bc70cb","block_type":"box","text":"CDSC is only charged upon redemptions of Investor C Shares within one year after you originally acquired the","page_number":76,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"d4be64d8-195d-4eb4-bcb9-1cbd811da922","block_type":"box","text":"Investor C Shares of the Non-Money Market Por tfolio, unless you qualify for a waiver. There is no CDSC charged on","page_number":76,"box":{"x":70,"y":75,"width":817,"height":11}},{"id":"e3c56872-5398-4e96-a035-a9376c7a83a5","block_type":"box","text":"redemptions if you have owned your Investor C Shares for more than one year (as measured from your original","page_number":76,"box":{"x":69,"y":90,"width":785,"height":11}},{"id":"d39b015c-89fe-4135-ad3b-fc4a5e3e6975","block_type":"box","text":"purchase of Investor C Shares that you exchanged into Investor C Shares of WeLEAF). In determining whether an","page_number":76,"box":{"x":70,"y":105,"width":801,"height":11}},{"id":"d4423462-fe26-495d-a652-9beb33f5edc1","block_type":"box","text":"Investor C Shares CDSC is applicable to a redemption, the calculation will be determined in the manner that results","page_number":76,"box":{"x":70,"y":120,"width":824,"height":11}},{"id":"33af4440-6ddd-4bc9-a5e1-3ef1e4e282e9","block_type":"box","text":"in the lowest possible rate being charged. The charge will be assessed on an amount equal to the lesser of the","page_number":76,"box":{"x":70,"y":135,"width":794,"height":12}},{"id":"787bdb46-23f2-4aa2-9124-f5874c214f41","block_type":"box","text":"proceeds of redemption or the cost of the shares being redeemed. Accordingly, no CDSC will be imposed on","page_number":76,"box":{"x":70,"y":150,"width":769,"height":12}},{"id":"f674935c-7970-4e1a-bd4a-fd491561c223","block_type":"box","text":"increases in NAV above the initial purchase price of Investor C Shares. In addition, no CDSC will be assessed on","page_number":76,"box":{"x":70,"y":166,"width":801,"height":11}},{"id":"19825619-7f3c-43ba-b588-3c317e7dfe4d","block_type":"box","text":"Investor C Shares acquired through reinvestment of dividends. It will be assumed that the redemption is first of","page_number":76,"box":{"x":70,"y":181,"width":794,"height":11}},{"id":"637d7942-17d0-4558-81ae-53b21cb79746","block_type":"box","text":"shares held for over one year or shares acquired pursuant to reinvestment of dividends and then of shares held","page_number":76,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"4a81fd98-0cef-4802-965a-2ec04ba1ff23","block_type":"box","text":"longest during the one-year period. A transfer of shares from a shareholder’s account to another account will be","page_number":76,"box":{"x":70,"y":211,"width":795,"height":11}},{"id":"bfe94429-c91d-4e15-9d95-72afd148a6e0","block_type":"box","text":"assumed to be made in the same order as a redemption.","page_number":76,"box":{"x":69,"y":226,"width":408,"height":11}},{"id":"69b819ea-936d-4473-aeb0-b595c9255720","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of the Fund’s SAI for","page_number":76,"box":{"x":102,"y":249,"width":722,"height":11}},{"id":"d13159ff-ea19-4954-9f69-576813543979","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":76,"box":{"x":70,"y":264,"width":769,"height":11}},{"id":"63cdfe26-788b-4c46-9e86-6f3437be9f5b","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":76,"box":{"x":101,"y":286,"width":740,"height":12}},{"id":"2cc5b9c9-fb66-475d-a748-ad57e9737ab1","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":76,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"b3855387-9b4d-49e5-bad0-31f93b0b6cfe","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges pursuant to the","page_number":76,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"af6d8de2-2086-4bd3-9d6a-000bd40f1c01","block_type":"box","text":"exchange privilege described in the Fund’s Prospectus; (3) redemptions made in connection with minimum required","page_number":76,"box":{"x":69,"y":332,"width":822,"height":11}},{"id":"85f6d2c4-0043-4c00-98d4-74a8b4ba3215","block_type":"box","text":"distributions due to the shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with","page_number":76,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"37b8966f-a6de-4dba-a10d-6a3b239983f6","block_type":"box","text":"respect to cer tain retirement plans sponsored by BlackRock or its affiliates; (5) redemptions in connection with a","page_number":76,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"3a3744b5-3bb2-4a9b-89d3-34b9a683be79","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":76,"box":{"x":69,"y":377,"width":822,"height":12}},{"id":"1ba560f0-661a-46f9-bffe-a38013129eed","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":76,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"561d94f4-f344-47d5-b220-a8f23990ac98","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":76,"box":{"x":69,"y":407,"width":806,"height":12}},{"id":"9b582d31-dedf-4acc-a822-b764310b9c22","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":76,"box":{"x":69,"y":423,"width":786,"height":11}},{"id":"10f56726-97fd-41d3-8787-8aee26bf3e99","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":76,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"24f85464-ab24-44e1-a454-36286cb80a98","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":76,"box":{"x":70,"y":453,"width":809,"height":11}},{"id":"5acd90c6-efcb-4e16-bb30-d1f85a51ad40","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":76,"box":{"x":70,"y":468,"width":791,"height":11}},{"id":"020ebaf0-0f5d-4159-945c-1be61ec04f81","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":76,"box":{"x":70,"y":483,"width":784,"height":11}},{"id":"af31e977-5b15-4813-840d-e65739437452","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":76,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"67182e57-7fcf-43b8-a94e-a87e6f71d7aa","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":76,"box":{"x":69,"y":513,"width":451,"height":12}},{"id":"0930acc6-6042-4a3e-92b6-9af6aaee2b9e","block_type":"box","text":"WeLEAF has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":76,"box":{"x":101,"y":536,"width":766,"height":11}},{"id":"01a76a25-d18a-4167-9ba3-919b0052fc73","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in the","page_number":76,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"53f8a775-8180-416f-a09f-ff6a22fe6b95","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":76,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"e24be186-9650-48ea-b941-4ed3dc644318","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":76,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"04ba5bd8-55db-455d-a950-114ac3f14b17","block_type":"box","text":"Investor A Shares.","page_number":76,"box":{"x":70,"y":597,"width":128,"height":8}},{"id":"e99243d8-a042-46e7-afb6-f05b9f250ff7","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":76,"box":{"x":102,"y":619,"width":781,"height":11}},{"id":"76589533-8ab2-4078-abc8-6bf039e231f4","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":76,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"7bd5134c-df27-44ff-9624-8d5f7ab330d3","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":76,"box":{"x":69,"y":649,"width":462,"height":12}},{"id":"a0c92941-d0d6-4eb3-8764-96c38257f8d5","block_type":"box","text":"Investor A Shares of the Fund that were (1) acquired through the use of the exchange privilege and (2) can be","page_number":76,"box":{"x":102,"y":672,"width":780,"height":11}},{"id":"c868e224-dc00-47cf-bee0-4827643c3904","block_type":"box","text":"traced back to a purchase of shares in one or more investment por tfolios of the Fund for which a sales charge was","page_number":76,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"9c8d4b91-c9b1-4d3f-bec6-2acae2eec7df","block_type":"box","text":"paid, can be exchanged for Investor A Shares of the Fund subject to a sales charge.","page_number":76,"box":{"x":70,"y":702,"width":596,"height":12}},{"id":"6277d57e-2301-424a-8b4a-b5df523e9db3","block_type":"box","text":"A shareholder wishing to make an exchange may do so by sending a written request to the Fund at the following","page_number":76,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"874512d7-6fd3-4c3f-92c3-74b507b19214","block_type":"box","text":"address: BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are automatically","page_number":76,"box":{"x":69,"y":740,"width":785,"height":11}},{"id":"a3ac518f-ecf3-49ec-b847-e2bd8a67dd04","block_type":"box","text":"provided with telephone exchange privileges when opening an account, unless they indicate on the Application that","page_number":76,"box":{"x":70,"y":755,"width":817,"height":11}},{"id":"9e95b660-6fb1-4a23-8a3f-f19ec1b578b0","block_type":"box","text":"they do not wish to use this privilege. To add this feature to an existing account that previously did not provide this","page_number":76,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"a9aee247-7de2-48e1-8db7-870ebd4154a9","block_type":"box","text":"option, a request must be made in writing or by telephone. Once this election has been made, the shareholder may","page_number":76,"box":{"x":69,"y":786,"width":823,"height":11}},{"id":"7bef292a-cb8b-428d-9dcb-dd396adae664","block_type":"box","text":"simply contact the Fund by telephone at (800) 441-7762 to request the exchange. During periods of substantial","page_number":76,"box":{"x":69,"y":801,"width":797,"height":11}},{"id":"12c22a9a-edda-4439-a9c6-b88a217efe44","block_type":"box","text":"economic or market change, telephone exchanges may be difficult to complete and shareholders may have to submit","page_number":76,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"4a7cab20-8fc8-4ef6-a9c7-8c6a21bbde38","block_type":"box","text":"exchange requests in writing.","page_number":76,"box":{"x":69,"y":831,"width":206,"height":11}},{"id":"8c64c887-b7f1-422d-bcf7-55afdbea05d0","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":76,"box":{"x":102,"y":853,"width":800,"height":12}},{"id":"59fd2d73-f703-4975-abcc-3f4ea565cf42","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":76,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"ac9efa4c-e300-428d-8147-be059591717a","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":76,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"f74a7f59-77f9-48fa-a92c-8004f8c972a0","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution. In order to par ticipate in the Automatic Investment","page_number":76,"box":{"x":68,"y":899,"width":833,"height":11}},{"id":"1aceb94b-1ca4-4e08-9b72-2894cba7203e","block_type":"box","text":"II-39","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e53225f-ecce-492c-9a48-94675e9361f2","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d04f532f-e2b5-46e3-9195-b0bc727bc3d7","block_type":"box","text":"Program or establish a Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must","page_number":77,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"436ebef7-8a14-4f75-8931-3dc4aa16a41a","block_type":"box","text":"file a specific written request.","page_number":77,"box":{"x":68,"y":60,"width":210,"height":11}},{"id":"1e6887fa-7351-4d4c-b5d1-72cb279e10d1","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":77,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"e70057f8-fa1a-4585-8a28-696d63d6dc3b","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For Federal income tax purposes, a share","page_number":77,"box":{"x":69,"y":98,"width":821,"height":11}},{"id":"c70e5db1-4dec-4219-a907-e535cfa33c16","block_type":"box","text":"exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an exchange","page_number":77,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"2a741327-8ba9-4638-9c40-e7912d9ce62a","block_type":"box","text":"request, shareholders should consult a tax or other financial adviser and should consider the investment objective,","page_number":77,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"432a8d1e-7f7d-4498-ae0e-59ddce5475fc","block_type":"box","text":"policies and restrictions of the investment por tfolio into which the shareholder is making an exchange. Brokers may","page_number":77,"box":{"x":70,"y":143,"width":824,"height":11}},{"id":"ef4db7ef-de65-49ee-a42f-c6be336a80e4","block_type":"box","text":"charge a fee for handling exchanges.","page_number":77,"box":{"x":69,"y":158,"width":261,"height":11}},{"id":"f5710402-5524-45b3-a3cc-aa851dd5908d","block_type":"box","text":"The Fund reserves the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":77,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"734bbeee-74f0-43ee-b763-dc2a9b6c4d3b","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Fund","page_number":77,"box":{"x":68,"y":196,"width":792,"height":11}},{"id":"75c29b85-f277-4552-86a9-8faf086c142b","block_type":"box","text":"reserves the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":77,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"417dece6-dc02-49ba-b00c-f9c2a65d88af","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":77,"box":{"x":69,"y":226,"width":818,"height":11}},{"id":"f21d9f45-279f-408c-a35e-358ec6075f0c","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders. The Fund, the Administrator and BRIL will","page_number":77,"box":{"x":69,"y":241,"width":804,"height":11}},{"id":"db1eabd1-3ab6-411f-baa4-6cb6e0655071","block_type":"box","text":"employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund, the","page_number":77,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"8a3f4f7a-4cbc-4ea3-b2b9-da22b3eff7e7","block_type":"box","text":"Trust, the Administrator and BRIL will not be liable for any loss, liability, cost or expense for acting upon telephone","page_number":77,"box":{"x":68,"y":271,"width":814,"height":12}},{"id":"9e6a0a50-15c9-4c07-90a3-75ff3e80efd1","block_type":"box","text":"instructions reasonably believed to be genuine in accordance with such procedures.","page_number":77,"box":{"x":70,"y":287,"width":596,"height":11}},{"id":"d6c21bf3-1103-47cc-b5a8-12255b28f987","block_type":"box","text":"By use of the exchange privilege, the investor authorizes the Fund’s transfer agent to act on telephonic or written","page_number":77,"box":{"x":102,"y":309,"width":804,"height":11}},{"id":"acf357dc-258a-471d-b43d-7a3b78ed92ff","block_type":"box","text":"exchange instructions from any person representing him– or herself to be the investor and believed by the Fund’s","page_number":77,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"60607a2f-e5f8-49b7-a97b-93d3bcb9fd43","block_type":"box","text":"transfer agent to be genuine. The records of the Fund’s transfer agent per taining to such instructions are binding.","page_number":77,"box":{"x":68,"y":339,"width":812,"height":12}},{"id":"0047ca8c-e9f5-4688-89c3-e76e75b6db4a","block_type":"box","text":"The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders.","page_number":77,"box":{"x":68,"y":355,"width":810,"height":11}},{"id":"e234837b-7c72-4b0f-8026-f49b1a93d625","block_type":"box","text":"The exchange privilege is only available in states where the exchange may legally be made.","page_number":77,"box":{"x":68,"y":370,"width":649,"height":11}},{"id":"06a16295-45e0-4cc6-a2c4-8756406a88f7","block_type":"box","text":"The redemption of shares of one fund and the subsequent investment in another fund generally will be treated","page_number":77,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"8d79e0a3-c8c8-4709-bd40-2ac6b30a26d5","block_type":"box","text":"as two separate transactions. Therefore, a front-end sales charge will be imposed (unless an exemption applies) on","page_number":77,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"14289bee-93b6-44b8-9168-c8e6c714e04a","block_type":"box","text":"the purchase of Investor A or Investor A1 Shares of an Investor A Load BlackRock Fund with the proceeds of a","page_number":77,"box":{"x":68,"y":423,"width":785,"height":11}},{"id":"f36cf795-328c-46ce-b028-804c432d0e0c","block_type":"box","text":"redemption of Investor Shares of WeLEAF. In addition, when Investor Shares of WeLEAF are redeemed and the","page_number":77,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"9f99ca6b-f835-4ac9-b876-0db9bc613ff6","block_type":"box","text":"proceeds are used to purchase Investor C Shares of a Non-Money Market Por tfolio, a CDSC will be imposed (unless","page_number":77,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"642bf1ec-8dff-455b-8744-8be124a57d1c","block_type":"box","text":"an exemption applies) when the Investor C Shares of the Non-Money Market Por tfolio are redeemed.","page_number":77,"box":{"x":69,"y":468,"width":716,"height":11}},{"id":"ee9dad1f-87f9-4b9a-861a-eb06ae976ffa","block_type":"box","text":"Automatic Investment Plan (“AIP”).","page_number":77,"box":{"x":101,"y":491,"width":262,"height":11}},{"id":"0caa2421-d043-4769-bda2-205e5770d8e5","block_type":"box","text":"Cer tain shareholders may arrange for periodic investments in the Fund","page_number":77,"box":{"x":369,"y":491,"width":503,"height":11}},{"id":"00a9757c-49e1-40a1-a3cd-0fc61adbc9cc","block_type":"box","text":"through automatic deductions from a checking or savings account by completing the AIP Application which may be","page_number":77,"box":{"x":68,"y":506,"width":812,"height":11}},{"id":"e2154ffe-9479-418b-91af-b5972a19d492","block_type":"box","text":"obtained from the Fund at (800) 441-7762, or online at www.blackrock.com. The minimum pre-authorized investment","page_number":77,"box":{"x":69,"y":521,"width":834,"height":11}},{"id":"0635c347-a687-4039-b050-65bfa40185ba","block_type":"box","text":"amount is $50 per Fund.","page_number":77,"box":{"x":69,"y":535,"width":175,"height":12}},{"id":"9aa964bc-d5ce-4c9a-bdca-8cb727fc9377","block_type":"box","text":"Systematic Withdrawal Plan (“SWP”).","page_number":77,"box":{"x":101,"y":559,"width":278,"height":11}},{"id":"9a5a5db8-a012-44de-a343-003c64a835ad","block_type":"box","text":"WeLEAF offers a Systematic Withdrawal Plan to shareholders who wish to","page_number":77,"box":{"x":385,"y":559,"width":523,"height":11}},{"id":"d38063c9-9463-407d-a899-ac0b2e5e707d","block_type":"box","text":"receive regular distributions from their accounts. Upon commencement of the SWP, the account must have a current","page_number":77,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"2413ca67-9c5b-4f1e-88c3-17c38b816a8e","block_type":"box","text":"value of $10,000 or more in the Fund. Shareholders may elect to receive automatic cash payments of $50 or more","page_number":77,"box":{"x":68,"y":588,"width":823,"height":12}},{"id":"f1fa23a2-0bfc-4e94-a396-e757903255c0","block_type":"box","text":"at any interval. You may choose any day for the withdrawal. If no day is specified, the withdrawals will be processed","page_number":77,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"7591c906-c20c-4aea-aaca-77879bec496d","block_type":"box","text":"on the 25th day of the month or, if such day is not a Business Day, on the prior Business Day and are paid promptly","page_number":77,"box":{"x":69,"y":619,"width":828,"height":11}},{"id":"96cf1520-3981-424a-9981-ead24d933a30","block_type":"box","text":"thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal Plan Application Form which may","page_number":77,"box":{"x":68,"y":634,"width":839,"height":12}},{"id":"ee1bd1a1-e617-4e63-8c96-a88a3cba0258","block_type":"box","text":"be obtained by calling the Fund or by visiting our website at www.blackrock.com.","page_number":77,"box":{"x":69,"y":650,"width":569,"height":11}},{"id":"d04b74bf-1195-4d11-ad32-b4ce8d2252ca","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":77,"box":{"x":102,"y":672,"width":789,"height":11}},{"id":"c0e8b4be-6ec8-444e-88dc-4f70de1a88f4","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":77,"box":{"x":68,"y":687,"width":774,"height":11}},{"id":"9e17d148-e601-428d-84fe-501f89d6182a","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":77,"box":{"x":69,"y":702,"width":815,"height":12}},{"id":"e3944e93-3bed-4ece-a15e-906d155f076b","block_type":"box","text":"(800) 441-7762.","page_number":77,"box":{"x":69,"y":718,"width":119,"height":10}},{"id":"25b61862-9aa2-409e-ae98-7b40e9e9ef00","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan (see “Account Services and","page_number":77,"box":{"x":102,"y":740,"width":800,"height":11}},{"id":"b31300b5-7cf7-487f-93ab-59aada502b82","block_type":"box","text":"Privileges — Automatic Investment Plan” in the Fund’s Prospectus) and the Systematic Withdrawal Plan at the same","page_number":77,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"58bf265d-ce59-4ab2-bd16-e11e929f917d","block_type":"box","text":"time.","page_number":77,"box":{"x":68,"y":771,"width":35,"height":8}},{"id":"a76a0124-0ec3-4643-bda8-723adf807bf4","block_type":"box","text":"Dividend Allocation Plan.","page_number":77,"box":{"x":102,"y":793,"width":180,"height":9}},{"id":"5592f500-c826-46be-ab67-1f1b6c4bb8e2","block_type":"box","text":"The Dividend Allocation Plan allows shareholders to elect to have all their dividends","page_number":77,"box":{"x":288,"y":793,"width":595,"height":9}},{"id":"e0bece6b-a28f-44f8-9deb-29a2045a2c75","block_type":"box","text":"and any other distributions from WeLEAF or any Eligible Fund (which includes the Fund and other funds as designated","page_number":77,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"5a69768d-c985-44eb-b7d3-5962d9fc845f","block_type":"box","text":"by BRIL from time to time) automatically invested at NAV in one other such Eligible Fund designated by the","page_number":77,"box":{"x":69,"y":823,"width":757,"height":12}},{"id":"c14326ac-9e86-48c1-b871-6d8b33917765","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially funded with the","page_number":77,"box":{"x":69,"y":838,"width":820,"height":11}},{"id":"300ed836-29ee-4606-bb1e-9970a106d74f","block_type":"box","text":"requisite minimum amount.","page_number":77,"box":{"x":69,"y":854,"width":194,"height":10}},{"id":"d0ab6b09-dc8b-4f5f-8bf2-3bd47edc5e0a","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares.","page_number":77,"box":{"x":101,"y":876,"width":392,"height":9}},{"id":"cb33b458-596d-4cb2-ad80-0286d620ab0b","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”),","page_number":77,"box":{"x":500,"y":876,"width":372,"height":11}},{"id":"f2559252-a5c9-4f86-8414-df5f5dd0430a","block_type":"box","text":"approximately eight years after purchase, Investor C Shares of WeLEAF will conver t automatically into Investor A","page_number":77,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"e9153229-bb4c-4e2d-a4c9-a55ff5070d07","block_type":"box","text":"Shares of WeLEAF (the “Investor C 8-Year Conversion”). It is the financial intermediary’s responsibility to ensure that","page_number":77,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"5739425a-3eb3-44d5-b10b-03a6c98b2efd","block_type":"box","text":"II-40","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9115e611-dbe3-4337-a7b8-0f45bcf19e37","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd8465b3-225f-40a4-a0ab-f3a5a27ecc7f","block_type":"box","text":"the shareholder is credited with the proper holding period. As of the Effective Date, cer tain financial intermediaries,","page_number":78,"box":{"x":68,"y":45,"width":824,"height":11}},{"id":"9ea3a9df-67f5-4beb-9330-ee4ba0f44948","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":78,"box":{"x":70,"y":60,"width":822,"height":11}},{"id":"f9c15010-6177-446a-a2d1-02f4ca1dca0f","block_type":"box","text":"may not be able to process such conversions. In such instances, Investor C Shares held as of the Effective Date will","page_number":78,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"c1cc9c52-b913-4642-b485-d1e589e49808","block_type":"box","text":"automatically conver t to Investor A Shares approximately eight years after the Effective Date. If, as of","page_number":78,"box":{"x":69,"y":90,"width":724,"height":11}},{"id":"8b65660c-e0b5-4419-865c-4156e716b7e0","block_type":"box","text":"November 23, 2028 (eight years after the Effective Date), a financial intermediary has not implemented systems or","page_number":78,"box":{"x":70,"y":105,"width":824,"height":11}},{"id":"2f91b2b0-346b-4d6a-8b23-9e54f03ffbd8","block_type":"box","text":"procedures to track holding periods commencing from the Effective Date, shareholders holding Investor C Shares","page_number":78,"box":{"x":70,"y":120,"width":806,"height":12}},{"id":"c4496bf3-e0de-4561-add4-dbc73349d338","block_type":"box","text":"through such financial intermediary will no longer be eligible to hold Investor C Shares and any such shares will","page_number":78,"box":{"x":68,"y":135,"width":794,"height":12}},{"id":"a4c8a541-ed04-4679-9afd-129af7b2bf99","block_type":"box","text":"conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":78,"box":{"x":69,"y":150,"width":568,"height":12}},{"id":"0a20bf03-e33b-491d-84bb-b72df36c910d","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":78,"box":{"x":102,"y":173,"width":764,"height":11}},{"id":"9f628913-fd81-4c7a-aa1c-8d9cfec6276b","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":78,"box":{"x":70,"y":188,"width":816,"height":11}},{"id":"87f1373b-8155-4126-8334-a811a18679ea","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":78,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"6e21b2e7-6f80-4553-ab52-1b74068d9788","block_type":"box","text":"“Investor C Conversions”).","page_number":78,"box":{"x":70,"y":219,"width":186,"height":11}},{"id":"4e885f3f-b6c9-4f87-9b7f-97061a394699","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":78,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"ccdcee73-56d9-410d-959d-00d98bc5c338","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":78,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"73778a91-1286-437f-92b1-1c2df020fb86","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":78,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"e2be17ef-a7f3-4d1e-9147-ff0b9996316b","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":78,"box":{"x":69,"y":286,"width":833,"height":12}},{"id":"99c74348-24ed-4c49-b706-ad9c103b2651","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in WeLEAF’s Prospectus. The Investor C","page_number":78,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"7c37ca52-b9bc-4e1a-a947-9083be67542c","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":78,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"e848e61c-1ba1-45b2-9072-5fcfa8c91f95","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":78,"box":{"x":69,"y":332,"width":445,"height":11}},{"id":"e177cdcc-815c-4bf9-8058-a665ede341dc","block_type":"box","text":"Institutional Shares","page_number":78,"box":{"x":70,"y":362,"width":138,"height":9}},{"id":"baf2b044-5e72-466f-8823-a5da3da84b74","block_type":"box","text":"Purchase of Shares.","page_number":78,"box":{"x":102,"y":385,"width":144,"height":9}},{"id":"5b5f94bf-530b-4946-94d2-362644c15cc9","block_type":"box","text":"WeLEAF offers Institutional Shares as described in the Fund’s Prospectus.","page_number":78,"box":{"x":253,"y":385,"width":529,"height":11}},{"id":"7684ec69-33a3-4899-9066-6aacf9002d35","block_type":"box","text":"The following investors may purchase Institutional Shares of WeLEAF, provided that the beneficial owners of such","page_number":78,"box":{"x":101,"y":407,"width":807,"height":12}},{"id":"4a9f135c-f158-45f8-82aa-d810059fb28e","block_type":"box","text":"shares are natural persons: employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA","page_number":78,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"85410552-7d19-44e7-a3df-c95da70659df","block_type":"box","text":"Corp., Barclays PLC or their respective affiliates and immediate family members of such persons, if they open an","page_number":78,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"c316633d-1b8d-4832-b3fd-23ab33808e5f","block_type":"box","text":"account directly with BlackRock; individuals with a minimum initial investment of $2 million who may purchase shares","page_number":78,"box":{"x":69,"y":452,"width":838,"height":12}},{"id":"c655bac3-eef7-4422-baec-4cb243c713a7","block_type":"box","text":"of the Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such","page_number":78,"box":{"x":69,"y":468,"width":838,"height":11}},{"id":"fdf050d1-3844-4d55-817f-fc76756fc6a5","block_type":"box","text":"shares; employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or","page_number":78,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"cd4705db-350c-4a58-8cc9-157ce33d7690","block_type":"box","text":"SARSEPs) and state sponsored 529 college savings plans, each of which may purchase shares of the Fund through a","page_number":78,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"ec9e45e7-4997-433b-b545-f8672170d6ee","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":78,"box":{"x":68,"y":513,"width":792,"height":12}},{"id":"f02c06f7-f757-4a76-858d-0c607595bb9b","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":78,"box":{"x":70,"y":528,"width":788,"height":12}},{"id":"cb6eac40-396b-4cbf-bea1-cadd11ed1156","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":78,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"b884ae41-f5e5-4086-b633-de3406eb91b3","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":78,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"7ea74a99-a737-488a-b15e-ee98903dcdbf","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":78,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"bcdd7fd5-abbf-4883-b127-d724f8bf3184","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":78,"box":{"x":68,"y":589,"width":838,"height":11}},{"id":"f3bf98a7-4b37-46f3-bb72-950c14eb1ef7","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":78,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"2ceaa4fd-c9d9-4817-8319-0a5dcbc7f3c4","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":78,"box":{"x":70,"y":619,"width":826,"height":11}},{"id":"1b89c1d4-85fa-405d-8755-a7b5a363a5ad","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":78,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"dd2d179e-0848-4dc4-8a02-9d5c7c96f18c","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":78,"box":{"x":69,"y":649,"width":804,"height":12}},{"id":"b3fee3c2-8458-4ab7-9703-9e1642ddb057","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust depar tment clients of Bank of America,","page_number":78,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"f9e64686-7472-4bd8-8cbd-efb038a0cb1e","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit","page_number":78,"box":{"x":70,"y":680,"width":807,"height":11}},{"id":"b1cd0150-b9a1-46c5-ba5b-9d626c0e3079","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":78,"box":{"x":70,"y":694,"width":838,"height":12}},{"id":"0edced5c-d37b-4be2-8dce-d81cbd78ca2a","block_type":"box","text":"of cer tain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":78,"box":{"x":69,"y":710,"width":794,"height":11}},{"id":"9e5cb781-dfd7-48e7-9f04-3b9256973bcb","block_type":"box","text":"shares of the Fund.","page_number":78,"box":{"x":69,"y":725,"width":137,"height":9}},{"id":"b3a190bf-e43c-4fc6-84ff-37ece85a2066","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":78,"box":{"x":101,"y":748,"width":778,"height":11}},{"id":"1f01653b-9a5a-4fb6-89db-0c715952207d","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":78,"box":{"x":69,"y":763,"width":638,"height":11}},{"id":"f839a361-a675-40bf-a618-b75513968f7f","block_type":"box","text":"Institutional Shares of the Fund may be purchased by customers of broker-dealers and agents that have","page_number":78,"box":{"x":102,"y":785,"width":740,"height":12}},{"id":"4b7cdbb5-cb63-46bf-a739-1926ebbb56be","block_type":"box","text":"established a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may","page_number":78,"box":{"x":69,"y":801,"width":838,"height":11}},{"id":"a6fde8f6-0740-4da2-8d58-38398929da53","block_type":"box","text":"impose additional or different conditions on the purchase or redemption of Fund shares by their customers and may","page_number":78,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"cab71962-853a-438d-9a30-92e76a73c4d9","block_type":"box","text":"charge their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each","page_number":78,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"0eb46b5e-715b-4af8-ab2c-9343bf7884dd","block_type":"box","text":"broker-dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":78,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"76096a99-68b2-4a66-9c09-3d7b97e8fc7c","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":78,"box":{"x":69,"y":861,"width":773,"height":11}},{"id":"a367b19f-0821-4386-97fe-c137bb27e302","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":78,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"e8f70b63-6f6d-45b3-85fd-0eb1b54f24f0","block_type":"box","text":"II-41","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9cde3888-5223-461d-8981-de4c81a15719","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e401d346-ac68-40a3-b525-637cee0c71e7","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":79,"box":{"x":102,"y":45,"width":806,"height":11}},{"id":"c6697fbc-6cd7-4888-8f3b-f3ca3bf2d649","block_type":"box","text":"in Federal funds or other immediately available funds by the close of the federal funds wire (normally 6:45 p.m.","page_number":79,"box":{"x":70,"y":60,"width":791,"height":11}},{"id":"860a35ae-08a1-4ffc-aff8-f44265e5fa23","block_type":"box","text":"(Eastern time)). Payment may also, in the discretion of the Fund, be made in the form of securities that are","page_number":79,"box":{"x":69,"y":75,"width":763,"height":11}},{"id":"64b82d9f-83ed-49a9-a9f8-574ca9c45e41","block_type":"box","text":"permissible investments for the Fund. If payment for a purchase order is not received by the prescribed time, an","page_number":79,"box":{"x":70,"y":90,"width":799,"height":11}},{"id":"a1f86e7d-1aef-455e-a63c-560cfdaef534","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":79,"box":{"x":70,"y":105,"width":571,"height":11}},{"id":"81414bde-1fe4-437d-95e7-e7046eb928b8","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":79,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"21b8faca-dff3-4c4e-bca6-93db65441c48","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":79,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"d2d6ce9d-2676-4bf4-9c55-ca6aeabd6a5e","block_type":"box","text":"class of shares of the Fund, provided that the exchanged shares are not subject to a CDSC and that shareholders","page_number":79,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"c502f8c4-faab-4655-a382-bd625ac68e81","block_type":"box","text":"meet eligibility requirements of the new share class. Please speak to your financial intermediary for information","page_number":79,"box":{"x":69,"y":173,"width":795,"height":11}},{"id":"67e84cba-83f1-49e2-bc92-f90175fa61b7","block_type":"box","text":"about specific policies and procedures applicable to your account.","page_number":79,"box":{"x":69,"y":188,"width":470,"height":11}},{"id":"46af145d-d992-442c-a72e-c0c649a29f5b","block_type":"box","text":"Purchase Privileges of Certain Persons","page_number":79,"box":{"x":102,"y":211,"width":283,"height":11}},{"id":"9e05ccf1-5112-4922-b24d-bfec2afc0518","block_type":"box","text":".","page_number":79,"box":{"x":387,"y":218,"width":3,"height":2}},{"id":"7aea9274-150e-478d-a138-ee8005777212","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":79,"box":{"x":397,"y":211,"width":496,"height":11}},{"id":"6c6b4f55-4bc5-4cf0-88e2-43f325adddcd","block_type":"box","text":"Funds, BofA Corp., or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":79,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"f6719fd1-33aa-4465-a251-38470c598944","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in the Fund’s Prospectus. The","page_number":79,"box":{"x":70,"y":241,"width":832,"height":11}},{"id":"827a9371-dc5c-4b69-b7b0-c8907d8bae4b","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":79,"box":{"x":70,"y":256,"width":838,"height":11}},{"id":"9d7f9f78-9393-4401-afdd-eade24644194","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of the Fund must","page_number":79,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"9e293cbf-cca9-44b8-acf4-581ae69584ab","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":79,"box":{"x":69,"y":286,"width":279,"height":12}},{"id":"b83dea65-c342-4144-8bd2-f75c36b71800","block_type":"box","text":"DCC&S.","page_number":79,"box":{"x":102,"y":309,"width":56,"height":9}},{"id":"249d4174-af06-46bc-a91b-e092a3fda2f6","block_type":"box","text":"Qualified Plans may be able to invest in shares of WeLEAF through the Defined Contribution Clearance","page_number":79,"box":{"x":165,"y":309,"width":728,"height":11}},{"id":"074ae659-a183-4ccd-9ff8-a833400ede7c","block_type":"box","text":"and Settlement System (“DCC&S”) of the National Securities Clearing Corporation. 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These broker-dealers and agents may impose","page_number":79,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"b6081b74-1cbf-49da-bae1-f3f24b9ff918","block_type":"box","text":"additional or different conditions on the purchase or redemption of Fund shares by their customers and may charge","page_number":79,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"4096ef6b-4f28-4721-a320-30eaf6927b6b","block_type":"box","text":"their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each broker","page_number":79,"box":{"x":68,"y":672,"width":807,"height":11}},{"id":"35dc165e-ea14-4b0c-ba25-6b0c0acaf866","block_type":"box","text":"dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":79,"box":{"x":69,"y":687,"width":769,"height":11}},{"id":"8f491717-8293-4f7a-b8e7-5d512dedc2aa","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":79,"box":{"x":69,"y":702,"width":773,"height":12}},{"id":"3e44c97a-e300-449d-a268-dfe8eda7093d","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":79,"box":{"x":69,"y":717,"width":835,"height":12}},{"id":"0ca4ad2c-5996-44f6-8d08-c36a42fdfad8","block_type":"box","text":"Only purchase orders submitted through the NSCC Fund/SERV trading platform will be accepted. 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Please speak to your financial intermediary for information","page_number":79,"box":{"x":69,"y":823,"width":795,"height":12}},{"id":"eebb1061-db0d-4800-a147-db7ab30b5418","block_type":"box","text":"about specific policies and procedures applicable to your account.","page_number":79,"box":{"x":69,"y":838,"width":470,"height":11}},{"id":"6187ac6e-d3c4-4d88-a01a-4f266dc86f85","block_type":"box","text":"The Fund’s initial investment minimum is described in the Prospectus. There are no subsequent investment","page_number":79,"box":{"x":101,"y":861,"width":769,"height":11}},{"id":"6ce166e8-ed2a-425a-8649-3fbb29bdbc6a","block_type":"box","text":"minimums. The Fund reserves the right to reduce or waive the minimums in cer tain cases.","page_number":79,"box":{"x":69,"y":876,"width":645,"height":11}},{"id":"b199306c-eafb-4cd5-8db0-213f00d2ffea","block_type":"box","text":"Purchase of Shares of Circle Reserve","page_number":79,"box":{"x":102,"y":899,"width":270,"height":9}},{"id":"1c7d4346-ceed-416b-965e-738be5fed5dd","block_type":"box","text":"II-42","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d4bc86f-f93c-4e1f-bc07-d7fffb88de40","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bc0c669-fc7a-4fdb-bb17-db43dd8a325e","block_type":"box","text":"Institutional Shares","page_number":80,"box":{"x":102,"y":45,"width":138,"height":9}},{"id":"dcc4100d-fddf-4590-a39a-924a290a0323","block_type":"box","text":"Purchase of Shares.","page_number":80,"box":{"x":102,"y":67,"width":144,"height":9}},{"id":"bbb0aa65-c212-4fe9-9fee-71236af405f6","block_type":"box","text":"Circle Reserve offers Institutional Shares as described in the Fund’s Prospectus. The","page_number":80,"box":{"x":253,"y":67,"width":609,"height":11}},{"id":"767a553d-501a-4679-9c21-451c0a8d5d3f","block_type":"box","text":"minimum investment for the initial purchase of shares is $2 billion. Shares are only available for purchase by Circle","page_number":80,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"6579543d-8f3f-4d95-838a-55a563503b1d","block_type":"box","text":"Internet Financial, LLC and Circle Internet Financial Europe SAS.","page_number":80,"box":{"x":70,"y":98,"width":454,"height":11}},{"id":"a7687aad-941b-45c6-9fe0-ba54f02991e8","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":80,"box":{"x":101,"y":120,"width":778,"height":11}},{"id":"c023bf25-abd9-4468-aca4-4326a435e34d","block_type":"box","text":"Institutional Shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":80,"box":{"x":70,"y":135,"width":667,"height":11}},{"id":"6ed59838-b6cd-4c85-8e88-9cdab1a990c8","block_type":"box","text":"Other Purchase Information.","page_number":80,"box":{"x":101,"y":158,"width":205,"height":9}},{"id":"2ca7b58d-dd7f-4e07-8316-551959797c7f","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. 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The Fund reserves the right to reject any purchase order, to modify or waive the minimum","page_number":80,"box":{"x":70,"y":249,"width":823,"height":11}},{"id":"d1d95a9a-b2cc-4c96-9824-c3ff9c43a0de","block_type":"box","text":"initial or subsequent investment requirement and to suspend and resume the sale of any share class of the Fund at","page_number":80,"box":{"x":70,"y":264,"width":827,"height":11}},{"id":"67f210b1-e646-434a-ac76-79429467979a","block_type":"box","text":"any time.","page_number":80,"box":{"x":69,"y":279,"width":63,"height":11}},{"id":"0cc2da2e-3b61-42e9-9940-4de28ce81ce4","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":80,"box":{"x":102,"y":302,"width":806,"height":11}},{"id":"e87d489e-4c4f-4420-9a4d-1286f084f898","block_type":"box","text":"in Federal funds or other immediately available funds by the close of the federal funds wire (normally 6:45 p.m.","page_number":80,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"91acbf87-d034-441b-be3f-64b2949bcdf2","block_type":"box","text":"(Eastern time)). 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Although Investor A Shares of WeLEAF","page_number":80,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"6758a43b-6d25-4a65-bc26-23dbb089eb3d","block_type":"box","text":"and Summit Cash Reserves generally are not subject to a sales charge, an investor’s existing Investor A, Investor C,","page_number":80,"box":{"x":69,"y":551,"width":830,"height":11}},{"id":"ebdefd21-2b75-49b3-9512-7d4dbe20e35a","block_type":"box","text":"Institutional and Premier Shares in WeLEAF and Summit Cash Reserves, as applicable, may be combined with the","page_number":80,"box":{"x":70,"y":566,"width":812,"height":11}},{"id":"e42cb54e-a62d-4147-bb02-fba4cc2b8a69","block_type":"box","text":"amount of an investor’s current purchase in determining whether an investor qualifies for a breakpoint and a reduced","page_number":80,"box":{"x":69,"y":581,"width":836,"height":12}},{"id":"25e08373-0136-4f2c-9623-df022c874450","block_type":"box","text":"front-end sales charge. 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The Distributor’s principal business address is 50 Hudson Yards, New York, NY 10001.","page_number":80,"box":{"x":70,"y":725,"width":829,"height":11}},{"id":"56975056-690d-4dcf-a8c0-6bdbe7cac5e1","block_type":"box","text":"The Distributor is an affiliate of BlackRock.","page_number":80,"box":{"x":68,"y":740,"width":305,"height":9}},{"id":"90b05aab-1a7b-42ff-954f-385627aa3e5d","block_type":"box","text":"Each Fund (with the exception of Circle Reserve, BlackRock Government Money Market Por tfolio and BlackRock","page_number":80,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"288ff5fc-8f82-4cbb-b511-ab82b7fdf166","block_type":"box","text":"Government Money Market V.I. 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Each class has exclusive voting rights with respect to the","page_number":80,"box":{"x":69,"y":869,"width":802,"height":11}},{"id":"af6b2961-5760-474a-aff7-f58c38570773","block_type":"box","text":"Distribution Plan adopted with respect to such class pursuant to which service and/or distribution fees are paid. The","page_number":80,"box":{"x":70,"y":884,"width":831,"height":11}},{"id":"438783d8-bdbd-4095-9793-de33526a37ae","block_type":"box","text":"fee paid by each Fund compensates the Distributor for providing, or arranging for the provision of, shareholder","page_number":80,"box":{"x":68,"y":899,"width":786,"height":11}},{"id":"c67ebe39-7562-49d7-854f-5192c85c1d08","block_type":"box","text":"II-43","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5068f61-2933-4881-8941-5dff7112f07d","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f39e0d7-ee77-4c52-9bc6-10ba2daac120","block_type":"box","text":"servicing and sales and promotional activities and services with respect to shares of each Fund. The Distributor then","page_number":81,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"f18d8f66-c9c3-42ab-982d-f66cb7613909","block_type":"box","text":"determines, based on a number of criteria, how to allocate such fee among financial advisers, selected dealers and","page_number":81,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"5471a075-aef0-4de3-a348-c3a724314ac0","block_type":"box","text":"affiliates of the Distributor.","page_number":81,"box":{"x":69,"y":75,"width":190,"height":9}},{"id":"12329933-1ecf-4f0b-b77e-4fa89d80cc78","block_type":"box","text":"Each Fund’s Distribution Plans are subject to the provisions of Rule 12b-1 under the Investment Company Act. In","page_number":81,"box":{"x":102,"y":98,"width":803,"height":11}},{"id":"eb231b02-bc45-4794-9a03-1473a69ee954","block_type":"box","text":"their consideration of a Distribution Plan, the Trustees must consider all factors they deem relevant, including","page_number":81,"box":{"x":68,"y":113,"width":783,"height":11}},{"id":"8604c3b8-2845-412a-8ff4-071311c242b6","block_type":"box","text":"information as to the benefits of the Distribution Plan to the Fund and the related class of shareholders. In approving","page_number":81,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"7f2f65e6-4b80-4af3-acb8-03627104ed5f","block_type":"box","text":"a Distribution Plan in accordance with Rule 12b-1, the non-interested Trustees concluded that there is reasonable","page_number":81,"box":{"x":69,"y":143,"width":811,"height":10}},{"id":"3136f809-bedb-4d1b-9473-eb876d3bd5be","block_type":"box","text":"likelihood that the Distribution Plan will benefit the Fund and its related class of shareholders.","page_number":81,"box":{"x":70,"y":158,"width":668,"height":9}},{"id":"1eaa0808-6d57-4f04-a945-7ea6bcc7572d","block_type":"box","text":"Each Distribution Plan provides that, so long as the Distribution Plan remains in effect, the non-interested","page_number":81,"box":{"x":102,"y":181,"width":753,"height":11}},{"id":"695dfd78-5914-4deb-9e80-3206b3b9ca2b","block_type":"box","text":"Trustees then in office will select and nominate other non-interested Trustees. Each Distribution Plan can be","page_number":81,"box":{"x":68,"y":196,"width":774,"height":9}},{"id":"afac497f-34f2-4149-b4c3-2fc7e1a174d1","block_type":"box","text":"terminated at any time, without penalty, by the vote of a majority of the non-interested Trustees or by the vote of the","page_number":81,"box":{"x":68,"y":211,"width":827,"height":11}},{"id":"b590e89f-d212-4494-a91a-bf6337413e4d","block_type":"box","text":"holders of a majority of the outstanding related class of voting securities of a Fund. A Distribution Plan cannot be","page_number":81,"box":{"x":69,"y":226,"width":804,"height":11}},{"id":"56f13455-31ce-4265-837d-0d126cf4d263","block_type":"box","text":"amended to increase materially the amount to be spent by the Fund without the approval of the related class of","page_number":81,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"7ef6bba0-b072-4ae3-8829-f8b1228194e1","block_type":"box","text":"shareholders. All material amendments are required to be approved by the vote of Trustees, including a majority of","page_number":81,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"6fd7bc6e-1471-42c8-90be-448bebcd25ce","block_type":"box","text":"the non-interested Trustees who have no direct or indirect financial interest in the Distribution Plan, cast in person at","page_number":81,"box":{"x":68,"y":271,"width":835,"height":11}},{"id":"9f169c3f-3c9e-4c37-bcfc-5136ba959a74","block_type":"box","text":"a meeting called for that purpose. Rule 12b-1 fur ther requires that each Fund preserve copies of each Distribution","page_number":81,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"c664250f-da9d-49d1-9620-6b31e7aa4d7e","block_type":"box","text":"Plan and any repor t made pursuant to such plan for a period of not less than six years from the date of the","page_number":81,"box":{"x":69,"y":302,"width":763,"height":11}},{"id":"8e869538-ac94-4ce7-80cc-aa3706d0950a","block_type":"box","text":"Distribution Plan or such repor t, the first two years of which should be stored in an easily accessible place.","page_number":81,"box":{"x":70,"y":317,"width":762,"height":11}},{"id":"69db4024-9d2c-4527-97eb-d3615d6d61d8","block_type":"box","text":"Among other things, each Distribution Plan provides that the Trustees will review quar terly repor ts of the","page_number":81,"box":{"x":101,"y":339,"width":745,"height":12}},{"id":"e8cac03b-68c3-42ce-b331-264939f58078","block_type":"box","text":"shareholder servicing and/or distribution expenditures paid to the Distributor. Information with respect to the","page_number":81,"box":{"x":69,"y":355,"width":777,"height":11}},{"id":"e392bafd-8f69-4c76-a078-0f82875cd92e","block_type":"box","text":"distribution-related revenues and expenses is presented to the Trustees for their consideration on a quar terly basis.","page_number":81,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"1a71675f-03f4-43ab-8d60-04128f5712f7","block_type":"box","text":"Distribution-related expenses consist of financial adviser compensation, branch office and regional operation center","page_number":81,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"dc92b61d-1890-4782-96b5-a76834d70de8","block_type":"box","text":"selling and transaction processing expenses, adver tising, sales promotion and marketing expenses and interest","page_number":81,"box":{"x":69,"y":400,"width":801,"height":11}},{"id":"cac153ea-a60e-46bb-a860-5a59cfad6fe0","block_type":"box","text":"expense. Sales personnel may receive different compensation for selling different classes of shares.","page_number":81,"box":{"x":69,"y":415,"width":720,"height":11}},{"id":"49f00b58-72da-4f70-96c3-9748e894b358","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” or “Information on Distribution Related","page_number":81,"box":{"x":102,"y":438,"width":790,"height":11}},{"id":"ef04704b-b51f-4620-8c55-39b4edb89ece","block_type":"box","text":"Expenses,” as applicable, in Par t I of each Fund’s SAI for information relating to the fees paid by your Fund to the","page_number":81,"box":{"x":70,"y":453,"width":809,"height":11}},{"id":"fd9fb62c-1f78-434e-b048-84eae3299ffe","block_type":"box","text":"Distributor under each Distribution Plan during the Fund’s most recent fiscal year.","page_number":81,"box":{"x":70,"y":468,"width":579,"height":11}},{"id":"bf49eb5f-c02d-4bab-b9a1-8f376c7d6aa3","block_type":"box","text":"Limitations on the Payment of Asset Based Sales Charges.","page_number":81,"box":{"x":102,"y":491,"width":429,"height":11}},{"id":"6b638da7-f59f-489c-9d3f-1ef46e7a3bbc","block_type":"box","text":"The maximum sales charge rule in the Conduct","page_number":81,"box":{"x":537,"y":491,"width":337,"height":11}},{"id":"99142579-0823-42d9-bb4a-58cd9fcfc35d","block_type":"box","text":"Rules of the Financial Industry Regulatory Authority (“FINRA”) imposes a limitation on cer tain asset-based sales","page_number":81,"box":{"x":70,"y":506,"width":797,"height":11}},{"id":"a8894194-9f4d-47e7-9a3c-c46b2a33e710","block_type":"box","text":"charges. The maximum sales charge rule is applied separately to each class and limits the aggregate of distribution","page_number":81,"box":{"x":69,"y":521,"width":827,"height":11}},{"id":"956136ea-3e11-44f9-8c60-f4b5d044e4cc","block_type":"box","text":"fee payments and CDSCs payable by a Fund to (i) 7.25% of eligible gross sales of the applicable shares (excluding","page_number":81,"box":{"x":68,"y":536,"width":818,"height":11}},{"id":"6465acb4-dd8d-4508-ae0e-49d2db02b318","block_type":"box","text":"shares issued pursuant to dividend reinvestments and exchanges), plus (ii) interest on the unpaid balance for the","page_number":81,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"08d4dc6c-c011-476f-b599-78dadfcb7651","block_type":"box","text":"applicable shares at the prime rate plus 1% (the unpaid balance being the maximum amount payable minus amounts","page_number":81,"box":{"x":69,"y":566,"width":835,"height":11}},{"id":"77cb470c-d30c-46da-a42b-c938a3e0fec7","block_type":"box","text":"received from the payment of the distribution fee).","page_number":81,"box":{"x":69,"y":581,"width":356,"height":11}},{"id":"ffb0ebbf-fb1e-4f31-8500-5ed9eccb477b","block_type":"box","text":"Other Payments by the Fund","page_number":81,"box":{"x":69,"y":612,"width":206,"height":11}},{"id":"77c80fdf-e66c-4b90-ae8a-6885d3cd32ee","block_type":"box","text":"In addition to fees a Fund pays to its transfer agent, BlackRock, on behalf of a Fund, may enter into non-Plan","page_number":81,"box":{"x":102,"y":634,"width":773,"height":12}},{"id":"25f46de8-dd75-4d5b-bbe1-40e57a0392c2","block_type":"box","text":"agreements with affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement","page_number":81,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"08ffd178-12eb-481a-b6b5-137959337ce2","block_type":"box","text":"plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates, and entities","page_number":81,"box":{"x":70,"y":664,"width":807,"height":12}},{"id":"d85c3d31-0a72-4c1b-af48-435f7b660fbe","block_type":"box","text":"that may also be serving as distribution agents) (collectively, “Service Organizations”) pursuant to which the Fund will","page_number":81,"box":{"x":68,"y":680,"width":837,"height":11}},{"id":"d974b39c-e166-432b-b5e6-024392bd41c3","block_type":"box","text":"pay a Service Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or","page_number":81,"box":{"x":70,"y":695,"width":832,"height":11}},{"id":"5f5b153a-c839-4c40-bc63-7e6cb8d7076f","block_type":"box","text":"shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily","page_number":81,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"286499c9-d9c8-4df6-a10e-34f41761d900","block_type":"box","text":"net assets of Fund shareholders serviced by a Service Organization or (2) a fixed dollar amount for each account","page_number":81,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"c5a54e24-f258-4a24-821c-88c1b5ee60de","block_type":"box","text":"serviced by a Service Organization. The aggregate amount of these payments may be substantial.","page_number":81,"box":{"x":69,"y":740,"width":697,"height":11}},{"id":"a850e767-dec9-40e7-9997-a2f8fd8fa45e","block_type":"box","text":"Additional Payments by BlackRock","page_number":81,"box":{"x":68,"y":770,"width":256,"height":11}},{"id":"ff253864-5f1d-4920-b5d2-85e2c737fad0","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":81,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"edb84d7b-8aac-413f-8a40-85a4ff8ee8d2","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":81,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"e2bdc5d3-a038-4535-9e4c-0dc121ee35d3","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":81,"box":{"x":70,"y":823,"width":768,"height":12}},{"id":"8b769cd7-755a-4c13-a5bd-5dacadc9adae","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. BlackRock may also make payments to Service","page_number":81,"box":{"x":69,"y":838,"width":814,"height":12}},{"id":"6436df24-515c-4c45-92ba-6bb3f974173f","block_type":"box","text":"Organizations as par t of an effor t to enhance its business relationship with such entities trading on technology","page_number":81,"box":{"x":69,"y":853,"width":792,"height":12}},{"id":"29496a98-8f70-4503-aacb-b0fb94e0e941","block_type":"box","text":"platforms. These payments, which are not made pursuant to a Plan or otherwise paid by a Fund, are referred to as","page_number":81,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"52901341-c353-4af3-b8be-4d01e4f2dc7c","block_type":"box","text":"“Additional Payments” herein.","page_number":81,"box":{"x":70,"y":884,"width":211,"height":11}},{"id":"08d903e0-0041-4fc8-a74b-bbb9a00dae02","block_type":"box","text":"II-44","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d5e4e8d-7062-4063-bb7a-9d04409d2772","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4107e312-4c2a-4b23-9148-3c09caa12e0f","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":82,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"20e696d3-0941-4664-a7ab-0c576aebb9cd","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":82,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"291627f5-9022-48f2-a527-d629981649ae","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":82,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"4b802d91-4773-4c62-b47d-972f54c366a1","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":82,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"fe079b18-63b3-4e2b-843c-889520f80c95","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":82,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"1bc82f2b-689b-4467-b360-235b9148d165","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectus or this SAI, and any","page_number":82,"box":{"x":70,"y":120,"width":779,"height":12}},{"id":"f3b5e52d-a5cc-4ec2-907a-c92c062fa9be","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":82,"box":{"x":69,"y":135,"width":836,"height":12}},{"id":"9e3c6a00-df14-40ef-9cd5-01e91ae3687f","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":82,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"f9e97219-d046-4c95-9147-f796e8d88b34","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":82,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"19f90b76-fa12-4d6c-9742-c400c5810c67","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":82,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"2aee5cef-0a99-4743-96d5-ab4c9f483d74","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":82,"box":{"x":70,"y":196,"width":294,"height":11}},{"id":"29de3bce-162e-448a-a9ba-ab2f5fbd0d5a","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of customer accounts","page_number":82,"box":{"x":101,"y":218,"width":800,"height":12}},{"id":"220da1d5-9a33-448f-b515-57216ddf6653","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":82,"box":{"x":69,"y":234,"width":792,"height":11}},{"id":"c6128eaf-235a-4d83-9f40-097e000bdd3c","block_type":"box","text":"customers of the Service Organization involved, or may be calculated on another basis.","page_number":82,"box":{"x":69,"y":249,"width":621,"height":11}},{"id":"9b63bd6a-0a48-4078-b8e9-56cc9834c55b","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":82,"box":{"x":102,"y":272,"width":765,"height":11}},{"id":"dff73685-e2ab-4839-a023-8919123ff7df","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":82,"box":{"x":69,"y":286,"width":841,"height":12}},{"id":"1d240d60-e4c9-4a67-bf50-6391abba335c","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":82,"box":{"x":68,"y":302,"width":806,"height":11}},{"id":"2aebe0cd-9d1c-4996-b7c0-8832d7c5800d","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":82,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"8d5670b6-f7d6-4b08-bbbe-227bd24b4203","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":82,"box":{"x":70,"y":332,"width":802,"height":11}},{"id":"e23b39cd-4cb9-42e1-ad71-5f441a014d0d","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":82,"box":{"x":68,"y":347,"width":811,"height":11}},{"id":"f9e89de4-a38b-4c8e-bf5c-dd3f5467cc6c","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":82,"box":{"x":69,"y":362,"width":538,"height":11}},{"id":"1a23aea6-7d77-4769-8bd6-9097ca5c4125","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":82,"box":{"x":101,"y":385,"width":795,"height":11}},{"id":"c46ff66f-e815-4eb6-83df-b87f39e2ab7c","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":82,"box":{"x":69,"y":400,"width":807,"height":11}},{"id":"3e4028ba-18f1-4b2e-903e-3603cef884ee","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":82,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"b6dccf7b-ac3f-4a17-bd83-b866f080506e","block_type":"box","text":"Additional Payments.","page_number":82,"box":{"x":68,"y":430,"width":148,"height":11}},{"id":"045ac21c-f5d3-4e0f-b55f-1ea1223926ef","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":82,"box":{"x":101,"y":453,"width":270,"height":11}},{"id":"b0ed6bf5-b504-473b-ab13-945975886102","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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These payments","page_number":82,"box":{"x":68,"y":627,"width":805,"height":11}},{"id":"f6860fd1-3e71-4f98-8265-3d3adaed1512","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":82,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"92550643-9da2-4285-b969-5d0aa50f9934","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":82,"box":{"x":69,"y":657,"width":523,"height":11}},{"id":"06939f3c-f498-454e-a7b8-2bf572cd7ba3","block_type":"box","text":"B. Shareholder Services","page_number":82,"box":{"x":102,"y":680,"width":172,"height":9}},{"id":"1c8596c7-6672-4835-ae3a-a7644010e482","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their customers. 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Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":82,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"2c552df3-5bcf-4dbc-8f5f-c2a1eced33e5","block_type":"box","text":"II-45","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b8a4039-47d0-49a6-b987-7d3814b874d3","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc6b5e8c-98b9-46b1-b0b6-b95c4bbe6356","block_type":"box","text":"D. 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Conflicts","page_number":86,"box":{"x":102,"y":469,"width":78,"height":9}},{"id":"36e22c65-ae16-4951-a286-319307165900","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":86,"box":{"x":101,"y":492,"width":710,"height":11}},{"id":"f3852d0c-4ddc-4bbe-b3c8-4f7501128bf6","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":86,"box":{"x":69,"y":507,"width":803,"height":11}},{"id":"6077dee9-b60f-4e56-bd1c-eb1c3e03d8ba","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":86,"box":{"x":69,"y":522,"width":788,"height":11}},{"id":"0b088b94-037f-4a5d-85c3-f0f59d40588b","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":86,"box":{"x":68,"y":537,"width":819,"height":12}},{"id":"31a033f6-ef8c-4959-b539-b985aa0264c4","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":86,"box":{"x":68,"y":553,"width":473,"height":11}},{"id":"4cc71e9e-61f6-43d0-93a9-620c1d4932e2","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":86,"box":{"x":102,"y":575,"width":793,"height":11}},{"id":"ff24fc3a-13ba-4796-921e-a4bda0d93333","block_type":"box","text":"of Fund shares to customers of Service Organizations and the retention of those investments by such customers. To","page_number":86,"box":{"x":69,"y":590,"width":831,"height":11}},{"id":"67822302-fd9e-48d0-8795-7d9b1f5f6121","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their customers’ accounts,","page_number":86,"box":{"x":68,"y":605,"width":831,"height":12}},{"id":"42aeca81-28ae-4687-a40b-c00a680873e9","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":86,"box":{"x":70,"y":620,"width":830,"height":12}},{"id":"d9ef4405-82ab-42b0-b434-43a0e10cd996","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":86,"box":{"x":102,"y":643,"width":774,"height":11}},{"id":"7a1751e4-5a2f-4470-abad-9c01761918f6","block_type":"box","text":"complex over another. Service Organizations may charge their customers additional fees in connection with the","page_number":86,"box":{"x":69,"y":658,"width":791,"height":11}},{"id":"3382143a-2033-4488-81ce-1ff6f678a559","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":86,"box":{"x":70,"y":673,"width":818,"height":11}},{"id":"5c9e5c6d-bae6-4952-9b1c-e921977d858f","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":86,"box":{"x":69,"y":689,"width":836,"height":11}},{"id":"c3c48750-0ad9-4390-b423-b96e51d0cf81","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":86,"box":{"x":69,"y":704,"width":723,"height":11}},{"id":"e5c4443c-a679-48db-b83c-7193b5d95897","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":86,"box":{"x":102,"y":726,"width":759,"height":12}},{"id":"607c08f7-d78b-4206-8ce8-6274e7f471ec","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":86,"box":{"x":69,"y":741,"width":760,"height":12}},{"id":"ce13c8d7-8e35-4de6-9ed2-f295cf57f7f8","block_type":"box","text":"appropriate.","page_number":86,"box":{"x":69,"y":757,"width":84,"height":10}},{"id":"c2c97cc4-5b4b-4a6a-8af3-0ed5e09f4005","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":86,"box":{"x":160,"y":756,"width":738,"height":12}},{"id":"864267aa-e534-4d72-ae0b-e146e5168c51","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":86,"box":{"x":69,"y":772,"width":795,"height":11}},{"id":"a4176ff5-1751-4afa-9eec-4cfd009356b0","block_type":"box","text":"described above.","page_number":86,"box":{"x":69,"y":787,"width":122,"height":9}},{"id":"1e64428b-2820-4b1c-86fd-7ccd3866bb5e","block_type":"box","text":"REDEMPTION OF SHARES","page_number":86,"box":{"x":385,"y":816,"width":208,"height":10}},{"id":"57288b27-6825-432b-9d03-a92ca0b17f69","block_type":"box","text":"Each Fund will normally redeem shares for cash upon receipt of a request in proper form, although each Fund","page_number":86,"box":{"x":102,"y":839,"width":780,"height":11}},{"id":"377c7dda-b9d9-45cb-bef7-24e347853b69","block_type":"box","text":"retains the right to redeem some or all of its shares in kind by delivery of securities and other assets selected from","page_number":86,"box":{"x":69,"y":854,"width":824,"height":11}},{"id":"3c0e2a59-e2da-4f5e-a12e-eb1791c1e3e1","block_type":"box","text":"the Fund’s por tfolio holdings at the Manager’s discretion. In kind payment means payment will be made in por tfolio","page_number":86,"box":{"x":68,"y":869,"width":824,"height":11}},{"id":"bf217856-652d-4f39-b918-238965a91dc2","block_type":"box","text":"securities and other assets rather than cash. Redemptions in kind may be used in applicable circumstances,","page_number":86,"box":{"x":69,"y":885,"width":776,"height":10}},{"id":"05a9cf54-61db-4a13-aa9c-16e0e0b77c58","block_type":"box","text":"generally if the relevant shareholder is able to accept securities in kind, and may also be used in stressed market","page_number":86,"box":{"x":68,"y":899,"width":813,"height":12}},{"id":"7ca7ed63-dced-45a4-893f-e40978b97b4d","block_type":"box","text":"II-49","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdeeea6a-7c9f-4ae0-a631-3fe612cbf1cd","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"422aaefb-306e-4f74-b067-a8841cdd2dfc","block_type":"box","text":"conditions. If this occurs, the redeeming shareholder might incur brokerage or other transaction costs to conver t the","page_number":87,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"633c7ffb-9440-427a-8e40-dcb2e6d2c106","block_type":"box","text":"securities and other assets to cash. Each Fund has elected to be governed by Rule 18f-1 under the Investment","page_number":87,"box":{"x":69,"y":60,"width":792,"height":11}},{"id":"b46acbeb-878f-493e-86c1-e55b903e6b56","block_type":"box","text":"Company Act so that the Fund is obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of","page_number":87,"box":{"x":69,"y":74,"width":836,"height":12}},{"id":"b072a246-d6d4-40ac-b2d9-7c78ab722e4a","block_type":"box","text":"its NAV during any 90-day period for any shareholder of the Fund. The redemption price is the NAV per share next","page_number":87,"box":{"x":70,"y":90,"width":803,"height":11}},{"id":"055201c1-18f4-41b7-9ba9-557794ac8182","block_type":"box","text":"determined after the initial receipt of proper notice of redemption.","page_number":87,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"137f43c7-d4f2-4314-802f-b0edd17b143c","block_type":"box","text":"The value of the shareholder’s investment at the time of redemption may be more or less than his or her cost,","page_number":87,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"727e4176-9d15-4975-a4f7-bfb66f03d1d9","block_type":"box","text":"depending on the market value of the securities held by the Fund at such time and income earned. The redemption","page_number":87,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"5198f388-10ff-4fd6-a083-39e215b05687","block_type":"box","text":"price will be reduced by any applicable CDSC.","page_number":87,"box":{"x":70,"y":158,"width":321,"height":11}},{"id":"c0ad7230-c0d3-4080-afbf-e49c0b32819f","block_type":"box","text":"If notice is received by the Fund’s transfer agent or cer tain financial intermediaries, as applicable, prior to the","page_number":87,"box":{"x":102,"y":181,"width":782,"height":11}},{"id":"37663af9-ecd8-4edc-87fa-5f5de767593d","block_type":"box","text":"applicable cut-off time on that day, the redemption will be effective on such day. If the notice is received after the","page_number":87,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"defe2f9f-1e27-410d-b58e-0fc0517b89e7","block_type":"box","text":"applicable cut-off time, the redemption will be effective on the next business day and, unless otherwise provided in","page_number":87,"box":{"x":69,"y":211,"width":822,"height":11}},{"id":"7d4c3e16-7263-42f8-9f79-9fda15d48bff","block_type":"box","text":"the Fund’s Prospectus, payment will be made on the second business day after receipt of the notice.","page_number":87,"box":{"x":68,"y":226,"width":720,"height":11}},{"id":"70534657-64cb-4e66-bc3c-af8e9f283f07","block_type":"box","text":"Summit Cash Reserves — Redemption of Shares","page_number":87,"box":{"x":68,"y":256,"width":356,"height":11}},{"id":"5683079b-a75b-434e-953d-9dbfbebef627","block_type":"box","text":"Redemptions may be made in the manner and amounts described in Summit Cash Reserves’ Prospectuses.","page_number":87,"box":{"x":102,"y":279,"width":772,"height":11}},{"id":"43300f35-face-4144-8fc9-7c9605a30a7f","block_type":"box","text":"Signatures, when required, must conform exactly to the account registration. If (i) the proceeds of the redemption","page_number":87,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"ecb895b3-2f45-4a52-9789-55dad61e715a","block_type":"box","text":"would exceed $250,000 for a redemption by wire or ACH, or $100,000 for a redemption by check, (ii) the Fund does","page_number":87,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"d8b0f36e-e668-40d9-809c-47438cd659c5","block_type":"box","text":"not have verified banking information on file, (iii) the proceeds are not to be paid to the record owner at the record","page_number":87,"box":{"x":69,"y":324,"width":814,"height":12}},{"id":"8398ddc2-c722-4a5f-be3a-045cec2b56c3","block_type":"box","text":"address, or (iv) the shareholder is a corporation, par tnership, trust or fiduciary, signature(s) must be guaranteed by","page_number":87,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"856ea2f1-677e-4b43-bc3f-1e562acd1ee5","block_type":"box","text":"any eligible guarantor institution.","page_number":87,"box":{"x":69,"y":355,"width":231,"height":11}},{"id":"f8f5e03a-e845-4011-a65d-2d5123647335","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":87,"box":{"x":102,"y":377,"width":771,"height":12}},{"id":"af05692f-1b2f-426e-a1c5-84e58400f319","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":87,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"12601521-cbf8-425f-80c3-91129d85e7f5","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":87,"box":{"x":69,"y":408,"width":772,"height":11}},{"id":"cadfcf00-77c4-455f-86a4-e10e5b6a3cf8","block_type":"box","text":"corporation, par tnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":87,"box":{"x":69,"y":423,"width":725,"height":11}},{"id":"0b8d6bfa-d0db-435b-a71a-c49a1ad4e5ba","block_type":"box","text":"Note on Low Balance Accounts","page_number":87,"box":{"x":102,"y":446,"width":219,"height":8}},{"id":"28654fbf-ba09-41ae-a0a3-d8bcac28993b","block_type":"box","text":". Because of the high cost of maintaining smaller shareholder accounts,","page_number":87,"box":{"x":323,"y":445,"width":512,"height":12}},{"id":"12ce1c70-43ed-41b4-82e9-368d3d8a5ef5","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund","page_number":87,"box":{"x":70,"y":460,"width":780,"height":12}},{"id":"6fe0543d-ced2-4a85-9a26-5d43886b67c3","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":87,"box":{"x":70,"y":475,"width":829,"height":12}},{"id":"018cc39a-98c2-48a2-bb0a-0c95490dc4a5","block_type":"box","text":"for any reason, including market fluctuation.","page_number":87,"box":{"x":68,"y":491,"width":313,"height":11}},{"id":"ac71376f-0cb2-4a87-b099-25ca214453da","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":87,"box":{"x":101,"y":513,"width":775,"height":11}},{"id":"903f0b53-ed3e-4e33-99b8-3fb7da0625a0","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":87,"box":{"x":70,"y":528,"width":773,"height":12}},{"id":"c376cfbd-f0f4-4acc-aeeb-de7a6d0c366c","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":87,"box":{"x":70,"y":543,"width":776,"height":12}},{"id":"8cd93fde-2352-4ba4-ba00-300edc033995","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":87,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"cb1cfc26-cfff-499c-bb8b-0feeed978ffc","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":87,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"56009e44-36bc-42a6-850f-5ff6452571ec","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":87,"box":{"x":69,"y":589,"width":435,"height":11}},{"id":"021b8f3a-3de9-4ad4-847f-37ad0f77cd2f","block_type":"box","text":"Payment of Redemption Proceeds","page_number":87,"box":{"x":102,"y":612,"width":246,"height":11}},{"id":"dd4e2c98-bf38-43cb-bfdd-9c34a4c789bd","block_type":"box","text":". The Fund may suspend the right of redemption or postpone the date of","page_number":87,"box":{"x":350,"y":612,"width":515,"height":11}},{"id":"07a33da5-c6b5-421d-9fdf-284058990edf","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":87,"box":{"x":70,"y":627,"width":811,"height":11}},{"id":"b60c25ae-9746-47f0-b810-f45ee28ad0c1","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":87,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"65de0d4a-175e-4e7b-b9ca-90e8c7d85f96","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":87,"box":{"x":70,"y":657,"width":498,"height":11}},{"id":"2950e045-df7a-4717-9adb-1369efe1141f","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":87,"box":{"x":101,"y":680,"width":803,"height":11}},{"id":"d4bda939-2829-4aad-9152-1a87d0dcac09","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":87,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"335cfca0-dfb9-4e3d-be75-cf1fa126d1e1","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":87,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"2c61dab7-382c-45d4-a2e0-38e14995482e","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":87,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"5996bba6-8364-4091-9133-ab7b6b757b32","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":87,"box":{"x":69,"y":740,"width":817,"height":11}},{"id":"df4096ea-7b9c-4422-9a3d-5d4b83869f98","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":87,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"e24eebfe-ff73-4bbb-b3cc-3355f0c66710","block_type":"box","text":"shareholder of the Fund.","page_number":87,"box":{"x":69,"y":770,"width":173,"height":9}},{"id":"a2470f85-155c-4031-9ae8-b55cfb794a86","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":87,"box":{"x":102,"y":793,"width":763,"height":11}},{"id":"ef2108ba-6d94-430b-bfa9-451064350a21","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":87,"box":{"x":70,"y":808,"width":838,"height":11}},{"id":"0cd1a293-1b0d-4a9f-8e74-0e029a55b99f","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":87,"box":{"x":69,"y":823,"width":802,"height":12}},{"id":"ed95bd63-ab6b-44d9-8677-48d579ec6b13","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of por tfolio securities is not reasonably","page_number":87,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"28b9ef20-7f34-4233-ac33-b7aaa4f0b76a","block_type":"box","text":"practicable, or for such other periods as the SEC may permit. (The Fund may also suspend or postpone the","page_number":87,"box":{"x":70,"y":853,"width":762,"height":12}},{"id":"41d470b1-d1b4-456b-8002-f53524d00a7f","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":87,"box":{"x":69,"y":869,"width":685,"height":11}},{"id":"b6e1bc8d-8430-445a-ab1d-a78f61d9540b","block_type":"box","text":"The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":87,"box":{"x":101,"y":891,"width":795,"height":11}},{"id":"b0a8a2a3-19a5-4ecf-8a2b-a81360816dcc","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":87,"box":{"x":69,"y":906,"width":827,"height":12}},{"id":"5d44c9d6-726f-459d-97c3-29f7e6896b22","block_type":"box","text":"II-50","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00f997f1-5989-4a26-94e3-65bf20030077","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5869a43e-b7d5-4dee-9674-bfea62059280","block_type":"box","text":"transaction effected for the benefit of a shareholder. The Fund reserves the express right to redeem shares of the","page_number":88,"box":{"x":68,"y":45,"width":815,"height":11}},{"id":"137c0dee-91d1-4fa7-8bde-8c2bce9d0be4","block_type":"box","text":"Fund involuntarily at any time if the Board of Trustees determines, in its sole discretion, that failure to do so may","page_number":88,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"904c4aac-bb52-4b67-babc-5854dc9d6c22","block_type":"box","text":"have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares so","page_number":88,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"fe05275d-8367-4d03-a3bd-28d8ba0e818f","block_type":"box","text":"redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":88,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"a0660d84-1e44-4e1b-875f-e66a3f7235e0","block_type":"box","text":"Signature Guarantee","page_number":88,"box":{"x":101,"y":113,"width":150,"height":11}},{"id":"17750d06-ed0e-455f-9a6a-105ccd9baadf","block_type":"box","text":". A signature guarantee is designed to protect the shareholders and the Fund against","page_number":88,"box":{"x":253,"y":113,"width":606,"height":11}},{"id":"d23fdd04-4079-4c3f-a277-d7e009a1b6b6","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":88,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"31eb6f5b-aa13-483b-be2d-b547dfa6e9ea","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are par ticipants in a medallion","page_number":88,"box":{"x":68,"y":143,"width":814,"height":11}},{"id":"98945d3f-6ea8-448b-8226-9e7aba2e3c4b","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":88,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"cc446f79-2527-485e-9a83-b5d07400cc58","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":88,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"f012db52-abd4-4e3f-a4f5-deb6f31fc1f1","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":88,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"90e08aba-0487-48d4-b4ed-88d84ed4642f","block_type":"box","text":"Signature Guarantees which are not a par t of these programs will not be accepted. Please note that a notary public","page_number":88,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"975f150d-35a4-4957-8342-23ae15995b53","block_type":"box","text":"stamp or seal is not acceptable.","page_number":88,"box":{"x":69,"y":219,"width":229,"height":10}},{"id":"1c81242b-1f51-401d-a8c8-8efd8482cce7","block_type":"box","text":"WeLEAF— Redemption of Shares","page_number":88,"box":{"x":68,"y":249,"width":242,"height":11}},{"id":"899d1003-6068-46ea-b378-d39a13f8a6d2","block_type":"box","text":"Redemptions may be made in the manner and amounts described in WeLEAF’s Prospectuses. Signatures, when","page_number":88,"box":{"x":102,"y":272,"width":797,"height":11}},{"id":"2b8db0ec-dadf-4c92-a9ce-f31d0bc35074","block_type":"box","text":"required, must conform exactly to the account registration. If (i) the proceeds of the redemption would exceed","page_number":88,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"f556d090-b944-42f8-8101-e4ae194290dc","block_type":"box","text":"$250,000 for a redemption by wire or ACH, or $100,000 for a redemption by check, (ii) the Fund does not have","page_number":88,"box":{"x":69,"y":301,"width":795,"height":12}},{"id":"bf2654bd-946f-4b56-8d5b-f9cef691e728","block_type":"box","text":"verified banking information on file, (iii) the proceeds are not to be paid to the record owner at the record address, or","page_number":88,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"f1dd158c-3274-4409-a602-e83ed8081560","block_type":"box","text":"(iv) the shareholder is a corporation, par tnership, trust or fiduciary, signature(s) must be guaranteed by any eligible","page_number":88,"box":{"x":69,"y":332,"width":819,"height":11}},{"id":"5f1d7937-72fc-465b-8ab7-29540e8dd969","block_type":"box","text":"guarantor institution.","page_number":88,"box":{"x":68,"y":347,"width":147,"height":11}},{"id":"70fe1f90-8924-4ba7-86c6-31d9df1c1e11","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":88,"box":{"x":102,"y":370,"width":771,"height":11}},{"id":"2a711d86-7b7f-40fc-9d3c-c0828c8ada03","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":88,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"bbc96995-4e56-408e-95ad-d9422b039371","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":88,"box":{"x":69,"y":400,"width":772,"height":11}},{"id":"3947e404-c81d-4f61-a6d8-78d5349f75d0","block_type":"box","text":"corporation, par tnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":88,"box":{"x":69,"y":415,"width":725,"height":11}},{"id":"d6e02fc3-4a0d-4718-891b-ec55d5a6c6f6","block_type":"box","text":"Note on Low Balance Accounts.","page_number":88,"box":{"x":102,"y":438,"width":223,"height":9}},{"id":"72c8f8ba-6480-4768-b05f-97ba79c18f27","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":88,"box":{"x":332,"y":438,"width":503,"height":11}},{"id":"c285e108-fc77-47e3-8163-d66d78327390","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":88,"box":{"x":70,"y":452,"width":752,"height":12}},{"id":"ea73175f-bfb3-450d-94eb-454a686d251e","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":88,"box":{"x":70,"y":467,"width":829,"height":12}},{"id":"563cee16-a95a-4ded-962f-ab3c533a2976","block_type":"box","text":"for any reason, including market fluctuation.","page_number":88,"box":{"x":68,"y":483,"width":313,"height":11}},{"id":"655bd353-77fc-4819-ab2a-16d750a7badc","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":88,"box":{"x":101,"y":506,"width":775,"height":11}},{"id":"88f65655-09eb-4eed-8edd-39080cc33314","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":88,"box":{"x":70,"y":521,"width":773,"height":11}},{"id":"c83f68b5-2a37-4717-a35b-c0ca75bab09d","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":88,"box":{"x":70,"y":535,"width":776,"height":12}},{"id":"96b6f5db-7a2d-43d5-b06f-2dd87c2910ac","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":88,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"c65f3d45-b26a-4321-b0fb-062970a8a420","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":88,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"caae3d5a-7bc5-4fba-b272-429fbc79e68c","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":88,"box":{"x":69,"y":581,"width":435,"height":12}},{"id":"1743860e-bd36-4db4-a5ac-c965031bd9ad","block_type":"box","text":"Service Shares","page_number":88,"box":{"x":70,"y":612,"width":107,"height":9}},{"id":"34e2936b-34df-4d90-ab0b-e1167cda654a","block_type":"box","text":"Redemption of Shares.","page_number":88,"box":{"x":102,"y":634,"width":164,"height":11}},{"id":"2b68e26a-48d8-4958-ab49-61f2f57ea5c0","block_type":"box","text":"WeLEAF may redeem Service Shares if the account balance drops below the required","page_number":88,"box":{"x":272,"y":634,"width":607,"height":11}},{"id":"525b31ab-ddf3-4f33-9141-ef7bcb5fee17","block_type":"box","text":"minimum initial investment as the result of redemption requests and the shareholder does not increase the balance","page_number":88,"box":{"x":69,"y":649,"width":829,"height":11}},{"id":"36bafd0e-f17f-4867-a717-7be09c6894b4","block_type":"box","text":"to at least the required minimum initial investment upon thir ty days’ written notice. If a customer has agreed with an","page_number":88,"box":{"x":68,"y":664,"width":831,"height":12}},{"id":"8a6a7f89-a2d9-4cee-8b0a-733e5c743ff6","block_type":"box","text":"institution to maintain a minimum balance in his or her account with the institution, and the balance in the account","page_number":88,"box":{"x":70,"y":680,"width":819,"height":10}},{"id":"52e82c9a-92bc-469a-9d8a-e523e44f397a","block_type":"box","text":"falls below that minimum, the customer may be obligated to redeem all or par t of his or her shares in the Fund to the","page_number":88,"box":{"x":68,"y":695,"width":838,"height":11}},{"id":"81a5e86c-fdce-4c21-b959-48e3afb81c61","block_type":"box","text":"extent necessary to maintain the minimum balance required.","page_number":88,"box":{"x":69,"y":710,"width":433,"height":11}},{"id":"02dd20de-d7ea-4da1-93bb-3c4d6fa1cafb","block_type":"box","text":"The following is applicable only to persons who were shareholders of an investment portfolio of Compass Capital","page_number":88,"box":{"x":68,"y":740,"width":823,"height":11}},{"id":"0e4380b7-e952-41ef-ae3a-d915763e0a86","block_type":"box","text":"Group of Funds at the time of the Trust’s combination with The PNC Fund in 1996:","page_number":88,"box":{"x":69,"y":755,"width":602,"height":11}},{"id":"3e558215-e28d-451f-b2f1-dee282d61dc2","block_type":"box","text":"Persons who were shareholders of an investment por tfolio of Compass Capital Group of Funds at the time of the","page_number":88,"box":{"x":102,"y":778,"width":803,"height":11}},{"id":"88d97218-e0e3-46e4-a9cf-1a302bb50415","block_type":"box","text":"por tfolio’s combination with The PNC Fund may also purchase and redeem Service Shares of the same Fund and for","page_number":88,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"7af88969-56be-4720-9cbc-d4427622f2d1","block_type":"box","text":"the same account in which they held shares on that date through the procedures described in this section.","page_number":88,"box":{"x":68,"y":808,"width":761,"height":11}},{"id":"34a98c14-1399-45f6-8e95-e28be0661ec8","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":88,"box":{"x":102,"y":831,"width":250,"height":11}},{"id":"3c2a3ce9-f5d7-4ed4-91a9-d08df2635cc9","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":88,"box":{"x":359,"y":831,"width":506,"height":11}},{"id":"b215c8a2-e20f-4527-becc-14ed1aa164c3","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":88,"box":{"x":70,"y":846,"width":811,"height":11}},{"id":"3bbcfa89-3b2c-4cf5-ac36-c8b2f7bf9a66","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":88,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"9b967a5e-c4f0-4c3d-90dc-41c7a1ca8658","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":88,"box":{"x":70,"y":876,"width":498,"height":11}},{"id":"87716d11-6ae2-4d05-b36f-7bb525780a3f","block_type":"box","text":"II-51","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"378505a7-a340-4758-8dd7-80da772e5a78","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d706c85-6ed0-4d3a-a8d8-f94375e4df06","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":89,"box":{"x":101,"y":45,"width":803,"height":11}},{"id":"b6aa8296-5a5d-464e-8788-99ac61fbc4f2","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":89,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"9b2f6859-8dbc-4e47-aad7-325b8798822f","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":89,"box":{"x":70,"y":75,"width":817,"height":11}},{"id":"3febba35-e891-4cba-87f4-539ee124a2a2","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":89,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"5fdb6c48-4802-4e21-9136-2230dae427e2","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":89,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"60598bee-bafa-4d36-aaa1-7cbc240b929c","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":89,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"30c8905f-1c03-4750-921a-02ec64882d6d","block_type":"box","text":"shareholder of the Fund.","page_number":89,"box":{"x":69,"y":135,"width":173,"height":9}},{"id":"3e384aeb-adde-4d92-a4a4-9557f0feb301","block_type":"box","text":"The Board of the Trust, or its delegate, will be permitted to impose a discretionary liquidity fee on redemptions","page_number":89,"box":{"x":101,"y":158,"width":790,"height":11}},{"id":"293cb845-351c-400b-8967-81480431728a","block_type":"box","text":"from WeLEAF (up to 2%). Please see the Fund’s Prospectus for additional information about discretionary liquidity","page_number":89,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"4d8825c0-e134-468f-af11-778010928609","block_type":"box","text":"fees.","page_number":89,"box":{"x":68,"y":188,"width":35,"height":9}},{"id":"a2fb2d99-182a-4070-b841-88f18241d175","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":89,"box":{"x":102,"y":211,"width":763,"height":11}},{"id":"d7d1ac58-d539-4fa6-b80b-edb21790b9f6","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":89,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"0ace2583-3a9f-47b8-afb7-93dde902280e","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":89,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"71b4aa0e-5511-47d3-a0ba-c6aae5bb0ec7","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation or por tfolio securities is not reasonably","page_number":89,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"d875e4b0-f861-4e34-873b-57886eb3fd24","block_type":"box","text":"practicable, or for such other periods as the SEC may permit. (The Fund may also suspend or postpone the","page_number":89,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"37ea3a58-f4ae-4d12-ae19-71e0e992e984","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":89,"box":{"x":69,"y":286,"width":685,"height":12}},{"id":"2d28f7f5-a232-46e8-8c93-af9c111c4d4b","block_type":"box","text":"The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":89,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"7653585d-6a0c-45fb-9c61-e1efadc9a30a","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":89,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"6b254b2f-1528-42a8-83d9-11c0fb1a9b1f","block_type":"box","text":"transaction effected for the benefit of a shareholder. The Fund reserves the express right to redeem shares of the","page_number":89,"box":{"x":68,"y":339,"width":815,"height":12}},{"id":"713bf3b8-0867-4427-8854-4e3fa4d41769","block_type":"box","text":"Fund involuntarily at any time if the Board of Trustees determines, in its sole discretion, that failure to do so may","page_number":89,"box":{"x":70,"y":355,"width":805,"height":11}},{"id":"1ee94bd7-aefe-4712-a9ae-e7e8619cc04a","block_type":"box","text":"have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares so","page_number":89,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"0b25fa43-e119-48cf-978b-2cb6f2f6d759","block_type":"box","text":"redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":89,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"fa60d33b-588a-493e-8c35-a8009690648d","block_type":"box","text":"WeLEAF reserves the right to redeem shares in any account that it cannot confirm to its satisfaction is","page_number":89,"box":{"x":101,"y":407,"width":731,"height":12}},{"id":"390dcaba-3593-41f6-a57a-a8ff4bfe60c8","block_type":"box","text":"beneficially owned by a natural person, after providing at least 60 days’ advance notice.","page_number":89,"box":{"x":69,"y":423,"width":625,"height":11}},{"id":"14dee557-200f-4bd2-88b6-304b368a5cea","block_type":"box","text":"Signature Guarantee.","page_number":89,"box":{"x":101,"y":445,"width":154,"height":11}},{"id":"4bea08f2-c6e1-42e6-8aed-847bd531d08a","block_type":"box","text":"A signature guarantee is designed to protect the shareholders and the Fund against","page_number":89,"box":{"x":261,"y":446,"width":598,"height":11}},{"id":"859e66df-0781-4e17-9381-03f88788672a","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":89,"box":{"x":68,"y":460,"width":814,"height":12}},{"id":"b9d33f46-2895-4770-9b84-f0da569467bf","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are par ticipants in a medallion","page_number":89,"box":{"x":68,"y":476,"width":814,"height":11}},{"id":"49c6bb25-4f01-4a42-978a-85cbb5605d89","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":89,"box":{"x":70,"y":491,"width":836,"height":11}},{"id":"0d282608-4ea8-4899-aaa6-6e64c558aef5","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":89,"box":{"x":69,"y":506,"width":811,"height":11}},{"id":"b8db674b-c389-483b-a742-d00a7dd1647b","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":89,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"76173458-5f81-4335-80e8-6b90aa7c1759","block_type":"box","text":"Signature Guarantees which are not a par t of these programs will not be accepted. Please note that a notary public","page_number":89,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"47769d9a-4b55-4d40-ba54-8ba76aba13fb","block_type":"box","text":"stamp or seal is not acceptable.","page_number":89,"box":{"x":69,"y":551,"width":229,"height":11}},{"id":"f4797ddc-a23c-4928-bf93-6f9aedfbc763","block_type":"box","text":"Circle Reserve — Redemption of Shares","page_number":89,"box":{"x":101,"y":574,"width":293,"height":11}},{"id":"30c65e90-0137-4772-b8e3-449b58e69d13","block_type":"box","text":"Redemptions may be made in the manner and amounts described in Circle Reserve’s Prospectus. Signatures,","page_number":89,"box":{"x":102,"y":597,"width":785,"height":11}},{"id":"845c2868-8f75-4fec-a002-722091034f38","block_type":"box","text":"when required, must conform exactly to the account registration. If (i) the proceeds of the redemption would exceed","page_number":89,"box":{"x":68,"y":612,"width":824,"height":11}},{"id":"c4d77b5b-e184-4a59-9a38-e5b237505cd5","block_type":"box","text":"$250,000 for a redemption by wire, (ii) the Fund does not have verified banking information on file, (iii) the proceeds","page_number":89,"box":{"x":69,"y":626,"width":831,"height":12}},{"id":"bc9b565d-b79b-4da5-a985-0ae979dd5632","block_type":"box","text":"are not to be paid to the record owner at the record address, or (iv) the shareholder is a corporation, par tnership,","page_number":89,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"0c37cb78-9df1-41bb-add0-c66c38e1cca5","block_type":"box","text":"trust or fiduciary, signature(s) may need to be guaranteed by any eligible guarantor institution.","page_number":89,"box":{"x":68,"y":657,"width":669,"height":11}},{"id":"86d73fa1-3c39-4e77-bcd5-5d4fd8c93b1d","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":89,"box":{"x":102,"y":680,"width":771,"height":11}},{"id":"be6cfc8e-3842-4ea8-afc7-38e324fa8ede","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":89,"box":{"x":69,"y":695,"width":790,"height":11}},{"id":"56657966-2ae8-4e5f-a822-1e1a9b3fca35","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":89,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"19c541c5-9cec-4b10-b552-fc37b2007b8a","block_type":"box","text":"corporation, par tnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":89,"box":{"x":69,"y":725,"width":725,"height":11}},{"id":"fd4961e1-a41b-41b5-9bbb-606f1ee14e3d","block_type":"box","text":"Note on Low Balance Accounts","page_number":89,"box":{"x":102,"y":748,"width":219,"height":9}},{"id":"f42f8685-31fb-4e1e-a28c-86be2fac1dc0","block_type":"box","text":". Because of the high cost of maintaining smaller shareholder accounts,","page_number":89,"box":{"x":323,"y":748,"width":512,"height":11}},{"id":"769cb3d9-d6cd-4fda-a66e-b3a28bcac321","block_type":"box","text":"BlackRock has set a minimum balance of $100,000 in the Fund position you hold within your account (“Fund","page_number":89,"box":{"x":70,"y":762,"width":775,"height":12}},{"id":"98a02849-c6c0-458c-8857-c85c41d0f7d9","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below","page_number":89,"box":{"x":70,"y":778,"width":785,"height":11}},{"id":"04fa07db-151c-4597-a74f-972f6747e8f9","block_type":"box","text":"$100,000 for any reason, including market fluctuation.","page_number":89,"box":{"x":69,"y":792,"width":390,"height":12}},{"id":"1e667e67-3669-4c06-9037-f5268e033976","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":89,"box":{"x":101,"y":816,"width":775,"height":11}},{"id":"0d2ada48-367c-408e-a871-9907d6c0bcc3","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":89,"box":{"x":70,"y":831,"width":773,"height":11}},{"id":"ee7fac66-c47d-414f-b024-4cf6dffa8257","block_type":"box","text":"investment in order to bring the value of your account to at least $100,000 before the Fund makes an involuntary","page_number":89,"box":{"x":70,"y":845,"width":811,"height":12}},{"id":"f9810cf5-e9a8-4c98-90dc-77aa348b53e6","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":89,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"fe05e39e-2d6b-4c72-ba0d-9d81ef013830","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":89,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"ca2f7400-5638-4a2c-abe2-304d36a4e092","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":89,"box":{"x":69,"y":891,"width":435,"height":12}},{"id":"1e29258f-b507-41ec-8a15-4b0c75c519b7","block_type":"box","text":"II-52","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"245e012b-eeec-48c4-8631-ef14ccd9744a","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0ab086f-0b66-48af-8624-847b58a52db4","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":90,"box":{"x":102,"y":45,"width":250,"height":11}},{"id":"d21b950f-1873-4149-af77-95969b2db9e3","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":90,"box":{"x":359,"y":45,"width":506,"height":11}},{"id":"cc2a4077-36f0-413b-9d24-77e245b817e7","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":90,"box":{"x":70,"y":60,"width":811,"height":11}},{"id":"cb1314ae-f0d1-478f-89a2-7c9f5c012626","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":90,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"009170c1-8e60-4b10-8618-24a0c08d2575","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":90,"box":{"x":70,"y":90,"width":498,"height":11}},{"id":"125c6da5-6c1c-462c-9cc0-204b4845082b","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":90,"box":{"x":101,"y":113,"width":803,"height":11}},{"id":"ed75f0dd-0476-4887-964a-ca3815f10c9e","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":90,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"f6384c3a-d522-43bd-bf3d-86371f641eff","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":90,"box":{"x":70,"y":143,"width":817,"height":11}},{"id":"ddaeb339-d047-41c7-a934-3ad6302a15cc","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":90,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"7d4b242e-955f-4d13-9317-ddd78ef15a18","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":90,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"a560bc40-618b-4bb4-a060-9c5c68ab2948","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":90,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"4be0a6f0-9a54-47a7-82ca-eed96ba647d3","block_type":"box","text":"shareholder of the Fund.","page_number":90,"box":{"x":69,"y":203,"width":173,"height":9}},{"id":"24bb4573-a2c6-4872-ad3c-2935dfbcd97e","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":90,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"d1ea1c7a-6bb3-4ff4-b8e8-eea12a7147c7","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":90,"box":{"x":70,"y":241,"width":838,"height":11}},{"id":"fb9abe1e-476a-4b07-89f6-3a532710e00f","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":90,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"9c65ea35-4ce4-48fd-bac2-a2a28c31493b","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation or por tfolio securities is not reasonably","page_number":90,"box":{"x":69,"y":271,"width":810,"height":12}},{"id":"36f5da31-58a2-40a4-947f-53838d53aee4","block_type":"box","text":"practicable, or for such other periods as the SEC may permit. (The Fund may also suspend or postpone the","page_number":90,"box":{"x":70,"y":286,"width":762,"height":12}},{"id":"4ab4e5be-03e4-422b-98c2-510c0f54473c","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":90,"box":{"x":69,"y":302,"width":685,"height":11}},{"id":"4c53be58-d5a7-47d7-b8a2-7d705c50711b","block_type":"box","text":"The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":90,"box":{"x":101,"y":324,"width":795,"height":11}},{"id":"9d0cb9f1-02d3-43b3-a6e7-7c9736859a70","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":90,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"d2d464e7-d315-4897-be81-4f5448308ace","block_type":"box","text":"transaction effected for the benefit of a shareholder. The Fund reserves the express right to redeem shares of the","page_number":90,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"5d354a44-0e16-41d4-b305-3cd6c3d32723","block_type":"box","text":"Fund involuntarily at any time if the Board of Trustees determines, in its sole discretion, that failure to do so may","page_number":90,"box":{"x":70,"y":370,"width":805,"height":11}},{"id":"62daab2b-7df4-43f3-9bfc-f167c1ed46a2","block_type":"box","text":"have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares so","page_number":90,"box":{"x":69,"y":385,"width":813,"height":11}},{"id":"57676e8d-9176-464b-b87f-2634ffbf6823","block_type":"box","text":"redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":90,"box":{"x":69,"y":400,"width":801,"height":11}},{"id":"f6ff92e1-d06b-4b75-a351-a707e5a9f374","block_type":"box","text":"Signature Guarantee.","page_number":90,"box":{"x":101,"y":423,"width":154,"height":11}},{"id":"5018e8f9-92cf-4d20-8a40-5243d25986e8","block_type":"box","text":"A signature guarantee is designed to protect the shareholders and the Fund against","page_number":90,"box":{"x":261,"y":423,"width":598,"height":11}},{"id":"c60536de-8706-4466-9707-fb55a97dce69","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":90,"box":{"x":68,"y":438,"width":814,"height":11}},{"id":"0c5756b8-c59d-4c6b-9976-b16090339341","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are par ticipants in a medallion","page_number":90,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"5adb631e-054b-444c-a52a-3f74960ba54a","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":90,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"2f9b5aef-68f3-487d-9c4e-4013cf164fcf","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":90,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"7756794c-cde6-419d-9119-79dab140888e","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":90,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"56aacebb-5a18-4a20-bb9b-87fbc2fde233","block_type":"box","text":"Signature Guarantees which are not a par t of these programs will not be accepted. Please note that a notary public","page_number":90,"box":{"x":69,"y":513,"width":824,"height":12}},{"id":"078bd8cd-a6e8-4fda-a795-2e4d6703504c","block_type":"box","text":"stamp or seal is not acceptable.","page_number":90,"box":{"x":69,"y":529,"width":229,"height":10}},{"id":"88d1577d-502d-4e91-9344-d8bf0b54402d","block_type":"box","text":"DETERMINATION OF NET ASSET VALUE","page_number":90,"box":{"x":332,"y":558,"width":314,"height":10}},{"id":"0bb8636d-97b8-42e5-ba2c-1a8856b8bd2c","block_type":"box","text":"Each Fund seeks to maintain a NAV of $1.00 per share for purposes of purchase and redemptions and values its","page_number":90,"box":{"x":102,"y":580,"width":806,"height":12}},{"id":"df62b499-a0da-4a58-a866-ac713676528b","block_type":"box","text":"por tfolio securities on the basis of the amor tized cost method of valuation.","page_number":90,"box":{"x":70,"y":596,"width":533,"height":11}},{"id":"c5dbc3f3-fbcc-41a3-b479-587f3f04c818","block_type":"box","text":"Under this method por tfolio securities are valued at cost when purchased and thereafter, a constant","page_number":90,"box":{"x":102,"y":618,"width":716,"height":11}},{"id":"ca2ebb54-f804-4f30-93f8-1ab5b650a4da","block_type":"box","text":"propor tionate accretion of any discount or amor tization of premium is recorded until the maturity of the security. The","page_number":90,"box":{"x":70,"y":634,"width":828,"height":11}},{"id":"1384df3c-6da2-4bce-a315-47dddca3107c","block_type":"box","text":"effect of changes in the market value of a security as a result of fluctuating interest rates is not taken into account.","page_number":90,"box":{"x":69,"y":649,"width":824,"height":11}},{"id":"753652d7-3c7a-458f-b4d2-cde3f2ead78d","block_type":"box","text":"As indicated, the amor tized cost method of valuation may result in the value of a security being higher or lower","page_number":90,"box":{"x":101,"y":671,"width":790,"height":12}},{"id":"3fae0cad-4ec9-4e0c-aa76-f6e74f151ff3","block_type":"box","text":"than its market price, the price a Fund would receive if the security were sold prior to maturity. Each Fund’s Board has","page_number":90,"box":{"x":68,"y":686,"width":841,"height":12}},{"id":"24cb5e33-4aee-4e22-a2f7-82e5ab7aa2ec","block_type":"box","text":"established procedures for the purpose of maintaining a constant NAV of $1.00 per share for each Fund; however,","page_number":90,"box":{"x":69,"y":701,"width":814,"height":12}},{"id":"b66b44bd-ae1f-4aa6-b818-769b0024537a","block_type":"box","text":"there can be no assurance that a constant NAV will be maintained for any Fund. Such procedures include a review of","page_number":90,"box":{"x":68,"y":717,"width":833,"height":11}},{"id":"ec8a7ba8-922d-46e5-8da3-dccbdd8a2ebd","block_type":"box","text":"the extent of any deviation of NAV per share, based on available market quotations, from the $1.00 amor tized cost","page_number":90,"box":{"x":68,"y":731,"width":822,"height":12}},{"id":"94f9a1ca-0f4a-4580-969f-8f31624b7d30","block_type":"box","text":"per share.","page_number":90,"box":{"x":70,"y":747,"width":70,"height":11}},{"id":"1c909513-115b-4f64-bfdc-3dd2381aab16","block_type":"box","text":"Should that deviation exceed","page_number":90,"box":{"x":102,"y":770,"width":204,"height":9}},{"id":"3fda1037-cfc6-40fd-b1b0-419a29a8f590","block_type":"box","text":"½","page_number":90,"box":{"x":313,"y":770,"width":12,"height":9}},{"id":"1a09cc61-e8ca-45cf-962c-131474c001f7","block_type":"box","text":"of 1% for a Fund, the Fund’s Board will promptly consider whether any action","page_number":90,"box":{"x":331,"y":770,"width":545,"height":11}},{"id":"54eaa191-c845-490f-9051-f4816fe8d66a","block_type":"box","text":"should be initiated to eliminate or reduce material dilution or other adverse impact to shareholders. Such action may","page_number":90,"box":{"x":69,"y":785,"width":832,"height":11}},{"id":"4107a246-d49b-4a65-9b7a-137f0ce78f14","block_type":"box","text":"include redeeming shares in kind, selling por tfolio securities prior to maturity, reducing or withholding dividends,","page_number":90,"box":{"x":70,"y":800,"width":796,"height":11}},{"id":"9801a05e-7625-49b6-942e-60c6b188064b","block_type":"box","text":"shor tening the average por tfolio maturity, and utilizing a NAV per share as determined by using available market","page_number":90,"box":{"x":69,"y":815,"width":798,"height":11}},{"id":"dcfcb25a-6ba5-4284-9c99-9854ed15bf39","block_type":"box","text":"quotations.","page_number":90,"box":{"x":69,"y":830,"width":78,"height":11}},{"id":"7e5c7ada-3035-45a7-b620-d425c867092c","block_type":"box","text":"Each Fund will maintain a dollar-weighted average por tfolio maturity of 60 days or less, a dollar-weighted average","page_number":90,"box":{"x":102,"y":853,"width":803,"height":11}},{"id":"e68c586f-1ab1-4e90-ba74-25e38815dde9","block_type":"box","text":"life of 120 days or less, will not purchase any instrument with a deemed maturity under Rule 2a-7 of the Investment","page_number":90,"box":{"x":70,"y":868,"width":827,"height":11}},{"id":"507679df-dd92-4303-94dd-bf4f4e1292ae","block_type":"box","text":"Company Act greater than 397 days, and will limit por tfolio investments, including repurchase agreements, to those","page_number":90,"box":{"x":69,"y":883,"width":827,"height":11}},{"id":"2693e431-dff9-452d-ab36-230c5233a75d","block_type":"box","text":"II-53","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4dd31f2c-6e37-4122-b86d-5cb680449f9b","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee32318b-7139-46b7-980f-b88badf1afc1","block_type":"box","text":"instruments that the adviser or sub-adviser determines to be “eligible securities” under Rule 2a-7 pursuant to","page_number":91,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"cfa125f7-c1ce-448c-b4e7-6d7ceefb4dd1","block_type":"box","text":"guidelines adopted by a Fund’s Board.","page_number":91,"box":{"x":68,"y":60,"width":273,"height":11}},{"id":"aaf661ed-d902-4421-a185-5b2f46f66e8b","block_type":"box","text":"YIELD INFORMATION","page_number":91,"box":{"x":405,"y":89,"width":167,"height":10}},{"id":"81b4f32c-e17b-4818-8313-2771b494821b","block_type":"box","text":"Each Fund computes its annualized yield in accordance with regulations adopted by the Commission by","page_number":91,"box":{"x":102,"y":112,"width":735,"height":11}},{"id":"c11b598d-59e1-47e4-89c8-fa9239d520b2","block_type":"box","text":"determining the net changes in value, exclusive of capital changes and income other than investment income, for a","page_number":91,"box":{"x":69,"y":127,"width":821,"height":11}},{"id":"a3413b09-7f34-4fb4-9c0d-7e06e6839673","block_type":"box","text":"seven-day base period for a hypothetical pre-existing account having a balance of one share at the beginning of the","page_number":91,"box":{"x":69,"y":142,"width":819,"height":12}},{"id":"cec64f76-dee1-4927-b429-89532021d9ae","block_type":"box","text":"base period, subtracting a hypothetical shareholder account charge, and dividing the difference by the value of the","page_number":91,"box":{"x":69,"y":157,"width":816,"height":12}},{"id":"a00b3e7a-036c-481f-b84b-d22d20db93aa","block_type":"box","text":"account at the beginning of the base period to obtain the base period return, and then multiplying the result by 365","page_number":91,"box":{"x":69,"y":172,"width":823,"height":12}},{"id":"48067d9c-90b9-4b57-8a32-744943f028fd","block_type":"box","text":"and then dividing by seven. This yield calculation does not take into consideration any realized or unrealized gains or","page_number":91,"box":{"x":69,"y":188,"width":830,"height":11}},{"id":"deb4e45d-78cc-4b53-9c04-00752c6504fb","block_type":"box","text":"losses on por tfolio securities. The Commission also permits the calculation of a standardized effective or","page_number":91,"box":{"x":70,"y":203,"width":753,"height":11}},{"id":"35ea1a85-dae3-4ffd-97e3-a697740bef3d","block_type":"box","text":"compounded yield. This is computed by compounding the unannualized base period return, which is done by adding","page_number":91,"box":{"x":69,"y":218,"width":823,"height":11}},{"id":"cfcf3e57-697d-49c7-9661-0109fdb8f0f6","block_type":"box","text":"one to the base period return, raising the sum to a power equal to 365 divided by seven, and subtracting one from","page_number":91,"box":{"x":69,"y":233,"width":817,"height":11}},{"id":"60dd86ff-a497-4391-8388-f4ad5ccdfce0","block_type":"box","text":"the result. This compounded yield calculation also excludes realized and unrealized gains or losses on por tfolio","page_number":91,"box":{"x":68,"y":248,"width":795,"height":11}},{"id":"5d591394-0ee3-402f-b2e1-931a67a92432","block_type":"box","text":"securities.","page_number":91,"box":{"x":69,"y":263,"width":72,"height":9}},{"id":"ce0cf21e-2ec5-4c67-bcbc-17f322288fc2","block_type":"box","text":"The yield on each Fund’s shares normally will fluctuate on a daily basis. Therefore, the yield for any given past","page_number":91,"box":{"x":101,"y":286,"width":785,"height":11}},{"id":"ca32ccd5-4c05-47ee-bcd2-de1c39909874","block_type":"box","text":"period is not an indication or representation by a Fund of future yields or rates of return on its shares. The yield is","page_number":91,"box":{"x":70,"y":301,"width":811,"height":11}},{"id":"12c01d57-65d0-4d98-be7b-4db45967c614","block_type":"box","text":"affected by such factors as changes in interest rates on a Fund’s por tfolio securities, average por tfolio maturity, the","page_number":91,"box":{"x":69,"y":316,"width":828,"height":11}},{"id":"81e8fde9-57db-43f1-8ca0-90a2594bb80a","block_type":"box","text":"types and quality of por tfolio securities held and operating expenses. The yield on Fund shares for various reasons","page_number":91,"box":{"x":68,"y":331,"width":819,"height":12}},{"id":"4e7d39fc-c5b6-4b40-9ec1-f14e9d80199b","block_type":"box","text":"may not be comparable to the yield on bank deposits, shares of other money market funds or other investments.","page_number":91,"box":{"x":69,"y":346,"width":804,"height":12}},{"id":"dd315f2c-7879-4a65-9858-a03f4cb8008e","block_type":"box","text":"See “Yield Information” in Par t I of each Fund’s SAI for recent seven-day yield information relating to your Fund.","page_number":91,"box":{"x":102,"y":369,"width":793,"height":11}},{"id":"87804f5c-93ac-4b8f-b921-5df9537a9638","block_type":"box","text":"On occasion, each Fund may compare its yield to (1) an industry average compiled by Donoghue’s Money Fund","page_number":91,"box":{"x":102,"y":392,"width":788,"height":11}},{"id":"c453e303-a606-4dde-901a-12f4e1996f12","block_type":"box","text":"Repor t, a widely recognized independent publication that monitors the per formance of money market mutual funds,","page_number":91,"box":{"x":70,"y":407,"width":821,"height":11}},{"id":"72cbe744-029f-459b-8a16-3e014bdc6ca5","block_type":"box","text":"(2) the average yield repor ted by the Bank Rate Monitor National Index","page_number":91,"box":{"x":69,"y":422,"width":503,"height":11}},{"id":"7892c2e1-da6a-4818-8e05-0c2ed4691381","block_type":"box","text":"TM","page_number":91,"box":{"x":572,"y":422,"width":10,"height":5}},{"id":"3627ea8a-5b80-4639-a46e-06344f935b9e","block_type":"box","text":"for money market deposit accounts offered","page_number":91,"box":{"x":588,"y":422,"width":307,"height":11}},{"id":"1ebf564e-747b-4914-83e2-b29926d37e5c","block_type":"box","text":"by the 100 leading banks and thrift institutions in the ten largest standard metropolitan statistical areas, (3) yield","page_number":91,"box":{"x":69,"y":437,"width":810,"height":11}},{"id":"44ab3993-dbc8-45cf-bed1-7ced45d10db9","block_type":"box","text":"data published by industry publications, including Lipper Inc., Morningstar, Inc.,","page_number":91,"box":{"x":69,"y":452,"width":564,"height":11}},{"id":"6fc3d105-550d-4f38-acfa-ce4bf7d551ae","block_type":"box","text":"Money Magazine, U.S. News & World","page_number":91,"box":{"x":641,"y":452,"width":263,"height":11}},{"id":"35b74311-31b8-429a-adb2-4a30df597330","block_type":"box","text":"Repor t, BusinessWeek, CDA Investment Technology, Inc., Forbes Magazine","page_number":91,"box":{"x":70,"y":467,"width":532,"height":12}},{"id":"b7c0d823-7577-440b-bc90-255410024333","block_type":"box","text":"and","page_number":91,"box":{"x":608,"y":468,"width":24,"height":8}},{"id":"e8524f68-2417-4d07-893e-a8339bd071f0","block_type":"box","text":"For tune Magazine","page_number":91,"box":{"x":639,"y":468,"width":127,"height":11}},{"id":"77cef4ec-de4e-40b2-99ce-35b8969bffe2","block_type":"box","text":", or (4) the yield on","page_number":91,"box":{"x":767,"y":468,"width":133,"height":10}},{"id":"dfc8e0ea-c21f-4240-8c4a-cae0196bcb87","block_type":"box","text":"an investment in 90-day Treasury bills on a rolling basis, assuming quar terly compounding. As with yield quotations,","page_number":91,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"935f835d-8c2a-46cb-aa27-22e1588ecec9","block_type":"box","text":"yield comparisons should not be considered indicative of a Fund’s yield or relative per formance for any future period.","page_number":91,"box":{"x":68,"y":498,"width":834,"height":11}},{"id":"98282238-42cb-4447-a835-5310b9b4fed0","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":91,"box":{"x":101,"y":520,"width":780,"height":12}},{"id":"52d794cd-431a-44d7-81c4-8ba7331a47a8","block_type":"box","text":"investment objective. This may include information about past, current or possible economic, market, political, or","page_number":91,"box":{"x":70,"y":535,"width":806,"height":11}},{"id":"40dac87b-9bbe-421d-9db9-b35a4dbf1e24","block_type":"box","text":"other conditions, descriptive information on general principles of investing such as asset allocation, diversification","page_number":91,"box":{"x":69,"y":550,"width":814,"height":12}},{"id":"d7ed22ef-b48c-4e89-b8e9-3f1e568db730","block_type":"box","text":"and risk tolerance; a discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":91,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"9d29c26a-433b-4688-962e-f791db79ec55","block_type":"box","text":"techniques; comparisons of a Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":91,"box":{"x":68,"y":581,"width":774,"height":11}},{"id":"ccff81cf-d45b-45d2-ae12-35b7b9f4a042","block_type":"box","text":"investments, to indices relevant to the comparison being made, or to a hypothetical or model por tfolio. Each Fund","page_number":91,"box":{"x":70,"y":596,"width":810,"height":11}},{"id":"b51a2640-1c4d-44bf-b998-27206cd3044c","block_type":"box","text":"may also quote various measures of volatility and benchmark correlation in adver tising and other materials, and may","page_number":91,"box":{"x":69,"y":611,"width":833,"height":11}},{"id":"fcb9d030-1248-48fe-a08e-47d7c156f4f3","block_type":"box","text":"compare these measures to those of other funds or types of investments.","page_number":91,"box":{"x":69,"y":626,"width":527,"height":11}},{"id":"909213f3-322a-4ff2-b125-3ffbcc0acdc2","block_type":"box","text":"PORTFOLIO TRANSACTIONS","page_number":91,"box":{"x":377,"y":656,"width":224,"height":9}},{"id":"aa72e347-bd03-40ad-bd86-4f9bde9d749b","block_type":"box","text":"Subject to policies established by the Board of each Fund, the Manager is primarily responsible for the execution","page_number":91,"box":{"x":102,"y":678,"width":803,"height":12}},{"id":"3bdc96df-0cd0-473b-aa5d-83405faeb382","block_type":"box","text":"of a Fund’s por tfolio transactions. The Manager does not execute transactions through any par ticular broker or","page_number":91,"box":{"x":69,"y":693,"width":791,"height":12}},{"id":"31ca7650-e80e-4442-b7e0-2a6abbf2f077","block_type":"box","text":"dealer, but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the","page_number":91,"box":{"x":69,"y":709,"width":827,"height":11}},{"id":"dd38a094-bff5-4a4b-9cec-ac284ab08383","block_type":"box","text":"applicable dealer spread), size of order, difficulty of execution, operational facilities of the firm and the firm’s risk and","page_number":91,"box":{"x":69,"y":724,"width":838,"height":11}},{"id":"56f6eb31-e3e7-4857-ab74-27a74a871d99","block_type":"box","text":"skill in positioning blocks of securities. While the Manager generally seeks reasonable trade execution costs, a Fund","page_number":91,"box":{"x":69,"y":739,"width":830,"height":11}},{"id":"f72e2196-222e-4834-8f76-e5327d0c329f","block_type":"box","text":"does not necessarily pay the lowest spread or commission available. Each Fund’s policy of investing in securities with","page_number":91,"box":{"x":69,"y":754,"width":839,"height":11}},{"id":"48624412-7ec2-42f7-a253-52a176071d7c","block_type":"box","text":"shor t maturities will result in high por tfolio turnover.","page_number":91,"box":{"x":69,"y":769,"width":370,"height":11}},{"id":"b5f6db9f-f3a9-49c0-9842-5cbf764f311c","block_type":"box","text":"Subject to obtaining the best net results, dealers who provide supplemental investment research (such as","page_number":91,"box":{"x":102,"y":792,"width":757,"height":11}},{"id":"87a0ec97-1cbc-469d-8998-836dab8d9069","block_type":"box","text":"economic data and market forecasts) to the Manager may receive orders for transactions of the Fund. Information","page_number":91,"box":{"x":69,"y":807,"width":812,"height":11}},{"id":"cacddf66-81ee-4ae3-aae7-5b27bf58d341","block_type":"box","text":"received will be in addition to and not in lieu of the services required to be per formed by the Manager under each","page_number":91,"box":{"x":69,"y":822,"width":809,"height":11}},{"id":"08053671-d038-4dc1-a979-26b26fb8b779","block_type":"box","text":"Management Agreement and the expenses of the Manager will not necessarily be reduced as a result of the receipt","page_number":91,"box":{"x":70,"y":837,"width":824,"height":11}},{"id":"8537ffbb-b1c3-4e4e-88ae-42e801beba1f","block_type":"box","text":"of such supplemental information.","page_number":91,"box":{"x":69,"y":852,"width":243,"height":11}},{"id":"d5accac4-957d-4fb9-97b1-76de207621cf","block_type":"box","text":"The por tfolio securities in which each Fund invests are traded primarily in the OTC market. Bonds and","page_number":91,"box":{"x":101,"y":875,"width":723,"height":11}},{"id":"70214dcf-6030-4094-bf7b-655b97f59a71","block_type":"box","text":"debentures usually are traded OTC, but may be traded on an exchange. Where possible, a Fund will deal directly with","page_number":91,"box":{"x":69,"y":890,"width":832,"height":11}},{"id":"3f1beb7c-b4c8-47fc-bcc3-3441804f361e","block_type":"box","text":"the dealers who make a market in the securities involved except in those circumstances where better prices and","page_number":91,"box":{"x":68,"y":905,"width":803,"height":11}},{"id":"10a1830a-a253-4ae2-a4e4-e4df584ffc35","block_type":"box","text":"II-54","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d9e509b-69a5-4a14-a545-a9b553ba4a73","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffe4c373-fbc1-4179-8b12-10f950eab226","block_type":"box","text":"execution are available elsewhere. Such dealers usually are acting as principals for their own accounts. On occasion,","page_number":92,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"4bc0669c-153f-45d7-b207-c1192a336e6d","block_type":"box","text":"securities may be purchased directly from the issuer. Money market securities are generally traded on a net basis","page_number":92,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"c21e3dd3-cfc2-4eab-9557-17dea78cafb5","block_type":"box","text":"and do not normally involve either brokerage commissions or transfer taxes. The cost of executing por tfolio securities","page_number":92,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"0265ceb1-479d-43fa-9a6e-4550c39e7e86","block_type":"box","text":"transactions of a Fund primarily will consist of dealer spreads. Under the Investment Company Act, persons affiliated","page_number":92,"box":{"x":68,"y":90,"width":834,"height":11}},{"id":"df6f1f2a-c7e4-4ed5-a086-af64e8e7ea12","block_type":"box","text":"with a Fund and persons who are affiliated with such affiliated persons are prohibited from dealing with the Fund as","page_number":92,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"7c2860b3-d2aa-4c7a-a7b9-778bce5bab3e","block_type":"box","text":"principals in the purchase and sale of securities unless an exemptive order allowing such transactions is obtained","page_number":92,"box":{"x":70,"y":120,"width":813,"height":12}},{"id":"264adbb5-475a-45d1-b62f-4c0eea7293f2","block_type":"box","text":"from the Commission. Since transactions in the OTC market usually involve transactions with the dealers acting as","page_number":92,"box":{"x":68,"y":135,"width":819,"height":12}},{"id":"b2e9cba6-582c-4b06-9cf8-67902508760d","block_type":"box","text":"principals for their own accounts, the Funds will not deal with affiliated persons in connection with such transactions,","page_number":92,"box":{"x":70,"y":150,"width":834,"height":11}},{"id":"fcb6b402-6211-44f9-92e1-1587b767f3a8","block_type":"box","text":"except pursuant to an applicable exemptive order or as otherwise permitted by applicable law. However, an affiliated","page_number":92,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"ac976ea1-dbf8-4bd8-bcfc-6e0c09c195ac","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis.","page_number":92,"box":{"x":70,"y":181,"width":661,"height":11}},{"id":"9be3e7e0-a582-4cfb-b364-8f6551252393","block_type":"box","text":"The Manager does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":92,"box":{"x":101,"y":203,"width":775,"height":12}},{"id":"4ae518f6-4db1-42bf-9da9-cb1bf53af733","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":92,"box":{"x":69,"y":218,"width":828,"height":11}},{"id":"11233c41-cff0-4975-af68-03e1b3097f1b","block_type":"box","text":"sells shares of the mutual funds advised by the Manager neither qualifies nor disqualifies such broker or dealer to","page_number":92,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"c1d0de83-ede8-4ffa-a522-4e62302558c8","block_type":"box","text":"execute transactions for those mutual funds.","page_number":92,"box":{"x":69,"y":249,"width":319,"height":9}},{"id":"d5108316-7f7d-45a0-980a-82da093829ef","block_type":"box","text":"OTC issues, including most fixed income securities such as corporate debt and U.S. Government securities, are","page_number":92,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"fbdf37b3-4f5f-4483-869c-91ba857c3130","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":92,"box":{"x":69,"y":286,"width":826,"height":12}},{"id":"e11f63cc-c799-43b3-88e9-f74689535448","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":92,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"1e93a110-012d-4811-a150-645ce4d33df9","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both non-U.S.","page_number":92,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"a646da34-84ad-46ac-9665-45b0d8a54096","block_type":"box","text":"and domestic securities will generally include a “spread,” which is the difference between the prices at which the","page_number":92,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"caab8975-afbc-4c5e-940f-03bea0154c78","block_type":"box","text":"dealer is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":92,"box":{"x":69,"y":347,"width":780,"height":11}},{"id":"c0547859-0031-4ea0-9211-6efc32dc1003","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":92,"box":{"x":102,"y":370,"width":800,"height":11}},{"id":"30db5651-3a12-4fdb-a1fd-1afaa01dae2f","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":92,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"d3cfcd95-284e-4526-8910-52ddb69bd1b8","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":92,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"17fdb069-e25f-4f5d-8bdc-de9d2e4aab49","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":92,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"bb0a56a3-4c22-4b4f-bf85-fcee66b9af99","block_type":"box","text":"Fund (each a “Money Market Fund”) intends to purchase only securities with remaining maturities of 397 days or less","page_number":92,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"fb41c565-fa25-46f4-bd8b-6b02eaaa6534","block_type":"box","text":"as determined in accordance with the rules of the Commission. As a result, the por tfolio turnover rates of a Money","page_number":92,"box":{"x":69,"y":445,"width":821,"height":11}},{"id":"ad5999a9-873c-49ac-a075-dfc494446c64","block_type":"box","text":"Market Fund will be relatively high. However, because brokerage commissions will not normally be paid with respect","page_number":92,"box":{"x":70,"y":461,"width":823,"height":11}},{"id":"49fbb45c-9f3f-48ca-8d60-ffb71fc31ccc","block_type":"box","text":"to investments made by a Money Market Fund, the turnover rates should not adversely affect the Fund’s NAVs or net","page_number":92,"box":{"x":68,"y":475,"width":834,"height":12}},{"id":"9f8c1e40-94de-47d2-8ba7-4509c5494b83","block_type":"box","text":"income.","page_number":92,"box":{"x":70,"y":491,"width":53,"height":9}},{"id":"0395bd63-f195-4500-95b2-c48f24322b04","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":92,"box":{"x":102,"y":513,"width":756,"height":12}},{"id":"7ab49868-40c1-4633-816f-fbb37c2fde1b","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":92,"box":{"x":68,"y":528,"width":804,"height":12}},{"id":"2e3c230c-6498-4781-ae6d-babeedd5bfc5","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":92,"box":{"x":69,"y":543,"width":766,"height":12}},{"id":"35500ad7-6b51-4d46-97a1-fb435fa1ab2f","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":92,"box":{"x":101,"y":566,"width":780,"height":11}},{"id":"8bb0aa22-7763-4468-b758-6f29e3098d41","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":92,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"d79ef883-4707-461c-8abb-4ab9b39700cc","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":92,"box":{"x":69,"y":596,"width":806,"height":12}},{"id":"052afad7-7305-407f-a3be-2bf816fa00f3","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":92,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"bcf2800e-9798-413a-8662-cf1a495d95e0","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":92,"box":{"x":70,"y":627,"width":800,"height":11}},{"id":"9d59cada-6282-4b4e-9317-9e4423b6a004","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":92,"box":{"x":69,"y":642,"width":352,"height":11}},{"id":"8229b1c2-718f-4520-9f15-0fbcbf68791b","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":92,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"c8ea1537-ddd3-4036-9d6d-dcb68d7c794b","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":92,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"a1a4cfec-d132-474c-9f18-932717b9c4eb","block_type":"box","text":"accounts in a fair and equitable manner. A variety of factors will be considered in making such allocations. These","page_number":92,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"6b9800e5-72be-4de0-8f89-70e15936453f","block_type":"box","text":"factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry, country or","page_number":92,"box":{"x":68,"y":710,"width":819,"height":11}},{"id":"409c7a25-27f8-4891-9dde-4df3b45592be","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":92,"box":{"x":69,"y":725,"width":783,"height":11}},{"id":"2efe154d-d2ae-4d50-944b-5db0221b2596","block_type":"box","text":"parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of available investment,","page_number":92,"box":{"x":70,"y":740,"width":831,"height":11}},{"id":"917ba340-64ee-4f26-a735-d3481744d630","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":92,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"11b64ee6-ae10-46a5-adfd-677bbc65d7f4","block_type":"box","text":"size of an account, (ix) relative size of account, and (x) such other factors as may be approved by BlackRock’s","page_number":92,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"01bfd47e-6475-47cd-960d-95350baf46e6","block_type":"box","text":"general counsel. Moreover, investments may not be allocated to one client account over another based on any of the","page_number":92,"box":{"x":68,"y":785,"width":834,"height":12}},{"id":"ec47c5c0-4da4-4857-8e16-71b445e234c3","block_type":"box","text":"following considerations: (i) to favor one client account at the expense of another, (ii) to generate higher fees paid by","page_number":92,"box":{"x":68,"y":801,"width":832,"height":11}},{"id":"fd8478ca-c944-477b-9c7a-12ea8b2c6be8","block_type":"box","text":"one client account over another or to produce greater per formance compensation to BlackRock, (iii) to develop or","page_number":92,"box":{"x":69,"y":816,"width":808,"height":11}},{"id":"0a98f26f-9193-4a73-afac-78dea91cdaeb","block_type":"box","text":"enhance a relationship with a client or prospective client, (iv) to compensate a client for past services or benefits","page_number":92,"box":{"x":69,"y":831,"width":807,"height":11}},{"id":"10aac544-ad8e-4d30-b3b0-e102e70e7c45","block_type":"box","text":"rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock, or (v) to manage or","page_number":92,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"895ed09a-7c46-4f5b-9657-a83415ee0d1e","block_type":"box","text":"equalize investment per formance among different client accounts.","page_number":92,"box":{"x":69,"y":861,"width":472,"height":11}},{"id":"bf85fa7a-d735-49ba-90cc-7dff446a8335","block_type":"box","text":"Because of different objectives or other factors, a par ticular security may be bought for one or more funds or","page_number":92,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"190e5a60-1d69-40a7-a877-ba96859bfe2f","block_type":"box","text":"clients advised by BlackRock or its affiliates (collectively, “clients”) when one or more clients of BlackRock or its","page_number":92,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"5952ebac-2816-4852-bcb2-b46a816c3b89","block_type":"box","text":"II-55","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90a56771-7be6-405d-a168-99e2db331744","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccef6018-9ca8-4867-bda7-da42d936ff20","block_type":"box","text":"affiliates are selling the same security. If purchases or sales of securities arise for consideration at or about the","page_number":93,"box":{"x":69,"y":45,"width":800,"height":11}},{"id":"89012a88-6cc6-4903-a01f-542bf3190047","block_type":"box","text":"same time that would involve a Fund or other clients or funds for which BlackRock or an affiliate acts as investment","page_number":93,"box":{"x":69,"y":60,"width":825,"height":9}},{"id":"aef1280e-c6ed-4ebb-93e6-bbbce0b029bc","block_type":"box","text":"manager, transactions in such securities will be made, insofar as feasible, for the respective funds and clients in a","page_number":93,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"25f6766a-bc42-4791-ae0a-efe037ab2db3","block_type":"box","text":"manner deemed equitable to all. To the extent that transactions on behalf of more than one client of BlackRock or its","page_number":93,"box":{"x":69,"y":90,"width":835,"height":11}},{"id":"ccfc69be-5e3b-4595-8ed1-9849b2bf5dc4","block_type":"box","text":"affiliates during the same period may increase the demand for securities being purchased or the supply of securities","page_number":93,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"5d9fb559-901c-4b76-a662-83a61325a5bb","block_type":"box","text":"being sold, there may be an adverse effect on price.","page_number":93,"box":{"x":69,"y":120,"width":371,"height":12}},{"id":"fae32b65-e3d7-4510-a72b-efed9b25b849","block_type":"box","text":"See “Por tfolio Transactions” or “Por tfolio Transactions and Brokerage,” as applicable, in Par t I of each Fund’s","page_number":93,"box":{"x":102,"y":143,"width":785,"height":11}},{"id":"4fabd8ff-c667-45f5-8da9-75fcdbfe4f52","block_type":"box","text":"SAI for information relating to por tfolio transactions engaged in by your Fund for its three most recently completed","page_number":93,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"20105deb-12c4-4d90-9efc-2b5188fa90b9","block_type":"box","text":"fiscal years or other relevant periods.","page_number":93,"box":{"x":68,"y":173,"width":265,"height":11}},{"id":"7fe2dbcf-9db9-4e92-9a92-c0599f2e1f7b","block_type":"box","text":"The Board of each Fund has considered the possibility of seeking to recapture for the benefit of the Fund","page_number":93,"box":{"x":101,"y":196,"width":748,"height":11}},{"id":"a37a29c3-f71e-4fe2-8c15-fb959dc03d17","block_type":"box","text":"expenses of possible por tfolio transactions, such as dealer spreads and underwriting commissions, by conducting","page_number":93,"box":{"x":69,"y":211,"width":817,"height":11}},{"id":"b97aba38-7afa-49ee-af6b-f2688bb4bf05","block_type":"box","text":"por tfolio transactions through affiliated entities. After considering all factors deemed relevant, the Board of each","page_number":93,"box":{"x":70,"y":226,"width":802,"height":11}},{"id":"4e51a1cd-31de-4ca2-beb9-fe54f35f9aee","block_type":"box","text":"Fund made a determination not to seek such recapture. The Board of each Fund will reconsider this matter from time","page_number":93,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"4ac8c7dd-c434-4c9b-b84c-84fc8dcc52af","block_type":"box","text":"to time.","page_number":93,"box":{"x":68,"y":257,"width":54,"height":8}},{"id":"72140fe0-a84a-4bd6-954a-8999d810e8ab","block_type":"box","text":"Each Fund has received an exemptive order from the Commission permitting it to lend por tfolio securities to its","page_number":93,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"a0523222-16df-437a-9e8b-d65d067ba779","block_type":"box","text":"affiliates. Pursuant to that order, each Fund may retain an affiliated entity of the Manager (the “lending agent”) as","page_number":93,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"053c37c0-6e41-4d77-a539-bceab1d2e32a","block_type":"box","text":"the securities lending agent for a fee, including a fee based on a share of the returns on investment of cash","page_number":93,"box":{"x":68,"y":309,"width":771,"height":11}},{"id":"3c0fb5ce-c2c5-4aa3-a5a0-f33b1bfd04f3","block_type":"box","text":"collateral. The lending agent may, on behalf of a Fund, invest cash collateral received by the Fund for such loans,","page_number":93,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"f8104c57-13a2-4b16-982c-4345c663911d","block_type":"box","text":"among other things, in a private investment company managed by the lending agent or in registered money market","page_number":93,"box":{"x":69,"y":340,"width":816,"height":11}},{"id":"ae5ed5eb-d6de-4607-bdcf-9c3b5e76ee3b","block_type":"box","text":"funds advised by the Manager or its affiliates. See “Por tfolio Transactions” or “Por tfolio Transactions and","page_number":93,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"d1a11b1f-1e88-4990-9150-99d3fe000a20","block_type":"box","text":"Brokerage,” as applicable, in Par t I of each Fund’s SAI for the securities lending agent fees, if any, paid by your Fund","page_number":93,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"b62ef226-16e4-400c-b936-6cc6df563429","block_type":"box","text":"to the lending agent for the periods indicated.","page_number":93,"box":{"x":68,"y":385,"width":325,"height":11}},{"id":"5103b15d-b238-484d-a116-d957d3a06cb5","block_type":"box","text":"Because of different objectives or other factors, a par ticular security may be bought for one or more funds or","page_number":93,"box":{"x":102,"y":407,"width":776,"height":12}},{"id":"c3176fd6-167a-4089-988d-45a848c0a79c","block_type":"box","text":"clients advised by the Manager or its affiliates (collectively, “clients”) when one or more clients of the Manager or its","page_number":93,"box":{"x":69,"y":423,"width":832,"height":11}},{"id":"3c75c082-9dc0-47ec-a9e6-63c73b0c97f8","block_type":"box","text":"affiliates are selling the same security. If purchases or sales of securities arise for consideration at or about the","page_number":93,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"1d4841af-7f11-435b-a23e-b9311ef42c55","block_type":"box","text":"same time that would involve a Fund or other clients or funds for which the Manager or an affiliate acts as","page_number":93,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"0ccb480e-cd25-4d61-b2a8-db8248536ae3","block_type":"box","text":"investment manager, transactions in such securities will be made, insofar as feasible, for the respective funds and","page_number":93,"box":{"x":70,"y":468,"width":818,"height":11}},{"id":"db52ae51-b646-4577-b777-ccef28cb8ea7","block_type":"box","text":"clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of the","page_number":93,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"a7707b6c-778e-4a3d-b716-e33911a072d5","block_type":"box","text":"Manager or its affiliates during the same period may increase the demand for securities being purchased or the","page_number":93,"box":{"x":70,"y":498,"width":796,"height":11}},{"id":"e96a56e0-12ec-4fb8-a88e-f8b8aec036d1","block_type":"box","text":"supply of securities being sold, there may be an adverse effect on price.","page_number":93,"box":{"x":69,"y":513,"width":515,"height":12}},{"id":"386723ad-aaf5-49ef-8eb7-41a43b4106e3","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":93,"box":{"x":396,"y":543,"width":186,"height":10}},{"id":"862bc77b-c119-4101-b6c9-6963fa81f754","block_type":"box","text":"Dividends","page_number":93,"box":{"x":69,"y":573,"width":69,"height":9}},{"id":"530d5733-6198-4996-9eae-fe8fa3b9bdc6","block_type":"box","text":"Each Fund declares dividends daily. Except as otherwise provided in a Fund’s Prospectus, dividends of each","page_number":93,"box":{"x":102,"y":596,"width":769,"height":11}},{"id":"24dbeca6-2ec3-4e36-bf2a-4e7239fa84bd","block_type":"box","text":"Fund are reinvested monthly in additional shares of that Fund at NAV. Except as otherwise provided in a Fund’s","page_number":93,"box":{"x":70,"y":611,"width":790,"height":11}},{"id":"6c576e06-49ef-4b67-9926-250e48d78331","block_type":"box","text":"Prospectus, shares purchased will begin accruing dividends on the day following the date of purchase. Until they are","page_number":93,"box":{"x":69,"y":626,"width":829,"height":11}},{"id":"11efea18-0b98-4a34-ae35-b55f460f4140","block_type":"box","text":"paid, dividends that are declared will remain in the gross assets of each Fund and will therefore continue to earn","page_number":93,"box":{"x":70,"y":641,"width":803,"height":11}},{"id":"f08f7653-c0ec-488e-a4a4-5e0cff1e97c9","block_type":"box","text":"income for the Fund’s shareholders. Shareholders will receive monthly statements as to such reinvestments.","page_number":93,"box":{"x":70,"y":656,"width":776,"height":11}},{"id":"54d670bb-c3b5-48c6-b45e-8aaa73dc96cb","block_type":"box","text":"Net income (from the time of the immediately preceding determination thereof) consists of (i) interest accrued","page_number":93,"box":{"x":102,"y":679,"width":784,"height":11}},{"id":"9eb06aad-cdc0-4d57-aa61-25d01a7703c8","block_type":"box","text":"and/or discount earned (including both original issue and market discount), (ii) less amor tization of premiums and","page_number":93,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"ecf56102-4e43-4c98-ab54-31e17e7ec3f5","block_type":"box","text":"the estimated expenses of a Fund applicable to that dividend period. Net realized capital gains (including net shor t","page_number":93,"box":{"x":68,"y":709,"width":823,"height":11}},{"id":"879e119e-e78e-4a7b-98e1-02c1d76eed76","block_type":"box","text":"term capital gain), if any, will be distributed by the Funds at least annually.","page_number":93,"box":{"x":68,"y":724,"width":528,"height":12}},{"id":"a9879631-908e-4bbe-84e0-d53ae1943c70","block_type":"box","text":"Taxes","page_number":93,"box":{"x":68,"y":755,"width":42,"height":9}},{"id":"190a7a3c-9994-40e4-8d46-4e6cd84aa7de","block_type":"box","text":"Each Fund intends to elect and to qualify or to continue to qualify, as appropriate, for the special tax treatment","page_number":93,"box":{"x":102,"y":777,"width":788,"height":11}},{"id":"5e33239a-debc-499b-b9c1-f3a6a1f8041c","block_type":"box","text":"afforded regulated investment companies under the Code. As long as a Fund so qualifies, the Fund (but not its","page_number":93,"box":{"x":69,"y":792,"width":790,"height":12}},{"id":"1e816369-9f96-4d49-b3cc-ed2e414f26b5","block_type":"box","text":"shareholders) will not be subject to Federal income tax on the par t of its investment company taxable income and net","page_number":93,"box":{"x":69,"y":807,"width":839,"height":12}},{"id":"24892622-e836-4878-8f6d-003c5c0655f9","block_type":"box","text":"capital gain that is distributed to shareholders. Each Fund intends to distribute substantially all of such income and","page_number":93,"box":{"x":69,"y":823,"width":822,"height":11}},{"id":"fc5a7392-9ccd-4ccb-b9bc-41ffba72ce18","block_type":"box","text":"gains. If, in any taxable year, a Fund fails to qualify as a regulated investment company under the Code,","page_number":93,"box":{"x":68,"y":838,"width":739,"height":11}},{"id":"27c88ce5-3554-4481-9f28-cbaa9697690d","block_type":"box","text":"notwithstanding the availability of cer tain relief provisions, such Fund would be taxed in the same manner as an","page_number":93,"box":{"x":69,"y":853,"width":797,"height":11}},{"id":"0400a7da-ae8d-4dd7-a470-05410f8bd32c","block_type":"box","text":"ordinary corporation and all distributions from earnings and profits (as determined under Federal income tax","page_number":93,"box":{"x":69,"y":868,"width":772,"height":11}},{"id":"1a1201ea-0ff9-4595-864e-04b26c0849e7","block_type":"box","text":"principles) to its shareholders would be taxable as ordinary dividend income eligible for taxation at a reduced tax rate","page_number":93,"box":{"x":70,"y":883,"width":835,"height":11}},{"id":"cac6ecad-5e41-47e0-ae04-503a04908984","block_type":"box","text":"for non-corporate shareholders and the dividends-received deduction for corporate shareholders.","page_number":93,"box":{"x":68,"y":898,"width":686,"height":11}},{"id":"41dcac8a-9c52-4003-8490-6a34c06f7d5a","block_type":"box","text":"II-56","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18b052ed-791c-4a85-8ed0-048b1b988c82","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27d8acbc-e9c3-4086-8a06-f50faca8f70b","block_type":"box","text":"Each Fund that is a series of a regulated investment company that consists of multiple series is treated as a","page_number":94,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"c40038ea-5f15-4d05-bebc-c235d5a3cb9e","block_type":"box","text":"separate corporation for Federal income tax purposes, and, therefore, is considered to be a separate entity in","page_number":94,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"c983b8a0-7c86-4cc6-9272-a23e4d68cf0c","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of a regulated","page_number":94,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"6331efb1-bc36-4184-b55e-2f1560e5f1bb","block_type":"box","text":"investment company do not offset gains in another, and the requirements (other than cer tain organizational","page_number":94,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"2fc3ad00-b457-44ea-996e-d3f8979f799a","block_type":"box","text":"requirements) for qualifying for regulated investment company status will be determined at the level of the individual","page_number":94,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"6716bab5-34a0-4fc6-93e2-2db1ca0f70fb","block_type":"box","text":"series. In the following discussion, the term “Fund” means each individual series, if applicable.","page_number":94,"box":{"x":69,"y":120,"width":678,"height":12}},{"id":"990001e8-9ec6-4294-bd1e-8104040377b6","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":94,"box":{"x":101,"y":143,"width":759,"height":11}},{"id":"b83c5a4b-694c-4c01-93e8-ffc06f51f655","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":94,"box":{"x":69,"y":158,"width":813,"height":11}},{"id":"b6e214ea-5641-4ace-86a7-94dc149e305f","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":94,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"957f404e-9078-49c0-84ec-c8ae7e422567","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":94,"box":{"x":68,"y":188,"width":832,"height":12}},{"id":"32e86278-91e6-456a-949f-82f2f56da33b","block_type":"box","text":"preceding year. While each Fund intends to distribute its income and capital gains in the manner necessary to","page_number":94,"box":{"x":70,"y":204,"width":783,"height":11}},{"id":"a019dc10-3713-4738-8e25-896edd632e6c","block_type":"box","text":"minimize imposition of the 4% excise tax, there can be no assurance that sufficient amounts of a Fund’s taxable","page_number":94,"box":{"x":69,"y":218,"width":803,"height":11}},{"id":"0eb25c8e-0326-4469-ad7b-782d1f4bb1ba","block_type":"box","text":"income and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be","page_number":94,"box":{"x":70,"y":234,"width":816,"height":11}},{"id":"33c2412d-552b-44b1-8e88-acf773fd7291","block_type":"box","text":"liable for the tax only on the amount by which it does not meet the foregoing distribution requirements. The required","page_number":94,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"31883685-8e45-4e5a-b1b0-ff20b50c9fa4","block_type":"box","text":"distributions are based only on the taxable income of a regulated investment company.","page_number":94,"box":{"x":69,"y":264,"width":618,"height":11}},{"id":"1f0daedc-42d1-4bb4-b735-dae64e827a77","block_type":"box","text":"General Treatment of Fund Shareholders.","page_number":94,"box":{"x":101,"y":287,"width":298,"height":9}},{"id":"ab66b2ed-dedf-4b19-b977-5c60e99cef8e","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess","page_number":94,"box":{"x":407,"y":286,"width":488,"height":12}},{"id":"1be89929-c13d-4026-9fdd-273cdd58e085","block_type":"box","text":"of net shor t-term capital gain over net long-term capital loss (together referred to hereafter as “ordinary income","page_number":94,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"fff90066-8e29-4b10-ba21-088163c3a7a6","block_type":"box","text":"dividends”) are taxable to shareholders as ordinary income. Distributions made from an excess of net long-term","page_number":94,"box":{"x":69,"y":317,"width":798,"height":11}},{"id":"d21d1c50-cb84-41b2-8ee1-959fdd82d61c","block_type":"box","text":"capital gain over net shor t-term capital loss (“capital gain dividends”) are taxable to shareholders as long-term","page_number":94,"box":{"x":69,"y":332,"width":788,"height":11}},{"id":"02f448fa-c6aa-43c8-9005-98e5f7d5d41a","block_type":"box","text":"capital gain, regardless of the length of time the shareholder has owned Fund shares. Distributions paid by a Fund","page_number":94,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"f6f8e53d-5e27-41f8-ad9a-44969992e52d","block_type":"box","text":"that are repor ted as exempt-interest dividends will not be subject to regular Federal income tax. Cer tain dividend","page_number":94,"box":{"x":68,"y":362,"width":804,"height":11}},{"id":"9eda547e-5ad9-40fe-ba73-8ebaaf929684","block_type":"box","text":"income and long-term capital gains are eligible for taxation at a reduced rate that applies to non-corporate","page_number":94,"box":{"x":70,"y":377,"width":754,"height":12}},{"id":"a52207c0-8ba4-44cf-9bf7-2c3c33474b19","block_type":"box","text":"shareholders. Under these rules, the por tion of ordinary income dividends constituting “qualified dividend income”","page_number":94,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"82a67764-73f1-458b-915b-8b45016c56d6","block_type":"box","text":"when paid by a regulated investment company to non-corporate shareholders may be taxable to such shareholders at","page_number":94,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"b8ca6e0c-b52c-499c-bed9-d7110dcbfa9a","block_type":"box","text":"long-term capital gain rates. However, to the extent a Fund’s distributions are derived from income on debt securities","page_number":94,"box":{"x":70,"y":423,"width":833,"height":11}},{"id":"01ae257a-a25b-4132-a686-084ca6798411","block_type":"box","text":"and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” Thus, ordinary income","page_number":94,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"f67e46e7-ad47-447b-bb13-d146a6cf3d93","block_type":"box","text":"dividends paid by the Funds generally will not be eligible for taxation at the reduced rate.","page_number":94,"box":{"x":69,"y":453,"width":629,"height":11}},{"id":"1ed84ea4-fbd6-47c2-b7fe-0094a56a1774","block_type":"box","text":"Any loss upon the sale or exchange of Fund shares held for six months or less will be treated as long-term","page_number":94,"box":{"x":101,"y":475,"width":758,"height":12}},{"id":"d1d10ed4-1ba4-41e0-aa54-91f2f88b18b2","block_type":"box","text":"capital loss to the extent of any capital gain dividends received with respect to the shares. Distributions in excess of","page_number":94,"box":{"x":69,"y":491,"width":831,"height":11}},{"id":"0ff61501-f99f-42f2-bf42-38e5fc03172b","block_type":"box","text":"a Fund’s earnings and profits will first reduce the shareholder’s adjusted tax basis in his shares and any amount in","page_number":94,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"b68818b9-5a62-484d-9a74-32390b70c687","block_type":"box","text":"excess of such basis will constitute capital gains to such shareholder (assuming the shares are held as a capital","page_number":94,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"c29ff42f-23f7-4b5d-a338-39db2e9162a1","block_type":"box","text":"asset). Long-term capital gains (","page_number":94,"box":{"x":69,"y":536,"width":229,"height":11}},{"id":"db615f6b-2788-4f5c-acd5-9688a935eab4","block_type":"box","text":"i.e.","page_number":94,"box":{"x":300,"y":536,"width":20,"height":9}},{"id":"2a36e358-1d1c-4983-8b41-cb0cec77b617","block_type":"box","text":", gains from a sale or exchange of capital assets held for more than one year) are","page_number":94,"box":{"x":322,"y":536,"width":582,"height":11}},{"id":"2fae05d5-c037-480e-830d-b2850cf03a12","block_type":"box","text":"generally taxed at preferential rates to non-corporate taxpayers. Each Fund will furnish its shareholders with a written","page_number":94,"box":{"x":68,"y":551,"width":833,"height":11}},{"id":"05edc763-570c-47b7-8dd6-17cf00e4fd0c","block_type":"box","text":"statement repor ting the amounts of its dividends paid during the year that qualify as capital gain dividends or exempt","page_number":94,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"d4855a01-ab12-4a09-806f-52e8a2cc5959","block_type":"box","text":"interest dividends, as applicable, as well as the por tion of an exempt-interest dividend that constitutes an item of tax","page_number":94,"box":{"x":70,"y":581,"width":836,"height":11}},{"id":"22714767-f4d7-4733-a849-46feff7c5c04","block_type":"box","text":"preference, as discussed below.","page_number":94,"box":{"x":70,"y":596,"width":227,"height":11}},{"id":"82255aea-af62-4321-bd2e-f0c4db8440d1","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":94,"box":{"x":102,"y":619,"width":792,"height":11}},{"id":"e0411f56-e537-4121-a6f6-1752503d61af","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":94,"box":{"x":69,"y":634,"width":835,"height":12}},{"id":"9fdd42f2-79ba-4b8f-85a1-b3d4e5fbe40a","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":94,"box":{"x":68,"y":649,"width":809,"height":12}},{"id":"652d4db4-3512-42e1-a23f-92f0fdc5337e","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":94,"box":{"x":68,"y":664,"width":819,"height":11}},{"id":"da62f675-c2cc-45a3-869d-869f8e0515c1","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":94,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"419da4d9-3165-4f20-8613-cccb3818282d","block_type":"box","text":"shareholders on December 31 of the year in which such dividend was declared.","page_number":94,"box":{"x":69,"y":695,"width":565,"height":11}},{"id":"0a6a1aa5-bfac-42cc-8ad8-cc8a05e3ed89","block_type":"box","text":"A shareholder in a money market fund (whether or not it has a floating NAV) may elect to adopt a simplified,","page_number":94,"box":{"x":101,"y":717,"width":767,"height":12}},{"id":"ad22de70-1097-4563-ae55-a803070ab729","block_type":"box","text":"aggregate accounting method under which gains and losses can be netted based on the shareholder’s taxable year","page_number":94,"box":{"x":69,"y":733,"width":823,"height":11}},{"id":"119926a5-14f9-429b-9031-89ac601b87b0","block_type":"box","text":"rather than repor ted separately. Shareholders are urged to consult their tax advisors before deciding to adopt such","page_number":94,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"3fe56886-d1e2-446e-8cfc-b801ac134d57","block_type":"box","text":"accounting method.","page_number":94,"box":{"x":69,"y":763,"width":138,"height":11}},{"id":"6bab2801-cdd6-4d44-b719-5a0f08498ad0","block_type":"box","text":"If any Fund (other than a Fund that is a government money market fund) imposes a discretionary liquidity fee on","page_number":94,"box":{"x":102,"y":785,"width":796,"height":12}},{"id":"a860a2be-a0f2-42e9-9a5a-716ac1d0d3b5","block_type":"box","text":"share redemptions, the amount that would ordinarily be payable to a redeeming shareholder of the Fund will be","page_number":94,"box":{"x":69,"y":801,"width":792,"height":11}},{"id":"5d7c048d-1257-4c04-bc02-4509d53df765","block_type":"box","text":"reduced, consequently reducing the amount of gain, or increasing the amount of loss, that would otherwise be","page_number":94,"box":{"x":69,"y":816,"width":787,"height":11}},{"id":"65d79499-7b01-4259-9f97-9d9c9425d1ae","block_type":"box","text":"repor table for income tax purposes. The discretionary liquidity fee cannot be separately claimed as a deduction.","page_number":94,"box":{"x":69,"y":831,"width":798,"height":11}},{"id":"4922c459-6057-49fc-813a-56d8423c3da8","block_type":"box","text":"Any such discretionary liquidity fee will constitute an asset of the imposing Fund and will serve to benefit non","page_number":94,"box":{"x":101,"y":853,"width":784,"height":12}},{"id":"b4f5676d-90b8-4da3-9c2f-7a93065fd940","block_type":"box","text":"redeeming shareholders. If such fees were distributed to non-redeeming shareholders, the tax treatment would be","page_number":94,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"0c0ac9ac-5a24-4ef2-9a32-489c4c6bf277","block_type":"box","text":"similar to the tax treatment of distributions described in this section. Such fees may raise the Fund’s NAV, increasing","page_number":94,"box":{"x":69,"y":884,"width":836,"height":11}},{"id":"9f98a3d0-0f03-4cb5-9236-c4878b596372","block_type":"box","text":"the taxable income or reducing the deductible losses of shareholders that redeem their shares at a later time when","page_number":94,"box":{"x":68,"y":899,"width":824,"height":11}},{"id":"3e1b2d48-2496-41e4-8d4f-552652b46d08","block_type":"box","text":"II-57","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"08247967-0138-4596-a74b-abf1c3924c6c","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c25b67f-d5b3-47f3-9e35-ce4ab3849a6f","block_type":"box","text":"such fees are not being charged. If a Fund receives discretionary liquidity fees, it will consider the appropriate tax","page_number":95,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"5c1b34f1-548b-4fe4-ba31-d5f98327284a","block_type":"box","text":"treatment of such fees to the Fund at such time. However, due to a lack of guidance, the tax consequences of","page_number":95,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"45d8e753-91f5-4b15-8165-f05916112fe2","block_type":"box","text":"liquidity fees to the Fund and the shareholders is unclear and may differ from that described in this section.","page_number":95,"box":{"x":70,"y":75,"width":767,"height":11}},{"id":"7b6b03b8-177f-4679-930e-c714a184d01a","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government or retail money market fund to","page_number":95,"box":{"x":102,"y":98,"width":774,"height":11}},{"id":"c7e14ca8-6071-4880-8e80-841b216281e5","block_type":"box","text":"have a negative gross yield, the fund may account for the negative gross yield by either using a floating NAV or a","page_number":95,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"559bf0a6-1612-43e2-ba05-a6c6991bb207","block_type":"box","text":"reverse distribution mechanism that seeks to maintain a stable NAV of the fund by cancelling shareholders’ shares in","page_number":95,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"a4cf503e-5b28-458b-8e15-351fc60030fb","block_type":"box","text":"the amount of the negative gross yield. Under a reverse distribution mechanism, shareholders in a fund would","page_number":95,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"2d664fe0-e79a-4b04-949b-7254d49df813","block_type":"box","text":"observe a stable share price but a declining number of shares for their investment. After a cancellation of shares, the","page_number":95,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"cbb2d320-faba-46db-bd36-52b9bc58b64f","block_type":"box","text":"basis of eliminated shares would be added to the basis of shareholders’ remaining fund shares, and any","page_number":95,"box":{"x":69,"y":173,"width":749,"height":11}},{"id":"bf2ac1a3-37fa-4401-a748-36b4e40f63c3","block_type":"box","text":"shareholders disposing of shares at that time may recognize a capital loss. Dividends, including dividends reinvested","page_number":95,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"3798d003-739a-43de-a9a2-fc678a5334f7","block_type":"box","text":"in additional shares of a fund, will nonetheless be fully taxable, even if the number of shares in shareholders’","page_number":95,"box":{"x":70,"y":203,"width":780,"height":12}},{"id":"af6d2667-f504-4c2e-877c-3e96842eda43","block_type":"box","text":"accounts has been reduced as described above. However, due to a lack of guidance regarding the cancellation of","page_number":95,"box":{"x":69,"y":218,"width":808,"height":12}},{"id":"1f4450b5-ea04-45f5-a272-96427bcba586","block_type":"box","text":"shares, the tax consequences of such cancellation of shares to the Fund and the shareholders is unclear and may","page_number":95,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"dcd726e2-dcc3-426e-a03f-5e34f9cee20a","block_type":"box","text":"differ from that described in this section.","page_number":95,"box":{"x":69,"y":249,"width":291,"height":9}},{"id":"68dd74da-7f0d-4e7b-bd45-36ebfd283525","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":95,"box":{"x":102,"y":271,"width":786,"height":12}},{"id":"3465d382-2de4-499c-a562-791d93f7d5f2","block_type":"box","text":"income dividends and capital gain dividends (“backup withholding”). Generally, shareholders subject to backup","page_number":95,"box":{"x":70,"y":287,"width":787,"height":11}},{"id":"504da00a-fcc7-48c5-a867-a5492876c121","block_type":"box","text":"withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number is on file with a","page_number":95,"box":{"x":68,"y":302,"width":820,"height":11}},{"id":"966a18c0-1e0b-433f-9e48-f1831b8a43e6","block_type":"box","text":"Fund or who, to a Fund’s knowledge, have furnished an incorrect number. When establishing an account, an investor","page_number":95,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"4b5b914e-a00a-4e3a-bcd6-030222fa05f8","block_type":"box","text":"must cer tify under penalty of perjury that such number is correct and that the investor is not otherwise subject to","page_number":95,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"1be86687-9a58-4953-b2fb-bb30cbdcd432","block_type":"box","text":"backup withholding. Backup withholding is not an additional tax. Any amount withheld generally may be allowed as a","page_number":95,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"457a1206-ce77-424e-8562-7340677c36ab","block_type":"box","text":"refund or a credit against a shareholder’s Federal income tax liability provided that the required information is timely","page_number":95,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"930e06ee-7ce3-4dfd-bc85-00aa670e5730","block_type":"box","text":"provided to the IRS.","page_number":95,"box":{"x":70,"y":377,"width":138,"height":11}},{"id":"decd35d1-98d1-4cf8-875a-49a1be24afdf","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":95,"box":{"x":102,"y":399,"width":774,"height":12}},{"id":"3a65a643-88d0-4ac2-b990-06a1d2ba3ee8","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":95,"box":{"x":68,"y":414,"width":787,"height":12}},{"id":"2bc14bca-42fe-4b07-9dd6-4f8af7dd52e5","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":95,"box":{"x":68,"y":429,"width":835,"height":12}},{"id":"97a8d19b-044b-49c7-bdb7-8631a392558b","block_type":"box","text":"the shareholder must file a disclosure statement on Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":95,"box":{"x":68,"y":445,"width":779,"height":11}},{"id":"597f31b5-03a7-4f0a-8a30-c50704a39a17","block_type":"box","text":"securities are in many cases exempted from this repor ting requirement, but under current guidance, shareholders of","page_number":95,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"da5218e6-5029-4d60-a6be-b62a7802a32f","block_type":"box","text":"a regulated investment company are not exempted. That a loss is repor table under these regulations does not affect","page_number":95,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"182eca2e-bda5-4d94-8eea-c53269c0379c","block_type":"box","text":"the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their","page_number":95,"box":{"x":68,"y":491,"width":824,"height":11}},{"id":"6480d36d-3fca-424a-93fb-6e40eb2f8cb9","block_type":"box","text":"tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":95,"box":{"x":68,"y":506,"width":737,"height":11}},{"id":"664bebbd-fe52-4683-8c5b-c9b835a0882c","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":95,"box":{"x":101,"y":529,"width":779,"height":10}},{"id":"d95fd459-35fd-4d01-8f23-901ac81f6e23","block_type":"box","text":"dividends and net gains from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if","page_number":95,"box":{"x":69,"y":543,"width":797,"height":12}},{"id":"4ead5f65-caf8-4f69-81fe-4bbb8d448305","block_type":"box","text":"married filing jointly, and of trusts and estates. However, this tax will not apply to cer tain amounts that are already","page_number":95,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"dce4de93-99f5-4dbd-8fc0-0e60bc1d060a","block_type":"box","text":"excludable from gross income, such as interest on tax-exempt bonds.","page_number":95,"box":{"x":69,"y":574,"width":495,"height":11}},{"id":"65ae1654-fc9c-4276-a601-b6b3c1eb9ab1","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":95,"box":{"x":102,"y":597,"width":733,"height":11}},{"id":"456455c6-da79-4d5a-b31a-0aca8b4d8780","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":95,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"8d9c69df-ab88-4d12-991d-634a953a7367","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":95,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"f1bd9cef-8f8e-4363-a87a-6b5dbcd51142","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":95,"box":{"x":69,"y":642,"width":362,"height":11}},{"id":"b63a8461-8a3d-4d76-9aca-82b195b5c9a2","block_type":"box","text":"Interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax","page_number":95,"box":{"x":102,"y":664,"width":753,"height":12}},{"id":"e5391077-b8ea-4eec-a80b-ff0a202ed457","block_type":"box","text":"conventions between cer tain countries and the United States may reduce or eliminate such taxes.","page_number":95,"box":{"x":69,"y":680,"width":699,"height":11}},{"id":"e154aa16-cf53-4864-b1e0-72ff31bc77be","block_type":"box","text":"Ordinary income dividends paid to shareholders that are nonresident aliens or foreign entities generally will be","page_number":95,"box":{"x":102,"y":702,"width":786,"height":12}},{"id":"ed7b4667-ce56-44a4-b3c9-6165b3439c55","block_type":"box","text":"subject to a 30% U.S. withholding tax under existing provisions of the Code applicable to foreign individuals and","page_number":95,"box":{"x":69,"y":717,"width":796,"height":12}},{"id":"8738c831-ef98-459e-8cea-ffb6258b8ee1","block_type":"box","text":"entities unless a reduced rate of withholding is provided under applicable treaty law. Nonresident shareholders are","page_number":95,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"6a6f164e-99b1-4e62-b728-55256289fc9c","block_type":"box","text":"urged to consult their own tax advisors concerning applicability of the United States withholding tax. Dividends","page_number":95,"box":{"x":69,"y":748,"width":785,"height":11}},{"id":"ea849d7d-d7b2-4c5d-b880-06cf60777f63","block_type":"box","text":"derived by a regulated investment company from shor t-term capital gains and qualified net interest income (including","page_number":95,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"a94de92d-3899-448a-8be0-6f9ae651fa3d","block_type":"box","text":"income from original issue discount and market discount) and paid to stockholders that are nonresident aliens and","page_number":95,"box":{"x":70,"y":778,"width":819,"height":11}},{"id":"6fe9b588-c053-4165-8e41-9d95321c6a5b","block_type":"box","text":"foreign entities, if and to the extent properly repor ted as “interest-related dividends” or “shor t-term capital gain","page_number":95,"box":{"x":68,"y":793,"width":794,"height":11}},{"id":"0ab56958-9134-4f99-b261-413c45d6ab59","block_type":"box","text":"dividends,” generally will not be subject to U.S. withholding tax. Where possible, each Fund intends to repor t such","page_number":95,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"36898751-2462-406f-827a-0c491d7ff044","block_type":"box","text":"dividends as interest-related dividends or shor t-term capital gain dividends. However, depending on its","page_number":95,"box":{"x":69,"y":823,"width":729,"height":12}},{"id":"850f6e55-2072-4d5b-9220-0937ace4ddb6","block_type":"box","text":"circumstances, a Fund may repor t all, some or none of its potentially eligible dividends as interest-related dividends","page_number":95,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"d3aee494-4aa9-4b99-9e1b-7a0cd8091724","block_type":"box","text":"or as shor t-term capital gain dividends, and/or treat such dividends, in whole or in par t, as ineligible for this","page_number":95,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"2ea2bf69-b6b0-43a2-ac9d-329805e70e95","block_type":"box","text":"exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder must","page_number":95,"box":{"x":69,"y":869,"width":800,"height":11}},{"id":"51239f49-05cc-4567-b927-172070605605","block_type":"box","text":"comply with applicable cer tification requirements relating to its non-U.S. status (including, in general, furnishing an","page_number":95,"box":{"x":69,"y":884,"width":817,"height":11}},{"id":"591d1cbb-7462-43c6-8377-216c157ee52f","block_type":"box","text":"IRS Form W-8BEN, W-8BEN-E or substitute form). In the case of shares held through an intermediary, the","page_number":95,"box":{"x":70,"y":899,"width":746,"height":11}},{"id":"3ab551a6-46e2-49f4-9b08-d40eebe43890","block_type":"box","text":"II-58","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d7cd9d4-5ad8-4778-aef1-d4bf971589a4","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28271605-cc36-437a-b451-09801233bca9","block_type":"box","text":"intermediary may withhold even if the Fund repor ts the payment as an interest-related dividend or shor t term capital","page_number":96,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"3ac81492-ed5f-47c3-a455-c9a897331e20","block_type":"box","text":"gain dividend. Non-U.S. shareholders should contact their intermediaries with respect to the application of these","page_number":96,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"6a0d203b-d97b-474f-a9db-0593fddec4d1","block_type":"box","text":"rules to their accounts. It is not possible to predict what por tion, if any, of a Fund’s distributions will be designated","page_number":96,"box":{"x":69,"y":75,"width":818,"height":11}},{"id":"791fe2ee-1f90-4c5e-b514-05573d4a00ec","block_type":"box","text":"as consisting of qualified shor t term gain or qualified net interest income exempt from withholding in the hands of","page_number":96,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"9435e39c-dd12-41ef-b274-633bd151b6f2","block_type":"box","text":"nonresident and foreign shareholders.","page_number":96,"box":{"x":69,"y":105,"width":270,"height":11}},{"id":"ba3a038d-9dcd-4d2a-8d24-629379daf872","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S. source dividends, interest and other income","page_number":96,"box":{"x":102,"y":128,"width":764,"height":11}},{"id":"916a68ef-9e10-48e8-b1d3-ba72b0434225","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":96,"box":{"x":70,"y":143,"width":820,"height":11}},{"id":"74e6594d-a4ee-4da0-93d1-cd84c64e93e6","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":96,"box":{"x":69,"y":158,"width":794,"height":11}},{"id":"a647fd64-abcb-4788-ad4a-120edfa8bf51","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":96,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"b8ebd6ce-0a54-4177-ad70-9b68570a0260","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":96,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"30d65ff4-f9e3-4006-b989-aafb8f5b200e","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":96,"box":{"x":68,"y":203,"width":791,"height":12}},{"id":"d20eb918-a026-4369-bdcc-fa5f73300ca0","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":96,"box":{"x":70,"y":218,"width":822,"height":12}},{"id":"42fac2cd-e347-4c82-a9cf-96a7ce250ea8","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":96,"box":{"x":70,"y":234,"width":739,"height":11}},{"id":"c4162d94-4bad-4790-80ad-9222350526f2","block_type":"box","text":"Ordinary income and capital gain dividends paid by the Funds may also be subject to state and local taxes.","page_number":96,"box":{"x":102,"y":256,"width":761,"height":12}},{"id":"a7063774-379d-40ec-aae1-8e36c6ed12c0","block_type":"box","text":"However, cer tain states exempt from state income taxation dividends paid by regulated investment companies that","page_number":96,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"1a373b95-0644-45fc-af70-c147f1e3782a","block_type":"box","text":"are derived from interest on United States Treasury obligations. State law varies as to whether dividend income","page_number":96,"box":{"x":69,"y":286,"width":795,"height":12}},{"id":"578e5dab-9656-4a10-8b80-81618ec6bf6c","block_type":"box","text":"attributable to United States Treasury obligations is exempt from state income tax.","page_number":96,"box":{"x":69,"y":302,"width":590,"height":11}},{"id":"f0286b2f-42e7-41ce-9120-10f86a7c4c9a","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":96,"box":{"x":308,"y":331,"width":362,"height":10}},{"id":"c3e9dc24-6493-4098-962f-fe7803e9d257","block_type":"box","text":"The Board of Trustees of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":96,"box":{"x":101,"y":354,"width":799,"height":11}},{"id":"8f9aa00d-b61c-4470-8038-f87e0799baa6","block_type":"box","text":"pursuant to the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":96,"box":{"x":70,"y":369,"width":790,"height":11}},{"id":"eb221426-d1c3-4d3e-b9e3-02db3a0f66c9","block_type":"box","text":"Policy”).","page_number":96,"box":{"x":69,"y":384,"width":56,"height":11}},{"id":"b9e2e0af-ba7f-4518-ab05-122ada9faf91","block_type":"box","text":"With respect to the Funds, the Manager has adopted the BlackRock Active Investment Stewardship — Global","page_number":96,"box":{"x":101,"y":407,"width":777,"height":11}},{"id":"c712ff26-a744-4590-9dca-94505773357d","block_type":"box","text":"Engagement and Voting Guidelines (the “BAIS Guidelines”).","page_number":96,"box":{"x":70,"y":422,"width":420,"height":11}},{"id":"9ed9dfdc-6453-42ed-8915-f56fc7737a07","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":96,"box":{"x":102,"y":445,"width":767,"height":11}},{"id":"cb7e90fc-a899-4dcf-96b5-a2e58ae8f75f","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":96,"box":{"x":68,"y":460,"width":827,"height":11}},{"id":"5aa07b93-0ccb-49d4-95e3-f5fe37958088","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":96,"box":{"x":69,"y":475,"width":819,"height":11}},{"id":"0b198f56-c2b2-4a12-b230-beb9a63b6abb","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":96,"box":{"x":69,"y":490,"width":684,"height":11}},{"id":"f2ddd4f5-95fe-4e3e-8f79-954d56d151fe","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy and the BAIS Guidelines are attached as Appendix B to this SAI.","page_number":96,"box":{"x":102,"y":513,"width":776,"height":11}},{"id":"6abdc9f0-aa32-4303-832e-1d5ac53b1fd3","block_type":"box","text":"Only those guidelines that are applicable to a par ticular Fund pursuant to the Active Fund Proxy Voting Policy are","page_number":96,"box":{"x":69,"y":528,"width":798,"height":11}},{"id":"eae910de-ac9d-43fd-a5ef-b5d43970da50","block_type":"box","text":"considered to form a par t of the Fund’s SAI.","page_number":96,"box":{"x":69,"y":543,"width":313,"height":11}},{"id":"e72cb741-066b-4123-8782-6c5d607d8cd3","block_type":"box","text":"Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-month","page_number":96,"box":{"x":102,"y":566,"width":769,"height":11}},{"id":"874ec45a-f4b9-4440-aba1-1c92f8a571df","block_type":"box","text":"period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":96,"box":{"x":70,"y":581,"width":737,"height":11}},{"id":"375abbfe-36ab-440a-96a4-3a63f6e79458","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":96,"box":{"x":69,"y":596,"width":327,"height":11}},{"id":"c23824bc-b069-497b-80e5-7c693d1b731c","block_type":"box","text":"GENERAL INFORMATION","page_number":96,"box":{"x":391,"y":625,"width":195,"height":10}},{"id":"6183e4ee-b290-4fc5-8aa6-0ddb191ffa50","block_type":"box","text":"Description of Shares","page_number":96,"box":{"x":69,"y":656,"width":156,"height":11}},{"id":"1b4992ed-4507-40ee-b580-d3b55e5782de","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":96,"box":{"x":102,"y":678,"width":800,"height":9}},{"id":"497f50e1-5828-40e0-98ba-ea64b709e0a4","block_type":"box","text":"held in the election of Trustees and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":96,"box":{"x":69,"y":693,"width":808,"height":12}},{"id":"45426301-2969-4b75-8a39-40764f07f382","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":96,"box":{"x":69,"y":709,"width":825,"height":11}},{"id":"830f8abf-3127-4469-acbf-b0447f2e1500","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":96,"box":{"x":69,"y":724,"width":838,"height":11}},{"id":"64bdded2-7a87-4246-8a86-4ef8c4ed9355","block_type":"box","text":"more than 50% of the shares voting in the election of Trustees can, if they choose to do so, elect all the Trustees of","page_number":96,"box":{"x":69,"y":739,"width":830,"height":11}},{"id":"50b0bc80-88b3-4ca4-b34e-0fd486cc366d","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Trustee.","page_number":96,"box":{"x":69,"y":754,"width":779,"height":11}},{"id":"4f9c76c2-a00a-466e-88e4-018424fc785c","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":96,"box":{"x":102,"y":777,"width":801,"height":11}},{"id":"b85f1c9e-ad47-453d-9999-738dbc6e1d96","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Trustees; (ii) approval of a","page_number":96,"box":{"x":69,"y":792,"width":758,"height":11}},{"id":"f4d1effc-4bd6-4825-9544-137f548726bb","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":96,"box":{"x":69,"y":807,"width":810,"height":11}},{"id":"6c6b7136-d245-4f0d-bbf5-6e4983a4b55d","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":96,"box":{"x":69,"y":822,"width":790,"height":11}},{"id":"ca959269-1a97-4844-b371-7d634b620f0a","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":96,"box":{"x":69,"y":837,"width":787,"height":11}},{"id":"7407be0e-2609-48aa-8e3c-9d6c6c2ae6fc","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":96,"box":{"x":69,"y":852,"width":797,"height":11}},{"id":"bbcf6572-c617-4588-a32e-bceaf6e57e5d","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":96,"box":{"x":69,"y":867,"width":658,"height":12}},{"id":"648ea853-4064-4afd-924c-9ef4b5cf7a49","block_type":"box","text":"II-59","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8d9d8a6f-320a-4cf5-8d18-b6fb847ecc56","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"960c4e72-04b0-4aff-9a4d-f3e00590d5f1","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":97,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"72c378a3-a1e1-4a8d-b0dc-00d0b017ce64","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":97,"box":{"x":69,"y":60,"width":790,"height":11}},{"id":"d71c86d5-18a6-4bb2-895a-7e97a43d885c","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":97,"box":{"x":69,"y":75,"width":546,"height":11}},{"id":"7020bcd0-fadd-4850-ab5f-4a21eab91452","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":97,"box":{"x":102,"y":98,"width":712,"height":11}},{"id":"b9de000f-c26a-408f-abdb-7a8b23364272","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":97,"box":{"x":69,"y":113,"width":765,"height":11}},{"id":"60e48b98-6430-4150-8325-5270e8773fc0","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":97,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"7ea057f6-3159-4437-83aa-3a360825a5a2","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":97,"box":{"x":68,"y":143,"width":729,"height":11}},{"id":"0a1d56d9-642f-4778-9b4d-e8d056dcec63","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":97,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"ddfdd754-298f-4f1b-a92e-3f781ecb3542","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":97,"box":{"x":68,"y":173,"width":761,"height":11}},{"id":"66afcff5-d361-463a-8ff9-c7450ef74764","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":97,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"f48adc85-c3f3-4c09-95a0-02b3a87a2d17","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":97,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"0bdae38b-181d-4b5c-813e-d72b2a04fcab","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":97,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"f942fc1b-e6f1-440d-89a3-c94b88d5cb5d","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":97,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"dd06dc4b-845a-4e6e-8780-f67957e66cfe","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":97,"box":{"x":70,"y":249,"width":699,"height":11}},{"id":"55ac9d9b-b8f6-4aad-ba27-81d0deb4f76a","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":97,"box":{"x":102,"y":272,"width":413,"height":11}},{"id":"2268e92c-2452-461f-b152-8ee0ba9f03a0","block_type":"box","text":"Additional Information","page_number":97,"box":{"x":68,"y":302,"width":161,"height":9}},{"id":"fdabf129-45f7-4740-b4f8-61e7b2570f6f","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":97,"box":{"x":102,"y":325,"width":789,"height":11}},{"id":"4c6d4ff5-cf5e-4daf-8b92-7805996f8234","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":97,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"c21b78fd-5d10-4b04-b1da-eb8cb8a56ba6","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":97,"box":{"x":70,"y":355,"width":837,"height":11}},{"id":"c131bc65-4dca-4797-8568-53c6893643cd","block_type":"box","text":"such name to any other company.","page_number":97,"box":{"x":69,"y":370,"width":238,"height":11}},{"id":"4bb908f5-4734-4c79-8792-5f08c6340f1b","block_type":"box","text":"II-60","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d2ca0ce-4d45-4c87-a9db-232d1f701fae","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4bfcace-ef5a-4825-a961-23d139060b01","block_type":"box","text":"APPENDIX A","page_number":98,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"04bb7b16-c5d8-4b1e-b44e-78cbff5a0c06","block_type":"box","text":"Description of Bond Ratings","page_number":98,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"47eeca8e-9c5e-468e-b262-af138b18ceec","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":98,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"07f3228d-e623-41a3-b5f5-462dc993df68","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":98,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"bab5f930-ebd7-4047-bae2-5864796018e1","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":98,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"3defc4ab-8340-4544-adcd-c20a493ffd01","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":98,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"670d44d6-0567-4fa1-a74c-db102c9a873a","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":98,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"27acc929-6dcf-4f7a-a6f0-0d11df89aadc","block_type":"box","text":"NRSROs may rate specific investments (","page_number":98,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"59f441d9-14fc-47e1-adf1-208eed215707","block_type":"box","text":"e.g.","page_number":98,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"621e4767-0bbd-4eb1-b4c5-c3e2a8588510","block_type":"box","text":", bonds), issuers (","page_number":98,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"9554474c-f379-4152-bfb0-4408260fb04e","block_type":"box","text":"e.g.","page_number":98,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"0bd78832-6b0f-4762-b875-c45241c7ff50","block_type":"box","text":", corporations, governments and financial","page_number":98,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"c93a9fa3-7d3d-4945-8c89-0dc92f8aa2f4","block_type":"box","text":"institutions) and/or programs (","page_number":98,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"3747cd49-2149-47c5-b34a-962bc4a27f05","block_type":"box","text":"e.g.","page_number":98,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"488e09ec-9290-42ff-b10e-02042cc79ba1","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":98,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"d9fddb29-03db-468b-ba45-7e1277f3f96e","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":98,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"6e9ac969-0431-4c10-9cc3-a2280bc76b87","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":98,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"f5966f63-e756-4788-af7e-193772a3d432","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":98,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"1bf6fdc5-1169-4440-b7d0-5981fff7ad84","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":98,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"89130a03-2163-46ca-8def-a7523fc7c285","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":98,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"f3dbf3e4-3e1b-4b92-921d-3ea05a09c4f9","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":98,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"0fc01ae8-9d6d-476f-be92-7cfff8084614","block_type":"box","text":"asset, as applicable. 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If applicable, when","page_number":98,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"6c4d6413-fd04-4369-a75f-48e4dca0b158","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":98,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"20e84460-b0cf-4f4a-bcc1-3788ffa9d385","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":98,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"77f14431-2662-4720-a1a0-620a1e3094c1","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":98,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"675dcaeb-c0be-4ce8-b489-23c0109bd332","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":98,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"e95155d8-1b83-41b3-b51d-e36c773afb6c","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":98,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"75e6142f-3240-4d62-a978-39a1b94ad69d","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":98,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"ae6d5570-7fc1-4734-b31c-55a045c6a517","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":98,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"8cc9b242-a4b1-4120-a3d2-472626e14570","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":98,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"2c616409-5cb3-4e99-8d4c-ca74e088e613","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":98,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"ec7ed5ee-cd1a-4842-8b39-8284a78a0e94","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":98,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"98f2af2e-2cc2-43dc-9a2f-35ef632d7a5a","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":98,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"b7220cf2-a681-49dc-ba2f-bb4b90c48f4b","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":98,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"7ee9aade-94b9-4200-b495-64bdbb595702","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":98,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"fcca2c7a-761d-4fe4-8f04-fcb3b8bf550c","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":98,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"4fbd160b-a86f-4b2a-b32c-aba4903c371d","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":98,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"c2a650d4-9c1f-41c3-8fd0-e2a193cc72b3","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":98,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"640aa5b8-04f3-47e1-9a7d-5bc18a9be3c8","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":98,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"cbc4c90f-4fb9-443e-b83f-4e7263e27c29","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":98,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"6f95fa1f-1eab-4a27-8c01-d8e30397289d","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":98,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"40bec0bb-85e5-43a5-a950-dc94f1ccae0f","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":98,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"85b69713-f992-4094-a830-b84affe7c305","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":98,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"2a53a410-58a6-4eae-ac82-ef8757613464","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":98,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"db3b05fd-21ca-4158-a4a0-181260bc1c71","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":98,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"6cbfcb3e-a887-4964-aa13-7c0c51e1299b","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":98,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"02f16b36-b0ad-4188-a0d0-60b73cf501bf","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":98,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"747f35b8-9a5d-40fb-b317-7613e413d5aa","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":98,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"431ea608-60b3-447e-8c82-212f95b68462","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":98,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"3a3eeee7-a2b8-4009-9695-43b187a9fd73","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":98,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"bcbdbf2c-e16b-446e-8077-5ee9598baf7f","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":98,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"4c458675-98c5-4016-9536-9002846a55d6","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":98,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"fca8863e-b66d-4354-9fc0-8b4c9ee0d69b","block_type":"box","text":"upon standard sources of variation (","page_number":98,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"c035a54a-d8c0-478f-a1bc-5633f8b63581","block_type":"box","text":"e.g.","page_number":98,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"feae4100-a919-4026-b6fa-ef2b890b8348","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":98,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"79ee82d5-a2ba-4a5e-b613-9012de32d350","block_type":"box","text":"A-1","page_number":98,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"b9bea422-0e6c-4ca5-a2c6-bad69c484434","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfead228-4deb-4c51-9958-dceefb291b55","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":99,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"4a863b0d-f0af-4900-abdf-76b6eb2b5861","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":99,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"06ce1330-490c-4268-9fc4-d077314a0adc","block_type":"box","text":"e.g.","page_number":99,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"f2b8045a-9486-4d4e-be20-6adfab2ddb29","block_type":"box","text":", equity indexed), absent","page_number":99,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"ed5914db-160e-4c59-b8de-c7dfcd3e9f98","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":99,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"698da659-e592-456d-ad8b-473fe6050f87","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":99,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"11eabbb6-0c2f-4904-9e86-263040dfc9c1","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":99,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"a4741efb-7eb6-451a-9786-59ca34dd589c","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":99,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"0081d9d4-5a0a-4949-b945-ab85edd68749","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":99,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"8a52e240-4f74-4a61-a9f1-372d1e77ff8d","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":99,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"84db3e1e-a086-450c-8f26-773cc162d876","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":99,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"b4cbf198-5ac4-4812-94ac-18090074e5f9","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":99,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"8e76a2a9-5a19-44e6-8ba3-e37d44fcd7b9","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":99,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"f082fd7f-e69a-4ea1-8c8a-be30a97264af","block_type":"box","text":"i.e.","page_number":99,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"6c79cab5-4c4d-49f3-97c8-3071cd4d9d14","block_type":"box","text":", ratings on nonfinancial","page_number":99,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"310783d2-00ac-4996-afae-6a5307eb795b","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":99,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"b0e5b70e-2c1c-4501-a784-afd816944f7e","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":99,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"281941b8-3bac-4299-886f-11569c288bbd","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":99,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"a6de3234-a78c-43f4-9dc1-d5f4c4d6cf8c","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":99,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"f88c36db-117d-4148-b312-01c3b0a8c1e2","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":99,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"e6cfd105-c48f-48bc-a58b-fadcad8d25ac","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":99,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"a20a8fcd-6546-4017-9b72-35907e711bbe","block_type":"box","text":"of time.","page_number":99,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"d584c73f-7d97-48a2-9e88-96519b941c25","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":99,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"2b13aed1-d05d-47e6-8a61-0bd9098bc522","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":99,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"d7b8ed0d-71b0-4f1b-b3de-a74981317666","block_type":"box","text":"risk.","page_number":99,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"b21f525a-0826-47a5-b15b-6cc3d7b2b9d9","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":99,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"e74d8cdb-55ed-48cf-b0a0-51f5d164b99e","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":99,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"29c5d0f6-9dd5-44c0-97a2-8dd0ad6b1551","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":99,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"07b3b2a2-6114-4246-b651-72461860ae66","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":99,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"2db59e6d-7337-4487-8fe7-d4216b81a0ee","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":99,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"1c5704ff-50f8-4a9c-94e9-b5b2c052471f","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":99,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"36e85292-f13a-4005-9078-71ce10f9ac77","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":99,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"766a244a-9085-418c-b514-e51de278922f","block_type":"box","text":"credit risk.","page_number":99,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"8e558851-129b-47f4-8b5f-b3077054bbbe","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":99,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"d8c42137-c2c5-4456-a46e-6ddbc65bd2de","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":99,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"892c185a-095e-4f0a-8f62-36e006b0816f","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":99,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"d3a8ff62-6456-41d4-b128-1173356ffed4","block_type":"box","text":"of principal or interest.","page_number":99,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"b6ff7120-8805-4e93-9bb7-9a0a34ff869d","block_type":"box","text":"Note:","page_number":99,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"8c8e479d-7838-42e4-8069-ed6f82358f38","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":99,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"812e6492-02ac-4d6e-a1ef-14a690a4abab","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":99,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"332a3ba9-66ff-4931-a80f-7ae72ca07a10","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":99,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"83bd2f90-b40b-41eb-9a66-ed7bfca7b24e","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":99,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"27df1244-661d-4daf-89a6-4274c2792370","block_type":"box","text":"companies, and securities firms.","page_number":99,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"7df3514d-907c-4c8c-b0bd-91a20fff5ca4","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":99,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"a0d7dc1d-add3-4fec-9fc2-d30282008d2a","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":99,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"6e00c4ef-8e7e-499a-ac2c-dacb48472173","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":99,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"183d13db-bc41-45ea-a120-6080de3feaab","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":99,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"b5e65db5-89a0-40cb-a8aa-e33a6c0f1663","block_type":"box","text":"that security.","page_number":99,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"e19d484f-6927-4e2d-86f2-d162b1390a19","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":99,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"ac25b022-3a66-4e5b-a7ee-1b172a7e73a2","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":99,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"1095ed1a-21cb-4a1a-bea2-9595eafe749e","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":99,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"27a65dcd-0152-4f7f-b0a7-69c9f9e6e5fa","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":99,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"3087f7ef-22d4-47ae-8d57-cb2369a185ed","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":99,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"49223649-41a9-4e03-b3d9-028bb4f12aa0","block_type":"box","text":"categories.","page_number":99,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"f5e0ce6f-dd96-4630-8b23-53da14d472b8","block_type":"box","text":"A-2","page_number":99,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"385e95ea-eda9-441e-ba28-12ab720e02e9","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9bf01d9f-b03b-4664-aec4-6cf29bc8c744","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":100,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"c7fbde20-01d3-4cc0-969d-0d6744159606","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":100,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"1e9abc3d-de03-47df-8ee3-2538e53c44df","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":100,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"7648acbc-557e-49d2-b784-1f517789d560","block_type":"box","text":"an issuer’s self-liquidity.","page_number":100,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"c44d09e1-35f1-469d-9fd8-d6169a44bfda","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":100,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"8f7c0e01-c69b-48e8-a904-4f4bb1d5ee0b","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":100,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"16470ea1-773f-40c8-8d82-d5b892d98e01","block_type":"box","text":"MIG Ratings","page_number":100,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"8d4ed2f7-552c-4ff5-9398-be7e74a9b0a5","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":100,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"33a3f5b6-a73f-4699-9528-a44eff7982a0","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":100,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"3b11b4f3-0bac-46fd-97e8-580316e1c9dc","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":100,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"59a670fc-fb15-40c7-8c70-dd5ef6ea9661","block_type":"box","text":"MIG Scale","page_number":100,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"0797cb3c-484f-4003-882e-925e2e83e903","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":100,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"0cbdd790-4322-4ad3-b4f1-c470f8331475","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":100,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"3aa1938d-3a67-4e6d-8826-206c5dc9a674","block_type":"box","text":"refinancing.","page_number":100,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"5a2756cf-f172-49ef-85da-8c95bfaf5977","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":100,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"793ff6e2-db89-43c0-b7b9-8ac50e0b2f20","block_type":"box","text":"large as in the preceding group.","page_number":100,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"b89ff1fb-81f4-4f21-acfb-4310e48892a9","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":100,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"7cbf410a-49ef-4a1a-ab08-12c282d325df","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":100,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"49bb018e-9e61-4ec5-9a83-6b385fbbbb17","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":100,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"5ace3078-2980-4b68-97a9-e20c1b22b346","block_type":"box","text":"lack sufficient margins of protection.","page_number":100,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"3e171866-2bd4-4818-8d06-d120fac721a1","block_type":"box","text":"VMIG Ratings","page_number":100,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"3eaf4658-7269-4645-8b1e-96c2399bef26","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":100,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"3adc31a3-97b6-4475-adb8-d6e20af7fe47","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":100,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"975eda7c-c9f7-44dc-a27b-e1965c1f5bcc","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":100,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"bdbc3c05-ad1c-4e28-a5cc-63711e44964c","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":100,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"fc5db840-1f4f-4723-8542-64dc2e784991","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":100,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"b0da7717-8682-4aac-a764-d634d78831b2","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":100,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"8c0e9816-70f2-4fee-a40c-79a8657109c7","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":100,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"98da042f-e215-4d68-ac2f-e554a3f2249b","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":100,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"ec5d4acf-bdb1-4a28-ad61-71cb2babc8ed","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":100,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"7be7acf2-828f-4403-b110-cd74b12aaee0","block_type":"box","text":"grade.","page_number":100,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"2128712a-8b62-4d93-a957-edff5612f57d","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":100,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"5f6a175b-d04d-478f-90bf-1640377bc549","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":100,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"3aefa022-3f41-40b9-9971-cef4fa2ff53e","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":100,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"b72df5a8-aadb-4c17-8d3d-1ef9de977797","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":100,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"3d52ffa1-ec97-41ce-8e36-e4e98b8a5916","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":100,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"9a511e8b-9a53-4162-a0bf-7c4c3ee2dc7f","block_type":"box","text":"liquidity of the corporate obligor.","page_number":100,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"1bcb03bc-49a9-4b6e-9420-436a05714e23","block_type":"box","text":"VMIG Scale","page_number":100,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"f807e844-4ea4-4bc2-aeaa-a252dd54844c","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":100,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"68c526d3-0f7f-46de-8e20-cf1de3deb041","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":100,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"25e5a521-9dd6-4480-bea8-f13d824d8dec","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":100,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"e5f91774-deca-4021-be44-793f35e2dfc4","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":100,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"840b671d-6d29-4a3d-8210-b86db0bf2ce6","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":100,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"9d7f08e6-09fa-4834-9bfa-27825f90809c","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":100,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"13dcc15c-27b5-4142-bdbd-44b3c584cbca","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":100,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"309b2370-1c1e-4724-91d2-7317be7d88ca","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":100,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"8537baf3-de79-473e-950d-ee159c14a684","block_type":"box","text":"may lack the structural or legal protections.","page_number":100,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"64a15673-18c0-4e1e-99e5-9229ba2ee443","block_type":"box","text":"A-3","page_number":100,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"64516e12-2fd2-403b-b5a2-c063a7b25d7e","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f63e260-001f-4d1f-92f9-3598dbb06fc3","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":101,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"263c066c-aa8e-4f86-83cd-421fab354884","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":101,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"509035f9-fa8e-4a94-98e7-e74d81f7e639","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":101,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"37b2730a-1ff7-4e32-938e-36018bc015ee","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":101,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"9abe7b84-c1c5-47db-8a2c-d7a4ea64fd0a","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":101,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"a7650c54-55f4-4fe8-96db-9890696367b2","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":101,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"3afcc669-7dd4-4a38-8760-da5b538d7dbe","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":101,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"86882ec5-f6f8-48d1-be30-13d96dcede52","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":101,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"00cc1181-0fce-4b35-8ee2-916feb4ce892","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":101,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"1cab93ea-4855-4f34-9015-35eab9f11bb1","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":101,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"08d6939c-0bba-4890-a2f8-8d8eebe15deb","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":101,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"7d1dd17d-3bcf-47b1-a1c5-0beffdf18270","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":101,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"7985a6fb-bfa5-44c1-8810-6df786d38947","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":101,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"ed9cf8d0-99be-47ef-9c49-1a6cfa9d11cb","block_type":"box","text":"from these guidelines based on market practices.","page_number":101,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"64e8fa70-5608-470d-9563-c135fad920ef","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":101,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"3da249dc-ea2e-4cdd-8d8d-dcc1497e18fa","block_type":"box","text":"•","page_number":101,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"5b89c5a7-45b5-41ad-add1-558f89ce19f0","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":101,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"ac22991b-e894-4947-a8fb-5aaec72c35c7","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":101,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"2d46d3a7-4027-4373-a4a6-da070798a29b","block_type":"box","text":"•","page_number":101,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"0478ba16-5939-4b56-ba3b-2faf0c21da1b","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":101,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"3cacf6da-df1f-41b3-a0bd-0f3c859362c3","block_type":"box","text":"•","page_number":101,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"576b05ca-7cdb-48b5-b906-218509dbcc21","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":101,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"33d97ba2-2a3b-4b4d-9821-5af73087e327","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":101,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"657f1796-5fe3-4e57-92af-142f35dd06a0","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":101,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"1b24cdde-88dc-410e-8774-1748a095c2ac","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":101,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"63510752-2544-4cad-bc00-a2cb95e994cf","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":101,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"6b5d9b54-8677-4838-bdc1-7c0951c31d48","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":101,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"3a8fed58-a810-4eb6-b507-daa99118f29a","block_type":"box","text":"obligations.)","page_number":101,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"ebade1a4-161d-43bc-abf3-adc9104adab9","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":101,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"3c85410c-c055-49b9-a796-c52122747c69","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":101,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"d9231c17-b8b2-4e1f-b6b1-8e41dcd45aae","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":101,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"499f6d5b-0f7b-4694-8298-d526a8dc5a50","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":101,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"ae303ce9-09a2-4eda-a651-0496f49bfe7b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":101,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"be02dfc7-baec-440e-b7cf-25f579bcea70","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":101,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"be67a7c2-babd-4ab7-b00d-7f6859cec6ef","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":101,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"c2222b9e-eb14-43e5-96dc-f6f06e6849c9","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":101,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"3e972a48-abda-4e60-a1d2-a9d209020f90","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":101,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"a17b5324-ed5b-4842-948a-2adf6f1cac38","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":101,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"b04c7b83-c667-4c05-80b8-282fc92cd51b","block_type":"box","text":"financial commitments on the obligation.","page_number":101,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"89857c8f-6792-4b4e-bc1e-f4ff530ece26","block_type":"box","text":"BB,","page_number":101,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"4664d850-9184-495e-abf6-cc64dff7b876","block_type":"box","text":"B,","page_number":101,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"bd937d7f-612b-4dc9-93f7-3da0c26ea48d","block_type":"box","text":"CCC,","page_number":101,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"fbb67751-530e-463b-94c5-7e5abc4c5258","block_type":"box","text":"CC,","page_number":101,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"0e0bfb77-44b9-4053-9545-2c32f45cfbf1","block_type":"box","text":"and C","page_number":101,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"be3e9d25-2d94-4b86-81b4-41fb4be58e9f","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":101,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"9d3172d8-8605-4356-8770-4cb70f87f9d9","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":101,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"f3df9ca1-e98b-48e3-8a95-26b887cf1623","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":101,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"d4d62bc1-8def-4a0d-9f04-ac15774e8ecf","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":101,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"af41011c-af9e-4d92-a87c-7c66d3c5e8cf","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":101,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"29fd3c75-f01e-438a-a484-269fe57bbca1","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":101,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"97a0a63d-f1dc-47b1-a596-c970015a0a6a","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":101,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"a50f7909-e8d6-40b4-bc9c-dc53ea5a7f96","block_type":"box","text":"on the obligation.","page_number":101,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"17b391bd-4f49-469d-855b-3d13f9c5b060","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":101,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"f099c72a-04c4-48a1-8f99-f14d058064d6","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":101,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"6cdb4861-0098-4027-b69e-6d9b21e38e7d","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":101,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"596a86b1-13ac-4035-a449-7e92c84a41f3","block_type":"box","text":"financial commitments on the obligation.","page_number":101,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"d0f924a7-6d50-4d9d-9794-8babd8f6bd97","block_type":"box","text":"A-4","page_number":101,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"cb146d25-f85a-4d96-a9d3-eed52acb0cba","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39737f93-fee2-4849-9537-18dad14bbd5f","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":102,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"a2dff46f-cd7b-43d6-9e12-7f9c891c867b","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":102,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"218f32f0-9e43-4374-aa7f-39ac8b1cf5ba","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":102,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"ce6c740c-73ba-405b-8044-270862c6697d","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":102,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"9f6a2268-28df-4195-8444-d98fa0f5c949","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":102,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"d48a9a69-4278-4475-8d9f-677b8f107729","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":102,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"180e5f0c-2a33-4fa9-a675-20d769a37b7a","block_type":"box","text":"anticipated time to default.","page_number":102,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"7be212ab-f647-4832-9fe0-0c1abc389028","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":102,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"562d54bf-f1be-40ce-b4e1-a185b1391ddd","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":102,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"f16cc8e4-0c23-4be0-a62f-b877af464600","block_type":"box","text":"higher.","page_number":102,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"b03f92ab-eb34-4c30-a90f-c4bec4547691","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":102,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"ec45b70b-230a-4120-9757-8ef870cae184","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":102,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"62638ed1-7e13-4f2e-afa4-3cbb3b29aefa","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":102,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"1b6c7a95-8f9b-47ff-8f66-a599602063c5","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":102,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"c1809432-b1bd-4a66-9aaf-7a0343113f4e","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":102,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"95a4c434-a8f5-4034-83f0-9e6762b0e0dc","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":102,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"bdff9c22-6b8e-4bb7-8ed3-5855e6e1105e","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":102,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"eed0ba85-1e84-4e70-bf84-bb827349eacb","block_type":"box","text":"restructuring.","page_number":102,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"7f61e331-8927-493a-a4d1-bd4befc391e6","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":102,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"41f8cd8f-8ab1-44fb-af4e-615529c082fc","block_type":"box","text":"standing within the rating categories.","page_number":102,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"0e775638-ac5d-4bd0-9eef-997a5034a8cb","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":102,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"60b83d77-213b-4c2a-a172-a1904f638614","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":102,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"3148b96e-2b46-4102-b32d-99e4a8c0b55c","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":102,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"52a45655-8a6a-4562-9021-32ef6d1c80ee","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":102,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"1ce2e694-3a20-411b-8ce3-73db0e659866","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":102,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"7328e696-c327-4892-bd5c-2ecffca0e3cd","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":102,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"d02665c7-afa2-41c4-be6a-f566f19b0d3d","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":102,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"ccfa88a5-3861-4718-adf8-22d73b45070d","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":102,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"67532d63-0891-448e-836e-ba5631113741","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":102,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"261a75fc-ca41-405c-b00d-e06a81b58874","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":102,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"d8a9dd11-6f2a-4618-b1d2-33d73cf92da8","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":102,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"ca586910-0218-4e2d-ac48-cab46854dfb4","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":102,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"1312837a-1f26-4788-a3bc-8c284422b44f","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":102,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"e0c830c6-96e2-429e-943f-83d0962571d5","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":102,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"42fff265-8a08-4f32-bdd5-5f9aa1d816b9","block_type":"box","text":"financial commitments.","page_number":102,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"f67f879c-2889-4c7d-9966-38b00d582f98","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":102,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"3bd5abfd-c9fe-4ebc-8dd9-ff34871b6337","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":102,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"71681501-ebc8-46a2-8575-b828b7500ac6","block_type":"box","text":"commitments on the obligation.","page_number":102,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"3c2a39a1-2c35-42ff-8349-06354dd90180","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":102,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"0254a352-30b8-4eef-9ff4-6bb0892422b6","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":102,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"76ecf95f-006f-4d10-8a87-f233b6f4798b","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":102,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"b7ae6bad-fd9b-43e9-a20a-f99961ad2365","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":102,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"bf28ed83-68cd-4c49-a795-b8ef66c9dc2c","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":102,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"0ae332b9-ce0f-44e0-9400-522874986f8f","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":102,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"35654d88-4fdc-44cc-8d2f-d1171721b792","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":102,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"ac1d6349-c247-4af7-a07d-e4608d7f264f","block_type":"box","text":"debt restructuring.","page_number":102,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"2d73d893-332a-4d6b-a195-5577197bdbcd","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":102,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"73dd10e5-f10b-4e28-b98f-9b558540181f","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":102,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"d24b488c-0d14-4f39-b9d8-bfde59302199","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":102,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"221e79f1-55b6-4656-a54d-e74849667e3e","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":102,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"cf3354d7-581e-473d-8251-75a8cbad8d5e","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":102,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"017a33b6-f81f-47d6-9cb5-dc96cfc3a3b6","block_type":"box","text":"A-5","page_number":102,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"093eb989-5182-4a15-8a41-60451f4f9aab","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c29a8280-dd41-4416-9bad-df83c026445a","block_type":"box","text":"•","page_number":103,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"6f0d6b11-ad6a-418c-81a9-56087fcd53e0","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":103,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"ab21921a-bf45-4ea3-aa8d-5bd820de365a","block_type":"box","text":"as a note; and","page_number":103,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"1289478f-f0b0-4ca7-adbb-426e006996c0","block_type":"box","text":"•","page_number":103,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"797984a1-e8a7-43a5-9176-0b4137f97551","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":103,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"b0ece83a-cc62-4bae-ac79-6bc4155241f2","block_type":"box","text":"treated as a note.","page_number":103,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"ec7844d4-1163-4d31-b440-0b24a843f4b5","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":103,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"149c5088-ce3c-478d-801c-eb376a6c0136","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":103,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"242d2003-ca8c-4100-b389-acd684a3b7b5","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":103,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"8f9a6eb0-c8ed-4a1f-81d1-588c3125a26e","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":103,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"91ed7d9a-538a-4b6e-b205-fd952f483729","block_type":"box","text":"economic changes over the term of the notes.","page_number":103,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"963c1bfd-a2c6-40ef-982b-5f50a538831a","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":103,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"3f34ceda-883c-4b10-a242-395d5d126c83","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":103,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"dfbd2bc2-233a-46e7-920c-cd50556a7037","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":103,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"04c4774f-f7e7-4436-a7c4-0b0a0c20d245","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":103,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"e422b203-9eb4-4c9a-b662-69807dd2871b","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":103,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"f9d2e6db-3161-4d9b-89a5-f5160d3be44d","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":103,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"7940a64f-7b93-4eb2-8c64-9f490924fec9","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":103,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"d167380a-3fa6-460f-8373-9bccb29a1728","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":103,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"c2f45a2a-7075-451b-a5c2-7fd73c9e2703","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":103,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"f49a6ce0-6e15-4fb1-9353-dd4cdd5e923c","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":103,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"b246e0ef-c808-434a-b24a-11725ee8dbba","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":103,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"8862be3e-0f40-4ea8-8514-26e017958369","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":103,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"461b2bf2-3053-49e8-b553-0d11e23ee41e","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":103,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"5d140939-4fd9-49bb-8045-bfa3fcc10cb5","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":103,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"3a090295-533d-45c0-be4b-791d9f320fa3","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":103,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"301b8521-e3f7-47a9-8072-1d08a167160d","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":103,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"30a47363-b436-478e-9c45-f03c3c104bd7","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":103,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"636313df-608b-41ac-a916-4ef4d8a4b363","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":103,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"0c8fcbbd-46ef-4d23-abea-b0794516dd50","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":103,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"633dadf0-c9a1-411b-a254-137ec75ca6c9","block_type":"box","text":"receivables or other financial assets.","page_number":103,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"1cb1da61-a8d2-4714-96c4-600ae534c24d","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":103,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"4bf3de37-d9c0-446e-899b-0a4313a04405","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":103,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"fced75bd-4ffd-43ae-89bd-487c9378caa9","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":103,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"72b946cf-04a8-47da-97ca-3cecbb8597cc","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":103,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"6602aa14-c551-43d4-955c-4b2d33107ed3","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":103,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"af98957f-e433-4d54-b43c-39208f75b10a","block_type":"box","text":"occurred.","page_number":103,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"df03c9ce-759c-4bc3-b741-c1b9f2c48fe8","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":103,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"2d1461a2-44e5-468a-a6e3-54bd5f3fb3b1","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":103,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"ecb3d770-2faf-4d3e-afa8-f6ce4a5076ab","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":103,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"aba543c9-23fa-4eb0-a3b7-98e79129f989","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":103,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"f4bcab9b-7e7c-4804-9d9b-25ea2089df4d","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":103,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"6f0916d0-65bb-4797-9fcf-e112405d3176","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":103,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"ea2dc260-0a3e-4a24-a069-ccd2ff6b163b","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":103,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"282251ba-50fd-4a50-bc85-19c0200dacaa","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":103,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"1d4f840a-14bb-428c-ae76-31e8993c620c","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":103,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"7c7ca68a-5e28-41e3-a509-fab0c61a1cd6","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":103,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"99044e42-1a11-42d8-b78f-ad50ad6965f5","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":103,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"2814c32d-d38d-4050-93ee-e13aa6c907fc","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":103,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"116b6983-79cf-4ff0-bb31-c7ada6823a71","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":103,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"5f3660ce-21f0-4ff6-849f-9d3c59fbde36","block_type":"box","text":"i.e.","page_number":103,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"ece9890d-209e-4b89-bf12-f6b457d29e6c","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":103,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"e95a84c2-afa6-468b-b45c-48f852c22ca9","block_type":"box","text":"the obligation’s documentation).","page_number":103,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"1cfb42b3-b660-491b-96c3-793ac1cbaa85","block_type":"box","text":"A-6","page_number":103,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"a7eb2e48-d25d-422d-9d48-0f045d7a1748","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf4afd3f-6e0f-495a-8432-74a4304d73d9","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":104,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"06f6b219-8ef3-4833-a45a-1cf8bd6c94f4","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":104,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"e81f5e55-0267-4b6c-8624-2804134bba8d","block_type":"box","text":"agents in the form of a rating letter.","page_number":104,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"1d13ac1e-a7a6-406d-a21c-7820b1a34523","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":104,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"686287de-f031-42cd-a816-e2069c19bf65","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":104,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"605578e6-8826-462d-abe8-bf47696cc3dc","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":104,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"ad8b2310-7ebf-4f97-9a50-d2272f5b432a","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":104,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"398677f6-5d97-4fb4-9286-2d9a4d931120","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":104,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"08cb0b26-5cc0-44d6-bf11-8c2db66a9605","block_type":"box","text":"e.g.","page_number":104,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"bb32e756-263a-48e6-99eb-db8e7b3c271e","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":104,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"05bf98dc-e77f-4b1c-a188-985ed2b35ce6","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":104,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"d0e9ce9e-879a-4d7f-a7a1-0164b74f6e98","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":104,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"ce996944-055c-42be-9d7f-3f248e95e7d3","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":104,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"e9d69331-78fa-431d-b401-43d7ca407074","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":104,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"a8307289-3466-47c4-9727-a3912b8ad195","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":104,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"f559e3ca-37a2-485b-80d5-bce4c5ec2515","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":104,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"fdafecf3-832d-4a82-90db-5df0c2fce240","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":104,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"9d3ae599-964e-4a8f-876f-5d7cdf2ef0e5","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":104,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"5e92fb3a-4ef8-4916-bd23-945c036cc679","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":104,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"4d428a3e-b885-43fa-956f-643b662bb14a","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":104,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"30552fd8-214c-41d5-84c8-2965fec1d5bf","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":104,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"a3f08662-cae8-4916-b9b8-cbaaedebb545","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":104,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"9e6420d4-3054-4664-b903-471ba4fde758","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":104,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"642375a5-7a44-43fb-9c0a-63605247043d","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":104,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"8b874d3a-f323-481f-a622-4fe9e2304716","block_type":"box","text":"Ratings.","page_number":104,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"e1a18929-29ef-46bf-9062-2e8c68648924","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":104,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"d6468045-02b2-41f0-95e7-3926e36c8a5c","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":104,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"bbfd6034-3cf9-4216-b391-ca569b3893c2","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":104,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"eebce4c0-15a5-47a6-a486-6e1dfc17b39b","block_type":"box","text":"obligation ratings.","page_number":104,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"16f64e2f-99d8-4bc2-9ea9-ad1afdf56b7e","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":104,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"551e1fa7-1fa3-4dee-84aa-d3b0c419e528","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":104,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"78eab70f-17ad-4e89-9c0b-57510c4f6956","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":104,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"7cc27796-cebd-4b6f-add7-2164e83b54bc","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":104,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"11667dc0-ef65-4c9c-bb8e-525c0973cd48","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":104,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"662d91db-a0fd-4f57-8f62-50c8c8aead5f","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":104,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"eedb18ae-d70d-45eb-b380-d302357c7223","block_type":"box","text":"to foreseeable events.","page_number":104,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"987a3f81-b672-46e0-ba98-72715efd34e9","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":104,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"09db60d3-2a0f-4885-a2e7-0d19ea20defb","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":104,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"3c648386-ca18-455f-b74a-57afd04756dc","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":104,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"2c7a2463-d76d-407f-a107-89efbd855542","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":104,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"edd4734d-9bf9-4ddd-8f80-016f82444700","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":104,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"00e1b574-abcb-4193-a49e-59f3f93a2ab2","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":104,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"c8873bb1-47e8-445c-aeb7-52cf13bc733f","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":104,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"0ffd8994-4a2b-4df9-b753-f23f1e2855ff","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":104,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"3d10f556-7cfa-4e02-bde7-c1b1ec5a8695","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":104,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"85df0380-e57f-454f-96da-93418d64f309","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":104,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"a903a610-1d64-4b36-85f2-adf7bc897f5b","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":104,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"59d69c27-55b0-4069-9b2c-f5ccd875d780","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":104,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"30d537d8-7b19-4f48-9483-103795f4aa88","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. 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The modifiers “+” or “-” may be appended to a rating to denote","page_number":105,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"58f121f0-2a65-44c6-aa96-d91638ab872c","block_type":"box","text":"relative status within major rating categories.","page_number":105,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"3d32b6e7-87bb-4179-98e2-1cb6847c04cb","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":105,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"0e13ba78-b30c-4444-bff1-687242a69919","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":105,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"fa5631b6-6036-421c-a1e3-a83bef45e497","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":105,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"258f8f4c-ddcc-4bde-8812-00b214546d37","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":105,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"aa434eab-30d0-44b3-8006-5c79b1595dbd","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":105,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"372e0859-e44a-4bba-a20d-0e2edf2fcef7","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":105,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"972e1e53-e62b-48e1-94cf-7fa5d1e184b9","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":105,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"9915c27a-ac1c-4a56-9cc6-775d74b79a37","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. 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Indicates the strongest intrinsic capacity for timely payment of","page_number":105,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"282186c8-88e2-4d28-8c83-f084bb54131d","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":105,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"93de59c8-bf5d-4d5b-9403-363294b7c2bc","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":105,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"c0d8414d-d15d-417e-aed3-f63052adca0d","block_type":"box","text":"commitments.","page_number":105,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"d31718a0-bea7-4092-ae70-0d8da7643f40","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":105,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"e07348ab-a5a9-4158-88e6-0ec862ad172f","block_type":"box","text":"adequate.","page_number":105,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"3082b2a1-841f-45af-9fe9-5010d2931771","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":105,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"5da5f60f-ac73-42a1-84cc-f73299ccd5da","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":105,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"c5484126-a9b9-4a16-aac2-3656d8ae0e83","block_type":"box","text":"economic conditions.","page_number":105,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"fd34213b-b889-4e3d-a47c-607ed74c6123","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":105,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"8da9d0df-245f-4a7e-bdb7-834c70e3181b","block_type":"box","text":"RD Restricted Default. 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Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":105,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"2e019ed0-d8b1-476a-8391-424ad7cf79f2","block_type":"box","text":"obligation.","page_number":105,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"45da8cf7-fbda-4e95-a329-836b29511aa8","block_type":"box","text":"A-8","page_number":105,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"d166acdd-76e5-4a8e-a9e2-f3b1ceb8f40a","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"090829a5-6ef2-487b-b39f-36bae401d4c8","block_type":"box","text":"APPENDIX B","page_number":106,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"efa43990-8082-4310-b53b-318020241a71","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":106,"box":{"x":247,"y":76,"width":484,"height":11}},{"id":"5218e2ac-e619-42b7-b656-5263986b07ba","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":106,"box":{"x":247,"y":91,"width":486,"height":11}},{"id":"46db2a73-6b3c-4108-a0e4-b4911ea032b5","block_type":"box","text":"Effective Date: January 1, 2025","page_number":106,"box":{"x":376,"y":106,"width":227,"height":11}},{"id":"fb22c00a-b404-4dcb-9749-f32bca76abd0","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":106,"box":{"x":231,"y":128,"width":515,"height":12}},{"id":"180c35ad-d854-480e-b245-1e8e969a111a","block_type":"box","text":"□","page_number":106,"box":{"x":284,"y":151,"width":15,"height":11}},{"id":"d9a32b5d-f366-44e1-a451-f8b091cbcf33","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded 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Funds","page_number":106,"box":{"x":437,"y":219,"width":125,"height":9}},{"id":"13844d6e-cd72-4f6c-a8f9-eaa5feac7fa6","block_type":"box","text":"□","page_number":106,"box":{"x":460,"y":242,"width":14,"height":11}},{"id":"057463df-3bf5-40be-8f90-2a8e8d366757","block_type":"box","text":"Other","page_number":106,"box":{"x":481,"y":242,"width":38,"height":9}},{"id":"9087e3cd-be36-4789-b338-3ecd0115ecd3","block_type":"box","text":"Objective and Scope","page_number":106,"box":{"x":101,"y":265,"width":149,"height":11}},{"id":"155cadd6-651a-441d-b282-5e6038765d95","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":106,"box":{"x":134,"y":287,"width":622,"height":11}},{"id":"cccbcf01-c0cf-44d4-af87-87692e272bbc","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":106,"box":{"x":102,"y":310,"width":354,"height":11}},{"id":"9fd8864d-0018-4053-a32e-3c50720548e0","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":106,"box":{"x":134,"y":332,"width":702,"height":12}},{"id":"426d1bd2-4fc1-46f6-8e41-e8b007816428","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":106,"box":{"x":102,"y":348,"width":789,"height":11}},{"id":"196f83fb-fea7-4d7e-ab76-a16899a49ab6","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":106,"box":{"x":101,"y":363,"width":801,"height":11}},{"id":"c70eb1a3-9923-4143-a503-d82c7fd730ed","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":106,"box":{"x":101,"y":378,"width":763,"height":11}},{"id":"a317296e-59e4-4722-8e4c-2d1751d31dff","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":106,"box":{"x":102,"y":393,"width":775,"height":11}},{"id":"68c37ba6-6513-46ea-8fdd-8b0afa73d23b","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":106,"box":{"x":102,"y":408,"width":651,"height":11}},{"id":"f532ea17-ef96-4b1b-b1c9-814e2c2d955c","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":106,"box":{"x":135,"y":431,"width":718,"height":11}},{"id":"f075eb64-72e6-46d3-a169-2c711f53b941","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":106,"box":{"x":102,"y":446,"width":788,"height":11}},{"id":"f1fc2ff7-881c-4715-82b7-627347a489fb","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":106,"box":{"x":102,"y":461,"width":766,"height":11}},{"id":"7107e50d-6c56-4fdc-81de-d473dee0bb87","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":106,"box":{"x":102,"y":476,"width":325,"height":11}},{"id":"1e16a94e-d8cb-47a9-9cc9-5af71df43025","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":106,"box":{"x":135,"y":499,"width":751,"height":11}},{"id":"0950f706-142e-4c80-a2d7-e3087ee0a799","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":106,"box":{"x":102,"y":514,"width":765,"height":11}},{"id":"a0f10f98-b321-4daa-977e-1399fe9149e2","block_type":"box","text":"Conflicts Management","page_number":106,"box":{"x":101,"y":537,"width":165,"height":11}},{"id":"48e93aef-dc8d-4edf-bfff-3b818051f58f","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":106,"box":{"x":135,"y":559,"width":758,"height":11}},{"id":"b8007e78-d25a-4714-8148-e83d142b257b","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":106,"box":{"x":102,"y":574,"width":797,"height":12}},{"id":"b351d50d-b60e-4e15-a162-5875ff57f471","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":106,"box":{"x":102,"y":589,"width":805,"height":12}},{"id":"82337aba-a573-45e1-9989-c74d0ef04c8f","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":106,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"689bfaa0-efbd-4442-8e16-d7c0e93cec35","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":106,"box":{"x":102,"y":620,"width":756,"height":11}},{"id":"9f3bd5b4-98c9-4cad-bd5c-458627df8a50","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":106,"box":{"x":101,"y":635,"width":800,"height":11}},{"id":"337da5f9-44e8-4a8e-bbd0-edb7b2b93c1d","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":106,"box":{"x":102,"y":650,"width":244,"height":9}},{"id":"9edfbebf-40b1-407f-8008-aca19c94ba0d","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":106,"box":{"x":135,"y":673,"width":731,"height":11}},{"id":"963e85f6-b137-47f9-bb27-359786566bea","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":106,"box":{"x":101,"y":688,"width":763,"height":11}},{"id":"56e56690-e5a3-4ffe-b56a-3c8fe904852c","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":106,"box":{"x":101,"y":703,"width":550,"height":11}},{"id":"46c9a8b6-9c89-4880-b092-79b28da6e6a0","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":106,"box":{"x":134,"y":726,"width":774,"height":11}},{"id":"ec3011ca-77ff-460b-a29e-bd4642da9ec6","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":106,"box":{"x":102,"y":741,"width":791,"height":11}},{"id":"adc48783-ef45-411c-9254-457b992ad791","block_type":"box","text":"in clients’ financial interests. 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The money BlackRock manages is not its own — it","page_number":111,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"8e65cd82-199b-4e28-a74a-9bd2e8992257","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":111,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"d9bed78e-ccb3-4254-bcf1-1f6889d3d32a","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":111,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"b03aa913-b3a6-4280-b30c-9f84ad6674f3","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":111,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"b3fe68fa-fc31-4c30-b7eb-8f1dc04a4dad","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":111,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"648929b8-d31f-4d6b-a535-ff986c4ae94e","block_type":"box","text":"this work with research, data and analytics.","page_number":111,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"22abd82a-4b86-4e7b-9010-9d81694d8a21","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":111,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"18f816c3-42e8-4616-9f65-6e15bf66873f","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":111,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"3b1db428-6f43-4ff4-947a-efc63bc631e6","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":111,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"4997a2a0-b558-4747-91c2-ad1591afd2bd","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":111,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"e2fce227-c823-41e7-aebf-281dd877d755","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":111,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"e3f107df-609d-478b-8da1-60753dfd8d22","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":111,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"914059e0-2d45-41b1-91fd-007a31b013e9","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":111,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"7259dee1-8805-46f1-b293-453789a31d62","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":111,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"17d8109a-7219-42e1-af05-4b12e0fb2c7d","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":111,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"9754f8d1-46a0-4944-842d-aa714dae6d5e","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":111,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"3815feac-972d-4891-a037-ad3d0032db71","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":111,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"6feaa265-ef21-48ae-9649-d14e87c25f6d","block_type":"box","text":"shareholder meetings.","page_number":111,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"02b4e730-057a-4067-9a52-498e3b661cbb","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":111,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"8acb8628-93ac-4b68-8c17-f272d617e028","block_type":"box","text":"investing.","page_number":111,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"cacbf1a7-3c0f-491e-bc96-117255130fc4","block_type":"box","text":"3","page_number":111,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"678fe359-3592-479f-8081-787ece78c7ba","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":111,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"88ecef6d-8209-4a18-bb02-805db86a165d","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":111,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"d4f03efd-fb86-45fc-99f7-84b7debb2cd8","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":111,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"d92c25b7-aff4-4ffa-b275-a2deea443a59","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":111,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"2dee5ec7-757b-4600-b9e3-c35bf53540cb","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":111,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"a4eb7bc2-0d15-4cf1-8323-9cfa8e357fef","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":111,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"449006e2-0153-47e5-9f6e-0761a158e7e3","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":111,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"fe34ab5b-2ee4-418e-87a9-218a66c668a3","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":111,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"b7c0a87d-9836-46b6-a4b0-37ced313782e","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":111,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"c8f5ce75-f4ac-4cc4-854e-e700debe66a9","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":111,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"a6462035-8da9-4fa6-8db8-b230712b2557","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":111,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"b8e50660-1bb4-4371-981b-2e67fbe95850","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":111,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"972a6ca7-e2a1-4d35-b91f-a86f0084a64c","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":111,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"5fb2467a-119d-44a9-835a-c71eebfe106f","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":111,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"88a3f4df-2b85-4d82-a157-d7d546f87100","block_type":"box","text":"management teams and board directors","page_number":111,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"72128b3d-c41a-4d77-9bdc-d4a5008fba0e","block_type":"box","text":"4","page_number":111,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"3dfd5ce9-8a01-4e9d-918b-fe4f394e7667","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":111,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"554e9abe-1c21-4fcc-888e-d47d26d879c3","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":111,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"ab2637b1-aa68-4583-852d-1886698bebf8","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":111,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"5ff64c07-c491-4596-ba8c-29e9a923bbaf","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":111,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"18828c05-afdb-4e34-abff-15e2e61afa58","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":111,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"57a978c9-e5b6-4226-aca4-0416b3dbbb48","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":111,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"5c18e207-29a1-4f28-b01c-456f2b05cff2","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":111,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"15a9159c-fa9c-4f83-ba53-4a25b3ab9016","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":111,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"228fb0ec-3144-4dfb-b480-f18df6b9c994","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":111,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"15a6517d-c947-4556-9924-41e1534b6e46","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":111,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"2fa2f2f9-37d0-45d3-b18a-1883713cf4e6","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":111,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"076d0908-eaba-4467-bdb4-687b9aa16164","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":111,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"2c04ca13-0000-4d92-815e-59821b8a8348","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":111,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"42d1ee5b-506e-4d73-af4b-2cc096e50c32","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":111,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"c7155096-1ba4-402a-9f4a-f6b8db263d8e","block_type":"box","text":"3","page_number":111,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"701b7457-f44e-4944-bc2a-08d316cd1307","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":111,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"a4f761ec-8330-48a4-b7d8-ad535913775e","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":111,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"9026a5d8-356b-4193-90bd-a2fb5fdfd731","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":111,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"bbeb7793-6580-4df6-ae20-f0036b30d3ec","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":111,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"16a735cd-895c-4349-a702-641bef333a34","block_type":"box","text":"4","page_number":111,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"964a8bba-3e79-443a-b565-7f06477eb0fe","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":111,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"288786f2-6b03-45b2-93ae-601948b63dec","block_type":"box","text":"boards and their members, where relevant.","page_number":111,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"3d2f9607-0d8e-486e-ac32-0ba8603ffb69","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":111,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"588eb076-af33-4f07-bdf6-11333b07ec84","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":111,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"79950b36-0762-4a1a-9051-20fbc6fbad64","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d8d2b9b-73cb-4a94-8895-a1baa52052a1","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":112,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"f53873aa-d92c-4416-a240-8c35933dab1a","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":112,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"0381453f-d76a-426b-aea7-30e5ae892ea7","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":112,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"10627b61-f1be-4a2e-979d-0d0a868ee819","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":112,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"24306bb5-519d-430a-b2ea-7bfa3988aa65","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":112,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"ae6cf7af-7784-4593-b7ac-956a716d635c","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":112,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"d017b982-0991-4608-9552-e43e0dd2bd6f","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":112,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"e10840d4-9e28-4bf3-a6d0-04b36231960f","block_type":"box","text":"5","page_number":112,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"fca1eedb-2262-4f5d-ab6a-55e6071388a7","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":112,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"7e7726f1-2732-4031-88c3-bd10b0c4f9b0","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":112,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"92515d86-7798-4f3c-922b-c01f51e2acd2","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":112,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"1a08d589-ffe6-48e8-ace2-45a0502d2e38","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":112,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"1c9b6420-def3-4930-ab9b-a6c4883e93a1","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":112,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"df9b238e-1d3f-43f6-9f93-25e0614a97b9","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":112,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"ad264a6b-edf5-4e05-b7e2-36514382b6de","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":112,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"aaaa6010-22ea-4c74-b2a5-51084c803958","block_type":"box","text":"5","page_number":112,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"0a929771-1034-4c13-aca1-9191ff4d1f40","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":112,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"4bda9bf9-12ec-4fab-b376-64866117b1d9","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":112,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"a4d3d875-8013-4333-bd52-f8744ba3119a","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":112,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"f90bc512-c45f-4a80-8479-284d56f75944","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":112,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ac438b02-a994-407c-906c-0cfd37b00c27","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":112,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4e2efa6d-7691-4000-8246-03a08173405e","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91444735-c9fc-40e1-b09f-75e340462398","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":113,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"05d8baf6-6388-4961-abe3-43aff4714065","block_type":"box","text":"Roles and responsibilities","page_number":113,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"216dba83-4634-4e68-b620-c93fb93e6c3c","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":113,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"d017d142-4e5c-418a-822f-14bdc1a0a16c","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":113,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"2a180068-0fd9-49b6-bda2-2fa887eea5a8","block_type":"box","text":"6","page_number":113,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"990038b2-de5a-4afe-ac3c-e0ca70a777a3","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":113,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"a4c7eb5e-d035-4a54-b52b-ada28e35e302","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":113,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"e7d3dd8a-1f7f-450e-9b4d-0514e88e063a","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":113,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"0dc4fd0e-c64b-4c11-8108-af0c9a058d90","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":113,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"d4757316-e9e0-4aea-82c9-40626e996fc8","block_type":"box","text":"per formance over time.","page_number":113,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"43989177-1688-4f3e-be1c-311c73e22829","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":113,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"6c911fb3-fb0a-416a-9192-28410cb48e6a","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":113,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"74fb664a-7638-406b-8fed-a8d58a4917e7","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":113,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"e146b62e-bc3e-454d-a632-39b7752bff57","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":113,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"fdd488bd-dbc7-4416-82c2-ee21b428d1ce","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":113,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"873e3564-b9e2-4e31-afa2-367af5cc8643","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":113,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"0ebf3630-aa89-46a5-a9f2-bd57204bdf71","block_type":"box","text":"Composition and effectiveness","page_number":113,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"2c317a8b-20d1-4c7d-9d43-681ba711cd24","block_type":"box","text":"Appointment process","page_number":113,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"7669f380-2017-4131-adaa-77ab56583183","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":113,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"983b54fb-0970-4a56-8065-59311c3fca87","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":113,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"ad08bf85-df69-459a-a51b-1be03bc2f48f","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":113,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"60db7bb1-0f84-4ad0-9659-4f34ccc5706a","block_type":"box","text":"e.g.","page_number":113,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"1fe12c9f-a0e1-49f1-bfb8-e0248853870e","block_type":"box","text":", sector, maturity, geographic","page_number":113,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"5e5c1bbe-b1e3-479b-ab4a-1cf877ac9c68","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":113,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"735f02d7-3b05-48ef-8728-02cbcc965871","block_type":"box","text":"e.g.","page_number":113,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"7800f9db-3639-4e57-8c35-c2d8955bca86","block_type":"box","text":", financial exper tise, industry track record). To","page_number":113,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"3b33fb38-9ad4-42c8-b0ac-870076b2c474","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":113,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"cab3c4fe-3136-4341-a4d2-f17439f596ea","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":113,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"ea6d467a-5c55-4590-9b5a-9817aaf76747","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":113,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"aff3aab7-7606-40bc-ab97-37b2a4285be1","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":113,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"64d5729e-987a-4702-95c8-6095df7a1ac3","block_type":"box","text":"and local market requirements.","page_number":113,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"901eb5b7-dbc8-4bbd-bfaa-c0dee38fbd89","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":113,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"4cf9f521-dea3-4460-976a-f8adfa70b0df","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":113,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"159f9f7e-f364-4962-ab55-911f9ef328fb","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":113,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"b6b34787-0601-426b-a64f-ac432357df70","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":113,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"ef8d7a0a-1f8b-4312-ad6f-302672268181","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":113,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"a1feeb4e-b647-4919-9f16-bc1953a1f3d0","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":113,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"6ebeb6f3-fdaa-4884-a9f2-f64ad20d4cef","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":113,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"eef87e5b-b5f7-4f5b-af7f-e62f46899c8f","block_type":"box","text":"Independence","page_number":113,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"d1b4529b-f82f-42ff-9d3a-54d54e823d03","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":113,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"6dc70774-d34e-4bbc-8bc9-8672c45ca316","block_type":"box","text":"e.g.","page_number":113,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"51fdfb25-5c53-4658-9a52-6ebcece59a66","block_type":"box","text":", government or","page_number":113,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"72230177-0935-4fe4-b1ba-461c50bae6fe","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":113,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"f9f67936-71e7-4204-8d3c-b299a7189720","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":113,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"f5fd5e80-1148-4f49-a575-c7b135d282b1","block_type":"box","text":"conflicts of interest or undue influence.","page_number":113,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"33e8124b-8d8d-4bf1-b868-41def3abee6f","block_type":"box","text":"7","page_number":113,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"0daa148a-f0b7-44cc-82ed-0fa438030821","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":113,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"7211892d-923e-4e58-b1b2-97321ba3698a","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":113,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"4c3cd9b7-c851-487b-b36b-2aad231c5b20","block_type":"box","text":"independence should meet those local requirements.","page_number":113,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"0a58c338-d250-4f2a-a230-722502af4c75","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":113,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"eb703702-aa74-4ef1-94ab-6c6cb5ec849f","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":113,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"c6f6be8e-09d1-4aef-94d0-05bcd76d3af6","block_type":"box","text":"composition if this is a perennial issue.","page_number":113,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"17f12d53-261a-4a39-ab03-5d16d1135d16","block_type":"box","text":"6","page_number":113,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"b4002251-3357-430b-8d74-66fb5a4ec6e1","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":113,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"c67bd1d0-1e32-4c4b-ac26-50f200abb1dc","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":113,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"ba84cd36-2ab0-4f89-8830-73af5a2d565b","block_type":"box","text":"7","page_number":113,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"0a0ba763-24bc-481d-aa1e-1750c8acfff9","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":113,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"601f3585-b963-47de-ba0b-d283e35a5fa6","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":113,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"16e1808f-45cb-4374-a889-09990c63c2b5","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":113,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"0ee8d5c9-c43b-4904-b716-9944da27d921","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":113,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"f5845694-8399-4783-9665-afc22e4fbad4","block_type":"box","text":"of the company and shareholders.","page_number":113,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"a6785f4b-c8a4-4afa-aa5b-0c9ac128b35c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":113,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"414e08db-ae08-45aa-b568-55f1d30f3b6f","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":113,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5c90579c-153f-42f3-aaa9-a1eb0240bf7e","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"660d831d-17ab-426f-9271-e12a8fdc2ff2","block_type":"box","text":"Independent board leadership","page_number":114,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"6b1b5ad7-d8c4-433f-9cc4-19bb0db7b7ba","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":114,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"2f9921f4-64be-4d32-8184-106f6d95f3eb","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":114,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"8fcc5f04-e729-4828-aaa7-2d08f56996b2","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":114,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"689f839b-4ea7-459c-9fc8-f74166416034","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":114,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"9342113b-b331-4a86-8225-08fb4241dd32","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":114,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"20d1b8b0-65ff-41b9-8b84-455457a708a5","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":114,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"f4f2fbf6-afba-40ff-a41c-4fc12b7c3afa","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":114,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"ccaedbee-4253-441f-8356-c396a5e5055f","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":114,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"644fce6f-998b-4982-9db7-3e0e8eb650be","block_type":"box","text":"how it serves the interests of shareholders.","page_number":114,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"1a511abf-6c20-4aaf-a6fb-540e1dabeaef","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":114,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"4a62bbdd-8959-459e-bfe2-23418a6d80d1","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":114,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"e4790ed3-d22b-49c3-abef-d58827bb756d","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":114,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"69bec2fa-7a66-400b-9f04-c6143037b203","block_type":"box","text":"Tenure and succession","page_number":114,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"43b43a0e-a78e-4fed-aefb-26b46d27550b","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":114,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"2c0da91c-5976-46d1-88d5-503a65dc2cfe","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":114,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"682425a2-7f16-4919-b1b3-13e130804999","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":114,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"d476f6a6-109d-4409-8238-c5213982b2a3","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":114,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"b828bb6b-e260-4a80-b738-acb0e5832a06","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":114,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"826ce493-1212-48dd-9cad-be87c4206a52","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":114,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"457ebc4f-db39-4fa9-995f-879a784c4fb2","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":114,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"e1841e38-9b07-453b-a625-a0ef68cec5e1","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":114,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"66a34b66-d836-4609-9e4c-169bc4cb77fa","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":114,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"ce3f7a4e-2d31-4060-8ff7-be868220eb3a","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":114,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"8d0523cc-2176-4923-92a6-de940f8f11a4","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":114,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"992413ea-9fb4-4555-a7f9-3b4744c5d594","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":114,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"08e73abd-44e2-439b-83c1-f6fd5e4e9031","block_type":"box","text":"for their continued service is not evident.","page_number":114,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"ca5bbd7d-399e-4a40-9d00-3f2493a98a3c","block_type":"box","text":"Capacity","page_number":114,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"fc6c2607-aa45-41eb-aa28-1d86d212ea8f","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":114,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"1d941d46-a8f4-4b8f-ab87-309f6b25ef83","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":114,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"895d3b68-474c-4686-aa2e-2d8e29e16102","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":114,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"63f299d3-13f8-4517-82ea-736e4f6d8e2a","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":114,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"00c9c444-f502-4881-abaf-db9e6f981d70","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":114,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"e26186fd-4ed3-49e9-ba71-98bd95677e67","block_type":"box","text":"determinations across markets.","page_number":114,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"cd432158-8b36-4d34-a7e0-b69ded908950","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":114,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"1121c15c-b1ea-417e-9294-33f3e45c4803","block_type":"box","text":"their duties to the board and company.","page_number":114,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"2c63384f-6c1e-4f68-b6ba-83889f83f117","block_type":"box","text":"Director elections","page_number":114,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"6a7c03c4-293d-481a-a6a4-8e492f1f7738","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":114,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"0b67857b-4719-4354-a5fd-dd19a18be7a2","block_type":"box","text":"structure","page_number":114,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"15a81ac4-11a5-4d9c-9f7c-0e2f02dbcf6a","block_type":"box","text":"8","page_number":114,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"f2e51bd4-ee34-4af3-ab32-7788edb1fa21","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":114,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"baeefa7f-b035-4ade-afa6-3e758bab286b","block_type":"box","text":"basis of its business model (","page_number":114,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"0252a9bb-3b08-4214-a407-e9f21a057062","block_type":"box","text":"e.g.","page_number":114,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"a6acdffa-0bc4-4c1b-abc3-98799c741763","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":114,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"21a38008-d4f2-45be-82fc-bc7cd0f6a5ff","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":114,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"11b57bb2-a684-4e79-9850-fe798ab6fa54","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":114,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"7bdbc098-7b57-41a6-a2a3-134dc9d84b6e","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":114,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"dead7b3b-e808-45a3-807d-06ce798674a1","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":114,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"1918fb1a-7c2c-41b2-bb44-6d585752d244","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":114,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"a37ec67c-783d-4d2f-8e26-c2aec79eccd6","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":114,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"b6cde04b-4f77-4127-b058-185372426b56","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":114,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"1c45d6d1-4712-4e93-9443-56a34911eb75","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":114,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"cce76f4c-b1d2-4eac-9b1b-8366e021998e","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":114,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"666d2e51-ff9d-4ffb-983c-1cabe71244b0","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":114,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"212a81c3-33a6-4b2d-a6af-e6c5c9bf0d2f","block_type":"box","text":"8","page_number":114,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"885e68cd-e230-4751-addd-58e2ce3f79c9","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":114,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"eeaf2f9c-77b3-4f83-aff9-58f497252102","block_type":"box","text":"directors stands for election in any one year.","page_number":114,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"dedfa1ba-7316-4e71-9468-4e9ff5b7df65","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":114,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a2fc3901-ee12-476c-9e57-aab17d015d27","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":114,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8bc9a781-367d-4b55-84a1-8207450e1aef","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c36b534c-ea74-4276-9fff-236c60bb0fef","block_type":"box","text":"Committees","page_number":115,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"554d9777-bb1e-4daa-b3d8-e8f4854b052d","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":115,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"368bccd5-65e5-45a6-9497-39cd71a67062","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":115,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"ca7b2ece-695a-43c2-be67-2cb1f43f9ab0","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":115,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"d9d7f311-b79b-4ef9-9fd0-726e24a46032","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":115,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"7ac313cd-2cb7-485d-ab86-8e4ac889f972","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":115,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"b9083060-11fa-42e1-aeb4-67bfbe43ed5a","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":115,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"889bd422-be29-4878-a11c-b007462b3f7e","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":115,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"b89f84ec-7606-4307-9518-9684957b09b7","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":115,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"18eff88d-ee28-4a55-a4fe-7300c716adc1","block_type":"box","text":"•","page_number":115,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"f39cdcdd-3b82-45fa-a06b-f07535006241","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":115,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"00d09fda-367f-491e-89df-dbcb5fc0ca13","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":115,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"20a375d8-907a-45a0-bcc7-a305e08293e6","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":115,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"0db228c1-a890-43b6-8868-b5e0324dd12b","block_type":"box","text":"•","page_number":115,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"56babc7e-2e55-4d9d-a84d-9a0263daa260","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":115,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"578af85c-17f6-480b-876c-41bc6d602223","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":115,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"cd7bac88-5a13-45b4-9bcb-e448f404f5d7","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":115,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"44bd31bb-9f15-4576-93c1-1c8046dab614","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":115,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"ffef6af2-4679-4a13-af14-9c6527c9b50f","block_type":"box","text":"•","page_number":115,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"1bc07476-6104-4249-9ada-38f0010e4819","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":115,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"a8fc0a28-271a-4603-9b06-5586c4eccd96","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":115,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"52719485-b76a-4d44-b8cd-9d95c927fc51","block_type":"box","text":"firm-wide compensation policies.","page_number":115,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"6df5ca5c-5f9a-439c-9a32-966aee5debf0","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":115,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"afe310d1-faf7-420d-b48c-cb94b16f606b","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":115,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"4f480a77-d22a-404a-a2bd-7aa03d36fb29","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":115,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"e70bc8da-752f-41b2-ad3b-9295655a41a0","block_type":"box","text":"Board and director evaluation","page_number":115,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"f57c0d4b-1f64-464e-a778-f919440265dd","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":115,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"6b9cbaf0-fb91-4836-a050-b508bf05155d","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":115,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"bee874e4-42ba-4ac3-a9d1-6c34dfa5966d","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":115,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"e22552a4-fa7f-4dc7-8f9e-50916e0fce81","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":115,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"e2b65c18-b7c9-4132-99ba-1af32018d4d9","block_type":"box","text":"a result.","page_number":115,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"028c44a2-406c-4110-9b36-aa29826c9d50","block_type":"box","text":"Access to independent advice","page_number":115,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"e806166d-aabf-45e9-ab43-73b6fd5f2b0d","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":115,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"7626262d-2f26-40cd-80d9-c3bd3c0e2c97","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":115,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"3cf4c1e6-c538-4153-8976-89e46dbba06b","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":115,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"032bf88a-9fdc-4db4-8c63-fbb1eae2de2b","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":115,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"38b66db0-0127-45a1-a3f3-2a586deb1db9","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":115,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"eb766810-e9ec-4e51-90cc-cf3b331fc8e2","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":115,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"76cf5973-9e5c-414f-a367-949d80f28c3f","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":115,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"c134834d-2b1a-46eb-b5ce-8f4dd7ea741d","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":115,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"0657dace-c122-4186-9534-39a9ca90438d","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":115,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"287da0ee-246c-462d-a844-d387900c5774","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":115,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"9c9c8f67-93be-4eec-bc5c-71be416bf1e6","block_type":"box","text":"per formance.","page_number":115,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"3202c209-62b4-495c-97e9-b84d6ad286fa","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":115,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"ae4627e2-f2d1-43ea-8da9-a37a9aa97425","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":115,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"c7a87ac6-8f95-4d8d-97d3-b6a15134951f","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":115,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"d842650b-91e9-4485-8acb-79722facbf71","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":115,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"1635378f-ad26-4510-8895-03e5a990e634","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":115,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"19d4bae6-995a-4af1-9ffa-936605222404","block_type":"box","text":"recruit and motivate.","page_number":115,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"31fc4896-32fb-4a39-8b97-61072a83f9bf","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":115,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"f83981ff-130c-45c9-bf56-8e20e367e17d","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":115,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"a0dd62d9-d469-4447-a9c0-469b9cd4a0fb","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":115,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"96986a39-07ca-4321-b52b-c30759dc15ca","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":115,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"e099ff51-bd9c-425d-ba3d-3aa4390ef042","block_type":"box","text":"arrangements include:","page_number":115,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"a814bed3-b3d9-49d6-a361-f3295b598021","block_type":"box","text":"•","page_number":115,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"67314457-a99e-489a-9a11-7e2d8319e221","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":115,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"00767cd3-1846-4817-9ed6-7a447e60a284","block_type":"box","text":"the company’s size, sector and market.","page_number":115,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"01187ed4-1e62-4dec-bf7d-cb3e48be4c0f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":115,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e04c7e8c-d890-4d1a-9690-6523dbad3d7e","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":115,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a4bf24a7-3f9a-476d-992b-cdacc890d5e1","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc115d62-72d6-4794-89d3-a9256994277a","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"a02d3e72-ba99-4d00-92cb-8fa040be650d","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":116,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"3cc1c944-0e83-42cf-bebe-973f27007ba2","block_type":"box","text":"strategic objectives.","page_number":116,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"e49695a0-1a51-4fb0-a614-4bbbd5351878","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"63497803-7266-4846-a2d4-31ef28ae096c","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":116,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"e943557c-0af4-4f32-b1d4-8512bdf1c074","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"8a8a34ab-02cc-4d72-890b-27c7de096ede","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":116,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"b091fe0c-fceb-426c-9803-0eff72646a00","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":116,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"e546600c-ce63-4e2a-adc6-fb2977297946","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"b0bd509e-1ff2-4bb8-998e-644caedd0dfd","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":116,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"ae7d8eb2-0892-498c-a708-f411a432e127","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"ac3a2fcd-0ef8-424f-b3dc-d0fba5429528","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":116,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"c257ad5c-5641-48d4-b848-2b9cb4b55755","block_type":"box","text":"transparently.","page_number":116,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"ff541ebd-17ee-49ac-9036-c316ab077530","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"1ec61b8d-f6e1-426f-a0a3-705e3b3aa9dd","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":116,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"6cf1ac4b-4bc6-43b1-9216-ff17948a1719","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":116,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"7a925c74-e16d-4218-bc82-f9891234127d","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"6c1eb7e0-6e0c-4f31-ad62-4f9d497ebd28","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":116,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"243f9e2c-2eca-4421-858c-8e322ceef7bc","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"5b6b21bc-0678-42a5-b1a5-54daef3c997b","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":116,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"86fe84d8-84db-437f-8c48-763832a7c901","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":116,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"b91646a7-5e03-4eef-bd23-022e322fa742","block_type":"box","text":"misconduct.","page_number":116,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"b45e9d31-5ba4-47f7-a0da-c3e7ae484b3e","block_type":"box","text":"•","page_number":116,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"e3f2db9d-8782-4533-9db1-b572982dcffc","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":116,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"c8d5ee94-a86d-4454-84f0-bbf8bc6200b3","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":116,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"b2aed881-5201-4a9f-82a9-665d2b319b62","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":116,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"12b4f16b-74b0-4f00-b7c5-6955ce39af55","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":116,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"db96c796-7754-45eb-b70a-bbb21e53b967","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":116,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"ddcc9ddb-b487-43ae-8527-8e99af6d53b9","block_type":"box","text":"committee, or the most senior independent director.","page_number":116,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"084f1f42-bdcf-42c0-baf0-13eee72d1530","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":116,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"32f74236-c6e7-4d66-93b2-ace9d7bdbe85","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":116,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"96d8c004-57f6-43b3-bb29-eb1d134b63e2","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":116,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"d2981ec4-85fc-46ae-bb35-523519199c5e","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":116,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"ed07c39f-e254-4689-bac8-975f16397e9d","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":116,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"4a4e4638-1439-49b5-a90d-374d55b4b70a","block_type":"box","text":"CAPITAL STRUCTURE","page_number":116,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"7acae660-508d-40e7-8ffd-5570528fe7ea","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":116,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"0868ba6f-e3f2-42a5-87d4-a82634ca2053","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":116,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"1c336303-0256-4a7d-9500-3153688a6440","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":116,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"1dc07f18-b6b8-4e19-a640-95b779a1fa05","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":116,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"317b76fb-fa03-4dd5-81f6-9f9cf1eb9c1d","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":116,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"05af0add-c4b7-4177-aa0f-ebf7797663f5","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":116,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"7e54cd42-9ed1-4558-b131-ea4b159294d9","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":116,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"18fe1ac1-dbad-42d3-9535-8282e05c50f7","block_type":"box","text":"Share issuance","page_number":116,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"97899517-9c0d-47eb-a49a-3bc63569e41e","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":116,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"6ea667a1-cbf0-4de0-95d7-51eee66ab0db","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":116,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"44205c7c-639d-4abb-b0df-a167006f72ab","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":116,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"c7fe067d-cb72-4ca8-8af6-197ad61392ba","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":116,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"de2c0c27-11a0-49fc-ac72-6eae4258b5f8","block_type":"box","text":"market environment.","page_number":116,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"7994d0e8-1ab8-48da-b306-adfa251fbc8e","block_type":"box","text":"Share buybacks","page_number":116,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"e8a76cdc-faf8-439a-b981-c2846bcae33c","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":116,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"2859bcef-bddf-4564-b922-e3799ed35c64","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":116,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"3902495e-c93c-465f-ba14-03a52f05c859","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":116,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"6f058057-96b3-421b-a329-9852798910c8","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":116,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"88403a86-6006-4117-a1aa-f9fb4732543b","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":116,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"18815393-1d9e-49fb-b015-c3fd14759a78","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":116,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"ce42df43-af76-4873-aeed-0bf501a755f2","block_type":"box","text":"of the company and the market environment.","page_number":116,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"8d442db1-2db2-4aad-ae18-b1789055c738","block_type":"box","text":"Dividends","page_number":116,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"c5e67017-ebec-4783-a29b-c9be50532ac7","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":116,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"de73307c-1cf8-45f3-b78a-2442b58381ec","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":116,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"dc0f515b-4651-4cd2-b518-2cc8204ce6e8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":116,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3da1e263-1f99-42d5-83cf-599c2a2ea106","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":116,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"10464e5f-4dae-4ae1-813f-c74fd9a9711a","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0ddc5ee-22d3-4ae9-b7b6-154a3f17ac43","block_type":"box","text":"Differentiated voting rights","page_number":117,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"4301dbd8-78a5-46d6-a023-99039a0fdf0f","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":117,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"8a6e4b44-56e8-4e35-b0bc-ceb4a3e3978e","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":117,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"dffc47a5-eff2-48a9-845c-dd8633784f69","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":117,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"4daeb8af-d21e-4a6d-8839-6007dee90c8e","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":117,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"f4f8ef78-272f-41a4-b3fa-ded8d46e5dc0","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":117,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"ee96c436-d39d-4ccd-ad59-2ad3a00b9902","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":117,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"6a587991-aff0-4947-9679-f6f3b2b47cd7","block_type":"box","text":"analyses of proposals.","page_number":117,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"1469930e-0f17-4815-ac2c-4c606f7cb56a","block_type":"box","text":"Mergers and acquisitions","page_number":117,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"6d3f46a0-7557-4228-8338-c6931a2ff490","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":117,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"00eddaaa-1f35-4b29-b478-a723e9193dd7","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":117,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"a46de0e4-136e-4d38-854d-bad6e4a8fa46","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":117,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"61f63a26-cc63-403b-806d-3c724aaaae4c","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":117,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"a3cffa97-5f8c-4617-ac5d-86f9e8bcc1b3","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":117,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"597f23d5-63d4-4af3-b0af-5447b5ee2cf3","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":117,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"ccd083eb-6d1e-4753-a86a-cad0068a9703","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":117,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"b4344f1b-6eeb-4a4a-91f6-9ddc47537df1","block_type":"box","text":"Anti-takeover defenses","page_number":117,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"f4c128bf-353a-4de8-becc-2138204bfe5d","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":117,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"c2533c60-412f-4a2f-8324-aaba5bb0aee8","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":117,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"32e9a662-fbf3-4b5f-b986-ebe47c2be809","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":117,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"8e8bcb52-f085-4d3a-94a7-2ba5d9a2c963","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":117,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"ec403969-3188-45d4-8209-ced9407946af","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":117,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"9a4531d8-dcd7-4ff6-b3bb-efb21b34eef1","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":117,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"c084859f-3290-4a37-94bd-fd482a14aba1","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":117,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"2f740690-6e42-4f74-bd9f-dd82f93e115c","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":117,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"cfff0f4d-50fa-4edf-b326-6dd49cd41228","block_type":"box","text":"Shareholder activism","page_number":117,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"be4b20b6-2a23-4aa8-ac27-8618fb021ebb","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":117,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"dcdfb9c5-ee41-4aa3-aa6b-f72c3273a3e0","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":117,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"2eab3e5d-6994-4296-9a09-7b207e3ceb4c","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":117,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"82d64e65-2308-4d06-b919-03160a7d9c20","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":117,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"855b648e-8a99-4663-834e-2ef8d7ba0766","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":117,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"a9913114-895c-4820-891e-f0b506d02b7b","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":117,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"a27110fc-e3ea-4882-806c-775756e68c7a","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":117,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"96ff79e0-f830-4806-82bc-aa9623e245d9","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":117,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"b221219a-03a4-48d9-809a-b0fa28edaa11","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":117,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"d92c36cd-f479-4cbb-81e8-c14d32265710","block_type":"box","text":"protecting shareholders’ interests.","page_number":117,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"db7271f4-4f11-49d4-8361-23f8c3856f8d","block_type":"box","text":"Significant shareholders and related party transactions","page_number":117,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"366ec32b-5842-4856-b1b6-132693f51f27","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":117,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"a5e906fb-db06-4084-b962-5d7fc2a29db1","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":117,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"35ccb87f-71b1-4233-a7b1-ba63cac2a4b9","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":117,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"b00414c0-e0ee-456b-8375-dd71d61c0232","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":117,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"f9ca1c73-294a-4d2a-a2c3-d5be4ebab631","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":117,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"1b318855-c32d-4e11-a5e1-352f2fd569f6","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":117,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"9e120f1d-86e7-4f8b-a32f-19ae02cf2e2d","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":117,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"35afb772-e3fa-4512-97ce-5221f57b05f4","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":117,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"ee01c4e8-86d4-470f-9f4d-13708f3ac779","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":117,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"ff8ed3e5-bd83-4102-a43d-d50836519e23","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":117,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"ac3c5949-e39d-4497-b4bc-3c03280a633f","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":117,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"fc9824a0-b124-499c-b326-48e1a73bbfc1","block_type":"box","text":"audit.","page_number":117,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"d2929aaf-6211-4ad0-82ed-0455a8b415b7","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":117,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"e6de5503-b6c9-4e0f-ab86-9f5ab99ae652","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":117,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"3f58166f-0ab0-468e-8068-0d98a63ec0a9","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":117,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"69838177-5e45-4bfd-aac8-7f2c4c43f24b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":117,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d7d7916e-f034-40c1-b1a3-7fb026d3d551","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":117,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b4be8ae4-7ca4-447f-9e08-25835cbde9f3","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4eee524a-e68b-4507-b53f-c19c211391aa","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":118,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"d721b096-ceee-4992-a2bb-c568e602d31e","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":118,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"b7836365-1bf7-4aae-bf13-38dd79cf7440","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":118,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"c7b62be0-005e-4a60-a186-c748d1cbbf55","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":118,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"fa8914eb-695b-4ae0-8533-e78b4ea5ec3a","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":118,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"11cc4a1a-be52-441c-ad93-c5d22c157f22","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":118,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"badc937b-0493-4520-8f54-04a11f61231f","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":118,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"5eaeb7e0-97f5-470d-b229-49a3f19668c1","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":118,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"aba00cc9-711a-41f2-94b1-ef33b7438649","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":118,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"c081f2cd-4402-4994-8eab-ff7e64012d55","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":118,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"0e2d0c55-2640-4a4e-bc5a-64affc2406ea","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":118,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"ecebbf8e-adb6-4d13-9857-ca2cbedf0e82","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":118,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"d490b6c0-e0d5-419e-878d-816f982c392a","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":118,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"3143f901-6084-4639-944e-59b64cbdfcf3","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":118,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"04c56e55-2c41-4ca4-8b03-cc427af7cb00","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":118,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"e9b3d19b-345c-496f-9410-2d6c10f7461a","block_type":"box","text":"9","page_number":118,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"bf03a9c9-b48b-4a23-8aa6-05e265eb8244","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":118,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"b728b66e-33ac-4a5f-b96d-a1a7d121cc24","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":118,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"2adb61f4-a621-495f-9a4a-29d268e5a6db","block_type":"box","text":"standards specified by policy makers.","page_number":118,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"1af084e9-b45f-4b85-bc39-a96784cd26c6","block_type":"box","text":"10","page_number":118,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"156201ba-8236-4c86-81cb-0a6a1cf4cd7a","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":118,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"7ff025fb-c356-4929-815a-0a43968e6633","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":118,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"cef8d22e-4ca9-4cd8-b1a0-7546a2672795","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":118,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"95a0ee0d-c825-4e47-b620-6333011b0244","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":118,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"f5c494a1-3f5f-4c14-adf7-e2e378bd54c0","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":118,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"40517d27-9e2b-4ac8-b726-4be544400115","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":118,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"d9b11c89-d968-4f3f-8d37-6562e760ce5f","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":118,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"33b67772-83d8-4082-b1d0-2d6e1918d5a6","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":118,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"7d43af61-9bde-4817-81bf-7017cad013c3","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":118,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"20d8ea85-7054-43ee-8a72-d61a3b439f07","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":118,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"14819f35-c124-4c93-87aa-1466c1635ae7","block_type":"box","text":"remained independent.","page_number":118,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"6504dd1b-252b-4a03-9fdb-b9083a18bd12","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":118,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"059f742a-593f-4acb-86ff-f0ff308430a2","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":118,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"e0c77e2a-1e92-45db-bea7-4400fe9576a9","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":118,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"3808bbe6-7534-4c64-a745-aa4b83a2e09c","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":118,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"357ca56f-5528-472a-a46c-2ddd4e42d881","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":118,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"4bfe4756-6f58-47fd-a370-2333a64fedd2","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":118,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"9b5f9fdc-017c-4a37-8647-65ea2bc9d8fd","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":118,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"84be629a-5eb0-4cf2-9006-a5534ca5dd9c","block_type":"box","text":"General shareholder meetings","page_number":118,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"ba7e3048-023f-477e-a1aa-569bd9ecaaf9","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":118,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"e209acf7-74f8-453e-840d-1080ebc960df","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":118,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"544282bf-07fc-408d-99a6-375b72663aff","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":118,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"a2451de6-d96f-4170-9bba-08a7b9953b9e","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":118,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"a31f1c1d-ea35-4599-a78a-8c1157aea76e","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":118,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"33219fd3-a960-4ec1-8ff4-e9607df08c8f","block_type":"box","text":"an in-person meeting.","page_number":118,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"f4ebf5d8-c9dc-4624-aaf6-c28c6fca5171","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":118,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"a871aaeb-0c09-4323-9616-68e88440d56d","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":118,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"3326f084-17d4-4884-9ef3-811e1da26643","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":118,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"08becd79-817d-418e-b5db-a5bf0e03d29b","block_type":"box","text":"par ticipation.","page_number":118,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"75722634-7e1a-42ea-b4a9-37aaba7cb22f","block_type":"box","text":"9","page_number":118,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"3f938f95-a4ed-45e7-b494-f9a7655b6aea","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":118,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"c3361cc0-b1cd-4b54-8b4a-e1957830e143","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":118,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"9341cab2-238e-4a44-855d-57a477963143","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":118,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"6ee8a00b-0b21-4445-9db9-4106528116f1","block_type":"box","text":"Disclosures.”","page_number":118,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"435de644-d4cc-433d-b1f6-a0c1ee6b17b8","block_type":"box","text":"10","page_number":118,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"00cd046b-68e7-440d-9700-0fabdf879c8e","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":118,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"fed955ce-b172-4e8d-8a27-0da337d845b8","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":118,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"1cf76f2b-6355-4e34-bad4-22bf4e0e8bd6","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":118,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"a7e7ca81-675b-4855-8b37-f276e5b161be","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":118,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bc10e971-c697-47ee-940d-81d0aa2f707a","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":118,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"809d4589-8b1c-49ee-bace-6b9236928bc1","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14a48b7e-ef19-43f1-b7a0-1d8f9bf27db4","block_type":"box","text":"Bylaw amendments","page_number":119,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"72ff03bc-0dc9-4c92-b770-206d4fe87b01","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":119,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"b5ae3b61-7ce5-4294-b8ee-8578a8215d35","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":119,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"b43b8d8d-74fd-477d-b428-278dd271ad07","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":119,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"d9e68365-8745-4187-bdce-60977d5a2593","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":119,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"c624f5ba-21df-451d-9b19-fe7c0e9b7fdf","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":119,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"ea1d3ef3-7bd1-411e-8518-909ad41ff80c","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":119,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"0de25cf7-3beb-4592-b41a-35c64aefb67f","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":119,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"33cd5eca-ca49-4078-bd56-b7a2fe6f27ae","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":119,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"2312ee15-3223-4ea8-aefc-cdb1a2f0943c","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":119,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"aacd265f-391a-496a-98fb-37b1a4be0a3f","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":119,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"977118aa-db9f-49fd-8235-e3f7ab285295","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":119,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"eee4cce3-65f9-4343-9415-1fac98c118c8","block_type":"box","text":"nomination process.","page_number":119,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"9b011241-d8a4-4f90-82f6-56f3f3c1fad2","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":119,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"6ec3ff64-778e-4278-9773-d181f5d93885","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":119,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"244966e2-1661-4244-b22d-65c1b9823daf","block_type":"box","text":"Change of domicile","page_number":119,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"904881eb-5ec3-40ec-8e05-1a64f9c03e01","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":119,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"70bf2ef9-b1ec-49ca-b159-0c40d693f608","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":119,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"b80911ff-e0bd-4fe1-a280-01b85d676724","block_type":"box","text":"immaterial.","page_number":119,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"dafbc7f6-5e32-4356-b87b-08f31204d56d","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":119,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"23b05552-c1f7-416e-b1ec-53b9ea9a8f01","block_type":"box","text":"with our clients’ financial interests.","page_number":119,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"918b8301-2225-4431-9a60-a2c6941a071c","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":119,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"141efd9d-b43a-4fcd-9ca6-5afa28dad6d1","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":119,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"1fd19c2c-2450-4461-a63c-7e362b2ef6c9","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":119,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"267aaa79-a379-459b-b2ab-07c545d5cf59","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":119,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"de5f51d7-96cb-42c4-90f5-0de2c4ab7682","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":119,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"48b2ed4b-0918-4934-8a16-c8cee45fd351","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":119,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"c979e78f-3abf-4bde-a4cd-3b18973aae04","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":119,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"c19c8a6e-0070-4476-af70-a56b87e01d62","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":119,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"189d897c-a080-4c81-bd4f-eb988b622be8","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":119,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"e4d3be0b-6ca3-4304-bc28-466788cefb37","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":119,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"97d8138a-0d3c-4c7a-a386-a71c10cd9dc1","block_type":"box","text":"relevant to a company’s business.","page_number":119,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"67f96633-1c88-4df2-9590-338410f8fe45","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":119,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"9e95d991-b2e8-4897-8cc3-73452535948f","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":119,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"a5936bea-54b2-4770-a752-2a0faeedfedf","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":119,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"0a03a6c9-cdc6-43c2-8cfc-b20bf5c3d212","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":119,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"ea3c05ef-4bf7-4e55-9494-5c6588366461","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":119,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"87fb4a6e-4ca9-4adf-bc12-95198c1bf38b","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":119,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"5ef2390b-05be-46f3-9022-9d83ab45b7da","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":119,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"13b48430-28ef-4cbe-a6f5-d73aa03b4cb5","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":119,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"29b6db98-c5c2-4b36-a5ea-8a5d5b49f13e","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":119,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"70557056-9ad6-4eae-bc62-1a1aa0601e2f","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":119,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"e169b199-4fab-4ea1-ad22-86586138a44e","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":119,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"f845725e-b593-4aef-8cb0-3bd68ca14508","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":119,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"4655af0e-8d34-44db-af64-304c10fdf5b7","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":119,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"503c4120-b19f-41e7-a2ec-9e9d6a4c2da8","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":119,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"90d935bd-b848-4aff-a15d-db01892aaa90","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":119,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"9e7b5b06-e955-47ee-a0e8-def92559c053","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":119,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"a50388e2-e63b-4462-8434-2051cd6a625c","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":119,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"49db2596-de87-4668-b16c-4a6d86632f8a","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":119,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"a8751ab0-87cb-48cb-b057-41a9a2a80b8f","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":119,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"26267599-e998-473f-9f09-383d1adcc890","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":119,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"01a459ea-2ff3-4548-9f59-84ce4abf479a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":119,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"284f8e73-99d6-407a-b60e-88e6e83a633b","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":119,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fd24a4ce-c446-46ed-b9a4-3a0b098639ae","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0b52290-2c7d-4085-a876-aaa9e36e9957","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":120,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"8d6f465d-924c-4c49-9af3-330572f45199","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":120,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"d39280dd-e012-460c-ad55-b4f6326dc5ef","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":120,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"a17bc907-f78b-428d-8290-0fb560753372","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":120,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"c1336158-4295-4440-b0ee-09da700f7d65","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":120,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"1cabb404-935a-4cd7-842d-0ef151411d5f","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":120,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"fedcc155-eb70-4aa4-a6cd-21e6b58e77f8","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":120,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"f0175abc-bab5-4a26-bcab-4d2ce5afe024","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":120,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"66808cf3-d9d1-4627-9789-264703406601","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":120,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"25c72e6d-6140-4483-9017-6e995ed48d75","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":120,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"15d31237-8791-4899-a052-d04c1f833dbd","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ea16cb3-d2ad-4cd3-b9f1-01dae525e993","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":121,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"40cd7baf-a87f-4438-b32b-42e384083509","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":121,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"07134218-98c9-43c2-818b-e3fc5dacd8d1","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":121,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"4e872c72-c91b-4f02-9383-1310d2dd8755","block_type":"box","text":"11","page_number":121,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"f8ba4588-77d6-4381-a8fd-5d151ef4c527","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":121,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"56cedbed-2735-4263-89c4-08ef0d34373b","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":121,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"503aa87b-1ce6-408a-9baa-314c39f1eb4b","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":121,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"aabeebae-2184-4718-8bf2-bdd956ef2d4b","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":121,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"4b19d561-f83b-41ce-aed4-5ab8d4cd4819","block_type":"box","text":"regulatory requirements.","page_number":121,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"2065e7fd-72f3-48dd-817d-127ab757e977","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":121,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"a5087d66-1687-46ee-b75a-d234515e850e","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":121,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"a79097eb-ad06-46d8-8c8c-a84ca57e4cb0","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":121,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"885d4159-b8a6-47a3-ae16-bc3510ca1057","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":121,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"80094fc8-a0a0-4e5e-a9da-26c08577ef4c","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":121,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"b2af1e30-54a5-404b-a6be-5a7f96687cbd","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":121,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"75aa45be-b0b8-4631-b760-4879f6c2c73e","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":121,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"2fdfbbd4-97ba-441e-a859-411638ef216c","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":121,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"f193c916-9875-4fc2-9c40-e2b763bd2cae","block_type":"box","text":"returns.","page_number":121,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"e9a9ede6-168b-4a77-a33d-38f0016e9fc1","block_type":"box","text":"KEY STAKEHOLDERS","page_number":121,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"3469d9c3-5c83-4c84-9b4e-6ee6a538ea7f","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":121,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"6ee3c261-ae96-4cdc-a39f-0bbbae107ee6","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":121,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"5ee38706-5101-4b7f-8116-c271845014f3","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":121,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"f0c8b8f4-261e-4f26-a506-9e5e932e989d","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":121,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"d2c28577-ca6b-4c9e-9e27-0bda8782865c","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":121,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"7a2ceb9a-2b2a-48a0-a399-f0772dd060f8","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":121,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"f7412a70-feb5-446c-b106-d311ab7606bd","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":121,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"db4dfabe-671d-49a2-b4fc-6ec61ed2fc4e","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":121,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"3e3848db-f8fe-43aa-ae45-0e4e756d7e3a","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":121,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"90cb281f-c3b4-4a64-b06e-bc844fb4f0f2","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":121,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"259a5914-7f11-48ef-be5f-50ea293334eb","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":121,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"c2d44114-bc56-47c4-9426-07fa4de3882f","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":121,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"f65db382-dce2-42a6-8989-2910cb68a8f1","block_type":"box","text":"i.e.","page_number":121,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"402c0821-ca14-4ffe-8763-56c570fb8b39","block_type":"box","text":", one in which global","page_number":121,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"75783997-5d46-40e2-b2a5-faf1c1f62115","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":121,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"61df5595-a0a9-4229-a4e0-cb1aff3c621c","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":121,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"0e53c9a6-b785-430e-8891-a17837110bba","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":121,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"d0748453-d056-4988-8403-12cd021406e9","block_type":"box","text":"client.","page_number":121,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"8011c09d-847c-4b5b-b877-c34c3b7bec0c","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":121,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"cda97719-3466-4cd7-b6ae-c2d704455620","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":121,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"33b89e38-8629-4bee-a5fd-ddcec22c6033","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":121,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"be6b02e8-67ec-4f5d-b39c-bca8568bc9e6","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":121,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"20f5b8a7-00d0-4312-9d00-44dd172dbe7f","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":121,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"5de70948-b51c-45af-a2a1-978473dada8c","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":121,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"5f88feea-7e16-4616-b429-6bf3bcde74d8","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":121,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"c417aa48-b2a6-4872-818c-417c6092f942","block_type":"box","text":"1 and 2 emissions.","page_number":121,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"178c62a4-dca6-4d1e-aeed-588ff25052d6","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":121,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"fbbab653-e4bb-45c3-85b4-1b9a4187f449","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":121,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"d2538652-1906-4833-8169-1c53daae400d","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":121,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"7af6b124-cdb9-4c74-a2b4-b07956c68398","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":121,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"57b4bdf0-91d8-4826-abdc-6b0fcb0c64d8","block_type":"box","text":"11","page_number":121,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"731eb9b8-ad2e-4a74-b387-725617edc79b","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":121,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"67b204a2-e29a-4607-b2b1-4ad56f5980b7","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":121,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"ebf6e708-95c9-4b9a-b1c7-a1a57d1ac268","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":121,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"1585362b-2fc3-447e-ba29-5ba502e38e3f","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":121,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"b0b1ac65-bc07-4f2f-94ef-8b6eb0d7e7a4","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":121,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"fbc1672d-0ac4-47ef-b403-309f8063677b","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":121,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"66d8a556-9e9b-4dfe-af3f-bf37bfc7969f","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":121,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"fdc06343-2745-4090-98c7-992bac06fc8a","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":121,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"061a5fac-dd4d-4577-a17e-f1586903bcb2","block_type":"box","text":"sound governance framework.","page_number":121,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"b08a98a2-1c7b-4613-870b-fa1400389595","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":121,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"37ee29b6-042b-4e78-ac25-d9b006151182","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":121,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2ba92f4e-215c-4bc0-8d8d-0999e3ce8e9b","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8348336-c1af-4b5a-8778-632bd30feaf4","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":122,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"b3ad951d-4d66-4467-94c7-46ad70ac20ad","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":122,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"3f1ed4cd-a951-4622-a8e9-969d97c341cb","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":122,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"a3a94f34-202e-418f-a753-155b24eed597","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":122,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"3bbaad0b-9f3d-495c-a54d-c102d73f301a","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":122,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"9ea7bcc7-9118-4551-b287-25968951194d","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":122,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"146e0def-41cf-45cb-b8ac-1a36a6524348","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":122,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8b47c050-1332-4bd8-ae93-7a44e21d70a0","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":122,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3e389171-82b4-4f8f-b7a2-6420903d8ca1","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e148de59-45f0-4f97-82a5-1817ef38b076","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":123,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"7ab1d907-a054-4ee8-980c-ae308b76d3b9","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":123,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"19123c2c-ad7f-4b3f-a04c-988f0c6ae35f","block_type":"box","text":"Oversight","page_number":123,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"782d6fe2-7440-400e-a65d-3204203d2040","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":123,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"dfc73e49-8b25-4ed2-8084-5df594491ff5","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":123,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"ac8dd6eb-5fd1-4797-8968-ba2d0a1c38f9","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":123,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"095144f7-feba-4536-b83e-fbc6e1beb84a","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":123,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"1cceb30c-19c0-453d-8823-519d3482677c","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":123,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"f2076156-4987-4637-8f55-58d3f70b8cda","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":123,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"997a6bc2-8e7c-40bd-81f1-b7ca4dbc72b8","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":123,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"bbd4565f-5a7f-4a6f-ac1c-c228c1649d0b","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":123,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"129d650f-6417-4174-a9f5-699a8f571ce8","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":123,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"9fbdf81b-0e00-4939-9f71-dd7853bce3f8","block_type":"box","text":"relevant active equity investors.","page_number":123,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"3293fdd7-f723-4ae6-a7a9-bd64e6ced484","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":123,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"292892be-440d-471e-b5be-495b9da35672","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":123,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"69288441-b383-4689-a7a6-cee00a642ad4","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":123,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"8cdc76ba-1b93-4c02-abbd-914782b10cad","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":123,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"c1618393-f879-4879-9003-a559d21673f0","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":123,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"7a23d1fb-a34f-452a-a7f8-a9969aa91119","block_type":"box","text":"third-par ty vote services providers” below).","page_number":123,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"f6b06314-43db-46d9-a602-a869a05f5990","block_type":"box","text":"Voting guidelines and vote execution","page_number":123,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"7bf92a27-9c3d-42b2-b8ca-d8c6502d1a1f","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":123,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"ffe58e53-d58f-4255-8325-92647bef03c3","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":123,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"75d7e2f0-a9f0-4234-99ec-c126c9dec83b","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":123,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"d3cc9005-ff71-4c9b-a23b-8e03e54ce89f","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":123,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"4bd68b20-8cd5-4cbd-aebf-1025b4da7631","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":123,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"bc140829-1885-431b-8a24-d20e45200816","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":123,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"d5fa3591-1f8f-4734-a2a6-3d2f3b8f999c","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":123,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"c063deb9-ea3f-4d97-8d9f-7eb9da8fcbae","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":123,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"71a8621e-f967-4748-86d6-22b0daac70ff","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":123,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"769206ae-e795-4273-8904-bd120466792e","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":123,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"b25298c1-398b-4a84-b8d9-2537a1ed760c","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":123,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"ed0cff7a-4705-484a-8deb-c09ceaed5104","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":123,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"72f6106d-68b8-4bc3-b44d-e5162376aab8","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":123,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"41515238-4bef-4075-871c-5b379299e08c","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":123,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"76f70ae2-91b7-49a1-8cd1-0af59292339d","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":123,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"b2114307-7b8f-40c0-a110-6bdb87cde7d3","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":123,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"18eebd3c-4c46-40c2-8669-b3a0e58e616e","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":123,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"5adeeccf-6b57-4417-8e5e-591136f7e47c","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":123,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"2952296f-7ad4-43ac-90f0-5a3004943f6c","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":123,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"c7ec1db4-27da-4e2c-91bc-8f374ab22efa","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":123,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"974d9e91-fed0-48ed-b05b-4a34d9d05a00","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":123,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"3d9963b0-0473-4c95-b435-aef075d8e67e","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":123,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"b73be99a-4980-4594-b2c5-a7672368c918","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":123,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"02f08020-58cd-4033-be33-2a25e3126bea","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":123,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"c32cdc33-07f5-4fb5-8877-4717c282e2e9","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":123,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"2a830b62-2c57-446c-ac4a-0328634ff2d1","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":123,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"07c06bf4-eddf-4d59-9203-7f86190740b0","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":123,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"9ef08298-2f88-4657-a8ad-9f59f6a47773","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":123,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"94071669-dd86-48a5-9846-cd3801af9ff0","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":123,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"0c18bcdb-12de-4a31-94a2-4b4892d43817","block_type":"box","text":"Voting Choice","page_number":123,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"94eddbfc-c6ee-493b-90f5-0e810b1357fd","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":123,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"609cdb5b-f048-43ad-8f3b-0d149389db44","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":123,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"c758b7d7-cf11-412b-bc0b-bbef3d91560d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":123,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1688d2bb-fb71-4692-8aee-c42ba524cd24","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":123,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a7f2ced5-cfdf-42ed-aaaa-87443d9baabf","block_type":"box","text":"BNM1026U-6032181-19202177","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7bac8b5-a70a-4fd4-911c-d2331a1175d9","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":124,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"707e4aa0-e194-4b52-abed-9e6bbd10c9ec","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":124,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"462c3939-7bd1-48cf-ab2c-197763b8f062","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":124,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"9422b489-3416-4738-8aa4-8f7f1a376c4c","block_type":"box","text":"strategies.","page_number":124,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"8a3f2a18-9ccb-488e-af2b-cbc8665d1fee","block_type":"box","text":"12","page_number":124,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"a7b3e75d-bde0-4d6b-99e4-27969d9898f2","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":124,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"cd698676-3ea0-41db-b3aa-1fd4b3ee54b7","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":124,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"e43ff71c-8585-4891-bf65-8b61a8ea08f3","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":124,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"c3b690a6-1345-4465-b63e-baa4c25b281a","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":124,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"ae679375-f7bf-4409-b74a-71faeafac56d","block_type":"box","text":"13","page_number":124,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"51409aee-39d3-4683-a42e-9ed721f5bcff","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":124,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"aabf9245-5e46-423b-952b-d90ac013a1eb","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":124,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"883405f8-a7dd-40b6-ba79-896a94f96b57","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":124,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"f1b6daba-701b-4fab-bd4f-4ad8bfdddb6d","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":124,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"9f9e9a7f-c25c-4c03-9241-66e7d57f3838","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":124,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"540b413e-f5cf-4f7a-b53f-9871ae0f5ac5","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":124,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"cfc613f1-c6bf-4930-9798-cf8533fc20af","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":124,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"4a88e7f2-ff39-4284-9908-376347ca88ea","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":124,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"53121cfa-5a9e-47f9-89de-7ed1d9708e00","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":124,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"74a97013-cdf3-43f6-aba9-cefa0a51905b","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":124,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"b1bfeac0-c068-41ca-ad17-c66b0f142c10","block_type":"box","text":"meeting agenda are routine. 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