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M","page_number":15,"box":{"x":208,"y":549,"width":647,"height":9}},{"id":"cd7dfd93-7b12-429c-b409-a80cc08a131b","block_type":"box","text":"CBXX","page_number":15,"box":{"x":857,"y":549,"width":37,"height":9}},{"id":"95d17b56-5a03-4e44-a239-7b63917cf3ce","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":564,"width":137,"height":9}},{"id":"601f666f-3eaa-463e-8cc3-a46620be72c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MSIXX","page_number":15,"box":{"x":216,"y":564,"width":675,"height":9}},{"id":"6edad958-e0c4-45d2-af2a-6b7afd9cefd9","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":619,"width":460,"height":19}},{"id":"11e8e18f-8327-4811-8b5e-9201fe5d33a4","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":642,"width":536,"height":17}},{"id":"32322d60-08fd-4f75-be17-96c789be6c61","block_type":"box","text":"The date of this Statement of Additional Information is August 28, 2026.","page_number":15,"box":{"x":214,"y":701,"width":550,"height":12}},{"id":"928a3d14-1b2d-4b59-a7f2-ddb8b424ee79","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f628ae5b-c09e-4d4b-b931-3174a07358aa","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"07303216-b5f6-4fb7-9be7-8f6025e00f76","block_type":"box","text":"Page","page_number":16,"box":{"x":879,"y":73,"width":28,"height":9}},{"id":"93bfff4e-5003-4eea-bea8-3faa1d037426","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"45483eab-1129-4791-a1aa-fb4d2cad4fab","block_type":"box","text":"Investment Objective and Policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"c15960f0-77fa-4351-96d7-b3d45d74b317","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-3","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"da0234de-14e4-4822-bb5f-a585f588dc35","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-4","page_number":16,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"8f94cebd-e224-4316-a159-e9383c7cb19d","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":454,"height":11}},{"id":"2faf9823-992e-43c3-a1dc-8865ced7b688","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-16","page_number":16,"box":{"x":531,"y":158,"width":378,"height":8}},{"id":"a235de2a-e06d-4085-acdb-29492584fbb4","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":"8cdcffe2-3f67-4916-9fd9-ea6c2ce91620","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-17","page_number":16,"box":{"x":555,"y":174,"width":353,"height":9}},{"id":"bd59f3c3-7d59-4a5d-871e-3c777f77d76b","block_type":"box","text":"Yield Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-17","page_number":16,"box":{"x":68,"y":190,"width":840,"height":9}},{"id":"8ae0b752-da72-4c7e-b5ab-c90fe9d90595","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":206,"width":464,"height":12}},{"id":"6303f1b9-aa0b-4391-b4c2-6c9959828313","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":16,"box":{"x":539,"y":207,"width":370,"height":9}},{"id":"7cde2b80-0de0-4715-a243-8ab00f9c3b1b","block_type":"box","text":"Portfolio Transactions .","page_number":16,"box":{"x":69,"y":223,"width":162,"height":9}},{"id":"ea9601da-96fa-481b-b0ef-ae3584474ff6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":16,"box":{"x":237,"y":223,"width":672,"height":9}},{"id":"bf349aa9-39e9-41ce-a0f8-6e510e2151a8","block_type":"box","text":"Additional Information . .","page_number":16,"box":{"x":68,"y":239,"width":171,"height":9}},{"id":"d05a300a-5a2d-4ddf-8772-4ab9442f55e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":16,"box":{"x":245,"y":239,"width":664,"height":9}},{"id":"c50037b5-f4c0-4941-8667-52652bf165a7","block_type":"box","text":"Financial Statements. .","page_number":16,"box":{"x":70,"y":256,"width":161,"height":9}},{"id":"6a80f566-0a5e-42da-b4d8-47b1a61726b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":237,"y":256,"width":672,"height":9}},{"id":"963c826f-23d7-45bf-a57f-e2ee1440f379","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":287,"width":52,"height":9}},{"id":"aaaba60a-bd0e-4c83-ab70-47c5ac443f55","block_type":"box","text":"Investment Risks and Considerations . . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":304,"width":454,"height":9}},{"id":"a27a01ee-68d8-476f-89ec-ea871f9d0a12","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":16,"box":{"x":531,"y":304,"width":378,"height":8}},{"id":"a5a3c906-5437-4297-808e-868fa24cfeec","block_type":"box","text":"Management and Other Service Arrangements. . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":320,"width":471,"height":11}},{"id":"34f5a062-4981-4ba6-92fb-2469ecef8075","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-26","page_number":16,"box":{"x":547,"y":320,"width":362,"height":9}},{"id":"082e139f-7c6b-4503-90bc-ce0eebce40ae","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"8908ca96-49d7-4059-8da0-207f9ee9a2fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-41","page_number":16,"box":{"x":213,"y":337,"width":696,"height":8}},{"id":"e283cfce-5d3d-44bb-969c-4927029b19ca","block_type":"box","text":"Redemption of Shares","page_number":16,"box":{"x":70,"y":353,"width":157,"height":11}},{"id":"de9c60b3-cd07-40d5-97f4-51ba0c159c35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-60","page_number":16,"box":{"x":237,"y":353,"width":672,"height":9}},{"id":"baf9fa61-59e9-46f3-8449-05786d676e88","block_type":"box","text":"Determination of Net Asset Value . . . . . . .","page_number":16,"box":{"x":70,"y":369,"width":291,"height":9}},{"id":"f97aa015-c0f4-4689-954c-63c967de5dda","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-65","page_number":16,"box":{"x":368,"y":369,"width":541,"height":9}},{"id":"3f88ad4b-e78e-460e-ac01-948b5b8fb06b","block_type":"box","text":"Yield Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-66","page_number":16,"box":{"x":68,"y":385,"width":841,"height":9}},{"id":"aa9b5d70-138e-4d4c-b744-9c958ad2a29c","block_type":"box","text":"Portfolio Transactions .","page_number":16,"box":{"x":69,"y":402,"width":162,"height":9}},{"id":"baa9cd96-52bc-4fcf-994a-6a1da2e146f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-67","page_number":16,"box":{"x":237,"y":402,"width":671,"height":9}},{"id":"5674d902-9b21-4726-90a7-e1fe09e039d5","block_type":"box","text":"Dividends and Taxes","page_number":16,"box":{"x":70,"y":418,"width":143,"height":9}},{"id":"8eec5ecd-4892-411f-95fb-895f0dba639a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-68","page_number":16,"box":{"x":221,"y":418,"width":688,"height":9}},{"id":"d74b7ab6-049a-4838-93c1-a12e29641b2e","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . .","page_number":16,"box":{"x":69,"y":435,"width":309,"height":11}},{"id":"ab2fc6ce-647e-481b-b0da-ca478bd341b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-71","page_number":16,"box":{"x":384,"y":435,"width":525,"height":8}},{"id":"89d5cb1d-6d05-47eb-bfd0-fce1000d2961","block_type":"box","text":"General Information. .","page_number":16,"box":{"x":69,"y":451,"width":154,"height":9}},{"id":"8294a6b9-1b79-4784-b4de-a5c40963d726","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-72","page_number":16,"box":{"x":229,"y":451,"width":680,"height":9}},{"id":"56ceedc8-3ab3-4b11-9fd2-0565014a61c7","block_type":"box","text":"Appendix A — Description of Bond Ratings .","page_number":16,"box":{"x":68,"y":467,"width":310,"height":12}},{"id":"9c420e1c-4286-456f-95d3-d94208c5ed33","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":384,"y":468,"width":525,"height":8}},{"id":"453cd1ba-5415-49b0-a5cb-0ad87ba824ab","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . .","page_number":16,"box":{"x":68,"y":484,"width":293,"height":11}},{"id":"410bf985-382f-4882-adae-9cb83b114538","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":368,"y":484,"width":541,"height":9}},{"id":"d20b9560-5569-4c43-b343-80ff490c2beb","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5903d60-5778-4c97-88d6-9afe9bf626b2","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK SUMMIT CASH RESERVES FUND OF BLACKROCK","page_number":17,"box":{"x":147,"y":45,"width":684,"height":9}},{"id":"8ba5f339-d938-4a86-aaf9-0be34d349763","block_type":"box","text":"FINANCIAL INSTITUTIONS SERIES TRUST","page_number":17,"box":{"x":339,"y":60,"width":300,"height":9}},{"id":"4728ea65-c6b7-42b0-b36e-7fb1d9e42eac","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about BlackRock Summit Cash","page_number":17,"box":{"x":102,"y":82,"width":785,"height":11}},{"id":"489084d7-69c4-419c-8672-e23ce5756632","block_type":"box","text":"Reserves Fund (the “Fund”) of BlackRock Financial Institutions Series Trust (the “Trust”). It includes information","page_number":17,"box":{"x":70,"y":98,"width":798,"height":11}},{"id":"97784a22-f2e4-4443-a1a3-5496d4b285f2","block_type":"box","text":"about the Trust’s Board of Trustees (the “Board”), the advisory and management services provided to and the","page_number":17,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"8f048b0e-0dab-4fcd-809a-6b405d7ee234","block_type":"box","text":"management fees paid by the Fund and information about other fees applicable to and services provided to the Fund.","page_number":17,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"7e0062b8-b91d-4751-bca5-4875e043fd3c","block_type":"box","text":"This Part I of this SAI should be read in conjunction with the Prospectus of the Fund and those portions of Part II of","page_number":17,"box":{"x":68,"y":143,"width":825,"height":11}},{"id":"526f00e5-ce96-4257-b4ba-d7df236c343b","block_type":"box","text":"this SAI that pertain to the Fund.","page_number":17,"box":{"x":68,"y":158,"width":233,"height":11}},{"id":"9ba946bd-75c3-4950-b287-7e0756e181ca","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":188,"width":262,"height":11}},{"id":"ebd22268-576d-43ad-a586-555b62d0168a","block_type":"box","text":"The Fund is a government money market fund. The investment objective of the Fund is to seek current income,","page_number":17,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"24b8d9b0-c176-4d2a-b97f-1bdbe656107c","block_type":"box","text":"preservation of capital and liquidity available from investing in a diversified portfolio of short-term money market","page_number":17,"box":{"x":70,"y":226,"width":800,"height":11}},{"id":"f89e8704-707a-4c8f-b56c-01ccf648ee0e","block_type":"box","text":"securities. The investment objective is a fundamental policy of the Fund that may not be changed without the","page_number":17,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"7a580649-89ff-4fd7-8e76-72e634769f99","block_type":"box","text":"affirmative vote of a majority of the outstanding shares of the Fund, as defined in the Investment Company Act. The","page_number":17,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"44c11a3e-eada-4576-a32f-f781de161473","block_type":"box","text":"Fund is classified as a diversified open-end investment company under the Investment Company Act.","page_number":17,"box":{"x":70,"y":271,"width":715,"height":12}},{"id":"2ac2a858-680b-437c-99c6-17e47d06ed80","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing at least 99.5% of its total assets in cash, U.S.","page_number":17,"box":{"x":101,"y":294,"width":788,"height":11}},{"id":"33a9d60c-6b4a-435a-a926-2db0efb7b5ec","block_type":"box","text":"Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government,","page_number":17,"box":{"x":68,"y":309,"width":832,"height":11}},{"id":"2b1f487c-be03-4f54-8799-a59b97f19d29","block_type":"box","text":"its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The U.S.","page_number":17,"box":{"x":70,"y":324,"width":770,"height":12}},{"id":"0e411a47-c0e1-4bea-b011-195d913f9b4b","block_type":"box","text":"Government Securities in which the Fund invests may include variable and floating rate instruments and when-issued","page_number":17,"box":{"x":69,"y":339,"width":832,"height":12}},{"id":"05f1a99c-0eb1-464a-bb05-fe61a15afdce","block_type":"box","text":"and delayed delivery securities. There can be no assurance that the investment objective of the Fund will be realized.","page_number":17,"box":{"x":69,"y":355,"width":834,"height":11}},{"id":"f75008e5-f7f6-4c4d-8e27-bd02385e9d73","block_type":"box","text":"The Fund’s investments will be in instruments with a remaining maturity of 397 days (13 months) or less, with","page_number":17,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"59fabbe2-e986-4498-adc3-6382aaa41c27","block_type":"box","text":"certain exceptions. The Fund invests in “Government Securities” (as defined by applicable laws, regulations or","page_number":17,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"7be8bca5-ea3d-4ba2-b6cb-e7a39728a12d","block_type":"box","text":"interpretations of the Securities and Exchange Commission (the “SEC”)). BlackRock Advisors, LLC (“BlackRock” or","page_number":17,"box":{"x":70,"y":407,"width":815,"height":12}},{"id":"708846bb-d0ad-4052-9c1d-4761ded7868d","block_type":"box","text":"the “Manager”) is the Fund’s investment manager. The Fund’s dollar-weighted average maturity will be 60 days or","page_number":17,"box":{"x":68,"y":423,"width":810,"height":11}},{"id":"2020cafc-6177-4167-9999-5e1a528a7711","block_type":"box","text":"less, and its dollar-weighted average life will be 120 days or less.","page_number":17,"box":{"x":70,"y":438,"width":464,"height":11}},{"id":"a0c34153-f9cc-4681-a00e-2034d7188ef9","block_type":"box","text":"Investment in Fund shares offers several potential benefits. 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The Fund has also","page_number":19,"box":{"x":69,"y":279,"width":826,"height":11}},{"id":"04ac906a-c15a-44e8-b6e8-d2fb6950e928","block_type":"box","text":"adopted certain non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":19,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"85885f56-328c-4314-8d31-8b9d9489a8d4","block_type":"box","text":"approval.","page_number":19,"box":{"x":69,"y":309,"width":63,"height":11}},{"id":"87be0d1c-c91d-4ddc-951d-6bd2c5a9c9e9","block_type":"box","text":"Set forth below are the Fund’s fundamental and non-fundamental investment restrictions. Unless otherwise","page_number":19,"box":{"x":102,"y":332,"width":767,"height":9}},{"id":"d6d3d8c1-c1b7-420d-a712-973fe8459d6f","block_type":"box","text":"provided, all references below to the assets of the Fund are in terms of current market value. Under its fundamental","page_number":19,"box":{"x":70,"y":347,"width":827,"height":11}},{"id":"69755ee2-0ba2-4797-89a1-f9e086fe133c","block_type":"box","text":"investment restrictions, the Fund may not:","page_number":19,"box":{"x":70,"y":362,"width":299,"height":11}},{"id":"77af0075-f7db-4eb6-b942-e00d308ebca1","block_type":"box","text":"(1) Invest more than 25% of its total assets, taken at market value at the time of each investment, in the","page_number":19,"box":{"x":134,"y":385,"width":750,"height":11}},{"id":"34bccbea-5a51-491c-9166-2917fe0e0d4a","block_type":"box","text":"securities of issuers in any particular industry (other than U.S. Government securities, U.S. Government Agency","page_number":19,"box":{"x":102,"y":400,"width":796,"height":11}},{"id":"4d012a55-210d-4d6b-8323-22b40a387287","block_type":"box","text":"Securities or domestic bank money investments). For purposes of this restriction, states, municipalities and their","page_number":19,"box":{"x":102,"y":415,"width":807,"height":11}},{"id":"1f7f9286-93ea-417f-a689-b7ea804366e9","block_type":"box","text":"political subdivisions are not considered part of any industry, and investments in mortgage-related or asset","page_number":19,"box":{"x":102,"y":430,"width":769,"height":11}},{"id":"da39c6e9-c0d6-4f24-b06a-faf9aabaa5b2","block_type":"box","text":"backed securities shall not be considered investments in the securities of issuers in a particular industry.","page_number":19,"box":{"x":102,"y":445,"width":753,"height":11}},{"id":"d14a2a8b-9db8-4250-af2d-f2cb12c02cd4","block_type":"box","text":"(2) Make investments for the purpose of exercising control or management.","page_number":19,"box":{"x":134,"y":468,"width":538,"height":11}},{"id":"fc44a7d7-2741-4b19-98b6-1ecedea43f60","block_type":"box","text":"(3) Underwrite securities of other issuers except insofar as the Fund technically may be deemed an","page_number":19,"box":{"x":134,"y":491,"width":707,"height":11}},{"id":"42573a13-8a37-4640-82cd-1ce5fd777dad","block_type":"box","text":"underwriter under the Securities Act of 1933, as amended (the “Securities Act”), in selling portfolio securities.","page_number":19,"box":{"x":102,"y":506,"width":788,"height":11}},{"id":"033d3360-63a6-4469-8041-e92652eab834","block_type":"box","text":"(4) Borrow money except that (i) the Fund may borrow from banks (as defined in the Investment Company","page_number":19,"box":{"x":134,"y":528,"width":752,"height":12}},{"id":"4ed7ae37-2569-49f3-b3b3-94f972887e0c","block_type":"box","text":"Act) in amounts up to 33","page_number":19,"box":{"x":101,"y":544,"width":177,"height":11}},{"id":"d0101dd3-1299-4b27-8046-9e5932294941","block_type":"box","text":"1⁄","page_number":19,"box":{"x":280,"y":544,"width":5,"height":5}},{"id":"24212624-c148-4cdc-9074-804c76e8e5fc","block_type":"box","text":"1⁄3","page_number":19,"box":{"x":283,"y":544,"width":8,"height":8}},{"id":"b4c827e9-8424-4bd1-a69e-f17048202add","block_type":"box","text":"⁄3","page_number":19,"box":{"x":289,"y":547,"width":6,"height":5}},{"id":"fe05a1e3-74da-4fed-a9bd-761c6dfc1c6c","block_type":"box","text":"% of its total assets (including the amount borrowed), (ii) the Fund may borrow up to","page_number":19,"box":{"x":295,"y":543,"width":600,"height":12}},{"id":"f2622363-fd9f-4111-b8ba-9d75b6e0484c","block_type":"box","text":"an additional 5% of its total assets for temporary purposes, (iii) the Fund may obtain such short-term credit as","page_number":19,"box":{"x":102,"y":559,"width":787,"height":11}},{"id":"4ed4b14c-12c8-4df2-8f6a-b343c2584503","block_type":"box","text":"may be necessary for the clearance of purchases and sales of portfolio securities, and (iv) the Fund may","page_number":19,"box":{"x":102,"y":574,"width":747,"height":11}},{"id":"25b5c7a1-5b9f-4d42-b8b0-8cc57472eafb","block_type":"box","text":"purchase securities on margin to the extent permitted by applicable law. These borrowing provisions shall not","page_number":19,"box":{"x":102,"y":589,"width":780,"height":11}},{"id":"6670e114-aee0-4a62-8034-8f2d6c34cb7b","block_type":"box","text":"apply to reverse repurchase agreements. The Fund may not pledge its assets other than to secure such","page_number":19,"box":{"x":102,"y":604,"width":739,"height":11}},{"id":"e621e770-5ab6-4c58-806a-16521a880939","block_type":"box","text":"borrowings or to the extent permitted by the Fund’s investment policies as set forth in its Prospectus and","page_number":19,"box":{"x":102,"y":619,"width":752,"height":11}},{"id":"070c4666-f136-49ba-8d69-bfa939db5f19","block_type":"box","text":"Statement of Additional Information, as they may be amended from time to time, in connection with when","page_number":19,"box":{"x":102,"y":634,"width":755,"height":11}},{"id":"615e56c5-8258-4782-b134-00f1a0c10123","block_type":"box","text":"issued, reverse repurchase and forward commitment transactions and similar investment strategies.","page_number":19,"box":{"x":102,"y":649,"width":718,"height":12}},{"id":"c0b70bf7-b411-414d-8dfc-7ac8e8e7f1e7","block_type":"box","text":"(5) Purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may invest","page_number":19,"box":{"x":134,"y":672,"width":762,"height":11}},{"id":"c09a42f9-07c5-411b-8021-4f0a2fb6c3d9","block_type":"box","text":"in securities secured by real estate or interests therein or securities issued by companies that invest in real","page_number":19,"box":{"x":102,"y":687,"width":769,"height":11}},{"id":"fb0b16ee-0347-40f6-9cb6-963c0199dfc1","block_type":"box","text":"estate or interests therein and may hold and sell real estate acquired by the Fund as a result of the ownership of","page_number":19,"box":{"x":101,"y":702,"width":808,"height":11}},{"id":"ffacc2af-633e-439b-99ff-05ec98d864f4","block_type":"box","text":"such securities.","page_number":19,"box":{"x":102,"y":718,"width":111,"height":8}},{"id":"1f34dae8-2c1a-418e-90d9-19c72ed202d9","block_type":"box","text":"(6) Make loans to other persons, except that the acquisition of bonds, debentures or other debt securities","page_number":19,"box":{"x":134,"y":740,"width":757,"height":11}},{"id":"0ed1b386-5e36-4de4-9417-d213ed2ee3cf","block_type":"box","text":"and investment in government obligations, commercial paper, pass-through instruments, certificates of deposit,","page_number":19,"box":{"x":102,"y":755,"width":796,"height":11}},{"id":"f10f1510-8961-4291-8ff4-ad62ae762655","block_type":"box","text":"bankers’ acceptances, repurchase agreements or any similar instruments shall not be deemed to be the making","page_number":19,"box":{"x":102,"y":771,"width":803,"height":11}},{"id":"ef4727d6-cea9-48e0-9391-8da31dd31af5","block_type":"box","text":"of a loan, and except further that the Fund may lend its portfolio securities, provided that the lending of portfolio","page_number":19,"box":{"x":102,"y":785,"width":803,"height":12}},{"id":"e29c6ec2-5db5-45c0-b784-f2aa157a4a41","block_type":"box","text":"securities may be made only in accordance with applicable law and the guidelines set forth in the Fund’s","page_number":19,"box":{"x":102,"y":801,"width":746,"height":11}},{"id":"bfd76a56-590e-4fad-b17b-e1bbebeb1175","block_type":"box","text":"Prospectus and Statement of Additional Information, as they may be amended from time to time.","page_number":19,"box":{"x":102,"y":816,"width":690,"height":11}},{"id":"b80d64c6-2198-4b30-b851-a20c001a9af8","block_type":"box","text":"(7) Issue senior securities to the extent such issuance would violate applicable law.","page_number":19,"box":{"x":134,"y":839,"width":595,"height":10}},{"id":"5a5d90af-eb81-45e1-97ec-6d8d29ede412","block_type":"box","text":"(8) Purchase or sell commodities or contracts on commodities, except to the extent that the Fund may do so","page_number":19,"box":{"x":134,"y":861,"width":773,"height":11}},{"id":"d1bfe226-8052-4c9e-9a3b-1d6a2387cde9","block_type":"box","text":"in accordance with applicable law and the Fund’s Prospectus and Statement of Additional Information, as they","page_number":19,"box":{"x":102,"y":876,"width":786,"height":11}},{"id":"0f1af86a-335c-4047-9850-450817d52811","block_type":"box","text":"may be amended from time to time, and without registering as a commodity pool operator under the Commodity","page_number":19,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"b2ad1a8a-18ca-417d-9f69-f11d17632143","block_type":"box","text":"Exchange Act.","page_number":19,"box":{"x":102,"y":907,"width":97,"height":11}},{"id":"2de91f2e-94de-4307-b9af-dae896ffe3ab","block_type":"box","text":"I-3","page_number":19,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"b3f43289-56ef-485d-b8f4-8f9b0e075abf","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":19,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b3e0ee4-5688-4faa-b4f9-6719b4bf204a","block_type":"box","text":"(9) Make any investment that would be inconsistent with its classification as a diversified investment","page_number":20,"box":{"x":134,"y":45,"width":721,"height":11}},{"id":"ff76b0fd-18fe-46ca-bb1e-b5ebaca97c16","block_type":"box","text":"company under the Investment Company Act.","page_number":20,"box":{"x":101,"y":60,"width":321,"height":11}},{"id":"8739b63d-98b7-468a-80df-17ac725f53d3","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":20,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"53486aeb-14c7-4316-9fa0-0315680de8cc","block_type":"box","text":"approval, the Fund may not:","page_number":20,"box":{"x":69,"y":98,"width":197,"height":11}},{"id":"b63f14da-9ab4-4f76-912f-8e9b2919119d","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent such purchases are permitted","page_number":20,"box":{"x":134,"y":120,"width":755,"height":11}},{"id":"3b993e6f-5102-4bda-873a-20321cf1df2c","block_type":"box","text":"by the Investment Company Act. As a matter of policy, however, the Fund will not purchase shares of any","page_number":20,"box":{"x":102,"y":135,"width":745,"height":11}},{"id":"610f2524-30b9-4761-8831-80c827893ef9","block_type":"box","text":"registered open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or","page_number":20,"box":{"x":102,"y":151,"width":805,"height":11}},{"id":"30a4e511-ee2c-4f79-b2c6-ff1f8b95a199","block_type":"box","text":"(G) (the “fund of funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its","page_number":20,"box":{"x":102,"y":166,"width":798,"height":11}},{"id":"5114f1f6-326c-4583-b684-aeec95a87336","block_type":"box","text":"shares are purchased by another investment company investor in reliance on the provisions of subparagraph","page_number":20,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"0a460715-39db-4a99-865e-f5e133de46ff","block_type":"box","text":"(G) of Section 12(d)(1).","page_number":20,"box":{"x":102,"y":196,"width":162,"height":11}},{"id":"abb47d8e-7d71-4afb-8c93-b8cd5ebc96f9","block_type":"box","text":"b. Make short sales of securities or maintain a short position except to the extent permitted by applicable","page_number":20,"box":{"x":134,"y":218,"width":758,"height":12}},{"id":"4f6d3232-ef54-4e99-9a50-cf2715ac74f6","block_type":"box","text":"law. The Fund currently does not intend to engage in short sales.","page_number":20,"box":{"x":102,"y":234,"width":462,"height":11}},{"id":"e6ba53ca-89f4-455c-9d46-d15f76c6e450","block_type":"box","text":"Except with respect to investment restriction (4) above or with respect to policies adopted pursuant to Rule 35d","page_number":20,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"d96ad584-ef4a-455c-aa3e-3458f8413475","block_type":"box","text":"1 under the Investment Company Act (if any), all limitations under the Fund’s fundamental or non-fundamental","page_number":20,"box":{"x":70,"y":271,"width":782,"height":12}},{"id":"ad0427b5-a90c-4c58-9ce8-8fd5263870fa","block_type":"box","text":"investment restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the","page_number":20,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"4e9c6035-c7db-42d9-8980-f009aec42d3a","block_type":"box","text":"Fund’s assets invested in certain securities or other instruments resulting from market fluctuations or other changes","page_number":20,"box":{"x":70,"y":302,"width":833,"height":11}},{"id":"14aaad60-deaf-44a9-8d5e-b879767e82fd","block_type":"box","text":"in the Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":20,"box":{"x":70,"y":317,"width":826,"height":11}},{"id":"de70e37b-a04d-445e-8f79-866ef00a349c","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":20,"box":{"x":70,"y":332,"width":642,"height":11}},{"id":"d3261684-c559-4f1f-8119-2db3e131bdc1","block_type":"box","text":"For purposes of investment restriction (1) above, with respect to the Fund’s industry classifications, the Fund","page_number":20,"box":{"x":102,"y":355,"width":778,"height":11}},{"id":"d7519840-cf3e-483f-ab61-62d899f27771","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":370,"width":817,"height":11}},{"id":"24d69338-17a6-4aa6-8be2-020f9b125f7c","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":385,"width":817,"height":11}},{"id":"f92e7adb-d1e8-4d70-9181-a525a2e7f9a9","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":400,"width":597,"height":11}},{"id":"64f137ff-373a-4b66-bcc9-4e74048f3934","block_type":"box","text":"III. Information on Trustees and Officers","page_number":20,"box":{"x":69,"y":430,"width":290,"height":9}},{"id":"4873dc70-8f28-4404-9379-dcbcf72d3aff","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thirteen of whom are not “interested persons” of","page_number":20,"box":{"x":101,"y":453,"width":788,"height":11}},{"id":"74fb57b2-9c2a-4c20-addb-d4ddc94df9f0","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":468,"width":779,"height":11}},{"id":"82497981-1ee0-477d-b3bb-4135f7ea8b94","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":483,"width":837,"height":11}},{"id":"0a48b3b1-367c-4802-b017-2695a14c30df","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":498,"width":793,"height":11}},{"id":"8a98adb7-bd3e-473d-ad31-3d1b037712aa","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":513,"width":822,"height":11}},{"id":"b359202d-38b0-4146-86ca-99bdf6eeb184","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":528,"width":837,"height":12}},{"id":"f0e4de5f-4be7-4cb0-ba1f-80705c4facb7","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":20,"box":{"x":70,"y":544,"width":335,"height":10}},{"id":"beaf3022-6fe8-4882-93c0-df9cf8cc7a67","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":566,"width":769,"height":11}},{"id":"7309d0c9-e887-4652-a4e5-035d80af6d99","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":581,"width":827,"height":11}},{"id":"9d0cf201-dc31-4ade-b747-89bb7f42054c","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":596,"width":821,"height":12}},{"id":"eff5d6d4-f802-4973-932d-4fc995381c27","block_type":"box","text":"Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":20,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"9b9fa862-0f30-409e-a3e9-12bcf68e6e49","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":20,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"13b02bc7-73d2-4568-bf2b-96ffba92f7aa","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":20,"box":{"x":68,"y":642,"width":789,"height":11}},{"id":"1a120f5a-fff0-42e4-b718-4a49fb705513","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":20,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"03fdcb56-ac27-4887-a5e8-1604380d7790","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":20,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"243afea4-dd34-40fb-b823-a0d202e086a0","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":20,"box":{"x":70,"y":687,"width":794,"height":11}},{"id":"5db97252-9980-4960-8e5d-1e9b03cb68c4","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":20,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"80320a8b-e396-4f51-b482-3bb5bbb0c0ce","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports","page_number":20,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"1995c104-7ce4-455b-9015-5c25650f9d75","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":20,"box":{"x":70,"y":732,"width":811,"height":12}},{"id":"23228136-b325-4b4b-95c7-f25dcb9661eb","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":20,"box":{"x":68,"y":748,"width":809,"height":11}},{"id":"35553e6f-db98-4da6-9d13-9240ba90f66a","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":20,"box":{"x":69,"y":763,"width":825,"height":11}},{"id":"6ef0510b-827a-423a-832b-87663a8cac61","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":20,"box":{"x":69,"y":778,"width":441,"height":11}},{"id":"23818a84-152b-4b57-8acf-bf5c4e8900bb","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":20,"box":{"x":101,"y":801,"width":777,"height":11}},{"id":"9b3f4663-d564-464b-8885-07e3efd8d53e","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":20,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"9943adc8-733c-4fe3-af75-d29e5e28050c","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s charter, and the Fund’s","page_number":20,"box":{"x":68,"y":831,"width":820,"height":11}},{"id":"e9d7a1b3-9224-469b-9768-dd4a84db14e9","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations","page_number":20,"box":{"x":70,"y":846,"width":812,"height":11}},{"id":"2fadffa0-a7ba-4e91-ac7e-7f59fb86d0c7","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":20,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"fc27b743-92ee-4e78-9256-d482d49ecc0e","block_type":"box","text":"the operations of the Fund.","page_number":20,"box":{"x":68,"y":876,"width":192,"height":11}},{"id":"17b9ec42-0b99-4389-969c-36a2fbabaf73","block_type":"box","text":"I-4","page_number":20,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"31cfded6-e5b2-4f6a-afc6-297599ebd8a1","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":20,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ce6d4f3-77ac-4a22-bf57-d003a8b757c6","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":45,"width":785,"height":11}},{"id":"9776ef5f-ac55-46f2-bf71-f640aef9a848","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":60,"width":828,"height":11}},{"id":"741adb1d-ebea-4b66-88b2-184d2ac7d2e5","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":75,"width":832,"height":11}},{"id":"4d34ac40-6676-44a1-a3d5-67885443951c","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":21,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"8e868965-44eb-478f-acc5-cbca74fd6c2d","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":105,"width":811,"height":11}},{"id":"4489daf0-2539-4c32-9a50-ed5b460d2ec7","block_type":"box","text":"part of the Board’s general oversight of the Fund and is addressed as part of various Board and Committee","page_number":21,"box":{"x":70,"y":120,"width":767,"height":12}},{"id":"f9e1ceea-1740-4141-aa4c-d5d476e7ec3e","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":21,"box":{"x":69,"y":135,"width":815,"height":12}},{"id":"c99b1dd3-e98f-42f4-aaad-0c7ed51b21da","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":150,"width":803,"height":12}},{"id":"1fbc5771-447f-45bd-8c4b-4e7b76d92cb9","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":166,"width":840,"height":11}},{"id":"79f30bef-143d-466b-a553-e42caf3571dc","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":181,"width":812,"height":11}},{"id":"4d9be3ea-7fa9-4872-9cff-6472ae8a3944","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":196,"width":817,"height":11}},{"id":"c96b8c58-870e-4415-91b7-e7e6cd10e41c","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":211,"width":812,"height":11}},{"id":"088b3e90-ec24-49a5-83d0-25c0b15b605f","block_type":"box","text":"testing of the Trust’s compliance program and reports to the Board regarding compliance matters for the Fund and","page_number":21,"box":{"x":68,"y":226,"width":818,"height":11}},{"id":"c8815240-03bd-4fd2-b25c-e1cd5af49edf","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":241,"width":759,"height":11}},{"id":"fc9fedc0-6b0b-4742-9663-52e4386ffd0c","block_type":"box","text":"performing their oversight responsibilities.","page_number":21,"box":{"x":70,"y":256,"width":299,"height":12}},{"id":"6f354278-87b4-4ca6-83fd-c2d44639fb90","block_type":"box","text":"Audit Committee.","page_number":21,"box":{"x":101,"y":279,"width":122,"height":9}},{"id":"e3feb99f-ee4f-417a-a5ae-1fe5d81e4f0a","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":279,"width":673,"height":11}},{"id":"023406dd-1cde-4fb6-8651-60a287fcef07","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":294,"width":831,"height":11}},{"id":"826b99f7-127c-42b3-8fc3-8594caa729ea","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":309,"width":820,"height":11}},{"id":"488f608d-2f6f-411a-a311-a5638b20884b","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":324,"width":823,"height":12}},{"id":"968012f4-a34f-4060-9010-a7b73e061af1","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":340,"width":830,"height":11}},{"id":"a713fff3-e2d1-48c3-aa41-a34ca276044b","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":355,"width":825,"height":11}},{"id":"e2dfb31b-a911-4a22-b3b7-afccead6970c","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":370,"width":807,"height":11}},{"id":"90502001-41e5-4ccb-af10-b6dd502db17b","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":385,"width":781,"height":11}},{"id":"60500638-1bfd-421b-a719-f8d2f49720c6","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":400,"width":834,"height":11}},{"id":"f835255e-df14-4384-9348-7289a55fa478","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund and the internal controls of the Fund","page_number":21,"box":{"x":69,"y":415,"width":838,"height":11}},{"id":"f93fea4e-6f02-4e1c-9fe6-f07e2bc53f68","block_type":"box","text":"and certain service providers; (5) oversee the performance of the Fund’s Independent Registered Public Accounting","page_number":21,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"9fd042ad-b5ec-4173-b4e9-81e58abf7de3","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":445,"width":809,"height":12}},{"id":"48ff76eb-0d6f-46df-b76f-c1fcb259b4c1","block_type":"box","text":"performance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":21,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"6dd7ad20-8917-4ca4-b8aa-6273b2f47df2","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial reporting and controls;","page_number":21,"box":{"x":69,"y":475,"width":774,"height":12}},{"id":"535e1fab-9876-4522-8a29-dd580ff5a246","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":491,"width":815,"height":11}},{"id":"207c9f7c-c14b-4488-aebf-7f66bbf089c4","block_type":"box","text":"regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be","page_number":21,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"dfd50920-23b6-4cd0-8385-e3eefb788842","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee.","page_number":21,"box":{"x":69,"y":521,"width":812,"height":11}},{"id":"7978b8d7-ac46-47a4-90c5-9eb3842a1015","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":21,"box":{"x":70,"y":536,"width":576,"height":11}},{"id":"687bea3f-0303-4f5a-9b61-64910a687dc6","block_type":"box","text":"Governance and Nominating Committee.","page_number":21,"box":{"x":102,"y":559,"width":286,"height":11}},{"id":"6100fb9a-7097-476a-ba19-7490823eea4c","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":21,"box":{"x":394,"y":559,"width":464,"height":11}},{"id":"eb1889c8-8000-4f27-aee5-7620931d8ae6","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton,","page_number":21,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"7d73dbcf-17d7-4ef3-affc-39de2b55e84c","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":589,"width":784,"height":11}},{"id":"0e401e46-5a39-4484-96ff-ff33331b0486","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":604,"width":803,"height":11}},{"id":"15a6faf6-af2b-4b6d-b2a8-b34847b26c5d","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":619,"width":829,"height":11}},{"id":"fac6106f-65c3-469d-a732-00a5b1d06b2b","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":21,"box":{"x":70,"y":634,"width":828,"height":11}},{"id":"965c863b-0675-4de1-b5dc-64137f84f20e","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":21,"box":{"x":70,"y":649,"width":809,"height":11}},{"id":"9c6ec8f4-6140-4bf6-baee-eefdced88204","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":21,"box":{"x":69,"y":665,"width":838,"height":11}},{"id":"8621571a-7e0e-4e19-ba78-6b207eccf263","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":21,"box":{"x":69,"y":680,"width":800,"height":11}},{"id":"07429a99-23a0-4d76-8402-3d106d7ea276","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":21,"box":{"x":70,"y":695,"width":813,"height":11}},{"id":"cdda8b9b-2824-4148-b38f-a16c49f374a7","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from","page_number":21,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"b9852b58-140e-456e-a018-7faf0b9b5293","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":21,"box":{"x":68,"y":725,"width":804,"height":11}},{"id":"cdf56596-7ea2-4de5-9b7b-abce5fec962c","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":21,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"80920cc7-fba0-4744-85be-2f96a1cdd474","block_type":"box","text":"Restated Bylaws, shareholders must follow certain procedures to nominate a person for election as a Trustee at a","page_number":21,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"6d3eb516-3544-46d0-b742-4f0560d23fbe","block_type":"box","text":"shareholder meeting at which Trustees are to be elected. Under these advance notice procedures, notice of the","page_number":21,"box":{"x":69,"y":770,"width":796,"height":12}},{"id":"08aa40db-6fb3-4956-8df2-c67a440d2e02","block_type":"box","text":"proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the principal","page_number":21,"box":{"x":70,"y":785,"width":767,"height":12}},{"id":"3c47f453-fa82-45df-b0a4-2da86be502d0","block_type":"box","text":"executive offices of the Trust not later than the close of business on the fifth day following the day on which notice of","page_number":21,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"6434e830-b383-4fff-a5a2-e6f41c17c24f","block_type":"box","text":"the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever first occurs.","page_number":21,"box":{"x":68,"y":816,"width":834,"height":11}},{"id":"5fa2d2f0-79d1-4a3b-aa66-31df53007e70","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about the","page_number":21,"box":{"x":68,"y":831,"width":770,"height":11}},{"id":"7673306b-8e58-4aeb-b1e4-e88fc88810c3","block_type":"box","text":"shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":21,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"106db000-ffbb-4391-9db1-cc8ca7a39cdc","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":21,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"b326cf8d-7080-405c-818f-24f2e2ebd9ac","block_type":"box","text":"written charter for the Governance Committee. During the fiscal year ended April 30, 2026, the Governance","page_number":21,"box":{"x":68,"y":876,"width":767,"height":11}},{"id":"d120ebec-e2de-4881-a327-412256bb6228","block_type":"box","text":"Committee met eleven times.","page_number":21,"box":{"x":69,"y":891,"width":208,"height":9}},{"id":"ccd551ca-b5b5-4d22-a6dc-a5bf3df5752b","block_type":"box","text":"I-5","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"f67cbc1d-fff3-4ac1-94ab-dd7417f213a5","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":21,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8669a37-a1b8-4165-97ff-e39e6a10159a","block_type":"box","text":"Compliance Committee.","page_number":22,"box":{"x":102,"y":45,"width":168,"height":11}},{"id":"c2335033-0123-481c-9d8d-2a8d0d716fe8","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":22,"box":{"x":276,"y":45,"width":629,"height":11}},{"id":"f2334dd4-93ca-45ad-ae81-3e43347be9e6","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":60,"width":828,"height":11}},{"id":"bd9c354a-1148-49ec-bde3-b8f0f0076d0f","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":75,"width":771,"height":11}},{"id":"28c397b6-e04a-4e1f-ba93-ec6ca1d54a98","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":90,"width":835,"height":11}},{"id":"9ba9d548-965e-4d5a-8f32-974d2d3b4326","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-party service providers. The Compliance Committee’s","page_number":22,"box":{"x":70,"y":105,"width":754,"height":11}},{"id":"e4342cd3-6b69-4ce1-ad78-89720e0796c1","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":120,"width":834,"height":11}},{"id":"680ea877-be9f-49ca-a054-a3aeedb2213e","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":135,"width":815,"height":12}},{"id":"ce244aec-fe8f-4a69-a8de-702d79b15c91","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":151,"width":785,"height":11}},{"id":"f0d7dec7-9d9c-4271-b00d-f1450a0a86d3","block_type":"box","text":"reports from, oversee the annual performance review of, and make certain recommendations and determinations","page_number":22,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"671a766d-ecce-4426-bd8b-959572779581","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":181,"width":812,"height":11}},{"id":"7d2cb66b-0b9c-4b46-ac10-94adc5dbad0c","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":196,"width":812,"height":11}},{"id":"742d8b4a-e8bc-4026-9752-97200c8f80f6","block_type":"box","text":"and (4) undertake 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":211,"width":825,"height":11}},{"id":"8a01635a-a938-48b2-a3be-9108e541a458","block_type":"box","text":"Compliance Committee. The Board has adopted a written charter for the Compliance Committee. During the fiscal","page_number":22,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"9bcc8631-08db-49d7-b7c3-f45998b43431","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":22,"box":{"x":68,"y":241,"width":504,"height":11}},{"id":"07cf9829-5d3f-4555-9277-cb4ba925545e","block_type":"box","text":"Per formance Oversight Committee.","page_number":22,"box":{"x":102,"y":264,"width":248,"height":11}},{"id":"1e896098-1cdb-4b0f-9ecb-e0699d4f9440","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":22,"box":{"x":356,"y":264,"width":531,"height":11}},{"id":"c35b5ccd-0c08-46c8-b2e8-784291b7f8f5","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton, Neil A.","page_number":22,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"a06d2dc7-416e-425d-8848-8b6a9fa0ab5b","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is","page_number":22,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"70774c71-1b70-43a5-af71-dd602707168a","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to its agreed","page_number":22,"box":{"x":68,"y":309,"width":832,"height":11}},{"id":"a58f29d7-8328-4839-a9a8-df2595a06f2e","block_type":"box","text":"upon performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":22,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"45bf732b-aa34-4890-a111-cc7bbc7841d8","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":22,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"8a5d9d18-e85d-4149-914a-8d451e7ebc8f","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":355,"width":829,"height":11}},{"id":"a7d9bdf1-c09e-482e-bfcf-9077a6fa781d","block_type":"box","text":"and practices; (2) review information on the Fund’s investment performance; (3) review information on appropriate","page_number":22,"box":{"x":69,"y":370,"width":816,"height":11}},{"id":"403087b6-e49a-445d-8e4e-06916e31f8ed","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":385,"width":803,"height":11}},{"id":"8a9cf3b7-80ef-48d0-a416-b6f9de779cac","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":400,"width":827,"height":11}},{"id":"f3076203-c4cc-4dd9-b51a-86964a00ebbb","block_type":"box","text":"the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":22,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"ed90ce62-63af-4de3-b5a8-7147e5ed98fa","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":430,"width":757,"height":11}},{"id":"9072b965-6ae9-462a-84b9-387870096886","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":445,"width":835,"height":11}},{"id":"a438de5f-3dd8-42aa-b22d-1cb2c25e56e0","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":22,"box":{"x":68,"y":460,"width":800,"height":12}},{"id":"921f261e-3f25-41a7-b5e9-3bb10481d8ae","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":22,"box":{"x":69,"y":475,"width":780,"height":12}},{"id":"6ef005b5-d9b0-47ad-b1ee-79c0bfa522d9","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year","page_number":22,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"1d636102-08a0-4b69-a192-39bbd1a0e787","block_type":"box","text":"ended April 30, 2026, the Performance Oversight Committee met five times.","page_number":22,"box":{"x":69,"y":506,"width":546,"height":11}},{"id":"b73930c5-71a6-41b8-b434-39ff58c7ba7d","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":22,"box":{"x":101,"y":529,"width":186,"height":10}},{"id":"f81b6e01-d82c-4234-8fe8-9a850d6c4805","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":528,"width":598,"height":11}},{"id":"c7c9bc81-4bb6-4357-bb30-f2367c67b013","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":543,"width":817,"height":12}},{"id":"d61c4c06-62a5-4bd3-9336-36fc4bcf60c3","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":559,"width":795,"height":11}},{"id":"92ef5867-bdf0-49bc-bbe1-dccd78b897b8","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":574,"width":788,"height":11}},{"id":"14c6265b-4929-4038-adc2-9185b98a91af","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":589,"width":813,"height":11}},{"id":"6618542a-bb64-48f4-83e7-3878429706aa","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":22,"box":{"x":68,"y":604,"width":816,"height":11}},{"id":"fcc6e93b-3faf-479e-9163-c5bd87d3fc15","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":22,"box":{"x":68,"y":619,"width":577,"height":11}},{"id":"9996c4cc-af5e-4ce1-950e-a6fcf114a480","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":22,"box":{"x":101,"y":642,"width":771,"height":11}},{"id":"269629c5-dd08-4a42-9596-563d871161f1","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":22,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"d84bb813-f6d0-4dae-bd60-dcbd4a786b91","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":22,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"9e91c681-9064-4a95-b475-f2fd09d02bee","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":22,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"36c269c7-2b74-4b7a-8925-e9f169cfc1dd","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":22,"box":{"x":70,"y":702,"width":807,"height":12}},{"id":"52691b48-72d4-4f4c-a889-f8c83e6f1660","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":22,"box":{"x":70,"y":717,"width":787,"height":12}},{"id":"6c060383-69ab-46b3-86b3-619e99a5daaf","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":22,"box":{"x":69,"y":732,"width":805,"height":12}},{"id":"0ba041f1-b8ee-4ff3-9cf4-7695783dff20","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":22,"box":{"x":68,"y":748,"width":794,"height":11}},{"id":"9541fe69-cf3a-4f02-86b0-fc4ff8a3c1d3","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":22,"box":{"x":68,"y":763,"width":829,"height":11}},{"id":"e80c7139-b47a-41ad-837c-a3c39650842d","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":22,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"6010c0ae-ef02-4210-abba-9ad1a9e17223","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":22,"box":{"x":69,"y":793,"width":771,"height":11}},{"id":"406999dd-4e89-42e9-8dad-df55800e5273","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":22,"box":{"x":69,"y":808,"width":473,"height":11}},{"id":"0cac7aac-b5c6-47ac-8e12-1f129b9e87da","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":22,"box":{"x":102,"y":831,"width":792,"height":11}},{"id":"2baea1af-8fde-4880-a66f-20e071eb0270","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":22,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"c530b28f-27cc-4236-b1e5-139a79370a2d","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":22,"box":{"x":69,"y":861,"width":837,"height":11}},{"id":"a100506a-b632-450f-be22-48dd21ca5e42","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":22,"box":{"x":70,"y":876,"width":759,"height":11}},{"id":"0583b218-f0be-4636-a241-2e0d2913aad9","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":22,"box":{"x":70,"y":891,"width":685,"height":12}},{"id":"43991a02-bb3e-497b-b412-406cb624ed79","block_type":"box","text":"ad hoc","page_number":22,"box":{"x":762,"y":891,"width":47,"height":9}},{"id":"7a5f73a9-4488-437c-837f-d0fde5ac1599","block_type":"box","text":"committees","page_number":22,"box":{"x":814,"y":891,"width":82,"height":9}},{"id":"fa4e3638-ef6b-4908-abda-4ab75a31932d","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":22,"box":{"x":68,"y":906,"width":395,"height":12}},{"id":"aeebbe6d-ea09-4f8e-a92d-f9a3eb2b47d2","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"3e492cef-bacd-4403-a968-225c5af99a96","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72b150fc-059a-4b71-a341-6ea55f31abdc","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":45,"width":751,"height":11}},{"id":"ae00f98d-0d9f-4f8f-90ca-53a191cfb2f9","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":23,"box":{"x":69,"y":60,"width":492,"height":11}},{"id":"ba179258-96f7-44bb-bac6-b6849967f9a7","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":23,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"e1625f41-a27d-4f49-97af-e5f96eeb5f07","block_type":"box","text":"Independent Trustees","page_number":23,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"2b4ceda4-2db4-4ef5-aa50-24c7ddf90893","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":120,"width":781,"height":11}},{"id":"99af60d2-54b2-4ee2-ab50-52db9ce85990","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":23,"box":{"x":265,"y":135,"width":604,"height":11}},{"id":"7d251acc-98a0-4c1a-9ab7-26df71add4ea","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":150,"width":623,"height":11}},{"id":"6068670c-0b50-4369-8a76-30334a548e1f","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":165,"width":637,"height":11}},{"id":"afc21780-74c3-441e-989f-d2fbdac5f126","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":180,"width":631,"height":11}},{"id":"5907f608-82f7-41ce-a0ca-9c645a8a8c45","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":23,"box":{"x":264,"y":195,"width":626,"height":11}},{"id":"8a21f6ef-26bf-4241-a66d-5fdb8a6b128f","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":210,"width":639,"height":11}},{"id":"3747f27a-c4b1-4be0-bf0d-178474c07246","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":23,"box":{"x":264,"y":226,"width":637,"height":11}},{"id":"08178ef1-24b6-49a1-b0f0-949b39581e48","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":23,"box":{"x":265,"y":241,"width":586,"height":11}},{"id":"c1063d7b-71f5-49a5-8317-7f87e4d973f2","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":256,"width":640,"height":11}},{"id":"2f2cfa31-61e1-4834-a112-aa9b71923318","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":23,"box":{"x":265,"y":271,"width":389,"height":11}},{"id":"2fc959cf-6f68-4a1a-b8f9-fba3e4828f92","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":23,"box":{"x":69,"y":293,"width":806,"height":12}},{"id":"ec54b431-3fb4-4975-83a8-f3ba4b4aff4c","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":23,"box":{"x":265,"y":309,"width":604,"height":11}},{"id":"485557e5-f99a-49bb-87f1-3f95e2403d08","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":23,"box":{"x":265,"y":324,"width":632,"height":11}},{"id":"0b527867-5813-46af-9130-7e287aca0a06","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":23,"box":{"x":265,"y":339,"width":562,"height":9}},{"id":"64151ffa-135b-4c42-b59c-380b24a09e2b","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":23,"box":{"x":265,"y":354,"width":616,"height":10}},{"id":"83a8b23b-bbd4-4b83-a96b-5feb206fccf1","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":23,"box":{"x":264,"y":369,"width":591,"height":11}},{"id":"61e85d46-6fd4-4ab9-bd39-d2e58eee2e26","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":23,"box":{"x":265,"y":384,"width":641,"height":11}},{"id":"b018a428-aa5e-469a-a509-11778d8ea63b","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":23,"box":{"x":264,"y":399,"width":638,"height":12}},{"id":"6e3a61d4-c5b7-4be6-9faf-46517def9c9a","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":23,"box":{"x":265,"y":414,"width":584,"height":12}},{"id":"a7d27ddb-01e3-4fd4-b181-5fb7b898ce4c","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":23,"box":{"x":265,"y":429,"width":630,"height":12}},{"id":"95893f1e-377c-405b-bbe9-2e68f4435fbb","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":23,"box":{"x":265,"y":445,"width":634,"height":11}},{"id":"a367be46-858b-4592-b11b-f3b1b586d4f3","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":23,"box":{"x":265,"y":460,"width":599,"height":11}},{"id":"766cc599-fa13-4508-930e-797d33f5a428","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":23,"box":{"x":265,"y":475,"width":407,"height":11}},{"id":"3574eeb7-675d-44fa-ac81-0265e09196d7","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":23,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"2855f1bb-e972-4d19-97fa-4cf5615cec26","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":513,"width":638,"height":11}},{"id":"f7e510b3-a70a-43fe-95ee-f10cbb69160f","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":528,"width":642,"height":11}},{"id":"f11ded93-6e48-4bb6-ad56-dc0a51ed651a","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":23,"box":{"x":265,"y":542,"width":601,"height":12}},{"id":"1c5a299c-e0a5-47ac-935c-50b81e75cdff","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":23,"box":{"x":265,"y":558,"width":595,"height":11}},{"id":"cd1a6b8e-910c-4b5b-80e6-4d5bf519899d","block_type":"box","text":"perspective on the markets and the economy.","page_number":23,"box":{"x":265,"y":573,"width":323,"height":11}},{"id":"057676fc-a478-4f9d-a563-6b9e3dfc9e04","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":23,"box":{"x":70,"y":596,"width":798,"height":11}},{"id":"40fe5537-7bb0-4051-8034-a9650d43b8a4","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":23,"box":{"x":265,"y":611,"width":631,"height":11}},{"id":"9610a6e8-e3ec-4af8-a255-7096fe52d73c","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":23,"box":{"x":265,"y":626,"width":633,"height":11}},{"id":"cd108742-ed09-4eb0-8992-5524f9fe0de1","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":23,"box":{"x":265,"y":641,"width":628,"height":11}},{"id":"9c6bd13f-e3cc-42b3-a6b9-f6f8c27cec6c","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":23,"box":{"x":265,"y":656,"width":596,"height":12}},{"id":"88f8ec93-b14a-4b3a-b3eb-49fae770e9c0","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":23,"box":{"x":265,"y":671,"width":616,"height":12}},{"id":"54d86658-ce95-4c24-9286-0216cf4f44de","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":23,"box":{"x":264,"y":686,"width":368,"height":11}},{"id":"326395ff-830d-41f2-a83b-aab40ffe4a2a","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":23,"box":{"x":69,"y":709,"width":777,"height":11}},{"id":"87dbbe24-4e75-4ad5-b783-ab5914980d89","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":23,"box":{"x":265,"y":724,"width":613,"height":12}},{"id":"51d4ab3b-ba65-4f64-ae0d-6e2eccbfadfb","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":23,"box":{"x":265,"y":739,"width":563,"height":12}},{"id":"046c2322-70de-44e1-b3a2-06741ae0a31e","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":23,"box":{"x":265,"y":755,"width":607,"height":11}},{"id":"5e956e6f-80d1-463f-b2ea-191087a93c1d","block_type":"box","text":"partner at Deloitte and Arthur Andersen for approximately 17 years. These positions have","page_number":23,"box":{"x":265,"y":770,"width":638,"height":11}},{"id":"2f1d7d58-434d-4270-a166-6a3bfaa77676","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":23,"box":{"x":265,"y":785,"width":626,"height":11}},{"id":"9f60f698-9ced-47a2-9b9c-8b2b459c47df","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":23,"box":{"x":265,"y":800,"width":563,"height":11}},{"id":"15ef1e48-ba4b-4d1d-9159-d4d09e37b7c8","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":23,"box":{"x":265,"y":815,"width":625,"height":11}},{"id":"9a53f78d-6ed7-4336-bf71-dfffae692e4f","block_type":"box","text":"Independent Trustee.","page_number":23,"box":{"x":265,"y":830,"width":149,"height":11}},{"id":"12db676a-5bbd-4a96-9508-71be597f357c","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"331ef984-10dc-4406-8c5e-8bd6dca5438f","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c12b1e7-60a6-4d0f-a2e0-c7220379aacc","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":24,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"d6c9937d-df4c-408c-9be6-77aa4630383a","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":65,"width":806,"height":12}},{"id":"93474de0-91b3-46f1-a432-d589b70e5447","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":24,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"bdc0d146-ef39-482d-b58f-f2d8915d665b","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":96,"width":622,"height":11}},{"id":"48b87bab-a65f-4efd-9ebf-f672057dd69b","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":24,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"e71e7e64-2b87-41c4-8051-f63930c6bdc2","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":24,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"f976fcca-f406-4d36-9453-1c810582188b","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":141,"width":642,"height":11}},{"id":"fb151d5a-af44-46e2-b2e3-8d2eaf8e8dea","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":24,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"4f64647b-b96f-4bd8-9687-0266d770a709","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":24,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"9f377071-8826-4821-b1e4-c86f90fb645d","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":24,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"0fb63d1b-fc17-4ab4-90d2-9347af196770","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":24,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"a2e661e7-4bb7-4538-bca3-8d034d5cfd01","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":24,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"66392c2e-d6ab-46b6-b5b0-cebf3910a54b","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":24,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"b927fa08-69b2-4f2b-a1ba-f7c98a6c1f72","block_type":"box","text":"applicable Commission rules.","page_number":24,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"bba77841-2fd3-4064-882a-112e677aaa58","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":269,"width":769,"height":12}},{"id":"02771ba0-111a-4fbb-a031-bbbe4e737e67","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":24,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"b9f5e27f-f6d8-4f53-96d9-051eec131e15","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":24,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"e85f87e4-9f8a-41aa-8dc1-c41d17bd8e2d","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":315,"width":641,"height":11}},{"id":"d9b18ed1-f357-403e-bd2d-f022914e0279","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":24,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"3f699d8b-1341-49d4-b418-164f664647be","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":24,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"5709eb0e-e829-4ab6-bbec-2d4380421100","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":24,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"ff1e07bb-021d-4509-b4a5-6aacfa007836","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":375,"width":628,"height":11}},{"id":"d22f4c6c-b775-46b3-b4e1-7306ef8e192b","block_type":"box","text":"articles and books on these topics.","page_number":24,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"9ca6a67b-807f-4fa2-a570-5d58cb207d10","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":413,"width":764,"height":11}},{"id":"e42fae85-536c-46a1-ab0f-15659cb45e73","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":24,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"506cb093-3333-488e-b143-a6f077b798d6","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":24,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"345d611b-4288-4ec6-87bf-85288eb08717","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":458,"width":603,"height":12}},{"id":"76dfdc09-eff3-4107-8a0b-057096e8392b","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":24,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"f7f27b29-1de6-4826-9d5e-86c30ecdc1e0","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":24,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"8c247005-a879-4a32-9606-df3ff5565e7f","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":24,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"fcbca0e5-30ba-4faf-b5f2-87a51649dd6e","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":24,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"d0446dfb-fba2-46df-b576-bfe4a1396c70","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":24,"box":{"x":265,"y":542,"width":639,"height":11}},{"id":"d531e566-ebff-46e5-852a-ccd01fb0c2f0","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":24,"box":{"x":265,"y":557,"width":576,"height":11}},{"id":"3c21354c-ed95-4f97-906e-1da2070b6491","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":24,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"88c7c984-c708-4965-a384-9452a1bd882d","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":24,"box":{"x":265,"y":587,"width":592,"height":11}},{"id":"b8c838e2-6cf2-45e0-8a3d-76096c5e5e46","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Arthur","page_number":24,"box":{"x":265,"y":602,"width":629,"height":11}},{"id":"93a33a64-53e5-4bae-863a-73db25dc87eb","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":24,"box":{"x":265,"y":617,"width":626,"height":11}},{"id":"16a16813-e327-440a-a094-a8ca4e2d9d09","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":24,"box":{"x":264,"y":632,"width":608,"height":12}},{"id":"f5aad8d9-2a88-498d-a35d-4a2c05475af3","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":24,"box":{"x":265,"y":648,"width":575,"height":11}},{"id":"f1855a33-5168-461e-be65-3727fb6a3489","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":24,"box":{"x":264,"y":663,"width":591,"height":11}},{"id":"b751ca20-1de4-4612-8140-f464c072c815","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":24,"box":{"x":265,"y":678,"width":627,"height":11}},{"id":"523dd7bd-0ecb-4b59-bde0-562a63bc2c09","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":24,"box":{"x":265,"y":693,"width":578,"height":11}},{"id":"e6becc04-83c1-44ca-bef6-7bc3af8835e0","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":24,"box":{"x":265,"y":708,"width":607,"height":11}},{"id":"11114288-370b-4773-834e-6dc76f38f153","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":24,"box":{"x":265,"y":723,"width":615,"height":11}},{"id":"eeedd1fe-c934-4c17-a5ef-d34f73de3c71","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":24,"box":{"x":265,"y":738,"width":638,"height":11}},{"id":"6874b3f5-ebc6-41e3-900d-0e6f029675a9","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":24,"box":{"x":265,"y":753,"width":635,"height":12}},{"id":"79485423-5c03-4265-b8f4-4312076b931d","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":24,"box":{"x":265,"y":768,"width":642,"height":12}},{"id":"5a9ae788-49e0-4dbb-99a5-e69693d7a8da","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":24,"box":{"x":265,"y":784,"width":627,"height":11}},{"id":"dd05fb1d-9c25-4830-9a58-20ce5dc7759f","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":24,"box":{"x":265,"y":799,"width":628,"height":11}},{"id":"f4eac1f0-5527-4e68-bb95-fa3f602cc399","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":24,"box":{"x":265,"y":814,"width":460,"height":11}},{"id":"711d5afe-e935-49bc-b947-993a4964d53f","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"dbf8c947-a49a-4efd-832c-dbf8020fd930","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"255eeda5-7d3b-4fa4-b5e0-54802fb46341","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":25,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"4fe8a65e-8e1b-4aec-adf6-eceefe5b5656","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":65,"width":818,"height":12}},{"id":"c52cfe70-4eb5-4fd3-9f6a-6be60a4efac9","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":81,"width":603,"height":11}},{"id":"a78e186c-a238-4c4e-9012-bba0143e8400","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":25,"box":{"x":265,"y":96,"width":606,"height":11}},{"id":"85a10296-56b4-4356-8ba4-e3c2ba1943f2","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":25,"box":{"x":265,"y":111,"width":608,"height":9}},{"id":"c3526aba-b268-4079-9c52-ff69b5999593","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":25,"box":{"x":265,"y":126,"width":626,"height":11}},{"id":"97733e96-0eb2-46b2-af87-01cf1573581c","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":25,"box":{"x":265,"y":141,"width":591,"height":11}},{"id":"2667394c-1d55-4104-88c4-a23c58d6dd7d","block_type":"box","text":"various private and non-profit boards.","page_number":25,"box":{"x":264,"y":156,"width":265,"height":11}},{"id":"a8f3408c-ea87-4f50-a78a-e6fe3e4814de","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":25,"box":{"x":70,"y":179,"width":833,"height":11}},{"id":"5191e982-7a7a-4391-b04d-91e21f1fcc2a","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":25,"box":{"x":265,"y":194,"width":638,"height":11}},{"id":"f90c741f-468a-4637-89a2-426dcf4b84fd","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":25,"box":{"x":265,"y":209,"width":608,"height":11}},{"id":"f423fd34-bde1-4a57-b871-226310bd5fe0","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":25,"box":{"x":264,"y":224,"width":645,"height":11}},{"id":"717f125f-f567-402d-9c94-9fb1da5bed41","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":25,"box":{"x":264,"y":239,"width":639,"height":9}},{"id":"dc4abb57-4669-4553-8796-01efce061d45","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":25,"box":{"x":264,"y":254,"width":573,"height":12}},{"id":"2f6b11a2-2d78-4c8b-9ecf-4eee1b7ba8a8","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":25,"box":{"x":265,"y":269,"width":625,"height":12}},{"id":"f19aa2ac-fe52-4d0c-be3d-6663d4a70243","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":25,"box":{"x":265,"y":285,"width":610,"height":11}},{"id":"0591f67c-4fec-4d86-a3de-4b1cbf6bf0f0","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":25,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"a213465a-4165-4893-a143-bbcab25c0d36","block_type":"box","text":"and fiduciary governance. Mr. Stern also served as consultant to the Independent","page_number":25,"box":{"x":265,"y":315,"width":583,"height":11}},{"id":"c9b0cb67-a897-4a64-8b86-45faf3bb569a","block_type":"box","text":"Trustees prior to becoming an Independent Trustee.","page_number":25,"box":{"x":264,"y":330,"width":369,"height":11}},{"id":"a06917f1-15a3-4b55-a5e2-9566fefdbea4","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":25,"box":{"x":70,"y":353,"width":807,"height":11}},{"id":"d33a0d13-d149-4106-9250-b0bf588a32ff","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":25,"box":{"x":264,"y":368,"width":641,"height":11}},{"id":"18d94836-460b-40fe-9f88-ff708ec9c089","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":25,"box":{"x":265,"y":383,"width":618,"height":11}},{"id":"d4174225-3920-40ec-a802-07d0ec0ccff9","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":25,"box":{"x":265,"y":398,"width":594,"height":11}},{"id":"de0b6c97-841d-45d6-af78-11630c27956b","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":25,"box":{"x":265,"y":413,"width":639,"height":11}},{"id":"427750d5-ff97-4171-be1e-4be74b7915ac","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":25,"box":{"x":265,"y":428,"width":575,"height":11}},{"id":"ba7e5a7d-38ba-4736-9315-0abcae3ab908","block_type":"box","text":"Commission rules.","page_number":25,"box":{"x":265,"y":443,"width":131,"height":9}},{"id":"e4f745f6-3a49-4a06-93c2-5e7eb45f0d5d","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":25,"box":{"x":69,"y":466,"width":808,"height":11}},{"id":"d1c1d865-7792-4ccd-9f77-a28e4c8cdcee","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":25,"box":{"x":265,"y":481,"width":630,"height":11}},{"id":"3a541b8d-b60f-4327-81d1-6e29b7f47b74","block_type":"box","text":"Management, LP / Steel Partners Japan Asset Management, LP from 1998 to 2015, an","page_number":25,"box":{"x":265,"y":496,"width":627,"height":12}},{"id":"2504d648-d5de-40f7-aa75-262613945d34","block_type":"box","text":"investment manager that specialized in long/short non-U.S. equity investments, and was","page_number":25,"box":{"x":265,"y":512,"width":632,"height":11}},{"id":"5cc98b32-ffcc-46ac-9faa-1196216dd20e","block_type":"box","text":"an owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to","page_number":25,"box":{"x":265,"y":526,"width":615,"height":12}},{"id":"4053e546-fdea-4cbc-9a8f-c8a8c432cc34","block_type":"box","text":"2023, a firm focusing on long/short equities in global emerging and frontier markets.","page_number":25,"box":{"x":265,"y":542,"width":608,"height":11}},{"id":"a31beb67-7485-4dcc-8b28-2b988f6dfdf8","block_type":"box","text":"These positions have provided her with insight and perspective on the markets and the","page_number":25,"box":{"x":264,"y":557,"width":620,"height":11}},{"id":"d356ae12-8ab1-4532-af8d-5ffc181e9541","block_type":"box","text":"economy. 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None Over","page_number":30,"box":{"x":197,"y":868,"width":634,"height":9}},{"id":"26b919cf-0259-44f1-9638-dae5fd33e2ef","block_type":"box","text":"$100,000","page_number":30,"box":{"x":837,"y":867,"width":72,"height":11}},{"id":"e0ec770e-5acd-4942-9b3f-f219b4b207ec","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":30,"box":{"x":79,"y":883,"width":752,"height":9}},{"id":"5f750f79-1ab5-42c9-a20f-ca7ac09c22d5","block_type":"box","text":"$100,000","page_number":30,"box":{"x":837,"y":882,"width":72,"height":12}},{"id":"b55a0bc6-7436-4e87-8f08-d4177d703632","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":30,"box":{"x":79,"y":898,"width":752,"height":11}},{"id":"e8daa75a-7a14-4bfc-a641-f77a949c63d9","block_type":"box","text":"$100,000","page_number":30,"box":{"x":837,"y":898,"width":72,"height":11}},{"id":"41104086-9e68-4282-9223-01b454f02ca3","block_type":"box","text":"I-14","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"66e3314e-1edb-4b3f-bee3-d259003426da","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd8347e4-9bc3-49c4-aac3-8a3dfc90641c","block_type":"box","text":"Name","page_number":31,"box":{"x":69,"y":79,"width":32,"height":7}},{"id":"7cd5c2a2-dd99-46f2-9fc5-9c8501f638da","block_type":"box","text":"Dollar","page_number":31,"box":{"x":708,"y":49,"width":33,"height":7}},{"id":"8d55e457-467d-4578-bc08-c2980a91a020","block_type":"box","text":"Range of Equity","page_number":31,"box":{"x":679,"y":59,"width":91,"height":9}},{"id":"dad6f877-71f2-4470-ad23-2fe1a07ad6e2","block_type":"box","text":"Securities in","page_number":31,"box":{"x":688,"y":69,"width":72,"height":7}},{"id":"86011a53-ca56-46b5-a0ff-abd3c7da3286","block_type":"box","text":"the Fund","page_number":31,"box":{"x":698,"y":79,"width":51,"height":7}},{"id":"e73749ad-f693-465e-ab11-c554816e1078","block_type":"box","text":"Aggregate Dollar","page_number":31,"box":{"x":805,"y":49,"width":99,"height":9}},{"id":"a2ce62e8-dd85-4951-92a0-fe05f8a5e192","block_type":"box","text":"Range of Equity","page_number":31,"box":{"x":809,"y":59,"width":91,"height":9}},{"id":"0a236b9d-bdfe-4c7e-a2e2-a2f47a7e9c74","block_type":"box","text":"Securities in","page_number":31,"box":{"x":818,"y":69,"width":72,"height":7}},{"id":"a663d8db-dfb7-4db2-ad73-18b462c82b34","block_type":"box","text":"Supervised Funds","page_number":31,"box":{"x":803,"y":79,"width":102,"height":9}},{"id":"8b15bd6e-6790-453a-a592-525ecee7f9c2","block_type":"box","text":"Jeffrey Jarczyk* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":31,"box":{"x":78,"y":97,"width":794,"height":11}},{"id":"693d9838-903c-4259-ac5b-08177a2b666c","block_type":"box","text":"Henry R. Keizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":79,"y":112,"width":752,"height":11}},{"id":"4ee66593-6612-4bfd-9b79-2af6674ae06d","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":111,"width":72,"height":12}},{"id":"27a6f767-18d7-4093-aa1b-411681259117","block_type":"box","text":"Cynthia A. Montgomery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":79,"y":127,"width":752,"height":11}},{"id":"f16219e4-8702-48a2-b2c4-3b359627c2f9","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":126,"width":72,"height":12}},{"id":"fb40649d-be75-4188-9043-daa950e155e8","block_type":"box","text":"Donald C. Opatrny","page_number":31,"box":{"x":79,"y":142,"width":129,"height":11}},{"id":"cc67c433-c3bd-40b3-8285-ed0454e19076","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":213,"y":142,"width":618,"height":9}},{"id":"1dca5c06-38e3-436f-8d73-27ba542d589e","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":142,"width":72,"height":11}},{"id":"d2df666e-298e-4955-8e89-01e4563fb3fe","block_type":"box","text":"Lori Richards","page_number":31,"box":{"x":79,"y":158,"width":91,"height":8}},{"id":"62695ff0-7d28-4bef-a788-6acff1a79713","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":31,"box":{"x":181,"y":158,"width":691,"height":8}},{"id":"2c81273f-90ff-4caa-a885-624a4d015b8f","block_type":"box","text":"Mark Stalnecker","page_number":31,"box":{"x":79,"y":173,"width":115,"height":9}},{"id":"43d9cfbc-842b-41b3-a126-a50746d90932","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":197,"y":173,"width":634,"height":9}},{"id":"22180fb6-99f0-49c8-89d9-83e8f1cf99c1","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":172,"width":72,"height":11}},{"id":"0625c542-aeca-4480-9bcb-7c5dd653c72a","block_type":"box","text":"Marc D. Stern* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":31,"box":{"x":79,"y":188,"width":793,"height":9}},{"id":"efb19080-32a0-4847-8f44-1161cfeff587","block_type":"box","text":"Kenneth L. Urish","page_number":31,"box":{"x":79,"y":203,"width":117,"height":9}},{"id":"474253b7-a165-498c-aec7-288cc8735b21","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":205,"y":203,"width":626,"height":9}},{"id":"21642ff1-4f4c-4c32-860a-5e95ad01d95a","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":202,"width":72,"height":11}},{"id":"c399c4cd-695f-4bf7-8dfb-b708e6093b57","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":79,"y":218,"width":752,"height":9}},{"id":"daf1e89a-c97d-44d2-ab3d-a7cf554b7a97","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":217,"width":72,"height":11}},{"id":"4416dd71-a040-4b38-9050-1f04fa5cff39","block_type":"box","text":"Interested Trustees","page_number":31,"box":{"x":70,"y":233,"width":138,"height":9}},{"id":"fd433db8-25b2-4c8f-89bb-ad7c56db6fda","block_type":"box","text":"Robert Fairbairn","page_number":31,"box":{"x":79,"y":248,"width":113,"height":9}},{"id":"421a60cf-e42b-4b75-bc4a-21bc9ba71dcd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":197,"y":248,"width":634,"height":9}},{"id":"525519d4-b57b-433e-b730-32bf9ebfabb7","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":247,"width":72,"height":12}},{"id":"948b1849-69ca-40ef-a5e0-1e3b9fa7ac43","block_type":"box","text":"John M. Perlowski","page_number":31,"box":{"x":78,"y":263,"width":127,"height":9}},{"id":"87b1f898-ab31-4b42-b220-614d3fa41641","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":31,"box":{"x":213,"y":263,"width":618,"height":9}},{"id":"9ac330ad-0fa1-4b49-9009-fc761a3bdffe","block_type":"box","text":"$100,000","page_number":31,"box":{"x":837,"y":263,"width":72,"height":11}},{"id":"13455593-f0e9-4b54-804d-c85c4d6a8f46","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":288,"width":782,"height":9}},{"id":"80c2953b-3263-49d5-bdce-425a08ae898c","block_type":"box","text":"As of August 5, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned","page_number":31,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"02170a25-8ac0-4ff5-a917-43d1c0672e22","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025 (and,","page_number":31,"box":{"x":69,"y":324,"width":809,"height":11}},{"id":"011bc6e2-8c1c-4894-9c46-82b8b261f85a","block_type":"box","text":"with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026), none of the Independent Trustees of the Trust or their","page_number":31,"box":{"x":68,"y":339,"width":836,"height":11}},{"id":"59de7bd1-7407-40dd-8b6d-e46a7cb4d6ed","block_type":"box","text":"immediate family members owned beneficially or of record any securities of the Fund’s investment adviser, principal","page_number":31,"box":{"x":70,"y":354,"width":824,"height":11}},{"id":"5513540e-48ab-4ed9-95d6-c0b90349f71b","block_type":"box","text":"underwriter, or any person directly or indirectly controlling, controlled by, or under common control with such entities.","page_number":31,"box":{"x":69,"y":369,"width":830,"height":11}},{"id":"9def55de-72b4-4b70-af67-dcc431128d4e","block_type":"box","text":"Compensation of Trustees","page_number":31,"box":{"x":69,"y":399,"width":190,"height":11}},{"id":"ba8cc8b8-a1ea-49b9-9585-27e9231cb2ec","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":421,"width":791,"height":12}},{"id":"92540e6e-821a-409d-a198-d7b14c5211b1","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":437,"width":810,"height":11}},{"id":"5ec1bb00-f83c-442a-b084-74d70a6e9799","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":452,"width":838,"height":11}},{"id":"2acfc82c-ccce-4cba-a340-8857fe2d557e","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":467,"width":807,"height":12}},{"id":"471a3db6-d575-44dd-89e8-ee29d5a1e3fd","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":482,"width":791,"height":12}},{"id":"0ba3bde4-9d9e-4ce2-9e81-99235fd8c953","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":498,"width":786,"height":11}},{"id":"293eea0b-de35-4f59-9b75-1b63d35573c8","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":513,"width":769,"height":11}},{"id":"cf17734f-75d6-466f-a10f-6498be67d9af","block_type":"box","text":"Committee and Performance Oversight Committee are paid as compensation an additional annual retainer of","page_number":31,"box":{"x":69,"y":528,"width":778,"height":11}},{"id":"b56e94e9-6024-4637-ade7-0fb06429f3a1","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":542,"width":689,"height":12}},{"id":"32335a27-9480-4654-9a1e-36f606cb89aa","block_type":"box","text":"The following table sets forth the compensation the Trust paid to the Trustees, on behalf of the Fund, for the","page_number":31,"box":{"x":101,"y":566,"width":776,"height":11}},{"id":"c421e45d-f612-4f5e-8e38-b70152723741","block_type":"box","text":"fiscal year ended April 30, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for","page_number":31,"box":{"x":68,"y":581,"width":816,"height":11}},{"id":"d9717b8c-9896-4a90-8642-80214f21bd0e","block_type":"box","text":"the calendar year ended December 31, 2025.","page_number":31,"box":{"x":68,"y":596,"width":326,"height":11}},{"id":"fc0d081d-4a35-439e-bca6-456d8207e817","block_type":"box","text":"Name","page_number":31,"box":{"x":69,"y":665,"width":32,"height":7}},{"id":"87180c74-10d5-4b0b-9c54-5db9a2dce238","block_type":"box","text":"Compensation","page_number":31,"box":{"x":559,"y":654,"width":82,"height":9}},{"id":"ab5720db-d07b-46a0-a665-c8a8a8390b21","block_type":"box","text":"from the Fund","page_number":31,"box":{"x":559,"y":664,"width":81,"height":8}},{"id":"3407a121-f771-4ae8-9f0a-d8af6bca5f08","block_type":"box","text":"Estimated Annual","page_number":31,"box":{"x":672,"y":644,"width":101,"height":7}},{"id":"39996995-9657-4dd9-8f71-1b93bf29e714","block_type":"box","text":"Benefits upon","page_number":31,"box":{"x":683,"y":654,"width":79,"height":9}},{"id":"ebf60825-e8b3-4c76-be61-c6d6954ce161","block_type":"box","text":"Retirement","page_number":31,"box":{"x":691,"y":664,"width":64,"height":8}},{"id":"b643048b-dc8c-4eaa-9478-2d03a45ba158","block_type":"box","text":"Aggregate","page_number":31,"box":{"x":826,"y":624,"width":61,"height":9}},{"id":"f4b015db-0945-4e73-8399-c89a5fafcc62","block_type":"box","text":"Compensation","page_number":31,"box":{"x":815,"y":634,"width":82,"height":9}},{"id":"b08a4da3-2543-4b82-9b09-bb2dc4a1e586","block_type":"box","text":"from the Fund and","page_number":31,"box":{"x":803,"y":644,"width":106,"height":7}},{"id":"d473ef38-778f-4250-a179-0549bddb1e61","block_type":"box","text":"Other BlackRock","page_number":31,"box":{"x":806,"y":654,"width":102,"height":7}},{"id":"72960fca-f1b0-4d55-aa23-35a758b19842","block_type":"box","text":"Advised Funds","page_number":31,"box":{"x":812,"y":664,"width":84,"height":8}},{"id":"1ef4ce0f-c7a3-4b10-ae95-51fb990bf92a","block_type":"box","text":"1","page_number":31,"box":{"x":897,"y":665,"width":3,"height":3}},{"id":"56a7e18f-87a8-43d7-9318-2ff41676a69b","block_type":"box","text":"Independent Trustees","page_number":31,"box":{"x":70,"y":682,"width":154,"height":11}},{"id":"3e0234a8-8671-4924-8bc3-2ceb2dda7d78","block_type":"box","text":"Christopher J. Ailman","page_number":31,"box":{"x":79,"y":697,"width":149,"height":11}},{"id":"01bd0899-82d8-4d07-ab1a-afdeea0ec8dc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,229 None","page_number":31,"box":{"x":232,"y":697,"width":513,"height":11}},{"id":"2338d25a-6925-4e05-949d-bd37448447d5","block_type":"box","text":"$445,000","page_number":31,"box":{"x":826,"y":697,"width":71,"height":11}},{"id":"669c478b-9d25-4581-91f2-4a540125f9fb","block_type":"box","text":"Susan J. Carter","page_number":31,"box":{"x":79,"y":712,"width":110,"height":9}},{"id":"014dd71e-4492-41c4-ba17-c6ed2d9ab360","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,229 None","page_number":31,"box":{"x":191,"y":712,"width":554,"height":11}},{"id":"e7cdd1b8-7ef2-41ed-b2f5-f7a42675f622","block_type":"box","text":"$445,000","page_number":31,"box":{"x":826,"y":712,"width":71,"height":11}},{"id":"becbd9ee-d166-4882-a0fb-a5e603a04d1a","block_type":"box","text":"Collette Chilton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,229 None","page_number":31,"box":{"x":79,"y":727,"width":666,"height":11}},{"id":"28287a9b-3e1f-4268-ba8f-5bd8cf52bff2","block_type":"box","text":"$445,000","page_number":31,"box":{"x":826,"y":727,"width":71,"height":11}},{"id":"a33fb89e-2bfb-49bf-9c6f-03160d4370d3","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,265 None","page_number":31,"box":{"x":79,"y":742,"width":666,"height":12}},{"id":"e22df413-9fff-4256-82c5-96e9ed24ae45","block_type":"box","text":"$467,500","page_number":31,"box":{"x":826,"y":742,"width":71,"height":11}},{"id":"08045145-85ce-422c-b810-a7ec4696ffff","block_type":"box","text":"Jeffrey Jarczyk","page_number":31,"box":{"x":78,"y":758,"width":103,"height":11}},{"id":"c4621c7b-461f-4420-862d-31f663e6c0ef","block_type":"box","text":"2","page_number":31,"box":{"x":181,"y":758,"width":4,"height":4}},{"id":"b067cde6-3e25-4451-9e7d-bdcecc909b64","block_type":"box","text":"..........................................","page_number":31,"box":{"x":191,"y":765,"width":336,"height":2}},{"id":"d78f6d54-3619-4ae0-bd02-112057753b12","block_type":"box","text":"$225 None None","page_number":31,"box":{"x":586,"y":757,"width":293,"height":11}},{"id":"4aad376e-0dff-4cc3-b3d7-deeee2b69ba8","block_type":"box","text":"Henry R. Keizer","page_number":31,"box":{"x":79,"y":773,"width":109,"height":11}},{"id":"406d95ad-98c3-4f75-b508-e1e75a6a2b69","block_type":"box","text":"3","page_number":31,"box":{"x":189,"y":773,"width":4,"height":5}},{"id":"11fcbe09-80a2-46b0-9f3c-a5c51bdff957","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,331 None","page_number":31,"box":{"x":199,"y":772,"width":546,"height":11}},{"id":"630013df-c8f9-4fee-92e5-c10ba6aa0392","block_type":"box","text":"$490,000","page_number":31,"box":{"x":826,"y":772,"width":71,"height":11}},{"id":"7cf54062-0ed9-41dc-a5a2-5f1e2f927179","block_type":"box","text":"Cynthia A. 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Perlowski . .","page_number":32,"box":{"x":78,"y":122,"width":148,"height":9}},{"id":"7760239e-fc50-4dcd-967c-de58d37c5aed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None","page_number":32,"box":{"x":232,"y":122,"width":647,"height":9}},{"id":"e27cbee1-6abd-4359-809e-463d793cd5e8","block_type":"box","text":"1","page_number":32,"box":{"x":69,"y":147,"width":3,"height":3}},{"id":"ccf70766-d4be-41f2-91ae-7d92e6831985","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":32,"box":{"x":94,"y":147,"width":786,"height":9}},{"id":"41c65815-8c89-46e5-9616-a824c322e2ef","block_type":"box","text":"page I-11.","page_number":32,"box":{"x":94,"y":157,"width":55,"height":9}},{"id":"4c497a46-dbc5-435d-bbea-0beee7db1002","block_type":"box","text":"2","page_number":32,"box":{"x":69,"y":169,"width":3,"height":4}},{"id":"4a186873-2e15-4f1b-94c4-e59a7dd6f41b","block_type":"box","text":"Compensation includes $225 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":32,"box":{"x":93,"y":169,"width":724,"height":9}},{"id":"645c2a2b-98dd-470a-8b26-227249ff1877","block_type":"box","text":"3","page_number":32,"box":{"x":69,"y":182,"width":3,"height":4}},{"id":"886c236e-bcda-4cc6-b924-175700bbe446","block_type":"box","text":"Chair of the Audit Committee.","page_number":32,"box":{"x":93,"y":182,"width":168,"height":7}},{"id":"404475e5-02af-4130-b092-d21afccb97d4","block_type":"box","text":"4","page_number":32,"box":{"x":68,"y":195,"width":4,"height":3}},{"id":"d55d8ec6-be42-4434-a69a-89580988f95a","block_type":"box","text":"Chair of the Governance Committee.","page_number":32,"box":{"x":93,"y":194,"width":206,"height":8}},{"id":"a41abc7d-8ddf-41cb-b826-0e7035a08126","block_type":"box","text":"5","page_number":32,"box":{"x":69,"y":207,"width":3,"height":4}},{"id":"7ba7e12a-2eb4-47cb-8307-32f8434b25b2","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":32,"box":{"x":93,"y":207,"width":269,"height":9}},{"id":"9758ce26-3537-4258-8623-6d12d29c6440","block_type":"box","text":"6","page_number":32,"box":{"x":69,"y":220,"width":3,"height":3}},{"id":"c9ebb48b-502c-4292-8ea7-639dcd57ed5b","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":32,"box":{"x":93,"y":220,"width":352,"height":8}},{"id":"a6c13b97-8b8c-4050-901c-1d197554cb57","block_type":"box","text":"7","page_number":32,"box":{"x":69,"y":232,"width":3,"height":4}},{"id":"05e633ee-4e2a-411c-b918-78cee49bb203","block_type":"box","text":"Chair of the Compliance Committee.","page_number":32,"box":{"x":93,"y":232,"width":205,"height":9}},{"id":"8593b6e0-b4c9-4061-9d0c-65edcec827b4","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":32,"box":{"x":69,"y":261,"width":432,"height":11}},{"id":"f866c872-cbfd-4a97-9b09-d72be9b43f51","block_type":"box","text":"Management Agreement","page_number":32,"box":{"x":69,"y":291,"width":180,"height":11}},{"id":"fded768d-b3d0-403c-9e49-9256c9e5fbf5","block_type":"box","text":"Management Fee","page_number":32,"box":{"x":102,"y":314,"width":123,"height":11}},{"id":"e8fa8334-a10b-4090-999f-49946c3a6791","block_type":"box","text":". The Trust, on behalf of the Fund, entered into a management agreement with the Manager","page_number":32,"box":{"x":226,"y":314,"width":653,"height":11}},{"id":"19c185a8-3b1d-4d53-a5ff-6436af1eeea3","block_type":"box","text":"(the “Management Agreement”) pursuant to which the Manager receives for its services to the Fund monthly","page_number":32,"box":{"x":69,"y":329,"width":774,"height":11}},{"id":"e2edf84e-9788-46ab-8d73-31fb212c8f81","block_type":"box","text":"compensation at the annual rate of 0.50% of the average daily net assets of the Fund.","page_number":32,"box":{"x":69,"y":344,"width":615,"height":11}},{"id":"4bf58f83-98a3-469f-aa00-47ad25b8984d","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Fund to the Manager, and","page_number":32,"box":{"x":101,"y":366,"width":787,"height":12}},{"id":"1e1d67c6-2ba5-43d6-a5f8-3f1e013d5746","block_type":"box","text":"the amounts waived and reimbursed by the Manager, for the past three fiscal years:","page_number":32,"box":{"x":68,"y":382,"width":598,"height":11}},{"id":"40a84135-d8a6-43f0-9e6b-d758c9c5b0cc","block_type":"box","text":"Fees Paid to the","page_number":32,"box":{"x":542,"y":410,"width":94,"height":7}},{"id":"7376b485-7f62-4a6f-b998-ff6406e3899b","block_type":"box","text":"Manager","page_number":32,"box":{"x":564,"y":420,"width":50,"height":9}},{"id":"cadffaf9-2b1c-4599-a965-72267054087d","block_type":"box","text":"Fees Waived by the","page_number":32,"box":{"x":667,"y":410,"width":112,"height":9}},{"id":"b20fd34d-1b67-4f94-923e-43ec28118fa2","block_type":"box","text":"Manager","page_number":32,"box":{"x":696,"y":420,"width":51,"height":9}},{"id":"4e612f84-3154-4289-9578-a760fa4bbff5","block_type":"box","text":"1","page_number":32,"box":{"x":747,"y":420,"width":4,"height":4}},{"id":"eeb3fb87-6e44-4126-b6ed-a373f4c9c7b3","block_type":"box","text":"Fees Reimbursed","page_number":32,"box":{"x":810,"y":410,"width":99,"height":7}},{"id":"74153031-f38c-454b-aa42-0c147b95a3a2","block_type":"box","text":"by the Manager","page_number":32,"box":{"x":812,"y":420,"width":91,"height":9}},{"id":"ce940407-1c77-4526-89bb-938b9639cf41","block_type":"box","text":"1","page_number":32,"box":{"x":903,"y":420,"width":4,"height":4}},{"id":"aadda2e2-5e88-485d-a537-37d969940273","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":32,"box":{"x":70,"y":438,"width":232,"height":11}},{"id":"4d43bd78-95c0-441a-920f-eb5d84ca4c0d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $5,","page_number":32,"box":{"x":304,"y":437,"width":264,"height":11}},{"id":"982f1c4e-bfce-4ab3-b5d8-fe8866692074","block_type":"box","text":"654,704 $1,339,470 $162,357","page_number":32,"box":{"x":570,"y":437,"width":325,"height":11}},{"id":"41aa7f84-d9e0-4b34-abdb-cef3604c3613","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":32,"box":{"x":70,"y":453,"width":232,"height":11}},{"id":"30647670-0f18-4713-a596-5ad5d6c03879","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $4,","page_number":32,"box":{"x":304,"y":452,"width":264,"height":11}},{"id":"7a43a121-08b5-4498-843a-2a83020ca21e","block_type":"box","text":"716,687 $1,068,203 $164,121","page_number":32,"box":{"x":570,"y":452,"width":325,"height":11}},{"id":"a28d891b-6d4f-4ba6-b5d1-2b72cbf75b16","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":32,"box":{"x":70,"y":468,"width":232,"height":11}},{"id":"b347ef68-582f-4774-bba3-648c8b34c862","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $3,","page_number":32,"box":{"x":304,"y":467,"width":264,"height":11}},{"id":"ee94c17f-6f58-43ee-ae43-cf4eb4906f85","block_type":"box","text":"394,768 $ 914,001 $145,200","page_number":32,"box":{"x":570,"y":467,"width":325,"height":11}},{"id":"957e4838-30f9-4587-b52e-76c6449242dd","block_type":"box","text":"1","page_number":32,"box":{"x":69,"y":493,"width":3,"height":3}},{"id":"dbd430d8-1a50-48e5-9c41-de613b9967d9","block_type":"box","text":"The Manager has voluntarily agreed to waive a portion of its fees and/or reimburse operating expenses to enable the Fund to maintain","page_number":32,"box":{"x":93,"y":492,"width":768,"height":9}},{"id":"5ce36d90-85c4-4a71-9018-d58ae8969036","block_type":"box","text":"minimum levels of daily net investment income. The Manager may discontinue this waiver and/or reimbursement at any time without notice.","page_number":32,"box":{"x":94,"y":502,"width":797,"height":10}},{"id":"33561f7e-c026-479c-beaa-214640015964","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":32,"box":{"x":102,"y":523,"width":800,"height":12}},{"id":"798ea753-803e-4978-91ba-9b288f3396f3","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":32,"box":{"x":70,"y":538,"width":834,"height":12}},{"id":"c496b7c4-22ee-48b8-b149-b424ec711f03","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":32,"box":{"x":68,"y":554,"width":825,"height":11}},{"id":"24d96197-92f4-47b9-9043-8c422b414160","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":569,"width":801,"height":11}},{"id":"f45d15dc-3403-4f02-886a-3e3e56e6de3f","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":32,"box":{"x":70,"y":584,"width":823,"height":11}},{"id":"d21be424-4b6e-4657-94a0-b6dc7b8ce83a","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":32,"box":{"x":70,"y":599,"width":508,"height":11}},{"id":"43fbb17e-0504-4f83-8606-45c916546058","block_type":"box","text":"Accounting Services","page_number":32,"box":{"x":68,"y":629,"width":150,"height":11}},{"id":"ba4582fe-611c-4cf3-bc27-068d2d5263d5","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an agreement with State Street Bank and Trust Company","page_number":32,"box":{"x":101,"y":652,"width":767,"height":11}},{"id":"6ab8021b-c92d-4a10-ba62-cbe4fb816edb","block_type":"box","text":"(“State Street”), pursuant to which State Street provides certain accounting services to the Fund. The Fund pays a","page_number":32,"box":{"x":69,"y":667,"width":817,"height":11}},{"id":"0e4f5fae-fb71-4140-afa3-43ae0c621657","block_type":"box","text":"fee for these services.","page_number":32,"box":{"x":68,"y":682,"width":160,"height":9}},{"id":"d11c74a1-6568-4368-a2ff-0bb56653ed56","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street and the Manager for accounting services","page_number":32,"box":{"x":101,"y":705,"width":786,"height":11}},{"id":"c60ab85c-60e4-4d9b-8ec7-363080406a52","block_type":"box","text":"for the past three fiscal years:","page_number":32,"box":{"x":68,"y":720,"width":214,"height":11}},{"id":"4ffd0e56-d9bd-4406-b12c-6178237532c8","block_type":"box","text":"Fees Paid to State Street Fees Paid to the Manager","page_number":32,"box":{"x":581,"y":748,"width":328,"height":9}},{"id":"e9782060-e9a2-45b0-9624-89b6fbe0c516","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":32,"box":{"x":70,"y":766,"width":446,"height":11}},{"id":"e358d049-e342-4fc8-b032-2de7318e5ee4","block_type":"box","text":"....","page_number":32,"box":{"x":523,"y":773,"width":26,"height":2}},{"id":"41635aa4-38a6-4115-978f-2cf06548a108","block_type":"box","text":"$34,676 $0","page_number":32,"box":{"x":624,"y":765,"width":219,"height":11}},{"id":"a04a5940-1568-4b40-a195-26ddae2c83de","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":32,"box":{"x":70,"y":781,"width":446,"height":11}},{"id":"904e87f7-80fd-40bb-83db-13fb1518cbeb","block_type":"box","text":"....","page_number":32,"box":{"x":523,"y":788,"width":26,"height":2}},{"id":"e9264524-872c-428c-a581-ab806e03c683","block_type":"box","text":"$29,059 $0","page_number":32,"box":{"x":624,"y":780,"width":219,"height":12}},{"id":"b43e979a-6cc3-4163-9259-b80ed60813df","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":32,"box":{"x":70,"y":796,"width":446,"height":11}},{"id":"01bebcb0-39c6-4ad4-8331-ce4f12748256","block_type":"box","text":"....","page_number":32,"box":{"x":523,"y":804,"width":26,"height":1}},{"id":"8874ed89-0501-4135-8ac0-b56878cde256","block_type":"box","text":"$28,083 $0","page_number":32,"box":{"x":624,"y":795,"width":219,"height":12}},{"id":"9a97a0d9-357b-4568-9f14-07cb0160349d","block_type":"box","text":"Custodian","page_number":32,"box":{"x":69,"y":828,"width":72,"height":9}},{"id":"6b6f41a9-918b-4e60-a4dd-3712e35b45d3","block_type":"box","text":"State Street Bank and Trust Company (the “Custodian”), which has its principal place of business at One","page_number":32,"box":{"x":102,"y":850,"width":749,"height":11}},{"id":"30dd1d0f-e8f8-42ab-905c-c1d5bd089b32","block_type":"box","text":"Congress Street, Suite 1, Boston, MA 02114-2016, has been retained to act as the custodian for the Fund. The","page_number":32,"box":{"x":69,"y":865,"width":800,"height":12}},{"id":"69d36812-66f5-4be2-b66e-770b3edfbe63","block_type":"box","text":"Custodian, among other responsibilities, maintains a custody account or accounts in the name of the Fund, receives","page_number":32,"box":{"x":69,"y":881,"width":830,"height":11}},{"id":"7e420909-7a56-4165-9256-618b67c899b3","block_type":"box","text":"and delivers all assets for the Fund upon purchase and upon sale or maturity, and collects and receives all income","page_number":32,"box":{"x":69,"y":896,"width":817,"height":11}},{"id":"45472ec6-e5b0-429a-831e-22fe34c0a0ac","block_type":"box","text":"and other payments and distributions on account of the assets of the Fund.","page_number":32,"box":{"x":69,"y":911,"width":538,"height":11}},{"id":"6ecde58f-1d37-46bd-aa93-a8306bdf3079","block_type":"box","text":"I-16","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e9b29d4d-5a32-43c6-96ab-c19b2b36843b","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b3c5d99-c2ab-4c57-8bf9-cb5732ee517c","block_type":"box","text":"Shareholders’ Administrative Services","page_number":33,"box":{"x":68,"y":45,"width":278,"height":9}},{"id":"5541c32b-29e1-4c52-a5e5-d34c5d271844","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides certain shareholder liaison","page_number":33,"box":{"x":102,"y":67,"width":797,"height":12}},{"id":"fb0127de-3d98-4c8f-8f68-524a18f4a98c","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":82,"width":785,"height":9}},{"id":"49e4a4e1-fa60-4926-9888-39b71ede8cb5","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":98,"width":838,"height":11}},{"id":"1c546dde-99c6-4b68-8426-d3cf7b0e5406","block_type":"box","text":"other out-of-pocket expenses which are a component of the transfer agency fees in the Fund’s annual report. The","page_number":33,"box":{"x":69,"y":113,"width":807,"height":11}},{"id":"f8093154-60df-4211-90a5-bd5d8a79c748","block_type":"box","text":"following table sets forth information about the fees paid by the Fund to BlackRock for the past three fiscal years:","page_number":33,"box":{"x":68,"y":128,"width":812,"height":11}},{"id":"f00e014b-82b3-47c2-8db3-a470c151f8a1","block_type":"box","text":"Fees Paid to BlackRock Fees Waived by BlackRock","page_number":33,"box":{"x":583,"y":156,"width":327,"height":9}},{"id":"4bd81e96-e41c-491b-a9dd-062d82168c32","block_type":"box","text":"Fiscal Year Ended April 30, 2026. . . . . . . . .","page_number":33,"box":{"x":70,"y":174,"width":302,"height":11}},{"id":"22a9df3c-c088-4b96-ad0c-0e94bfba9b03","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $18,326 $18,316","page_number":33,"box":{"x":378,"y":173,"width":484,"height":11}},{"id":"6693fc6f-952a-4984-92db-6637d0b98edf","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . .","page_number":33,"box":{"x":70,"y":189,"width":302,"height":11}},{"id":"e75c886f-4368-4389-901f-1fc22b67bd1e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $14,530 $14,530","page_number":33,"box":{"x":378,"y":188,"width":484,"height":11}},{"id":"82191b7e-a988-48bd-91b5-ceff3d8b6a20","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . .","page_number":33,"box":{"x":70,"y":204,"width":302,"height":11}},{"id":"a6606245-a5af-4c91-9c0c-3bb539e5962a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $10,237 $10,237","page_number":33,"box":{"x":378,"y":203,"width":483,"height":11}},{"id":"ec17c8b0-89f7-43bc-a947-a81cb89d724a","block_type":"box","text":"Transfer Agent","page_number":33,"box":{"x":68,"y":236,"width":107,"height":11}},{"id":"91f2028a-1db8-48ee-9a1d-9318d2fb12c0","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":33,"box":{"x":102,"y":258,"width":764,"height":11}},{"id":"154c70b9-f702-4831-b57c-4270c6ede6cb","block_type":"box","text":"Westborough, Massachusetts 01581, serves as transfer agent and dividend disbursing agent for the Fund.","page_number":33,"box":{"x":68,"y":273,"width":764,"height":12}},{"id":"53d3d339-93f1-4aa8-9797-e51be862374b","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":33,"box":{"x":68,"y":304,"width":491,"height":11}},{"id":"61702b05-b15e-44fa-8626-cf842b8e6a02","block_type":"box","text":"BlackRock Investments, LLC (previously defined as “BRIL” or the “Distributor”), an affiliate of the Manager, acts","page_number":33,"box":{"x":102,"y":326,"width":798,"height":11}},{"id":"7df5db01-8edd-4493-af72-af666d552a64","block_type":"box","text":"as the Fund’s sole distributor. The table below provides information for the fiscal year ended April 30, 2026 about","page_number":33,"box":{"x":69,"y":341,"width":813,"height":11}},{"id":"fc8b4006-9dcc-4455-8f6d-f7c96c1cb186","block_type":"box","text":"the 12b-1 fees the Fund paid to the Distributor with respect to the Fund’s Investor C Shares under the Fund’s 12b-1","page_number":33,"box":{"x":68,"y":356,"width":828,"height":11}},{"id":"53d37f1e-bdfe-409c-8ad6-396b8d370494","block_type":"box","text":"plan and the amounts waived by the Distributor. A portion of the fees collected by BRIL were paid to affiliates for","page_number":33,"box":{"x":70,"y":372,"width":803,"height":11}},{"id":"1d661930-f291-43cf-9b1f-15e244245dfd","block_type":"box","text":"providing distribution related activities and services for Investor C Shares.","page_number":33,"box":{"x":70,"y":387,"width":525,"height":11}},{"id":"67c6ef5d-2168-4791-a125-c30ab373de2c","block_type":"box","text":"Fees Paid to","page_number":33,"box":{"x":734,"y":415,"width":72,"height":7}},{"id":"11ca5157-207d-4d14-b830-a124ab16c420","block_type":"box","text":"BRIL","page_number":33,"box":{"x":757,"y":425,"width":27,"height":7}},{"id":"f628b130-84a2-40cd-908a-89d48fc6bb77","block_type":"box","text":"Fees Waived","page_number":33,"box":{"x":837,"y":415,"width":72,"height":7}},{"id":"a56a559b-fbfe-41c4-bb61-918e6793ad79","block_type":"box","text":"by BRIL","page_number":33,"box":{"x":849,"y":425,"width":44,"height":9}},{"id":"3f48c208-d81c-4be6-b4bf-82bbdbf8233a","block_type":"box","text":"1","page_number":33,"box":{"x":893,"y":425,"width":4,"height":4}},{"id":"20477aaf-5fb8-4dc7-ba33-7a32728e0366","block_type":"box","text":"Investor C Shares","page_number":33,"box":{"x":70,"y":443,"width":125,"height":9}},{"id":"8985b48f-5592-4b67-be40-1648cd9ab9b9","block_type":"box","text":"$11,196 $0","page_number":33,"box":{"x":739,"y":442,"width":143,"height":11}},{"id":"f347c754-30e0-4545-9cb7-a75ebf94c6f0","block_type":"box","text":"1","page_number":33,"box":{"x":69,"y":467,"width":3,"height":4}},{"id":"5a4cde17-bf58-47da-a8d9-118e3e2fa321","block_type":"box","text":"The Distributor has voluntarily agreed to waive a portion of its fees and/or reimburse operating expenses to enable the Fund to maintain","page_number":33,"box":{"x":93,"y":467,"width":778,"height":9}},{"id":"a145bc76-74a6-447f-874c-c20a05533aec","block_type":"box","text":"minimum levels of daily net investment income. The Distributor may discontinue this waiver and/or reimbursement at any time without notice.","page_number":33,"box":{"x":94,"y":477,"width":807,"height":9}},{"id":"5c6d9efd-421d-4cdf-8ded-5fdfc6989306","block_type":"box","text":"Although direct purchases of the Fund’s shares are not subject to a contingent deferred sales charge (“CDSC”),","page_number":33,"box":{"x":101,"y":498,"width":798,"height":11}},{"id":"eae833ff-993e-420b-8c58-94cadb7dd14c","block_type":"box","text":"upon redemption of Fund shares received pursuant to an exchange from a fund that does impose a CDSC, a CDSC","page_number":33,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"73914920-0da9-412d-b4ae-e19cfdc46bbb","block_type":"box","text":"may be required to be paid upon such redemption. For the past three fiscal years, affiliates of the Manager received","page_number":33,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"40c03fd8-c7f5-4663-8b29-a628b50244b7","block_type":"box","text":"CDSCs with respect to transactions in the Fund’s shares as follows:","page_number":33,"box":{"x":69,"y":543,"width":484,"height":11}},{"id":"8159a1cc-9a30-4279-af47-133db15ca012","block_type":"box","text":"CDSCs Paid to Affiliates on","page_number":33,"box":{"x":512,"y":572,"width":159,"height":7}},{"id":"d2061775-ae56-43f4-a2a3-f6df174bb956","block_type":"box","text":"Redemption of Investor A Shares","page_number":33,"box":{"x":497,"y":582,"width":190,"height":9}},{"id":"93753a43-d9e4-4e29-8ab4-2523940b58c1","block_type":"box","text":"CDSCs Paid to Affiliates on","page_number":33,"box":{"x":734,"y":572,"width":159,"height":7}},{"id":"0550a94e-0656-4e81-a8ac-ca37518f2c16","block_type":"box","text":"Redemption of Investor C Shares","page_number":33,"box":{"x":718,"y":582,"width":191,"height":9}},{"id":"480369d1-f0a6-4d97-a766-f18c0b88e3c7","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":33,"box":{"x":70,"y":600,"width":232,"height":11}},{"id":"bea7907a-7183-4d45-8eb7-f7c2e38d51f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $1,811 $64","page_number":33,"box":{"x":308,"y":599,"width":519,"height":11}},{"id":"7cb0eb76-b47a-4021-86b2-6e7979f6cbca","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":33,"box":{"x":70,"y":615,"width":232,"height":11}},{"id":"2898e5d9-0cbf-4c9f-9793-d3c5980457bb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $ 188 $20","page_number":33,"box":{"x":308,"y":614,"width":519,"height":11}},{"id":"6c8b51e5-ff01-40b4-a725-fadefc8ee02a","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":33,"box":{"x":70,"y":630,"width":232,"height":11}},{"id":"c05892fc-c0b4-4e90-a9a6-3163d6476e65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $4,332 $22","page_number":33,"box":{"x":308,"y":629,"width":519,"height":11}},{"id":"b1152128-669a-44fa-afec-619b971809e8","block_type":"box","text":"VI. Yield Information","page_number":33,"box":{"x":68,"y":661,"width":148,"height":9}},{"id":"d523c620-49fc-4959-bf30-0e9f0832d0c8","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":33,"box":{"x":101,"y":684,"width":774,"height":11}},{"id":"d13ee4a0-f71b-49e6-a6cb-cde331d9df2b","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":33,"box":{"x":70,"y":699,"width":825,"height":11}},{"id":"c041df56-6a4d-4e5f-8bac-e9353abc6f5d","block_type":"box","text":"affected by such factors as changes in interest rates on the Fund’s portfolio securities, average portfolio maturity,","page_number":33,"box":{"x":69,"y":714,"width":814,"height":12}},{"id":"e9b7372d-b066-4618-b5a2-e601cab62a92","block_type":"box","text":"the types and quality of portfolio securities held and operating expenses. Current yield information may not provide a","page_number":33,"box":{"x":68,"y":729,"width":834,"height":12}},{"id":"7ff60700-03a5-42e3-bd05-13adf4c536d5","block_type":"box","text":"basis for comparison with bank deposits or other investments that pay a fixed yield over a stated period of time. The","page_number":33,"box":{"x":69,"y":744,"width":830,"height":12}},{"id":"b693a21f-6b9b-465e-b18d-0af6641e4ff1","block_type":"box","text":"yield on Fund shares for various reasons may not be comparable to the yield on bank deposits, shares of other","page_number":33,"box":{"x":68,"y":760,"width":793,"height":11}},{"id":"da98f53d-0fa1-4abf-b091-d615c789db83","block_type":"box","text":"money market funds or other investments. The annualized yield excluding gains and losses on the Fund’s Investor A","page_number":33,"box":{"x":69,"y":775,"width":827,"height":11}},{"id":"010e09cc-dedf-4411-bddb-de541c887e3f","block_type":"box","text":"Shares, Investor C Shares and Institutional Shares for the period indicated, calculated in accordance with","page_number":33,"box":{"x":69,"y":790,"width":752,"height":11}},{"id":"3def5e46-a160-4de0-8829-7951743ee795","block_type":"box","text":"Commission regulations, is shown below:","page_number":33,"box":{"x":69,"y":805,"width":293,"height":11}},{"id":"f5ac7657-5bb9-483a-adb0-b55b77d2649f","block_type":"box","text":"Seven-Day Period Ended","page_number":33,"box":{"x":769,"y":833,"width":140,"height":9}},{"id":"84e1f7ca-97a8-4bda-a9ac-c1ef8c08ea52","block_type":"box","text":"April 30, 2026","page_number":33,"box":{"x":797,"y":843,"width":84,"height":9}},{"id":"93be8c41-1a41-4c0f-89f6-19bf380e4c57","block_type":"box","text":"Investor A Shares","page_number":33,"box":{"x":70,"y":861,"width":124,"height":9}},{"id":"a2523ef7-d08e-4383-9a91-3d7ec54bdffa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.29%","page_number":33,"box":{"x":198,"y":861,"width":669,"height":9}},{"id":"b7b047a2-e348-45b1-92b9-a94081e6c26f","block_type":"box","text":"Investor C Shares. .","page_number":33,"box":{"x":70,"y":876,"width":138,"height":9}},{"id":"2c2f5310-b828-46cd-8705-589a51d45bcd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.54%","page_number":33,"box":{"x":214,"y":876,"width":653,"height":9}},{"id":"0ae150ba-13fd-426d-9e98-84151ff086bc","block_type":"box","text":"Institutional Shares","page_number":33,"box":{"x":70,"y":891,"width":137,"height":9}},{"id":"b2affe6a-c133-4801-9280-7e8a7feead7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.29%","page_number":33,"box":{"x":214,"y":891,"width":653,"height":9}},{"id":"eff3538e-0539-4612-b444-752547ddc43a","block_type":"box","text":"I-17","page_number":33,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"45bae13b-8a70-4058-ae7b-d2973a76f56e","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee29cfc5-48ee-40f3-adf5-d9a140bd9e0d","block_type":"box","text":"VII. Computation of Offering Price Per Share","page_number":34,"box":{"x":68,"y":45,"width":323,"height":11}},{"id":"0b96d9de-3752-4075-b44f-3f22817692ab","block_type":"box","text":"The offering price for a share of each class of the Fund is computed by dividing the value of the Fund’s net","page_number":34,"box":{"x":101,"y":67,"width":761,"height":12}},{"id":"329b096c-8856-4129-a8b0-364303ee2893","block_type":"box","text":"assets attributable to that share class by the number of shares of that share class outstanding. Though not subject","page_number":34,"box":{"x":69,"y":82,"width":826,"height":12}},{"id":"6359d62b-a7e3-496c-a3cd-9e8245bc98a3","block_type":"box","text":"to a sales charge, certain classes may be subject to a CDSC on redemption.","page_number":34,"box":{"x":68,"y":98,"width":547,"height":11}},{"id":"100f3303-5d3a-4bc3-b35a-0e6eb0a014b1","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and","page_number":34,"box":{"x":102,"y":120,"width":732,"height":12}},{"id":"57089b66-c0cf-4764-9073-c5f1bf8a21d2","block_type":"box","text":"“Determination of Net Asset Value” in Part II of this SAI.","page_number":34,"box":{"x":70,"y":135,"width":398,"height":9}},{"id":"90a0e003-8f4f-4612-bbcc-0b61ae63d2e7","block_type":"box","text":"VIII. Portfolio Transactions","page_number":34,"box":{"x":68,"y":166,"width":195,"height":9}},{"id":"74af6953-5a4f-4303-8bf8-f15441d37b4c","block_type":"box","text":"See “Portfolio Transactions” in Part II of this SAI for more information.","page_number":34,"box":{"x":102,"y":188,"width":501,"height":9}},{"id":"f95ef429-9143-4339-a409-027a5c1315e5","block_type":"box","text":"As of April 30, 2026, the value of the Fund’s aggregate holdings of the securities of its regular brokers or","page_number":34,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"56479c2a-7447-489a-bbc4-d3ee67fe17e3","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any portion of such holdings","page_number":34,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"c3fcfcde-cc1b-4ed1-8b7c-a6c3a5c5afa1","block_type":"box","text":"were purchased during the fiscal year ended April 30, 2026 is as follows:","page_number":34,"box":{"x":68,"y":241,"width":523,"height":11}},{"id":"eb012840-1277-44eb-ae46-628fee831c0f","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":34,"box":{"x":69,"y":269,"width":840,"height":9}},{"id":"b624fa76-023d-4964-be86-fac4e0735e51","block_type":"box","text":"JPMorgan Chase & Co. .","page_number":34,"box":{"x":69,"y":287,"width":172,"height":11}},{"id":"e961b694-6b19-4655-a6f9-c526c33f21fb","block_type":"box","text":"........................................ E","page_number":34,"box":{"x":247,"y":287,"width":415,"height":9}},{"id":"031c7ad4-d2de-4f66-a4d2-c473b45506bc","block_type":"box","text":"$124,800","page_number":34,"box":{"x":792,"y":286,"width":72,"height":12}},{"id":"2dfa9abd-537a-4455-bd9f-3819562282a4","block_type":"box","text":"Bank of America . . .","page_number":34,"box":{"x":70,"y":302,"width":138,"height":9}},{"id":"3e5ec426-ae1f-4818-9ab8-eaf8c65d82ad","block_type":"box","text":"............................................ E","page_number":34,"box":{"x":215,"y":303,"width":447,"height":8}},{"id":"a8672e78-0e33-419b-9026-39f654e79fba","block_type":"box","text":"$110,000","page_number":34,"box":{"x":792,"y":302,"width":72,"height":11}},{"id":"c72f84a7-7aa4-4807-8dc1-69b050f55a32","block_type":"box","text":"BNP Paribas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 95,000","page_number":34,"box":{"x":70,"y":317,"width":794,"height":11}},{"id":"2717b8d9-35c0-491f-976f-8d993f53ac98","block_type":"box","text":"Mizuho Securities","page_number":34,"box":{"x":70,"y":333,"width":124,"height":9}},{"id":"e0b5c77d-01b6-440c-a772-3649b6b7926a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 92,000","page_number":34,"box":{"x":198,"y":332,"width":666,"height":11}},{"id":"da2898bf-e4d6-4fae-82e1-f7489e179e67","block_type":"box","text":"IX. Additional Information","page_number":34,"box":{"x":69,"y":364,"width":185,"height":9}},{"id":"df986ad8-9b7d-40f1-85cb-4d6cd3902602","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":34,"box":{"x":102,"y":387,"width":352,"height":11}},{"id":"743d1f9b-1c16-47d4-a334-4f2e1fab82da","block_type":"box","text":"Deloitte & Touche LLP, with offices at 115 Federal Street,","page_number":34,"box":{"x":461,"y":387,"width":408,"height":10}},{"id":"759b6b7f-4c27-41ab-8007-fcd11bda1476","block_type":"box","text":"Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":34,"box":{"x":70,"y":402,"width":717,"height":11}},{"id":"69e48cc8-869c-483c-8365-a098045386b9","block_type":"box","text":"Counsel.","page_number":34,"box":{"x":101,"y":425,"width":62,"height":8}},{"id":"6d3b1ef3-7d4e-4df5-8746-5d153e8cbcf5","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":34,"box":{"x":170,"y":424,"width":736,"height":12}},{"id":"054b7304-942e-483f-ab5c-27e40c18acdd","block_type":"box","text":"the Fund’s counsel.","page_number":34,"box":{"x":68,"y":440,"width":139,"height":9}},{"id":"de4f6aaa-d0b3-42cc-9150-8eb1772bcb9c","block_type":"box","text":"Description of Series and Shares","page_number":34,"box":{"x":69,"y":470,"width":237,"height":11}},{"id":"0a521c20-818e-4d7b-b02d-75f374e639b9","block_type":"box","text":"The Trust was organized as a Massachusetts business trust by Declaration of Trust dated July 10, 1987 under","page_number":34,"box":{"x":101,"y":492,"width":792,"height":12}},{"id":"392798cc-3bff-4dea-af92-e7403bf9203c","block_type":"box","text":"the name Financial Institutions Series Trust. The Trust is a successor to a Massachusetts business trust of the same","page_number":34,"box":{"x":68,"y":508,"width":841,"height":9}},{"id":"d33b5579-c309-4d42-86cc-b37468119f49","block_type":"box","text":"name organized May 28, 1981. Effective September 29, 2006, the Trust changed its name from Financial","page_number":34,"box":{"x":69,"y":523,"width":757,"height":11}},{"id":"e9682fce-e5f7-41dc-9f43-09c80ac7953b","block_type":"box","text":"Institutions Series Trust to BlackRock Financial Institutions Series Trust and the Fund changed its name from Summit","page_number":34,"box":{"x":70,"y":538,"width":837,"height":11}},{"id":"1a258830-3d4d-498f-8865-e5ef162fc43d","block_type":"box","text":"Cash Reserves Fund to BlackRock Summit Cash Reserves Fund. Effective September 29, 2006, the Fund","page_number":34,"box":{"x":69,"y":553,"width":755,"height":11}},{"id":"d4604a7d-d37d-4575-b1c2-cb75885134eb","block_type":"box","text":"redesignated its Class A shares as Investor A Shares. The Declaration of Trust provides that the Trust shall be","page_number":34,"box":{"x":69,"y":568,"width":788,"height":11}},{"id":"8b868b2d-0de7-4248-838a-fc0fc8b4d66e","block_type":"box","text":"comprised of separate series (“Series”) each of which will consist of a separate portfolio that will issue a separate","page_number":34,"box":{"x":69,"y":583,"width":819,"height":11}},{"id":"d92d7997-895a-4142-b8c1-158c5eac9c2f","block_type":"box","text":"class of shares. The Trustees are authorized to create an unlimited number of Series and, with respect to each","page_number":34,"box":{"x":69,"y":598,"width":792,"height":11}},{"id":"a41e79e3-2f28-4330-b2cf-68f4fc65f2e0","block_type":"box","text":"Series, to issue an unlimited number of full and fractional shares of beneficial interest, par value $.10 per share, of","page_number":34,"box":{"x":69,"y":613,"width":827,"height":11}},{"id":"cdf3361b-a736-411c-8bc0-cf340b464006","block_type":"box","text":"different classes and to divide or combine the shares into a greater or lesser number of shares without thereby","page_number":34,"box":{"x":69,"y":629,"width":795,"height":11}},{"id":"38f694d5-8d08-4963-bc4e-a09d33839134","block_type":"box","text":"changing the proportionate beneficial interests in the Series. Shareholder approval is not necessary for the","page_number":34,"box":{"x":69,"y":644,"width":765,"height":11}},{"id":"1dd26454-6ad1-44d7-b787-bd121a80a37d","block_type":"box","text":"authorization of additional Series or classes of a Series of the Trust. As of the date of this SAI, the Fund is the only","page_number":34,"box":{"x":69,"y":659,"width":821,"height":11}},{"id":"fd97e508-3235-481c-ae13-dd10021aa3c8","block_type":"box","text":"existing Series of the Trust, and shares of the Fund are divided into Investor A, Investor C and Institutional Shares.","page_number":34,"box":{"x":69,"y":674,"width":817,"height":11}},{"id":"5b72d68e-b080-47df-9b4f-e4a1cc4f6cbb","block_type":"box","text":"Investor A, Investor C and Institutional Shares represent an interest in the same assets of the Fund and are identical","page_number":34,"box":{"x":70,"y":689,"width":833,"height":11}},{"id":"063d3ab1-b2b6-470b-9bfe-0576a1c6d762","block_type":"box","text":"in all respects, except that Investor C Shares bear certain expenses related to the distribution of such shares and","page_number":34,"box":{"x":70,"y":704,"width":812,"height":11}},{"id":"f56df835-eae6-48ac-a0cf-1e752960b398","block_type":"box","text":"have exclusive voting rights with respect to matters relating to such distribution expenditures. The Board may classify","page_number":34,"box":{"x":69,"y":719,"width":837,"height":12}},{"id":"7a165810-8572-4784-84e2-57f6ea584f93","block_type":"box","text":"and reclassify shares of any Series into additional classes at a future date. All shares have equal voting rights,","page_number":34,"box":{"x":69,"y":734,"width":790,"height":12}},{"id":"2129eabc-12ab-4009-bdb3-fe2b40c85f69","block_type":"box","text":"except that only shares of the respective Series are entitled to vote on matters concerning only that Series.","page_number":34,"box":{"x":69,"y":749,"width":765,"height":12}},{"id":"cd18afed-18ad-4c91-bbde-67331f57e5aa","block_type":"box","text":"Shareholders are entitled to one vote for each full share held and fractional votes for fractional shares held in the","page_number":34,"box":{"x":69,"y":765,"width":809,"height":9}},{"id":"ba7540f9-d566-4bdc-94e3-a8383adec8f3","block_type":"box","text":"election of Trustees and on other matters submitted to the vote of shareholders. Each issued and outstanding share","page_number":34,"box":{"x":69,"y":780,"width":832,"height":11}},{"id":"24a3ed81-c466-4f5c-80c5-da912f431b33","block_type":"box","text":"is entitled to participate equally in dividends declared by the respective Series and in net assets of such Series upon","page_number":34,"box":{"x":70,"y":795,"width":833,"height":11}},{"id":"c84ce2da-765f-4800-9f17-745f8ed8e216","block_type":"box","text":"liquidation or dissolution remaining after satisfaction of outstanding liabilities.","page_number":34,"box":{"x":70,"y":810,"width":554,"height":11}},{"id":"329568e1-11c1-406e-92f7-5f7e7bdb5b48","block_type":"box","text":"The shares of each Series, when issued, will be fully paid and nonassessable except as described below; have","page_number":34,"box":{"x":101,"y":833,"width":791,"height":11}},{"id":"c9973e61-a957-4902-8adc-6562f6ed1de1","block_type":"box","text":"no preference, preemptive, exchange or similar rights; and are freely transferable. Shares do not have cumulative","page_number":34,"box":{"x":69,"y":848,"width":808,"height":11}},{"id":"665530e2-32ab-4743-8eef-d1dfbdebf6dd","block_type":"box","text":"voting rights and the holders of more than 50% of the shares of the Trust voting for the election of Trustees can elect","page_number":34,"box":{"x":68,"y":863,"width":837,"height":11}},{"id":"f8e4c7be-f34e-45c2-abe4-f8c29f4efdba","block_type":"box","text":"all of the Trustees if they choose to do so and in such event the holders of the remaining shares would not be able to","page_number":34,"box":{"x":69,"y":878,"width":839,"height":11}},{"id":"92224a32-39d1-45c3-8d45-198cdedcc3ae","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5486477b-0059-45ff-bf37-4d3394c0ddc5","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e3c5be8-a32c-4d45-96b8-fe5d1524ee17","block_type":"box","text":"elect any Trustees. 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Financial Statements","page_number":35,"box":{"x":68,"y":840,"width":175,"height":9}},{"id":"ddec22d1-9af6-477d-b6df-9d30b87acf15","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":35,"box":{"x":101,"y":863,"width":726,"height":11}},{"id":"057bbf95-6aeb-4118-9a50-dd24d502591d","block_type":"box","text":"Statements and Additional Information for the fiscal year ended April 30, 2026, as filed with the SEC on Form N-CSR","page_number":35,"box":{"x":69,"y":878,"width":831,"height":11}},{"id":"a7347a22-8c95-49d1-a368-2db7ee16444f","block_type":"box","text":"(the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts of the 2026","page_number":35,"box":{"x":69,"y":893,"width":800,"height":11}},{"id":"5837f94d-cd40-4f1b-9f90-4041b273111a","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":35,"box":{"x":68,"y":908,"width":833,"height":11}},{"id":"30790644-9a8b-4ade-bc74-46f006799158","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"aa26e5e2-2f58-41a6-9eb0-36e16bcde390","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7924272-06c3-4002-980e-9b5e4bd44760","block_type":"box","text":"audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":36,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"795739d2-6f7e-4be8-a313-851146fe731c","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the report of such firm given their","page_number":36,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"37da3332-2ea1-4816-83dc-e6bdb8d8288e","block_type":"box","text":"authority as experts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual reports to","page_number":36,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"d6901507-28fb-4d2f-a11c-caa2a83463c0","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":36,"box":{"x":69,"y":90,"width":785,"height":11}},{"id":"a66c727d-22ad-41ac-97f2-9292f5c014a0","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":36,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"9c0259d9-11f4-41f0-8daf-a32e0bae4135","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"dcde7c8a-6c10-4a9f-b592-bc79e254733a","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17ed890c-0e41-4e76-85cb-2383cb79ddd3","block_type":"box","text":"PART II","page_number":37,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"0fe51be3-a4ea-49ce-84e5-fc695913db16","block_type":"box","text":"Part II of this Statement of Additional Information (“SAI”) contains information about the following funds:","page_number":37,"box":{"x":102,"y":67,"width":744,"height":12}},{"id":"3f536d94-b138-49b1-bb02-b53a8433333c","block_type":"box","text":"BlackRock Government Money Market Portfolio, a series of BlackRock Series Fund, Inc.; BlackRock Government","page_number":37,"box":{"x":70,"y":82,"width":798,"height":12}},{"id":"b5dc8898-8703-4b0b-808e-4ee6df62b917","block_type":"box","text":"Money Market V.I. Fund, a series of BlackRock Variable Series Funds, Inc.; BlackRock Wealth Liquid Environmentally","page_number":37,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"89e76817-01ba-4dcf-84ee-f296e95c688b","block_type":"box","text":"Aware Fund (“WeLEAF”), Circle Reserve Fund (“Circle Reserve”) and BlackRock Daily Reinvestment Stablecoin","page_number":37,"box":{"x":68,"y":113,"width":784,"height":11}},{"id":"2b375049-5657-43a9-a959-b05c16abda3e","block_type":"box","text":"Reserve Vehicle (“BRSRV”), each a series of BlackRock Funds","page_number":37,"box":{"x":70,"y":128,"width":442,"height":11}},{"id":"b702b40b-4a13-45f5-ace5-63303ec2fa87","block_type":"box","text":"SM","page_number":37,"box":{"x":513,"y":128,"width":11,"height":5}},{"id":"34e965db-faa4-4b4c-b32f-36811f05e451","block_type":"box","text":"(the “Trust”); and BlackRock Summit Cash Reserves","page_number":37,"box":{"x":530,"y":128,"width":375,"height":11}},{"id":"1b5df852-e9f8-4afb-90fc-1c0fb458c067","block_type":"box","text":"Fund (“Summit Cash Reserves”), a series of BlackRock Financial Institutions Series Trust (“FIST”).","page_number":37,"box":{"x":70,"y":143,"width":701,"height":11}},{"id":"c0ad552d-04a9-4f8d-946c-d25f91999b61","block_type":"box","text":"Throughout this SAI, each of the above listed funds may be referred to as a “Fund” or collectively as the","page_number":37,"box":{"x":101,"y":166,"width":743,"height":11}},{"id":"84bc11fe-3b9e-4da6-9f71-ca76bf919a62","block_type":"box","text":"“Funds.”","page_number":37,"box":{"x":70,"y":181,"width":59,"height":9}},{"id":"28aa662c-75e6-45fa-9da9-26969b8fa75e","block_type":"box","text":"Each Fund is organized as a Massachusetts business trust, with the exception of BlackRock Series Fund, Inc.","page_number":37,"box":{"x":102,"y":203,"width":781,"height":12}},{"id":"50431e0a-033c-4901-9441-95fe6dc6e896","block_type":"box","text":"and BlackRock Variable Series Funds, Inc., which are Maryland corporations. For ease and clarity of presentation,","page_number":37,"box":{"x":69,"y":218,"width":807,"height":12}},{"id":"f0d5eecf-a022-480a-995e-bb72d193906b","block_type":"box","text":"common shares of beneficial interest are referred to herein as “shares,” the trustees or directors of each Fund are","page_number":37,"box":{"x":69,"y":234,"width":822,"height":10}},{"id":"36b9bacb-a4ff-40b0-8b87-4cab6c74d4c1","block_type":"box","text":"referred to herein as “Trustees” and the boards of trustees/directors of each Fund are referred to as the “Board of","page_number":37,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"e3cfd761-6aea-4acc-953f-a019135626ed","block_type":"box","text":"Trustees” or the “Board.” BlackRock Advisors, LLC is the manager of each Fund and is referred to as “BlackRock” or","page_number":37,"box":{"x":68,"y":264,"width":835,"height":11}},{"id":"8ebf188d-5866-4f61-9a18-e5bf938f34ad","block_type":"box","text":"the “Manager,” and the management agreement applicable to each Fund is referred to as the “Management","page_number":37,"box":{"x":68,"y":279,"width":774,"height":11}},{"id":"f8444c63-5626-4c03-a523-3023e73a281c","block_type":"box","text":"Agreement.” The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company","page_number":37,"box":{"x":68,"y":294,"width":826,"height":11}},{"id":"f4fe73a1-27db-48f0-8c4c-d03b2220bf1b","block_type":"box","text":"Act.” The Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities Exchange","page_number":37,"box":{"x":68,"y":309,"width":833,"height":11}},{"id":"6315c0c9-ec9f-41c8-a96d-a689b623fbd8","block_type":"box","text":"Act of 1934, as amended, is referred to herein as the “Exchange Act.” The Securities and Exchange Commission is","page_number":37,"box":{"x":68,"y":324,"width":824,"height":12}},{"id":"30b3058f-c626-42fb-bad7-864eb61b5ee8","block_type":"box","text":"referred to herein as the “Commission” or the “SEC.”","page_number":37,"box":{"x":69,"y":339,"width":381,"height":9}},{"id":"2a0615eb-59bd-47dd-a3bd-76c3b1af6349","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":37,"box":{"x":102,"y":362,"width":783,"height":11}},{"id":"d2490df5-fcaf-45dc-a01c-9125047af962","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to the Funds.","page_number":37,"box":{"x":68,"y":377,"width":838,"height":11}},{"id":"e9224f7d-2aa8-4173-98e1-35f9c60ad34d","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":37,"box":{"x":314,"y":407,"width":351,"height":9}},{"id":"b46bed6b-b663-4ed4-be5f-6fe3048c60e8","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":37,"box":{"x":102,"y":429,"width":805,"height":12}},{"id":"e8d14334-fd2a-42bd-a6e8-fab06be8beff","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":37,"box":{"x":69,"y":445,"width":765,"height":11}},{"id":"5a48a3c1-e5ae-4a60-9522-04b6481ad022","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":37,"box":{"x":69,"y":460,"width":811,"height":11}},{"id":"49f11033-45e0-4bcf-bef8-72a3a48176a7","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” as applicable, section of Part","page_number":37,"box":{"x":70,"y":475,"width":832,"height":11}},{"id":"b5efd9d5-f6c7-4126-874f-b6ad17af15b3","block_type":"box","text":"I of this SAI for further information about each Fund’s investment policies and risks. Information contained in this","page_number":37,"box":{"x":70,"y":490,"width":808,"height":11}},{"id":"a36339db-69b0-4a7f-96da-f358b70bab4a","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":37,"box":{"x":69,"y":505,"width":791,"height":11}},{"id":"1976b71d-a4d8-41d9-9c12-177f4a759096","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":37,"box":{"x":69,"y":520,"width":805,"height":12}},{"id":"2bca5f3e-10ea-44b7-8b62-c00a8ddc6b36","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":37,"box":{"x":69,"y":535,"width":835,"height":12}},{"id":"e5dd9933-fb6c-4965-ad17-309281d43a6d","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied upon by investors in that Covered Fund.","page_number":37,"box":{"x":69,"y":550,"width":703,"height":12}},{"id":"4c6341f9-9c23-412e-8613-c7ac3fcddf0e","block_type":"box","text":"Only information that is clearly identified as applicable to a Covered Fund is considered to form a part of that","page_number":37,"box":{"x":102,"y":573,"width":777,"height":11}},{"id":"e4d7c9fd-902e-4e6f-a522-98048e411845","block_type":"box","text":"Covered Fund’s SAI.","page_number":37,"box":{"x":69,"y":588,"width":141,"height":9}},{"id":"3933409b-a100-4587-b969-1c3edacfb4cc","block_type":"box","text":"Bank Money Instruments.","page_number":37,"box":{"x":102,"y":611,"width":186,"height":11}},{"id":"1b81b6bd-2fb9-45e5-b909-740b07f3f3be","block_type":"box","text":"Certain Funds may invest in U.S. dollar-denominated obligations of U.S. and foreign","page_number":37,"box":{"x":295,"y":611,"width":594,"height":11}},{"id":"e28218d4-f716-4306-86d2-4cc4a756589e","block_type":"box","text":"depository institutions, including commercial and savings banks, savings and loan associations, and other","page_number":37,"box":{"x":69,"y":626,"width":760,"height":11}},{"id":"78ca2356-c465-4eec-911e-33985c682fe9","block_type":"box","text":"institutions. Such obligations include but are not limited to certificates of deposit, bankers’ acceptances, time","page_number":37,"box":{"x":70,"y":641,"width":785,"height":11}},{"id":"f8585c45-ff09-4483-bc60-6773f4d0086a","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":37,"box":{"x":69,"y":656,"width":831,"height":12}},{"id":"2ac58a41-f1c5-4b03-a8b4-33398af5c6b5","block_type":"box","text":"institutions, (ii) foreign branches or subsidiaries of U.S. depository institutions (“Eurodollar” obligations), (iii) U.S.","page_number":37,"box":{"x":70,"y":671,"width":807,"height":12}},{"id":"ecf77aee-e38d-4f26-bd42-19f5c51d4953","block_type":"box","text":"branches or subsidiaries of foreign depository institutions (“Yankeedollar” obligations) or (iv) foreign branches or","page_number":37,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"594a4bb7-cd2c-4257-986a-785ed9a8bd0e","block_type":"box","text":"subsidiaries of foreign depository institutions. Eurodollar and Yankeedollar obligations and obligations of branches or","page_number":37,"box":{"x":69,"y":702,"width":834,"height":11}},{"id":"37e20bb8-3c72-4c66-bca8-2d6fb0b45be2","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":37,"box":{"x":69,"y":717,"width":829,"height":11}},{"id":"3b84e2e5-07c6-4166-991f-0f2b6a01f2a1","block_type":"box","text":"issuing branch or subsidiary by the terms of the specific obligations or by government regulation. Investments in","page_number":37,"box":{"x":70,"y":732,"width":799,"height":11}},{"id":"ce609315-1bb1-4272-9e82-29055fa376d3","block_type":"box","text":"obligations of foreign depository institutions and their foreign branches and subsidiaries will only be made if","page_number":37,"box":{"x":69,"y":747,"width":771,"height":11}},{"id":"d7361709-161a-4c55-8786-e51225b02342","block_type":"box","text":"determined to be of comparable quality to other investments permissible for each Fund. No Fund will invest more","page_number":37,"box":{"x":69,"y":762,"width":806,"height":11}},{"id":"6fd956aa-fd54-4f6b-99be-2821d686ddf0","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":37,"box":{"x":68,"y":777,"width":764,"height":12}},{"id":"517905ca-0abe-4443-8180-eb74e2c2ba4c","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries or in obligations of foreign branches or","page_number":37,"box":{"x":69,"y":792,"width":754,"height":12}},{"id":"07f09858-249f-4d52-8098-71767c06a9f2","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":37,"box":{"x":69,"y":807,"width":795,"height":12}},{"id":"933a8756-32bc-494a-8e74-59411eb73c3f","block_type":"box","text":"instruments issued by U.S. branches or subsidiaries of foreign banks as obligations issued by domestic banks (not","page_number":37,"box":{"x":70,"y":823,"width":821,"height":11}},{"id":"26dbac9f-a20e-4a7d-8296-ce095f3553d6","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":37,"box":{"x":69,"y":838,"width":789,"height":11}},{"id":"86b4141b-d583-4cd7-8fca-6993f8399424","block_type":"box","text":"Eurodollar and Yankeedollar obligations, as well as other obligations of foreign depository institutions and short","page_number":37,"box":{"x":102,"y":860,"width":796,"height":12}},{"id":"20f967e3-27a6-4711-a82b-a18e1413cc4a","block_type":"box","text":"term obligations issued by other foreign entities, may involve additional investment risks, including adverse political","page_number":37,"box":{"x":68,"y":875,"width":824,"height":12}},{"id":"45f90ebe-cdfe-40cb-80ed-e8f24cf284a3","block_type":"box","text":"and economic developments, the possible imposition of withholding taxes on interest income payable on such","page_number":37,"box":{"x":69,"y":891,"width":785,"height":11}},{"id":"aaf9dee9-5a4e-4fbc-89e2-b2826b0d8be8","block_type":"box","text":"obligations, the possible seizure or nationalization of foreign deposits and the possible establishment of exchange","page_number":37,"box":{"x":69,"y":906,"width":816,"height":11}},{"id":"10f7e121-f12f-4297-900e-88bebeb761d6","block_type":"box","text":"II-1","page_number":37,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"37ad9bfe-4784-450b-9bc4-bacd5a85b3dd","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8de90bb9-6fdf-463e-b4e9-c59e0dd8ed9b","block_type":"box","text":"controls or other foreign governmental laws or restrictions that might adversely affect the repayment of principal and","page_number":38,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"967d96cc-b734-4c09-a17e-741cb1adc683","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":38,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"45d42946-555b-4615-894c-daefdd1b5188","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":38,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"7cf78fad-f63c-426e-9b70-fe8e9d857004","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":38,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"11366a5b-d80b-4a9c-9b72-7a10f5ec5c05","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":38,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"7d4a4a75-b4cc-4505-9254-b833462514fe","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":38,"box":{"x":70,"y":120,"width":833,"height":12}},{"id":"8e0a8abd-3372-4019-88ba-848f24266a09","block_type":"box","text":"and financial record keeping standards and requirements as U.S. issuers. Evidence of ownership of Eurodollar and","page_number":38,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"da7e4f79-8152-4eca-ac6c-21627f624cb8","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":38,"box":{"x":68,"y":150,"width":836,"height":12}},{"id":"e7fb25e7-5a49-4418-9a86-efa19c97211d","block_type":"box","text":"the holding of such property overseas. Eurodollar and foreign obligations of the Funds held overseas will be held by","page_number":38,"box":{"x":68,"y":166,"width":824,"height":11}},{"id":"991224f6-d29d-4a28-9481-c5705b496e0a","block_type":"box","text":"foreign branches of each Fund’s custodian or by other U.S. or foreign banks under subcustodian arrangements","page_number":38,"box":{"x":68,"y":181,"width":790,"height":11}},{"id":"e5bc1cb3-7dca-4ee4-8047-ff13f9b825b4","block_type":"box","text":"complying with the requirements of the Investment Company Act.","page_number":38,"box":{"x":69,"y":196,"width":462,"height":11}},{"id":"37121c73-94a1-4456-9a5f-9a0538f343c6","block_type":"box","text":"The Manager will carefully consider the above factors in making investments in Eurodollar obligations,","page_number":38,"box":{"x":101,"y":218,"width":724,"height":12}},{"id":"db78d29d-e68c-46ff-a969-87926830d690","block_type":"box","text":"Yankeedollar obligations of foreign depository institutions and other foreign short term obligations, and will not","page_number":38,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"b7d5b203-eb1d-4a2c-9d21-dc7dc0ad4a17","block_type":"box","text":"knowingly purchase obligations that, at the time of purchase, are subject to exchange controls or withholding taxes.","page_number":38,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"5267f596-694c-4cd8-a5f8-59f1b6093adc","block_type":"box","text":"Generally, a Fund will limit its Yankeedollar investments to obligations of banks organized in Canada, France,","page_number":38,"box":{"x":69,"y":264,"width":773,"height":11}},{"id":"de5c4a83-992f-4ab5-ad67-e35d930c2c95","block_type":"box","text":"Germany, Japan, the Netherlands, Switzerland, the United Kingdom or other industrialized nations.","page_number":38,"box":{"x":69,"y":279,"width":699,"height":11}},{"id":"8f894619-6953-4b61-ad52-214f3573e8ce","block_type":"box","text":"Bank money instruments in which certain Funds invest must be issued by depository institutions with total","page_number":38,"box":{"x":102,"y":302,"width":759,"height":11}},{"id":"fab7ed14-006f-44b7-b330-1f7847eef32e","block_type":"box","text":"assets of at least $1 billion, except that such Funds may invest in certificates of deposit of smaller institutions if","page_number":38,"box":{"x":69,"y":316,"width":807,"height":12}},{"id":"8a4acdc7-d4a3-4f0d-9635-f04e61880cd8","block_type":"box","text":"such certificates of deposit are Federally insured and if, as a result of such purchase, no more than 10% of total","page_number":38,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"5c2e4aa7-6d69-4a7c-856d-34509b42af86","block_type":"box","text":"assets (taken at market value), are invested in such certificates of deposit.","page_number":38,"box":{"x":69,"y":347,"width":537,"height":11}},{"id":"8632caad-fff4-4096-b187-23c7eb8867f1","block_type":"box","text":"Blockchain.","page_number":38,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"f32f3f74-5795-4549-a04e-d7e736c6abce","block_type":"box","text":"This Blockchain section, including all subsections hereunder, applies solely to BlackRock Daily","page_number":38,"box":{"x":192,"y":370,"width":673,"height":11}},{"id":"e181b518-6ef0-4399-a043-275eb0611e0c","block_type":"box","text":"Reinvestment Stablecoin Reserve Vehicle and does not apply to any other Fund as of the date of this SAI. This","page_number":38,"box":{"x":70,"y":385,"width":786,"height":11}},{"id":"5426af6a-cd08-4975-af4b-4eac56549b7c","block_type":"box","text":"discussion of blockchain-related features and risks is intended to provide a high-level overview tailored to the Fund’s","page_number":38,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"7a3071fc-500c-4afd-8e15-3f6a53876b57","block_type":"box","text":"current operations and supported networks and does not purport to be a complete or exhaustive description of all","page_number":38,"box":{"x":69,"y":415,"width":813,"height":11}},{"id":"7b3bdba2-d408-417d-8082-eede7a4a8dd6","block_type":"box","text":"risks, developments or considerations associated with distributed ledger technology, blockchain networks, smart","page_number":38,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"69049097-9ad5-4209-a8aa-7b25a970d994","block_type":"box","text":"contracts, or digital wallets. New or unanticipated regulatory, operational, technological, or market risks may emerge","page_number":38,"box":{"x":69,"y":446,"width":830,"height":11}},{"id":"e164a926-7a1d-42c4-a412-5dbec5f171a3","block_type":"box","text":"over time, and the applicability or materiality of any risk may vary based on the blockchain network used, wallet or","page_number":38,"box":{"x":69,"y":460,"width":812,"height":12}},{"id":"0b39de54-b2bb-4064-ad07-76cfdd4b005d","block_type":"box","text":"custody configuration, and future changes to the Fund’s operations. Investors should review the Fund’s Prospectus","page_number":38,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"98d07641-cff8-4038-9137-d580d328de20","block_type":"box","text":"and this SAI in their entirety and consult their own legal, tax and technology advisers regarding the risks of","page_number":38,"box":{"x":69,"y":491,"width":759,"height":11}},{"id":"1317e818-092b-4cf9-a2cd-4eda6ccf4736","block_type":"box","text":"transacting in OnChain Shares.","page_number":38,"box":{"x":68,"y":506,"width":221,"height":11}},{"id":"998cd38a-cbfb-489b-9503-93be1cab7ab2","block_type":"box","text":"Use of Blockchain","page_number":38,"box":{"x":102,"y":528,"width":132,"height":9}},{"id":"7abd017d-0e89-4665-ae50-25dd56e2ccd0","block_type":"box","text":".","page_number":38,"box":{"x":234,"y":535,"width":3,"height":2}},{"id":"24faae71-31c4-42ec-9996-35fe1d433d14","block_type":"box","text":"The Fund’s transfer agent maintains the official record of ownership of OnChain Shares on","page_number":38,"box":{"x":243,"y":528,"width":645,"height":12}},{"id":"07fe9e6d-2982-4c67-8898-52df09f6b8a8","block_type":"box","text":"the public blockchains that are used by the Fund’s investors. In particular, the Fund’s transfer agent utilizes a","page_number":38,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"0bf618a7-ce73-4b54-be03-d75499a3d1b7","block_type":"box","text":"permissioned system that operates in connection with multiple public, permissionless blockchains. As of the date of","page_number":38,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"2c27c77a-f8df-4d80-8411-8e82140d5e88","block_type":"box","text":"this SAI, these public blockchains include Ethereum, Tempo, and Solana and in the future may include other","page_number":38,"box":{"x":68,"y":574,"width":772,"height":11}},{"id":"4dde608c-f521-46b4-af1b-293325c948bf","block_type":"box","text":"supported networks, subject to eligibility and other requirements that the Fund or the Fund’s transfer agent may","page_number":38,"box":{"x":69,"y":589,"width":798,"height":11}},{"id":"45550886-4b6e-4c3d-8d56-afc310b0537a","block_type":"box","text":"impose. The Board has delegated to BlackRock the authority to select the blockchain networks on which the Fund’s","page_number":38,"box":{"x":70,"y":604,"width":822,"height":11}},{"id":"4ec623b9-f31d-40cd-837e-66e70d7577f5","block_type":"box","text":"OnChain Shares will be offered and sold. OnChain Shares will be digitally represented on such blockchains using","page_number":38,"box":{"x":69,"y":619,"width":805,"height":11}},{"id":"5e2b7b42-1a5d-4cd5-9177-46c91ac3b62f","block_type":"box","text":"token standards that vary by blockchain. Such blockchain records, together with an off-chain register associating","page_number":38,"box":{"x":68,"y":634,"width":806,"height":12}},{"id":"f9304940-d239-4e05-9648-eab178237ed9","block_type":"box","text":"wallet addresses with shareholder personal identifying information, will constitute the official shareholder register of","page_number":38,"box":{"x":68,"y":649,"width":831,"height":12}},{"id":"be2d644f-68ab-4f5d-bc7f-b490f07fff0d","block_type":"box","text":"the Fund and, in the absence of a technical failure of either of these systems, conclusively govern the record","page_number":38,"box":{"x":68,"y":664,"width":776,"height":12}},{"id":"0142eff7-d984-45c7-a540-a89dbb2f4b06","block_type":"box","text":"ownership of OnChain Shares.","page_number":38,"box":{"x":69,"y":680,"width":214,"height":11}},{"id":"e8d7f7d9-853d-4a81-9cc4-fd3f0a5c8215","block_type":"box","text":"A blockchain is a distributed ledger that digitally records transactions in a verifiable way using cryptography, with","page_number":38,"box":{"x":101,"y":702,"width":800,"height":12}},{"id":"77d4a94d-1559-4cea-b24d-3eb98c4301d7","block_type":"box","text":"records designed to be immutable (i.e., extremely difficult to alter once confirmed). A distributed ledger is a database","page_number":38,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"99afe41b-a56f-4de1-82cb-aa0857878ba7","block_type":"box","text":"in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a","page_number":38,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"7f2252ad-1ec0-4d59-a458-9357557c6d88","block_type":"box","text":"particular form so that only those for whom it is intended can read and process it. Transactions on the blockchain are","page_number":38,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"33bf3539-c76a-451c-b1f3-f841e1529ac0","block_type":"box","text":"verified and authenticated by computers on the network (referred to as “nodes” or “validators”) that receive,","page_number":38,"box":{"x":68,"y":763,"width":773,"height":11}},{"id":"9ca4aa38-77da-4a91-b0cb-be9881f8473b","block_type":"box","text":"propagate, verify, and execute transactions. The process of authenticating a transaction before it is recorded ensures","page_number":38,"box":{"x":70,"y":778,"width":837,"height":11}},{"id":"e5efdc78-f689-4fbc-b71d-0f7016c463f5","block_type":"box","text":"that only valid and authorized transactions are recorded on the blockchain in collections of transactions called","page_number":38,"box":{"x":68,"y":793,"width":785,"height":11}},{"id":"d2948b73-6d89-4a4a-8d84-285aa6ef6915","block_type":"box","text":"“blocks.” Blockchain networks are based upon software source code that establishes and governs their respective","page_number":38,"box":{"x":70,"y":808,"width":817,"height":11}},{"id":"bfd65893-a5c8-4b35-bc6b-3961d680ef6e","block_type":"box","text":"cryptographic systems for verifying transactions. The Fund’s transfer agent maintains controls to correct errors in the","page_number":38,"box":{"x":69,"y":823,"width":835,"height":12}},{"id":"6f4f9245-86ab-4fc0-a574-4207eb642759","block_type":"box","text":"share registry or remediate unauthorized transactions. In the event such a correction were warranted, the Fund’s","page_number":38,"box":{"x":69,"y":839,"width":805,"height":11}},{"id":"a89766c2-247d-462f-adff-cad64872d800","block_type":"box","text":"transfer agent would make the correction by adding an appropriate instruction to another subsequent block on the","page_number":38,"box":{"x":68,"y":853,"width":815,"height":12}},{"id":"7a64b4eb-8b76-4f42-a664-fdb1eef952f6","block_type":"box","text":"applicable blockchain (","page_number":38,"box":{"x":69,"y":869,"width":161,"height":11}},{"id":"84af5cb5-4038-46c3-8a84-66a475e7773d","block_type":"box","text":"i.e","page_number":38,"box":{"x":232,"y":869,"width":17,"height":9}},{"id":"6cd7c80e-fb23-43d3-b2e5-b3472875b030","block_type":"box","text":"., the prior activity on the blockchain would not be deleted, although the blockchain would be","page_number":38,"box":{"x":250,"y":869,"width":659,"height":11}},{"id":"649e0ff4-8429-47c3-a09b-54f6ccf43652","block_type":"box","text":"updated with the correct transactional history).","page_number":38,"box":{"x":69,"y":884,"width":333,"height":11}},{"id":"f7c8b1d4-c23d-429e-8875-88cb04cfa528","block_type":"box","text":"II-2","page_number":38,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"45b5efdf-2c2b-4412-b72f-57ae12e6faed","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d09ec05e-b679-45b2-af8e-f08297b59272","block_type":"box","text":"In order to facilitate the use of blockchain technology, each investor will use a “blockchain wallet,” which is a","page_number":39,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"2bc02dde-ce13-4a0b-80ee-c5a51c366aa1","block_type":"box","text":"software application (but can also be a hardware device or managed by an institutional custody solution) that stores","page_number":39,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"e3f73e15-1068-401f-8848-8e177b958e9e","block_type":"box","text":"a user’s “private key” for related digital assets and is used to facilitate the transfer of assets on a particular","page_number":39,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"01da8eca-b02d-423d-ad0f-af946273d348","block_type":"box","text":"blockchain. A “private key” is one of two numbers in a cryptographic “key pair.” A key pair consists of a “public key”","page_number":39,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"6e637ae4-2749-4a09-9674-873fedd6b684","block_type":"box","text":"and its corresponding private key, both of which are lengthy alphanumeric codes, where the public key is","page_number":39,"box":{"x":69,"y":105,"width":744,"height":11}},{"id":"8812d6e9-2c16-4fad-8f22-3f57f0fc8e2c","block_type":"box","text":"mathematically derived from the private key. The private key is used by the owner of a blockchain wallet to send (i.e.,","page_number":39,"box":{"x":69,"y":120,"width":832,"height":11}},{"id":"de352fad-6722-4e6e-91c3-e6b4dfc7f93d","block_type":"box","text":"digitally sign and authenticate) instructions to the blockchain to update the ownership records of the digital assets","page_number":39,"box":{"x":69,"y":135,"width":816,"height":12}},{"id":"f2062b2e-b847-4d27-94c6-94b6809b27cf","block_type":"box","text":"and is private to the wallet owner. The public key is, as the name implies, public and allows other wallets on the","page_number":39,"box":{"x":69,"y":151,"width":798,"height":11}},{"id":"42de0a52-5e33-43c6-b60c-c82fc6275294","block_type":"box","text":"applicable blockchain to transfer digital assets to a wallet’s public key address when permitted. The blockchain will","page_number":39,"box":{"x":69,"y":166,"width":820,"height":11}},{"id":"9098078d-bd8d-4dfb-841d-67dbe70e6051","block_type":"box","text":"record transaction data, including wallet addresses and digital signatures, but does not record the private key","page_number":39,"box":{"x":69,"y":181,"width":783,"height":11}},{"id":"9ab4b8aa-7ae4-4bf7-9354-697a6ede06cd","block_type":"box","text":"information. Each investor is responsible for their own blockchain wallet, including the security and maintenance of","page_number":39,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"17bf34a6-0ab4-4dc0-8929-dd73dcfe21f0","block_type":"box","text":"the investor’s private key. Neither the Fund nor the Fund’s transfer agent is responsible for any investor’s blockchain","page_number":39,"box":{"x":68,"y":211,"width":832,"height":11}},{"id":"c17549bf-f9a2-4f13-b746-6b3441dff4d3","block_type":"box","text":"wallet or the maintenance, security, or safekeeping of any investor’s private key.","page_number":39,"box":{"x":68,"y":226,"width":571,"height":11}},{"id":"e030c87b-e35b-499d-8985-ba90692c75d1","block_type":"box","text":"The Fund’s transfer agent utilizes a permissioned system that operates in connection with public,","page_number":39,"box":{"x":101,"y":249,"width":694,"height":11}},{"id":"1ba1d1c1-681b-4b02-93eb-9327668721a2","block_type":"box","text":"permissionless blockchains. The permissioned system is established through a combination of policies, procedures,","page_number":39,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"247db6b8-7e67-4dae-98a5-f5d18d0c89d1","block_type":"box","text":"and technological controls which collectively seek to ensure that the blockchain operates as an integrated","page_number":39,"box":{"x":69,"y":279,"width":754,"height":11}},{"id":"62b543d8-a783-44c7-b446-c3214e737658","block_type":"box","text":"recordkeeping mechanism under the oversight of the Fund’s transfer agent. To create and maintain this permissioned","page_number":39,"box":{"x":69,"y":294,"width":838,"height":11}},{"id":"1bf1c8df-ad9b-49ba-a641-bbd267dc3026","block_type":"box","text":"structure on public blockchains, the Fund’s transfer agent registers and associates each blockchain wallet with","page_number":39,"box":{"x":69,"y":309,"width":792,"height":11}},{"id":"236eaa76-5005-450f-bf89-255a57fca43a","block_type":"box","text":"relevant personal identifying information which is maintained in an off-chain registry (i.e., a separate database that is","page_number":39,"box":{"x":69,"y":324,"width":837,"height":12}},{"id":"3118d231-c681-40d2-a92b-99160777c027","block_type":"box","text":"not available to the public and is used, among other purposes, to satisfy anti-money laundering regulations).","page_number":39,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"ea7c62d6-dd8f-49d5-8dbd-097165aba6bf","block_type":"box","text":"Permission to hold OnChain Shares is granted only to registered wallets, sometimes referred to as “whitelisting”,","page_number":39,"box":{"x":69,"y":355,"width":808,"height":11}},{"id":"fb44311a-390d-412f-b0bd-951e5eb861c0","block_type":"box","text":"thereby restricting the ability to transact in tokenized OnChain Shares to pre-approved potential shareholders.","page_number":39,"box":{"x":68,"y":370,"width":780,"height":11}},{"id":"bc519028-6b21-4557-b43a-27f01710e5d2","block_type":"box","text":"Protocols referred to as “smart contracts” are used as part of the operational framework that the Fund’s","page_number":39,"box":{"x":102,"y":392,"width":748,"height":11}},{"id":"6473670c-737a-40cc-ad0c-b4aef1171b1c","block_type":"box","text":"transfer agent uses to enforce compliance with the Fund’s policies and procedures, as applicable. Smart contracts","page_number":39,"box":{"x":68,"y":407,"width":821,"height":12}},{"id":"d2256572-6393-4181-ad81-f76c3f54b368","block_type":"box","text":"are self-executing computer code that effectuate actions based upon predetermined conditions. Specifically, smart","page_number":39,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"5c9b2b99-9521-4ba2-b2ee-11d2081e08d5","block_type":"box","text":"contracts have been developed to support functions such as “minting” (creating a new token balance) and “burning”","page_number":39,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"a49ae012-4f0e-4e5b-88ba-b3c4dc025963","block_type":"box","text":"(removing a token balance from circulation), as well as restrictions to prevent unauthorized interaction with the token","page_number":39,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"01a60dc3-7657-46e1-a516-82a5f7deef52","block_type":"box","text":"balances (e.g., transfers of token balances to unapproved addresses) and the ability to claw back tokens under","page_number":39,"box":{"x":69,"y":468,"width":795,"height":11}},{"id":"9f558d72-66ed-4fa7-9ea5-bc525106024a","block_type":"box","text":"certain circumstances. In this manner, this permissioned system is intended to prevent transactions in token","page_number":39,"box":{"x":69,"y":483,"width":779,"height":11}},{"id":"923319d6-1a4b-4dc1-9cd3-2f40be2192dc","block_type":"box","text":"balances by or with unknown persons or unknown blockchain addresses, even if the underlying blockchain network is","page_number":39,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"e97652fb-17af-4bdb-b86d-2ef2cf4c2c20","block_type":"box","text":"permissionless.","page_number":39,"box":{"x":70,"y":514,"width":110,"height":10}},{"id":"c39f179f-fd17-46e2-91fc-433738e3b84e","block_type":"box","text":"Different blockchain networks rely on distinct methods to validate and finalize transactions. Some networks,","page_number":39,"box":{"x":102,"y":536,"width":770,"height":11}},{"id":"8e246af5-baf0-4199-86a6-5156ee4a4d98","block_type":"box","text":"such as Ethereum and Solana, utilize a broad, permissionless set of independent validators that participate in an","page_number":39,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"32798333-8b85-4958-8cb4-aae5de8de3fd","block_type":"box","text":"open validation process designed to confirm transactions without reliance on a central authority. On such networks,","page_number":39,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"4e3734aa-0269-4d5b-a9ef-6151354f60b6","block_type":"box","text":"transactions may be included in a proposed block and recorded on the blockchain relatively quickly, but they are not","page_number":39,"box":{"x":68,"y":582,"width":827,"height":10}},{"id":"57d2648a-15f5-4a06-8e28-b5583ca45b71","block_type":"box","text":"necessarily immediately final. Instead, finality is reached after sufficient validator participation and consensus under","page_number":39,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"87337224-d8b2-4551-8913-2e74865336b1","block_type":"box","text":"the network’s specific rules, which may occur within seconds or may require additional time depending on network","page_number":39,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"318c0aff-36aa-42cc-a4b4-14321c324640","block_type":"box","text":"conditions, validator participation, and the applicable finality or commitment standard. These systems typically rely","page_number":39,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"adb2b3ae-40e2-490f-97bf-a5e65961d691","block_type":"box","text":"on economic incentive mechanisms, such as staking and penalties for dishonest behavior, to encourage honest","page_number":39,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"44f61b26-a5a1-45e3-8ede-be8d7c118429","block_type":"box","text":"participation and maintain security among a decentralized and trust-minimized set of participants. Both Ethereum","page_number":39,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"d04d8ef3-1db2-4bd0-8b1c-3dcfa9e4f1f7","block_type":"box","text":"and Solana utilize proof-of-stake-based systems, although their specific implementations and supporting mechanisms","page_number":39,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"db1e6740-c4e8-47e6-ba58-4a44197052ae","block_type":"box","text":"differ.","page_number":39,"box":{"x":69,"y":687,"width":40,"height":9}},{"id":"0561e14e-dcf2-4e65-982f-cdbce7d7dd91","block_type":"box","text":"Other networks, such as Tempo (as of the date of this SAI), may rely on a more limited, permissioned group of","page_number":39,"box":{"x":102,"y":710,"width":787,"height":11}},{"id":"118247be-00ab-44c5-9617-7ca89783b4f4","block_type":"box","text":"institutional validators operating pursuant to defined governance and validation rules. These networks currently utilize","page_number":39,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"2798a51c-070c-4296-9166-94ba3d96f220","block_type":"box","text":"Byzantine Fault Tolerant consensus mechanisms, under which approved validators vote to validate and finalize blocks","page_number":39,"box":{"x":70,"y":740,"width":835,"height":11}},{"id":"5aab77a3-7890-4a19-984f-9d41f698abdb","block_type":"box","text":"of transactions once a required validator threshold has confirmed their validity. These designs may provide","page_number":39,"box":{"x":69,"y":755,"width":759,"height":11}},{"id":"ff1ae12d-27a4-46b1-9eb7-9c6df0ac9372","block_type":"box","text":"deterministic finality once the required validator threshold is met, rather than relying on broader validator","page_number":39,"box":{"x":69,"y":770,"width":748,"height":12}},{"id":"ed48dee8-1fd1-4153-9e6d-564b1b2532b3","block_type":"box","text":"participation and additional protocol-specific finality or commitment processes used by permissionless networks such","page_number":39,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"b7380641-d96f-4d3d-a2ff-789eee581e1f","block_type":"box","text":"as Ethereum and Solana. Because validator identities are known and subject to governance frameworks, these","page_number":39,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"a0cb822a-c3ef-4edc-ad1d-8c1014d5241d","block_type":"box","text":"systems may place less reliance on open economic incentive mechanisms, at the protocol level, although such","page_number":39,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"6e217a37-bbd4-460b-a872-16e3e04e1168","block_type":"box","text":"incentives may be introduced as validator sets expand or as networks seek to further align participant behavior with","page_number":39,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"fec3ca84-4de3-4f2f-86a6-048e595c5358","block_type":"box","text":"system integrity. These designs are intended to provide transaction finality and operational resilience while","page_number":39,"box":{"x":69,"y":846,"width":760,"height":11}},{"id":"3dfa94a1-1ea4-48d1-9a9f-88d4db7daedb","block_type":"box","text":"emphasizing predictability, oversight, and institutional participation. The specific validation method used by any","page_number":39,"box":{"x":69,"y":861,"width":792,"height":11}},{"id":"f8198246-dadb-4289-9c13-a26836e6e073","block_type":"box","text":"supported network may evolve over time, and the Fund does not control or operate the underlying blockchain","page_number":39,"box":{"x":69,"y":876,"width":774,"height":11}},{"id":"5a719791-1a2f-4b24-b78c-03bbb8a7b41d","block_type":"box","text":"networks, nor is it responsible in any way for them. Before investing in OnChain Shares on a particular blockchain, an","page_number":39,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"c7f50726-fa2a-4c7e-91a6-764780b765b9","block_type":"box","text":"II-3","page_number":39,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"aade7290-bb75-4d10-b0f6-0f345452c956","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d64cf9d9-9d0f-44a9-9bf3-b57d4792703d","block_type":"box","text":"investor should review all aspects of the applicable blockchain, including the validation method, consensus","page_number":40,"box":{"x":70,"y":45,"width":762,"height":11}},{"id":"c559a705-a653-46f9-ad05-2a643503fe5e","block_type":"box","text":"mechanisms, governance structure, and security model of such blockchain.","page_number":40,"box":{"x":69,"y":60,"width":537,"height":11}},{"id":"274d0593-7cb5-43e6-8bcb-2b7a373b32f2","block_type":"box","text":"The maintenance of the records of OnChain Shares on the blockchain will not affect the Fund’s investments in","page_number":40,"box":{"x":101,"y":82,"width":807,"height":9}},{"id":"c5d76eaa-6d4f-4070-be8d-86f1f21517b4","block_type":"box","text":"securities; the Fund will continue to invest in accordance with the requirements in Rule 2a-7 under the 1940 Act","page_number":40,"box":{"x":68,"y":98,"width":827,"height":11}},{"id":"22f0b486-6933-41cd-89d0-c341d25e9f58","block_type":"box","text":"and the terms of this SAI. The Fund will not invest in any digital assets, including any virtual currencies.","page_number":40,"box":{"x":69,"y":113,"width":761,"height":11}},{"id":"ed46cc8f-5bf2-44c7-9964-4c33bb54223e","block_type":"box","text":"Information Available via the Blockchain","page_number":40,"box":{"x":102,"y":135,"width":281,"height":9}},{"id":"8cf3115c-5cc0-4465-8aad-2aea6585f60d","block_type":"box","text":"Information recorded on a public blockchain will be available to the public and will store the complete transaction","page_number":40,"box":{"x":102,"y":158,"width":805,"height":11}},{"id":"b2cea9d7-7d4a-4d47-bbcb-d9f4b9c5c854","block_type":"box","text":"history of token balances beginning with their issuance on the blockchain. As a result, robust and transparent data,","page_number":40,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"c0ef1009-8e86-4c05-8b9a-1ebaaa17c1cd","block_type":"box","text":"other than shareholder identifying information, will be publicly available through one or more “blockchain explorer”","page_number":40,"box":{"x":69,"y":188,"width":812,"height":12}},{"id":"1b4571a7-37c0-4d7c-8545-bf3d7b54cfc6","block_type":"box","text":"tools capable of displaying activity on the applicable blockchain. Accordingly, OnChain Shares’ issuance, redemption","page_number":40,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"620c6010-9918-4778-af4f-8dd7cdd2db51","block_type":"box","text":"and transfer data (but not a shareholder’s identifying information) will be exposed to the public. The identifying","page_number":40,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"46703d01-66e8-4fd4-afec-c669eee8f2cd","block_type":"box","text":"information necessary to associate a given token balance with the record owner of an OnChain Share will be","page_number":40,"box":{"x":70,"y":234,"width":772,"height":11}},{"id":"9600f66d-43bd-4ffe-9c2d-96ae0520d441","block_type":"box","text":"maintained in one or more off-chain databases that are not available to the public. However, if there are data security","page_number":40,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"7a93e0cc-9a2c-48a1-b87c-579cd65dd9df","block_type":"box","text":"breaches resulting in theft of the information necessary to link identity with the token balances, the stolen","page_number":40,"box":{"x":69,"y":264,"width":758,"height":11}},{"id":"dfe9de2b-075d-4506-a621-f3cb1fd86f8b","block_type":"box","text":"information could be used to determine a shareholder’s identity and complete investing history in OnChain Shares.","page_number":40,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"f8dfae43-66df-433b-8929-2d58c0384a49","block_type":"box","text":"In the event of a conflict between the transaction history on the blockchain and the records maintained by the","page_number":40,"box":{"x":102,"y":302,"width":783,"height":11}},{"id":"81f98faa-d2d5-405a-9df3-a4976e9e50fc","block_type":"box","text":"Fund’s transfer agent, the Fund’s transfer agent shall update its records as necessary to align with the blockchain","page_number":40,"box":{"x":70,"y":317,"width":814,"height":11}},{"id":"d997d754-e643-49e2-9a8f-71cbea70a890","block_type":"box","text":"records, to the extent practicable, except where the transaction is determined by the Fund’s transfer agent to be","page_number":40,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"cc5ef19e-fd91-499c-8047-3762fa911d3e","block_type":"box","text":"erroneous or to violate applicable law, regulation, or the Fund’s policies and procedures (including transfer","page_number":40,"box":{"x":69,"y":347,"width":759,"height":11}},{"id":"c9256ea8-1d7c-4cce-9c1e-d011d9ed3951","block_type":"box","text":"restrictions), in which case the Fund’s transfer agent will use commercially reasonable efforts to remediate its","page_number":40,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"f6420f41-fd39-481d-954f-8039ea27840f","block_type":"box","text":"records accordingly. Conflicts may arise due to, among other things, a chain outage (i.e., the blockchain becomes","page_number":40,"box":{"x":69,"y":377,"width":809,"height":12}},{"id":"9812afdc-5fc8-440b-bef9-f6087cf27412","block_type":"box","text":"unavailable or unreliable), a bug resulting in erroneous minting or burning of Tokens, a reversal of a previously","page_number":40,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"c76a69fc-521a-45e7-9015-6507de520d59","block_type":"box","text":"finalized transaction (which would represent a fundamental compromise of the network’s security guarantees), or a","page_number":40,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"71dde9b8-ba73-479c-a633-adfaf317b8fd","block_type":"box","text":"blockchain fork resulting in two competing chains. Typically, the Fund’s transfer agent will reconcile its records with","page_number":40,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"775cc4f0-80e1-4639-872d-5defa78d92af","block_type":"box","text":"blockchain transactions on at least a daily basis.","page_number":40,"box":{"x":69,"y":438,"width":347,"height":11}},{"id":"c83d2617-a0bd-43af-8ae9-92351b3a2477","block_type":"box","text":"Blockchain Fees, Functionality, and Transaction Processing","page_number":40,"box":{"x":102,"y":461,"width":418,"height":11}},{"id":"56f93974-d5b7-4ba9-9359-a66675135c58","block_type":"box","text":"Public blockchain networks require the payment of certain transaction fees to execute a transaction on the","page_number":40,"box":{"x":102,"y":483,"width":760,"height":11}},{"id":"eed3cec0-2d9f-4967-99a5-3fd117acb48a","block_type":"box","text":"applicable network. These fees are typically paid in the native digital asset for the operation of the blockchain","page_number":40,"box":{"x":69,"y":498,"width":780,"height":11}},{"id":"123c8405-1372-429d-a1f2-edeefe75310b","block_type":"box","text":"network (such as, on the Ethereum blockchain, for example, in the form of “ether,” the native digital asset for the","page_number":40,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"7ba57ba8-2054-4e57-a66c-dd0f03cbee8a","block_type":"box","text":"operation of Ethereum) but may also include other eligible digital assets depending on network design. These","page_number":40,"box":{"x":69,"y":528,"width":779,"height":12}},{"id":"db6b22bd-86a8-4ee7-85a4-67e0f51d1f6d","block_type":"box","text":"transaction fees (sometimes called “gas fees”) are paid to execute a transaction. Gas measures the amount of","page_number":40,"box":{"x":68,"y":543,"width":798,"height":12}},{"id":"9390b5a2-63fd-449e-86a4-6d2fad96edc5","block_type":"box","text":"computational effort that it will take to execute a given transaction. The amount of gas required to execute a","page_number":40,"box":{"x":69,"y":559,"width":774,"height":11}},{"id":"fbdd1930-9a42-4085-adea-3e50fc92b63d","block_type":"box","text":"transaction will vary from transaction to transaction depending on, among other things, the complexity or size of a","page_number":40,"box":{"x":68,"y":574,"width":812,"height":11}},{"id":"7a8fc30f-2c9a-423a-8345-f10e72c362c8","block_type":"box","text":"particular transaction and the congestion on the relevant blockchain. Congestion on the blockchain may be due to","page_number":40,"box":{"x":70,"y":589,"width":811,"height":11}},{"id":"d509ba5f-085c-4f6a-a66a-6ad8d58e90fa","block_type":"box","text":"increased transactions involving smart contracts that are unrelated to OnChain Shares, and the Fund cannot control","page_number":40,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"6c819c8b-bf65-45b6-b54b-60cbf1dd04b8","block_type":"box","text":"such congestion.","page_number":40,"box":{"x":69,"y":619,"width":119,"height":11}},{"id":"c43f02bd-5f0a-4244-8252-300d8cac4aa4","block_type":"box","text":"Delays in transaction processing have occurred on the blockchain networks. Such a delay may occur because of,","page_number":40,"box":{"x":102,"y":642,"width":802,"height":11}},{"id":"0aee85fe-9909-45c2-b26d-efa1aa1d1f3a","block_type":"box","text":"among other things, the inability of nodes to reach consensus on transactions or upgrades or changes to the","page_number":40,"box":{"x":69,"y":657,"width":776,"height":11}},{"id":"f9e55013-4c01-44de-9de6-3dbe3c83ad25","block_type":"box","text":"applicable blockchain protocol. During a network delay, recording transactions in OnChain Shares on the blockchain","page_number":40,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"76d986d5-f7c0-40c3-899f-6684529c69ef","block_type":"box","text":"will not be possible and as such may cause discrepancies between the blockchain record and the backup off-chain","page_number":40,"box":{"x":68,"y":687,"width":819,"height":11}},{"id":"65c973e1-3633-4685-9953-502cead0b101","block_type":"box","text":"record maintained by the Fund’s transfer agent. Should such a delay occur for an extended period of time, the Fund","page_number":40,"box":{"x":69,"y":702,"width":822,"height":12}},{"id":"d216d494-4f20-4f7b-abee-1d4acd27511a","block_type":"box","text":"could choose to effect transactions with shareholders manually (i.e., in book-entry form) or to provide shareholders","page_number":40,"box":{"x":69,"y":717,"width":821,"height":12}},{"id":"1fe0b29b-9b6f-4804-81df-ae07ce9bfa33","block_type":"box","text":"with a means to submit transaction requests on a different network approved for use by the Fund, in each case until","page_number":40,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"a13a6496-1243-4077-95c9-018c97b7ca40","block_type":"box","text":"such time as the network has resumed normal operation. In such circumstances, depending on the action taken by","page_number":40,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"3a95c0ff-31d1-4858-91cc-600ca7afbc76","block_type":"box","text":"the Fund in response to these events, dividends declared during such period may not be reinvested in additional","page_number":40,"box":{"x":68,"y":763,"width":801,"height":11}},{"id":"1db1ee8d-ca23-4a24-848b-2e25a19f52bb","block_type":"box","text":"OnChain Shares and may instead be paid to affected shareholders in cash until shareholders are otherwise notified","page_number":40,"box":{"x":69,"y":778,"width":826,"height":11}},{"id":"e3f9363a-9e61-4c3f-8954-860bf5418ee3","block_type":"box","text":"by the Fund or the Fund’s transfer agent that dividend reinvestment has resumed. Notwithstanding any pause, delay,","page_number":40,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"7be7a4a5-4bf5-43b9-8079-49502ad33fb3","block_type":"box","text":"or freeze affecting a blockchain network, the Fund’s transfer agent will continue to receive, validate, and process","page_number":40,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"b72c14fb-5653-41ed-8ae6-b31af643009c","block_type":"box","text":"redemption requests off-chain in good order. Shareholders’ ability to redeem OnChain Shares is not conditioned upon","page_number":40,"box":{"x":69,"y":823,"width":838,"height":12}},{"id":"8a796d08-0b04-41bd-a18e-76c8fcf0d52b","block_type":"box","text":"the availability or operability of any blockchain network, and the Fund’s transfer agent will process all redemption","page_number":40,"box":{"x":68,"y":838,"width":804,"height":12}},{"id":"460a0f9c-c903-4d83-a996-2d8eb6118b6e","block_type":"box","text":"requests that are received in good order regardless of the status of any supported blockchain.","page_number":40,"box":{"x":69,"y":853,"width":673,"height":12}},{"id":"25117a99-dbf4-4194-ac86-c13bb79a2441","block_type":"box","text":"The Fund or Blackrock may choose to re-evaluate the suitability of a particular blockchain network for use by the","page_number":40,"box":{"x":101,"y":876,"width":799,"height":11}},{"id":"219d9933-5d2f-4993-b25d-197178cd172b","block_type":"box","text":"Fund in the event of future or recurring delays, technical malfunctions or for other reasons. In the event the Fund","page_number":40,"box":{"x":70,"y":891,"width":801,"height":12}},{"id":"8f496204-b3d2-494a-81fc-a847c184c9ad","block_type":"box","text":"discontinues use of a blockchain network, the Fund will suspend new OnChain Share subscriptions through such","page_number":40,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"680b184f-b4b3-4af3-9f66-3ee92ba58ca6","block_type":"box","text":"II-4","page_number":40,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9b8936f0-dbf8-439c-9e6a-5b39655c02d4","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46b268d3-c5a1-4921-aff8-d57e81b62f6d","block_type":"box","text":"network and may take such additional actions as it deems appropriate with respect to any OnChain Shares deployed","page_number":41,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"575f7cc0-9d20-4001-94d0-a89f020e550b","block_type":"box","text":"on the network, including, without limitation and where applicable law and blockchain architecture permit, processing","page_number":41,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c2465f80-d9db-4d96-947d-7a9b22eff760","block_type":"box","text":"redemptions of such OnChain Shares manually or initiating the redemption of OnChain Shares deployed on affected","page_number":41,"box":{"x":69,"y":75,"width":825,"height":11}},{"id":"8d868b0a-c9be-4d7b-983a-74ee7831c877","block_type":"box","text":"blockchain.","page_number":41,"box":{"x":69,"y":90,"width":78,"height":9}},{"id":"faba96bc-dcfa-47fe-a8f8-d730790c68b1","block_type":"box","text":"Peer-to-Peer Transfers","page_number":41,"box":{"x":102,"y":113,"width":154,"height":9}},{"id":"4b48e2e8-3d8f-42af-b380-c91d111c81ba","block_type":"box","text":"OnChain Shares may be transferred in peer-to-peer transactions from one shareholder wallet to another current","page_number":41,"box":{"x":102,"y":135,"width":793,"height":11}},{"id":"7038e6ae-2c01-4f04-be63-71f4f933bb91","block_type":"box","text":"shareholder wallet within any approved blockchain network. A record of completed peer-to-peer transactions is","page_number":41,"box":{"x":69,"y":150,"width":783,"height":12}},{"id":"7df3fb17-e3a5-4d58-a28e-8a84c583efb6","block_type":"box","text":"recorded by the Transfer Agent’s blockchain-integrated recordkeeping system due to it being viewable on the","page_number":41,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"d8fa8277-f124-49cf-a101-715f90ed699a","block_type":"box","text":"blockchain. Before transferring OnChain Shares, you (as the transferor) and the potential transferee must each have","page_number":41,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"f25e421c-abda-440b-b9fd-508d6d062e84","block_type":"box","text":"an active, permissioned (i.e., “whitelisted”) wallet registered with the Fund’s transfer agent.","page_number":41,"box":{"x":69,"y":196,"width":654,"height":11}},{"id":"c618fcc4-ff95-45f3-adad-afbe68f9758a","block_type":"box","text":"The Fund imposes no minimum number of OnChain Shares required to effect a transfer. The relevant blockchain","page_number":41,"box":{"x":101,"y":218,"width":800,"height":11}},{"id":"035326f3-926a-46f7-8d64-284f938cef70","block_type":"box","text":"will, however, generally impose a minimum fractional token size, which, in practice will place limits on the minimum","page_number":41,"box":{"x":68,"y":234,"width":820,"height":11}},{"id":"b8851f7d-b4ab-44cc-8f34-d19f80f6103a","block_type":"box","text":"number of OnChain Shares that can be transferred in a peer-to-peer transaction. OnChain Shares will be coded such","page_number":41,"box":{"x":69,"y":249,"width":828,"height":11}},{"id":"c1a5fba3-903e-4c33-b530-2509f249627b","block_type":"box","text":"that they can only be transferred to wallets that previously have been whitelisted by the Fund’s transfer agent. Peer","page_number":41,"box":{"x":68,"y":264,"width":826,"height":11}},{"id":"ff3406dd-9a53-4049-aab7-0681ab598fec","block_type":"box","text":"to-peer transfers of OnChain Shares can occur at any time on any given day, including outside of the Fund’s normal","page_number":41,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"6cf38d35-e762-4c92-a5a2-088e0059bd12","block_type":"box","text":"business hours. Such transfers are deemed complete upon confirmation of the transaction on the applicable","page_number":41,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"df1a8525-096b-4746-a1ca-0133fe198126","block_type":"box","text":"blockchain. A transferee will become a registered owner of OnChain Shares at the time such OnChain Shares are","page_number":41,"box":{"x":69,"y":309,"width":806,"height":11}},{"id":"3cecdf53-6135-4630-bdf8-e4603950530f","block_type":"box","text":"transferred to their wallet, which may occur intra-day or on days or at times when the Fund is closed for business.","page_number":41,"box":{"x":68,"y":324,"width":810,"height":11}},{"id":"3d39d4b5-3ecd-46b7-b71e-b6f57580c09a","block_type":"box","text":"Dividend eligibility with respect to transferred OnChain Shares will be determined in accordance with the Fund’s","page_number":41,"box":{"x":70,"y":339,"width":793,"height":12}},{"id":"f8fff39b-84a2-4326-85de-44620bdfb0b6","block_type":"box","text":"prospectus. For more information on dividend eligibility related to peer-to-peer transfers of OnChain Shares,","page_number":41,"box":{"x":70,"y":355,"width":763,"height":11}},{"id":"922a9980-fe38-4181-a251-145848e09cbe","block_type":"box","text":"shareholders should consult the “Dividends, Distributions, and Taxes” section of the Fund’s prospectus.","page_number":41,"box":{"x":69,"y":370,"width":743,"height":11}},{"id":"9762fc72-5a82-42de-abe3-ddb95c8d48e8","block_type":"box","text":"The Fund has no ability to control or monitor the price at which peer-to-peer transfers of OnChain Shares occur,","page_number":41,"box":{"x":101,"y":392,"width":789,"height":12}},{"id":"e299c3af-d989-44a7-8193-9d8045168d6b","block_type":"box","text":"and such transfers may be executed at prices that differ from the Fund’s then-current NAV. You should consult your","page_number":41,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"26af812d-44d8-435f-92f2-3c37d98fe1ce","block_type":"box","text":"own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax","page_number":41,"box":{"x":69,"y":423,"width":762,"height":11}},{"id":"fb77a099-f4ab-4aaa-9857-1731a4dbdabe","block_type":"box","text":"consequences in connection with the transfer of OnChain Shares. The Fund’s transfer agent cannot ensure the","page_number":41,"box":{"x":69,"y":438,"width":790,"height":11}},{"id":"615d6603-211f-4295-9990-80f408690b14","block_type":"box","text":"reliability of peer-to-peer transfers of OnChain Shares.","page_number":41,"box":{"x":69,"y":453,"width":382,"height":11}},{"id":"4629eb06-6996-4f1c-8d61-c345927bbf39","block_type":"box","text":"To the extent investors or potential investors engage in","page_number":41,"box":{"x":457,"y":453,"width":405,"height":11}},{"id":"68704727-8e4b-4fa4-9792-a2b16633c3a4","block_type":"box","text":"transfers between each other at a price other than NAV, such transfers may, in certain circumstances, have legal","page_number":41,"box":{"x":68,"y":468,"width":827,"height":11}},{"id":"f8145136-7aa6-4d88-ac5a-d8f7afad3d2b","block_type":"box","text":"implications for those persons under the federal securities laws or otherwise. Neither the Prospectus nor this SAI","page_number":41,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"9e94a741-a29b-4551-b439-79ef055fd06a","block_type":"box","text":"designates any person as authorized to consummate transactions in OnChain Shares. In addition, as of the date of","page_number":41,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"5ef5a9b0-a3a2-4183-acf0-9f4efbac38b6","block_type":"box","text":"this SAI, no person other than the Distributor is authorized by the Fund to act as a dealer in OnChain Shares and","page_number":41,"box":{"x":68,"y":513,"width":822,"height":11}},{"id":"45e4b837-32f1-4dfc-a9c3-c5a836270b94","block_type":"box","text":"no person is permitted to so act without the express written authorization of the Fund.","page_number":41,"box":{"x":69,"y":528,"width":633,"height":11}},{"id":"8b46838c-21e6-4dc3-aeb8-c296dca02ac6","block_type":"box","text":"Neither the Fund nor the transfer agent can ensure the reliability of any transfer of other assets negotiated in","page_number":41,"box":{"x":102,"y":551,"width":777,"height":11}},{"id":"c8ce550e-88ee-4ff0-ab4f-4f9e143ca8ed","block_type":"box","text":"connection with peer-to-peer transfers.","page_number":41,"box":{"x":69,"y":566,"width":272,"height":11}},{"id":"a21b8e93-4d38-42c8-8a6b-c4d7e0dc5e82","block_type":"box","text":"Digital Wallet Security","page_number":41,"box":{"x":102,"y":589,"width":154,"height":11}},{"id":"1dcdc653-d0ec-4551-ab0f-0d90c0c45a16","block_type":"box","text":"An investor in OnChain Shares or its third-party wallet custodian is responsible for securing the investor’s own","page_number":41,"box":{"x":101,"y":612,"width":784,"height":11}},{"id":"81b94f2c-ac4c-435e-a9fa-45b464263579","block_type":"box","text":"private key against loss or theft. Although the Fund’s transfer agent maintains controls to correct errors or","page_number":41,"box":{"x":70,"y":627,"width":757,"height":11}},{"id":"a0bd5339-142f-4e78-863a-096867f09df4","block_type":"box","text":"unauthorized transactions when an investor loses its own private key (or it is stolen), such intervention may require","page_number":41,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"771579ea-ac43-47f8-9f5e-c4d82eefec22","block_type":"box","text":"information collection and operational tasks to accomplish and may render the investor’s token balances unavailable","page_number":41,"box":{"x":70,"y":657,"width":833,"height":11}},{"id":"13cb959f-bbce-4b38-9358-082970a5f90c","block_type":"box","text":"while these activities take place. The immediacy with which an investor notifies the Fund’s transfer agent of the loss","page_number":41,"box":{"x":68,"y":672,"width":830,"height":11}},{"id":"dc7d316d-032d-4f8f-b198-2105bd2d68c6","block_type":"box","text":"or theft of a private key has a direct bearing on the time required by the Fund to perform corrections. The Fund,","page_number":41,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"ecdf4473-f0b7-458b-b793-7d710607fbdc","block_type":"box","text":"however, has sole discretion in determining if, and under what circumstances, it will perform any such corrections.","page_number":41,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"213c0971-e967-43d5-ad2c-ebe17d0a339b","block_type":"box","text":"The Fund is not obligated to make any such corrections, and its decision in this regard, including any action or","page_number":41,"box":{"x":68,"y":718,"width":787,"height":11}},{"id":"18bb1703-72e3-453d-bfbc-b35770e56a3f","block_type":"box","text":"inaction taken by the Fund, is dispositive. For additional information on procedures in the event of a lost or stolen","page_number":41,"box":{"x":70,"y":732,"width":809,"height":12}},{"id":"d5f7c38d-da94-4ed0-bbe0-05429ea6af7c","block_type":"box","text":"private key and potential corrective measures taken by the Fund or the Fund’s transfer agent, investors should","page_number":41,"box":{"x":70,"y":748,"width":786,"height":11}},{"id":"7ba8d83c-7b59-467c-ac45-ad75a2fba17f","block_type":"box","text":"consult the Fund’s prospectus.","page_number":41,"box":{"x":69,"y":763,"width":219,"height":11}},{"id":"4620ed5a-5eb1-479e-94f5-67e698cba11e","block_type":"box","text":"Investors in OnChain Shares can mitigate the risk associated with a lost or stolen private key for their investor","page_number":41,"box":{"x":102,"y":785,"width":789,"height":12}},{"id":"cd276df5-6b02-4d1c-ae54-ae94bacff733","block_type":"box","text":"managed wallet by:","page_number":41,"box":{"x":69,"y":801,"width":135,"height":11}},{"id":"9b54e165-e87a-4162-b9df-31251f93c756","block_type":"box","text":"•","page_number":41,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"aa80386b-425f-41f7-9b6b-00c63368ac44","block_type":"box","text":"Using a “multi-sig configuration” where multiple private keys are required to sign an instruction from the wallet;","page_number":41,"box":{"x":102,"y":821,"width":790,"height":11}},{"id":"2627b724-c786-4f55-adc3-c28e58fb8e38","block_type":"box","text":"•","page_number":41,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"d21b3cea-9cef-415c-828f-929510deb40f","block_type":"box","text":"Using a backup recovery phrase, secured in a safe place, or other two-factor authentication method;","page_number":41,"box":{"x":102,"y":841,"width":713,"height":11}},{"id":"5d8bd231-2bcb-4d5b-b755-432a5c1f67ce","block_type":"box","text":"•","page_number":41,"box":{"x":69,"y":864,"width":6,"height":4}},{"id":"e502f2b6-cda6-4f46-bff2-e84902a5ee27","block_type":"box","text":"Physically securing storage for investor-managed wallet devices that are implemented in hardware;","page_number":41,"box":{"x":102,"y":861,"width":700,"height":11}},{"id":"c6051dc5-51ba-4cf3-b8e5-b7e413f0d493","block_type":"box","text":"•","page_number":41,"box":{"x":69,"y":884,"width":6,"height":5}},{"id":"6c318525-f0b3-454b-ad49-3e59971c653b","block_type":"box","text":"Using PINs or other equivalent per-transaction authentication methods if supported by the investor-managed","page_number":41,"box":{"x":102,"y":881,"width":769,"height":11}},{"id":"2cb64ebc-aeff-45fb-a96f-f4838212ba8b","block_type":"box","text":"wallet solution; and/or","page_number":41,"box":{"x":101,"y":897,"width":162,"height":10}},{"id":"f6f40e87-33b2-477a-991e-f2eeb066194c","block_type":"box","text":"II-5","page_number":41,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"28dfd934-8444-435a-ae29-1025e37a3fe3","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bd64c7a-b9e9-40de-8e26-35d3255d78a9","block_type":"box","text":"•","page_number":42,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"6192c700-fa3d-49c2-a969-90152a085e88","block_type":"box","text":"Being aware of phishing and social manipulation techniques commonly used to extract sensitive information from","page_number":42,"box":{"x":102,"y":45,"width":806,"height":11}},{"id":"dd5cb253-be73-49b0-835c-46ae61a16120","block_type":"box","text":"you via written or verbal communication.","page_number":42,"box":{"x":101,"y":60,"width":285,"height":11}},{"id":"bfdc53ba-4e27-4723-8219-a977bd1bd80d","block_type":"box","text":"Blockchain Technology.","page_number":42,"box":{"x":102,"y":83,"width":168,"height":11}},{"id":"7b1ed836-37d2-4ca8-863a-72c5b9d8690f","block_type":"box","text":"y.","page_number":42,"box":{"x":270,"y":89,"width":2,"height":2}},{"id":"6db3929a-d4ec-436e-96f7-51eb136b402e","block_type":"box","text":"Blockchain technology is a relatively new and evolving technology which operates as a","page_number":42,"box":{"x":280,"y":83,"width":610,"height":11}},{"id":"6e08e8f0-fc61-40e6-bc09-3463d8397c39","block_type":"box","text":"distributed ledger. Blockchain systems could be vulnerable to fraud, particularly if a significant portion of network","page_number":42,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"eded7300-ced3-414f-966d-9911a19b8ad8","block_type":"box","text":"validators colluded to defraud the rest. Access to a given blockchain requires an individualized private key, which, if","page_number":42,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"a5a8577e-8c73-4156-b555-75703f0105be","block_type":"box","text":"compromised, could result in loss due to theft, destruction or inaccessibility. Regulation of blockchain technology is","page_number":42,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"80269483-ac5f-40ca-853f-2de33b0ee1bb","block_type":"box","text":"evolving and may vary significantly across jurisdictions. Any future regulatory developments could affect the viability","page_number":42,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0b85e1fb-2631-4eb5-930b-5359ec158bff","block_type":"box","text":"and expansion of the use of blockchain technology.","page_number":42,"box":{"x":69,"y":158,"width":363,"height":11}},{"id":"942e5cfe-6637-4d40-a898-05aac11a34ae","block_type":"box","text":"Because blockchain technology systems may operate across many national boundaries and regulatory","page_number":42,"box":{"x":102,"y":181,"width":729,"height":11}},{"id":"b62a438b-01c2-4c30-8d97-9ba393e8868c","block_type":"box","text":"jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.","page_number":42,"box":{"x":67,"y":196,"width":803,"height":11}},{"id":"8685ca44-5156-4286-b9f4-9b9ec05420fc","block_type":"box","text":"Blockchain technology is not a product or service that provides identifiable revenue for companies that implement, or","page_number":42,"box":{"x":70,"y":211,"width":835,"height":11}},{"id":"77677ead-da71-4047-a55c-50b13839348a","block_type":"box","text":"otherwise use it. Currently, blockchain technology is commonly used for the recording of transactions in digital","page_number":42,"box":{"x":69,"y":226,"width":785,"height":11}},{"id":"babb76e8-98ee-4bad-aa25-fd2cd32e7c88","block_type":"box","text":"currency, which may be extremely speculative and volatile. Problems in digital currency markets could have a wider","page_number":42,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"b233c31e-5401-42b5-982a-39906accca95","block_type":"box","text":"effect on companies associated with blockchain technology. Blockchain technology also may never be implemented","page_number":42,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"eaadec8a-3955-44b0-b61b-e33f9a814b12","block_type":"box","text":"to a scale that provides identifiable economic benefit. There are currently a number of competing blockchain","page_number":42,"box":{"x":68,"y":271,"width":772,"height":12}},{"id":"b1dbc670-0ce8-48ef-b775-8a3cd88bf124","block_type":"box","text":"platforms with competing intellectual property claims. The uncertainty inherent in these competing technologies could","page_number":42,"box":{"x":70,"y":286,"width":839,"height":12}},{"id":"82bfb395-9469-47cc-b3af-0ab1dfd462ef","block_type":"box","text":"cause companies to use alternatives to blockchain. Finally, because digital assets registered on a blockchain do not","page_number":42,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"22007c67-bedc-4a53-97b9-8837a7917e76","block_type":"box","text":"have a standardized exchange, like a stock market, there is less liquidity for such assets and greater possibility of","page_number":42,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"aa027773-fee6-40aa-bdfa-2a8c1d3ff93d","block_type":"box","text":"fraud or manipulation.","page_number":42,"box":{"x":68,"y":332,"width":156,"height":11}},{"id":"6720e367-f2ef-4ff2-b5cb-f31d9ba1885b","block_type":"box","text":"There are risks associated with the issuance, redemption, transfer, custody and record keeping of OnChain","page_number":42,"box":{"x":101,"y":355,"width":763,"height":11}},{"id":"895a66b0-8459-49b0-b3b9-f05e68a8ad42","block_type":"box","text":"Shares maintained and recorded primarily on a blockchain. For example, shares that are issued using blockchain","page_number":42,"box":{"x":69,"y":370,"width":805,"height":11}},{"id":"24023d26-b2a4-4989-ac10-0163c5681b5b","block_type":"box","text":"technology would be subject to the following risks, among others:","page_number":42,"box":{"x":68,"y":385,"width":465,"height":11}},{"id":"701bbfab-cf32-4ffc-9f22-47e8168b6040","block_type":"box","text":"1. Delays in processing of shareholder transactions on the blockchain, which may be due to network-wide","page_number":42,"box":{"x":135,"y":407,"width":750,"height":12}},{"id":"4cc99fec-c8e6-4753-8aea-3823f63971e6","block_type":"box","text":"outages;","page_number":42,"box":{"x":102,"y":423,"width":59,"height":11}},{"id":"8d4bf3fb-2359-41cb-ae6a-bf7de9fa29e0","block_type":"box","text":"2. A rapidly-evolving regulatory landscape in the United States and in other countries, which might result in","page_number":42,"box":{"x":134,"y":445,"width":759,"height":12}},{"id":"db657eea-d6b3-4d4a-b205-eccf3a1849d2","block_type":"box","text":"security, privacy or other regulatory concerns that could require changes to the way transactions in the shares","page_number":42,"box":{"x":102,"y":461,"width":783,"height":11}},{"id":"cadf7c88-5e25-4ea6-888c-4c751c2a6dc5","block_type":"box","text":"are recorded;","page_number":42,"box":{"x":102,"y":476,"width":93,"height":10}},{"id":"119135f3-0ff7-4ee6-9a47-499e9f20b38b","block_type":"box","text":"3. The possibility of undiscovered technical flaws in an underlying technology, including in the process by","page_number":42,"box":{"x":134,"y":498,"width":746,"height":11}},{"id":"13a27eb0-ec67-47c8-bdba-63b4e6f94209","block_type":"box","text":"which transactions are recorded to a blockchain, or by which the validity of a copy of such blockchain can be","page_number":42,"box":{"x":101,"y":513,"width":772,"height":11}},{"id":"bc4c958e-c25a-4308-9386-ac0680db828f","block_type":"box","text":"proven;","page_number":42,"box":{"x":102,"y":531,"width":50,"height":8}},{"id":"c1b16621-8c67-4fdf-a135-5f3c5d797fe8","block_type":"box","text":"4. The possibility that cryptographic or other security measures that authenticate prior transactions for a","page_number":42,"box":{"x":134,"y":551,"width":745,"height":11}},{"id":"d2767626-a30c-4a9b-abe5-a868844069ff","block_type":"box","text":"blockchain could be compromised, or “hacked,” which could allow an attacker to interfere with the integrity of","page_number":42,"box":{"x":102,"y":566,"width":782,"height":11}},{"id":"84dddab6-7daf-45cf-b481-dc1ed14a9eeb","block_type":"box","text":"the blockchain and thereby disrupt the ability to corroborate definitive transactions recorded on the blockchain;","page_number":42,"box":{"x":101,"y":581,"width":791,"height":11}},{"id":"8ddda6fd-5080-40e1-91d8-0732cb050822","block_type":"box","text":"5. The possibility that new technologies, software changes, or service disruptions that inhibit access to a","page_number":42,"box":{"x":134,"y":604,"width":751,"height":11}},{"id":"1b3b39bb-8d39-4cdb-9461-fca18df63ae9","block_type":"box","text":"blockchain;","page_number":42,"box":{"x":102,"y":619,"width":78,"height":11}},{"id":"b754972f-e155-457d-bdee-5f545cfe5d19","block_type":"box","text":"6. The volatility of transaction fees, particularly during periods of network congestion, could make the cost","page_number":42,"box":{"x":134,"y":642,"width":758,"height":11}},{"id":"7d1e3897-6034-4be9-a834-002d87d25d97","block_type":"box","text":"of operating the Fund’s blockchain-integrated system less predictable; and","page_number":42,"box":{"x":102,"y":657,"width":530,"height":11}},{"id":"4a04edc2-24a6-4080-9715-112dbebb65ab","block_type":"box","text":"7. The possibility that a breach to one blockchain could cause investors, and the public generally, to lose","page_number":42,"box":{"x":135,"y":680,"width":747,"height":11}},{"id":"3fc6948b-a81c-471f-8aad-2f1ec3c86177","block_type":"box","text":"trust in blockchain technology and increase reluctance to issue and invest in assets recorded on blockchains.","page_number":42,"box":{"x":101,"y":695,"width":783,"height":11}},{"id":"638842fa-b4a0-48d0-92d0-d1526e3e4d7e","block_type":"box","text":"In addition, blockchain technology risk can carry with it additional sub-risks, including: Fork Risk and Network","page_number":42,"box":{"x":102,"y":718,"width":775,"height":11}},{"id":"bba1bdd4-4486-4084-bc16-26ea965700ad","block_type":"box","text":"Attack Risk. The following discussion describes these risks in the context of the blockchain architectures expected to","page_number":42,"box":{"x":68,"y":732,"width":836,"height":12}},{"id":"a92fa10f-1051-4cf4-998a-dbd20a635f26","block_type":"box","text":"be utilized by the Fund. For illustrative purposes only, the below discussion refers in places to features specific to","page_number":42,"box":{"x":69,"y":748,"width":809,"height":11}},{"id":"370438c0-f0a0-4023-8fa8-14287fca758c","block_type":"box","text":"Ethereum, which operates as a proof-of-stake network as of the date of this SAI. These features, and the related","page_number":42,"box":{"x":70,"y":763,"width":801,"height":11}},{"id":"8df5debf-3753-4166-93ba-8285897ca221","block_type":"box","text":"risks, will vary among different proof-of-stake blockchains and will differ with respect to blockchains that operate by","page_number":42,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"e3b0c3ba-b549-4aac-bd97-5830896ece1b","block_type":"box","text":"other consensus mechanisms, such as those that employ a permissioned set of validators. The Fund expects","page_number":42,"box":{"x":69,"y":793,"width":782,"height":11}},{"id":"514db2f1-1032-4ed7-b05d-f54608803098","block_type":"box","text":"OnChain Shares to be deployed on multiple blockchains with different consensus architectures.","page_number":42,"box":{"x":69,"y":808,"width":681,"height":11}},{"id":"2f73d7a6-d826-4bc0-8fdd-290ae7e97003","block_type":"box","text":"Fork Risk","page_number":42,"box":{"x":102,"y":831,"width":64,"height":9}},{"id":"effc9705-4283-44ca-bf5e-4cb3440da229","block_type":"box","text":"Blockchain software is generally open-source. Any user can download the software, modify it and then propose","page_number":42,"box":{"x":102,"y":853,"width":787,"height":12}},{"id":"7c846635-b42e-4646-81e3-6e1f0c15692f","block_type":"box","text":"that the network adopt the modification. In practice, modifications to blockchain networks are typically introduced","page_number":42,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"e2c03e24-274c-4909-97c7-a10827f8eb14","block_type":"box","text":"II-6","page_number":42,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"041e57a0-dfc4-4832-84ab-b32676a65b06","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4dbb8956-8567-4341-aa5a-6eaf3d53e670","block_type":"box","text":"through a structured governance process, including formal improvement proposals, community review, developer","page_number":43,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"bbf77f4b-7249-40d4-8151-45944d5ad0e2","block_type":"box","text":"consensus-building, and extensive testing on development and test networks before deployment on the main","page_number":43,"box":{"x":69,"y":60,"width":775,"height":11}},{"id":"7d9ce58e-603e-4a94-b18b-f65c52d1eb52","block_type":"box","text":"network.","page_number":43,"box":{"x":69,"y":75,"width":58,"height":9}},{"id":"30698202-9792-4432-ae93-49fe50b25498","block_type":"box","text":"When a modification is introduced and a substantial majority of users and validators consent to the modification,","page_number":43,"box":{"x":101,"y":98,"width":805,"height":11}},{"id":"e77b446c-379d-405b-be66-161fee24b760","block_type":"box","text":"the change typically is implemented and the blockchain network remains uninterrupted. Most protocol upgrades on","page_number":43,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"5ad49de2-74c3-45e9-868e-ed6027641a2b","block_type":"box","text":"Ethereum, for example, are implemented as planned network-wide upgrades (commonly referred to as “hard forks”)","page_number":43,"box":{"x":70,"y":128,"width":822,"height":11}},{"id":"8bc280bb-a0c9-486f-b1c6-0b96721a7a45","block_type":"box","text":"in which the entire community upgrades together and the prior version of the network is effectively abandoned.","page_number":43,"box":{"x":70,"y":143,"width":787,"height":11}},{"id":"100f3efb-c6a4-4cd1-bed9-7710b34d8aad","block_type":"box","text":"However, if less than a substantial majority of users and validators consent to a proposed modification, and the","page_number":43,"box":{"x":102,"y":166,"width":796,"height":11}},{"id":"55213ff7-ccae-4496-ad42-de345d9caeb2","block_type":"box","text":"modification is not compatible with the software prior to its modification, the consequence could be what is known as","page_number":43,"box":{"x":69,"y":181,"width":837,"height":11}},{"id":"0d66281e-99ca-4bd9-8d56-b49a6e5f1851","block_type":"box","text":"a contentious “fork” (i.e., “split”) of the blockchain network (and the blockchain), with one version running the pre","page_number":43,"box":{"x":69,"y":196,"width":815,"height":11}},{"id":"7229a65b-77b0-427c-9176-a01c34d7a90e","block_type":"box","text":"modified software and the other running the modified software. The effect of such a fork would be the existence of","page_number":43,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"fbbcbf61-9d2f-4932-ad06-177029b7d61b","block_type":"box","text":"two (or more) versions of the blockchain network running in parallel, but with each version’s native asset lacking","page_number":43,"box":{"x":68,"y":226,"width":801,"height":11}},{"id":"74e7c403-103f-4bf6-a1de-16eb03bbdc8d","block_type":"box","text":"interchangeability. For example, while such contentious forks have historically been rare on Ethereum, a notable","page_number":43,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"ec999068-df6c-4f4e-a2b7-9558441ef8ef","block_type":"box","text":"example occurred in 2016 when the Ethereum network split into Ethereum and Ethereum Classic. Additionally, a fork","page_number":43,"box":{"x":69,"y":256,"width":832,"height":11}},{"id":"f84395ae-0f1a-4f75-b4a6-17b0d209fef3","block_type":"box","text":"could be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible","page_number":43,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"f7310288-da41-4e00-a71c-10b791c76ae0","block_type":"box","text":"software users run.","page_number":43,"box":{"x":69,"y":286,"width":137,"height":10}},{"id":"f7cc399a-3499-4898-af79-c94a91cbe9ab","block_type":"box","text":"Certain blockchains operate under proof-of-stake-based consensus mechanisms. Under proof-of-stake, validators","page_number":43,"box":{"x":102,"y":309,"width":804,"height":11}},{"id":"c8bcbe57-d29e-492c-aa9b-4fb0d64f1625","block_type":"box","text":"are required to stake or receive delegations of a specified minimum amount of the blockchain’s native digital asset","page_number":43,"box":{"x":69,"y":324,"width":822,"height":12}},{"id":"e6e383b5-00f8-4b43-83c8-ed9ba1ea9ebc","block_type":"box","text":"as collateral to participate in block proposal and attestation. The proof-of-stake mechanism typically includes a","page_number":43,"box":{"x":69,"y":339,"width":790,"height":12}},{"id":"202f785d-0403-44ba-a22d-7221fe962345","block_type":"box","text":"finality process under which blocks are considered final once they receive the required supermajority support from","page_number":43,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"65b67170-7eb2-4627-9153-0087890f7caa","block_type":"box","text":"validators. Once finalized, a block generally cannot be reverted without significant disruption to the network and,","page_number":43,"box":{"x":68,"y":370,"width":801,"height":11}},{"id":"bda33975-7d9a-468a-8812-3fddff35c81d","block_type":"box","text":"depending on the applicable protocol, without the attacking validators forfeiting a substantial portion of staked native","page_number":43,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"62bbc0ff-41d7-47ac-83db-a511ca44835e","block_type":"box","text":"tokens through a penalty mechanism known as “slashing.” Slashing or other validator penalty mechanisms may also","page_number":43,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"487160fe-a5ce-4e12-8fe4-1e9292d3f710","block_type":"box","text":"penalize validators who engage in other protocol violations, such as proposing conflicting blocks. These economic","page_number":43,"box":{"x":70,"y":415,"width":809,"height":11}},{"id":"9ce89ba4-c323-4749-afd3-946d83b2f41b","block_type":"box","text":"penalties serve as a significant deterrent against validators supporting a competing chain in a fork scenario,","page_number":43,"box":{"x":70,"y":430,"width":773,"height":11}},{"id":"4289993b-08e0-4671-ae62-e79a75ffe861","block_type":"box","text":"although the availability, operation and scope of such penalties or mechanisms may differ among proof-of-stake","page_number":43,"box":{"x":69,"y":445,"width":795,"height":12}},{"id":"ac8ceff8-2e67-4319-a289-b6944b9db0f6","block_type":"box","text":"blockchains.","page_number":43,"box":{"x":69,"y":461,"width":87,"height":8}},{"id":"13873b39-81c0-43ac-93dc-e9c138299a44","block_type":"box","text":"Notwithstanding these deterrents, the proof-of-stake consensus mechanism introduces certain risks that are","page_number":43,"box":{"x":102,"y":483,"width":775,"height":11}},{"id":"b4988d4f-6d75-4db5-84d0-ebcdeb819feb","block_type":"box","text":"distinct from those present under a proof-of-work system. These include, but are not limited to, the theoretical","page_number":43,"box":{"x":69,"y":498,"width":784,"height":11}},{"id":"435e9ee6-e219-4ed7-b1aa-a3122c50d58d","block_type":"box","text":"“nothing at stake” problem (in which validators could attempt to validate on multiple competing chains","page_number":43,"box":{"x":70,"y":514,"width":729,"height":11}},{"id":"0c1fdbf7-6576-45b2-9021-6298d7e8efe4","block_type":"box","text":"simultaneously because proof-of-stake does not require the expenditure of computational resources), as well as","page_number":43,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"4a3c23dc-8ba6-40c7-8225-dcf83cc7d68e","block_type":"box","text":"certain attack vectors specific to proof-of-stake, such as block withholding. Although slashing or other validator","page_number":43,"box":{"x":69,"y":543,"width":790,"height":12}},{"id":"a2d43dc7-775a-4520-97d2-9d8c9b7ad80c","block_type":"box","text":"penalty mechanisms are designed to mitigate these risks, no assurance can be given that such mitigation will be","page_number":43,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"5b7fa39d-854a-4df8-8369-1c38fe5e3474","block_type":"box","text":"effective under all circumstances.","page_number":43,"box":{"x":69,"y":574,"width":240,"height":9}},{"id":"f6951656-411c-4b56-b2bc-56bb09d31f76","block_type":"box","text":"A protocol modification may also be implemented as a “soft fork,” which is a backward-compatible change that","page_number":43,"box":{"x":101,"y":596,"width":791,"height":12}},{"id":"256b2789-b2c4-4d75-9eaf-114dc7801374","block_type":"box","text":"does not result in a split of the blockchain network. Unlike a hard fork, a soft fork tightens or adds rules to the","page_number":43,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"89c3b69f-12cf-4b5a-a5d3-0480322851ba","block_type":"box","text":"protocol such that non-upgraded nodes continue to recognize new blocks as valid. While soft forks generally do not","page_number":43,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"1ce87267-893e-4b69-a322-08a69148bf63","block_type":"box","text":"carry the same risk of a chain split, they may still introduce changes that affect the functionality or features available","page_number":43,"box":{"x":69,"y":642,"width":836,"height":11}},{"id":"ddee39f2-0e86-4173-9959-0e99b56d2dae","block_type":"box","text":"on the network.","page_number":43,"box":{"x":69,"y":657,"width":109,"height":9}},{"id":"a0a97322-bc0a-49c0-ad8e-0f85df20e68a","block_type":"box","text":"If a contentious fork occurs, the original blockchain and the forked blockchain could potentially compete with","page_number":43,"box":{"x":102,"y":680,"width":773,"height":11}},{"id":"7ff7d36a-c119-42dd-a6ba-eced9bf2dd4c","block_type":"box","text":"each other for users, validators, and other participants, leading to a loss of these for the original blockchain. Such","page_number":43,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"4c0a46ec-443f-44f5-a36a-cb46fedaaf9e","block_type":"box","text":"competition could reduce the security, functionality, and value of the network on which the Fund’s shares are issued.","page_number":43,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"89f4fede-7e61-4387-ae3a-97bd952979e3","block_type":"box","text":"In an instance where a fork occurs on a blockchain on which OnChain Shares are deployed, the Fund and the Fund’s","page_number":43,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"003f64f4-75a1-45da-ad4c-4afabeb307f2","block_type":"box","text":"transfer agent will determine OnChain Share ownership based on immediately prior available information and will","page_number":43,"box":{"x":68,"y":740,"width":804,"height":11}},{"id":"32aee1d6-f9d6-41ce-93e1-73f5bffc837f","block_type":"box","text":"announce on the Fund’s transfer agent’s fund-specific website which version of the blockchain on which OnChain","page_number":43,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"78c99625-ebcc-436d-bcad-fd5c787301e0","block_type":"box","text":"Shares are deployed. During this time, the Fund may choose to freeze blockchain activity in OnChain Shares and","page_number":43,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"fb66883a-32f9-4a9f-b5fc-cceb97e328a5","block_type":"box","text":"effect transactions with shareholders manually (i.e., in book-entry form) until such time as the fork is resolved or the","page_number":43,"box":{"x":69,"y":785,"width":831,"height":12}},{"id":"1aa4d590-5a45-4bbc-be3a-7d4b175231f5","block_type":"box","text":"network otherwise has resumed normal operations. Dividends declared during such period will not be reinvested in","page_number":43,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"ee8d0774-fa4e-4a63-9b9b-b6f816e1dfc1","block_type":"box","text":"additional OnChain Shares and will instead be paid to affected shareholders in cash until shareholders are otherwise","page_number":43,"box":{"x":69,"y":816,"width":837,"height":11}},{"id":"c815e41e-5390-424d-a9fc-e00f8dea52ec","block_type":"box","text":"notified by the Fund or the Fund’s transfer agent that dividend reinvestment has resumed. Tokens existing on any","page_number":43,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"2eb6ad15-ed55-4e86-914d-bcad73351721","block_type":"box","text":"non-designated fork will not constitute valid OnChain Shares and will have no claim on the Fund’s assets.","page_number":43,"box":{"x":69,"y":846,"width":750,"height":11}},{"id":"e8eb49d3-e658-42f6-8e49-f6d136ce587e","block_type":"box","text":"Network Attack Risk","page_number":43,"box":{"x":102,"y":869,"width":141,"height":9}},{"id":"92163473-0cf8-4426-b67d-d57d168934fb","block_type":"box","text":"Proof-of-stake-based blockchain networks rely on validators that stake a network’s native digital asset in order to","page_number":43,"box":{"x":102,"y":891,"width":802,"height":12}},{"id":"0e435abf-46bd-48c8-9881-9cc08e18b47a","block_type":"box","text":"participate in transaction validation and block production. If a malicious actor, whether individually or as part of a","page_number":43,"box":{"x":70,"y":906,"width":805,"height":12}},{"id":"1d5411e3-b3f0-4c28-8829-acfc601e8475","block_type":"box","text":"II-7","page_number":43,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"30c63f02-01ad-440e-8623-2466b5e53372","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce2b143f-3190-4c13-8fba-08bf07904ce3","block_type":"box","text":"coordinated group, were to obtain control over a significant portion of the total staked assets on a blockchain, that","page_number":44,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"c47fba51-6150-451b-8513-b2dcca781e4b","block_type":"box","text":"actor could disrupt the operation of the network. Depending on the extent of such control, this could include delaying","page_number":44,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"9ccd4386-0f0d-4cda-913a-0edd0c77d3e2","block_type":"box","text":"or preventing transaction confirmation, censoring transactions, influencing the ordering of transactions, or, in more","page_number":44,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"8e87dc9c-4cd3-4d91-a2d6-39676fff6a07","block_type":"box","text":"extreme circumstances, causing inconsistent views of the blockchain or other failures of the network’s consensus","page_number":44,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"e43c70b2-25d2-4621-97e7-4c619752e1e8","block_type":"box","text":"process. The specific mechanics and thresholds at which such disruptions may occur vary across blockchain","page_number":44,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"26b930f8-2ecc-41bf-9afc-df5b5cb7f7f5","block_type":"box","text":"networks.","page_number":44,"box":{"x":69,"y":120,"width":67,"height":9}},{"id":"854c9b73-b231-49d2-9d1a-fac67428b5ee","block_type":"box","text":"For example, on blockchain networks such as Ethereum and Solana, which utilize proof-of-stake-based","page_number":44,"box":{"x":102,"y":143,"width":726,"height":11}},{"id":"d5b9a27a-a499-4a03-8a73-7be3766083d4","block_type":"box","text":"consensus mechanisms (with Solana also incorporating Proof of History), consensus is generally achieved through","page_number":44,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"7db0baac-3c93-4b03-8062-2cbabe020f85","block_type":"box","text":"the participation of a supermajority of validators. These mechanisms are designed to mitigate the risk of coordinated","page_number":44,"box":{"x":68,"y":173,"width":835,"height":11}},{"id":"403bcbba-38e4-4135-8de0-31221aa9b94c","block_type":"box","text":"attacks; however, there can be no assurance that such protections will be effective in all circumstances. On","page_number":44,"box":{"x":69,"y":188,"width":769,"height":11}},{"id":"d63b528e-0d4b-49ff-9d26-2540c5fcb57d","block_type":"box","text":"blockchains that instead rely on a relatively small set of validators, such as Tempo as of the date hereof, the risk of","page_number":44,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"acd8037f-3518-4c8b-9801-d8fe3c3e6eee","block_type":"box","text":"coordinated attacks may also exist. This risk may be mitigated to some extent if the validators are vetted institutional","page_number":44,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"3185105f-e799-4c0f-a4a3-0cf01c6674ac","block_type":"box","text":"actors or ensuring that validators operate under defined governance frameworks with compliance obligations.","page_number":44,"box":{"x":69,"y":234,"width":777,"height":11}},{"id":"1abed88e-5743-452f-90ba-03822ad992b3","block_type":"box","text":"Proof-of-stake-based consensus mechanisms typically incorporate economic incentive structures intended to","page_number":44,"box":{"x":102,"y":256,"width":771,"height":11}},{"id":"5c343663-2741-44c0-abc0-ae13324b2922","block_type":"box","text":"discourage malicious behavior by validators. For example, certain blockchain protocols include penalty mechanisms","page_number":44,"box":{"x":69,"y":272,"width":824,"height":11}},{"id":"c3f554f2-95e7-4ed6-87e4-5de2b52f2df0","block_type":"box","text":"(“slashing”) under which validators that engage in provably malicious behavior may forfeit a portion of their staked","page_number":44,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"582ae99a-6c6d-4226-a78c-3fddc0ad199d","block_type":"box","text":"assets or be removed from the validator set. Other blockchain networks may rely on a combination of protocol rules,","page_number":44,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"4f0a4865-9e96-45b4-96f9-2367f81df46a","block_type":"box","text":"validator performance requirements, governance processes, and market-based delegation to impose consequences","page_number":44,"box":{"x":68,"y":317,"width":827,"height":11}},{"id":"3f96eae6-d043-491a-b842-5209ff1979ec","block_type":"box","text":"on underperforming or malicious validators. These mechanisms are intended to make certain attacks economically","page_number":44,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"61a0fa27-8de7-4719-bc18-c9c696a2ee6c","block_type":"box","text":"unattractive, as validators risk loss of stake, reputation, or future participation in the network.","page_number":44,"box":{"x":69,"y":347,"width":669,"height":11}},{"id":"4fbe8749-c164-4cb8-aece-03d3a938ec3a","block_type":"box","text":"Notwithstanding these design features, there can be no assurance that such mechanisms will prevent","page_number":44,"box":{"x":102,"y":370,"width":728,"height":11}},{"id":"cb04e7c1-f144-442d-973f-43079cdc6b45","block_type":"box","text":"coordinated or malicious activity. In certain circumstances, if a sufficiently large portion of validator stake were to act","page_number":44,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"d809b4de-8d81-4869-8bbb-d466e010f3b6","block_type":"box","text":"in concert, a blockchain’s consensus process could be disrupted, including through transaction censorship, delays in","page_number":44,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"47c71c32-e5f3-41c0-b598-81acc55a459e","block_type":"box","text":"confirmation, or inconsistent views of the ledger. In addition, in response to a significant network disruption or attack,","page_number":44,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"ebed4141-3c13-428b-9399-3ad0b86188c3","block_type":"box","text":"participants in a blockchain network may seek to coordinate responses outside of formal protocol rules, including","page_number":44,"box":{"x":70,"y":430,"width":811,"height":11}},{"id":"ccbb2963-de32-42ef-ab37-d1dda604700b","block_type":"box","text":"through changes to network software, although such actions are uncertain and may not be effective or uniformly","page_number":44,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"a016a793-be9e-46a9-b845-bd9ac4ee11b7","block_type":"box","text":"adopted.","page_number":44,"box":{"x":69,"y":461,"width":61,"height":10}},{"id":"78c03587-634e-4d50-a646-b5adfc8b0589","block_type":"box","text":"Additionally, for relatively nascent stage blockchain networks, the full range of potential failure modes, including","page_number":44,"box":{"x":101,"y":483,"width":796,"height":11}},{"id":"f9fe7e96-8a84-478a-a1eb-d32b067dfc2f","block_type":"box","text":"fork-related risks, may not be as well understood or as extensively tested as in more mature networks such as","page_number":44,"box":{"x":68,"y":498,"width":789,"height":11}},{"id":"ad681a46-d16a-4b59-ad72-2bb62195a608","block_type":"box","text":"Ethereum. As a result, there may be uncertainty regarding how these systems would behave under adverse or","page_number":44,"box":{"x":70,"y":514,"width":782,"height":11}},{"id":"cf374808-6a44-4ff1-8c3b-52a9c5f25014","block_type":"box","text":"unexpected conditions, including validator disagreement or network partition events. Furthermore, the consensus","page_number":44,"box":{"x":69,"y":529,"width":809,"height":11}},{"id":"a8699faf-5a2b-4ce6-80aa-1528c736bf46","block_type":"box","text":"mechanisms for these networks may evolve over time as the networks mature, which could introduce new or different","page_number":44,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"c7fc214c-89cb-410d-9e7e-ffa955f251ac","block_type":"box","text":"risk considerations.","page_number":44,"box":{"x":69,"y":559,"width":138,"height":9}},{"id":"5fc59d5b-548c-4053-a84e-4f3c9b2ebda6","block_type":"box","text":"Before investing in OnChain Shares on a particular blockchain, an investor should carefully consider the risks of","page_number":44,"box":{"x":102,"y":581,"width":798,"height":12}},{"id":"4988d2fc-7619-44e9-bbd6-fcc690909fc2","block_type":"box","text":"using such blockchain network and should conduct their own assessment of the suitability of such network for","page_number":44,"box":{"x":69,"y":596,"width":786,"height":12}},{"id":"f90e39da-b372-4279-870d-0e8c96939aa6","block_type":"box","text":"making their investment in the Fund.","page_number":44,"box":{"x":69,"y":612,"width":259,"height":11}},{"id":"0f5c6973-1992-4a50-8ba9-d6eac44df415","block_type":"box","text":"Blockchain Networks","page_number":44,"box":{"x":102,"y":634,"width":155,"height":9}},{"id":"bc8775ea-2042-4181-9c5e-f1836e9c4509","block_type":"box","text":".","page_number":44,"box":{"x":258,"y":641,"width":2,"height":2}},{"id":"7b512678-8610-4a19-9aeb-fe94b1922b7c","block_type":"box","text":"The suitability of the blockchain networks (and underlying blockchain ledgers) approved","page_number":44,"box":{"x":266,"y":634,"width":619,"height":12}},{"id":"bc5e1f52-774b-4513-aed2-690cd9e25831","block_type":"box","text":"for use by the Fund could decline due to a variety of causes, adversely affecting the functionality of the OnChain","page_number":44,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"5565fabc-8db7-4c82-8fc4-c0c6bcb08ebb","block_type":"box","text":"Shares and an investment in the Fund. Blockchain networks are based on software protocols that govern the peer-to","page_number":44,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"f3ec9392-680b-44af-a3ee-020d7256baba","block_type":"box","text":"peer interactions between computers connected to these networks. The suitability of a network for the blockchain","page_number":44,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"0eff55df-f940-4508-8f53-128b688f4994","block_type":"box","text":"based functionality provided in connection with OnChain Shares depends upon a variety of factors, including, but not","page_number":44,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"db7a3575-301c-4829-a52e-41a0cb5570be","block_type":"box","text":"limited to:","page_number":44,"box":{"x":70,"y":710,"width":69,"height":9}},{"id":"013dc530-25bc-4a61-9155-55db0e1a74f8","block_type":"box","text":"1. The effectiveness of the informal groups of (often uncompensated) developers contributing to the","page_number":44,"box":{"x":135,"y":732,"width":713,"height":12}},{"id":"a649b5df-994f-40f6-8d8d-49161be118e5","block_type":"box","text":"protocols that underlie the network;","page_number":44,"box":{"x":102,"y":748,"width":252,"height":11}},{"id":"54a07315-2ec3-4613-8a72-aa84fcd9e3b9","block_type":"box","text":"2. Effectiveness of the validators and the network’s consensus mechanisms to secure the network against","page_number":44,"box":{"x":134,"y":770,"width":764,"height":12}},{"id":"1b7a185a-aa7e-4e42-be5d-c2d9725f5eea","block_type":"box","text":"confirmation of invalid transactions;","page_number":44,"box":{"x":101,"y":785,"width":254,"height":11}},{"id":"bc2fc6a4-ad60-41ba-955b-bdf9dd4323d2","block_type":"box","text":"3. The continued participation of a number of sufficient validators;","page_number":44,"box":{"x":134,"y":808,"width":473,"height":11}},{"id":"fc0dcc29-4471-49e9-b037-81a53fa7bc8c","block_type":"box","text":"4. The lack of collusion among validators;","page_number":44,"box":{"x":134,"y":831,"width":295,"height":11}},{"id":"c34acb74-ca9b-4ef4-8f62-a36a2738e4d6","block_type":"box","text":"5. Disputes among the developers or validators of the network;","page_number":44,"box":{"x":134,"y":853,"width":449,"height":12}},{"id":"063bd781-8b20-4572-861b-b0fcddfcb138","block_type":"box","text":"6. Changes in the consensus or validation scheme that underlies the network;","page_number":44,"box":{"x":134,"y":876,"width":557,"height":11}},{"id":"8a16b5bb-8e4e-4094-bc67-a138363a6199","block_type":"box","text":"7. The failure of cybersecurity controls or security breaches of the network;","page_number":44,"box":{"x":135,"y":899,"width":532,"height":11}},{"id":"de5cd8a4-fa09-4a89-967d-ab9cc3952ca0","block_type":"box","text":"II-8","page_number":44,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"90b4f06e-e6ef-4363-87d3-7f4d0032b542","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee919e61-6479-4ada-96bb-b72e8d1d553a","block_type":"box","text":"8. The inability of validators to reach consensus and the consequential halting of transaction verification on","page_number":45,"box":{"x":134,"y":45,"width":765,"height":11}},{"id":"7bffd027-826e-4efe-92f2-fe4be2b17ff4","block_type":"box","text":"the network;","page_number":45,"box":{"x":101,"y":60,"width":87,"height":10}},{"id":"11ec3c3a-47c4-4edc-b735-211735e67405","block_type":"box","text":"9. The existence of undiscovered technical flaws in the network;","page_number":45,"box":{"x":134,"y":82,"width":455,"height":11}},{"id":"c64190a0-a40c-49a7-a884-32ed09d00f55","block_type":"box","text":"10. The development of new or existing hardware or software tools or mechanisms that could negatively","page_number":45,"box":{"x":135,"y":105,"width":741,"height":11}},{"id":"bdec319e-1ad4-4415-8b96-52bdedd56853","block_type":"box","text":"impact the functionality of the network or related infrastructure;","page_number":45,"box":{"x":102,"y":120,"width":450,"height":11}},{"id":"aaaffbf0-4128-4cdc-a846-e527f37b2b82","block_type":"box","text":"11. The price or volatility of the blockchain asset associated with the respective network;","page_number":45,"box":{"x":135,"y":143,"width":632,"height":11}},{"id":"f1956518-6807-4b6d-8673-26edbd9939e8","block_type":"box","text":"12. The cost of “gas” fees to use the network;","page_number":45,"box":{"x":135,"y":166,"width":330,"height":11}},{"id":"a6d886fe-f817-4e3f-b24c-fcbd098c9687","block_type":"box","text":"13. Intellectual property rights-based or other claims against the network’s participants;","page_number":45,"box":{"x":135,"y":188,"width":627,"height":12}},{"id":"98083bfd-c069-49fd-aa56-ae8a8578ab6e","block_type":"box","text":"14. The continued adoption of the network; and","page_number":45,"box":{"x":135,"y":211,"width":337,"height":11}},{"id":"4944abac-6f13-4c89-aef0-68555841470a","block_type":"box","text":"15. The maturity of the software development kit used in connection with the network.","page_number":45,"box":{"x":135,"y":234,"width":612,"height":11}},{"id":"c9f01345-dc7b-4968-93b5-5fa21b1ab731","block_type":"box","text":"Unfavorable developments or characteristics of any of the above or other circumstances could adversely affect","page_number":45,"box":{"x":102,"y":256,"width":788,"height":11}},{"id":"aade8c3d-f6a5-4c7d-a8c7-698c677d70f4","block_type":"box","text":"the Fund’s operations or the functionality of OnChain Shares. Furthermore, a blockchain record stores the complete","page_number":45,"box":{"x":68,"y":271,"width":827,"height":12}},{"id":"b86c0f42-5a2e-4401-9e33-cc457caad272","block_type":"box","text":"transaction history from issuance of OnChain Shares. As a result, robust and transparent data, other than","page_number":45,"box":{"x":68,"y":286,"width":758,"height":12}},{"id":"6a1417cf-2261-4d51-b648-208908f04996","block_type":"box","text":"shareholder personal identifying information, will be publicly available via the published blockchain and tools such as","page_number":45,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"ee43e640-947c-4f65-aa15-07ed3d1c2814","block_type":"box","text":"block explorers. Such transaction data is secured by cryptography and only a public-key-derived wallet address (and","page_number":45,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"837cafa4-ffc6-4826-bd11-e8c30a25f517","block_type":"box","text":"not a shareholder’s personal identifying information) will be exposed to the public on the blockchain. The personal","page_number":45,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"eebd42e6-7cb9-4149-b1bd-ffe31c707e55","block_type":"box","text":"identifying information necessary to associate a public key representing a given block of OnChain Shares with the","page_number":45,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"69898eb6-b61f-4ffa-92f4-c86e8800f4a8","block_type":"box","text":"record owner of those OnChain Shares will be maintained by the Fund’s transfer agent and will not be available to the","page_number":45,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"d64c0c7b-33ab-4c9a-abf0-edba313c466a","block_type":"box","text":"public. However, if there are data security breaches with respect to such database(s) resulting in theft of the","page_number":45,"box":{"x":70,"y":377,"width":772,"height":12}},{"id":"b0bef840-9023-4bd0-943f-717008f4e754","block_type":"box","text":"information necessary to link personal identity with the public key and related OnChain Share transactions, the stolen","page_number":45,"box":{"x":70,"y":392,"width":838,"height":12}},{"id":"021c13ad-a494-4a06-b70b-8b633fcc452f","block_type":"box","text":"information could be used to determine a shareholder’s identity and complete transaction history in OnChain Shares.","page_number":45,"box":{"x":70,"y":407,"width":835,"height":12}},{"id":"2959a5ca-7959-4948-aae8-1cbe3f79e953","block_type":"box","text":"Concerns over these privacy issues may limit adoption of public-ledger blockchain technology, reducing the","page_number":45,"box":{"x":102,"y":430,"width":758,"height":11}},{"id":"fef32f37-f4eb-4384-96e3-8545058b9d6e","block_type":"box","text":"potential market acceptance for OnChain Shares and the size of the Fund.","page_number":45,"box":{"x":70,"y":445,"width":526,"height":11}},{"id":"ca1eef71-cff7-41fe-b729-9eb856797343","block_type":"box","text":"Blockchain Network Suitability.","page_number":45,"box":{"x":102,"y":468,"width":226,"height":11}},{"id":"9d3aca58-7caa-4396-9a3c-9a59fb5a1da1","block_type":"box","text":"y.","page_number":45,"box":{"x":328,"y":475,"width":2,"height":2}},{"id":"4ada7143-893a-43fe-af49-94ff39f08465","block_type":"box","text":"The Board has delegated to BlackRock the authority to evaluate and select the","page_number":45,"box":{"x":336,"y":468,"width":561,"height":11}},{"id":"1b267068-d525-40cc-8b93-473e9f50e402","block_type":"box","text":"blockchain networks on which the Fund’s OnChain Shares will be offered and sold. The Board does not review or","page_number":45,"box":{"x":69,"y":483,"width":803,"height":9}},{"id":"f36d7252-a44a-4e55-b351-f3a944ac1d64","block_type":"box","text":"approve individual blockchain networks. In exercising this delegated authority, BlackRock conducts multi-layered","page_number":45,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"83274d46-ba6f-4fcf-a000-1309d91eae50","block_type":"box","text":"technical and operational due diligence prior to supporting the Fund’s OnChain Shares on any blockchain network.","page_number":45,"box":{"x":68,"y":513,"width":813,"height":12}},{"id":"8a7a8c84-987d-4d44-8021-8b9894ca615a","block_type":"box","text":"BlackRock’s review process is supported by the Fund’s transfer agent, which assists in blockchain diligence as","page_number":45,"box":{"x":70,"y":528,"width":792,"height":12}},{"id":"d68d240c-7e70-4cfd-906e-9bc442d23bd7","block_type":"box","text":"detailed below.","page_number":45,"box":{"x":69,"y":544,"width":105,"height":9}},{"id":"414149d6-9e85-41c1-acfd-c328c7ea9a10","block_type":"box","text":"Although neither the Fund, BlackRock, nor the Fund’s transfer agent endorses or recommends any particular","page_number":45,"box":{"x":101,"y":566,"width":774,"height":11}},{"id":"ad14a84f-16e4-4f47-be3b-a17ae57cb0de","block_type":"box","text":"blockchain, and an investor should independently assess any blockchain for their own purposes and use cases, the","page_number":45,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"a81b22de-499a-457d-9aa8-e93df63377bc","block_type":"box","text":"Fund’s transfer agent will nonetheless review information related to a blockchain in relation to allowing a blockchain","page_number":45,"box":{"x":70,"y":596,"width":825,"height":12}},{"id":"6e093c43-fdd6-4f36-89d9-358657310611","block_type":"box","text":"to be used to support OnChain Shares, including the following:","page_number":45,"box":{"x":68,"y":612,"width":447,"height":11}},{"id":"8a9edcdd-c447-4957-bc98-63771088d604","block_type":"box","text":"•","page_number":45,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"d8d13c3e-2799-4d89-ab46-fd046e5d4bb4","block_type":"box","text":"Operational Integrity and Scalability: Each supported blockchain should generally demonstrate consistent","page_number":45,"box":{"x":102,"y":632,"width":748,"height":11}},{"id":"881698b9-1e35-499f-8107-5720c0f1e4d9","block_type":"box","text":"performance and adequate scalability.","page_number":45,"box":{"x":102,"y":647,"width":271,"height":11}},{"id":"68b4ec41-d33a-415e-934a-8a9f86c90a4e","block_type":"box","text":"•","page_number":45,"box":{"x":69,"y":670,"width":6,"height":4}},{"id":"d7db7dba-271d-4e97-82ad-7450e59907df","block_type":"box","text":"Transaction Costs: Each supported blockchain should have reasonably understandable transaction fees.","page_number":45,"box":{"x":101,"y":667,"width":744,"height":11}},{"id":"70bbd6bb-d89c-47de-903c-04993c41f0bf","block_type":"box","text":"•","page_number":45,"box":{"x":69,"y":690,"width":6,"height":5}},{"id":"4618fc5b-bb35-405a-824e-0ca62513ca3c","block_type":"box","text":"Permissioning Compatibility: Each supported blockchain should be able to support the Fund’s transfer agent’s","page_number":45,"box":{"x":102,"y":687,"width":786,"height":11}},{"id":"a6fb0e71-e68d-4e66-a52f-42d4df3da116","block_type":"box","text":"permissioned framework on public, permissionless blockchains in seeking to ensure that only pre-approved","page_number":45,"box":{"x":102,"y":702,"width":764,"height":12}},{"id":"60df67a2-f7af-4b29-acf3-682035f323b2","block_type":"box","text":"wallets can participate in transactions involving OnChain Shares.","page_number":45,"box":{"x":101,"y":718,"width":462,"height":11}},{"id":"22e4faa0-be7d-4353-8e6b-1fad93faf5f1","block_type":"box","text":"•","page_number":45,"box":{"x":69,"y":740,"width":6,"height":5}},{"id":"6ff69be7-7abf-4e7b-af1f-9c92a652f453","block_type":"box","text":"Burning and Minting Process: If an investor wishes to move between two supported blockchains, the investor will","page_number":45,"box":{"x":102,"y":738,"width":804,"height":11}},{"id":"7e44dbbe-d2dd-45fa-ab3f-822a0da391da","block_type":"box","text":"need to contact the transfer agent to communicate their intent. The process is manual and is only supported","page_number":45,"box":{"x":102,"y":753,"width":775,"height":11}},{"id":"98155ea9-3644-474e-8d78-46c5d967d7aa","block_type":"box","text":"during business days and operating hours. Each of the supported blockchains should be able to support the","page_number":45,"box":{"x":101,"y":768,"width":773,"height":11}},{"id":"d3741825-fbf7-4cba-8918-c0a40f634217","block_type":"box","text":"Fund’s transfer agent’s management of a burning and minting process. This process involves reducing the","page_number":45,"box":{"x":102,"y":783,"width":758,"height":11}},{"id":"cd04bf21-3c31-4d6f-8ad7-4c3a38e0fb68","block_type":"box","text":"balance of OnChain Shares on the originating blockchain to zero by recording a “burning” transaction and then","page_number":45,"box":{"x":102,"y":798,"width":786,"height":11}},{"id":"34addf8d-b12f-47e6-8b87-b733dd721de9","block_type":"box","text":"minting an equivalent number of OnChain Shares on the destination blockchain. This controlled burning and","page_number":45,"box":{"x":102,"y":813,"width":766,"height":11}},{"id":"97f20ddd-a52d-4ed0-b65d-767e91dd1caf","block_type":"box","text":"minting process seeks to ensure that the movement of OnChain Shares between blockchains does not result in","page_number":45,"box":{"x":102,"y":828,"width":795,"height":12}},{"id":"298d520f-49f4-493d-bbdc-9408def14c7c","block_type":"box","text":"any dilution or duplication of OnChain Shares.","page_number":45,"box":{"x":102,"y":843,"width":324,"height":12}},{"id":"27ac1c4f-9ee5-4a51-87bd-cde7ed6f266d","block_type":"box","text":"Investors should note that they may experience materially different service levels on different blockchains and","page_number":45,"box":{"x":102,"y":866,"width":786,"height":11}},{"id":"fc782b78-e87e-4529-b3f4-6d658c254454","block_type":"box","text":"are encouraged to select the blockchain that best suits their investment objectives, risk tolerance, and operational","page_number":45,"box":{"x":69,"y":881,"width":817,"height":11}},{"id":"69988534-69bb-43b7-b52f-4631619c5683","block_type":"box","text":"requirements.","page_number":45,"box":{"x":69,"y":897,"width":97,"height":10}},{"id":"a49a483a-a6aa-42e4-8474-2d5c1bda9d81","block_type":"box","text":"II-9","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"241ca185-d5f3-42f3-b95a-1a135052e8cd","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d59e3f0-9dec-4ce3-977d-41315917cc6e","block_type":"box","text":"Blockchain Regulation","page_number":46,"box":{"x":102,"y":45,"width":164,"height":11}},{"id":"94022930-6909-4dbe-b49f-f1fc82204edb","block_type":"box","text":".","page_number":46,"box":{"x":267,"y":52,"width":2,"height":2}},{"id":"4c720c9a-9cd9-4403-a202-1f92544e6a0a","block_type":"box","text":"Regulation of digital assets (such as OnChain Shares), blockchain technologies and","page_number":46,"box":{"x":277,"y":45,"width":595,"height":11}},{"id":"d40702d6-85d4-4335-8aa7-49b82fece879","block_type":"box","text":"digital asset platforms is currently developing and likely to rapidly evolve, varies significantly among international,","page_number":46,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"c60f1bf2-5a7c-4eb5-8bc1-a643b04e14a6","block_type":"box","text":"federal, state and local jurisdictions and is subject to significant uncertainty. Various legislative and executive bodies","page_number":46,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"529da1d4-71cf-44cb-a56e-38b1b67f11eb","block_type":"box","text":"in the United States and in other countries are currently considering, or may in the future consider, laws, regulations,","page_number":46,"box":{"x":70,"y":90,"width":832,"height":11}},{"id":"a4d893bf-6dcf-494f-aedc-478b307750ce","block_type":"box","text":"guidance, or other actions, which may severely impact the Fund, and thus the Fund’s shareholders. Failure by the","page_number":46,"box":{"x":68,"y":105,"width":809,"height":11}},{"id":"e68eda05-858c-4f4e-9607-2f2f4f54f0f3","block_type":"box","text":"Fund or any Fund service provider to comply with any laws, rules or regulations, some of which may not exist yet or","page_number":46,"box":{"x":70,"y":120,"width":818,"height":12}},{"id":"b31101f6-c38e-434e-830b-c07008fadee6","block_type":"box","text":"are subject to interpretation and may be subject to change, could result in a variety of adverse consequences to the","page_number":46,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"a6faf504-c710-4d86-84c9-1192f55aeb95","block_type":"box","text":"Fund (and thus to the Fund’s shareholders), including civil penalties and fines. New or changing laws and regulations","page_number":46,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"3591b831-6eb0-4b2e-a65f-456b7ee4baca","block_type":"box","text":"or interpretations of existing laws and regulations may adversely impact the Fund’s ability to issue and redeem","page_number":46,"box":{"x":69,"y":166,"width":789,"height":11}},{"id":"a4fbd88b-1165-4d29-9b49-ce6b83ee286c","block_type":"box","text":"OnChain Shares or otherwise make distributions on OnChain Shares, the secondary market liquidity and market price","page_number":46,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"6dc85a2e-4519-4515-baa8-bb60a94defb0","block_type":"box","text":"of OnChain Shares, shareholders’ ability to access or otherwise utilize an exchange or platform for trading of OnChain","page_number":46,"box":{"x":69,"y":196,"width":840,"height":11}},{"id":"8f1783f6-d8ed-43bf-b977-930915f976ea","block_type":"box","text":"Shares (should such a platform or exchange exist in the future and such activity be permitted by the Fund) and the","page_number":46,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"ecfa5072-da89-4dff-a2a4-468fac00e728","block_type":"box","text":"structure, rights and transferability of OnChain Shares (should shareholders be permitted to transfer or exchange","page_number":46,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"73a01238-8eaa-4e6f-b8cf-72bdfa179b8d","block_type":"box","text":"OnChain Shares in the future). Therefore, there can be no assurance that any new or continuing regulatory scrutiny or","page_number":46,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"f85b5b36-cd31-4306-8755-c5d72d6ce9ed","block_type":"box","text":"initiatives will not have an adverse impact on OnChain Shares or impede the Fund’s current or future activities. In","page_number":46,"box":{"x":70,"y":256,"width":807,"height":11}},{"id":"96a9075b-a5f3-47b9-9eae-6dcb21de08ac","block_type":"box","text":"addition, because of the differences between the way OnChain Shares are issued and recorded as compared to","page_number":46,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"0d0169ac-f61b-4af7-bbba-47e2835e46c9","block_type":"box","text":"shares in a traditional mutual fund, there is a risk that issues that might easily be resolved by existing law if","page_number":46,"box":{"x":69,"y":286,"width":772,"height":12}},{"id":"7139e3ac-c35e-48b9-9bf3-65e8dba1ded9","block_type":"box","text":"traditional methods were involved may not be easily resolved for OnChain Shares. The treatment of OnChain Shares","page_number":46,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"135aa7d1-6cff-42f9-bd1c-fa8c97d372a2","block_type":"box","text":"(and certain other forms of tokenized shares) under applicable state law, including the Uniform Commercial Code","page_number":46,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"593d6e96-c198-4b35-bfac-6d4c27763fa8","block_type":"box","text":"(“UCC”), is uncertain. The occurrence of any related issue or dispute could have a material adverse effect on the","page_number":46,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"f2998b21-8c91-481f-ac94-34b92e863442","block_type":"box","text":"Fund’s current or future business or OnChain Shares. Blockchain networks currently face an uncertain regulatory","page_number":46,"box":{"x":70,"y":347,"width":805,"height":11}},{"id":"fff677e9-1ec0-4f26-975f-d8c27c1ee472","block_type":"box","text":"landscape in not only the United States but also in many foreign jurisdictions such as the European Union and China.","page_number":46,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"9468d5d0-1f66-40ad-9ad6-c9a29c26185f","block_type":"box","text":"Various foreign jurisdictions may, in the near future, adopt laws, regulations or directives that affect a blockchain","page_number":46,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"a5a4f299-3681-4e79-b59d-ed14d1be41e0","block_type":"box","text":"network and its users, developers and service providers that fall within such jurisdictions’ regulatory scope. Such","page_number":46,"box":{"x":69,"y":392,"width":807,"height":12}},{"id":"85f8e46e-121f-4b8c-8dd3-fcdaf67e8ee5","block_type":"box","text":"laws, regulations or directives may conflict with those of the United States or may directly and negatively impact the","page_number":46,"box":{"x":70,"y":407,"width":824,"height":12}},{"id":"a135c09b-7a2e-4ebe-97b0-d7d04bf3c513","block_type":"box","text":"Fund and its service providers. The effect of any future regulatory change is impossible to predict, but such change","page_number":46,"box":{"x":70,"y":423,"width":821,"height":11}},{"id":"967819d1-7c6c-4951-b07a-eb85fcdcbdcb","block_type":"box","text":"could be substantial and adverse to the shareholders, the Fund and the Fund’s service providers.","page_number":46,"box":{"x":69,"y":438,"width":695,"height":11}},{"id":"696fa178-a1f6-4ff7-96d1-78b1de1b3a7b","block_type":"box","text":"Stablecoin Regulatory Risk.","page_number":46,"box":{"x":101,"y":460,"width":203,"height":12}},{"id":"70a87cbd-f9c7-4cb8-b13a-d8cada54765c","block_type":"box","text":"The Fund intends to operate such that its OnChain Shares will be “eligible reserve","page_number":46,"box":{"x":310,"y":460,"width":586,"height":12}},{"id":"cd93517d-c5e4-4294-b125-dcbc2a29fbe3","block_type":"box","text":"assets” for payment stablecoin issuers under the GENIUS Act. The Fund’s status as an eligible reserve asset under","page_number":46,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"50eee4ac-f65e-4778-92d6-89bf126d3be4","block_type":"box","text":"the GENIUS Act is a product of its structure as a government money market fund operating in accordance with Rule","page_number":46,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"50c13fd4-4db3-4de6-b0b9-c98340a68d6b","block_type":"box","text":"2a-7 under the 1940 Act and investing exclusively in Treasury Instruments with a maturity of 93 days or less and","page_number":46,"box":{"x":69,"y":506,"width":804,"height":11}},{"id":"867fdde8-b383-45c8-a52b-3e2071ee3522","block_type":"box","text":"overnight repurchase agreements secured by such instruments. If the GENIUS Act or regulations adopted thereunder","page_number":46,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"b856fb98-cb55-4854-afd5-084508c1d8aa","block_type":"box","text":"were to impose requirements with which the Fund cannot comply — for example, by limiting the types of permitted","page_number":46,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"a6a054eb-5861-4fb9-ab96-b48b2fb9b8be","block_type":"box","text":"reserve assets in a manner that excludes shares of money market funds or by imposing operational or structural","page_number":46,"box":{"x":69,"y":551,"width":804,"height":11}},{"id":"bc5dd269-138f-4a49-b686-62ee519fe86d","block_type":"box","text":"conditions that the Fund is unable to satisfy — payment stablecoin issuers that hold OnChain Shares as reserve","page_number":46,"box":{"x":69,"y":566,"width":804,"height":11}},{"id":"4f9444f7-9a82-400b-9380-25204a46bca7","block_type":"box","text":"assets could be required to redeem their holdings in the Fund in order to maintain compliance with applicable law.","page_number":46,"box":{"x":69,"y":582,"width":813,"height":11}},{"id":"8d4ab947-f370-41df-9518-ed103f04ba87","block_type":"box","text":"Such large-scale redemptions could adversely affect the Fund’s liquidity and net assets. In addition, under rules","page_number":46,"box":{"x":69,"y":596,"width":798,"height":12}},{"id":"9da6cad7-b83b-47be-ba53-df87d5ef5153","block_type":"box","text":"adopted or proposed by the Office of the Comptroller of the Currency (OCC), there may be limits on the percentage of","page_number":46,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"f4967cbf-09f6-4981-a988-132813aac8bc","block_type":"box","text":"a stablecoin issuer’s total reserve assets that may be held in any single investment product, which could limit the","page_number":46,"box":{"x":69,"y":627,"width":813,"height":11}},{"id":"6f72a9e3-0cba-45cb-ade3-db4b1c1bd371","block_type":"box","text":"growth of the Fund. Additionally, various other aspects of the GENIUS Act remain unclear and subject to","page_number":46,"box":{"x":68,"y":642,"width":737,"height":11}},{"id":"76f51403-db25-432c-8214-c00f3e61d652","block_type":"box","text":"interpretation, and federal regulators, including the OCC and the U.S. Department of the Treasury, are developing","page_number":46,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"879ffd92-fd52-4f97-a2d7-31ba93488f93","block_type":"box","text":"implementing standards that have not been finalized as of the date of this Prospectus. Changes in, or new","page_number":46,"box":{"x":70,"y":672,"width":759,"height":11}},{"id":"91a54e36-8d8d-48a2-9289-97714519da4b","block_type":"box","text":"interpretations of, the GENIUS Act or related rules could affect the types of instruments the Fund is permitted to hold","page_number":46,"box":{"x":70,"y":687,"width":836,"height":11}},{"id":"aa1e7003-b409-497b-a08b-cd0d541e9ea7","block_type":"box","text":"under that framework or the methods by which the Fund implements its investment strategy, including operational","page_number":46,"box":{"x":69,"y":702,"width":809,"height":12}},{"id":"14717f7a-c41c-47f3-a491-0cfa93805ffa","block_type":"box","text":"processes tied to its permissioned use of public blockchains for OnChain Shares. These developments could require","page_number":46,"box":{"x":70,"y":717,"width":831,"height":11}},{"id":"e1261091-eeac-411c-9bfd-110f4da807ec","block_type":"box","text":"the Fund to adjust portfolio holdings or modify operational practices and could adversely affect the Fund or its","page_number":46,"box":{"x":68,"y":732,"width":784,"height":12}},{"id":"c399deeb-a42e-4544-9c0b-5a20c67b3de5","block_type":"box","text":"shareholders.","page_number":46,"box":{"x":69,"y":748,"width":96,"height":9}},{"id":"3c5d3c43-5534-48b7-8f04-d1fd45590752","block_type":"box","text":"Commercial Paper and Other Short Term Obligations.","page_number":46,"box":{"x":101,"y":770,"width":386,"height":11}},{"id":"8b889e7f-c7a2-46a8-be2f-ad5f4717bad4","block_type":"box","text":"Commercial paper (including variable amount master","page_number":46,"box":{"x":494,"y":770,"width":376,"height":12}},{"id":"fe6a8d08-356f-4fc2-ba25-460c02e56298","block_type":"box","text":"demand notes and other variable rate securities, with or without forward features) refers to short term unsecured","page_number":46,"box":{"x":69,"y":785,"width":809,"height":11}},{"id":"d51bac69-cbb2-4823-8187-c6671081afb6","block_type":"box","text":"promissory notes issued by corporations, partnerships, trusts or other entities to finance short term credit needs","page_number":46,"box":{"x":70,"y":801,"width":810,"height":11}},{"id":"20d46680-98fd-4a77-970e-707685213752","block_type":"box","text":"and non-convertible debt securities (","page_number":46,"box":{"x":69,"y":816,"width":259,"height":11}},{"id":"171378a7-1c62-4f22-a534-fd2768c256e6","block_type":"box","text":"e.g.","page_number":46,"box":{"x":330,"y":817,"width":25,"height":10}},{"id":"cef2147e-7c7c-40a0-a34d-b0c0178c2a9a","block_type":"box","text":", bonds and debentures) with no more than 397 days remaining to maturity","page_number":46,"box":{"x":357,"y":816,"width":536,"height":11}},{"id":"4de99dc3-76ce-4dfb-aef3-4e1a2ec21b8c","block_type":"box","text":"at the date of purchase. Short term obligations issued by trusts, corporations, partnerships or other entities include","page_number":46,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"ae190dd1-2595-4f7a-98ab-40bd03ff2edd","block_type":"box","text":"mortgage-related or asset-backed instruments, including pass-through certificates such as participations in, or bonds","page_number":46,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"43d56377-3f63-4b53-8f43-336fb294101e","block_type":"box","text":"and notes backed by, pools of mortgage, automobile, manufactured housing or other types of consumer loans; credit","page_number":46,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"e7558383-9950-4921-807d-086b3dc581a0","block_type":"box","text":"card or trade receivables or pools of mortgage-backed or asset-backed securities. These structured financings will be","page_number":46,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"e6184ad8-0358-486f-8596-50ef529336e4","block_type":"box","text":"supported by sufficient collateral and other credit enhancements, including letters of credit, insurance, reserve funds","page_number":46,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"265e59fa-4dde-4e5a-ab15-57a75ecda535","block_type":"box","text":"and guarantees by third parties, to enable such instruments to obtain a quality rating by a Nationally Recognized","page_number":46,"box":{"x":69,"y":907,"width":801,"height":11}},{"id":"aeda5276-63ce-4c62-8a53-1d54fff3d20c","block_type":"box","text":"II-10","page_number":46,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"21b9f3c9-d13a-418a-9f0e-fa806925115c","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8d0c5f9-6708-4a03-afe4-d8b11626d7f5","block_type":"box","text":"Statistical Rating Organization (“NRSRO”), if applicable. Some structured financings also use various types of swaps,","page_number":47,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"2b01eb50-7bbe-4bef-97fa-fdca27f96f9a","block_type":"box","text":"among other things, to issue instruments that have interest rate, quality or maturity characteristics necessary or","page_number":47,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"99eb5ae2-cb8b-49f8-a236-2e7cc4c91b5b","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":47,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"819e463d-9f1a-4517-b843-aa936783e2f0","block_type":"box","text":"on the credit of a counterparty, but also on the obligations of another entity, the “reference entity.” Commercial paper","page_number":47,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"7e4f03cb-eb96-48f2-9ddd-f86b6f0cf4c7","block_type":"box","text":"is generally considered to be short-term unsecured debt of corporations. Like all fixed income securities, commercial","page_number":47,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"6e9a5bc8-f204-4e84-b383-68eaa4bb057d","block_type":"box","text":"paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will","page_number":47,"box":{"x":70,"y":120,"width":790,"height":11}},{"id":"e3fedf05-dbe6-49fe-982f-cc78b761b566","block_type":"box","text":"decline and vice versa. However, the short-term nature of a commercial paper investment generally makes it less","page_number":47,"box":{"x":69,"y":135,"width":806,"height":12}},{"id":"564c2639-876a-4504-a8c7-7ce90453e345","block_type":"box","text":"susceptible to volatility than many other fixed income securities because interest rate risk typically increases as","page_number":47,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"821cac30-28a0-47d9-b930-33b4f0a5e6bd","block_type":"box","text":"maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because","page_number":47,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"c543ebbd-376b-4d99-a24d-c6d676fd6d39","block_type":"box","text":"securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":47,"box":{"x":69,"y":181,"width":733,"height":11}},{"id":"01ca56e4-19c8-41aa-b5b4-ed4b87b41824","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration.","page_number":47,"box":{"x":102,"y":203,"width":431,"height":11}},{"id":"3d78f112-833f-4295-b69b-ae3472fe78c8","block_type":"box","text":"Although a Fund does not seek to implement a","page_number":47,"box":{"x":539,"y":204,"width":333,"height":11}},{"id":"a5357a54-5594-480f-a8e6-e5b62be61e78","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in the Fund’s Prospectus, BlackRock will","page_number":47,"box":{"x":69,"y":218,"width":784,"height":12}},{"id":"c0bb9abb-cbef-4b98-b98f-de60a63da69f","block_type":"box","text":"consider ESG factors as part of the credit research and investment process for a Fund. BlackRock views ESG","page_number":47,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"ddea52db-f0d4-49e2-82c0-7b6f95d048db","block_type":"box","text":"integration as the practice of incorporating financially material ESG data or information into investment processes","page_number":47,"box":{"x":70,"y":249,"width":809,"height":11}},{"id":"6f6c143d-05da-4e1e-963f-617296a9e18f","block_type":"box","text":"with the objective of enhancing risk-adjusted returns. All securities purchases by a Fund are selected from approved","page_number":47,"box":{"x":68,"y":264,"width":826,"height":11}},{"id":"5e633a2e-9729-4b84-b945-737530b50b9b","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":47,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"23ac3674-9413-4d3a-98cd-20d1cd2297b1","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":47,"box":{"x":69,"y":294,"width":825,"height":11}},{"id":"7f0fc0fb-3755-4dc0-8c1a-76a9ac68a9cf","block_type":"box","text":"guarantor to meet its obligations. BlackRock considers ESG data within the total data available during its review. This","page_number":47,"box":{"x":68,"y":309,"width":835,"height":11}},{"id":"1746f88e-d080-42e9-9c83-4c226a451f71","block_type":"box","text":"may include third party research as well as considerations of proprietary BlackRock research across the ESG risks","page_number":47,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"9e6076c6-dd9c-4dc0-9111-df9306899650","block_type":"box","text":"and opportunities regarding an issuer.","page_number":47,"box":{"x":69,"y":340,"width":271,"height":11}},{"id":"a7c2c073-fcd4-4c81-aa9e-5319ca7c34d4","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":47,"box":{"x":101,"y":362,"width":804,"height":11}},{"id":"790bab3a-7491-482b-9aac-3b845f8a4ced","block_type":"box","text":"more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these","page_number":47,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"95b0eda9-e6d7-446e-8560-c3b55e58b5a2","block_type":"box","text":"considerations may affect the Fund’s exposure to certain companies or industries. While BlackRock views ESG","page_number":47,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"ecf8511f-4388-4fe7-ae43-49e57c11a39d","block_type":"box","text":"considerations as having the potential to contribute to a Fund’s long-term performance, there is no guarantee that","page_number":47,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"18c2eff3-f5d9-4872-ac2d-73b81d1956cf","block_type":"box","text":"such results will be achieved.","page_number":47,"box":{"x":69,"y":423,"width":208,"height":9}},{"id":"53e39abb-ad63-48db-a53d-086b5e3d2f7f","block_type":"box","text":"Foreign Bank Money Instruments.","page_number":47,"box":{"x":102,"y":445,"width":246,"height":11}},{"id":"36d12793-47c3-474b-9d74-2f5a449a1174","block_type":"box","text":"Foreign bank money instruments refer to U.S. dollar-denominated obligations","page_number":47,"box":{"x":355,"y":445,"width":547,"height":12}},{"id":"7caeb163-b2c3-45e9-9778-6a93ad3a24aa","block_type":"box","text":"of foreign depository institutions and their foreign branches and subsidiaries, such as, but not limited to, certificates","page_number":47,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"4a116c76-8840-4215-ba7a-58d1180399b4","block_type":"box","text":"of deposit, bankers’ acceptances, time deposits, bank notes and deposit notes. The obligations of such foreign","page_number":47,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"a66c5b34-10ff-465f-8761-ae4ce10edb5b","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries may be the general obligations of the parent bank","page_number":47,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"90c44482-ee33-42b3-98ca-8b012c952b97","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":47,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"5072ace7-e58c-4882-917e-84293e2391bd","block_type":"box","text":"regulation. Such investments will only be made if determined to be of comparable quality to other investments","page_number":47,"box":{"x":69,"y":521,"width":786,"height":11}},{"id":"fac7fa1a-de52-44cd-b505-4c81bea57c1d","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":47,"box":{"x":70,"y":536,"width":830,"height":11}},{"id":"025afc22-87d4-4047-a7cb-9fa91b133c60","block_type":"box","text":"each investment) in these obligations. Investments in foreign entities generally involve the same risks as those","page_number":47,"box":{"x":69,"y":551,"width":793,"height":11}},{"id":"0b9ffcb5-400f-4c44-8b5b-624972aec4e3","block_type":"box","text":"described above in connection with investments in Eurodollar and Yankeedollar obligations and obligations of foreign","page_number":47,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"ffbef94c-5525-4176-94de-5d98ada8f369","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries. See “Bank Money Instruments.”","page_number":47,"box":{"x":69,"y":581,"width":713,"height":12}},{"id":"b81044ef-ef93-4bdd-a998-0d9ee9998fe5","block_type":"box","text":"Foreign Short Term Debt Instruments.","page_number":47,"box":{"x":102,"y":604,"width":275,"height":11}},{"id":"55d502a1-3dae-4527-92a9-1628cfc2c80f","block_type":"box","text":"Foreign short term debt instruments refer to U.S. dollar-denominated","page_number":47,"box":{"x":384,"y":604,"width":490,"height":11}},{"id":"66e61f4c-4aa4-4f42-8574-dad10cf413ed","block_type":"box","text":"commercial paper and other short term obligations issued by foreign entities. Such investments are subject to quality","page_number":47,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"6940e80f-4a84-4a70-92b8-218f94035cb5","block_type":"box","text":"standards similar to those applicable to investments in comparable obligations of domestic issuers. These","page_number":47,"box":{"x":69,"y":634,"width":762,"height":12}},{"id":"0dc8d54b-f467-4ab2-a358-edfd1a6077c2","block_type":"box","text":"investments generally involve the same risks as those described above in connection with investments in Eurodollar","page_number":47,"box":{"x":70,"y":650,"width":827,"height":11}},{"id":"c404ed8a-032b-4c67-9931-c3885a27ba87","block_type":"box","text":"and Yankeedollar obligations and obligations of foreign depository institutions and their foreign branches and","page_number":47,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"a0f92c4a-9720-49ad-acfc-1eff1ace35f5","block_type":"box","text":"subsidiaries. See “Bank Money Instruments.”","page_number":47,"box":{"x":69,"y":680,"width":325,"height":11}},{"id":"19c87ce5-2013-4a68-a3ef-b90960887835","block_type":"box","text":"Forward Commitments.","page_number":47,"box":{"x":102,"y":702,"width":169,"height":9}},{"id":"e9170738-c836-4567-9359-3d7fb50e220a","block_type":"box","text":"Certain Funds may purchase or sell money market securities on a forward commitment","page_number":47,"box":{"x":278,"y":702,"width":621,"height":11}},{"id":"cd2af612-150d-4bea-b355-6fb1d8ff93e2","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":47,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"1befbf3d-c8c4-4732-bd4a-99f51f38f5fe","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":47,"box":{"x":69,"y":732,"width":836,"height":12}},{"id":"043ce79f-57fa-405e-8b60-a075d440eccc","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":47,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"b3c19ade-1db5-4b74-877c-65219b52f10c","block_type":"box","text":"commitments with the intention of acquiring securities for its portfolio, a Fund may dispose of a commitment prior to","page_number":47,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"fb14f55f-2041-40a6-af4b-45bcead68ebc","block_type":"box","text":"settlement if the Manager deems it appropriate to do so.","page_number":47,"box":{"x":69,"y":778,"width":405,"height":11}},{"id":"69b2d6b3-9294-49ef-9ef0-2fb96f24957d","block_type":"box","text":"There can be no assurance that a security purchased or sold through a forward commitment will be delivered.","page_number":47,"box":{"x":101,"y":801,"width":782,"height":11}},{"id":"4bde4801-9a16-486c-8353-18bc57095143","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":47,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"186daa39-1ca4-47d0-80d3-9862da4e35ee","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":47,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"2107f6c8-d129-4433-b9b3-539822cb2b80","block_type":"box","text":"appreciation in the value of the security during the commitment period.","page_number":47,"box":{"x":69,"y":846,"width":504,"height":11}},{"id":"d1e43042-f3b4-4ece-a888-a56f623ff11e","block_type":"box","text":"Illiquid Investments","page_number":47,"box":{"x":102,"y":869,"width":141,"height":11}},{"id":"f6f01ad2-82e0-4d6b-9d11-55a14b22a107","block_type":"box","text":". No Fund will acquire any illiquid security (i.e., securities that cannot be sold or disposed of","page_number":47,"box":{"x":246,"y":869,"width":654,"height":11}},{"id":"ab118c6e-3f3a-40e2-b1d5-1cf77cad3c5e","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":47,"box":{"x":70,"y":884,"width":801,"height":11}},{"id":"2aefdbad-9261-4ea9-b6ef-59cd19c989f0","block_type":"box","text":"II-11","page_number":47,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"591f2307-1af0-425f-af00-f94d2af4badf","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8da3346-894f-430a-bdb0-8f7f313ece01","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":48,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"5a01f91e-116f-4356-adf4-74d94acac7bc","block_type":"box","text":"Manager will monitor the liquidity of illiquid investments under the supervision of the Board.","page_number":48,"box":{"x":70,"y":60,"width":652,"height":11}},{"id":"37b61f89-27ea-415c-8b7d-c51381ac9b13","block_type":"box","text":"Inflation Risk.","page_number":48,"box":{"x":102,"y":82,"width":99,"height":9}},{"id":"c40cf053-ba5b-48b9-985a-02e228b9c865","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":48,"box":{"x":208,"y":82,"width":695,"height":12}},{"id":"f1568464-6349-4106-8d1d-ac16086e8be8","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":48,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"894a4980-301c-404f-bc8f-ec7bf03ceaf9","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":48,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"6f9c6fce-083a-477d-95bc-99bdb3d087ee","block_type":"box","text":"change frequently and significantly due to a number of potential factors, including, among others, unexpected","page_number":48,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"105597b1-1446-4499-a657-1818766c546f","block_type":"box","text":"economic shifts or changes in fiscal or monetary policies.","page_number":48,"box":{"x":69,"y":143,"width":410,"height":11}},{"id":"0678e448-1b58-409b-ba4a-12f5f9646bd0","block_type":"box","text":"Investment in Other Investment Companies.","page_number":48,"box":{"x":102,"y":166,"width":320,"height":11}},{"id":"ed62d7d6-8cf7-4ef1-ad12-9cb1fa39fa07","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":48,"box":{"x":429,"y":166,"width":402,"height":11}},{"id":"aa8a6afc-f901-4c08-ac58-792ef063f21d","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":48,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"1023917f-f22e-4cd0-a3cd-8079965ce28d","block_type":"box","text":"market funds and exchange-traded funds (“ETFs”), which are typically open-end funds or unit investment trusts listed","page_number":48,"box":{"x":69,"y":196,"width":831,"height":11}},{"id":"180ed357-372a-4002-82ab-f4754403646e","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":48,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"94b323c8-2784-43d1-8857-518727c1bf89","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":48,"box":{"x":70,"y":226,"width":810,"height":11}},{"id":"11473029-abec-48c2-b010-93a870663c61","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":48,"box":{"x":69,"y":241,"width":760,"height":11}},{"id":"bec233de-455c-499d-9cda-c711fe6d7bdf","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":48,"box":{"x":70,"y":256,"width":815,"height":12}},{"id":"c8c11618-ead3-441a-a986-1faa1fcb256c","block_type":"box","text":"stock of such investment company and a Fund may not invest in another investment company if such investment","page_number":48,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"96a835c9-54c6-42be-bcd8-d7a618bad60c","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":48,"box":{"x":68,"y":286,"width":809,"height":10}},{"id":"43d041e7-1719-4c4e-98e7-9422127dc0bd","block_type":"box","text":"company. (These limits do not restrict a feeder fund from investing all of its assets in shares of its master portfolio.)","page_number":48,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"eed66574-0eb7-47ab-9456-237f5505d6c7","block_type":"box","text":"In addition to the restrictions on investing in other investment companies discussed above, under Section","page_number":48,"box":{"x":70,"y":317,"width":753,"height":11}},{"id":"ffbd465c-83bd-4788-98db-009e1a1a7ac3","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":48,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"0c437b23-0fe3-4c33-a63a-20c7c31f977c","block_type":"box","text":"such investment would cause the Fund and other BlackRock-advised investment companies to own more than 10% of","page_number":48,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"89ad0e42-596f-43ce-b2e0-644ed5fb2181","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":48,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"66cdd2d6-c2c9-4ad9-8f4e-97e9e8650dd2","block_type":"box","text":"Investment Company Act, these percentage limitations do not apply to investments in affiliated investment","page_number":48,"box":{"x":70,"y":377,"width":760,"height":12}},{"id":"3d89a52a-ca4a-4627-afb9-343870a6f791","block_type":"box","text":"companies, including ETFs, subject to certain conditions. In addition, a Fund may be able to rely on certain rules","page_number":48,"box":{"x":69,"y":393,"width":802,"height":11}},{"id":"fe99b49e-ff96-41f4-8b27-b71e7bb86169","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment companies beyond","page_number":48,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"4a631585-a2d0-45cb-8f4d-016177122433","block_type":"box","text":"the statutory limits noted above, but subject to certain conditions.","page_number":48,"box":{"x":68,"y":423,"width":473,"height":11}},{"id":"8cf71924-6ba3-4178-bcf8-17f4e760249a","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":48,"box":{"x":101,"y":446,"width":799,"height":10}},{"id":"1c5fb76e-c20a-484a-8fa6-db2527b03ebe","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":48,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"c05630dd-39b7-468e-a525-df2885cd01a5","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":48,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"dd75f5e2-03bf-4154-acaf-1c5bbd55cf72","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":48,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"98f4bca4-c1b3-480f-9158-3dd2f7e4cd96","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":48,"box":{"x":68,"y":513,"width":839,"height":12}},{"id":"4f5531dd-00f2-4cd1-8b4c-29ca53913a21","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":48,"box":{"x":68,"y":528,"width":806,"height":12}},{"id":"a078f760-4423-41b9-9ee0-bf6fe49284f4","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":48,"box":{"x":68,"y":544,"width":810,"height":10}},{"id":"01cd66e0-ad41-447d-a02f-f972552e09e3","block_type":"box","text":"loss.","page_number":48,"box":{"x":70,"y":559,"width":31,"height":9}},{"id":"19fb010b-ff98-45b2-8312-a874bc595430","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":48,"box":{"x":102,"y":581,"width":758,"height":12}},{"id":"328d955c-be9f-4a6c-9ca3-89e20223162a","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":48,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"1c5b3023-ff98-491d-b7f4-9f645ce4e00c","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":48,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"3287756e-814c-404d-bddd-127c2a18418d","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":48,"box":{"x":69,"y":627,"width":816,"height":11}},{"id":"ab061267-7413-40d1-a1a2-9b7b46d85e94","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":48,"box":{"x":69,"y":642,"width":768,"height":11}},{"id":"71367e8a-36de-4a63-8b6e-c0ef758d6b84","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":48,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"e5539bfb-55c2-4fd8-81af-a8a619708b7c","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":48,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"6076ee80-aeb4-483b-b6c1-482502511a10","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":48,"box":{"x":68,"y":687,"width":804,"height":11}},{"id":"05120516-df4d-4b0b-9dea-a49eacf194dc","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":48,"box":{"x":70,"y":702,"width":778,"height":11}},{"id":"14ac4265-6c91-4d45-a6da-98c15b60b29f","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":48,"box":{"x":69,"y":717,"width":796,"height":12}},{"id":"29fa9649-a92a-42fe-94d1-eeb27fa000ac","block_type":"box","text":"assets.","page_number":48,"box":{"x":69,"y":733,"width":51,"height":9}},{"id":"82db2cf6-21ca-412a-b627-1cbc1280c738","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":48,"box":{"x":101,"y":755,"width":776,"height":11}},{"id":"cfe12073-0538-4a55-9c07-e39306a7ed84","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":48,"box":{"x":69,"y":770,"width":313,"height":11}},{"id":"3df9157c-fda8-4717-8f98-6004e7d34d87","block_type":"box","text":"e.g.","page_number":48,"box":{"x":384,"y":772,"width":24,"height":10}},{"id":"93b6b69b-177a-4d83-a858-2f22073a3db2","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":48,"box":{"x":411,"y":771,"width":491,"height":10}},{"id":"e764139d-cb3f-4536-a4dc-ac69ad4520ce","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":48,"box":{"x":69,"y":785,"width":823,"height":12}},{"id":"063b458f-4a2a-4f42-b2b4-6dbf53916ea9","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":48,"box":{"x":69,"y":801,"width":472,"height":11}},{"id":"b2b3e086-69cc-4845-9b6e-523d33bcf322","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":48,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"df22ecec-7dac-4ded-a2ee-e8b902b61c3a","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":48,"box":{"x":70,"y":838,"width":818,"height":12}},{"id":"3325623e-7772-4e98-8daa-9e0162c7dc1c","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":48,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"a4b82e6e-72c1-4520-b332-adfc6922a616","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":48,"box":{"x":70,"y":869,"width":795,"height":11}},{"id":"1463124f-a37d-48b9-ab94-5c2cd6ce437c","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":48,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"2453d5c3-d374-4d1e-9e0f-494229a6a45b","block_type":"box","text":"countries.","page_number":48,"box":{"x":69,"y":899,"width":69,"height":9}},{"id":"65336c93-4e8c-446d-86cb-bfde7ca409ca","block_type":"box","text":"II-12","page_number":48,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1ad57c88-9e83-459b-b54a-1fb08e38a73d","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b119dfde-9205-4da1-a923-2dfe4e86bdd0","block_type":"box","text":"Issuer Insolvency Risk.","page_number":49,"box":{"x":102,"y":45,"width":166,"height":11}},{"id":"391b7e69-bd0a-4a8f-be7b-0b0edf85168d","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":49,"box":{"x":275,"y":45,"width":631,"height":11}},{"id":"0112c156-501f-4a52-ab26-8cdcdfdfab77","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":49,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"d7230b44-118d-4c63-a20e-390505f1f960","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":49,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"7f8d0884-7bf1-4d59-9361-8d3c3c591c75","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":49,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"8c961564-9e83-4baf-8266-03826441ef26","block_type":"box","text":"issuer uncertain.","page_number":49,"box":{"x":70,"y":105,"width":118,"height":9}},{"id":"23dd8055-24ce-45ca-be4d-c4c34101ddb8","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":49,"box":{"x":102,"y":128,"width":788,"height":11}},{"id":"7fd6d87a-4f74-449e-ae80-02b3fa1b87ee","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":49,"box":{"x":68,"y":143,"width":827,"height":11}},{"id":"4e67543d-d427-4421-8da7-e4a6f90e35e2","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":49,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"d1c3ff92-478a-4aad-aa43-9ece4cfa65fd","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":49,"box":{"x":69,"y":173,"width":829,"height":11}},{"id":"d0c4b2a9-0c47-4054-bcf9-689da8b287dd","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":49,"box":{"x":70,"y":188,"width":797,"height":12}},{"id":"89453de8-3d6e-48c9-af11-d5668e1eb854","block_type":"box","text":"eventually be satisfied.","page_number":49,"box":{"x":69,"y":203,"width":162,"height":12}},{"id":"2594f302-5cf3-43b1-b332-3f662922b50c","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":49,"box":{"x":102,"y":226,"width":805,"height":11}},{"id":"73a1a6b4-93d9-49c2-9c45-4d15dbd8877e","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":49,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"46452299-0139-4655-9947-432a3f503aaa","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":49,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"1c9b8b3f-a272-47d9-bab7-49186c6cdebe","block_type":"box","text":"no value. 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Holders of equity securities are subject to more risk than holders of debt","page_number":49,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"a58cbf93-730d-4b9e-923b-0e03f069a7c6","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":49,"box":{"x":69,"y":423,"width":809,"height":11}},{"id":"5339ce9c-3027-484b-9f75-25b7537b312c","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":49,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"9a015810-5e57-4400-94ab-95e5a7b134cf","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":49,"box":{"x":69,"y":453,"width":741,"height":11}},{"id":"f54eef30-f87d-4928-b1c1-80c0b99b945e","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":49,"box":{"x":101,"y":476,"width":780,"height":11}},{"id":"ad4ab6ce-04b8-41e7-a85a-eeb73c229084","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":49,"box":{"x":68,"y":491,"width":807,"height":11}},{"id":"32dacdad-83fe-4f53-9e18-ade388e162e1","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":49,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"83b6aa3b-9ead-4f84-b3bc-aebe4906bdc8","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":49,"box":{"x":68,"y":521,"width":814,"height":11}},{"id":"46ce0b99-15e9-43f9-8c48-a77bcac17b10","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":49,"box":{"x":70,"y":536,"width":439,"height":11}},{"id":"2fefb24b-8bd7-4dfa-921e-08189d71eb55","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":49,"box":{"x":102,"y":559,"width":806,"height":11}},{"id":"9ebee88b-d7d7-4401-82ff-1800bad62007","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":49,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"6c58ddc0-b22b-4f26-98fb-10b049abcde5","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":49,"box":{"x":69,"y":589,"width":767,"height":11}},{"id":"24e4982f-5f93-4868-b757-85e9c3027330","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":49,"box":{"x":69,"y":604,"width":771,"height":11}},{"id":"6b9bbdf8-d649-4cb5-94eb-4db0a646c27e","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":49,"box":{"x":70,"y":619,"width":823,"height":11}},{"id":"2cd51252-8429-4b1a-b565-eae2ad112498","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":49,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"512d7bcb-b1dc-41e5-b4b5-e6af515891f8","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":49,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"9a8b90dd-f168-47d0-a445-44f88fbfe456","block_type":"box","text":"that assumed generally by an investor.","page_number":49,"box":{"x":68,"y":665,"width":274,"height":11}},{"id":"13191be6-8666-490d-8237-079637ecea5f","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":49,"box":{"x":102,"y":687,"width":275,"height":11}},{"id":"0b934fbd-2eb1-4a75-b849-2d46ba41894d","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":49,"box":{"x":383,"y":687,"width":466,"height":11}},{"id":"1cb8f592-b850-4506-a9d9-4bc42ef05017","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":49,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"94a2a66e-21d8-4c6b-be30-de425c314b1f","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":49,"box":{"x":68,"y":717,"width":837,"height":12}},{"id":"b7d742da-2e0e-425b-96c7-db7065d15d8e","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":49,"box":{"x":69,"y":732,"width":795,"height":12}},{"id":"c2be48e4-475e-4087-af6d-05c6c4f5b445","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. 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During a general","page_number":49,"box":{"x":70,"y":808,"width":822,"height":11}},{"id":"67bfa35e-6d07-4925-b662-f2ce5ac77099","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":49,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"5172658b-0f6d-4de6-970b-458e0bc5972b","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":49,"box":{"x":69,"y":838,"width":790,"height":11}},{"id":"4ae5cee2-576a-4f6c-b9f3-0f3b22f780ad","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":49,"box":{"x":70,"y":853,"width":787,"height":12}},{"id":"1a52aecf-1a8f-4dc2-a6d1-a092379dcab8","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":49,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"40406744-beea-46db-9058-945c6af7fd1b","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":49,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"f265ed8a-a9c4-4b2e-b83f-5d53f98df775","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":49,"box":{"x":69,"y":899,"width":832,"height":11}},{"id":"43075172-3757-4b79-ae3e-de2f6961e6de","block_type":"box","text":"II-13","page_number":49,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a93b7e2-eb48-4a02-9aaa-25d1455bb4c5","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d45afd3f-5808-49f7-9ef8-933e0e1e48dc","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":50,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"8c0cfc9e-d0bc-442b-b50c-31dcfecd8586","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":50,"box":{"x":69,"y":60,"width":776,"height":11}},{"id":"19792025-3aea-4371-88cd-1c767a598b38","block_type":"box","text":"conditions.","page_number":50,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"e1768e72-157d-46c5-a1a1-b5e2228e32bf","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":50,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"ee100c0f-bdf8-4e91-a9c9-871eaa6ec3ac","block_type":"box","text":"a particular sector or a geography, can occur. 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The exact shape","page_number":50,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"05f26be9-9e4c-4b02-8c42-04a3ff258790","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":50,"box":{"x":69,"y":158,"width":799,"height":11}},{"id":"75e27c00-596a-4965-a343-7f868c05f204","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":50,"box":{"x":69,"y":173,"width":751,"height":11}},{"id":"a1e9d9e7-6366-44e1-b3e6-6c935312467b","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":50,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"47a7e9f8-9221-4303-a41c-64b8833c1df3","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":50,"box":{"x":69,"y":203,"width":831,"height":12}},{"id":"89cc679d-04ed-4fbe-aaf6-03fad3813668","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":50,"box":{"x":69,"y":219,"width":810,"height":11}},{"id":"db8eec74-1fc1-4094-a18d-c6744b75b960","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. 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In particular, actions taken by the U.S. government in respect of international trade relations","page_number":50,"box":{"x":70,"y":392,"width":831,"height":12}},{"id":"1d70f9cd-f040-4014-bfeb-20e09d229e9c","block_type":"box","text":"could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign","page_number":50,"box":{"x":69,"y":407,"width":765,"height":12}},{"id":"7629c7f0-7ff3-4ac6-ac06-7a0a7120ba42","block_type":"box","text":"investment, and instability in regions where a Fund invests. Political and diplomatic events within the United States,","page_number":50,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"5898cb7b-5ea5-4b0e-96e4-4c3605ce8ff8","block_type":"box","text":"including a contentious domestic political environment, changes in political party control of one or more branches of","page_number":50,"box":{"x":70,"y":438,"width":828,"height":11}},{"id":"b32b14ec-33cd-4b98-a647-bd03a56ab686","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":50,"box":{"x":68,"y":453,"width":819,"height":11}},{"id":"86e2d33e-9b95-41ae-a873-4c50e31e1a81","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":50,"box":{"x":70,"y":468,"width":780,"height":11}},{"id":"f5a21b23-a46b-4e98-8292-856791707612","block_type":"box","text":"Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":50,"box":{"x":69,"y":483,"width":781,"height":11}},{"id":"5b0c4c96-235b-4b13-8098-3e3461fa0f64","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":50,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"824931f9-a248-40c1-abfa-4125eeca6cbd","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":50,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"72fd123f-d61d-43ea-b8f0-0e82ff07165e","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":50,"box":{"x":69,"y":528,"width":836,"height":12}},{"id":"253a88f5-b7eb-4e81-82fd-04a80feebd04","block_type":"box","text":"economies. 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The consequences of such an","page_number":50,"box":{"x":68,"y":589,"width":799,"height":11}},{"id":"ae4369d8-27e4-454b-b7ba-60686b4f724e","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":50,"box":{"x":69,"y":604,"width":802,"height":11}},{"id":"0f4acbff-9242-4243-a1d6-2b82ba1fcfc8","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":50,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"80950d13-bf0b-453e-9955-3bf5713f4e8d","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":50,"box":{"x":101,"y":642,"width":802,"height":11}},{"id":"21c0cc97-f82c-4870-8e94-4d21fbc1991b","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":50,"box":{"x":68,"y":657,"width":796,"height":11}},{"id":"b33737f1-ec7f-47e9-b4c1-3b4f88a87cf6","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":50,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"20def79b-8dd9-4515-a6ab-14190d57363e","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":50,"box":{"x":70,"y":687,"width":813,"height":11}},{"id":"d5528de1-4a5c-41e2-a8e9-be1cc2fe049e","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":50,"box":{"x":68,"y":702,"width":812,"height":12}},{"id":"57bb5f65-e582-490c-9011-456ef6978028","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":50,"box":{"x":69,"y":718,"width":771,"height":11}},{"id":"7aad7d10-8d1e-4d25-bb0c-b99b263a9924","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":50,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"1c1c2d74-d104-4c04-8c3d-d7f94e467460","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":50,"box":{"x":69,"y":748,"width":646,"height":11}},{"id":"bafd07fb-872f-447a-acdd-0e273e443598","block_type":"box","text":"Legal and Regulatory Risks.","page_number":50,"box":{"x":102,"y":771,"width":197,"height":11}},{"id":"142c15dd-ee88-4a8e-b179-99c1d1775f1c","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":50,"box":{"x":305,"y":770,"width":583,"height":12}},{"id":"c5044a5f-9a26-47c0-8716-fde8b3d1e8eb","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":50,"box":{"x":67,"y":785,"width":819,"height":12}},{"id":"3ed326b9-c40d-4cf7-be49-fa0d2fbb74f9","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":50,"box":{"x":69,"y":801,"width":820,"height":11}},{"id":"df989c4b-ad6e-4954-bda7-9df3f63c75ed","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":50,"box":{"x":68,"y":816,"width":781,"height":11}},{"id":"035aa978-f82e-4bfd-8de8-86b7b08f4621","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":50,"box":{"x":69,"y":831,"width":763,"height":11}},{"id":"8cccd32b-e0e4-4b72-97cc-1317c3d026e1","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":50,"box":{"x":70,"y":846,"width":838,"height":11}},{"id":"5a7f00e3-fecb-4976-bef8-546ca90b8093","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":50,"box":{"x":69,"y":861,"width":781,"height":11}},{"id":"94b2207e-8b06-4031-b243-65900545ff55","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":50,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"434e3f21-d2ba-430e-8d0a-a2e94db18bd0","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":50,"box":{"x":69,"y":891,"width":807,"height":12}},{"id":"c47b61db-690a-49ac-bfe3-4df95ac685ea","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":50,"box":{"x":69,"y":907,"width":666,"height":11}},{"id":"96abc05f-29e6-429b-a06d-bd6bfa5de021","block_type":"box","text":"II-14","page_number":50,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b32d41e2-cfdb-4126-9744-c6360816b0ad","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f65f7170-f73f-4b85-96e8-c1dcd27e3881","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":51,"box":{"x":103,"y":45,"width":198,"height":11}},{"id":"079e8093-cc50-4ae8-b55b-5ec08735d7ea","block_type":"box","text":".","page_number":51,"box":{"x":302,"y":52,"width":3,"height":2}},{"id":"4317d1c7-d03b-40d9-89d6-91eefcb0cf0b","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":51,"box":{"x":312,"y":45,"width":593,"height":11}},{"id":"d700b035-2f4a-44bb-a1fa-2d9365cece88","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":51,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"0708392f-b3a8-4898-8bc9-0decf0eef105","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":51,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"21cb4560-9444-4b13-b830-a5c760e3e315","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":51,"box":{"x":70,"y":90,"width":827,"height":11}},{"id":"cf9a498d-0a6f-44ed-898b-26be15f3252a","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":51,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"4f9fa20d-c01e-4244-b5a2-d439002123c0","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":51,"box":{"x":70,"y":120,"width":821,"height":12}},{"id":"49ce277f-b5c6-455d-8050-e742d72334c6","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time. Global trade disruption, significant","page_number":51,"box":{"x":69,"y":135,"width":810,"height":12}},{"id":"4053cb3a-f90b-4d07-8492-5ed88ea27775","block_type":"box","text":"introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy","page_number":51,"box":{"x":70,"y":150,"width":832,"height":12}},{"id":"0e1e14b3-0655-4bf9-86d7-8419d8b5339a","block_type":"box","text":"resulting therefrom, could adversely affect the financial performance of a Fund and its investments. Trade policy may","page_number":51,"box":{"x":69,"y":166,"width":835,"height":11}},{"id":"a3cea4fc-44d3-4d2a-a6be-8c7ba81b8283","block_type":"box","text":"be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other","page_number":51,"box":{"x":69,"y":181,"width":787,"height":11}},{"id":"7d8b34e2-0b8b-456c-9827-534842456642","block_type":"box","text":"adverse effects on international markets, international trade agreements, and/or other existing cross-border","page_number":51,"box":{"x":69,"y":196,"width":774,"height":11}},{"id":"0dea818b-224a-4b82-a8db-17682fe9634a","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade","page_number":51,"box":{"x":69,"y":211,"width":775,"height":11}},{"id":"283f3c9c-0999-4c68-b1a7-192bb4b3109c","block_type":"box","text":"disputes escalate globally, there could be additional significant impacts on the sectors or industries in which a Fund","page_number":51,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"ddd391e9-4387-44aa-96ec-c39e539d9ec0","block_type":"box","text":"invests and other adverse impacts on a Fund’s overall performance.","page_number":51,"box":{"x":70,"y":241,"width":484,"height":11}},{"id":"bc9e3e7d-bf57-41d1-81da-8729519774e0","block_type":"box","text":"Municipal Investments","page_number":51,"box":{"x":102,"y":264,"width":164,"height":11}},{"id":"de1297b2-a2de-4ca8-84ba-e32670225359","block_type":"box","text":"Municipal Securities.","page_number":51,"box":{"x":102,"y":287,"width":152,"height":11}},{"id":"b2aac054-ade1-4af0-ae4b-ebed0ede0579","block_type":"box","text":"Certain Funds invest in short term municipal obligations issued by or on behalf of the","page_number":51,"box":{"x":261,"y":286,"width":609,"height":12}},{"id":"9ee9d664-15d5-4b64-ae20-f867fa69af1e","block_type":"box","text":"states, their political subdivisions, agencies and instrumentalities and obligations of other qualifying issuers, such as","page_number":51,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"157f850e-0a72-4a9d-be31-afc2fb3fcabd","block_type":"box","text":"issuers located in Puerto Rico, the U.S. Virgin Islands and Guam, the interest on which (and/or, in the case of","page_number":51,"box":{"x":70,"y":317,"width":785,"height":11}},{"id":"ce724955-ceed-4a3c-8527-18253b09c8a1","block_type":"box","text":"property taxes, the value of which) is excludable, in the opinion of bond counsel to the issuer, from gross income for","page_number":51,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"804033b4-28a3-4302-af34-0933754cb34d","block_type":"box","text":"purposes of Federal income taxes and the applicable state’s income taxes (“State Taxes”). Obligations that pay","page_number":51,"box":{"x":70,"y":347,"width":795,"height":11}},{"id":"609bb940-8ffb-4dad-92ec-464e2969f5d6","block_type":"box","text":"interest that is excludable from gross income for Federal income tax purposes are referred to herein as “Municipal","page_number":51,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"ccf44644-3970-444e-9e25-8f85dedb683b","block_type":"box","text":"Securities,” and obligations that pay interest that is excludable from gross income for Federal income tax purposes","page_number":51,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"34d73acb-a068-44cb-b37e-6e30fc5e0b27","block_type":"box","text":"and are exempt from the applicable State Taxes are referred to as “State Municipal Securities.” Unless otherwise","page_number":51,"box":{"x":69,"y":392,"width":812,"height":11}},{"id":"af1209c1-3cc6-46f8-9242-abeeb35e62c7","block_type":"box","text":"indicated, references to Municipal Securities shall be deemed to include State Municipal Securities.","page_number":51,"box":{"x":70,"y":407,"width":711,"height":11}},{"id":"2f97818d-2c8d-474c-8f5e-6c38ff67b65a","block_type":"box","text":"Municipal Securities include debt obligations issued to obtain funds for various public purposes, including","page_number":51,"box":{"x":102,"y":430,"width":753,"height":11}},{"id":"e4825fa2-20a4-4333-a6cf-1180eabd8949","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":51,"box":{"x":69,"y":445,"width":824,"height":12}},{"id":"cc8847bf-1298-47c6-91d5-dc9c949e9edc","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":51,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"370d1a8c-028a-458e-abab-25e2adaaae93","block_type":"box","text":"by or on behalf of public authorities to finance various facilities operated for private profit. Such obligations are","page_number":51,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"7762386f-5911-49c5-8c28-0bc3fe6848b3","block_type":"box","text":"included within the term Municipal Securities if the interest paid thereon is excludable from gross income for Federal","page_number":51,"box":{"x":70,"y":491,"width":830,"height":11}},{"id":"3973f7fc-3c07-44b9-b270-179775a4e72f","block_type":"box","text":"income tax purposes.","page_number":51,"box":{"x":70,"y":506,"width":150,"height":11}},{"id":"7deff812-7120-482a-ba3a-8629d1805d4f","block_type":"box","text":"The two principal classifications of Municipal Securities are “general obligation” bonds and “revenue” or “special","page_number":51,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"a92aeff5-b01f-4cd4-96bf-3f55a2ac6af1","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":51,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"e45a2d0a-9fc3-492c-b565-4fc1154c3c8f","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":51,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"68bbd57b-d75c-4aca-8246-bbd375664bad","block_type":"box","text":"the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special","page_number":51,"box":{"x":68,"y":574,"width":827,"height":11}},{"id":"a701da93-aedb-4d45-a167-acd62162af99","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":51,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"a83a31b7-2afd-427c-93f5-4814d93aed70","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law) are in most cases revenue bonds and do not generally","page_number":51,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"4c772727-afcb-44cb-9ace-3da8d661a1e2","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":51,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"1e238099-e43e-4f56-8b38-def97b098f71","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":51,"box":{"x":68,"y":634,"width":784,"height":11}},{"id":"f82b7995-ebc2-455f-ac43-f428653ae4dd","block_type":"box","text":"financed by the bonds to meet its financial obligation and the pledge, if any, of real and personal property so","page_number":51,"box":{"x":68,"y":649,"width":776,"height":12}},{"id":"b71961be-04d0-44ea-a727-36f655c72733","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":51,"box":{"x":68,"y":664,"width":791,"height":12}},{"id":"3006a18f-2c8d-4fe2-96e3-5d27abb1d3b7","block_type":"box","text":"Federal alternative minimum tax. A Fund’s portfolio may include “moral obligation” bonds, which are normally issued","page_number":51,"box":{"x":70,"y":680,"width":829,"height":11}},{"id":"4e7b914d-ec0a-44fa-8e4e-d290de6d0e1a","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":51,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"47709dcc-6497-488f-a6f0-dcac64d81ea1","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":51,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"75236c40-0df9-4587-a62b-cddbd8d413d2","block_type":"box","text":"not a legal obligation of a state or municipality.","page_number":51,"box":{"x":69,"y":725,"width":332,"height":11}},{"id":"7e1c01e8-4c32-4a95-b45b-d006e9df6d7b","block_type":"box","text":"Yields on Municipal Securities are dependent on a variety of factors, including the general condition of the money","page_number":51,"box":{"x":101,"y":748,"width":808,"height":11}},{"id":"b7205007-be8d-43a1-af82-ce8b4e3c4869","block_type":"box","text":"market and of the municipal bond market, the size of a particular offering, the maturity of the obligation, and the","page_number":51,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"66e59424-bcaa-4934-bc01-7312caa7e39a","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":51,"box":{"x":69,"y":778,"width":799,"height":11}},{"id":"a60ae969-fe7f-4071-9343-e67019b9e51c","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":51,"box":{"x":69,"y":793,"width":840,"height":11}},{"id":"1ee2dc2c-232f-476a-ad47-862fa0de7bc6","block_type":"box","text":"interest and the repayment of principal when due. There are variations in the risks involved in holding Municipal","page_number":51,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"d216e055-d151-495f-a0cf-2fb1b8d80d52","block_type":"box","text":"Securities, both within a particular classification and between classifications, depending on numerous factors.","page_number":51,"box":{"x":69,"y":823,"width":786,"height":12}},{"id":"e198cdde-27c3-43ea-82eb-9f6bb5800d96","block_type":"box","text":"Furthermore, the rights of holders of Municipal Securities and the obligations of the issuers of such Municipal","page_number":51,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"cf10ad39-47d6-4a67-a55d-fe48b4dda740","block_type":"box","text":"Securities may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the","page_number":51,"box":{"x":69,"y":853,"width":806,"height":12}},{"id":"70e06e54-57c2-41c7-9529-db2d1ddfc798","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":51,"box":{"x":69,"y":869,"width":827,"height":11}},{"id":"c3688e4a-a83d-4b04-8f32-8fe9e838dfb0","block_type":"box","text":"specifically the rights of holders of Municipal Securities.","page_number":51,"box":{"x":69,"y":884,"width":397,"height":11}},{"id":"79a359cf-a257-4ade-85c3-befa62263670","block_type":"box","text":"II-15","page_number":51,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f38dbd2-9280-4b8b-bbbf-6ee8f1aadff6","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7da32811-d1bb-4c84-bf1f-2f29c0d3b42d","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":52,"box":{"x":101,"y":45,"width":793,"height":11}},{"id":"94c94bbc-db2c-4ff1-aeeb-a3653ff30516","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":52,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"6fcdfb73-b5f6-4362-9b1e-141ed83dcf23","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":52,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"1179402f-a22f-4104-87b4-15ca2c090631","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":52,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"75eace31-ede7-4215-ad2d-022dbf779c81","block_type":"box","text":"tax purposes (the “tax exemption opinion”).","page_number":52,"box":{"x":68,"y":105,"width":310,"height":11}},{"id":"3c9ea9c9-2af8-487c-b668-7abffff51049","block_type":"box","text":"Events occurring after the date of issuance of the Municipal Securities, however, may cause the interest on such","page_number":52,"box":{"x":102,"y":128,"width":803,"height":11}},{"id":"44e2b7eb-0751-4e99-babd-6adfb8a424d4","block_type":"box","text":"securities to be includable in gross income for Federal income tax purposes. For example, the Internal Revenue Code","page_number":52,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"55d6f35f-269e-44f5-a146-ddc27d32d71d","block_type":"box","text":"of 1986, as amended (the “Code”) establishes certain requirements, such as restrictions as to the investment of the","page_number":52,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"80e40e6b-a4cd-4645-9c60-0f9ca5e0370d","block_type":"box","text":"proceeds of the issue, limitations as to the use of proceeds of such issue and the property financed by such","page_number":52,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"9715483b-3076-4dd7-8f32-91c10352179a","block_type":"box","text":"proceeds, and the payment of certain excess earnings to the Federal government, that must be met after the","page_number":52,"box":{"x":70,"y":188,"width":778,"height":12}},{"id":"599ada18-3d54-4d77-aed4-f889753c18a0","block_type":"box","text":"issuance of the Municipal Securities for interest on such securities to remain excludable from gross income for","page_number":52,"box":{"x":70,"y":203,"width":792,"height":12}},{"id":"1d5dfbd1-4cd7-4a90-8da6-c62f1f85e92d","block_type":"box","text":"Federal income tax purposes. The issuers and the conduit borrowers of the Municipal Securities generally covenant","page_number":52,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"afd79e31-0129-4967-87a5-2ec44e33919b","block_type":"box","text":"to comply with such requirements and the tax exemption opinion generally assumes continuing compliance with such","page_number":52,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"b3612c02-0bd3-448c-9e04-8038a7e1dad5","block_type":"box","text":"requirements. Failure to comply with these continuing requirements, however, may cause the interest on such","page_number":52,"box":{"x":69,"y":249,"width":782,"height":11}},{"id":"6186d5b9-e412-4cbd-b516-b0597f95d3ac","block_type":"box","text":"Municipal Securities to be includable in gross income for Federal income tax purposes retroactive to their date of","page_number":52,"box":{"x":70,"y":264,"width":805,"height":11}},{"id":"f6c42a9a-831e-44ca-b268-a0fee02b6cd3","block_type":"box","text":"issue.","page_number":52,"box":{"x":70,"y":279,"width":40,"height":9}},{"id":"4f5a8bde-cb82-4782-aa6e-5c12fad5739c","block_type":"box","text":"In addition, the Internal Revenue Service (“IRS”) has an ongoing enforcement program that involves the audit of","page_number":52,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"7591765f-7fed-4bc0-98f4-98584fbce1f7","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":52,"box":{"x":68,"y":317,"width":803,"height":11}},{"id":"d320eccb-acad-4361-9627-331d3dbb2bfc","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":52,"box":{"x":70,"y":332,"width":797,"height":11}},{"id":"ed6618dc-4311-4c89-bc3d-0f6f07343ddf","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":52,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"7c80e27e-6abe-445e-95cd-5f3774ca866e","block_type":"box","text":"determine that the interest on such securities is includable in gross income for Federal income tax purposes either","page_number":52,"box":{"x":69,"y":362,"width":820,"height":11}},{"id":"7b6e63e9-7b5b-4763-89ca-10f42325aebe","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":52,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"75161258-ae32-4cfc-8427-00682a8aac67","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":52,"box":{"x":69,"y":392,"width":754,"height":12}},{"id":"ba6f3463-2ca7-4e50-b40f-be72b5034b18","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":52,"box":{"x":102,"y":415,"width":780,"height":11}},{"id":"ef57e004-1eb8-4bb2-bea3-5cde763936dd","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":52,"box":{"x":70,"y":430,"width":816,"height":11}},{"id":"dd1d87e2-37e4-4389-aed5-443801352034","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":52,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"0dac0c11-26a4-475f-b61b-d903ba1b514d","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":52,"box":{"x":69,"y":460,"width":767,"height":12}},{"id":"b1677b44-07ee-490a-b54b-2cf891a87c07","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":52,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"000828a2-8d2a-4f7d-aed4-8dfab614cf5f","block_type":"box","text":"purposes retroactively to its date of issue may, likewise, cause a portion of prior distributions received by","page_number":52,"box":{"x":70,"y":491,"width":751,"height":11}},{"id":"754bc7f5-8a2f-4d41-98c6-27e44ac05707","block_type":"box","text":"shareholders to be taxable to those shareholders in the year of receipt.","page_number":52,"box":{"x":69,"y":506,"width":508,"height":11}},{"id":"4710c40a-6d34-4472-b8b7-c15136de8a6c","block_type":"box","text":"From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating","page_number":52,"box":{"x":102,"y":528,"width":797,"height":12}},{"id":"77b26b46-bbf6-4b23-88e3-8d3d7b362c4d","block_type":"box","text":"the Federal income tax exclusion for interest on Municipal Securities. Similar proposals may be introduced in the","page_number":52,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"588c14e1-ce5b-491e-baac-978cb6ba92bb","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":52,"box":{"x":68,"y":559,"width":839,"height":11}},{"id":"ceeafb16-d8af-4e07-a781-996272109ff7","block_type":"box","text":"adversely and the Fund would re-evaluate its investment objectives and policies and consider changes in structure.","page_number":52,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"defeff38-38df-4aaf-9bcc-798ad733fcf5","block_type":"box","text":"See “Dividends and Taxes — Taxes.”","page_number":52,"box":{"x":69,"y":589,"width":262,"height":9}},{"id":"46892c93-f340-4611-b2da-eb96251923a5","block_type":"box","text":"Municipal Securities — Derivative Products.","page_number":52,"box":{"x":102,"y":612,"width":322,"height":11}},{"id":"aa4df881-2a04-4835-9911-eea4a5e76b8b","block_type":"box","text":"Derivative Products are typically structured by a bank, broker","page_number":52,"box":{"x":431,"y":612,"width":435,"height":11}},{"id":"5520d2f8-1c81-4bf5-9d68-970b2756e38c","block_type":"box","text":"dealer or other financial institution. A Derivative Product generally consists of a trust or partnership through which a","page_number":52,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"ec1a1acf-85ca-4897-9953-5d2dfe0b1ee5","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":52,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"90c563e2-bd09-41a8-ae6f-ec31d625c5cb","block_type":"box","text":"underlying bonds at par plus accrued interest to a financial institution (a “Liquidity Provider”). Typically, a Derivative","page_number":52,"box":{"x":69,"y":657,"width":820,"height":11}},{"id":"27e2cd8e-dab2-4359-ae51-3bd3416c2705","block_type":"box","text":"Product is structured as a trust or partnership that provides for pass-through tax-exempt income. There are currently","page_number":52,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"58cf6d04-42ef-422e-9617-59de9868ae31","block_type":"box","text":"three principal types of derivative structures: (1) “Tender Option Bonds,” which are instruments that grant the holder","page_number":52,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"e60d20be-241a-4f6e-928d-2029653e292f","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":52,"box":{"x":68,"y":702,"width":820,"height":12}},{"id":"85abb62b-ce29-438a-9a58-f2182dc1d594","block_type":"box","text":"(2) “Swap Products,” in which the trust or partnership swaps the payments due on an underlying bond with a swap","page_number":52,"box":{"x":69,"y":718,"width":818,"height":11}},{"id":"a188a6c4-0975-414a-a1b4-9487f10a06ba","block_type":"box","text":"counterparty who agrees to pay a floating municipal money market interest rate; and (3) “Partnerships,” which","page_number":52,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"3de1b3a7-04cf-441b-bd33-3605e801aa57","block_type":"box","text":"allocate to the partners portions of income, expenses, capital gains and losses associated with holding an underlying","page_number":52,"box":{"x":69,"y":748,"width":840,"height":11}},{"id":"73fd008c-80ad-49a0-854d-68b6f1252d92","block_type":"box","text":"bond in accordance with a governing agreement. A Fund may also invest in other forms of short term Derivative","page_number":52,"box":{"x":69,"y":763,"width":793,"height":11}},{"id":"5e073ff6-96e5-4ab2-9468-0ddfc718ba0f","block_type":"box","text":"Products eligible for investment by money market funds.","page_number":52,"box":{"x":69,"y":778,"width":399,"height":11}},{"id":"6a2adf26-a28f-4d10-ab0b-30079ec232f7","block_type":"box","text":"Investments in Derivative Products raise certain tax, legal, regulatory and accounting issues that may not be","page_number":52,"box":{"x":102,"y":801,"width":773,"height":11}},{"id":"ac77d70a-75d2-4188-85ee-86ff00d89802","block_type":"box","text":"presented by investments in municipal bonds. There is some risk that certain issues could be resolved in a manner","page_number":52,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"98f36d2c-b2ed-4732-807a-6d646c147770","block_type":"box","text":"that could adversely impact the performance of a Fund. For example, the tax-exempt treatment of the interest paid to","page_number":52,"box":{"x":68,"y":831,"width":836,"height":11}},{"id":"8022be4c-d4c6-47cf-9a58-422b9a610349","block_type":"box","text":"holders of Derivative Products is premised on the legal conclusion that the holders of such Derivative Products have","page_number":52,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"72729cf2-0a05-497f-b7fb-142ff0165a1e","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":52,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"3060932e-2738-48d9-80e9-23778f4fe934","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":52,"box":{"x":68,"y":876,"width":822,"height":11}},{"id":"4bfa6327-d094-4b07-80e3-745b098800df","block_type":"box","text":"such Derivative Products or, in the case of property taxes, the value of such Fund to the extent represented by such","page_number":52,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"233a933f-6f4a-4adb-9f50-c7670ae415c8","block_type":"box","text":"Derivative Products, would be deemed taxable at the Federal and/or state level. Before purchasing a Derivative","page_number":52,"box":{"x":70,"y":906,"width":791,"height":12}},{"id":"24d6ef78-1b80-44e9-a063-59874c388e3a","block_type":"box","text":"II-16","page_number":52,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dcfeb7ef-e2ba-49d4-ac41-7a1e93603609","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bb0c7ae-4423-4aeb-a4dc-dec66f5a7611","block_type":"box","text":"Product, the Manager is required by the Funds’ procedures to conclude that the tax-exempt security and the","page_number":53,"box":{"x":69,"y":45,"width":768,"height":11}},{"id":"51806dfd-b15b-4f1b-b5e0-d3372c7762de","block_type":"box","text":"supporting short-term obligation involve minimal credit risks and are Eligible Securities under the Funds’ Rule 2a-7","page_number":53,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"085d1764-0570-41b9-bee9-93955f7a87a2","block_type":"box","text":"procedures. In evaluating the creditworthiness of the entity obligated to purchase the tax-exempt security, the","page_number":53,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"7ecb0d31-4950-4026-80de-9af2c12aa33a","block_type":"box","text":"Manager will review periodically the entity’s relevant financial information.","page_number":53,"box":{"x":70,"y":90,"width":522,"height":11}},{"id":"79e1a8bd-c484-4db4-ad46-171fd20cdf18","block_type":"box","text":"Municipal Notes.","page_number":53,"box":{"x":102,"y":113,"width":122,"height":11}},{"id":"561c1fb3-2d24-4687-8aa9-8c89e12ce8fb","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":53,"box":{"x":231,"y":113,"width":612,"height":11}},{"id":"b39d84f5-e59e-4f46-95c9-645e413704c0","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated","page_number":53,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"7986431e-36de-4b11-81a0-b6d230a8b23b","block_type":"box","text":"proceeds, the note may not be fully repaid and a Fund may lose money.","page_number":53,"box":{"x":70,"y":143,"width":507,"height":11}},{"id":"041d0171-ef7a-447e-b65c-f760e01030ef","block_type":"box","text":"Municipal Commercial Paper.","page_number":53,"box":{"x":102,"y":166,"width":212,"height":11}},{"id":"c87e471f-32c4-45e1-b91c-da6d97b0178d","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short term","page_number":53,"box":{"x":320,"y":166,"width":588,"height":11}},{"id":"3849b8fc-320a-4f46-812a-120cc28bf78f","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":53,"box":{"x":68,"y":181,"width":767,"height":11}},{"id":"500b57bc-ac9a-4c88-9ab7-2a3eb6d9b4fb","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":53,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"d2280a6a-8107-4426-9d58-1cfcc778dfb7","block_type":"box","text":"remain.","page_number":53,"box":{"x":69,"y":211,"width":52,"height":9}},{"id":"eae93c13-b943-4296-85c6-630b711bfd91","block_type":"box","text":"Municipal Lease Obligations.","page_number":53,"box":{"x":102,"y":234,"width":209,"height":11}},{"id":"01e7a6e4-20c5-41ab-9b79-689b0d03edd2","block_type":"box","text":"Also included within the general category of State Municipal Securities are","page_number":53,"box":{"x":317,"y":234,"width":530,"height":11}},{"id":"fb40e4df-16ab-499d-ba7f-c6d5129b998e","block_type":"box","text":"Certificates of Participation (“COPs”) issued by governmental authorities or entities to finance the acquisition or","page_number":53,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"3031c558-d856-4dac-9a49-08e93a69d1ce","block_type":"box","text":"construction of equipment, land and/or facilities. The COPs represent participations in a lease, an installment","page_number":53,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"376218f6-be83-4f47-8a06-5a725ccae2ab","block_type":"box","text":"purchase contract or a conditional sales contract (hereinafter collectively called “lease obligations”) relating to such","page_number":53,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"b8069f96-0f82-463b-8949-ae9c70d3b3eb","block_type":"box","text":"equipment, land or facilities. Although lease obligations do not constitute general obligations of the issuer for which","page_number":53,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"a21a14c5-04e3-4c11-9057-1a1b9d9206b3","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":53,"box":{"x":68,"y":309,"width":810,"height":11}},{"id":"330f0641-9101-428b-abc8-66ecc4213247","block_type":"box","text":"budget for, appropriate and make the payments due under the lease obligation. However, certain lease obligations","page_number":53,"box":{"x":69,"y":324,"width":816,"height":12}},{"id":"5f2e6350-3000-48db-a95c-8c576a56929c","block_type":"box","text":"contain “non-appropriation” clauses that provide that the issuer has no obligation to make lease or installment","page_number":53,"box":{"x":69,"y":340,"width":791,"height":11}},{"id":"e89cb69a-a512-4ed1-8161-2e86d4672daf","block_type":"box","text":"purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although “non","page_number":53,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"e8b6cf55-46a1-4a9c-b091-5c1e958107dd","block_type":"box","text":"appropriation” lease obligations are secured by the leased property, disposition of the property in the event of","page_number":53,"box":{"x":69,"y":370,"width":787,"height":11}},{"id":"fd9f0599-ca7e-467f-809a-91f663d77dbb","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":53,"box":{"x":68,"y":385,"width":833,"height":11}},{"id":"c0d77b3c-c6e3-4a58-ae1b-0d8789b50b8b","block_type":"box","text":"marketability associated with more conventional securities. Certain investments in lease obligations may be illiquid.","page_number":53,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"4ca87981-4b1b-4f71-9e16-53138a647f85","block_type":"box","text":"Municipal Securities — Short-Term Maturity Standards.","page_number":53,"box":{"x":102,"y":423,"width":404,"height":11}},{"id":"e60622aa-7032-4192-8c44-a9f6927f2846","block_type":"box","text":"All of the investments of a Fund in Municipal Securities","page_number":53,"box":{"x":511,"y":423,"width":393,"height":11}},{"id":"14382992-50e2-48c1-a69b-0a749d41fe94","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":53,"box":{"x":68,"y":438,"width":793,"height":11}},{"id":"db2530c7-a915-4c65-8f7c-49b11d12908e","block_type":"box","text":"Fund’s portfolio will be 60 days or less. For purposes of this investment policy, an obligation will be treated as having","page_number":53,"box":{"x":70,"y":453,"width":836,"height":11}},{"id":"bb46e3f2-327c-47ae-848c-76ea1fc2d188","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":53,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"11cf7e59-a1ad-4804-9a14-713c8f159f14","block_type":"box","text":"Manager, will result in the obligation being valued in the market as though it has such earlier maturity.","page_number":53,"box":{"x":70,"y":483,"width":725,"height":11}},{"id":"29c7dc14-d02f-496a-8213-1f5f63fcb053","block_type":"box","text":"The maturities of Variable Rate Demand Obligations (“VRDOs”) are deemed to be the longer of (i) the notice","page_number":53,"box":{"x":101,"y":506,"width":768,"height":11}},{"id":"88093f8e-0f12-4b68-b195-c6302a1f2f2b","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":53,"box":{"x":70,"y":521,"width":799,"height":11}},{"id":"9dd21cde-6c29-4588-87d8-83cb11e4653a","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":53,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"df1d9379-acd2-44b8-a7aa-1244df717334","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":53,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"5aa32ae7-5e2e-440f-8eed-86b9342b2fa2","block_type":"box","text":"“VRDOs” below.","page_number":53,"box":{"x":70,"y":566,"width":111,"height":9}},{"id":"e3a7eca7-9239-4471-9a7d-09ecc6aef660","block_type":"box","text":"Municipal Securities — Quality Standards.","page_number":53,"box":{"x":102,"y":589,"width":308,"height":11}},{"id":"9e99f289-264e-4621-9e45-22bdff8f84f7","block_type":"box","text":"A Fund’s portfolio investments in municipal notes and short term","page_number":53,"box":{"x":416,"y":589,"width":465,"height":11}},{"id":"2a8422e1-fcc2-44f7-aa7c-91281759fdd3","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":53,"box":{"x":68,"y":604,"width":826,"height":11}},{"id":"53b18242-4a15-4f93-8b6e-e1d3bb4324f6","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":53,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"d6dddaf2-463b-4d14-b678-bf56b1e3be24","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":53,"box":{"x":70,"y":634,"width":808,"height":12}},{"id":"b4f998ec-ba4d-4b18-8034-0c60b63b7634","block_type":"box","text":"present minimal credit risks to the Fund. In addition, certain Funds may require that portfolio investments (or their","page_number":53,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"3349d642-8dba-4f73-b213-8dc2774017c6","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":53,"box":{"x":70,"y":664,"width":833,"height":12}},{"id":"f6c7021a-0850-449d-933d-ebcbbd38d809","block_type":"box","text":"be of comparable quality to securities that have received such rating(s). Certain tax-exempt obligations (primarily","page_number":53,"box":{"x":69,"y":680,"width":802,"height":11}},{"id":"652dc948-abaa-4b11-91c2-8db81c09edc9","block_type":"box","text":"VRDOs) may be entitled to the benefit of letters of credit or similar credit enhancements issued by financial","page_number":53,"box":{"x":68,"y":695,"width":765,"height":11}},{"id":"d2a39459-af44-4cb9-81c8-28a2c8fdb833","block_type":"box","text":"institutions. In such instances, in assessing the quality of such instruments, the Trustees and the Manager will take","page_number":53,"box":{"x":70,"y":710,"width":828,"height":11}},{"id":"92d0813f-66e8-448d-871d-6acfbb6942b2","block_type":"box","text":"into account not only the creditworthiness of the issuers, but also the creditworthiness and type of obligation of the","page_number":53,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"37194f29-0ea5-480d-a251-3c4125e2dcfc","block_type":"box","text":"financial institution. The type of obligation of the financial institution concerns, for example, whether the letter of","page_number":53,"box":{"x":68,"y":740,"width":804,"height":11}},{"id":"4386f4f5-44b4-4375-a267-aa731ab5fbdc","block_type":"box","text":"credit or similar credit enhancement being issued is conditional or unconditional. For a description of debt ratings,","page_number":53,"box":{"x":69,"y":755,"width":812,"height":11}},{"id":"23b94fd7-5199-49d7-9621-c823f0995d86","block_type":"box","text":"see Appendix A — “Description of Bond Ratings.”","page_number":53,"box":{"x":69,"y":770,"width":352,"height":12}},{"id":"985ea653-7c58-497d-b011-debcb9584f3d","block_type":"box","text":"Certain Funds may not invest in any security issued by a depository institution unless such institution is","page_number":53,"box":{"x":102,"y":793,"width":741,"height":11}},{"id":"58a00067-7f19-49fa-bd01-b2b9894f9377","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":53,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"1169fa2c-73eb-4cea-a73c-7c7872fbdb27","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":53,"box":{"x":68,"y":823,"width":814,"height":12}},{"id":"63f53ca1-8c5d-40ce-8420-dd52015826c5","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":53,"box":{"x":69,"y":838,"width":831,"height":11}},{"id":"21bb2140-f717-428d-9dc6-35ea680feadf","block_type":"box","text":"principal and interest obligations. With respect to repurchase agreements and purchase and sale contracts, there is","page_number":53,"box":{"x":70,"y":854,"width":827,"height":11}},{"id":"5ffa0512-9ff1-4354-a300-d6b2f26a84bf","block_type":"box","text":"also the risk of the failure of the parties involved to repurchase at the agreed-upon price, in which event each Fund","page_number":53,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"b531c31e-bc6e-44e7-8268-291f2333d72c","block_type":"box","text":"may suffer time delays and incur costs or possible losses in connection with such transactions.","page_number":53,"box":{"x":69,"y":884,"width":681,"height":11}},{"id":"742c42da-4d01-411f-a37f-7ab1459edf1c","block_type":"box","text":"II-17","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d944d05a-2587-4653-8776-c23d5535067b","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4dc38f90-8f43-43f1-8ba5-4b771befa4e6","block_type":"box","text":"Municipal Securities — Other Factors.","page_number":54,"box":{"x":102,"y":45,"width":279,"height":11}},{"id":"6b64212b-ced1-434a-9308-5e5d5dc6d705","block_type":"box","text":"Management of the Funds will endeavor to be as fully invested as","page_number":54,"box":{"x":387,"y":45,"width":467,"height":11}},{"id":"6ffae8e0-092d-4c84-8d1d-2d85090074ad","block_type":"box","text":"reasonably practicable in order to maximize the yield on each Fund’s portfolio. Not all short term municipal securities","page_number":54,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"683b05df-270f-41b3-b6e3-45821812a90a","block_type":"box","text":"trade on the basis of same day settlements and, accordingly, a portfolio of such securities cannot be managed on a","page_number":54,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"58b328b8-8b12-4cd9-baca-b9a3d121febc","block_type":"box","text":"daily basis with the same flexibility as a portfolio of money market securities, which can be bought and sold on a","page_number":54,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"ed64461b-50ac-4f41-8f88-e1ecdfdafe99","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":54,"box":{"x":69,"y":105,"width":825,"height":11}},{"id":"738f97d9-3337-4a74-b8a8-672eb9b31824","block_type":"box","text":"purchases of shares or the maturing of portfolio securities. A Fund also may be required to maintain cash reserves","page_number":54,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"5124846f-9963-4f20-af70-540dad131083","block_type":"box","text":"or incur temporary bank borrowings to make redemption payments, which are made on the same day the redemption","page_number":54,"box":{"x":69,"y":136,"width":834,"height":11}},{"id":"667ffb51-fd7e-4e7f-964c-d07d982c3f65","block_type":"box","text":"request is received. Such inability to be invested fully would lower the yield on such Fund’s portfolio.","page_number":54,"box":{"x":69,"y":150,"width":714,"height":12}},{"id":"1389dafa-2073-40af-b96c-a05a7f80b975","block_type":"box","text":"Because certain Funds may at times invest a substantial portion of their assets in Municipal Securities secured","page_number":54,"box":{"x":102,"y":173,"width":797,"height":11}},{"id":"40f7bf94-d654-4e95-a8b7-63cbe58c7476","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":54,"box":{"x":69,"y":188,"width":781,"height":12}},{"id":"96e61812-806a-4f96-9cde-acb608ec3100","block_type":"box","text":"characteristics of the banking industry and the risks that such an investment in such credit enhanced securities may","page_number":54,"box":{"x":69,"y":203,"width":833,"height":12}},{"id":"7170afce-9e98-428b-bd39-f14ec7a1c5ad","block_type":"box","text":"entail. Banks are subject to extensive governmental regulations that may limit both the amounts and types of loans","page_number":54,"box":{"x":69,"y":218,"width":823,"height":12}},{"id":"2145f2d8-bba6-4552-a386-91640d084797","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":54,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"10b3920d-32e5-4af5-8037-e0e34a67069e","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":54,"box":{"x":69,"y":249,"width":825,"height":11}},{"id":"945238a2-56f7-4024-931d-3ee22492349b","block_type":"box","text":"lending operations under prevailing money market conditions. Furthermore, general economic conditions play an","page_number":54,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"49c9716f-3434-447d-8f22-ca8662bf484d","block_type":"box","text":"important part in the operations of this industry and exposure to credit losses arising from possible financial","page_number":54,"box":{"x":70,"y":279,"width":775,"height":11}},{"id":"f4fd2672-feb5-4ab9-b85c-837685ab779f","block_type":"box","text":"difficulties of borrowers might affect a bank’s ability to meet its obligations under a letter of credit.","page_number":54,"box":{"x":69,"y":294,"width":705,"height":11}},{"id":"90db6ba3-a8a7-4524-b959-a68d9a52fe16","block_type":"box","text":"Changes to the Code may limit the types and volume of securities qualifying for the Federal income tax","page_number":54,"box":{"x":102,"y":317,"width":731,"height":11}},{"id":"0c099c79-6247-4940-905b-3c7075e23767","block_type":"box","text":"exemption of interest; this may affect the availability of Municipal Securities for investment by the Funds, which","page_number":54,"box":{"x":69,"y":332,"width":794,"height":11}},{"id":"871e1fcd-1330-4337-9f62-cf7b349670ff","block_type":"box","text":"could, in turn, have a negative impact on the yield of the portfolios. A Fund reserves the right to suspend or","page_number":54,"box":{"x":69,"y":347,"width":768,"height":11}},{"id":"7a9889e5-c2f7-4252-aa1f-608ff020bb28","block_type":"box","text":"otherwise limit sales of its shares if, as a result of difficulties in acquiring portfolio securities or otherwise, it is","page_number":54,"box":{"x":69,"y":362,"width":796,"height":11}},{"id":"73d237e1-06a4-4fd1-8899-9009362c43ec","block_type":"box","text":"determined that it is not in the interests of the Fund’s shareholders to issue additional shares.","page_number":54,"box":{"x":69,"y":377,"width":677,"height":9}},{"id":"a0562370-14cf-456e-aaff-cd2458c7483a","block_type":"box","text":"VRDOs.","page_number":54,"box":{"x":103,"y":400,"width":52,"height":9}},{"id":"09c39262-ed5c-41ae-ac72-be00a4e2e690","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or variable interest rate adjustment formula","page_number":54,"box":{"x":161,"y":400,"width":717,"height":11}},{"id":"c37f9d3d-d06f-4624-bdfd-b0049097c4b0","block_type":"box","text":"and right of demand on the part of the holder thereof to receive payment of the unpaid balance plus accrued interest","page_number":54,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"b4f363da-446a-4ebf-9d91-4c0a46940c17","block_type":"box","text":"upon a short notice period not to exceed seven days. There is, however, the possibility that because of default or","page_number":54,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"2adbd03c-1163-423a-95a7-4b3c2b5174b4","block_type":"box","text":"insolvency the demand feature of VRDOs may not be honored. The interest rates are adjustable at periodic intervals","page_number":54,"box":{"x":70,"y":445,"width":826,"height":11}},{"id":"5b5f4b91-295e-4a87-9967-b9cb34e9cbf7","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":54,"box":{"x":68,"y":460,"width":815,"height":12}},{"id":"d4af2312-26c9-4afd-9f7d-a5ac548c088f","block_type":"box","text":"The adjustment may be based upon the Securities Industry and Financial Markets Association (“SIFMA”) Municipal","page_number":54,"box":{"x":68,"y":476,"width":817,"height":11}},{"id":"75cff805-c4d5-43bf-98b4-02bd17df5574","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":54,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"b9f8935b-84c0-43ac-a83c-2d2f61bfa893","block_type":"box","text":"instruments currently outstanding or to be issued in the future that satisfy its short term maturity and quality","page_number":54,"box":{"x":70,"y":506,"width":776,"height":11}},{"id":"e9acffd1-7453-4b15-a493-9e8ed46ca165","block_type":"box","text":"standards.","page_number":54,"box":{"x":69,"y":521,"width":74,"height":9}},{"id":"99f819c1-f0ba-4be9-b3d2-115358f16336","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, the VRDOs are not comparable to fixed rate","page_number":54,"box":{"x":102,"y":543,"width":740,"height":12}},{"id":"422872c6-31fc-4e97-9b00-dae693ca7784","block_type":"box","text":"securities. A Fund’s yield on VRDOs will decline and its shareholders will forego the opportunity for capital","page_number":54,"box":{"x":69,"y":559,"width":754,"height":11}},{"id":"45f35bd8-faa3-476f-b908-5f59de9cf06c","block_type":"box","text":"appreciation during periods when prevailing interest rates have declined. On the other hand, during periods where","page_number":54,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"24eead7f-18f3-4a17-9db7-f1e593a4dfcb","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":54,"box":{"x":70,"y":589,"width":789,"height":11}},{"id":"f7af5455-60cf-4730-bf99-111078e34ea9","block_type":"box","text":"reduced risk of capital depreciation.","page_number":54,"box":{"x":69,"y":604,"width":254,"height":11}},{"id":"3e7355c6-aa5a-4273-868b-6bcdb0dc323e","block_type":"box","text":"Negative Interest Rate Scenarios.","page_number":54,"box":{"x":102,"y":627,"width":246,"height":11}},{"id":"fee40e7c-582a-4a60-a80f-736e386ad782","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government","page_number":54,"box":{"x":355,"y":627,"width":554,"height":11}},{"id":"48e00720-69a7-47f6-86e1-5150ca120839","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":54,"box":{"x":69,"y":642,"width":795,"height":11}},{"id":"02bc74d5-9ffe-4081-a4ea-59c823f1e1e9","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":54,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"787bd9ea-13d9-45ce-a713-349f8d2ecaa4","block_type":"box","text":"fund by cancelling shareholders’ shares in the amount of the negative gross yield. If a fund converts to a floating","page_number":54,"box":{"x":68,"y":672,"width":806,"height":11}},{"id":"aa2ccd8f-f962-4d0a-b152-a690d69f2edd","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":54,"box":{"x":70,"y":687,"width":807,"height":11}},{"id":"eeb0e893-b188-4df2-81b3-ffd261763453","block_type":"box","text":"Under a reverse distribution mechanism, shareholders in a fund would observe a stable share price but a declining","page_number":54,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"bbd26d90-6a6c-4a8f-99c4-91744ffe79e5","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":54,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"c023f2a9-3c28-4a70-8d12-9677a89fefd8","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":54,"box":{"x":69,"y":732,"width":838,"height":11}},{"id":"2feaab2e-1653-4f97-909d-4afd1fc77849","block_type":"box","text":"will need to ensure shareholders are provided adequate disclosures around the consequences of the approach","page_number":54,"box":{"x":68,"y":748,"width":792,"height":11}},{"id":"205a7b38-6258-4d64-ab51-c494a09bc95c","block_type":"box","text":"chosen by the Board for the fund.","page_number":54,"box":{"x":69,"y":763,"width":237,"height":11}},{"id":"26473a40-ec56-4d93-b947-793f0cab2e77","block_type":"box","text":"Operational and Technology Risks","page_number":54,"box":{"x":102,"y":786,"width":247,"height":11}},{"id":"2415d39f-78aa-47f7-84f3-1c5637b743aa","block_type":"box","text":"— Each Fund and the entities with which it interacts directly or indirectly are","page_number":54,"box":{"x":353,"y":786,"width":542,"height":11}},{"id":"0d20b100-b2da-41f4-924e-736e37770834","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":54,"box":{"x":69,"y":801,"width":766,"height":11}},{"id":"7d63d4c1-eb8d-41e5-bfb1-1ff48afa42a7","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":54,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"34ed3753-b5bd-4527-9fd0-e34bb56f2636","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":54,"box":{"x":70,"y":831,"width":792,"height":11}},{"id":"2e867518-6096-497b-87a8-0b9726b44e37","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":54,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"30b15de5-1e1b-4900-b035-e34f4003ad0b","block_type":"box","text":"and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":54,"box":{"x":69,"y":861,"width":813,"height":11}},{"id":"86a96fac-5dab-4dad-b27a-aaf56d1f8b8a","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental","page_number":54,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"9ded55c9-e2cc-4185-9aad-c2681ef82b82","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which a Fund invests could also result","page_number":54,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"bcc85876-473d-4522-a382-214675c49d0f","block_type":"box","text":"II-18","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee5c7eea-449d-4255-a4a4-d3a757bc40b1","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6840840a-4038-4338-8931-b80d7dcd83ed","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":55,"box":{"x":70,"y":45,"width":800,"height":11}},{"id":"d265f5fe-b03f-4247-ac82-c5f506cf4afb","block_type":"box","text":"value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":55,"box":{"x":68,"y":60,"width":677,"height":11}},{"id":"209e3ec3-b212-4c19-952a-a445c7fd2769","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a","page_number":55,"box":{"x":102,"y":82,"width":782,"height":12}},{"id":"d362dacd-f00b-443b-8e20-0dca3f3e9b3c","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":55,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"fca44259-c041-49ef-a4f5-ad47ac820d16","block_type":"box","text":"to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":55,"box":{"x":68,"y":113,"width":829,"height":11}},{"id":"06161c8f-7d99-46c4-9081-864ccc826830","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those","page_number":55,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"036e4dad-6f7b-43a4-9d4e-4e08127efcbf","block_type":"box","text":"from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the","page_number":55,"box":{"x":68,"y":143,"width":776,"height":11}},{"id":"28061c75-2cab-4632-9bc4-d0b146ea7dc2","block_type":"box","text":"following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential","page_number":55,"box":{"x":68,"y":158,"width":757,"height":11}},{"id":"1e60492a-c648-4cd2-a35b-2af63256bdc1","block_type":"box","text":"information; impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or","page_number":55,"box":{"x":70,"y":173,"width":773,"height":11}},{"id":"d1ea521e-29d3-49d8-a8d5-414be215768c","block_type":"box","text":"redemption orders; the inability of a Fund or its service providers to transact business; violations of applicable privacy","page_number":55,"box":{"x":69,"y":188,"width":841,"height":11}},{"id":"ee0004e4-45ed-466a-b592-020938121fe0","block_type":"box","text":"and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and","page_number":55,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"0355cde0-900f-478f-be7e-98b287ec728c","block_type":"box","text":"other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of a Fund, including","page_number":55,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"4d05f086-f2e4-418e-9a77-12805df4a85d","block_type":"box","text":"records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to a","page_number":55,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"0ed1ad1b-6238-4191-8e7e-3fb0e884fd41","block_type":"box","text":"Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions","page_number":55,"box":{"x":70,"y":249,"width":838,"height":11}},{"id":"0c37080c-72fe-4843-9be8-a894c071c359","block_type":"box","text":"and processing errors that threaten information and technology systems relied upon by a Fund or its service","page_number":55,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"42f68ed3-1880-4541-aa90-cf1cf95202e4","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":55,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"ef2cb7e9-a8e8-4f54-aee4-84a898b6cf1c","block_type":"box","text":"operations or impact critical data. Recent advances in AI technology pose risks to a Fund and its portfolio","page_number":55,"box":{"x":69,"y":294,"width":752,"height":11}},{"id":"3876c325-3bf0-43d2-af24-ff4548ba1837","block_type":"box","text":"investments. These advancements could harm a Fund and its portfolio investments by reducing the demand for both","page_number":55,"box":{"x":70,"y":309,"width":830,"height":11}},{"id":"cac8a000-4589-48c5-a27f-a6db0e0d881e","block_type":"box","text":"the technology and software offerings of the Fund’s portfolio investments. Additionally, these advancements could","page_number":55,"box":{"x":68,"y":324,"width":815,"height":12}},{"id":"7e5e73a7-d2ec-41a5-9c01-ff24fcf630bc","block_type":"box","text":"significantly disrupt a Fund’s portfolio investments and subject them to increased competition, which could have a","page_number":55,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"92b11202-fb21-46a7-a60a-e06ec344265c","block_type":"box","text":"material adverse effect on business, financial condition, and results of operations. AI technology advancements,","page_number":55,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"3772ef35-9df2-445e-99c9-43e04b050b22","block_type":"box","text":"including efficiency improvements, without related increases in the adoption and development of such technologies,","page_number":55,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"3eb6f781-ff1f-489d-96cb-eb4568c369c0","block_type":"box","text":"could also negatively impact demand for, and the valuation of, digital infrastructure assets.","page_number":55,"box":{"x":69,"y":385,"width":647,"height":11}},{"id":"23bf61d8-7718-47b9-a2ad-02494f889173","block_type":"box","text":"Each Fund and its portfolio investments could be exposed to the risks of AI technology if third-party service","page_number":55,"box":{"x":102,"y":407,"width":763,"height":12}},{"id":"6b841f3e-a957-4c67-9621-5c62d82ec4ef","block_type":"box","text":"providers or any counterparties, whether or not known to a Fund, also use AI technology in their business activities.","page_number":55,"box":{"x":70,"y":423,"width":821,"height":11}},{"id":"66ca84ae-3eed-4de2-9675-852b4afb51ee","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-party","page_number":55,"box":{"x":70,"y":438,"width":774,"height":11}},{"id":"6a2a495b-3b63-4428-bd34-bc6ec0e7b3c6","block_type":"box","text":"products or services.","page_number":55,"box":{"x":70,"y":453,"width":148,"height":11}},{"id":"20f8624e-c328-4255-9e7f-8544d9fc4e39","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":55,"box":{"x":102,"y":475,"width":781,"height":12}},{"id":"801f1990-2024-4c0c-ab6d-580eb0f1a807","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":55,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"4b8feb73-e3be-44cb-b3cf-7f81cc26603d","block_type":"box","text":"other third-party AI technology applications and users.","page_number":55,"box":{"x":69,"y":506,"width":383,"height":11}},{"id":"8628f042-c18f-4408-81bb-852a241ca1cd","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":55,"box":{"x":102,"y":528,"width":795,"height":12}},{"id":"2b826fc1-6c91-424d-856e-a5afb3aa6e83","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":55,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"d4524380-1c1b-469f-8803-5d19abc7b74c","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably","page_number":55,"box":{"x":69,"y":559,"width":785,"height":11}},{"id":"a660b84d-0cd2-4191-ba89-e2e55f6699aa","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":55,"box":{"x":69,"y":574,"width":782,"height":11}},{"id":"5760c66a-46cc-49ed-9ae6-91f775de2505","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":55,"box":{"x":69,"y":589,"width":787,"height":11}},{"id":"ec8c46c0-2379-4a89-9d7e-09d86d358874","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and","page_number":55,"box":{"x":70,"y":604,"width":835,"height":11}},{"id":"ae3d9f16-3a6a-43df-bcf1-30fa197c0f99","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":55,"box":{"x":69,"y":619,"width":773,"height":11}},{"id":"c9e60e99-6aea-4eba-9380-b16ef56667b3","block_type":"box","text":"infrastructures and applications. To the extent that a Fund or its portfolio investments are exposed to the risks of AI","page_number":55,"box":{"x":70,"y":634,"width":825,"height":11}},{"id":"75979086-adf5-4ed5-b439-9ba4a69bef77","block_type":"box","text":"technology use, any such inaccuracies or errors could have adverse impacts on a Fund or its investments.","page_number":55,"box":{"x":68,"y":650,"width":756,"height":11}},{"id":"f647b1cc-4311-4c32-8799-9102c69937ad","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to monitoring and","page_number":55,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"f3531443-61e8-4acc-8d4e-138880109fa4","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer","page_number":55,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"16bce512-79f2-4d0a-947f-cab1dee175a6","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on","page_number":55,"box":{"x":70,"y":702,"width":796,"height":11}},{"id":"2cdb3ce2-cd49-4aca-88c6-27b51b7a1489","block_type":"box","text":"artificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":55,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"ed5611e0-856c-4593-8c07-67bf4bae808c","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":55,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"0c6ce200-9f58-421c-a9c0-c295cc59945d","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial","page_number":55,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"cfa866d3-fa54-45a8-bbb6-1d03092e1bf2","block_type":"box","text":"Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may","page_number":55,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"dc3c47c8-dc90-45c5-8f01-44f44da12d5f","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should a Fund, the","page_number":55,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"3fce0352-7781-400b-b085-1ea4e9614e0b","block_type":"box","text":"adviser, or a Fund’s portfolio investments fail to comply.","page_number":55,"box":{"x":69,"y":793,"width":398,"height":11}},{"id":"c9c6c900-cc69-4879-8efc-254006b0adf1","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":55,"box":{"x":101,"y":816,"width":797,"height":11}},{"id":"7058de34-af90-4a8a-a4a5-3bdcb638af60","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":55,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"04f37347-d191-489a-b1ae-267cf290fcd3","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":55,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"c83ba7ca-25d0-441a-af63-8c42b3112fb3","block_type":"box","text":"remediate all of the potential risks, challenges, or impacts of such changes.","page_number":55,"box":{"x":69,"y":861,"width":542,"height":11}},{"id":"41853442-2f53-4617-9359-bd5560241267","block_type":"box","text":"While each Fund’s service providers are required to have appropriate operational, information security and","page_number":55,"box":{"x":101,"y":884,"width":758,"height":11}},{"id":"5f1fe6c4-f898-4736-9bbf-467c7b33f267","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":55,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"8ac6e88d-f36d-4a1f-854d-530cdd3488ca","block_type":"box","text":"II-19","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5efdbaf-4212-4469-9d40-97d04f250d8f","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f53f6d5f-406e-4164-9103-27595bbe5701","block_type":"box","text":"a Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":56,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"b8fa7fc3-35c4-43a0-884c-949973ac63b3","block_type":"box","text":"Each Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":56,"box":{"x":70,"y":60,"width":762,"height":11}},{"id":"05707718-a21e-4182-83da-2f8a890bdce8","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":56,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"297fca3c-46f3-45d0-a1d6-e69e2160fbab","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":56,"box":{"x":70,"y":90,"width":832,"height":11}},{"id":"8815bc4f-c2d9-453e-969e-0ce63ccebfd2","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":56,"box":{"x":69,"y":105,"width":794,"height":11}},{"id":"899133ab-4d35-4c7b-a065-bb6d09e116ca","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":56,"box":{"x":69,"y":120,"width":819,"height":11}},{"id":"2553559e-6a63-4b31-a576-0bca6c3f8200","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. A Fund cannot control the","page_number":56,"box":{"x":69,"y":135,"width":775,"height":12}},{"id":"e7a59ce0-f132-4bc4-b544-629823ac35bd","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":56,"box":{"x":69,"y":150,"width":775,"height":12}},{"id":"d48d4c60-8480-46aa-ad07-92fe17d2d963","block_type":"box","text":"counterparties, and other third parties whose activities affect a Fund.","page_number":56,"box":{"x":69,"y":166,"width":495,"height":11}},{"id":"734494f8-0fba-46ac-8929-d7c379229f8f","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":56,"box":{"x":102,"y":188,"width":771,"height":12}},{"id":"7551cc23-944a-4ef8-bda5-214449806a9a","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":56,"box":{"x":69,"y":204,"width":816,"height":11}},{"id":"681a350e-9dfe-47ce-85e5-b59bee668fb1","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":56,"box":{"x":69,"y":219,"width":778,"height":11}},{"id":"2306b7a7-9840-4cca-8f64-46fcc8d2e37d","block_type":"box","text":"resources to monitor and implement required changes.","page_number":56,"box":{"x":69,"y":234,"width":391,"height":11}},{"id":"9377444d-262e-4e56-815c-ae4ccc21d53f","block_type":"box","text":"Purchase of Securities with Fixed Price “Puts.”","page_number":56,"box":{"x":102,"y":256,"width":344,"height":9}},{"id":"deb97650-3715-4c7b-bd99-8f9cc25102b5","block_type":"box","text":"Certain Funds have authority to purchase fixed rate Municipal","page_number":56,"box":{"x":453,"y":256,"width":437,"height":11}},{"id":"17f1e84b-6b0e-44db-b6ac-fe4eb6cf114e","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":56,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"d096a17f-5650-44b0-aaa0-54f05f9f6a1f","block_type":"box","text":"upon rate at any time during a stated period or on a certain date. Such a right is generally denoted as a fixed price","page_number":56,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"4f701c20-818b-44a3-929a-b00b80700d77","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":56,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"4ad24aba-39fe-4bdf-bb66-676c230e997f","block_type":"box","text":"VRDOs that enable certain Funds to dispose of such a security at a time when the market value of the security","page_number":56,"box":{"x":68,"y":317,"width":791,"height":11}},{"id":"23d2a354-860d-47f4-9c9c-a7f440e0325a","block_type":"box","text":"approximates its par value.","page_number":56,"box":{"x":69,"y":332,"width":192,"height":11}},{"id":"e6195eef-0067-42ed-96ac-e117038bca57","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":56,"box":{"x":102,"y":355,"width":431,"height":11}},{"id":"b1dc1d09-19db-423d-a21b-765bae584d60","block_type":"box","text":"Funds may invest in Taxable Securities (as defined","page_number":56,"box":{"x":541,"y":355,"width":357,"height":11}},{"id":"93bc4d28-6741-4535-8c95-e5393d7aec55","block_type":"box","text":"below, see “Taxable Money Market Securities”) pursuant to repurchase agreements. Repurchase agreements may be","page_number":56,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"af49da3a-f02b-4486-b31d-997019e03afb","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":56,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"44d0f4a5-56e3-417c-b145-c2d4f991bfe9","block_type":"box","text":"or an affiliate thereof that meets the creditworthiness standards adopted by the Manager. Under such agreements,","page_number":56,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"8e38305a-2983-41d6-905b-e7bb72603717","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":56,"box":{"x":68,"y":415,"width":825,"height":11}},{"id":"3c32396c-685d-4f62-9f14-6dd512817f2b","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":56,"box":{"x":69,"y":430,"width":789,"height":11}},{"id":"21613ee7-769b-40db-8a4c-1a4bef40a800","block_type":"box","text":"results in a fixed rate of return insulated from market fluctuations during such period. Repurchase agreements may","page_number":56,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"49b3400e-e19d-4d0a-b34b-b7075c897ab0","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":56,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"818e34ed-5ee4-4da9-910f-2fec8ab73582","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":56,"box":{"x":70,"y":475,"width":829,"height":12}},{"id":"4843ff00-11ff-43f4-84b7-91619065a782","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":56,"box":{"x":69,"y":491,"width":774,"height":11}},{"id":"c8a60c60-90b7-4ec0-be05-57895074315d","block_type":"box","text":"agreement. One common type of repurchase agreement a Fund may enter into is a “tri-party” repurchase agreement.","page_number":56,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"86f55e76-4c76-450a-9930-93a18b9a1fef","block_type":"box","text":"In “tri-party” repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for","page_number":56,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"651082a0-41fa-48aa-93ee-d74ff1b98adc","block_type":"box","text":"the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. In any","page_number":56,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"48a3efed-7fd4-4977-b1e3-d1c99804d306","block_type":"box","text":"repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash items and","page_number":56,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"c8fd4b3b-988f-4395-b99c-fcbf7b5aa887","block_type":"box","text":"obligations issued by the U.S. Government or its agencies or instrumentalities. Collateral, however, is not limited to","page_number":56,"box":{"x":69,"y":566,"width":823,"height":11}},{"id":"03cfb6b5-b67f-49fd-acff-c6580584ca72","block_type":"box","text":"the foregoing and may include, for example, obligations rated below the highest category by NRSROs, including","page_number":56,"box":{"x":68,"y":581,"width":792,"height":12}},{"id":"264490f5-093e-4430-aa2b-225354afe287","block_type":"box","text":"collateral that may be below investment grade. Collateral for a repurchase agreement may also include securities that","page_number":56,"box":{"x":69,"y":596,"width":840,"height":12}},{"id":"c20ab3c5-88f6-4342-b4b5-ee6be056ccca","block_type":"box","text":"a Fund could not hold directly without the repurchase obligation. Irrespective of the type of collateral underlying the","page_number":56,"box":{"x":69,"y":612,"width":819,"height":11}},{"id":"54057fe0-bf2a-43ee-b6ff-4e13859ffcc2","block_type":"box","text":"repurchase agreement, the Fund must determine that a repurchase obligation with a particular counterparty involves","page_number":56,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"ad988199-e62b-45cc-b9f1-c5237da3d6ec","block_type":"box","text":"minimal credit risk to the Fund and otherwise satisfies any additional credit quality standards applicable to the Fund.","page_number":56,"box":{"x":69,"y":642,"width":832,"height":11}},{"id":"a29a82d5-3720-4edb-aff8-59f3d1ea234b","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":56,"box":{"x":102,"y":664,"width":770,"height":12}},{"id":"198732ea-c2fe-4f80-836a-6fa9fb5bc5c0","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":56,"box":{"x":69,"y":680,"width":805,"height":11}},{"id":"5fcc938b-e208-477b-a590-e1b6b8bccf95","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":56,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"4a7ceb59-7604-4216-9ad2-c6090862dc0d","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":56,"box":{"x":69,"y":710,"width":780,"height":11}},{"id":"7d2d26a3-a86c-4f57-9397-0635ec3db925","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":56,"box":{"x":69,"y":725,"width":786,"height":11}},{"id":"4e082040-169c-40f6-b98c-a5abfb44eb84","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":56,"box":{"x":70,"y":740,"width":839,"height":11}},{"id":"e68f7a50-01f5-4bb0-aa7f-b8b1d658a2f3","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":56,"box":{"x":70,"y":755,"width":785,"height":11}},{"id":"3751f950-457b-4058-a170-0b5e8f47c684","block_type":"box","text":"fluctuations following the failure of the seller to perform. In general, for Federal income tax purposes, repurchase","page_number":56,"box":{"x":68,"y":770,"width":808,"height":12}},{"id":"8d928b0e-9067-4b7d-9118-918f4e06e233","block_type":"box","text":"agreements are treated as collateralized loans secured by the securities “sold.” Therefore, amounts earned under","page_number":56,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"88ee1988-ae93-454e-b50a-fc9fac0bf377","block_type":"box","text":"such agreements, even if the underlying securities are tax-exempt securities, will not be considered tax-exempt","page_number":56,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"17547503-19c8-4651-8e83-87837658f7df","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":56,"box":{"x":70,"y":816,"width":784,"height":11}},{"id":"12da19de-b6e8-4c39-a517-9871e779168d","block_type":"box","text":"contracts. While purchase and sale contracts are similar to repurchase agreements, purchase and sale contracts are","page_number":56,"box":{"x":69,"y":831,"width":836,"height":11}},{"id":"c02c2cbc-9993-4cb4-b675-abffec786284","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":56,"box":{"x":69,"y":846,"width":812,"height":11}},{"id":"14849e7a-429c-45cf-949c-ec71afb942ab","block_type":"box","text":"repurchase agreements and, with purchase and sale contracts, the purchaser receives any interest on the security","page_number":56,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"65624bdf-b8d6-4b0a-9fdf-5269f68015d7","block_type":"box","text":"paid during the period of the contract.","page_number":56,"box":{"x":70,"y":876,"width":266,"height":11}},{"id":"ffff39b6-cc30-45df-aba8-059745b2c3ef","block_type":"box","text":"II-20","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"971e52a4-ec9d-45aa-81b7-d600091da439","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c979de7-cc71-4880-9685-bfe6ac18d55f","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that utilizes them. Such risks are not unique to the Fund","page_number":57,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"66443317-775d-4438-8098-f3360e7e4002","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":57,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"2eb1e16a-aa14-4767-931e-ff6e674599e8","block_type":"box","text":"uncertainties involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and","page_number":57,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"0d90f4ae-bc68-4bd5-b125-4c4572425703","block_type":"box","text":"collateral with longer maturities may be subject to greater price fluctuations than higher quality collateral and","page_number":57,"box":{"x":69,"y":90,"width":775,"height":11}},{"id":"98d2e0c8-80bd-421f-a6c2-38ca23202c07","block_type":"box","text":"collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower quality collateral","page_number":57,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"f6dd6f50-ef9b-42e3-9297-ea850ed1e430","block_type":"box","text":"may be more difficult to liquidate than higher quality collateral. Should the counterparty default and the amount of","page_number":57,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"59b57123-7fd3-48b5-b578-feeca99ca328","block_type":"box","text":"collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the status of an","page_number":57,"box":{"x":69,"y":135,"width":810,"height":12}},{"id":"d4dcf2f7-d5ec-497b-a4db-db549b1d3eed","block_type":"box","text":"unsecured creditor of the counterparty (","page_number":57,"box":{"x":69,"y":150,"width":283,"height":12}},{"id":"78669ac6-4d22-408f-93cb-0f233d78c55b","block_type":"box","text":"i.e.","page_number":57,"box":{"x":354,"y":151,"width":20,"height":8}},{"id":"6f36e8e0-bc92-4556-9671-2ea91da81bb2","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to","page_number":57,"box":{"x":377,"y":150,"width":522,"height":12}},{"id":"95b994ae-5883-4a10-a206-3d73493ba6af","block_type":"box","text":"its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to the amount of","page_number":57,"box":{"x":70,"y":166,"width":833,"height":11}},{"id":"f842530c-577a-4f66-8972-421f4f42d7a1","block_type":"box","text":"the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal and income","page_number":57,"box":{"x":68,"y":181,"width":799,"height":11}},{"id":"8e26f654-c7f9-4659-b713-3e7126ed5f88","block_type":"box","text":"involved in the transaction.","page_number":57,"box":{"x":70,"y":196,"width":189,"height":9}},{"id":"edc932db-408f-4db8-a499-660506d15e94","block_type":"box","text":"Regulations adopted by global prudential regulators that require certain bank-regulated counterparties and","page_number":57,"box":{"x":102,"y":219,"width":758,"height":11}},{"id":"f82e11bc-b9af-4f75-9ed9-a260faa2952a","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many repurchase agreements and","page_number":57,"box":{"x":69,"y":234,"width":775,"height":11}},{"id":"f1cf522f-29b5-4832-8c47-55fb4df75c8b","block_type":"box","text":"purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate","page_number":57,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"e739e38a-ea56-45bf-8bba-54116a979296","block_type":"box","text":"such agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the","page_number":57,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"5960a4c6-2e20-41da-8542-d219bada7e32","block_type":"box","text":"event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings.","page_number":57,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"34ad9100-b35c-4000-8dd9-6fd679ea875d","block_type":"box","text":"It is possible that these requirements, as well as potential additional government regulation and other developments","page_number":57,"box":{"x":70,"y":294,"width":832,"height":11}},{"id":"a7a010b5-5c56-4277-8fec-27dd4736658b","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and","page_number":57,"box":{"x":70,"y":309,"width":830,"height":11}},{"id":"5fd77b5f-f724-4d54-9cb3-c578cc460ad3","block_type":"box","text":"sale contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":57,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"6cb6e524-6b2c-4c5d-97bb-ea8f7ca3f1a3","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":57,"box":{"x":69,"y":340,"width":796,"height":11}},{"id":"8560fd45-c82c-496b-8ee3-313f22be4908","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":57,"box":{"x":69,"y":355,"width":834,"height":11}},{"id":"96ac77df-5eaa-41a2-94ca-69d2c3e8056c","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":57,"box":{"x":68,"y":370,"width":824,"height":11}},{"id":"82e76e27-1940-456c-bfd8-a785e5acc289","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":57,"box":{"x":69,"y":385,"width":279,"height":11}},{"id":"6550c5d4-2e05-410a-9c9a-aee1c2282c7f","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":57,"box":{"x":102,"y":408,"width":246,"height":11}},{"id":"be84b2d4-9c1c-40b9-989b-ad51fa80a184","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":57,"box":{"x":354,"y":408,"width":548,"height":11}},{"id":"3f1f082f-e696-4e9d-9ec1-caca3af20aca","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":57,"box":{"x":68,"y":423,"width":830,"height":11}},{"id":"f97a3197-0c7d-4fe7-8161-5b52362209f7","block_type":"box","text":"to another party and agrees to repurchase them at a mutually agreed-upon date and price. Reverse repurchase","page_number":57,"box":{"x":68,"y":438,"width":793,"height":11}},{"id":"985a50c3-2758-4050-947a-aa28fadb54bc","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":57,"box":{"x":69,"y":453,"width":820,"height":11}},{"id":"696df0b1-4ad9-49a5-b0ec-f239f3dee9fa","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":57,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"95c8f7ee-9c6e-49a8-9d02-9328fca2b9c3","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":57,"box":{"x":69,"y":483,"width":782,"height":11}},{"id":"380b9eb4-a205-4cba-9c36-705cac4f9611","block_type":"box","text":"securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee","page_number":57,"box":{"x":69,"y":498,"width":834,"height":11}},{"id":"44594b23-2cd3-4df0-9128-9ef8dc89ef01","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":57,"box":{"x":69,"y":513,"width":829,"height":12}},{"id":"376f9f5f-9915-4350-819d-3c91edf95dc7","block_type":"box","text":"securities and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted","page_number":57,"box":{"x":69,"y":528,"width":803,"height":12}},{"id":"998e7145-14dd-4101-abf0-289c4c275fef","block_type":"box","text":"pending such decision.","page_number":57,"box":{"x":70,"y":544,"width":161,"height":11}},{"id":"d6dea9e6-04e4-4414-8e7d-97aee85bcb79","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that require certain bank-regulated","page_number":57,"box":{"x":101,"y":566,"width":704,"height":11}},{"id":"7e17b975-ecd3-4b6e-8831-8a91814a7552","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":57,"box":{"x":69,"y":581,"width":768,"height":12}},{"id":"023aaf18-b4a8-407a-878c-14d9b36e93e4","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":57,"box":{"x":69,"y":596,"width":823,"height":12}},{"id":"ffe42763-8f2f-4ca6-bf24-04552479fbde","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":57,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"d6968d21-3607-4e47-bed0-e3bdaa674d8f","block_type":"box","text":"that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":57,"box":{"x":68,"y":627,"width":815,"height":11}},{"id":"18b2f3cd-f7c2-4087-a239-b4f50544fd99","block_type":"box","text":"possible that these requirements, as well as potential additional government regulation and other developments in","page_number":57,"box":{"x":70,"y":642,"width":817,"height":11}},{"id":"d28dcef6-7f90-4115-b763-55e5b15b44d7","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":57,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"77c7eed4-2ee2-4d07-82c6-5b5f8d24ea7d","block_type":"box","text":"amounts to be received under such agreements. The SEC has also finalized rules that will require certain","page_number":57,"box":{"x":69,"y":672,"width":750,"height":11}},{"id":"1f4ce79b-c33d-4d7a-9d86-d19d0a4c5174","block_type":"box","text":"transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Compliance","page_number":57,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"307e23c2-05c7-4bee-b5c8-11ab68d6b6e1","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":57,"box":{"x":68,"y":702,"width":840,"height":12}},{"id":"e80fede0-3e0d-448f-a5a0-b4730255583d","block_type":"box","text":"difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely","page_number":57,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"775d6461-d58a-401a-9e66-25aaeb8af2d3","block_type":"box","text":"affect a Fund’s performance.","page_number":57,"box":{"x":69,"y":732,"width":207,"height":11}},{"id":"3963631c-c3a5-4882-9356-e01890488ad5","block_type":"box","text":"Rule 2a-7 Requirements.","page_number":57,"box":{"x":102,"y":755,"width":179,"height":11}},{"id":"796aa5c4-b435-44c3-b4f2-8c00a7aef6cb","block_type":"box","text":"Rule 2a-7 under the Investment Company Act sets forth portfolio maturity, liquidity,","page_number":57,"box":{"x":288,"y":755,"width":589,"height":11}},{"id":"37852ba7-b425-4009-892c-b02f35dd5a6c","block_type":"box","text":"diversification and quality requirements applicable to all money market funds.","page_number":57,"box":{"x":69,"y":770,"width":552,"height":11}},{"id":"ceb73ff1-2155-457f-bc66-f4ab9e6c794d","block_type":"box","text":"Maturity.","page_number":57,"box":{"x":102,"y":793,"width":64,"height":11}},{"id":"e528e2e0-01cd-461a-9ca2-3f546b05aba4","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":57,"box":{"x":173,"y":793,"width":723,"height":11}},{"id":"2d208ca1-83c3-4889-a44e-fe882da4f9b8","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":57,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"ffbc87e1-38a6-4e2c-9dbf-3996138e88c2","block_type":"box","text":"Funds will not acquire any instrument with a remaining maturity of greater than 397 days. The “dollar-weighted","page_number":57,"box":{"x":70,"y":823,"width":785,"height":12}},{"id":"3243ce5c-51d1-4448-a2a6-5e458c9d26d7","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":57,"box":{"x":69,"y":838,"width":790,"height":12}},{"id":"d871163f-3c9c-4817-9e46-311919a05e68","block_type":"box","text":"portfolio must pay off the principal amount of the debt. “Dollar-weighted” means the larger the dollar value of a debt","page_number":57,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"5e671e16-f997-43ba-b48e-dc2b8040e726","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":57,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"d4fcebb5-650a-4389-bc3b-4fdd03bb9b76","block_type":"box","text":"dollar-weighted average maturity, the Fund may treat a variable or floating rate security under certain circumstances","page_number":57,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"33f555a7-2321-41b3-9691-98971b9dfb1a","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":57,"box":{"x":69,"y":899,"width":765,"height":11}},{"id":"b4bae59a-2311-4809-a1cb-a8d953c853b0","block_type":"box","text":"II-21","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"736d29c0-5a4c-4806-9805-9b39389866e6","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e376934e-7220-4be3-aaed-0e087c6a3147","block_type":"box","text":"remaining until the principal amount can be recovered through demand rather than the security’s actual maturity.","page_number":58,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"f6fa96d0-3841-4454-9caf-d739cdb53b5b","block_type":"box","text":"“Dollar-weighted average life” of a Fund’s portfolio is calculated without reference to the exceptions used in","page_number":58,"box":{"x":70,"y":60,"width":766,"height":11}},{"id":"aa0518e9-bdca-4403-97a7-e0d3746f1e21","block_type":"box","text":"calculating the dollar-weighted average maturity for variable or floating rate securities regarding the use of interest","page_number":58,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"9a382774-5dfc-45a8-bf0b-b2eb7401f139","block_type":"box","text":"rate reset dates.","page_number":58,"box":{"x":69,"y":90,"width":117,"height":9}},{"id":"54c7a80a-50fd-4d54-adbd-80ebe9605552","block_type":"box","text":"Liquidity.","page_number":58,"box":{"x":102,"y":113,"width":63,"height":11}},{"id":"b5963a00-3aa8-40d4-a9e5-5e68b38b3259","block_type":"box","text":"Rule 2a-7 contains a “general liquidity requirement” that requires that each Fund hold securities that","page_number":58,"box":{"x":172,"y":113,"width":719,"height":11}},{"id":"29d51de6-caa2-4b4c-bde4-910ab3889bb6","block_type":"box","text":"are sufficiently liquid to meet reasonably foreseeable shareholder redemptions in light of its obligations under","page_number":58,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"d8ef351e-ab9a-4090-9bc2-267d401a975a","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":58,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"5c6bedcb-179a-449e-8d3b-e58fad688565","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":58,"box":{"x":68,"y":158,"width":835,"height":11}},{"id":"075f3a6c-8085-42f7-ad00-309792efd7b5","block_type":"box","text":"Fund’s liquidity needs, including characteristics of the Fund’s investors and their likely redemptions. Depending upon","page_number":58,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"a94ddbad-506f-490f-868f-b7bd611e1697","block_type":"box","text":"the volatility of its cash flows (particularly shareholder redemptions), this provision may require a Fund to maintain","page_number":58,"box":{"x":68,"y":188,"width":816,"height":11}},{"id":"7b8b9a9c-1d55-4519-8303-f6de02ebeb45","block_type":"box","text":"greater liquidity than would be required by the daily and weekly minimum liquidity requirements discussed below. The","page_number":58,"box":{"x":68,"y":204,"width":833,"height":11}},{"id":"3bfef08f-4c23-4dfa-b557-6c31650eddea","block_type":"box","text":"Funds will not acquire any security other than daily liquid assets unless, immediately following such purchase, at","page_number":58,"box":{"x":70,"y":218,"width":802,"height":12}},{"id":"fc258543-399d-4452-8d6e-5d38cea6eea7","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":58,"box":{"x":70,"y":234,"width":811,"height":11}},{"id":"8fd3647d-3e7b-4ef1-b664-55082272f7bf","block_type":"box","text":"than weekly liquid assets unless, immediately following such purchase, at least 50% of its total assets would be","page_number":58,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"f4de304a-a7b0-491c-8b02-982cf8c926ae","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":58,"box":{"x":70,"y":264,"width":828,"height":11}},{"id":"c5ef2ae0-46b7-426c-a4c1-008e1cf3163e","block_type":"box","text":"(iii) securities that will mature, as determined without reference to the maturity shortening provisions of Rule 2a-7","page_number":58,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"cf9d3e22-c141-4ceb-ab45-8e518d39aeb5","block_type":"box","text":"regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within one","page_number":58,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"9d89a3ba-d967-4301-a9be-362ceb5fb7d5","block_type":"box","text":"business day; and (iv) amounts receivable and due unconditionally within one business day on pending sales of","page_number":58,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"3205386a-73da-408c-8246-af0a3c151b5b","block_type":"box","text":"portfolio securities. “Weekly Liquid Assets” include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S.","page_number":58,"box":{"x":70,"y":324,"width":813,"height":12}},{"id":"8d377885-c1eb-4d82-bb4c-eadc6a40bf09","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":58,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"0f0c0439-3ae9-41d0-aaf7-c05d1b012c77","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":58,"box":{"x":69,"y":355,"width":839,"height":11}},{"id":"9f329135-9f50-45a0-8bee-084858eb6000","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":58,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"60c2f748-9ad4-437e-b847-b00351215ded","block_type":"box","text":"less; (iv) securities that will mature, as determined without reference to the maturity shortening provisions of Rule","page_number":58,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"a8c23b76-8c68-41b1-b06e-b7f977eecd8d","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":58,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"4f9a41fe-d8ba-47e9-90d2-0f8a58bb2f88","block_type":"box","text":"five business days; and (v) amounts receivable and due unconditionally within five business days on pending sales of","page_number":58,"box":{"x":68,"y":415,"width":837,"height":11}},{"id":"2d9e99b6-0244-479b-b69c-09ad6a406d86","block_type":"box","text":"portfolio securities. No Fund will invest more than 5% of the value of its total assets in securities that are illiquid","page_number":58,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"eea3d189-c9d2-4017-abdf-236ce398fc46","block_type":"box","text":"(","page_number":58,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"f931d262-e14b-4c3a-b4b5-b36dd68d1a0b","block_type":"box","text":"i.e.","page_number":58,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"308085ad-2417-4670-aad4-5fb5d5f3e22b","block_type":"box","text":", securities that cannot be sold or disposed of in the ordinary course of business within seven days at","page_number":58,"box":{"x":97,"y":445,"width":728,"height":11}},{"id":"492088bc-f814-4222-b8f0-dbb96f94014e","block_type":"box","text":"approximately the value ascribed to them by the Fund).","page_number":58,"box":{"x":69,"y":461,"width":389,"height":11}},{"id":"f267d2cb-e4b2-496a-a6fc-a6c4f2a226e8","block_type":"box","text":"Portfolio Diversification and Quality.","page_number":58,"box":{"x":102,"y":483,"width":260,"height":11}},{"id":"61c316da-8463-4d6e-addb-0afcb8c8f1b2","block_type":"box","text":"Immediately after the acquisition of any security, taxable money market","page_number":58,"box":{"x":369,"y":483,"width":507,"height":11}},{"id":"ee3922d8-ea78-40d8-9bfa-1e063783f58a","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":58,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"797f0a89-7770-4e22-96ef-4fe757f479b2","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":58,"box":{"x":69,"y":513,"width":827,"height":11}},{"id":"e7e5fa4b-587f-4d23-bc58-d088ac8fb284","block_type":"box","text":"single issuer for a period of up to three business days after the acquisition thereof; provided, further, that the fund","page_number":58,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"8717636f-e781-4c14-90dc-4a3327409b71","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":58,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"7a4db7fa-0500-4b59-8ba3-222df705e038","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":58,"box":{"x":70,"y":559,"width":812,"height":11}},{"id":"f95e7f23-f46c-4c45-8ee9-48602bfea160","block_type":"box","text":"that issued the demand feature or guarantee.","page_number":58,"box":{"x":68,"y":574,"width":325,"height":11}},{"id":"ef5061bc-5b38-413f-bffa-5e04edc3dbb2","block_type":"box","text":"Government Money Market Funds.","page_number":58,"box":{"x":102,"y":597,"width":250,"height":11}},{"id":"168947fb-3092-4630-b81b-bac55fcb04e2","block_type":"box","text":"A government money market fund invests at least 99.5% of its total assets","page_number":58,"box":{"x":358,"y":596,"width":535,"height":12}},{"id":"cb2cd68b-b7da-4524-af5b-f610b3f4d203","block_type":"box","text":"in obligations of the U.S. Government, including obligations of the U.S. Treasury and federal agencies and","page_number":58,"box":{"x":70,"y":612,"width":753,"height":11}},{"id":"c895b4dc-056a-4b5f-9fbb-91ee98f794d8","block_type":"box","text":"instrumentalities, as well as repurchase agreements collateralized by government securities. Under Rule 2a-7, a","page_number":58,"box":{"x":70,"y":627,"width":799,"height":11}},{"id":"7e9d3af0-500e-4be2-933c-4748403c3c25","block_type":"box","text":"government money market fund may, but is not required to, impose discretionary liquidity fees. The Board of Trustees","page_number":58,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"e8ba3ad2-c129-411f-8c4b-58c634de23f6","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":58,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"8368a3e8-c894-4bd2-8f56-8dedbfce23d1","block_type":"box","text":"fees under Rule 2a-7.","page_number":58,"box":{"x":68,"y":672,"width":153,"height":9}},{"id":"f444403b-666b-438c-8d4b-80fb54e626d2","block_type":"box","text":"Retail Money Market Funds.","page_number":58,"box":{"x":102,"y":695,"width":206,"height":11}},{"id":"b13bd82c-2dbc-4533-83ce-4d948cd52ddc","block_type":"box","text":"A retail money market fund is a money market fund that has policies and","page_number":58,"box":{"x":313,"y":695,"width":519,"height":11}},{"id":"44107b51-db32-4210-9e71-d135f2562449","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":58,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"dfc8e68b-aac6-47e3-a94b-1af640847ac4","block_type":"box","text":"money market fund is subject to the discretionary liquidity fees provisions; however, a retail money market fund is","page_number":58,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"cfa18318-54de-487d-905a-6d0a8b75b146","block_type":"box","text":"permitted to use the amortized cost method of accounting or the penny rounding method, allowing a retail money","page_number":58,"box":{"x":70,"y":740,"width":807,"height":11}},{"id":"2ac15382-d065-4c1e-a766-a7e57fe52f28","block_type":"box","text":"market fund to maintain a stable NAV.","page_number":58,"box":{"x":69,"y":755,"width":268,"height":9}},{"id":"fb4dbd21-b109-4c61-94b1-502f39f14eff","block_type":"box","text":"Securities Lending.","page_number":58,"box":{"x":101,"y":778,"width":139,"height":11}},{"id":"897cb3b3-f627-4419-80fd-9a7ffe6b7b68","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":58,"box":{"x":247,"y":778,"width":645,"height":11}},{"id":"e206ffdf-3a04-411c-8a96-04bbfd8d743d","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":58,"box":{"x":69,"y":793,"width":825,"height":11}},{"id":"7d25d042-a540-4133-80c3-5d0e9a61fb1c","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":58,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"b61aed23-f39c-4184-838a-a379ec25058b","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":58,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"241de367-c4ae-423c-a384-425c283d25f3","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":58,"box":{"x":68,"y":838,"width":827,"height":12}},{"id":"c130f2ca-0913-410f-b1bc-30e0162443ab","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":58,"box":{"x":69,"y":853,"width":829,"height":12}},{"id":"b8a8f1f7-1fe3-4aa9-905c-482417b1fc4d","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":58,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"1095f780-92b3-431c-84e6-47b8ed221bc5","block_type":"box","text":"the securities were not on loan.","page_number":58,"box":{"x":68,"y":884,"width":225,"height":9}},{"id":"39490af1-c8ac-4802-91a0-1fe6295a4ade","block_type":"box","text":"II-22","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1a24418-9395-4e02-a50e-5fb33362ebdb","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61d5fadd-53f5-43dc-ae13-ccb4d3764439","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":59,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"dbc54a2f-11eb-47d6-8463-d49f00044722","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":59,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"f203a268-a70a-4e9c-b65f-58444fc5e653","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":59,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"de577542-72ba-4f5c-933d-9c8af171eca8","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":59,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"07512453-8d7e-47b1-8399-822404a345e1","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":59,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"47ae1642-ac90-462d-9935-84ab3be7ad4b","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":59,"box":{"x":70,"y":120,"width":789,"height":12}},{"id":"ef0e8dc4-f1f9-42e4-9dca-774c892d4e21","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":59,"box":{"x":70,"y":135,"width":643,"height":12}},{"id":"e7acaeab-b33c-4fc5-9ef7-9407c41619fa","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting","page_number":59,"box":{"x":102,"y":158,"width":791,"height":11}},{"id":"f976b713-4a9e-4c08-b853-b69e6d13dd40","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":59,"box":{"x":68,"y":173,"width":833,"height":11}},{"id":"eef2eaf7-f079-4212-978a-eefe527e8523","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":59,"box":{"x":69,"y":188,"width":794,"height":12}},{"id":"97cfbe93-2bc2-46c6-b1de-af82c086dee7","block_type":"box","text":"i.e","page_number":59,"box":{"x":865,"y":188,"width":17,"height":9}},{"id":"ebcbed6f-94d0-485b-894e-b54e6903d10f","block_type":"box","text":".,","page_number":59,"box":{"x":883,"y":196,"width":7,"height":3}},{"id":"9639b76f-276d-4510-a7a1-b0d397ed32e1","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":59,"box":{"x":68,"y":203,"width":788,"height":12}},{"id":"7a4555e5-8755-418e-a942-bdc90a8aa5a7","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":59,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"703a64ef-3270-414d-92ac-a3cb0d54f521","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":59,"box":{"x":69,"y":234,"width":822,"height":11}},{"id":"8a22073d-614d-4b9e-95b6-40c40b52dc00","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":59,"box":{"x":68,"y":249,"width":811,"height":11}},{"id":"dd0b9335-8aa0-4d36-a3ec-3ad5635f280e","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":59,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"1dc6dfc0-c1cb-43c8-98a5-750e7d0e94af","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":59,"box":{"x":69,"y":279,"width":790,"height":11}},{"id":"1ebb8480-6f21-4165-a090-138e724cdae8","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":59,"box":{"x":70,"y":294,"width":820,"height":11}},{"id":"2fa0e5ca-f922-41d8-9137-729d11f2d4ff","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":59,"box":{"x":70,"y":309,"width":805,"height":11}},{"id":"dfd30566-16b7-4f97-bc90-1ed2e803ed2f","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":59,"box":{"x":69,"y":324,"width":816,"height":12}},{"id":"59aff770-fca5-4d05-a455-01f5f8b93ed9","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":59,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"b5406ee6-321d-4ee9-b0dc-62f640ada837","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":59,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"3fa1c140-383d-47c0-8703-e2cf204ba7a1","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":59,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"85767c18-7833-4cfc-8e28-c8ccaa9f502c","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":59,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"6c942cb3-b5d8-4822-9e1d-5b40b5afde61","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":59,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"5e40f522-e549-4018-a1df-bdf044b36930","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":59,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"b9781886-de0e-4634-8bf9-b02dd4925e4a","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":59,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"3b5d110f-f0ca-4b0d-9625-6a52f0e70ee6","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":59,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"2a30f729-9086-4aa3-9f83-6c28a6978508","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":59,"box":{"x":69,"y":460,"width":823,"height":12}},{"id":"f2b02a91-dd03-451c-95b9-44b303af30e4","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":59,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"1b627e99-5592-4dd5-9c99-45ba78005b6c","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":59,"box":{"x":69,"y":491,"width":812,"height":11}},{"id":"aa44a265-4441-40c1-8e37-fd204439b882","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":59,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"80513c81-3462-4938-8606-f92d61ebeef0","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":59,"box":{"x":68,"y":521,"width":787,"height":11}},{"id":"e2acd38a-67f6-4979-944e-db0e20d69377","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":59,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"e21ffc34-91de-4c21-92ec-340bdf0b8f02","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":59,"box":{"x":70,"y":551,"width":809,"height":11}},{"id":"96801dbc-83d1-4ca5-91ef-e749dd0da7b6","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":59,"box":{"x":69,"y":566,"width":821,"height":11}},{"id":"92c3d64d-97fb-4aa6-ae13-500f4c78ad94","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":59,"box":{"x":69,"y":581,"width":731,"height":11}},{"id":"77bda028-1932-4dbc-ad8d-4d68de2db7d7","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":59,"box":{"x":102,"y":604,"width":800,"height":11}},{"id":"7f0df20e-4c79-41fe-a63f-53cb1f3cf6f6","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":59,"box":{"x":68,"y":619,"width":802,"height":11}},{"id":"99d4602a-ea61-4e56-b7db-2f879cbc4eac","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":59,"box":{"x":69,"y":634,"width":783,"height":12}},{"id":"58ac71bb-13a9-4160-9bf3-dd96f0b5a962","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":59,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"6dceecc5-af6d-4534-baa8-f20995e72e4b","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":59,"box":{"x":70,"y":664,"width":747,"height":12}},{"id":"4adac6fe-ba7f-48cb-a6b7-a514d16eec44","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":59,"box":{"x":69,"y":680,"width":806,"height":11}},{"id":"9b6d4d24-377f-4a5b-9da1-742eb7a96071","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":59,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"e153eea6-0988-4e06-a6b5-4d25691c22ab","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":59,"box":{"x":69,"y":710,"width":839,"height":11}},{"id":"9b34b2f4-ec90-4390-848e-66016b1358a6","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":59,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"e3adff41-6220-4ee7-b251-4ba28d81c870","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":59,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"c6b0017b-38f5-4998-9f1a-094f7e39fc29","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":59,"box":{"x":69,"y":755,"width":371,"height":11}},{"id":"f5ca8f68-a0bb-443f-9b6e-b8e0e4908b53","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":59,"box":{"x":101,"y":778,"width":753,"height":11}},{"id":"4f9fcae3-801c-4e12-aade-eaffecc336aa","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":59,"box":{"x":70,"y":793,"width":808,"height":11}},{"id":"6b09b5bd-6669-40d7-873c-d9acfab57399","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in late 2028,","page_number":59,"box":{"x":69,"y":808,"width":784,"height":11}},{"id":"193e6ff2-e66f-4522-81c0-f8bc284655ed","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":59,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"ac5504ec-c40e-4b87-a0d9-fbe208d7121e","block_type":"box","text":"the current expected compliance date.","page_number":59,"box":{"x":68,"y":839,"width":273,"height":10}},{"id":"97d948ac-c90d-4d80-9b8a-125e16dd00a1","block_type":"box","text":"Structured Notes.","page_number":59,"box":{"x":101,"y":861,"width":129,"height":9}},{"id":"6c1d05db-1355-46e7-bd1d-021f158c8b72","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":59,"box":{"x":237,"y":861,"width":650,"height":11}},{"id":"96c13b2d-759a-45e7-bf8a-1a46b679836f","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":59,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"cd2e95c7-80f7-4d36-b4bc-fb555c0b34fc","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":59,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"823eebd7-6591-4ac7-8b05-70cfcbc8ca44","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":59,"box":{"x":70,"y":907,"width":821,"height":11}},{"id":"c716eac6-adb0-4af8-8046-33bb20a747c1","block_type":"box","text":"II-23","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf5c708a-8de8-4943-a2ed-74483c36289e","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f03e32a-51d7-4b06-acb7-6e34918d3be0","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":60,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"9af09818-c614-478d-8cd3-2b82632740e1","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":60,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"4552737f-ed99-4f4e-8515-1e6989dbd8d0","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":60,"box":{"x":70,"y":75,"width":813,"height":11}},{"id":"faec3562-2c5f-497a-bd70-b1517aac6f8e","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":60,"box":{"x":68,"y":90,"width":673,"height":11}},{"id":"55b6f08e-be2d-45a3-ad99-ed009bdf1381","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":60,"box":{"x":102,"y":113,"width":768,"height":11}},{"id":"be1b40b9-d680-4f92-8710-a2e3b940837b","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":60,"box":{"x":70,"y":128,"width":821,"height":11}},{"id":"c4a82475-e542-4d2c-840a-6b58ecaf6bcd","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":60,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"a284dd6e-d24e-4a04-bb83-24185880702b","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":60,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"685fca95-f7c4-47cd-bac5-7a15498cc8a3","block_type":"box","text":"the risk of loss.","page_number":60,"box":{"x":68,"y":173,"width":110,"height":9}},{"id":"b64ad886-d81d-42a8-b744-2921f1d43d02","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":60,"box":{"x":101,"y":196,"width":759,"height":11}},{"id":"72d69bc6-c85f-4230-b9ca-afb3e32ad28e","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":60,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"f10ed247-5c35-43ad-9ec8-82ad440d6754","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":60,"box":{"x":69,"y":226,"width":819,"height":11}},{"id":"b844bde0-0928-42cc-b897-314fc4af4b11","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":60,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"b8833c7c-3d94-4f2b-86da-5372f1798c29","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":60,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"48dd4afe-839e-4d97-a3b9-951e7889c257","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":60,"box":{"x":70,"y":271,"width":618,"height":12}},{"id":"add3403b-74c7-4fe2-be1d-4573478f0f24","block_type":"box","text":"Taxable Money Market Securities.","page_number":60,"box":{"x":101,"y":294,"width":249,"height":11}},{"id":"49c8fb71-557a-4ce9-91b1-03df573ed079","block_type":"box","text":"Certain Funds may invest in a variety of taxable money market securities","page_number":60,"box":{"x":357,"y":294,"width":517,"height":11}},{"id":"dfa29e69-d5a2-42f9-beac-a7fb30b184d3","block_type":"box","text":"(“Taxable Securities”). The Taxable Securities in which certain Funds may invest consist of U.S. Government","page_number":60,"box":{"x":69,"y":309,"width":770,"height":11}},{"id":"6c5f667e-0685-40c1-a23f-dc31905fa66b","block_type":"box","text":"securities, U.S. Government agency securities, domestic bank certificates of deposit and bankers’ acceptances,","page_number":60,"box":{"x":69,"y":324,"width":801,"height":12}},{"id":"6152329d-9d46-4d64-8b69-f6f4e3b7434d","block_type":"box","text":"short term corporate debt securities such as commercial paper and repurchase agreements. These investments","page_number":60,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"9e1e07fa-a08a-4965-a2b3-f8c220a8f5a1","block_type":"box","text":"must have a maturity not in excess of 397 days from the date of purchase.","page_number":60,"box":{"x":69,"y":355,"width":534,"height":11}},{"id":"61d09a44-f0b9-4c46-9c73-e1b1a03e2046","block_type":"box","text":"The standards applicable to Taxable Securities in which certain Funds invest are essentially the same as those","page_number":60,"box":{"x":101,"y":377,"width":792,"height":11}},{"id":"1fc8b85d-8381-4e31-81b8-331459425517","block_type":"box","text":"described above with respect to Municipal Securities. Certain Funds may not invest in any security issued by a","page_number":60,"box":{"x":69,"y":392,"width":787,"height":12}},{"id":"47a73e54-f356-49e4-86cd-92cee0b239d7","block_type":"box","text":"depository institution unless such institution is organized and operating in the United States, has total assets of at","page_number":60,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"c7219b54-4ef6-4b26-882f-c912e5be4f0d","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":60,"box":{"x":70,"y":422,"width":784,"height":12}},{"id":"72a11db9-ac0d-415f-9aa4-af7741971e1a","block_type":"box","text":"Manager to present minimal credit risks to the Fund, if required, and certain Funds may require that portfolio","page_number":60,"box":{"x":70,"y":438,"width":776,"height":11}},{"id":"9a2dcc44-7ab2-4e09-9d6f-6fef58e31d8b","block_type":"box","text":"investments (or their issuers) receive minimum credit ratings from one or more NRSROs, or if not rated, are","page_number":60,"box":{"x":70,"y":453,"width":766,"height":11}},{"id":"a43b287b-4305-4aef-8c57-17d6d49f7f35","block_type":"box","text":"determined by the Manager to be of comparable quality to securities that have received such rating(s).","page_number":60,"box":{"x":69,"y":468,"width":729,"height":11}},{"id":"47a78436-ab55-441f-892e-35f8d4be5aaf","block_type":"box","text":"U.S. Government Obligations.","page_number":60,"box":{"x":102,"y":491,"width":213,"height":11}},{"id":"0bbed0fc-3394-4c01-a0b6-48280d400d29","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":60,"box":{"x":321,"y":491,"width":566,"height":11}},{"id":"e7acae9a-f7f4-4b33-bad7-226c970a68fd","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":60,"box":{"x":69,"y":506,"width":810,"height":11}},{"id":"bf0a8eac-69d3-4f48-9eac-2d3b121afb18","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":60,"box":{"x":70,"y":521,"width":826,"height":11}},{"id":"c2c500a8-f537-4c38-a0c5-e1bdebd69c6b","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":60,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"382ccc43-ccc9-4bce-930a-43a8362e8bd8","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":60,"box":{"x":70,"y":551,"width":798,"height":11}},{"id":"26ad81b3-0888-4887-b495-d343454a8339","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":60,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"225dbfb1-61eb-4f46-ae0d-fe4ea4ccdaf1","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":60,"box":{"x":69,"y":581,"width":809,"height":12}},{"id":"3139cb24-08e6-4a02-b7d0-2185c7aa6b58","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":60,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"eaf961b3-d270-4c8a-bf3c-7e76008298fd","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":60,"box":{"x":69,"y":612,"width":807,"height":11}},{"id":"7cb9c824-2f18-4ff5-822d-8c12e3c4f247","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":60,"box":{"x":70,"y":627,"width":832,"height":11}},{"id":"320e72c5-a4a4-4dc0-9dac-cb0feebb801b","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":60,"box":{"x":69,"y":642,"width":829,"height":11}},{"id":"d80efede-7d20-4871-9167-caebe52bea22","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":60,"box":{"x":69,"y":657,"width":716,"height":11}},{"id":"34e3d0fb-37ba-4684-bf48-8f252eedab41","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by certain Funds include U.S. Treasury","page_number":60,"box":{"x":102,"y":680,"width":789,"height":11}},{"id":"9a218858-8840-4664-9c19-0a873b3693a5","block_type":"box","text":"Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":60,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"6e7cbc25-a9cc-43cf-b42c-c11c09e2ae4e","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, the Government National","page_number":60,"box":{"x":68,"y":710,"width":812,"height":11}},{"id":"09f8d028-4adb-4724-b96c-2db185c7b9a6","block_type":"box","text":"Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), Federal Financing","page_number":60,"box":{"x":70,"y":725,"width":823,"height":11}},{"id":"64235de6-33b6-458d-bd3b-836a2036a818","block_type":"box","text":"Bank, General Services Administration, The Co-operative Central Bank, Federal Home Loan Banks, the Federal Home","page_number":60,"box":{"x":70,"y":740,"width":831,"height":11}},{"id":"161e03c2-f66e-4b18-8d56-1e72ac980674","block_type":"box","text":"Loan Mortgage Corporation (“Freddie Mac”), Farm Credit System and Tennessee Valley Authority. Certain Funds may","page_number":60,"box":{"x":70,"y":755,"width":828,"height":11}},{"id":"858cfb7a-713f-4f98-97f4-a933f04dc56d","block_type":"box","text":"also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and instrumentalities,","page_number":60,"box":{"x":69,"y":770,"width":826,"height":12}},{"id":"fa096567-ed6c-4061-922e-5b2cd0f06d4b","block_type":"box","text":"including such obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":60,"box":{"x":70,"y":785,"width":506,"height":12}},{"id":"de3c21a1-cb2f-465e-87b4-ebe8616c2dc9","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":60,"box":{"x":101,"y":808,"width":776,"height":11}},{"id":"9538fb12-40b8-4db9-b366-81748b5f4943","block_type":"box","text":"Treasury obligations and obligations issued by or guaranteed by the U.S. Government or its agencies,","page_number":60,"box":{"x":68,"y":823,"width":722,"height":12}},{"id":"b139f0e8-05eb-4454-bbf0-d10b219e6f91","block_type":"box","text":"instrumentalities or U.S. Government sponsored enterprises. Treasury obligations may differ in their interest rates,","page_number":60,"box":{"x":70,"y":838,"width":818,"height":12}},{"id":"e83eee59-15fa-4cc4-97f6-c14113cd85cf","block_type":"box","text":"maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":60,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"f913ef25-b4b7-488c-b33f-a046e67b8201","block_type":"box","text":"supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S.","page_number":60,"box":{"x":69,"y":869,"width":749,"height":11}},{"id":"74f07876-1b9b-4361-997c-d65af032dd86","block_type":"box","text":"Government. No assurance can be given that the U.S. Government would provide financial support to its agencies,","page_number":60,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"85267a1b-a5fa-4613-9894-92381f40f7d5","block_type":"box","text":"II-24","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04a9c5dc-23fb-4a82-915e-4ca91fdf3611","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc969cc4-e18b-4142-9b75-58d07bc90821","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":61,"box":{"x":70,"y":45,"width":794,"height":11}},{"id":"09bd9bfa-5c82-43dd-aaf0-a255e135c9b2","block_type":"box","text":"assurance that these commitments will be undertaken or complied with in the future.","page_number":61,"box":{"x":69,"y":60,"width":607,"height":11}},{"id":"254a212e-c04b-4099-9729-6e90c84f290a","block_type":"box","text":"In addition, certain Funds may invest in U.S. Treasury Floating Rate Notes (FRNs), which are two-year notes","page_number":61,"box":{"x":102,"y":83,"width":763,"height":11}},{"id":"65505286-2e12-4b0a-8214-ad26516b1220","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":61,"box":{"x":70,"y":98,"width":826,"height":11}},{"id":"176b0c8b-4f02-4503-95c3-6e6da4e8994d","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":61,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"742bfd9b-b74e-4f92-a510-84f352e08023","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":61,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"c242dd51-5e63-44e9-a192-d70243c12387","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":61,"box":{"x":68,"y":143,"width":827,"height":11}},{"id":"0d6a39d3-c446-486d-b52e-a6608d54af9f","block_type":"box","text":"accepted discount margin in that auction. See also “Variable and Floating Rate Instruments” below.","page_number":61,"box":{"x":69,"y":158,"width":708,"height":11}},{"id":"bf9ab36a-ea26-4052-8879-5d46b2b7b0b0","block_type":"box","text":"Variable and Floating Rate Instruments.","page_number":61,"box":{"x":101,"y":181,"width":289,"height":11}},{"id":"fc65ebb0-759c-4a64-8bf2-c31db9fd14a4","block_type":"box","text":"Certain Funds may purchase variable and floating rate instruments.","page_number":61,"box":{"x":397,"y":181,"width":480,"height":11}},{"id":"e5bfe54a-fa26-4fe1-98f5-57ebd87b36f0","block_type":"box","text":"Variable and floating rate instruments are subject to the credit quality standards described in the Prospectus. In","page_number":61,"box":{"x":68,"y":196,"width":798,"height":11}},{"id":"57d92fe4-2619-4d07-a463-cf2c3cc4bef9","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":61,"box":{"x":69,"y":211,"width":833,"height":11}},{"id":"87b45656-c0cd-4fa1-b5e2-f8e866e242b6","block_type":"box","text":"credit or guarantee. Such instruments may carry stated maturities in excess of 397 days provided that the maturity","page_number":61,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"4d180484-a8e5-40c7-a954-1d58938e3013","block_type":"box","text":"shortening provisions stated in Rule 2a-7 are satisfied. Although a particular variable or floating rate demand","page_number":61,"box":{"x":69,"y":241,"width":777,"height":11}},{"id":"1e3a06f7-ea79-4d0d-b5ae-9bdb62abba37","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":61,"box":{"x":70,"y":257,"width":824,"height":10}},{"id":"aaebe7d6-9beb-43d6-a8be-2a035befd582","block_type":"box","text":"demand and may be able to resell such notes in the dealer market.","page_number":61,"box":{"x":69,"y":272,"width":479,"height":11}},{"id":"ccfc7e66-13f7-454a-abb6-451d1d483405","block_type":"box","text":"Variable and floating rate instruments held by a Fund generally may have maturities of more than 397 days","page_number":61,"box":{"x":101,"y":294,"width":762,"height":11}},{"id":"255e0395-0d5a-43cc-90db-c0151ddeab1c","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":61,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"646d5181-ce30-423f-9847-a637084ee8a1","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":61,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"a812e918-379a-45b2-9303-2f4c2c0a897c","block_type":"box","text":"instrumentalities, and (ii) the rate of interest on such instruments is adjusted at periodic intervals which may extend","page_number":61,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"67c42e03-2948-4579-ae4b-908df36dc16e","block_type":"box","text":"up to 397 days.","page_number":61,"box":{"x":69,"y":355,"width":111,"height":11}},{"id":"744442e2-9ebd-4017-8556-7be3b8a30561","block_type":"box","text":"In determining a Fund’s weighted average portfolio maturity and whether a long-term variable rate demand","page_number":61,"box":{"x":102,"y":377,"width":755,"height":12}},{"id":"db486bcf-a855-4c86-a9a6-50ccaf88d872","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":61,"box":{"x":70,"y":392,"width":835,"height":12}},{"id":"09898d25-cf9a-4fd0-af61-89f5d822ca5d","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":61,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"a92ffd17-f2e0-4b80-918a-36731c735cc1","block_type":"box","text":"principal amount can be recovered through demand. In determining a Fund’s weighted average portfolio maturity and","page_number":61,"box":{"x":70,"y":423,"width":830,"height":11}},{"id":"6edaf102-5dae-4d20-9cbc-dc3aaa2bde3c","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":61,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"da834e5d-a0b8-4177-a74f-6369fa070d38","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":61,"box":{"x":68,"y":453,"width":768,"height":11}},{"id":"2f14f62d-ad04-427b-b1dc-e6d1e57e1f14","block_type":"box","text":"recovered through demand. In addition, a variable or floating rate instrument issued or guaranteed by the U.S.","page_number":61,"box":{"x":69,"y":468,"width":784,"height":11}},{"id":"57503c29-b1ab-4f99-a0a3-96b57bb7309d","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":61,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"33845cfd-866a-401a-b110-76db2cf578d3","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":61,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"ddacc1e3-a3f3-4b2b-89d8-659530513368","block_type":"box","text":"a floating rate instrument). Variable and floating rate notes are frequently rated by credit rating agencies, and their","page_number":61,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"2489abdf-28a8-449a-a023-55faa2a33447","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":61,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"bda5cf9d-23f7-4dad-9353-f39ac425c1cf","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":61,"box":{"x":70,"y":543,"width":830,"height":12}},{"id":"cb2d9fe4-5dae-45d3-8145-17406fa52c40","block_type":"box","text":"market and might, for this or other reasons, suffer a loss.","page_number":61,"box":{"x":69,"y":559,"width":411,"height":11}},{"id":"2e39a0d6-1f13-47f3-bf41-e83344755372","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":61,"box":{"x":101,"y":581,"width":586,"height":11}},{"id":"34e4a1eb-cbab-4cc8-94e3-da7be04b3651","block_type":"box","text":"A Fund may purchase or sell","page_number":61,"box":{"x":694,"y":582,"width":200,"height":10}},{"id":"cd9a3f4a-9370-4ecd-b577-4c2c70e5c634","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":61,"box":{"x":69,"y":597,"width":795,"height":11}},{"id":"8ccb6299-9a9c-48bc-9eac-0151ab9a0ca7","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a “TBA” (to be announced) basis). These","page_number":61,"box":{"x":69,"y":612,"width":792,"height":11}},{"id":"e69a7de1-33e8-47f7-8955-e2da844839cb","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":61,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"ed2e7308-c54e-4f1c-a7ed-1eaf6d2d0959","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":61,"box":{"x":68,"y":642,"width":807,"height":11}},{"id":"a2763c3c-fa04-4149-97f3-7d7686459740","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":61,"box":{"x":70,"y":657,"width":430,"height":11}},{"id":"ee7fd312-a017-4bf1-982f-20bef42d9180","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":61,"box":{"x":102,"y":680,"width":750,"height":11}},{"id":"ce2f641b-b93b-4704-92b9-bc3acb662777","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":61,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"56364fa7-ed69-4609-8a4a-401c239a37b5","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":61,"box":{"x":69,"y":710,"width":587,"height":11}},{"id":"b667eba3-2e66-4cc5-b62e-4fa920e47897","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":61,"box":{"x":101,"y":733,"width":780,"height":11}},{"id":"3d1d2e31-6aaa-4b59-9482-11e4fa71c723","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":61,"box":{"x":70,"y":748,"width":823,"height":11}},{"id":"ecebef68-cb28-485d-8272-2e46f4e7b7fa","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":61,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"95e197ee-2cc3-4e05-8213-3f533b14fcda","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":61,"box":{"x":68,"y":778,"width":839,"height":11}},{"id":"2e84ba5d-428f-41a2-8573-392a34072c43","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":61,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"921c8bc5-903e-4761-b482-e381ddde43d7","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":61,"box":{"x":102,"y":816,"width":776,"height":11}},{"id":"e29d1642-8ed9-4f36-91ae-065eb3ecd50f","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":61,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"e9fe61aa-77f8-47f9-bc78-5e80ed802bae","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":61,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"91f8f735-7f0f-4f96-a140-30974a86d93b","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":61,"box":{"x":101,"y":869,"width":784,"height":11}},{"id":"07621b72-5fba-4a2e-ba6a-0f0b0e4ac21c","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":61,"box":{"x":69,"y":884,"width":772,"height":11}},{"id":"3c56cdd2-adef-47e1-95d6-84857a17d938","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":61,"box":{"x":69,"y":899,"width":434,"height":11}},{"id":"532ac87f-a907-4efb-9349-4c69d0a1ef8c","block_type":"box","text":"II-25","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0833b5f0-c766-4743-9c23-3422420d4777","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"773ebe53-2f27-4ae5-bf78-30c303ecd9dc","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":62,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"b6ff4267-160a-4333-82a0-ddea4f82eb86","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":62,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"c78df593-42eb-43d1-81db-b8dd7b0c433d","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":62,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"0533e81f-6f02-40a3-81e8-9833fd3e0a9c","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":62,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"bde93db1-ba46-46e2-a3cc-101fae6e8a48","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":62,"box":{"x":102,"y":113,"width":743,"height":11}},{"id":"194f8e57-218f-4deb-9d55-344a58a263e3","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":62,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"d15bd82c-690b-46a7-8a9f-a7ae06f1c192","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":62,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"d2307fd4-2df2-4d70-aace-c506dc81eb2e","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":62,"box":{"x":69,"y":158,"width":798,"height":11}},{"id":"0d2d4206-cc14-407b-bf03-bb05c974a475","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":62,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"daf5fc4b-2fa7-4778-9d4f-c124e63d29fa","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":62,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"a077d71a-a396-49a2-b068-63833fc0bd46","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":62,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"839a4e36-3062-4f26-b22e-1dd4a1741b2d","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":62,"box":{"x":68,"y":219,"width":812,"height":11}},{"id":"ddc22c5c-a95b-4157-b622-19f5a723f4ad","block_type":"box","text":"agreements.","page_number":62,"box":{"x":69,"y":234,"width":87,"height":11}},{"id":"028f3db5-2f99-4e90-ae24-5c5e857da3a5","block_type":"box","text":"Diversification Status","page_number":62,"box":{"x":69,"y":264,"width":156,"height":9}},{"id":"15af8ca9-3ac8-4ab3-b31b-ca74b1fe50f2","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":62,"box":{"x":102,"y":286,"width":728,"height":12}},{"id":"3bb34bed-46da-4320-9559-f73fcfcf319d","block_type":"box","text":"investment company under the Code. To qualify, among other requirements, each Fund will limit its investments so","page_number":62,"box":{"x":70,"y":302,"width":815,"height":11}},{"id":"2f0e8d22-35cf-46e3-a5cd-5a583ba51f26","block_type":"box","text":"that at the close of each quarter of the taxable year (i) at least 50% of the market value of each Fund’s total assets","page_number":62,"box":{"x":68,"y":317,"width":826,"height":11}},{"id":"0449f0aa-a666-4301-9941-f0ac17ee2455","block_type":"box","text":"is represented by cash, securities of other regulated investment companies, U.S. Government securities and other","page_number":62,"box":{"x":70,"y":332,"width":817,"height":11}},{"id":"41dc701d-ca53-4936-96f0-b17084e11afe","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":62,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"8a1d6fe6-beee-4bc7-8121-d442fa015eda","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":62,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"9bf207f8-a81a-4bf6-9067-9302ad0e6b57","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":62,"box":{"x":69,"y":377,"width":811,"height":11}},{"id":"186394e4-ecc5-40c5-a426-83831783b7cd","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":62,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"33eda6ee-f868-4e2f-af73-eb736cb72aec","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":62,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"4cf68d5b-de06-4507-88c8-3edccea814a8","block_type":"box","text":"securities of one or more qualified publicly traded partnerships (","page_number":62,"box":{"x":69,"y":423,"width":457,"height":11}},{"id":"007359f3-61eb-40e0-a21c-bb67af6ddb2b","block_type":"box","text":"i.e.","page_number":62,"box":{"x":528,"y":423,"width":20,"height":9}},{"id":"4261b65d-8c22-4051-9e24-58ef3c88e4e5","block_type":"box","text":", partnerships that are traded on an established","page_number":62,"box":{"x":551,"y":423,"width":342,"height":11}},{"id":"b41360ea-c425-4cc9-b53c-138af1f3ff93","block_type":"box","text":"securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from","page_number":62,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"a8ee16bb-3209-4bc8-b2dd-e37b7c8b0862","block_type":"box","text":"interest, dividends, capital gains, and other traditional permitted mutual fund income). See “Dividends and Taxes —","page_number":62,"box":{"x":70,"y":453,"width":826,"height":11}},{"id":"b7db8455-59fb-48e1-9f9b-0e71dde582ce","block_type":"box","text":"Taxes.”","page_number":62,"box":{"x":68,"y":468,"width":51,"height":9}},{"id":"87f1a130-acb6-42f6-a8ad-5b213ab41571","block_type":"box","text":"Each Fund has elected to be classified as “diversified” under the Investment Company Act. Each Fund must also","page_number":62,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"bb4fcbc1-8848-4096-965c-f7857f56cabd","block_type":"box","text":"satisfy the diversification requirements set forth in Rule 2a-7.","page_number":62,"box":{"x":69,"y":506,"width":438,"height":11}},{"id":"30d06423-04a7-4098-93e4-1c873bd9785c","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":62,"box":{"x":268,"y":535,"width":442,"height":10}},{"id":"6f58b9e5-0e49-49d3-ba39-34d7f5738e32","block_type":"box","text":"Trustees and Officers","page_number":62,"box":{"x":68,"y":566,"width":156,"height":9}},{"id":"5b1c4240-c9ff-408e-a094-f3d22657d2a9","block_type":"box","text":"See “Information on Directors and Officers, ‘— Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":62,"box":{"x":102,"y":588,"width":738,"height":12}},{"id":"14adc087-1d57-48d9-8016-5ea2f10de75b","block_type":"box","text":"Compensation of Directors’ ” or “Information on Trustees and Officers, ‘— Biographical Information,’ ‘— Share","page_number":62,"box":{"x":69,"y":603,"width":793,"height":12}},{"id":"7ec52734-29ea-44e4-98ee-3135d89ca042","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":62,"box":{"x":69,"y":618,"width":795,"height":12}},{"id":"bf290f46-04df-46b8-ba8b-002d5b318881","block_type":"box","text":"certain other information relating to the Trustees and officers of your Fund, including Trustees’ compensation.","page_number":62,"box":{"x":69,"y":634,"width":784,"height":11}},{"id":"43c27592-6d65-4217-9f4d-35e94dc9d747","block_type":"box","text":"Management Arrangements","page_number":62,"box":{"x":69,"y":664,"width":202,"height":11}},{"id":"28db0c0f-a734-47c5-8cbe-074982b9cba8","block_type":"box","text":"Management Services.","page_number":62,"box":{"x":102,"y":687,"width":166,"height":11}},{"id":"e586f217-2ac6-44e1-bd96-836b8e88ad8d","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":62,"box":{"x":274,"y":687,"width":615,"height":11}},{"id":"abe2f73f-01ac-4836-99a7-385caee13ace","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":62,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"cc8ac02a-2d63-4396-bb6a-2a462e0e9151","block_type":"box","text":"Fund’s portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant","page_number":62,"box":{"x":70,"y":717,"width":807,"height":11}},{"id":"ab7b573c-0a09-4daa-b7fe-16ac9fd5fb75","block_type":"box","text":"sources. The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The","page_number":62,"box":{"x":69,"y":732,"width":829,"height":11}},{"id":"adb2b93d-cf3f-4827-88dc-6150be07d363","block_type":"box","text":"Manager performs certain of the other administrative services and provides all the office space, facilities, equipment","page_number":62,"box":{"x":70,"y":747,"width":837,"height":11}},{"id":"7468a8c8-5514-4449-9e3e-41544dca8d57","block_type":"box","text":"and necessary personnel for management of each Fund.","page_number":62,"box":{"x":69,"y":762,"width":401,"height":11}},{"id":"f8c5e92c-82df-4eeb-b5d1-f56b847b172d","block_type":"box","text":"The Manager has been granted relief from the SEC that permits the Manager, subject to Board approval, to hire,","page_number":62,"box":{"x":101,"y":785,"width":800,"height":11}},{"id":"1c050ee8-46fc-4abb-9fd8-7863b659c37d","block_type":"box","text":"terminate and replace subadvisers for BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, and to amend sub","page_number":62,"box":{"x":68,"y":800,"width":834,"height":11}},{"id":"c46c4b4c-66d8-45a4-996d-e0c92be1d152","block_type":"box","text":"advisory agreements between the Manager and sub-advisers with respect to the Fund without obtaining shareholder","page_number":62,"box":{"x":69,"y":815,"width":827,"height":11}},{"id":"3991bfc4-2c3f-4a8c-8cfe-ebfbee55425c","block_type":"box","text":"approval. If a new sub-adviser is retained for the Fund or a sub- advisory agreement is materially amended,","page_number":62,"box":{"x":69,"y":830,"width":761,"height":11}},{"id":"8a1e3321-5b12-46c1-8ffd-3fe594bc84d0","block_type":"box","text":"shareholders will receive notice of such action. The relief does not extend to any increase in the advisory fee paid by","page_number":62,"box":{"x":69,"y":845,"width":833,"height":11}},{"id":"67d163be-884c-44b0-9497-41df044c5c3b","block_type":"box","text":"the Fund to the Manager; any such increase would be subject to the approval of Fund shareholders.","page_number":62,"box":{"x":68,"y":860,"width":711,"height":12}},{"id":"284aad84-6bfa-47c0-a29f-2d1e1e31c3e3","block_type":"box","text":"Management Fee.","page_number":62,"box":{"x":102,"y":883,"width":130,"height":11}},{"id":"be33bad3-2be9-4199-8d2a-af433ee1df61","block_type":"box","text":"Each Fund has entered into a management agreement with the Manager pursuant to which","page_number":62,"box":{"x":239,"y":883,"width":646,"height":11}},{"id":"57ab7dd3-107f-46d3-a0c8-794e714733d0","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":62,"box":{"x":68,"y":898,"width":841,"height":11}},{"id":"4e3ddd96-555b-4400-a0a5-291bd4b2e877","block_type":"box","text":"II-26","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4895837e-610f-4670-8595-9d6e1c4c48a5","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc9e1e6d-5917-41b8-9c00-dbdeab8a99b3","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":63,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"e2177c5e-ad8b-4790-9643-8a4f4b631d33","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":63,"box":{"x":68,"y":60,"width":746,"height":11}},{"id":"23dca9ad-866b-42b9-bfe4-a1a66872eca6","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":63,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"c0d40a9d-3485-4c17-9e2b-420ed4be0adf","block_type":"box","text":"Each Management Agreement obligates the Manager to provide investment advisory services and to pay, or cause an","page_number":63,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"fd57d78b-ffa4-4e75-ab71-7c1d63c54d8f","block_type":"box","text":"affiliate to pay, for maintaining its staff and personnel and to provide office space, facilities and necessary personnel","page_number":63,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"012786ac-97a2-4cd1-8fdc-92656caed7ff","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":63,"box":{"x":68,"y":120,"width":832,"height":12}},{"id":"0f73bdc4-4cf8-49f6-b9bb-1bae75b75324","block_type":"box","text":"of the Fund who are affiliated persons of the Manager or any affiliate.","page_number":63,"box":{"x":69,"y":135,"width":495,"height":12}},{"id":"262d842c-5020-4253-8ce7-a6ef027923c8","block_type":"box","text":"For Funds that do not have an administration agreement with the Manager, each Management Agreement","page_number":63,"box":{"x":102,"y":158,"width":751,"height":11}},{"id":"5313efef-59b8-41f2-81cb-1e8bb3553341","block_type":"box","text":"obligates the Manager to provide management services and to pay all compensation of and furnish office space for","page_number":63,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"8a932bd6-6e17-42f2-95ab-82c79a59113e","block_type":"box","text":"officers and employees of a Fund connected with investment and economic research, trading and investment","page_number":63,"box":{"x":69,"y":188,"width":778,"height":12}},{"id":"3f5d506c-2a33-4bbe-b17f-0f3d0c1c5237","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":63,"box":{"x":69,"y":203,"width":805,"height":12}},{"id":"37336bd1-ea75-4988-a4ef-c2a0bc4b1ee2","block_type":"box","text":"Each Fund pays all other expenses incurred in the operation of that Fund, including among other things: taxes;","page_number":63,"box":{"x":70,"y":218,"width":784,"height":12}},{"id":"ad182c64-8768-470a-97b9-a37e9ceacc76","block_type":"box","text":"expenses for legal and auditing services; costs of preparing, printing and mailing proxies, shareholder reports,","page_number":63,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"5f2d1566-98fb-4ec0-b760-7792a41c4ce4","block_type":"box","text":"prospectuses and statements of additional information, except to the extent paid by BlackRock Investments, LLC (the","page_number":63,"box":{"x":70,"y":249,"width":838,"height":11}},{"id":"04ca5f6c-35ca-4825-bdc4-8ab53ea6e3f6","block_type":"box","text":"“Distributor” or “BRIL”), charges of the custodian and sub-custodian, and the transfer agent; expenses of redemption","page_number":63,"box":{"x":70,"y":264,"width":836,"height":11}},{"id":"9f6d1857-60d6-4b80-a904-aeda8a90717b","block_type":"box","text":"of shares; Commission fees; expenses of registering the shares under Federal, state or foreign laws; fees and","page_number":63,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"5d68e322-7826-45a2-97e2-5e02439ffae4","block_type":"box","text":"expenses of Trustees who are not interested persons of a Fund as defined in the Investment Company Act;","page_number":63,"box":{"x":69,"y":294,"width":763,"height":11}},{"id":"862429e4-5d67-4f80-aad4-1a23c16fc67e","block_type":"box","text":"accounting and pricing costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation","page_number":63,"box":{"x":69,"y":309,"width":824,"height":11}},{"id":"3ad9684f-4fed-492b-84aa-41aef62238e0","block_type":"box","text":"and other extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Certain","page_number":63,"box":{"x":69,"y":324,"width":776,"height":12}},{"id":"20f57c73-ff91-4df7-ac31-1cc9f18c96ee","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":63,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"4f53e748-e992-4f39-a6c8-31461653a01c","block_type":"box","text":"Trust Company (“State Street”) or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between BNYM,","page_number":63,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"d6a6f99c-0063-4b05-92d0-51ddf8b458a8","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":63,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"634a2cc0-51f0-4ca6-9c2c-57e03002eba2","block_type":"box","text":"provides certain accounting services to certain Funds and each such Fund pays the Manager a fee for such services.","page_number":63,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"309c340b-982f-487c-ae78-e3432955d7e3","block_type":"box","text":"The Distributor pays certain promotional expenses of certain Funds incurred in connection with the offering of shares","page_number":63,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"bac0423c-9381-451f-8743-ebac9fc957e8","block_type":"box","text":"of such Funds. Certain expenses are financed by each Fund pursuant to distribution plans in compliance with Rule","page_number":63,"box":{"x":69,"y":415,"width":815,"height":11}},{"id":"4d35e03a-fb30-4ac2-a007-7f827000541c","block_type":"box","text":"12b-1 under the Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing","page_number":63,"box":{"x":70,"y":430,"width":808,"height":11}},{"id":"7aa4ee5d-7ff3-4707-9292-de6a89f48abd","block_type":"box","text":"Plans.”","page_number":63,"box":{"x":69,"y":446,"width":49,"height":8}},{"id":"c50a2b1e-56bb-4afc-8ce7-441f1c31d454","block_type":"box","text":"Organization of the Manager.","page_number":63,"box":{"x":101,"y":468,"width":210,"height":11}},{"id":"d24e94aa-7fd2-4b19-a0b8-c46b043498a2","block_type":"box","text":"The Manager, BlackRock Advisors, LLC, is a Delaware limited liability company and","page_number":63,"box":{"x":317,"y":468,"width":588,"height":11}},{"id":"9c4637f1-d85f-4557-b547-470d9d68d32b","block_type":"box","text":"an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":63,"box":{"x":69,"y":483,"width":399,"height":11}},{"id":"a8ae5648-37df-41b9-9628-a1bd5df8f6ac","block_type":"box","text":"Duration and Termination.","page_number":63,"box":{"x":102,"y":506,"width":186,"height":9}},{"id":"ee293dc3-5e03-4ba3-970c-d4c6688b8df8","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement will","page_number":63,"box":{"x":296,"y":506,"width":570,"height":11}},{"id":"b4a274df-6a83-438a-a70d-8607d0fcccf7","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":63,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"0a7f2149-b543-4be9-b1a0-fad917c8d911","block_type":"box","text":"voting securities of the Fund and (b) by a majority of the Trustees who are not parties to such agreement or","page_number":63,"box":{"x":68,"y":536,"width":767,"height":11}},{"id":"b6025bfa-3983-4319-aece-1083ae706219","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. The Management Agreements are","page_number":63,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"4ef7cc0d-f80a-449e-8877-3602f5e60ce3","block_type":"box","text":"not assignable and may be terminated without penalty on 60 days’ written notice at the option of either party thereto","page_number":63,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"cfaaf928-58cf-47a2-8cc6-dc58ac2867fe","block_type":"box","text":"or by the vote of the shareholders of the Fund.","page_number":63,"box":{"x":69,"y":581,"width":330,"height":11}},{"id":"4b38dc19-eb29-4533-a96a-f65341d2b560","block_type":"box","text":"Other Service Arrangements","page_number":63,"box":{"x":69,"y":612,"width":205,"height":11}},{"id":"63426344-8def-4281-9377-35529601aee4","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":63,"box":{"x":101,"y":634,"width":350,"height":9}},{"id":"c7a33787-7ccf-46b1-bdf2-c0cad2404eed","block_type":"box","text":"Certain Funds have entered into an administration agreement","page_number":63,"box":{"x":457,"y":634,"width":440,"height":12}},{"id":"1582aed0-f9dc-4344-b034-6978539c667f","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Part I of the Fund’s","page_number":63,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"8a014728-68cd-4bb6-aa2a-23b50eb12359","block_type":"box","text":"SAI (each, an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":63,"box":{"x":69,"y":665,"width":813,"height":11}},{"id":"86feda6b-cd04-4334-a712-a6e8f82eeb09","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":63,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"360a80b6-e13f-4634-872d-f0c8f8e1359b","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":63,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"9266df3c-d394-4811-a28b-8977ada0d0ef","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":63,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"acfa6158-7518-4b9c-944e-1354aea7f5a4","block_type":"box","text":"that Fund’s SAI.","page_number":63,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"27a16491-f039-491e-b554-fca571aba589","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":63,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"b879c481-cc3b-4a57-9f52-72c815267160","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":63,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"fee5889a-46cb-4af5-a910-dae71fca9c28","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":63,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"d47747ff-e5df-47ba-a902-d8d1609007e0","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":63,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"4883466b-d104-4a2b-8013-28da25bebb91","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":63,"box":{"x":70,"y":808,"width":362,"height":11}},{"id":"41ad7519-0296-491e-a2e0-00a23e8dca8e","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":63,"box":{"x":102,"y":831,"width":401,"height":11}},{"id":"27b73825-946d-48c6-a73e-a1f0abf7417c","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":63,"box":{"x":511,"y":831,"width":364,"height":10}},{"id":"850f4410-f6be-4f65-958f-4e0859d9ccea","block_type":"box","text":"Administration Agreement with BlackRock will continue from year to year if approved annually (a) by the Board of","page_number":63,"box":{"x":68,"y":846,"width":800,"height":11}},{"id":"172d2328-7e7a-487e-beb1-11965d636cf7","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":63,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"06252849-b952-4313-a5a9-c3825451169a","block_type":"box","text":"(b) by a majority of the Trustees of the Fund who are not parties to such contract or interested persons (as defined in","page_number":63,"box":{"x":69,"y":876,"width":836,"height":11}},{"id":"5758f220-8e8b-4590-9fea-8dddcff701f7","block_type":"box","text":"the Investment Company Act) of any such party. Such contract is not assignable and may be terminated without","page_number":63,"box":{"x":68,"y":891,"width":797,"height":12}},{"id":"7433c4ac-0426-4ab9-b989-2b744deeae90","block_type":"box","text":"penalty on written notice at the option of either party thereto or by the vote of the shareholders of the Fund.","page_number":63,"box":{"x":70,"y":906,"width":766,"height":12}},{"id":"79768f21-53c6-466e-aa95-35a3c6f1f165","block_type":"box","text":"II-27","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0bcd2fa7-607a-4c1f-a6d5-7571c423c6f7","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df2ce722-8e5f-48cb-8b5b-a0859bbd5049","block_type":"box","text":"Transfer Agency Services.","page_number":64,"box":{"x":101,"y":45,"width":189,"height":11}},{"id":"80164c82-e8c7-441f-a4a0-b26c6b545833","block_type":"box","text":"Each Fund has entered into an agreement with a transfer agent identified in the","page_number":64,"box":{"x":297,"y":45,"width":566,"height":11}},{"id":"c232fba7-84e7-47d1-90c9-68f423307502","block_type":"box","text":"Fund’s Prospectus and Part I of the Fund’s SAI, pursuant to which the transfer agent is responsible for the issuance,","page_number":64,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"466d94a8-2288-44b4-ac99-8ed51be67dbb","block_type":"box","text":"transfer, and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays a fee","page_number":64,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"f691197c-fdab-4bc7-b24b-d841f2c92b14","block_type":"box","text":"for these services.","page_number":64,"box":{"x":68,"y":90,"width":133,"height":9}},{"id":"6f88ed39-cddd-4d5e-be2c-0ccaeddfcb94","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements, ‘— Transfer Agent’ or ‘— Transfer Agency","page_number":64,"box":{"x":102,"y":113,"width":745,"height":11}},{"id":"2e594630-4760-46b2-88e2-dbb50ae1f38f","block_type":"box","text":"Agreement’ ” or “Management and Advisory Arrangements — Transfer Agency and Shareholders’ Administrative","page_number":64,"box":{"x":68,"y":128,"width":798,"height":11}},{"id":"e26495a2-c2f3-4606-96d8-9f64f7b31dce","block_type":"box","text":"Services,” as applicable, in Part I of each Fund’s SAI.","page_number":64,"box":{"x":69,"y":143,"width":381,"height":11}},{"id":"e1e95a64-7c92-4dc0-b121-ece082804da4","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":64,"box":{"x":102,"y":166,"width":352,"height":11}},{"id":"60516553-5033-484c-87cf-54aabf861bde","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":64,"box":{"x":460,"y":166,"width":441,"height":10}},{"id":"d8963e5b-6612-4f06-a115-5cd0a8f40b94","block_type":"box","text":"non-interested Trustees of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":64,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"5f70be5e-73de-4dc0-80cd-349e7c45a111","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I,","page_number":64,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"afe5f10f-3538-49b5-8d3a-7c080b058f53","block_type":"box","text":"Section IX “Additional Information” of each Fund’s SAI for information on your Fund’s independent registered public","page_number":64,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"fb959124-d696-49c6-8cfd-4f00b4892926","block_type":"box","text":"accounting firm.","page_number":64,"box":{"x":69,"y":226,"width":112,"height":11}},{"id":"ecfe6cf2-5a79-4108-90ca-2fbc0b0f4d00","block_type":"box","text":"Custodian Services.","page_number":64,"box":{"x":101,"y":249,"width":144,"height":9}},{"id":"9e1b77fe-2173-4d1c-95b5-dc65f4e7aa26","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":64,"box":{"x":252,"y":249,"width":653,"height":11}},{"id":"b4e8b85d-d0dc-40c9-bfda-e0809650e22f","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":64,"box":{"x":70,"y":264,"width":820,"height":11}},{"id":"63f12857-a8f1-4561-b648-eb33863a7ca8","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":64,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"90c242c0-c4e5-4cd4-a878-3c33c3ca682a","block_type":"box","text":"the Fund’s investments. 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BlackRock may pursue rights, provide","page_number":70,"box":{"x":69,"y":294,"width":791,"height":11}},{"id":"04d22d7e-6116-463e-98cb-4346e30dfebc","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":70,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"88e57a60-e0d1-4597-9f94-7f00ab9fb556","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":70,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"3ec8f44e-94d7-40d9-87d5-f3ede1557876","block_type":"box","text":"action) may have a material adverse effect on the Fund. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":70,"box":{"x":68,"y":634,"width":817,"height":11}},{"id":"954b90a7-b7bb-4555-a17f-b12c1b6f2e18","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":70,"box":{"x":70,"y":649,"width":797,"height":12}},{"id":"b3b7b64b-855f-491e-bf43-f6da0b1b6b51","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":70,"box":{"x":69,"y":665,"width":826,"height":11}},{"id":"19eb4d34-2cad-4d57-bd0e-9f12678cb296","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":70,"box":{"x":70,"y":680,"width":780,"height":11}},{"id":"499002fd-b515-4b39-96f1-01ea9b066ac7","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":70,"box":{"x":69,"y":695,"width":791,"height":11}},{"id":"edfff2ed-b826-4241-afd5-0f894f7a59f8","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":70,"box":{"x":70,"y":710,"width":457,"height":11}},{"id":"727d7270-ec51-45f7-8f62-e8f38cc85a8d","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":70,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"94b356be-4153-4be6-a372-fca714b63d94","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":70,"box":{"x":69,"y":748,"width":840,"height":11}},{"id":"7d1b499f-e584-42f1-a611-e8aae41f1aa0","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":70,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"a51cb50c-d8af-4924-abc2-791c6826640f","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":70,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"75b62af7-7546-48c9-a693-94a21cab2871","block_type":"box","text":"case.","page_number":70,"box":{"x":69,"y":795,"width":37,"height":7}},{"id":"09288c29-0e36-48f1-be1f-8a248d9b153c","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":70,"box":{"x":101,"y":816,"width":791,"height":11}},{"id":"c2a9d7d2-ed3d-40f7-b0dc-853f6337829e","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":70,"box":{"x":70,"y":831,"width":824,"height":11}},{"id":"6c9e0b6b-4787-43fb-b6f5-151089ae86e2","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":70,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"8c617378-5037-4eed-8a5b-c70965b0a889","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":70,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"0b898e5f-75a7-4d8a-9634-5b614633bc06","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":70,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"c568087b-b1b2-4fb9-9036-f3bb1f62c1e0","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":70,"box":{"x":69,"y":891,"width":767,"height":12}},{"id":"15edf053-703e-4134-9bdf-2136f7a7ed93","block_type":"box","text":"II-34","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"67a0a923-c1a5-452d-b2a7-b6129fc6aa41","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3e7812b-5522-47eb-9940-7afbe49dc55c","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":71,"box":{"x":102,"y":45,"width":766,"height":11}},{"id":"a0120aa7-094f-4772-82e5-72077ba4bcef","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":71,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"3cb9457c-ec0e-4120-a68a-4c8de958714c","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":71,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"30bb9e66-7b09-4e78-ba0b-83d6aa38d175","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":71,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"497d7e5c-043b-4289-ac7b-87b137a277d0","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":71,"box":{"x":68,"y":105,"width":825,"height":11}},{"id":"9ded5b6e-fcf0-43fe-ae5f-e71171e669f1","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":71,"box":{"x":68,"y":120,"width":790,"height":11}},{"id":"82ef9506-9122-47c3-9aa0-aa06be738982","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":71,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"16184165-733a-40c6-b2b6-b3cf1c7d70a2","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":71,"box":{"x":69,"y":150,"width":827,"height":12}},{"id":"71010433-d55a-4b7c-949e-f21139c17198","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":71,"box":{"x":70,"y":166,"width":271,"height":11}},{"id":"c996a2ae-918d-4ab1-93c2-1c05371530c9","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":71,"box":{"x":102,"y":188,"width":792,"height":12}},{"id":"8b971873-cd4a-42eb-80c6-a5296d5337d6","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":71,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"0967ee80-5d46-45c5-93da-20d30caeea79","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":71,"box":{"x":68,"y":218,"width":821,"height":12}},{"id":"267303d9-3f7b-48de-9f44-75e47e03a87f","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":71,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"d50c460c-7513-4a4d-a194-3cca0a1f913e","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":71,"box":{"x":69,"y":249,"width":793,"height":11}},{"id":"6cbb3148-c675-4229-a209-f9976e6f0b36","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":71,"box":{"x":69,"y":264,"width":762,"height":11}},{"id":"8900c460-87ec-4665-a249-4e9dc577971f","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":71,"box":{"x":70,"y":279,"width":839,"height":11}},{"id":"39a32d49-05eb-4a2c-b6fd-463f411fd41f","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":71,"box":{"x":70,"y":294,"width":795,"height":11}},{"id":"26d6d6e0-0623-49ce-b85a-a08ff5cfa0b5","block_type":"box","text":"managing a Fund.","page_number":71,"box":{"x":69,"y":309,"width":124,"height":11}},{"id":"79048601-acdb-449e-8b60-0a5215be81a9","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":71,"box":{"x":101,"y":332,"width":751,"height":11}},{"id":"d4bb894d-5387-4286-8822-81d3c02c6564","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":71,"box":{"x":69,"y":347,"width":830,"height":11}},{"id":"8710c7b7-fb4c-46d6-904f-c70cc7b212f5","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":71,"box":{"x":70,"y":362,"width":820,"height":11}},{"id":"6e1369ce-4c60-44e1-9361-713f81011a7d","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":71,"box":{"x":68,"y":377,"width":785,"height":11}},{"id":"243426ad-7dee-46a0-aace-fbc89ef30a19","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":71,"box":{"x":70,"y":392,"width":481,"height":12}},{"id":"523e89bc-725b-402b-b12b-76853ffaf476","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":71,"box":{"x":102,"y":415,"width":754,"height":11}},{"id":"7532f932-38c2-4aaa-bd5b-0cb31c5cffda","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":71,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"5db2847e-582a-461f-8adc-dab21c589f33","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":71,"box":{"x":69,"y":446,"width":831,"height":11}},{"id":"3b26984b-6052-43c4-b897-ade0ec128f66","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":71,"box":{"x":69,"y":460,"width":680,"height":12}},{"id":"88395a02-4b19-47df-a391-8f0a55bc9417","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":71,"box":{"x":102,"y":483,"width":791,"height":11}},{"id":"fdf6fafe-b1e9-47c0-9d85-4642b9b66669","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":71,"box":{"x":70,"y":498,"width":820,"height":11}},{"id":"cbda90b8-eb11-40a3-92be-d13ceb2a69ae","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":71,"box":{"x":69,"y":514,"width":837,"height":10}},{"id":"3758032a-ba4d-475e-b917-6613fd7027b0","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":71,"box":{"x":70,"y":528,"width":832,"height":12}},{"id":"44c8975d-c5a5-4f4e-b2c9-066e0e87c866","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":71,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"b5a87a04-d5a7-4602-83a4-0f9f99cf6355","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":71,"box":{"x":70,"y":559,"width":344,"height":11}},{"id":"06879ca6-75f8-41e3-85fd-35e877ad9e98","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":71,"box":{"x":102,"y":581,"width":741,"height":12}},{"id":"3226cadf-0d97-4812-9072-6bd6fc02c0dd","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":71,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"72c24b2d-e6f0-47a0-b87c-aec886c81720","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":71,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"22ab7e02-d919-498c-8494-de9a2fe4fd4c","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":71,"box":{"x":69,"y":627,"width":777,"height":11}},{"id":"19819149-55d9-4476-8660-34c063e866a6","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":71,"box":{"x":69,"y":642,"width":810,"height":11}},{"id":"e5b2b2aa-ff5c-48aa-81bb-9d184b67c205","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":71,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"57174965-57bf-47c4-99e6-3d13c685aeff","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":71,"box":{"x":70,"y":672,"width":798,"height":11}},{"id":"44db649e-c2fb-4dc5-b61b-6f8de92f54c2","block_type":"box","text":"under management for BlackRock.","page_number":71,"box":{"x":69,"y":687,"width":243,"height":11}},{"id":"a3e47bdc-ab9d-44f5-875a-fa7a3a70d34f","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":71,"box":{"x":101,"y":710,"width":773,"height":11}},{"id":"c73c8691-b294-4c24-a14a-1548681ef387","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":71,"box":{"x":69,"y":725,"width":797,"height":11}},{"id":"b9fb19ee-1902-48f0-8439-b29fa426b087","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":71,"box":{"x":69,"y":740,"width":817,"height":11}},{"id":"b841ef76-bd12-4c95-9a4a-e0253ff0ba76","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":71,"box":{"x":68,"y":755,"width":837,"height":11}},{"id":"933e3bbc-9012-4ba7-a1e6-2279085dda2b","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":71,"box":{"x":70,"y":771,"width":781,"height":11}},{"id":"bea9c3b6-f2a2-4931-98e4-8fd200e087c1","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":71,"box":{"x":101,"y":793,"width":779,"height":11}},{"id":"830e72d8-d128-42cb-af8a-73e10b18f946","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":71,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"86791fb8-57c3-44a8-a10e-8fcc8864cb33","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":71,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"8032c344-8288-4334-983b-719c653e7975","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":71,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"e6f98e10-fb00-4512-a1a0-754dd7192292","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":71,"box":{"x":69,"y":853,"width":792,"height":12}},{"id":"13b91eaf-9f49-46a3-824b-f53db88b485b","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":71,"box":{"x":69,"y":869,"width":832,"height":11}},{"id":"d8508600-2cfe-4323-84e8-2c36ac213d31","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":71,"box":{"x":70,"y":884,"width":833,"height":11}},{"id":"600d607a-47e0-401d-a3f7-6db30caf5813","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":71,"box":{"x":68,"y":899,"width":726,"height":11}},{"id":"acb4455a-5a92-4231-b16b-d2ff523f6b13","block_type":"box","text":"II-35","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52c9966f-f40c-4b07-b3ee-0c5a982c86e4","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cf83eed-3128-4619-b4a5-81889b7bf7eb","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":72,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"cd643e92-9679-426b-91f4-3cf5c78cb52b","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":72,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"a285b7e6-2c47-439c-a142-c45dc4a7a79b","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":72,"box":{"x":69,"y":181,"width":793,"height":11}},{"id":"d0f652cb-510e-4f85-b991-268b9dc39c4b","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":72,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"0ae66fcd-d9d3-4250-ab08-d9b2158873c2","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":72,"box":{"x":70,"y":211,"width":374,"height":11}},{"id":"4430a55c-b1e9-4580-af45-1186d3cca274","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":72,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"b92f756d-9281-4f93-8aac-f5519c21559e","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":72,"box":{"x":69,"y":370,"width":660,"height":11}},{"id":"c76a083f-deb0-454a-ba0c-ca2c3d79be63","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":72,"box":{"x":101,"y":392,"width":767,"height":12}},{"id":"a86c28b5-7013-44b4-a4fe-d3aa4dd23726","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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In","page_number":72,"box":{"x":102,"y":680,"width":777,"height":11}},{"id":"8d2908c6-8684-45b6-812d-d73d9c366fae","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":72,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"97b0b7f3-d78d-4f48-9255-ea3dbdfb03dd","block_type":"box","text":"various program limits (i.e. indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":72,"box":{"x":68,"y":710,"width":818,"height":11}},{"id":"c772f00f-7908-4683-afbf-ccadc2ca297d","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":72,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"964621e4-48ba-4427-979c-ae9f91fded86","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":72,"box":{"x":69,"y":740,"width":836,"height":11}},{"id":"7590b98e-0499-4f30-8f52-112d5f201469","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":72,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"0ef8d5ca-e7ab-4af7-8299-e5c6181bb708","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":72,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"868da35c-4dce-40fe-a87d-80a20d39d01d","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":72,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"36649d68-b17d-437d-b0b5-0ba8f1ba5b6d","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":72,"box":{"x":69,"y":801,"width":444,"height":11}},{"id":"12ad62ce-93e5-4f5a-acda-575ed13abe39","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":72,"box":{"x":102,"y":823,"width":734,"height":12}},{"id":"7e2788d4-d9e5-42a5-913a-07a4f8f922cc","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":72,"box":{"x":70,"y":838,"width":840,"height":12}},{"id":"b1997b07-b476-4e91-ba9c-b92f54740750","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":72,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c5c957b5-6d47-4dac-96b2-d5cfef55d774","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":72,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"61c873fe-4797-47e6-aad1-58433895c3e0","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":72,"box":{"x":70,"y":884,"width":426,"height":11}},{"id":"2fa05c4c-3e4f-4550-9d04-1945b8d3387c","block_type":"box","text":"II-36","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b385c53-6005-413e-882d-80053e3db3a3","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79c54c8f-1f41-4bcf-a795-d14402523d06","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":73,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"22059206-2ef7-4aa7-814d-a205c12153be","block_type":"box","text":"entire volume of securities purchased or sold. 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Under the European Union Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets","page_number":73,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"f78d8747-4e82-4956-be53-6a8b6c5f5662","block_type":"box","text":"in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), European Union’s (the","page_number":73,"box":{"x":70,"y":188,"width":795,"height":12}},{"id":"13baf09c-d175-4791-93fd-7a1fa19d1672","block_type":"box","text":"“EU”) investment managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to certain","page_number":73,"box":{"x":70,"y":204,"width":826,"height":11}},{"id":"65bc166f-2940-4f81-a866-0cfa86d1ea4f","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than through client","page_number":73,"box":{"x":70,"y":218,"width":790,"height":12}},{"id":"f3e6fd25-1177-4167-b978-5c3a0e20abbf","block_type":"box","text":"commissions.","page_number":73,"box":{"x":69,"y":234,"width":97,"height":9}},{"id":"622ad272-9f29-4fa6-a46c-19f550be02f3","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":73,"box":{"x":102,"y":256,"width":770,"height":11}},{"id":"cf365573-0dc1-461a-8056-f06e112d5a74","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":73,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"c8328bd8-a1aa-4e9a-8ee7-97e31f5db654","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making","page_number":73,"box":{"x":69,"y":287,"width":829,"height":11}},{"id":"3cdbdf9a-4e44-4505-8521-0160906d7b79","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and over-the-counter (“OTC”) transactions). Such","page_number":73,"box":{"x":70,"y":302,"width":794,"height":11}},{"id":"b8af2de4-e50a-4a3c-be36-690652ade3b9","block_type":"box","text":"research or other services may include, to the extent permitted by law, research reports on companies, industries","page_number":73,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"923fbcf7-769b-4ae3-ab2f-50db740c39b7","block_type":"box","text":"and securities; economic and financial data; financial publications; proxy analysis; trade industry seminars; computer","page_number":73,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"2efc3d43-de11-4d89-a647-5d8f8f4a2e77","block_type":"box","text":"data bases; research-oriented software and other services and products.","page_number":73,"box":{"x":69,"y":347,"width":519,"height":11}},{"id":"212fe881-fab4-44ba-9771-79e94deb8cc9","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":73,"box":{"x":102,"y":370,"width":785,"height":11}},{"id":"5ac707b6-fc2b-400e-89df-b648b07a5926","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":73,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"919fe4d1-df0d-49bc-9dad-fceed9b78fb8","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":73,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"e54c03aa-5ff4-4997-9ef8-f1550bdba824","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":73,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"526c0ceb-aad7-4cde-b4be-09d8b3c62992","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":73,"box":{"x":69,"y":430,"width":821,"height":11}},{"id":"d32c3b91-50b3-4894-8555-199a6b7284c1","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":73,"box":{"x":68,"y":445,"width":815,"height":12}},{"id":"bfd34aed-6b69-4191-8213-1f439a1635d7","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":73,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"b1617cf7-e420-4a67-b3c7-f426addbafce","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":73,"box":{"x":69,"y":476,"width":804,"height":11}},{"id":"392581d4-6d2e-4130-96b1-3f7ba4715ad8","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":73,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"d61af7e2-3d2c-442a-9ec7-ad7ec71af255","block_type":"box","text":"and services itself.","page_number":73,"box":{"x":69,"y":506,"width":134,"height":9}},{"id":"cfa887f8-573d-4fe6-9ea5-c777e11b0c84","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":73,"box":{"x":102,"y":529,"width":793,"height":11}},{"id":"b7872d62-ebdf-4118-b923-37ff3c203f45","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":73,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"d22966f0-2520-4aed-833e-2eac8d6b5750","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":73,"box":{"x":69,"y":559,"width":833,"height":11}},{"id":"0a4b527e-4b19-49b5-bc31-6982c2925646","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":73,"box":{"x":68,"y":574,"width":836,"height":11}},{"id":"0c8280a8-f156-40fa-b8f6-5e591a55a009","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":73,"box":{"x":69,"y":589,"width":760,"height":11}},{"id":"68ce3805-f278-477c-9822-a3621d57c8d9","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":73,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"fa11ecc0-227b-4faa-bdf7-86c79e874769","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":73,"box":{"x":69,"y":619,"width":807,"height":11}},{"id":"cabc3dd5-132c-4a7f-baef-c01045fc6ebb","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":73,"box":{"x":69,"y":634,"width":760,"height":12}},{"id":"dddc97b2-200e-4fc1-8240-a07ab78ce5c3","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":73,"box":{"x":102,"y":657,"width":799,"height":11}},{"id":"a26b837d-4ae0-48c1-80cf-b14de6b8c5e7","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":73,"box":{"x":70,"y":672,"width":767,"height":11}},{"id":"2b0c40e3-7445-4558-a348-57a04aec1c41","block_type":"box","text":"securities transactions for certain types of securities. 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Access fees may be paid by BlackRock even though incurred in connection with","page_number":73,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"58ca46c5-5f0f-486a-b3c2-626623adeb12","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":73,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"9602547a-1f56-4c78-993f-adb6df318937","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":73,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"9c791e9f-240e-4c22-b1aa-0cfb1ad7638b","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":73,"box":{"x":68,"y":778,"width":519,"height":11}},{"id":"740dee2f-8734-48bb-9ad3-3cbb9a8e766c","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":73,"box":{"x":102,"y":801,"width":793,"height":11}},{"id":"85bffa43-bcd5-4938-b2e1-c31bd9d1d182","block_type":"box","text":"stock exchange. 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Nevertheless,","page_number":73,"box":{"x":69,"y":884,"width":719,"height":11}},{"id":"e5474b9d-52a5-47b4-8f58-75a1538f4ca8","block_type":"box","text":"II-37","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7635bebe-9510-43bb-8e07-2fe969fd15e2","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e69d2ad-5f73-495d-96e5-3ede202468f6","block_type":"box","text":"notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have","page_number":74,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"71b36f1c-a735-43ac-a253-af16edc30799","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":74,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"c858cede-64ac-473f-96a9-6515034e2408","block_type":"box","text":"that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations. 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In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":74,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"3070fa07-6e27-435e-acb7-d539663ddb84","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":74,"box":{"x":69,"y":347,"width":766,"height":11}},{"id":"8bce7acc-961e-4374-b181-6bba01cf0f0a","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":74,"box":{"x":70,"y":362,"width":533,"height":9}},{"id":"a42587d6-611a-49ae-8cbb-7591f6ccb831","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":74,"box":{"x":102,"y":385,"width":789,"height":11}},{"id":"051f3225-8900-4439-b233-298b2b5347b7","block_type":"box","text":"Funds. 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BlackRock and its sales personnel may","page_number":74,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"b0dce3d9-9db1-4c33-b1c9-94af3faa8a3e","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":74,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"e005d513-192e-4067-8e94-222ff833a626","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":74,"box":{"x":70,"y":460,"width":745,"height":12}},{"id":"b59e2292-18bd-47a4-afe5-38c3ef3d7693","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":74,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"7740b6c3-09dd-426a-b1bf-fa5e20641e6a","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":74,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"978d475c-fe51-4ff9-850a-7ac5da8ba31e","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":74,"box":{"x":70,"y":506,"width":711,"height":11}},{"id":"43c3a8eb-3a70-41a8-8098-24aab693e37a","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":74,"box":{"x":102,"y":529,"width":741,"height":11}},{"id":"f0b8eb95-8867-4084-9e0c-5c31b71fce79","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":74,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"0e106a6b-626c-48bd-a879-8e901ede7683","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":74,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"cd90e96a-f3d4-4581-af69-59e44a5aed17","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":74,"box":{"x":69,"y":574,"width":825,"height":11}},{"id":"2aee88d0-f779-4f65-8d1f-b3e62cc12548","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":74,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"eeefac8b-4c6f-46e9-8514-8f9f59d90ce9","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":74,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"5dae6640-182a-46b6-924e-9b40e58a6d07","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":74,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"6af37c1b-8ee5-48e7-b455-0bdf38c05147","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":74,"box":{"x":102,"y":642,"width":787,"height":11}},{"id":"f4b4b8a9-ae60-4e5d-a7c2-df8ad78e4b32","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":74,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"0b180611-74b6-4517-b7f0-2775df297b56","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":74,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"b467aab8-05dc-463f-8cdf-926b8487e281","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":74,"box":{"x":69,"y":732,"width":825,"height":12}},{"id":"78819e01-0d89-472a-8e86-9f926fb554a8","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":74,"box":{"x":70,"y":748,"width":816,"height":11}},{"id":"483a93db-2853-4ce0-a8b7-49edb3d2777a","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":74,"box":{"x":70,"y":763,"width":836,"height":11}},{"id":"5d236070-5415-4926-8354-0002c670817a","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":74,"box":{"x":69,"y":778,"width":352,"height":11}},{"id":"af446f38-aa14-4566-adad-260f51628cb3","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":74,"box":{"x":102,"y":801,"width":768,"height":11}},{"id":"b9a2e90e-a8c7-4684-abf8-a8f36120b12e","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":74,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"e6ee42a9-3e33-482d-bd71-2e65f17965d5","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":74,"box":{"x":68,"y":831,"width":839,"height":10}},{"id":"4bc55c97-de3c-41d9-8dec-e85d8f12463b","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":74,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"8fce9992-866e-43aa-a285-5307f591eda6","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":74,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"76189807-d618-4a36-b868-248e20b9ee04","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":74,"box":{"x":68,"y":876,"width":826,"height":11}},{"id":"2968b79c-800b-479b-9f18-9f87f5a1c9bc","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":74,"box":{"x":68,"y":891,"width":810,"height":11}},{"id":"c92f28d2-0e56-4a1a-9bea-e64a68a27def","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":74,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"ad12aa87-3f33-4134-9cd1-aa0018a217ff","block_type":"box","text":"II-38","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"41b04bdc-bb41-45cf-ab61-4c9ea24dc5d0","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aed694fb-40e1-4bff-ac0b-f1970bbc756f","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":75,"box":{"x":68,"y":45,"width":782,"height":11}},{"id":"f96d47bc-8a2d-463f-9c20-41cd84ea7c38","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":75,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"74ad4bd5-2766-413b-96fb-105b0c9a5605","block_type":"box","text":"initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice regarding certain","page_number":75,"box":{"x":70,"y":75,"width":804,"height":11}},{"id":"67269859-3710-4b1d-bb42-931f22bc41ec","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":75,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"64d8e76a-9917-41a8-ba0f-0f7527e3b4e3","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":75,"box":{"x":69,"y":105,"width":755,"height":11}},{"id":"466d8b50-6776-4aea-8a97-71e113b7de0b","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":75,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"dfbd77ac-94b2-4cff-90d2-39e115ebf67e","block_type":"box","text":"of that company on behalf of a Fund, particularly where such services result in BlackRock obtaining material non","page_number":75,"box":{"x":69,"y":135,"width":806,"height":12}},{"id":"d74616f4-fe43-48be-bf67-440722971fd9","block_type":"box","text":"public information about the company (e.g., in connection with participation in a creditors’ committee). 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Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":75,"box":{"x":68,"y":211,"width":773,"height":11}},{"id":"ad35932b-da0b-4f32-8928-4e688f545564","block_type":"box","text":"securities of which the Funds wish to purchase or sell. 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Certain portfolio management teams within BlackRock may","page_number":75,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"31e11e10-63cb-493b-aec3-34fc080c8b15","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":75,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"b458777c-1a8f-458d-a120-da10b5783a95","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":75,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"d5236f8d-0a31-4eaa-bcdc-5c1c27a0c015","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":75,"box":{"x":68,"y":400,"width":797,"height":11}},{"id":"820045e3-ac9d-46cc-9f11-6644f62f68d3","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":75,"box":{"x":70,"y":415,"width":667,"height":11}},{"id":"1f7358d6-8f9c-40ae-a380-cd080551a47f","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":75,"box":{"x":102,"y":438,"width":794,"height":11}},{"id":"269fccc6-f9e3-4600-ba65-cbc39b61cbb4","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":75,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"49548856-1c8c-422b-aeb4-5d808c905424","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":75,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"ad2c1aef-d338-4195-87a8-0dc530c954a3","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":75,"box":{"x":70,"y":483,"width":818,"height":11}},{"id":"d86ea3a9-9d90-4df3-bac0-1189ad421aad","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":75,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"da55ce83-75bd-459c-a231-cacf9c607a96","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":75,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"fb437e0b-df15-4dbb-b91b-0eee5da1c986","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":75,"box":{"x":70,"y":528,"width":824,"height":12}},{"id":"c23d823e-d910-43a0-a9d1-b41041b103f0","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":75,"box":{"x":68,"y":543,"width":472,"height":12}},{"id":"421a108c-146d-47bb-bed4-4758a908cbda","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":75,"box":{"x":102,"y":566,"width":744,"height":11}},{"id":"07730cac-0652-4f5e-96f1-6169c4a13f6e","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":75,"box":{"x":70,"y":581,"width":775,"height":11}},{"id":"961148f1-565c-455d-b963-9ade869b057d","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":75,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"68fc73ba-1c81-4d6a-bc48-f8fd289174e9","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":75,"box":{"x":68,"y":612,"width":779,"height":11}},{"id":"877f4f9e-234a-4338-ac5f-d45986cae604","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":75,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"225c2bea-80f8-4e38-9177-e569a8e580f9","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":75,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"c4a97c07-df0f-4a93-9e4c-2d63dfca51ad","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":75,"box":{"x":70,"y":657,"width":803,"height":11}},{"id":"b5749f2e-29db-4fbd-916a-630083936887","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":75,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"6c53ba71-5052-495c-9549-3cadf39a9e8f","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":75,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"27c12f1a-c5eb-422e-9ef7-d2c9c60a96df","block_type":"box","text":"a barrier.","page_number":75,"box":{"x":69,"y":703,"width":62,"height":8}},{"id":"ad61981d-9cfb-4dd4-a2f5-07689bd607c0","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":75,"box":{"x":101,"y":725,"width":788,"height":11}},{"id":"f5a716ae-606f-4b22-87a3-c72d0169f16d","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":75,"box":{"x":69,"y":740,"width":827,"height":11}},{"id":"d6a33ebf-208d-435b-839b-0eb97ab6bac9","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":75,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"65424135-01ae-45d2-bef3-f65a2cf8a482","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":75,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"15c3676e-1c5b-42af-8877-4a6d3ade0e60","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":75,"box":{"x":69,"y":786,"width":806,"height":11}},{"id":"40d366b4-b5ee-442d-b75f-7705bd0de5c9","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":75,"box":{"x":70,"y":801,"width":818,"height":11}},{"id":"c8c88bca-cded-4c9b-8f3b-39ac964e108c","block_type":"box","text":"that operate in certain industries (e.g., banking, insurance, and utilities) or in certain emerging or international","page_number":75,"box":{"x":68,"y":816,"width":789,"height":11}},{"id":"b4ef39ea-f022-4533-b95f-33a12795a8de","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (e.g., with mechanisms such as poison pills","page_number":75,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"082db17d-41f8-42b2-961d-12cd7e2d190d","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":75,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"f900f2c9-f3e6-49ed-ab35-fbfd3a3c535f","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":75,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"e03e41b5-0f5c-4601-a948-4d12ea92ac28","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":75,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"503e7b28-7c00-4055-a48e-a16ed9ad99b9","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":75,"box":{"x":69,"y":891,"width":769,"height":11}},{"id":"57df2ab5-567b-4036-95bd-c2b060f91b9e","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":75,"box":{"x":69,"y":906,"width":775,"height":12}},{"id":"8b91de3e-75d5-4793-9790-53ed65b555c5","block_type":"box","text":"II-39","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e18d0d5f-e69f-497c-8714-0f8fa600ffb8","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b2f9102-960a-4a7b-b50f-a7b4d4151974","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":76,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"7b1621df-a1fa-4a64-b20d-bcbd36b97135","block_type":"box","text":"seek to make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to certain","page_number":76,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"5bd03c34-f8c5-404f-9709-79fa43933a64","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":76,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"c93db749-26f5-4807-90e5-5dfa06c20e19","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":76,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"6cb07aac-0050-43d9-9421-7eb59568f676","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":76,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"a58977d1-0300-42d2-8614-26777bb722ac","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":76,"box":{"x":69,"y":120,"width":767,"height":12}},{"id":"4cf097b8-62a4-4a47-a5a5-ac5e6a92c05f","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":76,"box":{"x":69,"y":135,"width":829,"height":11}},{"id":"a7336595-72ca-4bb6-8e06-3313aa05e5e1","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":76,"box":{"x":69,"y":151,"width":772,"height":11}},{"id":"42b79427-b70b-4d17-8e0d-7c4dfb3ac3c1","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":76,"box":{"x":102,"y":173,"width":783,"height":11}},{"id":"9ba6c764-63a9-4fd8-9161-4e3ec61e1d89","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":76,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"88d41fe3-600b-4e00-90e6-1ed2bedf79a6","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":76,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"4c740863-a260-4d4e-94ce-749363c920f1","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":76,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"e99d9c7b-8a5a-4b74-a7f9-5ff214dfaf36","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":76,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"92fa6b94-1e82-4ab4-afa5-99b222e2782b","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":76,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"de4e577f-6626-43b2-9e5e-4d594562d4b2","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":76,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"3f3c122d-70cd-4217-9a49-9692ece32350","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":76,"box":{"x":69,"y":279,"width":826,"height":11}},{"id":"ca8b501c-dfa2-4b3e-a57f-9ca91230f6b7","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":76,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"5b4298d0-614f-4be4-a819-92ab10044552","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":76,"box":{"x":69,"y":309,"width":830,"height":11}},{"id":"03444913-91b1-4c6f-ab30-a208ebc03b0a","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":76,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"da0a0049-c5c3-4fea-9528-8f46bebe0c36","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":76,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"a1e60d6d-8ffe-45c5-8b43-e1810db3a620","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":76,"box":{"x":69,"y":355,"width":796,"height":11}},{"id":"0022de0d-4848-4e3b-900e-d5c3312a154a","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":76,"box":{"x":69,"y":370,"width":720,"height":11}},{"id":"c46c7305-5836-4b44-94a7-1b582d53904b","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":76,"box":{"x":101,"y":393,"width":807,"height":11}},{"id":"a247b95f-26fb-463b-9bb4-674191152fbd","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":76,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"b26a790b-6bb5-418a-ac6d-7b8c839e6de7","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":76,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"ee16c1eb-c1a4-4498-8b29-9a845bde5342","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":76,"box":{"x":69,"y":438,"width":824,"height":11}},{"id":"649d79ec-0f32-4f62-80c2-d790851a4913","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":76,"box":{"x":68,"y":453,"width":841,"height":11}},{"id":"8f921f16-1ad3-42a7-b587-e03289ad1717","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":76,"box":{"x":69,"y":468,"width":770,"height":11}},{"id":"1123ed9c-1ae3-4e80-be0c-53c71be7ea4d","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":76,"box":{"x":69,"y":483,"width":769,"height":11}},{"id":"b7d06ad8-e70c-4e5e-8482-057bc4e5f20e","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":76,"box":{"x":70,"y":498,"width":794,"height":11}},{"id":"68fad7b9-4b45-4838-9ad5-9a345b07b368","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":76,"box":{"x":69,"y":514,"width":757,"height":11}},{"id":"7ac07ac4-d4f6-4adc-96ad-db3b1f0e6a46","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":76,"box":{"x":69,"y":528,"width":807,"height":12}},{"id":"ca0f3432-9965-4556-9fc3-12ac792e103b","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities. If client","page_number":76,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"4157e977-5b26-481c-84d3-cfb6542c92d1","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":76,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"2d6efbff-a1e4-48ee-84a5-67e562b5bf4d","block_type":"box","text":"holding of such investments, it may be necessary to reduce these positions to meet the applicable limitations and","page_number":76,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"d155326a-b5f2-4df2-85aa-5fcd0648edc0","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":76,"box":{"x":70,"y":589,"width":793,"height":11}},{"id":"806b1ec8-4d81-4efb-b545-83879bcce85b","block_type":"box","text":"manner that BlackRock deems fair and equitable over time.","page_number":76,"box":{"x":69,"y":604,"width":422,"height":11}},{"id":"6d49aa97-9203-4e9a-8277-3d2b60ccb958","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":76,"box":{"x":102,"y":627,"width":795,"height":11}},{"id":"ca9da6cc-3fa5-4d97-ba92-739be6c88dfc","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":76,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"85c6aa4d-fe48-46d6-ace0-a8b4ea10451f","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":76,"box":{"x":69,"y":657,"width":566,"height":11}},{"id":"185b7756-58e1-455d-a499-85da501be178","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":76,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"68c04d2c-c76a-4ace-96e2-e5f7efbbaa8a","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":76,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"97700d3d-431f-4c35-84f9-e48d6f32c4ba","block_type":"box","text":"strategy with respect to such security or asset.","page_number":76,"box":{"x":69,"y":710,"width":333,"height":11}},{"id":"cd0b8452-50e3-48ea-a1ff-787e34628b8e","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":76,"box":{"x":102,"y":733,"width":785,"height":11}},{"id":"907cc6e6-2b0f-4baf-8af3-fbaa6b473134","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":76,"box":{"x":70,"y":748,"width":760,"height":11}},{"id":"5ac5280a-fd28-4df5-89de-663b7aec639c","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":76,"box":{"x":70,"y":763,"width":796,"height":11}},{"id":"2957ed13-5056-43f2-9e32-240753ac6c25","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":76,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"6e34ea51-d7b4-441c-8227-44bf865622ef","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":76,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"341b3d36-58cd-496a-bf5d-bdd4c83b1dd6","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":76,"box":{"x":68,"y":808,"width":829,"height":11}},{"id":"eeebbbbe-e107-403d-b26a-e415257e8a83","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":76,"box":{"x":69,"y":823,"width":784,"height":12}},{"id":"3fdd1363-a9ee-489b-a60e-8740b4e32331","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":76,"box":{"x":70,"y":839,"width":797,"height":11}},{"id":"c6ee64a5-984f-4dcf-b83f-0887ddde3e6c","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":76,"box":{"x":70,"y":853,"width":837,"height":12}},{"id":"e125b4e5-868d-408f-9587-18ca1b54c466","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":76,"box":{"x":70,"y":869,"width":746,"height":11}},{"id":"63530b1f-7afc-4816-818b-32dae0a068ca","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (e.g., custodians,","page_number":76,"box":{"x":102,"y":891,"width":805,"height":12}},{"id":"066bc751-7f54-4de1-991b-b03e114c1077","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":76,"box":{"x":69,"y":906,"width":756,"height":11}},{"id":"e11618cf-970a-4a61-b77e-02b0a45d993f","block_type":"box","text":"II-40","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"168f762d-1b0a-4ef7-8c05-24e4f5eb1ce0","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2b294e0-ad0b-4d6f-95e4-f45ee0228dae","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":77,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"b8eea176-d7e4-41a0-b4ab-111c3ed0ca4e","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":77,"box":{"x":69,"y":60,"width":772,"height":11}},{"id":"92f595d1-9b6a-4086-b82f-f4c88e3234c8","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":77,"box":{"x":70,"y":75,"width":800,"height":11}},{"id":"8132b231-183d-493d-b3b2-2301bb363cec","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":77,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"3376b238-85a4-4842-b881-1b3d1b6be1a8","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":77,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"41e44abc-c78e-42d7-9d5e-3743a3cb2608","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":77,"box":{"x":70,"y":120,"width":785,"height":12}},{"id":"cd338ae5-0fbc-477b-a451-03c387b84092","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":77,"box":{"x":70,"y":136,"width":786,"height":11}},{"id":"7b073b98-0bb1-400e-90c3-c8b077ea1983","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":77,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"69d2bfaa-1edc-4574-b4ff-5384188787e2","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":77,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"775442e3-cd4d-40eb-b1b2-cd9a68c4ca8f","block_type":"box","text":"BlackRock has entered into and may in the future enter into additional commercial, operational or strategic","page_number":77,"box":{"x":102,"y":188,"width":762,"height":12}},{"id":"37f4b4e0-8a32-4601-bbd4-54b0ab5e686c","block_type":"box","text":"arrangements with third-party technology providers, blockchain networks or service providers in connection with the","page_number":77,"box":{"x":69,"y":204,"width":821,"height":11}},{"id":"4ae7dd5d-4ef4-4d63-8c83-aa90ebd5165d","block_type":"box","text":"distribution, servicing or operation of tokenized fund shares, including OnChain Shares. These arrangements may","page_number":77,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"c58c2fa8-4a97-48c9-ac59-7c8e2d07a67f","block_type":"box","text":"include investments by BlackRock in blockchain networks on which OnChain Shares are deployed, or investments in","page_number":77,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"cb459f2d-181b-4b92-886c-c6969935aa0b","block_type":"box","text":"the developers of such networks. OnChain shares may also be deployed on networks in which, or in the developers of","page_number":77,"box":{"x":68,"y":249,"width":840,"height":11}},{"id":"ba167a4d-7876-4c60-ac41-4bf135dde436","block_type":"box","text":"which, BlackRock has existing investments or other servicing arrangements. In consideration of BlackRock’s","page_number":77,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"c2c5040f-d60c-4576-9832-3cb0b243ce36","block_type":"box","text":"investment in these networks or their developers, BlackRock may receive ongoing remuneration, the amount of which","page_number":77,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"a489d410-5793-48fe-b260-d6d5f1f94074","block_type":"box","text":"may be tied directly or indirectly to the aggregate net asset value of OnChain Shares deployed on the applicable","page_number":77,"box":{"x":69,"y":294,"width":796,"height":11}},{"id":"2aac0fe7-4e09-4584-a797-5744dd662077","block_type":"box","text":"network. Such arrangements may present actual or potential conflicts of interest to the extent they influence the","page_number":77,"box":{"x":69,"y":309,"width":801,"height":11}},{"id":"1cc44976-f05c-447a-89df-4e51c3e4a3ae","block_type":"box","text":"selection or continued use of particular platforms, service providers or technologies.","page_number":77,"box":{"x":69,"y":324,"width":602,"height":12}},{"id":"174ebf67-e641-4f97-a70f-a0a2c1d837e4","block_type":"box","text":"BlackRock or a third-party conversion service provider may subsidize currency conversion costs for certain","page_number":77,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"3bc2ddc5-be6b-43fb-bcf7-5af0b7a86ea2","block_type":"box","text":"shareholders. Whether and to what extent these expenses are subsidized may depend on the level of investment in","page_number":77,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"c0511b24-48d7-4b45-91e0-d3755018ce0b","block_type":"box","text":"the Fund or with BlackRock more generally, or other factors in BlackRock’s discretion. Such arrangements may","page_number":77,"box":{"x":68,"y":377,"width":789,"height":12}},{"id":"fcdb8f1b-0bf1-4e03-b48b-0a6ce9303c26","block_type":"box","text":"present conflicts of interest to the extent they result in differential treatment of shareholders based on the size of","page_number":77,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"c1a84c5c-0633-4ca4-89ec-a2aba0514310","block_type":"box","text":"their investment or their broader relationship with BlackRock.","page_number":77,"box":{"x":68,"y":408,"width":435,"height":10}},{"id":"a62ded44-a6f5-4944-b134-3c4cfc11ff2e","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":77,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"1bcff9c4-f9e7-4c13-94bf-a2aaa22cce86","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":77,"box":{"x":69,"y":445,"width":795,"height":11}},{"id":"6c408611-ed11-4e26-92ee-1ed11747890f","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":77,"box":{"x":69,"y":460,"width":835,"height":12}},{"id":"1bcb833a-04b7-4580-b628-d5ca9c5bba4c","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":77,"box":{"x":70,"y":475,"width":363,"height":9}},{"id":"64c1c705-1c16-478a-bfd9-2d2fc89029e4","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":77,"box":{"x":102,"y":498,"width":757,"height":11}},{"id":"4c5fd734-f661-4857-9829-064475cfc12b","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":77,"box":{"x":70,"y":513,"width":826,"height":11}},{"id":"09bd878a-2fb7-424c-9b18-063b03070336","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":77,"box":{"x":70,"y":528,"width":822,"height":12}},{"id":"c9e27683-5556-42a0-8584-31f676e202b0","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":77,"box":{"x":69,"y":544,"width":782,"height":11}},{"id":"4698ddf3-e030-4c6e-8c28-318929597d3b","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":77,"box":{"x":70,"y":559,"width":835,"height":11}},{"id":"1aecf73d-8fb6-4f53-b70c-3a51fdb7e344","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":77,"box":{"x":69,"y":574,"width":465,"height":11}},{"id":"637f3fd6-3d7a-478c-a43e-a935a23a23c0","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":77,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"e0ff0cdc-63a6-47c7-90c4-1dc469866aed","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":77,"box":{"x":69,"y":612,"width":840,"height":11}},{"id":"d0b21785-916c-484c-bdb6-baaa5c40496d","block_type":"box","text":"provider.","page_number":77,"box":{"x":70,"y":627,"width":58,"height":11}},{"id":"8fc1b5fb-a1cc-4983-b54b-28d9b93fab64","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":77,"box":{"x":102,"y":649,"width":778,"height":12}},{"id":"9ccc3ba3-66f1-480a-b2c6-d3cd741fb073","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":77,"box":{"x":69,"y":664,"width":831,"height":12}},{"id":"4cf1708e-a2bb-42d4-bea5-63da5b6ca6af","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":77,"box":{"x":68,"y":680,"width":485,"height":11}},{"id":"c6b46636-c1d2-4a23-bab4-23793b2f1e32","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":77,"box":{"x":102,"y":702,"width":742,"height":11}},{"id":"b94863ab-4198-4a1a-88a8-1e99da7449c0","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":77,"box":{"x":69,"y":717,"width":517,"height":12}},{"id":"56412164-9ab4-4bf0-9af3-0ae6e20da0cb","block_type":"box","text":"PURCHASE OF SHARES","page_number":77,"box":{"x":395,"y":747,"width":188,"height":10}},{"id":"19e981b0-5a00-42dc-bb61-ff184d772e82","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":77,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"c7849199-a0f8-4c04-b7cc-4067d848c057","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":77,"box":{"x":69,"y":784,"width":797,"height":12}},{"id":"2b03963e-c78c-4b48-b286-78703904836e","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":77,"box":{"x":69,"y":800,"width":817,"height":11}},{"id":"38c7123a-7561-4d90-821f-3b7c15ae4b5e","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":77,"box":{"x":70,"y":815,"width":810,"height":11}},{"id":"eb39c07c-27f7-45f1-a822-2f8e7b551052","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":77,"box":{"x":69,"y":830,"width":808,"height":11}},{"id":"f2aa047c-4009-4100-afb3-fa4886e6cd3d","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":77,"box":{"x":70,"y":845,"width":819,"height":11}},{"id":"cfeb11c7-bff9-42ad-a082-2c04493b8e2a","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":77,"box":{"x":69,"y":860,"width":779,"height":12}},{"id":"2382a539-2c82-4754-87de-a102a35531b1","block_type":"box","text":"immediately available funds. Any order may be rejected by a Fund or the Distributor.","page_number":77,"box":{"x":70,"y":875,"width":594,"height":12}},{"id":"aea74339-8c14-4490-ba1f-9602d54675a5","block_type":"box","text":"II-41","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04e45fa6-0eb9-4fe6-bb42-276e7ed1ac52","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee9047f2-6e86-43a2-8d03-82da366c5b4f","block_type":"box","text":"Shareholder Services","page_number":78,"box":{"x":68,"y":45,"width":154,"height":9}},{"id":"7c3b3abc-07fa-4c26-a140-812564603e94","block_type":"box","text":"Certain Funds offer a number of shareholder services described below that are designed to facilitate investment","page_number":78,"box":{"x":102,"y":67,"width":802,"height":12}},{"id":"e2869d11-9a20-4ace-8d7a-ed2731e1b9b2","block_type":"box","text":"in shares of the Fund. Full details as to each of such services and copies of the various plans and instructions as to","page_number":78,"box":{"x":70,"y":82,"width":829,"height":11}},{"id":"31c305f1-b975-4c8e-85a3-f44931095970","block_type":"box","text":"how to participate in the various services or plans, or how to change options with respect thereto, can be obtained","page_number":78,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"362c8663-0edb-4ef6-a002-cd97f1549b83","block_type":"box","text":"from each Fund, by calling the telephone number on the cover page to Part I of your Fund’s SAI, or from the","page_number":78,"box":{"x":68,"y":113,"width":766,"height":11}},{"id":"c4adcd62-af08-456e-863b-d6b9fd282f3f","block_type":"box","text":"Distributor. The types of shareholder service programs that may be offered to shareholders include: Fee-Based","page_number":78,"box":{"x":70,"y":128,"width":788,"height":11}},{"id":"b8e5b58a-7f33-4e1e-b9ba-b8bfac326d9d","block_type":"box","text":"Programs; Automatic Investment Plan; and Systematic Withdrawal Plan.","page_number":78,"box":{"x":69,"y":143,"width":508,"height":11}},{"id":"c3681e96-1778-4014-ba59-3005fca0927d","block_type":"box","text":"Purchase of Shares of Summit Cash Reserves","page_number":78,"box":{"x":69,"y":173,"width":333,"height":9}},{"id":"08a6fe2c-d1e7-4273-937c-d64e6ebf264c","block_type":"box","text":"Summit Cash Reserves has authorized one or more brokers and/or financial institutions (“Authorized Persons”)","page_number":78,"box":{"x":102,"y":196,"width":796,"height":11}},{"id":"2c07ae44-5286-402f-bce0-969bdee1cc19","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":78,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"b27e9dce-feca-430d-8e49-fc0117b9ccb9","block_type":"box","text":"those Authorized Persons. Such Authorized Persons are authorized to designate other intermediaries to receive","page_number":78,"box":{"x":68,"y":226,"width":793,"height":11}},{"id":"a2a0ced3-9e1b-4d25-bca6-c540f4e46eb7","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":78,"box":{"x":70,"y":241,"width":824,"height":11}},{"id":"2f2d1970-e3c4-47d4-89b5-9b7dc718b33f","block_type":"box","text":"redemption order when an Authorized Person or, if applicable, such Authorized Person’s authorized designee,","page_number":78,"box":{"x":69,"y":256,"width":776,"height":12}},{"id":"d132651c-1def-44ea-9fdf-56fb6c7a1491","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":78,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"fe5372a5-081e-4957-95b5-d8ce159ffbbf","block_type":"box","text":"an Authorized Person or such Authorized Person’s authorized designee. Financial institutions may include retirement","page_number":78,"box":{"x":69,"y":287,"width":828,"height":11}},{"id":"4f9667a1-5cc1-42a0-b3db-f00de2c40ccb","block_type":"box","text":"plan service providers who aggregate purchase and redemption instructions received from numerous retirement","page_number":78,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"cb77f86f-97ad-44e9-848c-d8e317c8d9b5","block_type":"box","text":"plans or plan participants.","page_number":78,"box":{"x":70,"y":317,"width":185,"height":11}},{"id":"a407e407-68d7-414e-b378-6d8e3d631e44","block_type":"box","text":"Investor A and Investor C Shares","page_number":78,"box":{"x":102,"y":340,"width":233,"height":8}},{"id":"0bb3d5cb-3bcb-44b2-8770-03ff5ac0867c","block_type":"box","text":"Purchase of Investor A Shares.","page_number":78,"box":{"x":102,"y":362,"width":224,"height":9}},{"id":"bef78bd6-a078-4cc2-89ce-05ccba33f098","block_type":"box","text":"The minimum investment for the initial purchase of shares is $1,000. There is","page_number":78,"box":{"x":332,"y":361,"width":559,"height":12}},{"id":"667a2a09-56f3-4a32-b6b1-15c03f6fa290","block_type":"box","text":"no investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs).","page_number":78,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"0e412c69-39d0-48b0-8c3e-410b52fe1e3a","block_type":"box","text":"There is no investment minimum for certain fee-based programs. There is a $50 minimum for subsequent","page_number":78,"box":{"x":68,"y":392,"width":757,"height":12}},{"id":"aa8f535a-4958-4664-bef8-ff532d45bfc5","block_type":"box","text":"investments (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).","page_number":78,"box":{"x":70,"y":407,"width":821,"height":12}},{"id":"439b9b87-51b1-47b0-abcd-7edf03b8bbd8","block_type":"box","text":"Purchases through the Automatic Investment Plan are subject to a lower initial purchase minimum. In addition, the","page_number":78,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"c9406049-7c56-47d7-a6f9-8821cc752e6c","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":78,"box":{"x":69,"y":438,"width":809,"height":11}},{"id":"3481381a-d718-4f3f-81c0-e79dde710a62","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":78,"box":{"x":69,"y":452,"width":836,"height":12}},{"id":"a7629efb-34cc-4054-b70f-d08974b3cf5a","block_type":"box","text":"minimum investment is $25.","page_number":78,"box":{"x":69,"y":467,"width":203,"height":11}},{"id":"56b8e907-0462-4a5c-bca4-b84fba10a59f","block_type":"box","text":"Purchases of Investor A Shares Through Brokers.","page_number":78,"box":{"x":102,"y":491,"width":357,"height":11}},{"id":"1a10efb0-3067-43c6-9e00-07c847de6891","block_type":"box","text":"It is the responsibility of brokers to transmit purchase orders","page_number":78,"box":{"x":467,"y":491,"width":432,"height":11}},{"id":"8d5fde6b-b34b-4bb5-b8d1-08933f0fa2f6","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":78,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"476632bd-f008-48a7-878d-489edf82c043","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":78,"box":{"x":68,"y":521,"width":823,"height":11}},{"id":"a925ee91-bf24-4025-b05c-37999a4f4d5c","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":78,"box":{"x":70,"y":535,"width":792,"height":12}},{"id":"b993d03a-39dd-4e06-8f3b-2108d07a1cc8","block_type":"box","text":"Other Purchase Information.","page_number":78,"box":{"x":101,"y":559,"width":205,"height":9}},{"id":"2372ec3a-f691-432d-9b3f-e134c1ad26a7","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":78,"box":{"x":313,"y":559,"width":559,"height":11}},{"id":"927419e4-1c52-4af0-a8c4-49578e83379c","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":78,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"241a55ff-8964-49e4-9cb9-c1c61f4aa40b","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":78,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"de93ecb6-699c-47c2-8cbf-8d116d423e58","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":78,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"7fb37ea4-3ea9-4bd9-b4b5-ef05cdb0ac78","block_type":"box","text":"of the Fund. No certificates will be issued for shares. Payments for Investor A Shares of the Fund may, in the","page_number":78,"box":{"x":69,"y":619,"width":776,"height":11}},{"id":"e284482a-5f16-4cc0-9f27-bbe021781f0d","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":78,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"16d31d9e-484d-4798-ac84-d23f6e25f7af","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":78,"box":{"x":68,"y":649,"width":789,"height":12}},{"id":"3942d64f-251a-43ca-b6d6-0388a3b357e2","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":78,"box":{"x":70,"y":664,"width":745,"height":12}},{"id":"c24f753b-7821-435e-8a3e-814ac1f64f32","block_type":"box","text":"Exchange Privilege.","page_number":78,"box":{"x":102,"y":687,"width":142,"height":11}},{"id":"16c638cd-b488-4137-95db-0765816713b1","block_type":"box","text":"Unless an exemption applies, a front-end sales charge will be charged in connection with","page_number":78,"box":{"x":251,"y":687,"width":633,"height":11}},{"id":"9778f0f6-3cc3-4941-9b04-d9e179b78563","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":78,"box":{"x":69,"y":702,"width":778,"height":12}},{"id":"0c8bced2-a7f9-4ad8-83e7-aa050978bd79","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":78,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"0c6758b6-1453-4d80-88b5-94520e031203","block_type":"box","text":"of the non-money market portfolios advised by BlackRock or its affiliates (each a “Non-Money Market Portfolio”) will","page_number":78,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"d889f563-514d-4d64-b610-5c62286d0c4c","block_type":"box","text":"be exercised at NAV. However, a contingent deferred sales charge (“CDSC”) will be charged in connection with the","page_number":78,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"35b2cde5-3c6f-41c3-a916-36c8b48129e9","block_type":"box","text":"redemption of the Investor C Shares of the Non-Money Market Portfolio received in the exchange.","page_number":78,"box":{"x":69,"y":763,"width":693,"height":11}},{"id":"20175d96-15f0-4605-a570-26539d8d5482","block_type":"box","text":"A CDSC of 1.00% may apply to certain redemptions of Investor C Shares of Summit Cash Reserves. The","page_number":78,"box":{"x":101,"y":785,"width":745,"height":12}},{"id":"4a82f47f-37bd-4d42-be61-09fcaac3d8fe","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":78,"box":{"x":70,"y":801,"width":815,"height":11}},{"id":"bb05cd34-93bc-4e91-92a3-ba06ece067a4","block_type":"box","text":"acquired the Investor C Shares of the Non-Money Market Portfolio, unless you qualify for a waiver. There is no CDSC","page_number":78,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"24c7e294-1908-4020-8db4-d0eedf1a9c91","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":78,"box":{"x":69,"y":831,"width":815,"height":11}},{"id":"b3535a31-c056-44aa-8ecd-7079fb36d061","block_type":"box","text":"original purchase of Investor C Shares that you exchanged into Investor C Shares of Summit Cash Reserves). In","page_number":78,"box":{"x":69,"y":846,"width":797,"height":11}},{"id":"ede89920-1489-4772-baf0-530002fd8b51","block_type":"box","text":"determining whether an Investor C Shares CDSC is applicable to a redemption, the calculation will be determined in","page_number":78,"box":{"x":69,"y":861,"width":825,"height":11}},{"id":"c63aa42c-20f7-4291-a3a7-7d918c4a72c0","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":78,"box":{"x":68,"y":876,"width":827,"height":11}},{"id":"5c9f7a74-bbce-466c-bec6-aabc3d5937c5","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":78,"box":{"x":68,"y":891,"width":824,"height":12}},{"id":"77f6945b-5ed4-421d-a8af-d8db407c8ff2","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":78,"box":{"x":70,"y":906,"width":793,"height":11}},{"id":"7b366427-1b9e-49a9-8ec2-7c25e6e7fa85","block_type":"box","text":"II-42","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"849b30e3-39aa-4f4a-bb08-e7e573956a20","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e73b9c8a-e28c-4e79-8c36-33742a827460","block_type":"box","text":"assessed on Investor C Shares acquired through reinvestment of dividends. It will be assumed that the redemption is","page_number":79,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"f6e36738-f622-49c7-8f5d-18990022b64e","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":79,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"be4f16c8-80ec-4ac1-bea8-1b3949596251","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":79,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"49bdddf1-4c8e-4e8c-849c-9522abd353a1","block_type":"box","text":"assumed to be made in the same order as a redemption.","page_number":79,"box":{"x":69,"y":90,"width":408,"height":11}},{"id":"fc6d1fe3-e5b7-43ed-8097-e84914dd2a82","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of the Fund’s SAI for","page_number":79,"box":{"x":102,"y":113,"width":722,"height":11}},{"id":"f667dbd3-fbc2-47e3-9ea0-413cf7e23a32","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":79,"box":{"x":70,"y":128,"width":769,"height":11}},{"id":"ca65fac8-bae7-4e92-aaee-e6400195f6bb","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":79,"box":{"x":101,"y":150,"width":740,"height":12}},{"id":"4e00c8a2-e83c-4c16-988b-6de083bbbaf2","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":79,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"e6288b6b-1af8-4310-b0b1-035c35a111dc","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges pursuant to the","page_number":79,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"d252854f-77bd-4908-9d7e-2df05f5039ce","block_type":"box","text":"exchange privilege described in the Fund’s Prospectus; (3) redemptions made in connection with minimum required","page_number":79,"box":{"x":69,"y":196,"width":822,"height":11}},{"id":"a98d9d2f-0895-4f56-8c65-0ae25e738598","block_type":"box","text":"distributions from IRA and 403(b)(7) accounts due to the shareholder reaching the applicable age triggering such","page_number":79,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"a225a406-6493-48b6-83d4-335eee4d2343","block_type":"box","text":"distributions; (4) redemptions made with respect to certain retirement plans sponsored by BlackRock or its affiliates;","page_number":79,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"94bebd9e-70ce-42b4-a916-5ebfae49138a","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":79,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"c3452bfa-8674-41fd-abbb-7fad37868df2","block_type":"box","text":"death or, if later, reasonably promptly following completion of probate (including in connection with the distribution of","page_number":79,"box":{"x":69,"y":256,"width":832,"height":12}},{"id":"c168b5f6-062a-46ca-9f24-1ee1a8afb2be","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":79,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"48f2c899-8dbc-4f89-bc25-1b52c02eae2b","block_type":"box","text":"Investor C Shares; (6) withdrawals resulting from shareholder disability (as defined in the Code) as long as the","page_number":79,"box":{"x":70,"y":286,"width":786,"height":12}},{"id":"07abf2e2-c07f-47c5-90d5-1d88d0067c22","block_type":"box","text":"disability arose subsequent to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in","page_number":79,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"4ef1b343-d45d-4c23-b7ab-71fce0fbf491","block_type":"box","text":"accounts with low balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":79,"box":{"x":69,"y":317,"width":802,"height":11}},{"id":"ccd54af2-fc74-4df1-9cc5-a45276824f5a","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set forth under “Systematic Withdrawal Plan” below;","page_number":79,"box":{"x":69,"y":332,"width":756,"height":11}},{"id":"cde85763-4fd9-4950-a7cc-89df9b6ada5a","block_type":"box","text":"(9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":79,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"14061957-f795-4360-997e-57346760519e","block_type":"box","text":"(10) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund. In addition,","page_number":79,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"2675fe05-cc4c-4478-ab08-480874071b18","block_type":"box","text":"no CDSC is charged on Investor C Shares acquired through the reinvestment of dividends or distributions.","page_number":79,"box":{"x":69,"y":377,"width":753,"height":12}},{"id":"ec65b392-fe5b-4665-bd6d-763aba3b1e5a","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":79,"box":{"x":102,"y":400,"width":781,"height":11}},{"id":"dcc8cd2b-43c9-4af5-aab2-cb1f4746cf98","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":79,"box":{"x":70,"y":415,"width":813,"height":11}},{"id":"aadacdc0-f40a-4187-9032-479f79daf4c0","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":79,"box":{"x":69,"y":430,"width":462,"height":11}},{"id":"4f5722ff-f732-481c-a514-1ff5b399bca9","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":79,"box":{"x":101,"y":453,"width":799,"height":11}},{"id":"1f50bbf1-d455-4bf5-939f-89d7c14ad4f9","block_type":"box","text":"address: BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are automatically","page_number":79,"box":{"x":69,"y":468,"width":785,"height":11}},{"id":"7cc9cdea-e689-40cf-a43e-13ed26117616","block_type":"box","text":"provided with telephone exchange privileges when opening an account, unless they indicate on the Application that","page_number":79,"box":{"x":70,"y":483,"width":817,"height":11}},{"id":"a9546f5e-fa22-4719-9041-ff924455ea44","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":79,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"d9cdfb21-13b2-412b-a3c1-44bf6eba9202","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":79,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"dd206a74-3f60-4c19-b5d3-644ea237fbc4","block_type":"box","text":"simply contact the Fund by telephone at (800) 441-7762 to request the exchange. During periods of substantial","page_number":79,"box":{"x":69,"y":528,"width":797,"height":12}},{"id":"209b5d4d-af3e-4693-8da7-2c45b6cbaed3","block_type":"box","text":"economic or market change, telephone exchanges may be difficult to complete and shareholders may have to submit","page_number":79,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"39d9e347-4cb8-4321-8929-cd0dabf352a1","block_type":"box","text":"exchange requests in writing.","page_number":79,"box":{"x":69,"y":559,"width":206,"height":11}},{"id":"f366858a-ad83-4b4b-82ea-4d2e6b8ea98a","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":79,"box":{"x":102,"y":581,"width":800,"height":12}},{"id":"b71e6c2e-20b3-49a2-9c88-3e202c408554","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":79,"box":{"x":69,"y":597,"width":828,"height":11}},{"id":"57c2cab0-8a19-405f-9986-406c27c6635f","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":79,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"8a6f84ee-e8ff-4abb-baff-4b627d00e663","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":79,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"4a722384-f224-46ae-a0e9-828f4ca59e73","block_type":"box","text":"Act. In order to participate in the Automatic Investment Program or establish a Systematic Withdrawal Plan for the","page_number":79,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"55716de3-09ef-4da2-bc50-816a76de0103","block_type":"box","text":"new account, however, an exchanging shareholder must file a specific written request.","page_number":79,"box":{"x":69,"y":657,"width":613,"height":11}},{"id":"692b21a8-b1c5-44cf-9a8d-ab6c508e294e","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":79,"box":{"x":101,"y":680,"width":790,"height":11}},{"id":"3cb1372c-df6c-4bb3-90fe-359f6cf8c59a","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":79,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"b098d4de-ac1a-40ea-82a9-bcf470c3ab98","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":79,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"149f5b43-dab5-4f0b-b3f3-c57f75d4a375","block_type":"box","text":"request, shareholders should consult a tax or other financial adviser and should consider the investment objective,","page_number":79,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"a893321d-8e07-4044-81e2-bc83e01ac614","block_type":"box","text":"policies and restrictions of the investment portfolio into which the shareholder is making an exchange. Brokers may","page_number":79,"box":{"x":70,"y":740,"width":824,"height":11}},{"id":"e2289e73-3134-4c85-88e5-546a19aaf93f","block_type":"box","text":"charge a fee for handling exchanges.","page_number":79,"box":{"x":69,"y":755,"width":261,"height":11}},{"id":"6715f261-d522-40e5-a5d8-df0c521ab14f","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":79,"box":{"x":101,"y":778,"width":782,"height":11}},{"id":"3965cff5-e026-4078-a227-6d0c3c7bed5a","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Fund","page_number":79,"box":{"x":68,"y":793,"width":792,"height":11}},{"id":"473e1a43-6323-4284-a03d-ed52af8aee4b","block_type":"box","text":"reserves the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":79,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"4a60fbb6-454b-4bc3-88a2-052b250ae356","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":79,"box":{"x":69,"y":823,"width":818,"height":12}},{"id":"b75cfb48-3956-4a08-98d8-47a46060c8b3","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders. The Fund, the Administrator and BRIL will","page_number":79,"box":{"x":69,"y":838,"width":804,"height":12}},{"id":"2e68050a-0b96-4bed-9c58-c8b97b50da00","block_type":"box","text":"employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund, the","page_number":79,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"2ff49a23-f34b-46a0-a886-2585709f27d1","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":79,"box":{"x":68,"y":869,"width":832,"height":11}},{"id":"c0046b40-3840-424f-bd69-2f634459182e","block_type":"box","text":"instructions reasonably believed to be genuine in accordance with such procedures.","page_number":79,"box":{"x":70,"y":884,"width":596,"height":11}},{"id":"5e8715e4-9bf6-4858-8666-e4d7d6012d0a","block_type":"box","text":"II-43","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4899777e-0f6a-4098-b2e1-6dcd38f66dd7","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60a8e682-40b0-4b37-b490-92a8e992905d","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":80,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"899867f9-5019-4fd8-ba5d-d94754a55424","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":80,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"0700b389-156e-4e4f-a8b2-88cacb468ee7","block_type":"box","text":"transfer agent to be genuine. The records of the Fund’s transfer agent pertaining to such instructions are binding.","page_number":80,"box":{"x":68,"y":75,"width":812,"height":11}},{"id":"a16aa0b3-ec50-49f5-8380-b84723b68435","block_type":"box","text":"The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders.","page_number":80,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"f37dc405-cf58-4302-9d52-ae276f7236c6","block_type":"box","text":"The exchange privilege is only available in states where the exchange may legally be made.","page_number":80,"box":{"x":68,"y":105,"width":649,"height":11}},{"id":"a786cb2f-6943-4e24-aa26-8b64d38e379f","block_type":"box","text":"The redemption of shares of one fund and the subsequent investment in another fund generally will be treated","page_number":80,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"757d8c49-9d69-4a7c-bc53-1b6e0f2a55af","block_type":"box","text":"as two separate transactions. Therefore, a front-end sales charge will be imposed (unless an exemption applies) on","page_number":80,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"f85d8f96-28eb-4ec2-91de-d4bc29e57191","block_type":"box","text":"the purchase of Investor A or Investor A1 Shares of a Non-Money Market Portfolio with the proceeds of a redemption","page_number":80,"box":{"x":68,"y":158,"width":832,"height":11}},{"id":"3b28cd49-ddb3-4d35-b648-fae1ac60f82b","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":80,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"865e32d4-0353-4256-b995-5c9a366dae31","block_type":"box","text":"used to purchase Investor C Shares of a Non-Money Market Portfolio, a CDSC will be imposed (unless an exemption","page_number":80,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"7116c571-471f-4bbe-9141-0eef95e96d0a","block_type":"box","text":"applies) when the Investor C Shares of the Non-Money Market Portfolio are redeemed.","page_number":80,"box":{"x":69,"y":203,"width":615,"height":12}},{"id":"c8cfc17d-9a8f-48b9-bc40-e350a5106778","block_type":"box","text":"The Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":80,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"39458984-8fcc-445d-9a43-be62a8ef7340","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in the","page_number":80,"box":{"x":70,"y":241,"width":797,"height":11}},{"id":"95d583da-bd15-485b-b014-a47df5c2696f","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":80,"box":{"x":70,"y":256,"width":797,"height":11}},{"id":"14b62a23-2687-47d5-bb6a-28664e104b72","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":80,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"b9dbe617-e000-4d1e-be60-aa723d59f96b","block_type":"box","text":"Investor A Shares.","page_number":80,"box":{"x":70,"y":287,"width":128,"height":9}},{"id":"95672daa-856c-4540-9709-64274da20b03","block_type":"box","text":"A CDSC of up to 1.00% may apply to certain redemptions of Investor A Shares of Summit Cash Reserves","page_number":80,"box":{"x":101,"y":309,"width":750,"height":11}},{"id":"827d898d-3db9-4772-8116-2352b5595259","block_type":"box","text":"purchased in an exchange transaction for Investor A Shares of another mutual fund sponsored and advised by","page_number":80,"box":{"x":70,"y":324,"width":784,"height":12}},{"id":"96edfcef-e92a-42b2-b9a4-2a2007a7312e","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":80,"box":{"x":70,"y":339,"width":830,"height":12}},{"id":"c16c8b74-ec9c-4ea3-96b9-390b6fce1687","block_type":"box","text":"fund (each, an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser","page_number":80,"box":{"x":68,"y":354,"width":782,"height":12}},{"id":"93084809-c47b-45a6-8c23-1b2c95a22e86","block_type":"box","text":"amounts may apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares","page_number":80,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"ead9efb2-e8f4-4bc9-a83f-076e2ec5ec38","block_type":"box","text":"CDSC is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":80,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"1feeb9c1-be6d-473a-905e-69a906476213","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":80,"box":{"x":70,"y":400,"width":818,"height":11}},{"id":"fade540b-9617-4be6-835e-438f8a69e983","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no CDSC charged on","page_number":80,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"7b95a08b-ce09-4a9c-b293-b626f663753d","block_type":"box","text":"redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding period, as","page_number":80,"box":{"x":69,"y":430,"width":821,"height":11}},{"id":"bb8d8dce-c2af-4516-8987-626b5a9e0eba","block_type":"box","text":"applicable) as measured from your original purchase of Investor A Shares that you exchanged into Investor A Shares","page_number":80,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"f0bd1194-b9b7-4da9-bc33-4b3af9593f38","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":80,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"8d6f38e0-4bb6-4dc5-a3f6-9dd358970837","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":80,"box":{"x":68,"y":475,"width":798,"height":12}},{"id":"db58f7bb-39de-4a68-9a64-29e7564f6898","block_type":"box","text":"Shares purchased through certain employer-sponsored retirement plans and rollovers of current investments in a","page_number":80,"box":{"x":69,"y":491,"width":807,"height":11}},{"id":"0fced374-8763-48c8-84e4-c155d153b0b0","block_type":"box","text":"Fund through such plans; (b) exchanges pursuant to the exchange privilege described in the Fund’s Prospectus;","page_number":80,"box":{"x":70,"y":506,"width":793,"height":11}},{"id":"bf69f30e-da67-4c7c-b0a8-63bcfc8f0586","block_type":"box","text":"(c) redemptions made in connection with minimum required distributions due to the shareholder reaching age 72","page_number":80,"box":{"x":69,"y":521,"width":804,"height":11}},{"id":"42d1303a-e97d-45b3-bf6e-c00e1ce4809e","block_type":"box","text":"from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by","page_number":80,"box":{"x":68,"y":536,"width":790,"height":11}},{"id":"b9598e6e-9124-4811-80dd-0f5876177316","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":80,"box":{"x":70,"y":551,"width":806,"height":11}},{"id":"5405f581-05a4-4eab-8c39-c4ccc3e7da51","block_type":"box","text":"certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":80,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"22405b56-be86-4157-86d4-e90073f45c84","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":80,"box":{"x":69,"y":581,"width":831,"height":11}},{"id":"b2060e65-43f1-4408-aa4c-b5abbbf5391f","block_type":"box","text":"Investor A Shares; (f) involuntary redemptions of Investor A Shares in accounts with low balances; (g) certain","page_number":80,"box":{"x":70,"y":596,"width":775,"height":12}},{"id":"e727f815-a771-4508-a323-6a36c8c65091","block_type":"box","text":"redemptions made pursuant to the Systematic Withdrawal Plan (described below); (h) redemptions related to the","page_number":80,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"b4f36de8-5a5b-412b-83a2-f438f3cc8970","block_type":"box","text":"payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a","page_number":80,"box":{"x":70,"y":627,"width":768,"height":11}},{"id":"2443cb3e-2b19-4649-9d41-2e1f28bf555d","block_type":"box","text":"shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":80,"box":{"x":69,"y":642,"width":543,"height":11}},{"id":"675142bf-c903-4d52-8108-f46669b49ea3","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":80,"box":{"x":102,"y":664,"width":788,"height":12}},{"id":"580d7ea0-1550-40bf-9de6-9c9bd6da34c6","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":80,"box":{"x":69,"y":680,"width":789,"height":11}},{"id":"322e9136-668e-48f6-9121-dd0a5cb8aa34","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":80,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"1d08ed1e-ffa9-4927-8a8e-3fc7bb494216","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":80,"box":{"x":68,"y":710,"width":821,"height":11}},{"id":"18827fff-3c43-4813-8beb-1be414b116df","block_type":"box","text":"sales charge payable at the time of the exchange on the shares of the new affiliated fund.","page_number":80,"box":{"x":69,"y":725,"width":643,"height":11}},{"id":"540d32b2-1529-46ff-8287-9470b623ae15","block_type":"box","text":"It is contemplated that the exchange privilege may be applicable to other new mutual funds whose shares are","page_number":80,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"9ec6c3b8-6f9c-483e-9131-d35c055c98ed","block_type":"box","text":"distributed by the Distributor.","page_number":80,"box":{"x":69,"y":763,"width":205,"height":11}},{"id":"5dd9972a-3480-4873-b691-4957305fb998","block_type":"box","text":"Under the exchange privilege, exchanges are made on the basis of the relative NAVs of the shares being","page_number":80,"box":{"x":102,"y":785,"width":744,"height":12}},{"id":"f99733be-cab3-46ac-bb0f-bdb6abe0f21c","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":80,"box":{"x":69,"y":801,"width":805,"height":11}},{"id":"9fddc821-a1ba-4dad-9b9f-f440ab68104b","block_type":"box","text":"funds. For purposes of the exchange privilege, dividend reinvestment shares shall be deemed to have been sold with","page_number":80,"box":{"x":68,"y":816,"width":833,"height":11}},{"id":"1f57154e-5de7-472f-bf06-1d69d9796141","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":80,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"1d45f77a-a8c6-4559-a7bd-6a4df9977d55","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":80,"box":{"x":68,"y":846,"width":810,"height":11}},{"id":"fc4782c7-38ee-4f2c-937c-ef06156f1a04","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":80,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"e9bbee56-6066-476d-94b5-7d63233795ef","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":80,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"73c85ce7-792e-4b56-8572-4bc0f474c39d","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":80,"box":{"x":70,"y":891,"width":697,"height":12}},{"id":"d14c5e06-4b2b-4b37-9715-1be66709bfd5","block_type":"box","text":"II-44","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"13812887-6e05-43aa-848b-bd707f43d6e9","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc1044d4-0f90-4670-81af-134adddd9de8","block_type":"box","text":"Before effecting an exchange, shareholders of the Fund should obtain a currently effective prospectus of the","page_number":81,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"9950ae8d-e1e3-46a9-afbe-205abe7a0154","block_type":"box","text":"affiliated fund into which the exchange is to be made for information regarding the fund and for further details","page_number":81,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"e9a8dea8-fa8b-4681-8ecf-24c672b0beca","block_type":"box","text":"regarding such exchange.","page_number":81,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"b3ab7d77-7e96-4060-9a09-278b1410df88","block_type":"box","text":"To effect an exchange, shareholders should contact their financial adviser, selected securities dealer or other","page_number":81,"box":{"x":101,"y":98,"width":781,"height":11}},{"id":"3827e79c-3009-4edb-a81f-c41288c6756a","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":81,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"ca9137a1-bca2-47f5-a8ff-41dcdbc96780","block_type":"box","text":"the exchange be effected. Shareholders of certain affiliated funds with shares for which certificates have not been","page_number":81,"box":{"x":68,"y":128,"width":819,"height":11}},{"id":"a74fe39b-edec-4fb5-8c73-4e4a16f2bd46","block_type":"box","text":"issued may effect an exchange by wire through their securities dealers. The exchange privilege may be modified or","page_number":81,"box":{"x":70,"y":143,"width":815,"height":11}},{"id":"2852a290-c383-42af-9d6b-5b9ab344121a","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":81,"box":{"x":68,"y":158,"width":784,"height":11}},{"id":"c4571bd4-c204-40ee-b2d9-bbfcf2fb8520","block_type":"box","text":"number of times a shareholder may effect an exchange into the Fund through the exchange privilege; however, the","page_number":81,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"3fb6d432-328e-496e-96b6-25a99fd70d19","block_type":"box","text":"Fund reserves the right to limit the number of times an investor may effect an exchange. Certain affiliated funds may","page_number":81,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"ce16283e-479b-4540-95fb-0979437eaee5","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":81,"box":{"x":69,"y":203,"width":813,"height":12}},{"id":"a83c0bd9-b5c8-49db-9a4a-696ce3e41897","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":81,"box":{"x":68,"y":219,"width":793,"height":11}},{"id":"c991126d-02ae-46f6-880d-5660872325e3","block_type":"box","text":"made.","page_number":81,"box":{"x":69,"y":234,"width":42,"height":9}},{"id":"cdf2e74e-2367-4c07-9ea9-fafa4113917b","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":81,"box":{"x":101,"y":256,"width":800,"height":12}},{"id":"95ed9259-f221-40dc-b082-3c897ce2773f","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":81,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"b0d72feb-5a5b-42eb-bdd0-5c534e6fd4de","block_type":"box","text":"subject to backup withholding unless such shareholder certifies under penalty of perjury that the taxpayer","page_number":81,"box":{"x":69,"y":286,"width":753,"height":12}},{"id":"d990b327-a9e0-49c2-ae8b-100d7a0d42f9","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":81,"box":{"x":70,"y":302,"width":800,"height":11}},{"id":"6614745c-7552-4520-8c91-aa2af9c394a4","block_type":"box","text":"withholding. See “Dividends and Taxes — Taxes.”","page_number":81,"box":{"x":68,"y":317,"width":353,"height":11}},{"id":"75193e1c-82bb-43df-83cc-f5969292dbe6","block_type":"box","text":"Additional Shareholder Features (Investor A and Investor C Shares Only)","page_number":81,"box":{"x":101,"y":340,"width":513,"height":11}},{"id":"7a49135d-069a-4f5d-ac8b-287a02f34c7f","block_type":"box","text":"Automatic Investment Plan (“AIP”).","page_number":81,"box":{"x":101,"y":362,"width":261,"height":11}},{"id":"bbf32779-8824-45eb-a880-f419cd505e7e","block_type":"box","text":"Certain shareholders may arrange for periodic investments in the Fund","page_number":81,"box":{"x":369,"y":362,"width":503,"height":11}},{"id":"41935091-6adb-466e-9402-fcd63043a14b","block_type":"box","text":"through automatic deductions from a checking or savings account by completing the AIP Application which may be","page_number":81,"box":{"x":68,"y":377,"width":812,"height":12}},{"id":"f9ba7241-ceae-4f00-8fa7-825de7a59ddd","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":81,"box":{"x":69,"y":392,"width":834,"height":11}},{"id":"7bea36d6-413b-4f84-9d61-8fbc9ca0f81e","block_type":"box","text":"amount is $50 per Fund.","page_number":81,"box":{"x":69,"y":407,"width":175,"height":11}},{"id":"1b921941-04db-4d4f-a9b6-33eac53fb0de","block_type":"box","text":"Systematic Withdrawal Plan (“SWP”).","page_number":81,"box":{"x":101,"y":430,"width":277,"height":11}},{"id":"fa702027-1193-4f74-94b7-951a37ceaeb0","block_type":"box","text":"The Fund offers a Systematic Withdrawal Plan to shareholders who wish","page_number":81,"box":{"x":385,"y":430,"width":513,"height":11}},{"id":"f13d4d87-0751-4a84-b647-bb0bd311664e","block_type":"box","text":"to receive regular distributions from their accounts. Upon commencement of the SWP, the account must have a","page_number":81,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"f61fc66d-06f3-4eda-89e9-d267a7dc843f","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":81,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"51b97e35-9c3d-4b95-af69-1fd4365b7911","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":81,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"10b8ccf4-299c-492a-897f-f9a090c53bf2","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":81,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"8bcfd6e9-c732-4c85-ae8e-4ceba24430df","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal Plan Application","page_number":81,"box":{"x":70,"y":506,"width":817,"height":11}},{"id":"3ad908f3-76a4-439d-8016-508de647608f","block_type":"box","text":"Form which may be obtained by calling the Fund or by visiting our website at www.blackrock.com.","page_number":81,"box":{"x":70,"y":521,"width":687,"height":11}},{"id":"317fdde7-a5ec-4355-aec9-3a36f53a13d3","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":81,"box":{"x":102,"y":543,"width":789,"height":11}},{"id":"9c1df96a-20cd-4652-a9ab-4616df7ef7b6","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":81,"box":{"x":68,"y":559,"width":774,"height":11}},{"id":"77f574cd-6d5f-4e1d-9b98-86767e8794df","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":81,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"e86490e5-b46a-4594-8124-5aa121702bce","block_type":"box","text":"(800) 441-7762.","page_number":81,"box":{"x":69,"y":589,"width":119,"height":11}},{"id":"342ccdc6-06e1-4ff4-84cf-bbbe76236fc7","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan (see “Account Services and","page_number":81,"box":{"x":102,"y":612,"width":800,"height":11}},{"id":"1e6b6f94-ffd5-4d34-9683-f72f1588d0d1","block_type":"box","text":"Privileges — Automatic Investment Plan” in the Fund’s Prospectus) and the Systematic Withdrawal Plan at the same","page_number":81,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"4e575c01-cd15-4fb2-aa75-2a7c9a74f133","block_type":"box","text":"time.","page_number":81,"box":{"x":68,"y":642,"width":35,"height":9}},{"id":"f46c6a54-5294-4958-815b-8363db899b10","block_type":"box","text":"Dividend Allocation Plan.","page_number":81,"box":{"x":102,"y":665,"width":180,"height":8}},{"id":"daf0b394-d1fe-4cbf-b235-d3d4f3a61c98","block_type":"box","text":"The Dividend Allocation Plan allows shareholders to elect to have all their dividends","page_number":81,"box":{"x":288,"y":665,"width":595,"height":8}},{"id":"d144b276-5e13-4953-a193-4674ccf4ee80","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":81,"box":{"x":69,"y":680,"width":757,"height":11}},{"id":"f50d660f-92da-4235-ac60-adc2dc30c324","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":81,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"dcebfd8c-68be-4585-bc1f-13c516cd9110","block_type":"box","text":"the shareholder, provided the account into which the dividends and distributions are directed is initially funded with","page_number":81,"box":{"x":68,"y":710,"width":820,"height":11}},{"id":"37c4c22d-9da4-4217-9aa6-19be4820e256","block_type":"box","text":"the requisite minimum amount.","page_number":81,"box":{"x":68,"y":725,"width":223,"height":11}},{"id":"15dbbcb1-897e-43d6-b8c2-33c5d5f1dbb3","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":81,"box":{"x":70,"y":755,"width":378,"height":9}},{"id":"d90242bc-2ad0-41ec-b535-2b80e4eb5675","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":81,"box":{"x":102,"y":778,"width":804,"height":11}},{"id":"a60ff4a4-33fc-4fee-a52e-875aa15ce08d","block_type":"box","text":"of the Fund will convert automatically into Investor A Shares of the Fund (the “Investor C 8-Year Conversion”). It is the","page_number":81,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"d6a26453-2a59-41fd-a7a7-428ca20b492c","block_type":"box","text":"financial intermediary’s responsibility to ensure that the shareholder is credited with the proper holding period. As of","page_number":81,"box":{"x":68,"y":808,"width":834,"height":11}},{"id":"aa65b843-5d99-46b1-b94f-3960acd219df","block_type":"box","text":"the Effective Date, certain financial intermediaries, including group retirement recordkeeping platforms, may not have","page_number":81,"box":{"x":68,"y":823,"width":839,"height":12}},{"id":"b607f29a-2490-4d74-bc09-302bade00020","block_type":"box","text":"been tracking such holding periods and therefore may not be able to process such conversions. In such instances,","page_number":81,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"9d5da149-eceb-4521-a6b9-f8e96d132fce","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight","page_number":81,"box":{"x":70,"y":853,"width":812,"height":12}},{"id":"c6212379-8281-46fa-b2af-4b1e3884b889","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":81,"box":{"x":68,"y":869,"width":769,"height":11}},{"id":"2f1f7170-1e24-490c-8b68-0b1b17453b53","block_type":"box","text":"intermediary has not implemented systems or procedures to track holding periods commencing from the Effective","page_number":81,"box":{"x":70,"y":884,"width":811,"height":11}},{"id":"e33a3520-ee23-47db-9ac8-28d72ed120ca","block_type":"box","text":"II-45","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"37a6fef3-7ab4-454c-83b8-ddf70f2e2339","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14603d78-b93a-4578-b9a2-22f24e5334a2","block_type":"box","text":"Date, shareholders holding Investor C Shares through such financial intermediary will no longer be eligible to hold","page_number":82,"box":{"x":70,"y":45,"width":809,"height":11}},{"id":"80f88ef7-20c6-4c2d-85d4-ba1707284cf5","block_type":"box","text":"Investor C Shares and any such shares will convert to Investor A Shares as soon as reasonably practicable after","page_number":82,"box":{"x":70,"y":60,"width":801,"height":11}},{"id":"61aa6f04-d339-4038-8ba8-d7e42c7753e5","block_type":"box","text":"such date.","page_number":82,"box":{"x":69,"y":75,"width":73,"height":9}},{"id":"e460fab2-b5d6-4999-9924-5643aa5fb53c","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":82,"box":{"x":102,"y":98,"width":764,"height":11}},{"id":"f71062c9-36d3-4913-8af3-8f1a22273927","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":82,"box":{"x":70,"y":113,"width":816,"height":11}},{"id":"e8eaf250-b50d-4bed-9c1c-648e0e6362c1","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":82,"box":{"x":69,"y":128,"width":772,"height":11}},{"id":"d4d55401-88f8-4b31-ac78-cd49fb044a22","block_type":"box","text":"“Investor C Conversions”).","page_number":82,"box":{"x":70,"y":143,"width":186,"height":11}},{"id":"dad2a2fd-cbd4-4364-8376-bc6f2b8153b2","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":82,"box":{"x":101,"y":166,"width":776,"height":11}},{"id":"d8b26af8-cb42-4763-8c66-f3ea04269ebe","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":82,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"4260e102-cc4a-4e75-8ccd-cc90bb168544","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":82,"box":{"x":70,"y":196,"width":827,"height":11}},{"id":"6bcece8d-5f8b-43c1-9232-bb4cd60468f1","block_type":"box","text":"of the shares for Federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":82,"box":{"x":69,"y":211,"width":801,"height":11}},{"id":"f03f95f5-11f0-46ef-8840-33fc80fc808d","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in the Fund’s Prospectus. The Investor C","page_number":82,"box":{"x":69,"y":226,"width":807,"height":11}},{"id":"aab33f99-434f-4fdf-aea9-87e13a4b4088","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":82,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"73e9d333-1f4d-467e-9339-2e85a2a8fdcc","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":82,"box":{"x":69,"y":257,"width":445,"height":11}},{"id":"c1658d54-6a45-485d-9800-eda336491fdb","block_type":"box","text":"Institutional Shares","page_number":82,"box":{"x":70,"y":287,"width":138,"height":9}},{"id":"c6c70337-4608-4343-8080-5965a4730bf0","block_type":"box","text":"Purchase of Shares","page_number":82,"box":{"x":102,"y":309,"width":140,"height":9}},{"id":"4bdc8769-73ee-4155-99e1-0085c9eae264","block_type":"box","text":". Summit Cash Reserves offers Institutional Shares as described in the Fund’s Prospectus.","page_number":82,"box":{"x":244,"y":309,"width":650,"height":11}},{"id":"d05ea9cb-01dc-4529-b59d-f7e9d808491e","block_type":"box","text":"In addition, the following investors may purchase Institutional Shares: employees, officers and directors/","page_number":82,"box":{"x":102,"y":332,"width":749,"height":11}},{"id":"fb287231-3d32-420f-bf7c-0c1e5e25b526","block_type":"box","text":"trustees of BlackRock, Inc., BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their","page_number":82,"box":{"x":68,"y":347,"width":801,"height":11}},{"id":"98d567fb-df78-42f0-aa61-58da13f3f10a","block_type":"box","text":"respective affiliates and immediate family members of such persons, if they open an account directly with BlackRock;","page_number":82,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"a34976c9-e044-485b-9b79-b8da19842674","block_type":"box","text":"individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":82,"box":{"x":70,"y":377,"width":829,"height":11}},{"id":"63cb134c-9359-4dfd-a562-05acde6691e4","block_type":"box","text":"the Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such","page_number":82,"box":{"x":68,"y":392,"width":821,"height":12}},{"id":"b215e6b0-6913-4b93-be24-b0bb4534158f","block_type":"box","text":"shares (“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city,","page_number":82,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"64ed620c-a425-471f-b5fd-451ad98e6299","block_type":"box","text":"and state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":82,"box":{"x":69,"y":423,"width":824,"height":11}},{"id":"01605cd0-a3a4-4e95-b5e2-657e4c3ebda5","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":82,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"2ab5dda0-f7f0-409f-ba58-d97e25da5b8a","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":82,"box":{"x":69,"y":453,"width":831,"height":11}},{"id":"1a80550d-7fe5-4852-9532-049c6acb5e13","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":82,"box":{"x":68,"y":468,"width":782,"height":11}},{"id":"68c3ef8f-e694-4438-835a-64743c8e8970","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":82,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"3b3e6f0f-3f65-45e7-81ae-de0931ab4878","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":82,"box":{"x":70,"y":498,"width":788,"height":11}},{"id":"de66822b-a242-4a0f-a860-2ac8f9bb28b4","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":82,"box":{"x":70,"y":513,"width":835,"height":12}},{"id":"fd513c91-1ccc-43fd-96dc-f0b36cec8fe0","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":82,"box":{"x":69,"y":528,"width":813,"height":12}},{"id":"d89a13ec-9c4a-4b0d-947c-e1f94c96c259","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":82,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"dfabf227-0cf9-4a88-84cb-3206475f5f48","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":82,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"f90f4e35-347b-42e6-bbb3-88fdb2cec728","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":82,"box":{"x":68,"y":574,"width":819,"height":11}},{"id":"81ec8409-bac9-4af1-838f-7ead202ea0c8","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":82,"box":{"x":70,"y":589,"width":826,"height":11}},{"id":"c9d8904c-36a5-4845-b6bd-fd42cf3bf1da","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":82,"box":{"x":69,"y":603,"width":837,"height":12}},{"id":"b619d418-fab9-4e08-80d1-8b38349f121c","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":82,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"a34228c3-63e3-4a4d-8ec9-06c18f896da6","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust department clients of Bank of America,","page_number":82,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"996ad912-e6af-4a1c-bda4-04a62c4e9b0a","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit","page_number":82,"box":{"x":70,"y":649,"width":807,"height":12}},{"id":"e8e350cb-6b9b-4d5e-a89d-01c53b4c6da3","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":82,"box":{"x":70,"y":664,"width":838,"height":12}},{"id":"40fa011c-70f5-4ecb-a308-412838e2674a","block_type":"box","text":"of certain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":82,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"b2243a02-cbb4-4692-a9b2-1ca28cc56998","block_type":"box","text":"shares of the Fund.","page_number":82,"box":{"x":69,"y":695,"width":137,"height":9}},{"id":"13d98067-f766-4436-b8d0-4cdde4e7820d","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":82,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"7f2f83ab-1a95-46b6-978b-a9d57b0e0d20","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":82,"box":{"x":69,"y":732,"width":638,"height":12}},{"id":"c5933b0d-668c-4967-b036-a0aa27c723e8","block_type":"box","text":"Institutional Shares of the Fund may be purchased by customers of broker-dealers and agents that have","page_number":82,"box":{"x":102,"y":755,"width":740,"height":11}},{"id":"a0c38b5b-8f66-4524-9a66-bb9d04b4bdf7","block_type":"box","text":"established a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may","page_number":82,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"fcbad4b7-6e95-4a52-aa6d-3fac04f6a2c7","block_type":"box","text":"impose additional or different conditions on the purchase or redemption of Fund shares by their customers and may","page_number":82,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"de86dc24-0655-462e-8094-6383480dc2d1","block_type":"box","text":"charge their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each","page_number":82,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"5c4283cf-5648-434e-9a30-4688f8afa737","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":82,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"66b18543-052f-4079-ab05-f8afb73f0f9c","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":82,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"4ffce667-b3c5-4fb4-9565-2c3ca9f44dca","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":82,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"769e6620-620f-4f03-8426-8d7b54db0036","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":82,"box":{"x":102,"y":869,"width":806,"height":11}},{"id":"9b38f49c-0538-4012-824a-a191eb2da981","block_type":"box","text":"in Federal funds or other immediately available funds by the time specified by the shareholder’s financial","page_number":82,"box":{"x":70,"y":884,"width":744,"height":11}},{"id":"e894200f-74fb-4f28-8a47-d19192a6977a","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":82,"box":{"x":70,"y":899,"width":786,"height":11}},{"id":"507c3e3c-c40b-4224-b744-aed3e6c6b424","block_type":"box","text":"II-46","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16db4929-bedc-45bb-845a-337c5aaf3609","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"207b5294-67a9-4d42-a9a7-bc57704ac79b","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":83,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"3dea07df-68d7-4608-95be-528551b91886","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":83,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"5e5ecc14-94b0-4817-80a5-b52c0fbbb600","block_type":"box","text":"resulting losses or expenses incurred by the Fund.","page_number":83,"box":{"x":69,"y":75,"width":358,"height":11}},{"id":"924acf63-1b09-420d-8e28-416d1abc050d","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":83,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"b8641aab-31ae-4dd9-928e-da050d657722","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":83,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"f0a6ef7d-599c-45a5-ae95-ad788147ca3a","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":83,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"a9fb15e5-7c08-4c24-a99f-bcf0fbf6ca9e","block_type":"box","text":"meet eligibility requirements of the new share class.","page_number":83,"box":{"x":69,"y":143,"width":372,"height":11}},{"id":"83fc03c3-cf1a-48d5-9e3b-a2f4786748d1","block_type":"box","text":"DCC&S.","page_number":83,"box":{"x":102,"y":166,"width":56,"height":9}},{"id":"afb534bd-bfe7-4871-a6fd-6f1c86e6d707","block_type":"box","text":"Qualified Plans may be able to invest in shares of the Fund through the Defined Contribution Clearance","page_number":83,"box":{"x":165,"y":166,"width":734,"height":11}},{"id":"6601b253-cc0a-4416-9818-86737ab90169","block_type":"box","text":"and Settlement System (“DCC&S”) of the National Securities Clearing Corporation. Institutions qualifying to trade on","page_number":83,"box":{"x":69,"y":181,"width":828,"height":11}},{"id":"c62687ad-4bdd-4918-9ddf-ab5a89174408","block_type":"box","text":"DCC&S include broker/dealers, trust companies and third party administrators. Please contact the Fund for","page_number":83,"box":{"x":70,"y":196,"width":767,"height":11}},{"id":"3741547a-35c4-45d5-acba-1b2624b2ca0f","block_type":"box","text":"information on agreements, procedures, sales charges and fees related to DCC&S transactions.","page_number":83,"box":{"x":70,"y":211,"width":686,"height":11}},{"id":"34230303-410b-45b2-a97e-facbd6365410","block_type":"box","text":"Purchase of Shares of WeLEAF","page_number":83,"box":{"x":69,"y":241,"width":224,"height":9}},{"id":"8da4b382-31c4-4779-9428-ece283513f1c","block_type":"box","text":"WeLEAF has authorized one or more brokers and/or financial institutions (“Authorized Persons”) to receive on its","page_number":83,"box":{"x":101,"y":264,"width":804,"height":11}},{"id":"ce7da94d-8e5c-44ee-b8c4-846c48812997","block_type":"box","text":"behalf purchase and redemption orders that are in “good form” in accordance with the policies of those Authorized","page_number":83,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"9710c5c8-5b84-4b27-b1f4-d046f1daedf3","block_type":"box","text":"Persons. Such Authorized Persons are authorized to designate other intermediaries to receive purchase and","page_number":83,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"a66ac136-8e2b-4b29-bc35-90add9b6b1e2","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":83,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"e93c9a24-5257-4cca-858d-13513b519f15","block_type":"box","text":"order when an Authorized Person or, if applicable, such Authorized Person’s authorized designee, receives the order.","page_number":83,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"e3882909-2fc1-4ba7-9ff9-b42bd7db810b","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":83,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"7d2cb642-3d03-473b-8182-56f2c038798b","block_type":"box","text":"or such Authorized Person’s authorized designee. Financial institutions may include retirement plan service providers","page_number":83,"box":{"x":69,"y":355,"width":834,"height":11}},{"id":"9cedcd48-e625-415b-be3c-5acbeead27c2","block_type":"box","text":"who aggregate purchase and redemption instructions received from numerous retirement plans or plan participants.","page_number":83,"box":{"x":68,"y":370,"width":829,"height":11}},{"id":"305ea3ad-9fbb-47c4-95e9-bf2246b005c2","block_type":"box","text":"Investor Shares","page_number":83,"box":{"x":70,"y":400,"width":110,"height":9}},{"id":"f76f1789-d321-4298-a5a0-de4301a0c44f","block_type":"box","text":"Purchase of Shares.","page_number":83,"box":{"x":102,"y":423,"width":144,"height":9}},{"id":"7a72fb99-506c-4577-83d8-75d20dd02303","block_type":"box","text":"The minimum investment for the initial purchase of shares is $1,000. There is no","page_number":83,"box":{"x":253,"y":422,"width":582,"height":12}},{"id":"941fce48-fcfc-4c40-b42a-b67b56194568","block_type":"box","text":"investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs).","page_number":83,"box":{"x":70,"y":438,"width":811,"height":11}},{"id":"64e268da-1ecb-404a-8524-d0964f48d6e8","block_type":"box","text":"There is no investment minimum for certain fee-based programs. There is a $50 minimum for subsequent","page_number":83,"box":{"x":68,"y":452,"width":757,"height":12}},{"id":"ed815036-eb0e-4055-8a1b-2324bd74eff8","block_type":"box","text":"investments (with the exception of certain employer-sponsored retirement plans which may have a lower minimum).","page_number":83,"box":{"x":70,"y":468,"width":821,"height":11}},{"id":"e99e9f08-e30d-4c6c-962c-e6c76289570a","block_type":"box","text":"Purchases through the Automatic Investment Plan are subject to a lower initial purchase minimum. In addition, the","page_number":83,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"cbdad261-3745-4937-a3f6-e43a7c34b361","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":83,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"926f8640-3de0-4aab-b7ba-5c477d764453","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":83,"box":{"x":69,"y":513,"width":836,"height":12}},{"id":"72598cb4-4cb8-421d-9202-c07b574e83ba","block_type":"box","text":"minimum investment is $25.","page_number":83,"box":{"x":69,"y":528,"width":203,"height":10}},{"id":"a5dae560-922f-4560-a0e2-a6816f21825d","block_type":"box","text":"Purchases Through Brokers.","page_number":83,"box":{"x":102,"y":551,"width":204,"height":11}},{"id":"fd197afa-ec85-46d7-85de-3c4162e85305","block_type":"box","text":"It is the responsibility of brokers to transmit purchase orders and payment on a","page_number":83,"box":{"x":314,"y":551,"width":566,"height":11}},{"id":"e209d394-40f3-4a8b-bf27-e86f64df3e5f","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":83,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"d61cc693-7152-4a1f-a649-957466e6856c","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":83,"box":{"x":69,"y":581,"width":821,"height":12}},{"id":"189fa0cb-c191-442e-96b8-30693f767070","block_type":"box","text":"or its shareholders. Orders of less than $500 may be mailed by a broker to the transfer agent.","page_number":83,"box":{"x":69,"y":596,"width":673,"height":12}},{"id":"0999d8ac-e99a-4d65-81cb-aee30924a356","block_type":"box","text":"Other Purchase Information.","page_number":83,"box":{"x":101,"y":619,"width":205,"height":9}},{"id":"cf6d07c8-90a7-4637-bb8a-86849043d386","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":83,"box":{"x":313,"y":619,"width":559,"height":11}},{"id":"e2c8ab8e-035d-49d6-9b8c-5bb86194035f","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":83,"box":{"x":69,"y":634,"width":786,"height":11}},{"id":"76129386-48c5-478b-ba4b-822241d72f31","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":83,"box":{"x":68,"y":649,"width":833,"height":12}},{"id":"39f70208-2194-4e69-bacd-c222fb53b0e1","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":83,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"553356eb-1d99-4760-9591-aa1cb4f88691","block_type":"box","text":"shares is recorded on the books of the Fund. No certificates will be issued for shares. Payments for shares of the","page_number":83,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"f13ce2e6-19c9-484f-9669-736a220cc07d","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":83,"box":{"x":70,"y":695,"width":751,"height":11}},{"id":"0292589e-7d90-4f73-8deb-f8bc9beb2503","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":83,"box":{"x":70,"y":710,"width":823,"height":11}},{"id":"69a329d5-b9c9-4533-91e8-6cbc2048f2c9","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":83,"box":{"x":70,"y":725,"width":827,"height":11}},{"id":"5f8f9a59-029c-4659-850c-174c455f4528","block_type":"box","text":"any time.","page_number":83,"box":{"x":69,"y":740,"width":63,"height":11}},{"id":"e52faf2f-1d85-4dd6-a3a8-3649265112d2","block_type":"box","text":"Shareholder Features","page_number":83,"box":{"x":101,"y":763,"width":155,"height":9}},{"id":"51eced37-ae89-4774-babe-b6e4c7e9ba38","block_type":"box","text":"Exchange Privilege.","page_number":83,"box":{"x":102,"y":786,"width":142,"height":11}},{"id":"dfec335f-4b24-43fd-b30b-ec73c6995dc5","block_type":"box","text":"Unless an exemption applies, a front-end sales charge will be charged in connection with","page_number":83,"box":{"x":251,"y":785,"width":633,"height":12}},{"id":"09267f5d-4427-4481-bd88-1c2846bd1781","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":83,"box":{"x":69,"y":801,"width":799,"height":11}},{"id":"9e185d35-aaf4-420c-98a7-5772c2f4307b","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":83,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"c2ff22ec-d61f-46f8-aa40-8da08f295dc4","block_type":"box","text":"BlackRock Fund”). Exchanges of Investor C Shares of WeLEAF for Investor C Shares of a Non-Money Market Portfolio","page_number":83,"box":{"x":70,"y":831,"width":830,"height":11}},{"id":"48cda9cb-31d6-45c0-9360-7388f503e2ed","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":83,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"f15b3122-ed8a-4567-886d-36e3721e719d","block_type":"box","text":"of the Non-Money Market Portfolio received in the exchange.","page_number":83,"box":{"x":69,"y":861,"width":429,"height":11}},{"id":"e31aa5b9-3dec-48b0-8bf0-24d133aa113b","block_type":"box","text":"A CDSC of up to 1.00% may apply to certain redemptions of Investor A Shares of WeLEAF purchased in an","page_number":83,"box":{"x":101,"y":884,"width":757,"height":11}},{"id":"6d3629a5-4a2e-4d34-a848-a145664d6d09","block_type":"box","text":"exchange transaction for Investor A Shares of a portfolio advised by BlackRock or its affiliates where no initial sales","page_number":83,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"6f5d4a28-9cc1-4c6f-b958-ca52cbe4753c","block_type":"box","text":"II-47","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"698ef9e0-8027-4d9f-9983-a85199d758f2","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7809bd85-2650-4b0e-b289-544991fcc5cb","block_type":"box","text":"charge was paid at the time of purchase of such Fund (an “Investor A Load-Waived BlackRock Fund”) as part of an","page_number":84,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"1ca5cec3-b6de-4581-b86e-be8761976836","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":84,"box":{"x":70,"y":59,"width":824,"height":12}},{"id":"7e40786e-a799-4513-841d-e06b4f7cfaa9","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":84,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"79f6d474-fbc5-420b-8c1a-9499c5db2e66","block_type":"box","text":"originally acquired such Investor A Shares of the Investor A Load-Waived BlackRock Fund (a shorter holding period","page_number":84,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"971ed69d-ff57-468d-a98a-9e0931a84534","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":84,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"20d906c4-3e95-41de-8d49-4a80d4b2dde0","block_type":"box","text":"CDSC charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter","page_number":84,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"934ecf62-886a-45b4-9d5b-b4415404af22","block_type":"box","text":"holding period, as applicable) as measured from your original purchase of Investor A Shares that you exchanged into","page_number":84,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"ebdc958c-fb10-4cc1-a4db-356123ae8ee1","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":84,"box":{"x":70,"y":150,"width":798,"height":12}},{"id":"76afb700-de62-42e9-9360-695c31142abd","block_type":"box","text":"(a) redemptions of Investor A Shares purchased through certain employer-sponsored retirement plans and rollovers","page_number":84,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"c17ffb62-a694-4dd0-bbe7-c2a0a51ca53a","block_type":"box","text":"of current investments in a Fund through such plans; (b) exchanges pursuant to the exchange privilege described in","page_number":84,"box":{"x":69,"y":181,"width":822,"height":11}},{"id":"1b98ed04-1c45-4597-81ba-ad42c819ccda","block_type":"box","text":"the Fund’s Prospectus; (c) redemptions made in connection with minimum required distributions due to the","page_number":84,"box":{"x":68,"y":196,"width":765,"height":11}},{"id":"a6324232-856d-4839-9db6-eebbdd3976a2","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain","page_number":84,"box":{"x":69,"y":211,"width":775,"height":11}},{"id":"731ef73f-d0a6-4b24-8291-fdd6935e80cd","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":84,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"e88cd583-4d86-4d2e-b46f-a8b503712211","block_type":"box","text":"or, if later, the receipt of a certified probate settlement (including in connection with the distribution of account","page_number":84,"box":{"x":69,"y":241,"width":789,"height":11}},{"id":"13b107ae-a80a-41bf-a622-c7037a84b010","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":84,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"cc002775-7f2d-45c0-b07c-5dab027480fd","block_type":"box","text":"subsequent to the purchase of Investor A Shares; (f) involuntary redemptions of Investor A Shares in accounts with","page_number":84,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"a0dce6bd-0ef3-4257-8e90-3a80f2ed8074","block_type":"box","text":"low balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":84,"box":{"x":70,"y":287,"width":762,"height":11}},{"id":"7fee61ad-85fd-46eb-abd2-b605867f4772","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":84,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"a92b3e63-a670-4eb6-b6ce-f68d69a0f803","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":84,"box":{"x":69,"y":317,"width":711,"height":11}},{"id":"251fcb23-d250-4090-a0a5-9cf6129d038a","block_type":"box","text":"A CDSC of 1.00% may apply to certain redemptions of Investor C Shares of WeLEAF. The Investor C Shares","page_number":84,"box":{"x":101,"y":339,"width":764,"height":12}},{"id":"6afc7e5a-25b0-4877-9e67-32bb44038c2c","block_type":"box","text":"CDSC is only charged upon redemptions of Investor C Shares within one year after you originally acquired the","page_number":84,"box":{"x":69,"y":355,"width":777,"height":11}},{"id":"57c42812-6d19-4241-94fc-0aac00bb1e87","block_type":"box","text":"Investor C Shares of the Non-Money Market Portfolio, unless you qualify for a waiver. There is no CDSC charged on","page_number":84,"box":{"x":70,"y":370,"width":817,"height":11}},{"id":"71d9e5ca-c11c-4a0a-b5ac-5ce0d8c4886b","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":84,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"d902946d-782d-48d3-a5a4-c6d9c73c9f51","block_type":"box","text":"purchase of Investor C Shares that you exchanged into Investor C Shares of WeLEAF). In determining whether an","page_number":84,"box":{"x":70,"y":400,"width":801,"height":11}},{"id":"d84b9e52-b87d-4e95-9569-5ffb09d7ea94","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":84,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"004d499b-302f-4088-884e-b7566424f7db","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":84,"box":{"x":70,"y":430,"width":794,"height":11}},{"id":"1e3aeee2-065c-4d0d-95df-3548a58fb852","block_type":"box","text":"proceeds of redemption or the cost of the shares being redeemed. Accordingly, no CDSC will be imposed on","page_number":84,"box":{"x":70,"y":445,"width":769,"height":12}},{"id":"8a75eb88-ea28-41b0-b3bf-4e8d18e77659","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":84,"box":{"x":70,"y":460,"width":801,"height":11}},{"id":"28e7581e-3106-4234-809a-537c28a755a8","block_type":"box","text":"Investor C Shares acquired through reinvestment of dividends. It will be assumed that the redemption is first of","page_number":84,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"6356c547-c435-4ae2-8652-d62322e62ede","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":84,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"dda425e4-b8d7-41c4-ac63-758d79cd3c2b","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":84,"box":{"x":70,"y":506,"width":795,"height":11}},{"id":"09e8cd64-5b24-4770-90dd-7c7adc5ee289","block_type":"box","text":"assumed to be made in the same order as a redemption.","page_number":84,"box":{"x":69,"y":521,"width":408,"height":11}},{"id":"091bdd2d-e9ab-49a6-b24e-9196b92eb9b9","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of the Fund’s SAI for","page_number":84,"box":{"x":102,"y":543,"width":722,"height":12}},{"id":"31258360-fb41-4d7c-af0e-3a97c8e09ff3","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":84,"box":{"x":70,"y":559,"width":769,"height":11}},{"id":"f82a3e40-4eeb-41d8-8143-b4c0f977e3bd","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":84,"box":{"x":101,"y":581,"width":740,"height":12}},{"id":"6d181524-3999-4392-9c5e-db619b4a99f5","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":84,"box":{"x":70,"y":596,"width":802,"height":12}},{"id":"6cc88bfb-fd72-434a-86e5-64587067b092","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges pursuant to the","page_number":84,"box":{"x":69,"y":612,"width":809,"height":11}},{"id":"8b383812-81c4-4bef-8bce-559672b107a3","block_type":"box","text":"exchange privilege described in the Fund’s Prospectus; (3) redemptions made in connection with minimum required","page_number":84,"box":{"x":69,"y":627,"width":822,"height":11}},{"id":"7f0b271f-1803-4a3c-9a5a-8d2641eb5a5b","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":84,"box":{"x":69,"y":642,"width":815,"height":11}},{"id":"4f74da02-302c-4468-83d8-75bd60360a81","block_type":"box","text":"respect to certain retirement plans sponsored by BlackRock or its affiliates; (5) redemptions in connection with a","page_number":84,"box":{"x":69,"y":657,"width":807,"height":11}},{"id":"bf9228f9-a11c-4db6-9229-8c8f23bc20fb","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":84,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"2bb01e06-4f16-4350-890e-05d5682d734d","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":84,"box":{"x":68,"y":687,"width":836,"height":11}},{"id":"24e4fb3a-89dc-4f0a-aec5-9448d07e6b65","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":84,"box":{"x":69,"y":702,"width":806,"height":11}},{"id":"c1c9d5d7-7ca6-4420-b37c-a188bc917188","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":84,"box":{"x":69,"y":717,"width":786,"height":12}},{"id":"5e9cf046-770f-489d-8d0a-a06efa9c2510","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":84,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"ae23f7e4-e71c-4097-acb7-830ed40e9595","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":84,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"491bc0cd-a7df-46c6-95b1-8fdee3ea0a8b","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":84,"box":{"x":70,"y":763,"width":791,"height":11}},{"id":"6a13f031-df8e-42ea-8571-5d09e4048e23","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":84,"box":{"x":70,"y":778,"width":784,"height":11}},{"id":"4d8a4cb7-c4e0-4725-bafa-5d1fdf1901ef","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":84,"box":{"x":69,"y":793,"width":824,"height":11}},{"id":"1f7139df-f797-44a1-a00b-25550d205f41","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":84,"box":{"x":69,"y":808,"width":451,"height":11}},{"id":"8e563cee-8710-404c-97b2-0e7acfaefe37","block_type":"box","text":"WeLEAF has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":84,"box":{"x":101,"y":831,"width":766,"height":11}},{"id":"a85f25e0-46f8-443f-bb68-394dda4c2b59","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in the","page_number":84,"box":{"x":70,"y":846,"width":797,"height":11}},{"id":"4628af31-21e1-45e7-afea-97ed375a2bc6","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":84,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"a33960e3-a0c4-4807-bd07-17d366222eef","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":84,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"b62d13eb-86e9-49d5-8e6c-39518486f443","block_type":"box","text":"Investor A Shares.","page_number":84,"box":{"x":70,"y":891,"width":128,"height":9}},{"id":"36229b16-0947-40c9-9ad1-52f7e891ae7e","block_type":"box","text":"II-48","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e1629e8-71c1-4608-b09c-059e852196d6","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9064d35-9188-43a8-b56a-7aa72a43b9d9","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":85,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"f646c23f-3533-41d3-9512-c70875320853","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":85,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"9d7e4c9a-5f9d-4095-8cbb-5a2f47cae79d","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":85,"box":{"x":69,"y":75,"width":462,"height":11}},{"id":"e66c2f54-3143-45bc-b8c2-44117515c5d8","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":85,"box":{"x":102,"y":98,"width":780,"height":11}},{"id":"1ae21b5d-14e8-4802-876b-b1f0ac2aca0d","block_type":"box","text":"traced back to a purchase of shares in one or more investment portfolios of the Fund for which a sales charge was","page_number":85,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"533c9562-7079-445a-8d41-533efc238532","block_type":"box","text":"paid, can be exchanged for Investor A Shares of the Fund subject to a sales charge.","page_number":85,"box":{"x":70,"y":128,"width":596,"height":11}},{"id":"262a5eb9-a4f3-41be-bb0a-523b3efe1ae3","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":85,"box":{"x":101,"y":150,"width":799,"height":12}},{"id":"93fa03dc-48e3-46c0-9220-aabe364ea261","block_type":"box","text":"address: BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are automatically","page_number":85,"box":{"x":69,"y":166,"width":785,"height":11}},{"id":"173f9be7-ebb8-4845-acdd-d82157118ff6","block_type":"box","text":"provided with telephone exchange privileges when opening an account, unless they indicate on the Application that","page_number":85,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"7a929db8-312d-4c22-a884-92f16e9f2b44","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":85,"box":{"x":68,"y":196,"width":817,"height":11}},{"id":"a19a45be-bea4-4007-805f-11d89ddcaa4f","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":85,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"2f1ce5d4-6ef3-4f1b-b234-cda69711d851","block_type":"box","text":"simply contact the Fund by telephone at (800) 441-7762 to request the exchange. During periods of substantial","page_number":85,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"eaf23610-3b64-459a-9528-f541d30580bf","block_type":"box","text":"economic or market change, telephone exchanges may be difficult to complete and shareholders may have to submit","page_number":85,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"65ac944a-a174-42fd-bf6e-d68c4030119d","block_type":"box","text":"exchange requests in writing.","page_number":85,"box":{"x":69,"y":257,"width":206,"height":11}},{"id":"7a276b4f-27eb-4dfc-96ae-36b99ac288a4","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":85,"box":{"x":102,"y":279,"width":800,"height":11}},{"id":"891ceb8b-f81d-4e30-9cb9-6725624555a0","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":85,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"49ab3308-b352-46ec-a31b-b3e22332b17f","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":85,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"73120266-7d36-46f3-8c21-fbb1cf43ba90","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution. In order to participate in the Automatic Investment","page_number":85,"box":{"x":68,"y":325,"width":833,"height":11}},{"id":"7799edcd-2543-4bc4-ab8f-169b9a531b27","block_type":"box","text":"Program or establish a Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must","page_number":85,"box":{"x":69,"y":339,"width":817,"height":12}},{"id":"3e599ad8-1766-4b0b-8542-0464f7d7ca82","block_type":"box","text":"file a specific written request.","page_number":85,"box":{"x":68,"y":355,"width":210,"height":11}},{"id":"92fa9a6e-366e-4020-a87c-fc0ab2ba96da","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":85,"box":{"x":101,"y":377,"width":790,"height":12}},{"id":"035d9d1e-15f5-4778-939d-176fb665849f","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":85,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"ea8f039b-9a9e-4ebd-84c5-7c102f54ee5a","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":85,"box":{"x":69,"y":407,"width":799,"height":12}},{"id":"1c6dee01-910d-433d-8d31-828226c885b3","block_type":"box","text":"request, shareholders should consult a tax or other financial adviser and should consider the investment objective,","page_number":85,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"2a2d545d-068a-4a27-a96f-1e49720a54eb","block_type":"box","text":"policies and restrictions of the investment portfolio into which the shareholder is making an exchange. Brokers may","page_number":85,"box":{"x":70,"y":438,"width":824,"height":11}},{"id":"e30a1feb-0900-4bae-9d66-c18ea7e03d51","block_type":"box","text":"charge a fee for handling exchanges.","page_number":85,"box":{"x":69,"y":453,"width":261,"height":11}},{"id":"ddee9ca6-48a3-4a12-9d48-7c6050e8a8d8","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":85,"box":{"x":101,"y":475,"width":782,"height":12}},{"id":"3a5afc66-2146-450c-a1a4-147879efd5d7","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Fund","page_number":85,"box":{"x":68,"y":491,"width":792,"height":11}},{"id":"59368aac-81c4-4b04-9f5f-bd482870aa82","block_type":"box","text":"reserves the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":85,"box":{"x":69,"y":506,"width":840,"height":11}},{"id":"4b88597b-e6a7-47e2-989a-80e7d925195c","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":85,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"14e8261a-401c-4653-b4dd-f0a815119a2b","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders. The Fund, the Administrator and BRIL will","page_number":85,"box":{"x":69,"y":536,"width":804,"height":11}},{"id":"8d3429b2-f872-4a79-9cdc-ac185ef73ab3","block_type":"box","text":"employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund, the","page_number":85,"box":{"x":69,"y":551,"width":819,"height":11}},{"id":"e7cc9379-00a6-4772-aa3f-47ac3d6f6b8e","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":85,"box":{"x":68,"y":566,"width":814,"height":11}},{"id":"fa52dfb5-1339-4704-9348-2af81d79c121","block_type":"box","text":"instructions reasonably believed to be genuine in accordance with such procedures.","page_number":85,"box":{"x":70,"y":582,"width":596,"height":11}},{"id":"9f075667-ede0-4bbc-8448-e2d5a552905c","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":85,"box":{"x":102,"y":604,"width":804,"height":11}},{"id":"1c2bfea4-65ba-4e86-a520-6feb9b35f294","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":85,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"436c92a9-4445-42dd-87ee-ac6579b9cd9f","block_type":"box","text":"transfer agent to be genuine. The records of the Fund’s transfer agent pertaining to such instructions are binding.","page_number":85,"box":{"x":68,"y":634,"width":812,"height":12}},{"id":"a5dc75da-b187-4fc6-89ac-2bf6a4acfa17","block_type":"box","text":"The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders.","page_number":85,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"00d03b22-7704-4568-a6d6-26025c960378","block_type":"box","text":"The exchange privilege is only available in states where the exchange may legally be made.","page_number":85,"box":{"x":68,"y":665,"width":649,"height":11}},{"id":"0aa2e595-f1f0-47f2-a172-b43a7e31923f","block_type":"box","text":"The redemption of shares of one fund and the subsequent investment in another fund generally will be treated","page_number":85,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"5dd78c7d-c3b0-44fb-9ce8-9251351efd8a","block_type":"box","text":"as two separate transactions. Therefore, a front-end sales charge will be imposed (unless an exemption applies) on","page_number":85,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"33e61f1d-626e-46f9-8aa4-4131b011f21f","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":85,"box":{"x":68,"y":717,"width":785,"height":11}},{"id":"5fe19fd9-af20-43bd-b151-5d63a6abbfcd","block_type":"box","text":"redemption of Investor Shares of WeLEAF. In addition, when Investor Shares of WeLEAF are redeemed and the","page_number":85,"box":{"x":69,"y":732,"width":785,"height":11}},{"id":"92fae6bb-6b10-40fd-80af-525b018638e4","block_type":"box","text":"proceeds are used to purchase Investor C Shares of a Non-Money Market Portfolio, a CDSC will be imposed (unless","page_number":85,"box":{"x":70,"y":748,"width":825,"height":11}},{"id":"701442b8-6ad0-43cc-81cd-aa5f2e04d3df","block_type":"box","text":"an exemption applies) when the Investor C Shares of the Non-Money Market Portfolio are redeemed.","page_number":85,"box":{"x":69,"y":763,"width":716,"height":11}},{"id":"376367aa-7a4f-4e49-982e-c1c5b77e3878","block_type":"box","text":"Automatic Investment Plan (“AIP”).","page_number":85,"box":{"x":101,"y":786,"width":262,"height":10}},{"id":"8fc1de3b-32e7-4de8-8d83-c760ea513c88","block_type":"box","text":"Certain shareholders may arrange for periodic investments in the Fund","page_number":85,"box":{"x":369,"y":785,"width":503,"height":12}},{"id":"d8286d45-90ce-46ce-9fac-0db7cb3cee86","block_type":"box","text":"through automatic deductions from a checking or savings account by completing the AIP Application which may be","page_number":85,"box":{"x":68,"y":801,"width":812,"height":11}},{"id":"1322fae6-cc46-4bba-98ec-260b7bc64a39","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":85,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"bdd70a69-7a69-45d9-b15c-274a5eec693c","block_type":"box","text":"amount is $50 per Fund.","page_number":85,"box":{"x":69,"y":830,"width":175,"height":12}},{"id":"4abf6ad8-b6ce-4674-8922-851799df45cc","block_type":"box","text":"Systematic Withdrawal Plan (“SWP”).","page_number":85,"box":{"x":101,"y":854,"width":278,"height":11}},{"id":"50be7f48-eb0b-4c1a-be37-b0d6a1fddce2","block_type":"box","text":"WeLEAF offers a Systematic Withdrawal Plan to shareholders who wish to","page_number":85,"box":{"x":385,"y":853,"width":523,"height":12}},{"id":"fc17af2f-f8c2-4a4d-822a-8307aa1ed274","block_type":"box","text":"receive regular distributions from their accounts. Upon commencement of the SWP, the account must have a current","page_number":85,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"988aa400-b496-4ba2-ba4b-7dfb8030f855","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":85,"box":{"x":68,"y":883,"width":823,"height":12}},{"id":"2c95b003-3cbf-4dba-9911-eccb75c739f7","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":85,"box":{"x":69,"y":899,"width":822,"height":11}},{"id":"533781d8-7467-456d-bdec-42c45e688997","block_type":"box","text":"II-49","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a00d93f-03f9-4486-b22b-90917fb03ad5","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68cfdaf2-e21f-4ba6-918a-0cf330b5f828","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":86,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"da39d53b-f7e0-47dd-b114-27d89c132b89","block_type":"box","text":"thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal Plan Application Form which may","page_number":86,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"7fb3bcac-efaa-419a-a2e3-ec4c77b3f861","block_type":"box","text":"be obtained by calling the Fund or by visiting our website at www.blackrock.com.","page_number":86,"box":{"x":69,"y":75,"width":569,"height":11}},{"id":"e609e0f0-572b-4a00-879e-e72944252725","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":86,"box":{"x":102,"y":98,"width":789,"height":11}},{"id":"8a1f8b0b-9990-41fd-ae9e-d011f9a6cb35","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":86,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"504314c7-842e-495c-9449-6359de95f47e","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":86,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"0a42c036-b729-4100-a01d-680a8020ec4d","block_type":"box","text":"(800) 441-7762.","page_number":86,"box":{"x":69,"y":143,"width":119,"height":11}},{"id":"64b4a766-ddbb-4c49-ac62-ee349006d8c5","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan (see “Account Services and","page_number":86,"box":{"x":102,"y":166,"width":800,"height":11}},{"id":"b56f4a7e-0840-471e-a786-29f8ab2aa686","block_type":"box","text":"Privileges — Automatic Investment Plan” in the Fund’s Prospectus) and the Systematic Withdrawal Plan at the same","page_number":86,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"9783180a-f7fe-4db4-bc97-5dfa742ef253","block_type":"box","text":"time.","page_number":86,"box":{"x":68,"y":196,"width":35,"height":9}},{"id":"acc4f476-cc06-4ccf-ae73-0353aed1ceac","block_type":"box","text":"Dividend Allocation Plan.","page_number":86,"box":{"x":102,"y":219,"width":180,"height":8}},{"id":"f21d75ad-9dd1-4f34-8577-862bd34ed4cd","block_type":"box","text":"The Dividend Allocation Plan allows shareholders to elect to have all their dividends","page_number":86,"box":{"x":288,"y":219,"width":595,"height":8}},{"id":"83a0affb-4664-4660-a67e-f148b7e0695b","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":86,"box":{"x":69,"y":234,"width":834,"height":11}},{"id":"a06b141d-6928-42d2-8964-28c92b9208df","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":86,"box":{"x":69,"y":249,"width":757,"height":11}},{"id":"611d7eeb-1ee1-4b51-9be0-722e6fd780a8","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially funded with the","page_number":86,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"e545f7c7-cbe9-4e32-bb36-447fc73e703d","block_type":"box","text":"requisite minimum amount.","page_number":86,"box":{"x":69,"y":279,"width":194,"height":11}},{"id":"04437e08-bd78-4aa8-aedb-f6b2e48caf6a","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares.","page_number":86,"box":{"x":101,"y":302,"width":392,"height":9}},{"id":"3bf4e123-b138-4ce3-9c14-0a06f3d5211a","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”),","page_number":86,"box":{"x":500,"y":302,"width":372,"height":11}},{"id":"5837fd6b-71da-4da1-9507-6c9e4b9097a4","block_type":"box","text":"approximately eight years after purchase, Investor C Shares of WeLEAF will convert automatically into Investor A","page_number":86,"box":{"x":69,"y":317,"width":798,"height":11}},{"id":"9cf85002-01e7-4eea-9da8-9f8dc954d093","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":86,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"2d61940d-d87d-45cd-a26e-4e0f5474d44f","block_type":"box","text":"the shareholder is credited with the proper holding period. As of the Effective Date, certain financial intermediaries,","page_number":86,"box":{"x":68,"y":347,"width":824,"height":11}},{"id":"653a4b38-ed9e-4246-8a33-34e50d5dbe81","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":86,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"67b798b1-77fd-4b48-8748-7c18667fc286","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":86,"box":{"x":69,"y":377,"width":830,"height":11}},{"id":"29ac82f3-e55b-4685-9538-62e9cab4d141","block_type":"box","text":"automatically convert to Investor A Shares approximately eight years after the Effective Date. If, as of","page_number":86,"box":{"x":69,"y":392,"width":724,"height":12}},{"id":"714ab9a2-bf6d-4b5c-9c83-d1e7bb9ed9a5","block_type":"box","text":"November 23, 2028 (eight years after the Effective Date), a financial intermediary has not implemented systems or","page_number":86,"box":{"x":70,"y":407,"width":824,"height":12}},{"id":"47434b5d-1b52-46f0-ad4d-eb204623c400","block_type":"box","text":"procedures to track holding periods commencing from the Effective Date, shareholders holding Investor C Shares","page_number":86,"box":{"x":70,"y":423,"width":806,"height":11}},{"id":"331c41ab-e55c-421d-8c6f-f5d22efe22f8","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":86,"box":{"x":68,"y":438,"width":794,"height":11}},{"id":"555d7f3a-26ed-48ee-8d89-3da1c9c3123a","block_type":"box","text":"convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":86,"box":{"x":69,"y":453,"width":568,"height":11}},{"id":"0b0e3a8b-9216-4778-a77d-45654611637a","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":86,"box":{"x":102,"y":475,"width":764,"height":12}},{"id":"629583a6-61f2-415b-ae87-2e78b2dedcf2","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":86,"box":{"x":70,"y":491,"width":816,"height":11}},{"id":"c9fc027b-21fb-47f8-bd46-688c8697314c","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":86,"box":{"x":69,"y":506,"width":772,"height":11}},{"id":"3d1f4101-172b-44e9-a9d0-a7e2b96dfb03","block_type":"box","text":"“Investor C Conversions”).","page_number":86,"box":{"x":70,"y":521,"width":186,"height":11}},{"id":"4a21b36e-9091-4dde-9225-5accd406b3f3","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":86,"box":{"x":101,"y":544,"width":776,"height":11}},{"id":"3bb5ab62-fd28-4185-a512-aa1f1146e8d4","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":86,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"4033b0bd-9b9e-4021-a9d0-58cd4f9ba0b1","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":86,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"11a2e51e-d38e-4825-84d7-ead9a1524c2f","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":86,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"f6f79710-8537-425d-b26f-d4c962a4bd2e","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in WeLEAF’s Prospectus. The Investor C","page_number":86,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"edf343cd-051c-43c3-a5de-bb9130c9103e","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":86,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"bdf57466-8519-4a6f-b5eb-660ca585b452","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":86,"box":{"x":69,"y":634,"width":445,"height":12}},{"id":"c02ac6ee-e118-44a5-a026-329059374b64","block_type":"box","text":"Institutional Shares","page_number":86,"box":{"x":70,"y":665,"width":138,"height":8}},{"id":"4d00ead8-5abe-486b-8903-839e326db7aa","block_type":"box","text":"Purchase of Shares.","page_number":86,"box":{"x":102,"y":687,"width":144,"height":9}},{"id":"f517dddd-abce-418f-b8b8-0a2618892779","block_type":"box","text":"WeLEAF offers Institutional Shares as described in the Fund’s Prospectus.","page_number":86,"box":{"x":253,"y":687,"width":529,"height":11}},{"id":"4a9143da-b6d2-4e4b-97b0-9a421c5ae924","block_type":"box","text":"The following investors may purchase Institutional Shares of WeLEAF, provided that the beneficial owners of such","page_number":86,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"a38e88da-6933-410a-80cf-1047b3a912c2","block_type":"box","text":"shares are natural persons: employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA","page_number":86,"box":{"x":69,"y":725,"width":816,"height":11}},{"id":"82db693f-4a38-4129-8bbd-76f3d0a4964a","block_type":"box","text":"Corp., Barclays PLC or their respective affiliates and immediate family members of such persons, if they open an","page_number":86,"box":{"x":69,"y":740,"width":805,"height":11}},{"id":"5c7ab927-c5aa-44ae-a73c-f5392a02b966","block_type":"box","text":"account directly with BlackRock; individuals with a minimum initial investment of $2 million who may purchase shares","page_number":86,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"e6d413cf-2072-4408-bb97-723499289a70","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":86,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"2486b04f-12e4-433d-83d7-e6d537110ef6","block_type":"box","text":"shares; employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or","page_number":86,"box":{"x":69,"y":785,"width":797,"height":12}},{"id":"e50811bf-c697-459f-b26b-945577eaf21d","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":86,"box":{"x":69,"y":801,"width":838,"height":11}},{"id":"f00b60f4-b749-4d63-9901-311fc059ebb3","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":86,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"ece09d06-bef5-424d-8dd0-972f97b6a7cb","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":86,"box":{"x":70,"y":831,"width":788,"height":11}},{"id":"5f418aba-c658-4676-9521-3f8dea353a02","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":86,"box":{"x":70,"y":846,"width":835,"height":11}},{"id":"25617f34-cce6-410f-b491-726266d55a96","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":86,"box":{"x":69,"y":861,"width":813,"height":11}},{"id":"e66c9c95-7baf-424a-8eda-2dcd9ea028cf","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":86,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"99299f8b-9fbe-474e-bd67-b097a9b71810","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":86,"box":{"x":68,"y":891,"width":838,"height":12}},{"id":"149b8d45-6d67-4597-973a-90d7dfd7a7bd","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":86,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"c145fb08-9745-48d2-a95e-5cd465b1c682","block_type":"box","text":"II-50","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0fdfbdca-784a-481a-8654-ea9f98f36cdc","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b548b71-26a5-41c4-bc28-b8bd73e87497","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":87,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"69cc65c9-b8f1-4b59-a2fd-24b4f29a55ca","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":87,"box":{"x":69,"y":59,"width":837,"height":12}},{"id":"0f978e29-bf06-456f-8d02-d663aaa204b3","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":87,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"c879ca27-9eb3-4a86-8564-8ef2221b943b","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust department clients of Bank of America,","page_number":87,"box":{"x":69,"y":89,"width":839,"height":12}},{"id":"e0616fce-bc44-4025-bc6d-fc0487c6a535","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit","page_number":87,"box":{"x":70,"y":105,"width":807,"height":11}},{"id":"f309d95a-b478-4a08-8056-b14ee177eaac","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":87,"box":{"x":70,"y":120,"width":838,"height":11}},{"id":"0693097e-e018-4836-81db-8b33d12023df","block_type":"box","text":"of certain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":87,"box":{"x":69,"y":135,"width":794,"height":11}},{"id":"4e88900b-33e5-41e5-9871-cd4d650de17e","block_type":"box","text":"shares of the Fund.","page_number":87,"box":{"x":69,"y":150,"width":137,"height":9}},{"id":"0056c89d-0557-4fd4-b34c-c56941158418","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":87,"box":{"x":101,"y":173,"width":778,"height":11}},{"id":"0db21b33-df53-4c81-8642-a9d893e105fe","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":87,"box":{"x":69,"y":188,"width":638,"height":11}},{"id":"915a275b-5c19-4133-a38e-161c28968ef6","block_type":"box","text":"Institutional Shares of the Fund may be purchased by customers of broker-dealers and agents that have","page_number":87,"box":{"x":102,"y":211,"width":740,"height":11}},{"id":"a7893a85-12c9-4d54-a0b7-b8b3969e2949","block_type":"box","text":"established a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may","page_number":87,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"78dd0269-2629-47e2-baf4-6f062b9cb8d7","block_type":"box","text":"impose additional or different conditions on the purchase or redemption of Fund shares by their customers and may","page_number":87,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"2745f64d-a92d-4578-bd76-7e6a8169ffa4","block_type":"box","text":"charge their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each","page_number":87,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"ae277af5-dbcd-4c8e-b6ed-b740f4a4abc4","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":87,"box":{"x":69,"y":271,"width":818,"height":12}},{"id":"6dfa10ee-3bff-4698-add1-6ea5b4fd5828","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":87,"box":{"x":69,"y":286,"width":773,"height":12}},{"id":"9908097a-02ad-4c0f-bf7d-ac85b268d0b5","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":87,"box":{"x":69,"y":302,"width":835,"height":11}},{"id":"b22c050a-b8be-49f4-b1ec-29bec988587b","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":87,"box":{"x":102,"y":324,"width":806,"height":11}},{"id":"b526dd53-993b-4109-a9ec-e48ec173adb0","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":87,"box":{"x":70,"y":339,"width":791,"height":12}},{"id":"5e4c6db7-5a9f-435a-9b70-faaa722ba3c0","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":87,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"249c9f8e-e874-4d2c-b207-b07fec1979f9","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":87,"box":{"x":70,"y":370,"width":799,"height":11}},{"id":"59908ca5-f238-4d1f-bef5-cfc2a07aafaf","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":87,"box":{"x":70,"y":385,"width":571,"height":11}},{"id":"1b350023-cbb9-414f-8a7c-69f948c84a73","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":87,"box":{"x":102,"y":408,"width":768,"height":11}},{"id":"77d1c184-aad3-465a-a981-2db8b4f51b65","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":87,"box":{"x":68,"y":423,"width":821,"height":11}},{"id":"9fda7287-b76c-47b4-8bb2-302421dedd82","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":87,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"63b77cf6-e128-495e-a847-570fe58eb5a7","block_type":"box","text":"meet eligibility requirements of the new share class. Please speak to your financial intermediary for information","page_number":87,"box":{"x":69,"y":453,"width":795,"height":11}},{"id":"b18c9605-2e07-4b8f-befe-db80218322de","block_type":"box","text":"about specific policies and procedures applicable to your account.","page_number":87,"box":{"x":69,"y":468,"width":470,"height":11}},{"id":"f0229f45-8211-4a5a-a83c-4b981f1e4940","block_type":"box","text":"Purchase Privileges of Certain Persons","page_number":87,"box":{"x":102,"y":491,"width":283,"height":11}},{"id":"91ce2a97-4ef6-4bf1-8f22-2722d673c8d7","block_type":"box","text":".","page_number":87,"box":{"x":387,"y":498,"width":3,"height":2}},{"id":"25c19ca7-f816-4885-b20a-573bbe6737d8","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":87,"box":{"x":397,"y":491,"width":496,"height":11}},{"id":"768f4b9b-d71f-42ab-9f7c-abccf28fa43b","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":87,"box":{"x":70,"y":506,"width":817,"height":11}},{"id":"163b0515-27df-48cd-8aef-8c9de602f88c","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in the Fund’s Prospectus. The","page_number":87,"box":{"x":70,"y":521,"width":832,"height":11}},{"id":"b9afa98b-7db5-4079-9c85-bd6196326906","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":87,"box":{"x":70,"y":536,"width":838,"height":11}},{"id":"a9e62a9c-92be-406f-9edd-33c472994d80","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":87,"box":{"x":68,"y":551,"width":840,"height":11}},{"id":"d7a0db18-ddf4-488e-9d14-c2673d07b824","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":87,"box":{"x":69,"y":566,"width":279,"height":11}},{"id":"d30ed87f-23e6-4971-bd37-510fbe665337","block_type":"box","text":"DCC&S.","page_number":87,"box":{"x":102,"y":589,"width":56,"height":9}},{"id":"6282577d-8570-41d1-9efa-08b187583864","block_type":"box","text":"Qualified Plans may be able to invest in shares of WeLEAF through the Defined Contribution Clearance","page_number":87,"box":{"x":165,"y":589,"width":728,"height":11}},{"id":"6f61de6e-373d-4314-b9fe-774c60808834","block_type":"box","text":"and Settlement System (“DCC&S”) of the National Securities Clearing Corporation. Institutions qualifying to trade on","page_number":87,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"5ae4b166-9420-4893-90d1-257b47ae9bf1","block_type":"box","text":"DCC&S include broker/dealers, trust companies and third party administrators. Please contact the Fund for","page_number":87,"box":{"x":70,"y":619,"width":767,"height":11}},{"id":"ba01c7a2-3db7-4194-8175-2acedc15164a","block_type":"box","text":"information on agreements, procedures, sales charges and fees related to DCC&S transactions.","page_number":87,"box":{"x":70,"y":634,"width":686,"height":12}},{"id":"b6847805-5b74-4903-a8cb-4fbc362e742e","block_type":"box","text":"Premier Shares","page_number":87,"box":{"x":69,"y":665,"width":109,"height":8}},{"id":"baff2357-fad5-4dd0-9ffd-0a1a8f14c991","block_type":"box","text":"Purchase of Shares.","page_number":87,"box":{"x":102,"y":687,"width":144,"height":9}},{"id":"de5404d3-a93f-4ea1-bb4e-b67ee91fabb2","block_type":"box","text":"WeLEAF offers Premier Shares as described in the Fund’s Prospectus.","page_number":87,"box":{"x":253,"y":687,"width":500,"height":11}},{"id":"0695a84e-b9ce-4f68-af39-946522814a4f","block_type":"box","text":"The following investors may purchase Premier Shares of WeLEAF, provided that the beneficial owners of such","page_number":87,"box":{"x":101,"y":710,"width":777,"height":11}},{"id":"19d1a8d2-a5b0-4414-94e5-16d30ef168ca","block_type":"box","text":"shares are natural persons: employees of BlackRock whose accounts are held through a financial intermediary that","page_number":87,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"2e9c66e5-a354-4122-bc74-1b0ec0bb9d65","block_type":"box","text":"has entered into an agreement with the Distributor to offer Premier Shares; individuals with a minimum initial","page_number":87,"box":{"x":69,"y":740,"width":778,"height":11}},{"id":"d6dd8ab5-542e-431a-873a-1ec82f0424f7","block_type":"box","text":"investment of $2 million who may purchase shares of the Fund through a financial intermediary that has entered into","page_number":87,"box":{"x":70,"y":755,"width":835,"height":11}},{"id":"0295eb39-f637-4e44-8f78-c41cfd3755a7","block_type":"box","text":"an agreement with the Distributor to purchase such shares; clients of financial intermediaries that: (i) charge such","page_number":87,"box":{"x":69,"y":770,"width":815,"height":12}},{"id":"e498b2ee-1b39-4787-a11a-68a1d06a12d8","block_type":"box","text":"clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the","page_number":87,"box":{"x":69,"y":785,"width":817,"height":12}},{"id":"34bfcbab-f81f-48b7-84e9-be1ba3234023","block_type":"box","text":"Distributor to offer Premier Shares through a no-load program or investment platform, in each case, with no minimum","page_number":87,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"74947e4e-30b7-466f-99bf-46269f9ae0aa","block_type":"box","text":"initial investment; and clients investing through financial intermediaries that have entered into an agreement with the","page_number":87,"box":{"x":70,"y":816,"width":834,"height":11}},{"id":"1499a23a-6a24-4684-b501-63ff83c1ad51","block_type":"box","text":"Distributor to offer such shares on a platform that charges a transaction based sales commission outside of the","page_number":87,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"ad19b3f6-f277-4b94-af5d-af6a563bb92d","block_type":"box","text":"Fund, with a minimum initial investment of $1,000.","page_number":87,"box":{"x":70,"y":845,"width":363,"height":11}},{"id":"b914e8a1-e894-4f97-85d6-684a6ded63bf","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":87,"box":{"x":101,"y":869,"width":778,"height":11}},{"id":"6c4df681-100b-438a-9a29-1848582c21cd","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":87,"box":{"x":69,"y":884,"width":638,"height":11}},{"id":"e668d368-230a-43d7-b97e-234e4e6a8971","block_type":"box","text":"II-51","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b9a7628-8260-4ecb-883d-66c356ffa00d","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e7f074b-973f-4a1d-99cb-08ba121daa27","block_type":"box","text":"Premier Shares of the Fund may be purchased by customers of broker-dealers and agents that have established","page_number":88,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"b282d307-7ff3-4e52-8b2e-cc065bc16d2e","block_type":"box","text":"a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may impose","page_number":88,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"1b6e2dca-8db3-4001-a61d-1402325acca4","block_type":"box","text":"additional or different conditions on the purchase or redemption of Fund shares by their customers and may charge","page_number":88,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"4412aba7-0c3e-4475-9853-171ab34c3c08","block_type":"box","text":"their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each broker","page_number":88,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"30e3cc15-fc8f-4a26-8dcf-d4a147b7543b","block_type":"box","text":"dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":88,"box":{"x":69,"y":105,"width":769,"height":11}},{"id":"f5090032-d374-46f0-8444-12293d8aa6f1","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":88,"box":{"x":69,"y":120,"width":773,"height":12}},{"id":"8ab28b37-6767-4534-bdfd-ca34c05217df","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":88,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"1dd6685f-d9d0-46fc-9317-6f775748ea0a","block_type":"box","text":"Only purchase orders submitted through the NSCC Fund/SERV trading platform will be accepted. Payment may,","page_number":88,"box":{"x":102,"y":158,"width":791,"height":11}},{"id":"1a3f933c-c8f6-44a9-a767-b7f2aca1a546","block_type":"box","text":"in the discretion of the Fund, be made in the form of securities that are permissible investments for the Fund.","page_number":88,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"6fbff97c-2439-451c-a114-2c7da3f90cf1","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":88,"box":{"x":102,"y":196,"width":768,"height":11}},{"id":"9ccbd6ac-1788-416d-b5d2-ecc4f9402599","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":88,"box":{"x":68,"y":211,"width":821,"height":11}},{"id":"9fbc64be-8867-4924-ba35-444dd9da5055","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":88,"box":{"x":69,"y":226,"width":812,"height":11}},{"id":"cf64b4d7-cc55-46a9-9520-42dda47d6927","block_type":"box","text":"meet eligibility requirements of the new share class. Please speak to your financial intermediary for information","page_number":88,"box":{"x":69,"y":241,"width":795,"height":11}},{"id":"69d169bd-4538-406e-b353-af0ed5d0e19a","block_type":"box","text":"about specific policies and procedures applicable to your account.","page_number":88,"box":{"x":69,"y":256,"width":470,"height":11}},{"id":"20821dc3-ac4b-4c62-a13a-1b2494cc3cd6","block_type":"box","text":"The Fund’s initial investment minimum is described in the Prospectus. There are no subsequent investment","page_number":88,"box":{"x":101,"y":279,"width":769,"height":11}},{"id":"9d150029-046b-4957-884d-da39593d292a","block_type":"box","text":"minimums. The Fund reserves the right to reduce or waive the minimums in certain cases.","page_number":88,"box":{"x":69,"y":294,"width":645,"height":11}},{"id":"7222bd0e-a79f-49ba-9e60-c89578e1cf4e","block_type":"box","text":"Purchase of Shares of Circle Reserve","page_number":88,"box":{"x":102,"y":317,"width":270,"height":9}},{"id":"e481366f-cbe7-43b4-9457-ebc2676cd26f","block_type":"box","text":"Institutional Shares","page_number":88,"box":{"x":102,"y":340,"width":138,"height":8}},{"id":"a833c20e-c089-4ef1-a652-5c72fa42be60","block_type":"box","text":"Purchase of Shares.","page_number":88,"box":{"x":102,"y":362,"width":144,"height":9}},{"id":"bd76236d-6aad-4251-99db-0f477dea9e70","block_type":"box","text":"Circle Reserve offers Institutional Shares as described in the Fund’s Prospectus. The","page_number":88,"box":{"x":253,"y":362,"width":609,"height":11}},{"id":"cdec7dc1-2e81-415c-be1b-0701665e05c5","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":88,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"336edd69-b70e-45fd-81e5-b1cff68afc95","block_type":"box","text":"Internet Financial, LLC and Circle Internet Financial Europe SAS.","page_number":88,"box":{"x":70,"y":392,"width":454,"height":11}},{"id":"0f70501f-a59e-461d-b844-1f12edc15551","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":88,"box":{"x":101,"y":415,"width":778,"height":11}},{"id":"86809d69-8a6d-4976-b538-d62ade63938a","block_type":"box","text":"Institutional Shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":88,"box":{"x":70,"y":430,"width":667,"height":11}},{"id":"0d93cb92-1b10-47eb-80b2-bcb6f0833eb7","block_type":"box","text":"Other Purchase Information.","page_number":88,"box":{"x":101,"y":453,"width":205,"height":9}},{"id":"7178013f-7920-46a7-8312-15924d2d1cb8","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":88,"box":{"x":313,"y":453,"width":559,"height":11}},{"id":"bb7ac325-febf-4283-8151-8133ac7e4cfa","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":88,"box":{"x":69,"y":468,"width":786,"height":11}},{"id":"4953f2a5-95ce-44f5-b93f-b0ef9ac9f400","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":88,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"a4b686bb-6785-4852-bdc7-cfe68c71a507","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":88,"box":{"x":70,"y":498,"width":819,"height":11}},{"id":"87879d13-61eb-402f-9270-00398055ead5","block_type":"box","text":"shares is recorded on the books of the Fund. No certificates will be issued for shares. Payments for shares of the","page_number":88,"box":{"x":69,"y":513,"width":813,"height":11}},{"id":"1fb4c6fb-8c78-42c5-9f4d-b5ff9d06309d","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":88,"box":{"x":70,"y":528,"width":751,"height":12}},{"id":"139156cf-530c-448a-ba5c-bba3aa3f49ac","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":88,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"fc01578b-83d3-49a4-952f-f59f8eb448a9","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":88,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"b6a936b2-d961-4b49-8b2d-bbe09aead871","block_type":"box","text":"any time.","page_number":88,"box":{"x":69,"y":574,"width":63,"height":11}},{"id":"0b196c56-01a3-42d6-9657-8367170cbd39","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":88,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"026a62d4-9072-49e9-9a0a-ce6e0861ec05","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":88,"box":{"x":70,"y":612,"width":791,"height":11}},{"id":"23be4e91-d07f-4ce9-9eb9-e74055a048ee","block_type":"box","text":"(Eastern time)). If payment for a purchase order is not received by the prescribed time, an investor may be liable for","page_number":88,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"72b4462f-45a3-4c3a-adac-00a9d22a19cc","block_type":"box","text":"any resulting losses or expenses incurred by the Fund.","page_number":88,"box":{"x":69,"y":642,"width":388,"height":11}},{"id":"135d4fe8-09a5-4e5c-9530-f0d75bf1d4b5","block_type":"box","text":"Purchase of Shares of BlackRock Daily Reinvestment Stablecoin Reserve Vehicle","page_number":88,"box":{"x":102,"y":665,"width":593,"height":11}},{"id":"6f2c36b4-944d-48d2-a73f-5353c1593c67","block_type":"box","text":"OnChain Shares","page_number":88,"box":{"x":102,"y":687,"width":114,"height":9}},{"id":"0adf65b8-86e8-4420-8f2f-7057267d7ac2","block_type":"box","text":"To purchase OnChain Shares, please visit the website disclosed in the Fund’s Prospectus. Prospective","page_number":88,"box":{"x":101,"y":710,"width":732,"height":11}},{"id":"b8cb93cb-5dba-4dea-a50f-fd23253a6b45","block_type":"box","text":"shareholders should follow the instructions on the website to complete a new account application for the Fund. You","page_number":88,"box":{"x":69,"y":725,"width":822,"height":11}},{"id":"3d3887d1-0c77-4143-98b3-10e0dd7bb5b6","block_type":"box","text":"will be required to submit information and documents necessary for the Fund to (i) complete “know your client”","page_number":88,"box":{"x":68,"y":740,"width":792,"height":11}},{"id":"8bc0802c-007e-4d22-8398-a1fcf6264e1e","block_type":"box","text":"verification, and (ii) conduct anti-money laundering due diligence and screening. 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Shareholders may incur fees charged by their chosen wallet provider in connection with establishing","page_number":88,"box":{"x":70,"y":785,"width":812,"height":12}},{"id":"ee767e0d-4d27-47ed-a02d-07b48a2273cb","block_type":"box","text":"and maintaining a digital wallet, which are separate from, and in addition to, any transaction fees required by the","page_number":88,"box":{"x":69,"y":801,"width":805,"height":11}},{"id":"c1fefac7-1a77-4bde-8e55-07152ff0eb7d","block_type":"box","text":"blockchain network.","page_number":88,"box":{"x":69,"y":816,"width":139,"height":9}},{"id":"caa7e34b-e013-4433-a1d4-84c883e6aa0b","block_type":"box","text":"After being whitelisted, you may place purchase orders through the Fund’s transfer agent’s website as disclosed","page_number":88,"box":{"x":101,"y":838,"width":801,"height":12}},{"id":"39b6bb12-faf1-4b21-ae95-991fe13e1743","block_type":"box","text":"in the Fund’s Prospectus. Purchase orders received by the Fund’s transfer agent in good order before 5:00 p.m.","page_number":88,"box":{"x":70,"y":853,"width":797,"height":12}},{"id":"98d14561-6456-4466-ba87-54b8f21059e8","block_type":"box","text":"(Eastern Time) on each Business Day will be priced based on the next NAV calculated on that day (normally at","page_number":88,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"e0df2bba-ed1b-4372-b9c4-17fc6d5ffbb6","block_type":"box","text":"5:00 p.m. (Eastern Time)), and payment for such orders is due by Federal funds or other immediately available funds","page_number":88,"box":{"x":69,"y":884,"width":833,"height":11}},{"id":"3b1eb3b7-6048-408d-bc3d-7a25afd743bf","block_type":"box","text":"no later than 6:30 p.m. (Eastern Time). Notwithstanding the foregoing, on any day that the principal bond markets","page_number":88,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"7035c7c1-989e-4c9d-84e3-2afdc680e1f5","block_type":"box","text":"II-52","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e972a9fe-f3c7-44a1-9f93-75edd14aa1ca","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0344051-2f9c-48a9-9716-0c5b7b16b9ff","block_type":"box","text":"close early (as recommended by SIFMA) or the Federal Reserve Bank of Philadelphia or the NYSE closes early, the","page_number":89,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"92621f92-82e2-47c8-93a6-af695e9edda4","block_type":"box","text":"Fund may advance the time on that day by which a purchase order must be placed so that it will be effected and","page_number":89,"box":{"x":70,"y":60,"width":799,"height":11}},{"id":"126f2bf3-67d4-4f93-8ef4-35139cbefd51","block_type":"box","text":"begin to earn dividends that day. The Fund may elect, in its discretion, to be open on days when the NYSE is closed","page_number":89,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"4c08a112-b4e0-4c54-83cc-3e8a0589e8d7","block_type":"box","text":"due to an emergency.","page_number":89,"box":{"x":69,"y":90,"width":152,"height":11}},{"id":"56c130e8-1c64-461c-bfb0-9b0421963457","block_type":"box","text":"Purchase orders received in good order before 5:00 p.m. (Eastern Time) and funded by 6:30 p.m. (Eastern Time)","page_number":89,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"cdcda340-79de-4875-b3ac-a0fe43905f34","block_type":"box","text":"will result in new tokens being minted to the investor’s shareholder wallet on the same Business Day on which the","page_number":89,"box":{"x":68,"y":128,"width":818,"height":11}},{"id":"a2823e97-6ef0-4c19-974d-9dc455735c65","block_type":"box","text":"purchase order is received in good order and funded. Newly minted tokens resulting from purchase orders received in","page_number":89,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"5007d1ef-aea1-444d-86e2-a9cad6ddeb73","block_type":"box","text":"good order will be “locked,” therefore unavailable, for peer-to-peer transfers for a 24-hour period from the time of","page_number":89,"box":{"x":68,"y":158,"width":807,"height":11}},{"id":"6f6978b0-7177-4484-835f-ad9580cd060b","block_type":"box","text":"minting. Such newly minted tokens will, however, be redeemable during Fund hours after minting.","page_number":89,"box":{"x":69,"y":173,"width":690,"height":11}},{"id":"06899052-59e8-47de-b57d-7fb7052bb636","block_type":"box","text":"Payment for OnChain Shares of the Fund may be made only in federal funds or other immediately available","page_number":89,"box":{"x":102,"y":196,"width":758,"height":11}},{"id":"889b3a72-5a2e-4aa2-ae45-4b31e43444de","block_type":"box","text":"funds.","page_number":89,"box":{"x":68,"y":211,"width":43,"height":9}},{"id":"adeaa818-889d-4bc5-872a-e66d965f8eec","block_type":"box","text":"You may be charged for any costs incurred by the Fund or its service providers, including any costs incurred","page_number":89,"box":{"x":118,"y":211,"width":788,"height":11}},{"id":"2cddb7e7-49ec-46a0-ade1-d7157b6bf0ed","block_type":"box","text":"to recompute the Fund’s NAV, in connection with a purchase order that has been placed in proper form but for","page_number":89,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"d3d36d82-ea1d-4222-b3fc-a83b3dc265e7","block_type":"box","text":"which the Fund has not received full payment by 6:30 p.m. (Eastern time) on the day the purchase order was","page_number":89,"box":{"x":68,"y":241,"width":799,"height":11}},{"id":"c2a3ffb8-5787-4543-82ac-6316e4861577","block_type":"box","text":"placed.","page_number":89,"box":{"x":69,"y":257,"width":51,"height":10}},{"id":"dc448ee6-9e84-4f62-9b12-ce4dbf9a4a02","block_type":"box","text":"If, after being whitelisted, and having already completed an initial purchase order for OnChain Shares, you place","page_number":89,"box":{"x":102,"y":279,"width":797,"height":11}},{"id":"85e714b0-a1fb-45fe-8728-696fc68bbc6f","block_type":"box","text":"an order for OnChain Shares by transmitting the purchase price to the Fund without any corresponding order form,","page_number":89,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"471dd557-d41c-47f3-8158-83bdc456bb8d","block_type":"box","text":"i.e. a “headless subscription”, you must include an appropriate written instruction in the wire indicating the","page_number":89,"box":{"x":70,"y":309,"width":763,"height":11}},{"id":"edb46669-5b30-46fa-9bb1-d3d53c0376ff","block_type":"box","text":"applicable blockchain and Securitize account ID to which the tokens should be issued. If the wire accompanying the","page_number":89,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"b2517bbf-87c6-4c23-9746-d2951f6b7c46","block_type":"box","text":"funds does not include such an instruction, the subscription will be rejected as not in good order. Upon receipt of a","page_number":89,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"b97ebc23-7054-45f9-ac2d-9c8ed62627eb","block_type":"box","text":"headless subscription containing the required ID and blockchain designation, the Fund may, in its discretion, deem","page_number":89,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"5b5d73e5-74ac-4df5-993b-026573dded64","block_type":"box","text":"your transmission to be a subscription in good order for the purchase of a number of OnChain Shares equal in value","page_number":89,"box":{"x":68,"y":370,"width":829,"height":11}},{"id":"1e891020-ed20-4375-98b1-e87fcc70454b","block_type":"box","text":"to the amount submitted, as of the Fund’s next NAV calculation time after the order is received by the Fund. For","page_number":89,"box":{"x":68,"y":385,"width":797,"height":11}},{"id":"4a61ebc3-b9d4-407a-ac86-3384803ff6d4","block_type":"box","text":"purposes of determining the applicable NAV calculation time, a headless subscription will be deemed to have been","page_number":89,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"ce764498-17a5-443c-9e05-90d0b84440bb","block_type":"box","text":"received as of the date on which the wire or funds are received by the Fund, provided that such wire or funds are","page_number":89,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"c1879415-fa7f-41b4-975e-102dfdb6934b","block_type":"box","text":"received in good order by 5:00 p.m. (Eastern Time) on such date. Any headless subscription for which the wire or","page_number":89,"box":{"x":69,"y":430,"width":806,"height":11}},{"id":"b6e16c62-4328-4d32-8902-1b19e027d28b","block_type":"box","text":"funds are received after 5:00 p.m. (Eastern Time) will be deemed to have been received as of the next NAV","page_number":89,"box":{"x":68,"y":445,"width":765,"height":11}},{"id":"7a2ca602-4f87-4177-98a2-5d4d653c9ac5","block_type":"box","text":"calculation time following receipt, and the subscribing shareholder will not begin earning dividends until the next","page_number":89,"box":{"x":69,"y":460,"width":799,"height":12}},{"id":"8d48dbcb-0312-425a-ac36-d3d5113b6185","block_type":"box","text":"Business Day and will not otherwise earn any interest on such subscription amounts before the subscription is","page_number":89,"box":{"x":70,"y":475,"width":790,"height":12}},{"id":"e2b845a7-08fd-4b3b-b0d6-e5ac9e029f19","block_type":"box","text":"accepted. The Fund reserves the right to reject any headless subscription in its sole discretion and to return the","page_number":89,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"fbd96c5a-61ee-408f-a5ad-9125b646c647","block_type":"box","text":"funds transmitted without interest, at any point until the next Business Day.","page_number":89,"box":{"x":68,"y":506,"width":539,"height":11}},{"id":"d28cecab-cd8b-4375-9eba-cd5533e26b62","block_type":"box","text":"zerohash llc (“zerohash”), a money services business which facilitates conversion between U.S. dollars and","page_number":89,"box":{"x":101,"y":528,"width":769,"height":12}},{"id":"980ec225-d5b3-4f69-bec0-57a396b64ad9","block_type":"box","text":"digital assets, and the Fund’s transfer agent have entered into an arrangement (which is subject to certain terms and","page_number":89,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"0a0f3282-b8fe-4bcb-8ce5-a0522c220b98","block_type":"box","text":"conditions) pursuant to which a prospective shareholder that is a client of zerohash may transfer USDC, a payment","page_number":89,"box":{"x":69,"y":559,"width":820,"height":11}},{"id":"b19ebc8d-4d22-4d59-b7ce-1713c2b474fc","block_type":"box","text":"stablecoin issued by Circle, or other stablecoins to its subledger account at zerohash (its “zerohash Account”) and","page_number":89,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"164797a6-dcb7-4926-88e1-f60e0e154926","block_type":"box","text":"instruct zerohash to pay subscription amounts in U.S. dollars (with a value equal to such USDC) to the Fund from","page_number":89,"box":{"x":70,"y":589,"width":805,"height":11}},{"id":"142e0285-a05a-4936-ac18-328469a82002","block_type":"box","text":"such zerohash Account in order to fund subscriptions for OnChain Shares. A shareholder that converts stablecoins to","page_number":89,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"b44bbb57-79f1-403c-bfba-0a1975e1f785","block_type":"box","text":"U.S. dollars through zerohash or another third-party service provider in order to fund a subscription for OnChain","page_number":89,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"0505e686-35fb-47a2-9c72-24d0f546c142","block_type":"box","text":"Shares may be charged a fee by such third-party service provider for the stablecoin-to-USD conversion service. Any","page_number":89,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"097183dd-a330-4e2c-9f09-b4b7eab898b7","block_type":"box","text":"such fee is not charged by the Fund or BlackRock. zerohash is not an agent of the Fund, and the Fund will not in any","page_number":89,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"2fe52f2f-1bbf-4a05-b7a0-d47c4f5cc8a1","block_type":"box","text":"way be responsible for any actions or failures to act by zerohash (including, without limitation, if there are delays with","page_number":89,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"338f45ed-2876-4137-95ce-60fd37d0f892","block_type":"box","text":"zerohash’s processing of a prospective investor’s zerohash Account funding instruction). As noted above, purchase","page_number":89,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"efed91e8-fdf6-4156-8586-f222066782f7","block_type":"box","text":"orders may not be accepted as of a particular Business Day if subscription orders are not received by the Fund’s","page_number":89,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"c1b1e8d0-a8ab-4964-8ad9-505a4b686cfe","block_type":"box","text":"transfer agent in good order prior to 5:00 p.m. (Eastern Time) and immediately available funds are not received prior","page_number":89,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"bbf9c212-64f3-4f41-a80d-2a9511389bf6","block_type":"box","text":"to 6:30 p.m. (Eastern Time) on such Business Day, regardless of when such orders or funds are received by","page_number":89,"box":{"x":68,"y":725,"width":773,"height":11}},{"id":"7d5843b4-25c9-4732-8dbd-0bdd750eee7e","block_type":"box","text":"zerohash, provided, however, that in the case of headless subscriptions, immediately available funds must be","page_number":89,"box":{"x":69,"y":740,"width":783,"height":11}},{"id":"31471ec5-a087-4494-9ba7-73ef0b0a7f00","block_type":"box","text":"received by 5:00 p.m. (Eastern Time). USDC transactions are subject to various risks that are outside the control of","page_number":89,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"a5df41b7-5059-4d14-a72b-746998fa22d0","block_type":"box","text":"zerohash and the Fund. zerohash has informed the Fund that, as of the date of this SAI, zerohash is licensed to","page_number":89,"box":{"x":69,"y":770,"width":798,"height":11}},{"id":"5050ae35-3887-444e-9fcf-e1df78ad5f4e","block_type":"box","text":"engage in Virtual Currency Business Activity by the zerohash. Nothing in this Prospectus shall be interpreted as an","page_number":89,"box":{"x":69,"y":786,"width":815,"height":11}},{"id":"9cb1e88f-aa28-4ba3-a1d0-60a048595450","block_type":"box","text":"endorsement of zerohash by the Fund, BlackRock or any of their respective affiliates.","page_number":89,"box":{"x":69,"y":801,"width":605,"height":11}},{"id":"d1935934-bc71-482e-8730-d763441bd2c6","block_type":"box","text":"Purchase orders received after 5:00 p.m. (Eastern Time) will be priced at the NAV determined on the next","page_number":89,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"79dbbaf9-29f2-4677-a382-56b5e2fe78ef","block_type":"box","text":"Business Day. The Fund determines eligibility to receive a dividend each day by reference to shareholders of record","page_number":89,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"95dc82b5-759a-4416-adce-e4a957a8de50","block_type":"box","text":"as of 7:15 p.m. (Eastern Time). Please see “Dividends, Distributions and Taxes — Dividends and Distributions”","page_number":89,"box":{"x":69,"y":853,"width":795,"height":11}},{"id":"f00df062-ff01-491a-97c3-183d2ab36293","block_type":"box","text":"below.","page_number":89,"box":{"x":69,"y":869,"width":43,"height":9}},{"id":"8f141b17-f58d-45e1-8898-dff61a2eba86","block_type":"box","text":"II-53","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4d323f3-997e-43d9-9543-73b79b25067e","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e491dea0-db30-44aa-b8b1-0db365fcd068","block_type":"box","text":"Right of Accumulation","page_number":90,"box":{"x":69,"y":45,"width":161,"height":11}},{"id":"cf8ab9c9-0ba1-46aa-86f3-7807424dd07a","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of","page_number":90,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"4e052381-31f1-4597-8048-0b7a18d257b6","block_type":"box","text":"the current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales","page_number":90,"box":{"x":68,"y":82,"width":802,"height":12}},{"id":"804c23d8-386d-4a4a-a41b-6aea2f8e1126","block_type":"box","text":"charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional,","page_number":90,"box":{"x":69,"y":98,"width":795,"height":11}},{"id":"796c1f68-9cd6-4277-89ac-9b48165c8ba4","block_type":"box","text":"Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s existing shares of certain","page_number":90,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"5bccdbf0-5f54-4ed0-a5aa-6c50dadef301","block_type":"box","text":"unlisted closed-end management investment companies sponsored and advised by BlackRock or its affiliates and","page_number":90,"box":{"x":69,"y":128,"width":811,"height":11}},{"id":"35f466a2-19b7-4f86-a066-75ce5bf4473a","block_type":"box","text":"(iii) the investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":90,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"ead3fe99-f660-4392-8116-a9f62ab66308","block_type":"box","text":"investor’s spouse and children. Financial intermediaries may value current holdings of their customers differently for","page_number":90,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"5305b622-6065-4c63-907e-7c7d2e1cd04a","block_type":"box","text":"purposes of determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge,","page_number":90,"box":{"x":70,"y":173,"width":776,"height":11}},{"id":"af668076-b5c9-46cd-8ee2-27e17c220a9a","block_type":"box","text":"although customers of the same financial intermediary will be treated similarly. In order to use this right, the investor","page_number":90,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"3e03fc79-3d07-4ad0-a750-2467348ec8ce","block_type":"box","text":"must alert BlackRock to the existence of any previously purchased shares. Although Investor A Shares of WeLEAF","page_number":90,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"24d6a499-74a1-42ef-8f21-55a44ddb04c2","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":90,"box":{"x":69,"y":219,"width":830,"height":11}},{"id":"0e783f79-e7f1-49ec-90b4-65ad33b4e3f4","block_type":"box","text":"Institutional and Premier Shares in WeLEAF and Summit Cash Reserves, as applicable, may be combined with the","page_number":90,"box":{"x":70,"y":234,"width":812,"height":11}},{"id":"ca031077-9c19-48b0-a323-83d21792d5a2","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":90,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"6e6fdb23-4f23-4f9e-828f-ebfbf63a70d6","block_type":"box","text":"front-end sales charge. Institutional Shares of Circle Reserve and OnChain Shares of BlackRock Daily Reinvestment","page_number":90,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"8e2e56c8-3804-470c-ba52-b2684e1d1197","block_type":"box","text":"Stablecoin Reserve Vehicle may not be combined with shares of any other BlackRock Funds for purposes of","page_number":90,"box":{"x":69,"y":279,"width":768,"height":11}},{"id":"a83d9685-771f-47f3-8a5c-8f07eb9a9d0b","block_type":"box","text":"determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":90,"box":{"x":69,"y":294,"width":687,"height":11}},{"id":"525374a5-2abe-48fd-985f-bf1e173f11f7","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":90,"box":{"x":69,"y":324,"width":348,"height":11}},{"id":"4b9788cf-6b9f-450e-b35d-4c0ed5f640e5","block_type":"box","text":"Each Fund has entered into a distribution agreement with BlackRock Investments, LLC (previously defined as the","page_number":90,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"4c0a4c3a-53e2-4bf5-ab9f-253a542b42a3","block_type":"box","text":"“Distributor”) under which the Distributor, as agent, offers shares of each Fund on a continuous basis. The","page_number":90,"box":{"x":70,"y":362,"width":761,"height":11}},{"id":"5f6e35b4-6f81-43c5-90ec-10e4943f68c4","block_type":"box","text":"Distributor has agreed to use appropriate efforts to effect sales of the shares, but it is not obligated to sell any","page_number":90,"box":{"x":70,"y":377,"width":796,"height":12}},{"id":"4481b03c-8bad-43ec-9e54-7a4152bca9ab","block_type":"box","text":"particular amount of shares. The Distributor’s principal business address is 50 Hudson Yards, New York, NY 10001.","page_number":90,"box":{"x":70,"y":392,"width":829,"height":11}},{"id":"40766283-2aed-4613-a1aa-3f416088ee8f","block_type":"box","text":"The Distributor is an affiliate of BlackRock.","page_number":90,"box":{"x":68,"y":407,"width":305,"height":9}},{"id":"0695f024-8ea7-406e-9b8b-b2fa3af9c011","block_type":"box","text":"Each Fund (with the exception of Circle Reserve, BlackRock Government Money Market Portfolio, BlackRock","page_number":90,"box":{"x":102,"y":430,"width":768,"height":11}},{"id":"865b215a-4c04-44ee-9fd1-7f03cf5a7fc4","block_type":"box","text":"Government Money Market V.I. Fund and BlackRock Daily Reinvestment Stablecoin Reserve Vehicle) has adopted a","page_number":90,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"0053081d-9e57-4c12-8cbc-3adf2c2d49b2","block_type":"box","text":"shareholder servicing plan and/or a distribution plan or plans (in the case of Summit Cash Reserves with respect to","page_number":90,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"458d5baa-e267-4706-8b25-21eb55343368","block_type":"box","text":"Investor C Shares only and in the case of WeLEAF with respect to Investor A, Investor C and Service Shares only)","page_number":90,"box":{"x":70,"y":475,"width":804,"height":12}},{"id":"c6fe7e57-ddc3-4c77-92a1-f68869fab8b2","block_type":"box","text":"(each, a “Distribution Plan”) in compliance with Rule 12b-1 under the Investment Company Act. Each Fund is","page_number":90,"box":{"x":69,"y":491,"width":774,"height":11}},{"id":"3a8a9656-09c1-4cf0-aa5d-c5a693f0215b","block_type":"box","text":"authorized to pay the Distributor a fee at an annual rate based on the average daily NAV of Fund accounts maintained","page_number":90,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"4a250602-6a69-4236-9fd5-fc0f7ae6d2cc","block_type":"box","text":"through the Distributor. The service fee is not compensation for the administrative and operational services rendered","page_number":90,"box":{"x":68,"y":521,"width":836,"height":11}},{"id":"9e6e593c-9ee8-48fa-a0fa-54a463c4c69e","block_type":"box","text":"to shareholders by affiliates of the Manager that are covered by any other agreement between each Fund and the","page_number":90,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"1eca4851-7e3c-4ca9-accb-0f8685b3439f","block_type":"box","text":"Manager. Each class has exclusive voting rights with respect to the Distribution Plan adopted with respect to such","page_number":90,"box":{"x":70,"y":551,"width":811,"height":11}},{"id":"f24f6b7f-4df6-4bdb-a222-80237dde81e0","block_type":"box","text":"class pursuant to which service and/or distribution fees are paid. The fee paid by each Fund compensates the","page_number":90,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"abafd509-e73d-47d7-8d03-c88a02f3d8a2","block_type":"box","text":"Distributor for providing, or arranging for the provision of, shareholder servicing and sales and promotional activities","page_number":90,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"be3199e6-1aff-4edb-ab39-b8e53bef8009","block_type":"box","text":"and services with respect to shares of each Fund. The Distributor then determines, based on a number of criteria,","page_number":90,"box":{"x":69,"y":596,"width":813,"height":11}},{"id":"11024e1c-f08b-44cc-90a7-c86c23b8f96a","block_type":"box","text":"how to allocate such fee among financial advisers, selected dealers and affiliates of the Distributor.","page_number":90,"box":{"x":69,"y":612,"width":711,"height":11}},{"id":"74d2d1b2-d90a-4d1e-be5b-d6b4ace03b57","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":90,"box":{"x":102,"y":634,"width":803,"height":11}},{"id":"69dff3b4-7e23-4590-86fb-e3227df81276","block_type":"box","text":"their consideration of a Distribution Plan, the Trustees must consider all factors they deem relevant, including","page_number":90,"box":{"x":68,"y":649,"width":783,"height":12}},{"id":"af1b1f59-29bc-40a1-a7b4-b615bdb45014","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":90,"box":{"x":70,"y":664,"width":834,"height":12}},{"id":"d921a6b4-e125-40ae-bf7c-648b11c3b2df","block_type":"box","text":"a Distribution Plan in accordance with Rule 12b-1, the non-interested Trustees concluded that there is reasonable","page_number":90,"box":{"x":69,"y":680,"width":811,"height":10}},{"id":"f7dfb8ce-b7ab-431f-a6e2-059f8251917c","block_type":"box","text":"likelihood that the Distribution Plan will benefit the Fund and its related class of shareholders.","page_number":90,"box":{"x":70,"y":695,"width":668,"height":9}},{"id":"e0ca726e-a015-466a-ac51-a2b7bafd4475","block_type":"box","text":"Each Distribution Plan provides that, so long as the Distribution Plan remains in effect, the non-interested","page_number":90,"box":{"x":102,"y":717,"width":753,"height":12}},{"id":"309f4951-af9e-4ed9-9226-6936cd221204","block_type":"box","text":"Trustees then in office will select and nominate other non-interested Trustees. Each Distribution Plan can be","page_number":90,"box":{"x":68,"y":732,"width":774,"height":10}},{"id":"2a5a7368-d391-464c-8e3f-75b06fce7450","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":90,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"d55a6fd6-fe2f-468b-a99c-9fa90c77df44","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":90,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"29bfada1-85bb-4b92-a94b-15fca890e59f","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":90,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"fae27dc0-d7ed-4896-b425-66515184443e","block_type":"box","text":"shareholders. All material amendments are required to be approved by the vote of Trustees, including a majority of","page_number":90,"box":{"x":69,"y":793,"width":818,"height":11}},{"id":"68bc35a8-5e7b-4883-b8b2-5f14903a329d","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":90,"box":{"x":68,"y":808,"width":835,"height":11}},{"id":"33889840-899d-4586-a381-5a8689770492","block_type":"box","text":"a meeting called for that purpose. Rule 12b-1 further requires that each Fund preserve copies of each Distribution","page_number":90,"box":{"x":69,"y":823,"width":815,"height":12}},{"id":"310a39c9-604e-448a-b58c-ada7dc178d59","block_type":"box","text":"Plan and any report made pursuant to such plan for a period of not less than six years from the date of the","page_number":90,"box":{"x":69,"y":838,"width":763,"height":11}},{"id":"e8903498-3fae-4690-aa26-bd404b3c2338","block_type":"box","text":"Distribution Plan or such report, the first two years of which should be stored in an easily accessible place.","page_number":90,"box":{"x":70,"y":853,"width":762,"height":12}},{"id":"83d7bc34-6773-4307-80da-c4cfa33f7022","block_type":"box","text":"Among other things, each Distribution Plan provides that the Trustees will review quarterly reports of the","page_number":90,"box":{"x":101,"y":876,"width":745,"height":11}},{"id":"7dc8cf37-cbff-46f5-9bb6-5296b1e69f71","block_type":"box","text":"shareholder servicing and/or distribution expenditures paid to the Distributor. Information with respect to the","page_number":90,"box":{"x":69,"y":891,"width":777,"height":12}},{"id":"6b6d1280-803f-4f59-afb8-45b6b39bdace","block_type":"box","text":"distribution-related revenues and expenses is presented to the Trustees for their consideration on a quarterly basis.","page_number":90,"box":{"x":69,"y":906,"width":827,"height":12}},{"id":"a369aa7e-ec8f-4280-af22-d26ac1af948d","block_type":"box","text":"II-54","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1ce4e7e-5a03-4270-bb41-a73eab7b420c","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a90658ba-28c3-4f62-802d-cde9656e7de2","block_type":"box","text":"Distribution-related expenses consist of financial adviser compensation, branch office and regional operation center","page_number":91,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"2d67d2d2-25a6-4137-9e20-7b88d28661c4","block_type":"box","text":"selling and transaction processing expenses, advertising, sales promotion and marketing expenses and interest","page_number":91,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"866593b9-5b24-4156-88e3-4a6b9bea5682","block_type":"box","text":"expense. Sales personnel may receive different compensation for selling different classes of shares.","page_number":91,"box":{"x":69,"y":75,"width":720,"height":11}},{"id":"0cd3a839-0d71-4490-98ca-e024d684e9b7","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” or “Information on Distribution Related","page_number":91,"box":{"x":102,"y":98,"width":790,"height":11}},{"id":"d9c8486e-e288-45bb-8edc-77d892dca22b","block_type":"box","text":"Expenses,” as applicable, in Part I of each Fund’s SAI for information relating to the fees paid by your Fund to the","page_number":91,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"2725b42b-4de4-4d38-8834-7e83f3ee1c30","block_type":"box","text":"Distributor under each Distribution Plan during the Fund’s most recent fiscal year.","page_number":91,"box":{"x":70,"y":128,"width":579,"height":11}},{"id":"21b6004a-cb66-44b7-82d4-7384224485b9","block_type":"box","text":"Limitations on the Payment of Asset Based Sales Charges.","page_number":91,"box":{"x":102,"y":151,"width":429,"height":11}},{"id":"80be419b-f53a-42ef-be0e-686c1a137f59","block_type":"box","text":"The maximum sales charge rule in the Conduct","page_number":91,"box":{"x":537,"y":151,"width":337,"height":11}},{"id":"5684ce5c-9d2c-474e-9d42-1b4ddb1099c0","block_type":"box","text":"Rules of the Financial Industry Regulatory Authority (“FINRA”) imposes a limitation on certain asset-based sales","page_number":91,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"a39139fd-f798-41e5-8cdc-91ae280def9b","block_type":"box","text":"charges. The maximum sales charge rule is applied separately to each class and limits the aggregate of distribution","page_number":91,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"1044cd17-2969-4965-9a8d-27dca03033a4","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":91,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"6190ea05-ec23-4b62-85a1-a7e5d9375c17","block_type":"box","text":"shares issued pursuant to dividend reinvestments and exchanges), plus (ii) interest on the unpaid balance for the","page_number":91,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"391acd9f-b03a-4dd5-a2c6-73786e076c15","block_type":"box","text":"applicable shares at the prime rate plus 1% (the unpaid balance being the maximum amount payable minus amounts","page_number":91,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"5efdd1bd-89ed-4643-81fd-586559087849","block_type":"box","text":"received from the payment of the distribution fee).","page_number":91,"box":{"x":69,"y":241,"width":356,"height":11}},{"id":"9ce0e823-75b5-4bf0-8730-03e3830e312c","block_type":"box","text":"Other Payments by the Fund","page_number":91,"box":{"x":69,"y":272,"width":206,"height":11}},{"id":"c5b89765-1547-4471-a764-eacb1fd9f5f1","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":91,"box":{"x":102,"y":294,"width":773,"height":11}},{"id":"88a4b158-b7f9-4602-a1b4-38930aa14d4b","block_type":"box","text":"agreements with affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement","page_number":91,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"2576726b-c5da-47a3-9a4b-e9442077c7fd","block_type":"box","text":"plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates, and entities","page_number":91,"box":{"x":70,"y":324,"width":807,"height":12}},{"id":"14d33c75-eed6-45ae-93fb-0ad0da34a0c3","block_type":"box","text":"that may also be serving as distribution agents) (collectively, “Service Organizations”) pursuant to which the Fund will","page_number":91,"box":{"x":68,"y":340,"width":837,"height":11}},{"id":"616a0098-1b3a-4510-a5f0-d8156336cf52","block_type":"box","text":"pay a Service Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or","page_number":91,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"dcd80a8b-006f-4357-826f-84ca55c653b5","block_type":"box","text":"shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily","page_number":91,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"d8918ad6-a0c4-4501-b469-01b295e0a41b","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":91,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"bb1b5224-1906-4e21-b158-d52993c7d8af","block_type":"box","text":"serviced by a Service Organization. The aggregate amount of these payments may be substantial.","page_number":91,"box":{"x":69,"y":400,"width":697,"height":11}},{"id":"4c27e98d-1d73-43b9-88ce-87265cec1f36","block_type":"box","text":"Additional Payments by BlackRock","page_number":91,"box":{"x":68,"y":430,"width":256,"height":11}},{"id":"88150db2-6158-4cda-ae81-46f3201a0c65","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":91,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"168987e5-be93-496d-9bf7-bc0fd47f19d2","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":91,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"7a20769c-f9e3-4542-9800-6fa656b865e3","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":91,"box":{"x":70,"y":483,"width":768,"height":11}},{"id":"eed69030-83ae-4795-b9b5-9370efc4c470","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. BlackRock may also make payments to Service","page_number":91,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"4e7a4e04-4d2b-4149-b14d-bb0d954a928c","block_type":"box","text":"Organizations as part of an effort to enhance its business relationship with such entities trading on technology","page_number":91,"box":{"x":69,"y":513,"width":792,"height":12}},{"id":"ee4863b6-aa1e-4e6e-abbc-d79e365fb948","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":91,"box":{"x":70,"y":528,"width":817,"height":12}},{"id":"044440fe-7236-4263-b145-ad4d87405eef","block_type":"box","text":"“Additional Payments” herein.","page_number":91,"box":{"x":70,"y":544,"width":211,"height":11}},{"id":"f19f8a24-d1b8-464a-a64e-24bf22f3746a","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":91,"box":{"x":101,"y":566,"width":776,"height":11}},{"id":"e086c6f2-7ec5-4414-8622-6a38653a0c07","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":91,"box":{"x":70,"y":581,"width":832,"height":11}},{"id":"22890efd-fb26-4ec3-9906-17434b180047","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":91,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"d04a74ef-dcc2-476b-b175-3d38dd1410d8","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":91,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"7c4b70d5-49c8-4f8b-9d89-b91b840f0bd9","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":91,"box":{"x":69,"y":627,"width":802,"height":11}},{"id":"c7236a0f-a288-4169-bfd1-97afd9fe78be","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectus or this SAI, and any","page_number":91,"box":{"x":70,"y":642,"width":779,"height":11}},{"id":"80ccb847-f026-484b-b379-cb802c611667","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":91,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"9aaa0b99-be73-4b35-9dfc-396ecb20238b","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":91,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"eddd868d-29dd-4093-ac4c-30c5054166d1","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":91,"box":{"x":69,"y":687,"width":837,"height":11}},{"id":"26024122-5332-4f50-8c57-f858d7db996e","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":91,"box":{"x":69,"y":703,"width":818,"height":11}},{"id":"803be3a6-38c9-4f84-af1f-2c8b393988a3","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":91,"box":{"x":70,"y":717,"width":294,"height":12}},{"id":"4dfd0c8c-e429-401d-9a5c-5002a5b66c0c","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":91,"box":{"x":101,"y":740,"width":800,"height":11}},{"id":"3109c834-4e67-4e89-8583-ff6762d131e7","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":91,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"c6101589-1e4e-4abf-aab9-f72b71b726dc","block_type":"box","text":"customers of the Service Organization involved, or may be calculated on another basis.","page_number":91,"box":{"x":69,"y":770,"width":621,"height":12}},{"id":"a3806697-ddc6-470c-a20a-966adb74fc1c","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":91,"box":{"x":102,"y":793,"width":765,"height":11}},{"id":"a3cbf914-f6ee-476c-85ae-625c56733dce","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":91,"box":{"x":69,"y":808,"width":841,"height":11}},{"id":"aeb6687e-50d1-4090-91da-5631765e7305","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":91,"box":{"x":68,"y":823,"width":806,"height":12}},{"id":"e454d4bb-a578-41a2-a3b0-11531d11e581","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":91,"box":{"x":69,"y":838,"width":776,"height":11}},{"id":"ac0bf806-10fb-4189-8e71-3a8adbc69574","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":91,"box":{"x":70,"y":853,"width":802,"height":12}},{"id":"112b95a9-833e-419e-8fe9-88fc43f2ec87","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":91,"box":{"x":68,"y":869,"width":811,"height":11}},{"id":"e25aa622-f84b-4bc5-80e9-71f966b23b41","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":91,"box":{"x":69,"y":884,"width":538,"height":11}},{"id":"31f32648-5e54-4c90-bcf2-e937804bc878","block_type":"box","text":"II-55","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d4095c34-579e-4724-a5ff-b9efd26332fb","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8957057-c601-4377-b9d0-f45423fa395b","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":92,"box":{"x":101,"y":45,"width":795,"height":11}},{"id":"62340bf2-713b-4cf1-96cb-4d178485f312","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":92,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"ba99b47b-0c7d-423e-900d-42dab23fdb3e","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":92,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"2aca96b4-8172-4942-9980-1b8d351c54bf","block_type":"box","text":"Additional Payments.","page_number":92,"box":{"x":68,"y":90,"width":148,"height":11}},{"id":"1c3ba9cc-5d93-455e-b0e1-205e842db83d","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":92,"box":{"x":101,"y":113,"width":270,"height":11}},{"id":"2e82191c-0fd2-43fb-83ae-4105b5f1ee23","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":92,"box":{"x":101,"y":135,"width":740,"height":12}},{"id":"707644be-90b9-4bdd-9571-931167d374ef","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":92,"box":{"x":70,"y":150,"width":764,"height":12}},{"id":"5696be0c-0809-4c22-9c6e-18b830f7f4f9","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":92,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"4ac001cc-1691-4fa9-9a04-18c64b2f766a","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":92,"box":{"x":69,"y":181,"width":742,"height":11}},{"id":"44e33238-a03b-4624-aa7a-77ea773aff71","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":92,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"8a5783b3-32f3-450b-8bcb-dde5315030e8","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":92,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"f3e33e29-1bcf-4a2f-832a-1f63b69609f3","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its customers or in certain sales","page_number":92,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"e9830eed-e9f0-4f86-824f-6a2d7298e090","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":92,"box":{"x":70,"y":241,"width":803,"height":11}},{"id":"2bb48860-47ef-4307-a657-27bda52f0515","block_type":"box","text":"include promotions in communications with the Service Organization’s customers, registered representatives,","page_number":92,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"67b58781-9807-4066-84ad-1ea35c8672bc","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":92,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"f3cb2fea-c763-4819-93c1-8212eecc893b","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":92,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"f7fd842c-d680-465e-863f-bc14405d98b9","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":92,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"38aba1e9-6bd4-43d3-84f3-143df7c991da","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":92,"box":{"x":69,"y":317,"width":523,"height":11}},{"id":"c9644527-b60d-48c3-9bb1-954ab77046f2","block_type":"box","text":"B. Shareholder Services","page_number":92,"box":{"x":102,"y":340,"width":172,"height":8}},{"id":"668c36de-be4b-45b1-9366-54e05d34083b","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their customers. In these","page_number":92,"box":{"x":102,"y":362,"width":751,"height":11}},{"id":"b7e5fb44-7e9b-486e-a04a-fe53800d1407","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the customers, and Service Organizations may perform","page_number":92,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"45321f50-5781-41f0-b4a0-807850b433cf","block_type":"box","text":"some of the functions for these customers’ accounts that the transfer agent would have performed if the accounts","page_number":92,"box":{"x":69,"y":392,"width":818,"height":12}},{"id":"5fc97666-1b40-4d2f-8f78-e6d0de546f89","block_type":"box","text":"had been in the customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":92,"box":{"x":69,"y":408,"width":837,"height":11}},{"id":"2eb8e928-a713-4d3d-959f-c65082cfee56","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":92,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"6f2a0f93-54bc-44ac-8270-c4da99a89d12","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":92,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"64bccad5-9d78-4acd-8272-54086ab135ca","block_type":"box","text":"that would be earned on these assets by the transfer agent for the performance of these or similar services. These","page_number":92,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"39906a6a-7e04-4172-8ef7-9100abb6bb1c","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":92,"box":{"x":68,"y":468,"width":827,"height":11}},{"id":"cdac32e7-2c29-490f-af5a-728b40eb557f","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":92,"box":{"x":70,"y":483,"width":328,"height":11}},{"id":"51437bb2-56fb-457b-8612-538727dda245","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":92,"box":{"x":102,"y":506,"width":299,"height":11}},{"id":"0aadbae8-62ef-4a14-bc6c-37e81aff6c88","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":92,"box":{"x":102,"y":528,"width":805,"height":12}},{"id":"bacd69c0-0084-4760-9846-a1e3ab5b71fd","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":92,"box":{"x":69,"y":543,"width":788,"height":12}},{"id":"4aacea49-08c0-4a95-8ce6-22fbce9a2660","block_type":"box","text":"support. 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Service Organizations may charge their customers additional fees in connection with the","page_number":96,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"3438df5d-c9d7-491d-821f-18a39a93d1ea","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":96,"box":{"x":70,"y":445,"width":818,"height":11}},{"id":"a68a9706-b4f1-4087-93a8-18ee8eacb338","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":96,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"cab08eb4-727c-4746-b8e4-65dcf55db9f6","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":96,"box":{"x":69,"y":476,"width":723,"height":11}},{"id":"4f4dc07e-a3bf-4740-aa57-e4dc8b3a6850","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":96,"box":{"x":102,"y":498,"width":759,"height":11}},{"id":"635d1162-9f4f-4ac1-81fc-27c33c4f5aa0","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":96,"box":{"x":69,"y":513,"width":760,"height":12}},{"id":"b52640a6-28fb-415d-8aac-dbf86fd78687","block_type":"box","text":"appropriate.","page_number":96,"box":{"x":69,"y":529,"width":84,"height":10}},{"id":"84205c27-46d6-452e-ac7f-7464eab6bb12","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":96,"box":{"x":160,"y":528,"width":738,"height":12}},{"id":"6511c2a0-2d62-41ff-822b-a7d62e5a17ce","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":96,"box":{"x":69,"y":544,"width":795,"height":11}},{"id":"dfb30819-6d51-445a-9480-5afc2e16803e","block_type":"box","text":"described above.","page_number":96,"box":{"x":69,"y":559,"width":122,"height":9}},{"id":"571d3f00-20d4-40ca-839f-0e117f14c7fe","block_type":"box","text":"REDEMPTION OF SHARES","page_number":96,"box":{"x":385,"y":588,"width":208,"height":10}},{"id":"7cdd30ad-3242-4187-9122-ce834f07791a","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":96,"box":{"x":102,"y":611,"width":780,"height":11}},{"id":"39939051-d3c5-4562-9828-b5b576799eca","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":96,"box":{"x":69,"y":626,"width":824,"height":11}},{"id":"d0d22dea-a525-485b-a0a9-67a688c69b69","block_type":"box","text":"the Fund’s portfolio holdings at the Manager’s discretion. In kind payment means payment will be made in portfolio","page_number":96,"box":{"x":68,"y":641,"width":824,"height":11}},{"id":"e5c75ec0-f199-43be-9cf4-0a494bedd175","block_type":"box","text":"securities and other assets rather than cash. Redemptions in kind may be used in applicable circumstances,","page_number":96,"box":{"x":69,"y":657,"width":776,"height":10}},{"id":"49da04c8-dc33-4ea2-84ce-f77970dcbc1d","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":96,"box":{"x":68,"y":671,"width":813,"height":12}},{"id":"ba93a3af-28db-47eb-be63-2cdfe957bc1c","block_type":"box","text":"conditions. If this occurs, the redeeming shareholder might incur brokerage or other transaction costs to convert the","page_number":96,"box":{"x":69,"y":686,"width":830,"height":12}},{"id":"34bff944-99d0-43a1-a169-2f8e802c9e7e","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":96,"box":{"x":69,"y":702,"width":792,"height":11}},{"id":"b42f5208-6725-4804-8042-ca8796e1a3ac","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":96,"box":{"x":69,"y":716,"width":836,"height":12}},{"id":"e14886aa-e5e1-4b4d-8665-1563b9171753","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":96,"box":{"x":70,"y":732,"width":803,"height":11}},{"id":"56014c5f-e4a0-46d0-83cd-3d247bef4ac6","block_type":"box","text":"determined after the initial receipt of proper notice of redemption.","page_number":96,"box":{"x":69,"y":747,"width":468,"height":11}},{"id":"d0e97445-8380-49c9-bf62-2adb5f6fdfb9","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":96,"box":{"x":101,"y":770,"width":787,"height":11}},{"id":"89ce5399-b11e-4a4d-a883-19f3608e5ff2","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":96,"box":{"x":69,"y":785,"width":819,"height":11}},{"id":"c59701df-3876-40b6-9719-6b7009c1bde4","block_type":"box","text":"price will be reduced by any applicable CDSC.","page_number":96,"box":{"x":70,"y":800,"width":321,"height":11}},{"id":"776ed8f0-8a8e-47e7-a59b-d3ad6ab99dbb","block_type":"box","text":"If notice is received by the Fund’s transfer agent or certain financial intermediaries, as applicable, prior to the","page_number":96,"box":{"x":102,"y":823,"width":782,"height":11}},{"id":"53fc47d0-2da2-4c78-a446-298872fd59a7","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":96,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"cecacdba-8631-47e8-9fd5-d0c1230202a5","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":96,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"9cec68c6-bb7f-4034-9be0-7ae5dc025640","block_type":"box","text":"the Fund’s Prospectus, payment will be made on the second business day after receipt of the notice.","page_number":96,"box":{"x":68,"y":868,"width":720,"height":11}},{"id":"564068c1-b63d-4b34-8e20-f5060bf7e5b8","block_type":"box","text":"II-60","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f25a7b73-d147-4213-83e3-3147a8571fe1","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"417b8b7e-3971-4e28-9079-7d0e299f18fc","block_type":"box","text":"Summit Cash Reserves — Redemption of Shares","page_number":97,"box":{"x":68,"y":45,"width":356,"height":11}},{"id":"51440418-f624-4b21-a0bb-32331accc29f","block_type":"box","text":"Redemptions may be made in the manner and amounts described in Summit Cash Reserves’ Prospectuses.","page_number":97,"box":{"x":102,"y":67,"width":772,"height":11}},{"id":"16ad28b7-70ba-4e31-8ae6-7e414e3ce25c","block_type":"box","text":"Signatures, when required, must conform exactly to the account registration. If (i) the proceeds of the redemption","page_number":97,"box":{"x":69,"y":82,"width":809,"height":12}},{"id":"fd15521d-bfee-4741-a62e-17fad3fad127","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":97,"box":{"x":68,"y":97,"width":831,"height":12}},{"id":"af686f9a-83ee-4cdc-b7eb-da0bccf37e1f","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":97,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"7a0f5c55-383c-49eb-a56a-fe6dc75656bb","block_type":"box","text":"address, or (iv) the shareholder is a corporation, partnership, trust or fiduciary, signature(s) must be guaranteed by","page_number":97,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"29eeb41e-0e89-4ec8-acf0-2645b7ed92a1","block_type":"box","text":"any eligible guarantor institution.","page_number":97,"box":{"x":69,"y":143,"width":231,"height":11}},{"id":"a7e01a9c-8d1f-4d52-9baa-5d96ca49a0a2","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":97,"box":{"x":102,"y":166,"width":771,"height":11}},{"id":"e6838455-32d0-447c-9efa-32c0aab93aaa","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":97,"box":{"x":69,"y":181,"width":790,"height":11}},{"id":"eea7f4dd-4a96-467a-8098-c75398812669","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":97,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"1aa83b4f-821d-43fb-9546-6b8b61df7844","block_type":"box","text":"corporation, partnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":97,"box":{"x":69,"y":211,"width":725,"height":11}},{"id":"8e5ce080-b601-47b7-b609-8947f64c8c19","block_type":"box","text":"Note on Low Balance Accounts","page_number":97,"box":{"x":102,"y":234,"width":219,"height":9}},{"id":"70d9d7a8-918a-4b75-98bd-d6b207c03e65","block_type":"box","text":". Because of the high cost of maintaining smaller shareholder accounts,","page_number":97,"box":{"x":323,"y":234,"width":512,"height":11}},{"id":"96e009ba-d1ba-46c3-8b1f-3bf7451bdd17","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":97,"box":{"x":70,"y":248,"width":780,"height":12}},{"id":"1d3cd727-d053-4885-9fb8-270fd9bc5acd","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":97,"box":{"x":70,"y":263,"width":829,"height":12}},{"id":"10b138fe-0ece-47e3-a6cd-50320f11f00c","block_type":"box","text":"for any reason, including market fluctuation.","page_number":97,"box":{"x":68,"y":279,"width":313,"height":11}},{"id":"65cdcb9a-ff5c-493b-a97e-e2b3179abd6f","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":97,"box":{"x":101,"y":302,"width":775,"height":11}},{"id":"c67e0902-b4d2-4cfe-bc1b-2752988e34eb","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":97,"box":{"x":70,"y":317,"width":773,"height":11}},{"id":"2f4b2aa6-b433-4a4e-8e55-f44227201bea","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":97,"box":{"x":70,"y":331,"width":776,"height":12}},{"id":"ca5d7c9c-0227-4d52-88ac-4f18f29c2f48","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":97,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"587de7f9-85c1-4dc3-8e83-b98976faca20","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":97,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"0615bd03-7822-4a3c-b958-09e444d52416","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":97,"box":{"x":69,"y":377,"width":435,"height":12}},{"id":"19b87554-042f-4407-827d-8d57e8ecf003","block_type":"box","text":"Payment of Redemption Proceeds","page_number":97,"box":{"x":102,"y":400,"width":246,"height":11}},{"id":"8aa295dd-1006-4128-96a6-df98df80bcb7","block_type":"box","text":". The Fund may suspend the right of redemption or postpone the date of","page_number":97,"box":{"x":350,"y":400,"width":515,"height":11}},{"id":"01d8d1fb-57ea-48b5-a39f-7f7c4363d351","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":97,"box":{"x":70,"y":415,"width":811,"height":11}},{"id":"9fda4e65-df01-42fe-bcfb-e38dfe7f199c","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other property when determined appropriate in","page_number":97,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"7a55fb6a-68c3-4ae5-bbe5-67ac3ee2d48c","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":97,"box":{"x":70,"y":445,"width":498,"height":12}},{"id":"a854072f-e235-4757-99dc-bbe929a9db6a","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":97,"box":{"x":101,"y":468,"width":803,"height":11}},{"id":"56c4aa8e-6271-4fda-a42e-39e9c813a036","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in part in securities chosen by the","page_number":97,"box":{"x":69,"y":483,"width":809,"height":11}},{"id":"6349dc87-356c-42ef-852c-a437ebe9e947","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":97,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"0af895a3-7810-4644-b106-3b6b000cf8db","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in converting these securities into cash. The Fund has","page_number":97,"box":{"x":69,"y":514,"width":832,"height":11}},{"id":"f970efe5-fbe5-4be6-9eba-b140ebb1fd47","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":97,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"238a0f06-c386-436b-af90-e481fa2e10f3","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":97,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"6863bec8-e22f-4cc3-b235-9c6ed859f619","block_type":"box","text":"shareholder of the Fund.","page_number":97,"box":{"x":69,"y":559,"width":173,"height":9}},{"id":"8f9938de-295a-4ca0-84cd-5b7cda3cd35f","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":97,"box":{"x":102,"y":581,"width":763,"height":12}},{"id":"d26dab77-143a-4722-8dff-70999476dfe9","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":97,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"5f9da31a-87a8-404f-8b63-74c7afc94707","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":97,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"01d872bd-6280-4cb0-8693-0a128c7ffae6","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably","page_number":97,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"7e0520f5-7dbc-45fd-ae67-5d2e3a1621fe","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":97,"box":{"x":70,"y":642,"width":762,"height":11}},{"id":"ddce83b5-0d6c-418b-97be-ffb193e2197f","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":97,"box":{"x":69,"y":657,"width":685,"height":11}},{"id":"ed79c729-2ce2-4304-8ab9-95e33fdb411a","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":97,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"cf5f4b52-74a4-478f-a293-e5f28f170240","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":97,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"76cc2098-affe-49b3-bf89-5ed031357842","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":97,"box":{"x":68,"y":710,"width":815,"height":11}},{"id":"5e4b4226-e88a-451e-8e52-95d06023437a","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":97,"box":{"x":70,"y":725,"width":805,"height":11}},{"id":"6666647a-1407-4e77-ae8e-d4640cf23d4f","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":97,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"eb0846f2-f69e-4d53-b630-cd961514bc41","block_type":"box","text":"redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":97,"box":{"x":69,"y":755,"width":801,"height":11}},{"id":"e94c31d1-b647-4d9f-8688-6d99fa913c02","block_type":"box","text":"Signature Guarantee","page_number":97,"box":{"x":101,"y":778,"width":150,"height":11}},{"id":"04b035f5-a9b7-44f9-9aca-8a57bab6b9b8","block_type":"box","text":". A signature guarantee is designed to protect the shareholders and the Fund against","page_number":97,"box":{"x":253,"y":778,"width":606,"height":11}},{"id":"e301ce7f-3585-4fa4-8881-195b63993598","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":97,"box":{"x":68,"y":793,"width":814,"height":11}},{"id":"45420004-1c8c-44b4-872c-e0469624cc72","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are participants in a medallion","page_number":97,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"8373619c-f55b-49fc-b448-51fdb7cb402f","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":97,"box":{"x":70,"y":823,"width":836,"height":12}},{"id":"be473740-9571-426c-a60b-1cdb9fbd8294","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":97,"box":{"x":69,"y":838,"width":811,"height":12}},{"id":"c81c8ef7-d0e2-4111-8a7a-133a611bd1d6","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":97,"box":{"x":69,"y":854,"width":830,"height":11}},{"id":"3950c939-d94f-497f-b1af-256ce5be2326","block_type":"box","text":"Signature Guarantees which are not a part of these programs will not be accepted. Please note that a notary public","page_number":97,"box":{"x":69,"y":869,"width":824,"height":11}},{"id":"a437bff2-1521-4ff8-87b4-2844675b1c22","block_type":"box","text":"stamp or seal is not acceptable.","page_number":97,"box":{"x":69,"y":884,"width":229,"height":11}},{"id":"c9af529c-9508-4f0d-b16b-42e91f50fda0","block_type":"box","text":"II-61","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07d771e1-0afa-4672-a186-9b031ffd432e","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8be2dbc8-e069-4693-9807-e89d08e97440","block_type":"box","text":"WeLEAF— Redemption of Shares","page_number":98,"box":{"x":68,"y":45,"width":242,"height":11}},{"id":"7d343729-5e79-4a0c-9357-873c725ded85","block_type":"box","text":"Redemptions may be made in the manner and amounts described in WeLEAF’s Prospectuses. Signatures, when","page_number":98,"box":{"x":102,"y":67,"width":797,"height":12}},{"id":"dda49b77-84c0-45e2-abe3-0767b082dd09","block_type":"box","text":"required, must conform exactly to the account registration. If (i) the proceeds of the redemption would exceed","page_number":98,"box":{"x":69,"y":82,"width":781,"height":12}},{"id":"f6fd202b-6caf-42b9-a9e5-83ca7d556518","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":98,"box":{"x":69,"y":97,"width":795,"height":12}},{"id":"2b3ae3d5-328d-4978-afff-815604ce7df1","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":98,"box":{"x":68,"y":113,"width":836,"height":11}},{"id":"82e69fea-5792-4674-8327-2a4d4db0df3c","block_type":"box","text":"(iv) the shareholder is a corporation, partnership, trust or fiduciary, signature(s) must be guaranteed by any eligible","page_number":98,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"ae83bf54-896b-4fc9-80c6-609aa4055fd9","block_type":"box","text":"guarantor institution.","page_number":98,"box":{"x":68,"y":143,"width":147,"height":11}},{"id":"f2e5ebc5-36fe-42e2-8ece-2005acfe5760","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":98,"box":{"x":102,"y":166,"width":771,"height":11}},{"id":"683bd7e8-bbc1-41fd-974b-c6d2aade812c","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":98,"box":{"x":69,"y":181,"width":790,"height":11}},{"id":"5fe301eb-36af-4007-b2ed-08e3b8c5f57d","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":98,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"62e5c8be-7383-4e25-b683-553ff2616cb2","block_type":"box","text":"corporation, partnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":98,"box":{"x":69,"y":211,"width":725,"height":11}},{"id":"a5ebce6b-3f1d-46d4-ba36-57ea9224a956","block_type":"box","text":"Note on Low Balance Accounts.","page_number":98,"box":{"x":102,"y":234,"width":223,"height":9}},{"id":"b34aa134-7d53-430f-aee7-ad134daf1d2c","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":98,"box":{"x":332,"y":234,"width":503,"height":11}},{"id":"2e0e484e-28c9-4ab4-9dfb-0404c7e5da2f","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":98,"box":{"x":70,"y":248,"width":752,"height":12}},{"id":"4ffb81e6-7ca2-4cdb-a302-5732054d0b5d","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":98,"box":{"x":70,"y":263,"width":829,"height":12}},{"id":"b05b7f53-0c02-41dc-8c9f-95349d3aee12","block_type":"box","text":"for any reason, including market fluctuation.","page_number":98,"box":{"x":68,"y":279,"width":313,"height":11}},{"id":"70cd64aa-f0a7-49bd-b522-ccd67837e1c5","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":98,"box":{"x":101,"y":302,"width":775,"height":11}},{"id":"c02f3da0-8019-4763-b600-ea854dcf52a8","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":98,"box":{"x":70,"y":317,"width":773,"height":11}},{"id":"c3e1d2a1-cdbe-494f-967f-e925d93db2a0","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":98,"box":{"x":70,"y":331,"width":776,"height":12}},{"id":"2cd5e154-9ab3-43b1-bc9f-f1976b30bd15","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":98,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"610dd48a-64b0-4275-a3db-135d15cec7c3","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":98,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"6010523f-4ce4-4b0a-b7f1-8a9438fa6d2f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":98,"box":{"x":69,"y":377,"width":435,"height":12}},{"id":"ac5693d0-291b-4880-982b-fe518ac5140e","block_type":"box","text":"Service Shares","page_number":98,"box":{"x":70,"y":408,"width":107,"height":8}},{"id":"0146a859-3b12-42fe-a7be-720b75f30ff4","block_type":"box","text":"Redemption of Shares.","page_number":98,"box":{"x":102,"y":430,"width":164,"height":11}},{"id":"381909be-38f6-434b-abed-c885d13ef908","block_type":"box","text":"WeLEAF may redeem Service Shares if the account balance drops below the required","page_number":98,"box":{"x":272,"y":430,"width":607,"height":11}},{"id":"8f718fb6-7e0f-48f9-b83c-c897591c75bc","block_type":"box","text":"minimum initial investment as the result of redemption requests and the shareholder does not increase the balance","page_number":98,"box":{"x":69,"y":445,"width":829,"height":11}},{"id":"28532963-363a-486e-a67d-1e777e193514","block_type":"box","text":"to at least the required minimum initial investment upon thirty days’ written notice. If a customer has agreed with an","page_number":98,"box":{"x":68,"y":460,"width":831,"height":12}},{"id":"2f68e48e-4121-4a6b-ac5d-8fe6cb291afa","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":98,"box":{"x":70,"y":476,"width":819,"height":10}},{"id":"ac67294a-6b87-4840-b5b8-98d1d54b0cfb","block_type":"box","text":"falls below that minimum, the customer may be obligated to redeem all or part of his or her shares in the Fund to the","page_number":98,"box":{"x":68,"y":491,"width":838,"height":11}},{"id":"d65c218c-849d-4eea-bc66-9a0a16ca9fc5","block_type":"box","text":"extent necessary to maintain the minimum balance required.","page_number":98,"box":{"x":69,"y":506,"width":433,"height":11}},{"id":"621cfdcd-8f62-4fa5-9570-fa9b3270ce56","block_type":"box","text":"The following is applicable only to persons who were shareholders of an investment portfolio of Compass Capital","page_number":98,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"c52af016-559e-485d-b3d5-bc29386dbf16","block_type":"box","text":"Group of Funds at the time of the Trust’s combination with The PNC Fund in 1996:","page_number":98,"box":{"x":69,"y":551,"width":602,"height":11}},{"id":"9d1281d9-df3f-4d3b-a64b-249e9e05eeb9","block_type":"box","text":"Persons who were shareholders of an investment portfolio of Compass Capital Group of Funds at the time of the","page_number":98,"box":{"x":102,"y":574,"width":803,"height":11}},{"id":"5d8e006e-d1a6-4a41-b213-41d1ed624452","block_type":"box","text":"portfolio’s combination with The PNC Fund may also purchase and redeem Service Shares of the same Fund and for","page_number":98,"box":{"x":70,"y":589,"width":830,"height":11}},{"id":"8ac29ab4-84e8-4439-8bba-c7efa27045fe","block_type":"box","text":"the same account in which they held shares on that date through the procedures described in this section.","page_number":98,"box":{"x":68,"y":604,"width":761,"height":11}},{"id":"f00b5cb9-7f51-4a81-b617-e88cc3f414b4","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":98,"box":{"x":102,"y":627,"width":250,"height":11}},{"id":"5413ba26-3fca-4a66-a23c-680e44e23869","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":98,"box":{"x":359,"y":627,"width":506,"height":11}},{"id":"e53ab287-7226-4c26-bb5a-d8563d6e9478","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":98,"box":{"x":70,"y":642,"width":811,"height":11}},{"id":"d22ab65f-09fb-4a39-856f-db3d732df075","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other property when determined appropriate in","page_number":98,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"ae4f00c3-12c5-4728-967f-7e34aa93f172","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":98,"box":{"x":70,"y":672,"width":498,"height":11}},{"id":"3f440ccb-595c-4485-99ec-6f75bf59257b","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":98,"box":{"x":101,"y":695,"width":803,"height":11}},{"id":"17129cd4-52da-4642-acc4-938e7413ed5c","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in part in securities chosen by the","page_number":98,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"46898c85-2480-4351-ba44-5296e46e3fa8","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":98,"box":{"x":70,"y":725,"width":817,"height":11}},{"id":"323cba7f-6502-4a33-a95e-9faf06fae85c","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in converting these securities into cash. The Fund has","page_number":98,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"1642f8a9-4393-48b0-8500-32b3e22f89b0","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":98,"box":{"x":69,"y":755,"width":817,"height":11}},{"id":"796731cf-24e9-4834-a515-dd9c4baead76","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":98,"box":{"x":69,"y":770,"width":828,"height":12}},{"id":"afbd92a9-0025-4fc7-ab5e-a7379b70ec71","block_type":"box","text":"shareholder of the Fund.","page_number":98,"box":{"x":69,"y":785,"width":173,"height":9}},{"id":"4fdbf760-a2c7-4b9f-b76f-4018f3b91787","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":98,"box":{"x":101,"y":808,"width":790,"height":11}},{"id":"ab808b41-f2af-42ea-9795-bbab397c8cb8","block_type":"box","text":"from WeLEAF (up to 2%). Please see the Fund’s Prospectus for additional information about discretionary liquidity","page_number":98,"box":{"x":68,"y":823,"width":811,"height":11}},{"id":"a78594ed-942a-499d-bfb1-5577b321e97c","block_type":"box","text":"fees.","page_number":98,"box":{"x":68,"y":838,"width":35,"height":9}},{"id":"91b0c7fa-5486-4ae0-80d2-4f68f37a2d9c","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":98,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"351b869a-8263-4862-a2b8-3f3a39f106d4","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":98,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"19685ae1-0d0d-4f43-81ba-e22da7095042","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":98,"box":{"x":69,"y":891,"width":802,"height":12}},{"id":"ec88a5cd-7551-4c50-909d-c68f8024f02d","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably","page_number":98,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"f4de76b6-20a9-4bf9-a536-3a0737f4cbf5","block_type":"box","text":"II-62","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1d7ddb6-bcca-4339-b6a2-17a8e83ce239","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d9cff31-6f37-4d11-9ee6-d0864c6ab224","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":99,"box":{"x":70,"y":45,"width":762,"height":11}},{"id":"e6851783-8784-4c48-9a4c-2ea5e8720e4c","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":99,"box":{"x":69,"y":60,"width":685,"height":11}},{"id":"533230f9-0ff7-44ed-a756-09923f33c6a1","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":99,"box":{"x":101,"y":82,"width":795,"height":12}},{"id":"695d48d9-dff1-4eed-a946-31380c00d195","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":99,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"dcb8cecc-9b51-4af7-816e-2472499049e0","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":99,"box":{"x":68,"y":113,"width":815,"height":11}},{"id":"8d30da09-2cf7-4e7e-8bbb-1253fdf643b9","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":99,"box":{"x":70,"y":128,"width":805,"height":11}},{"id":"c76bd776-8157-4f1f-beaa-ce033200736e","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":99,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"6d5aab08-8080-433a-be50-849ddec70981","block_type":"box","text":"redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":99,"box":{"x":69,"y":158,"width":801,"height":11}},{"id":"9aa1b258-16d4-42c0-b3d3-cb47ca94524e","block_type":"box","text":"WeLEAF reserves the right to redeem shares in any account that it cannot confirm to its satisfaction is","page_number":99,"box":{"x":101,"y":181,"width":731,"height":11}},{"id":"8a0a9e1d-4a8c-42a8-8b9a-c1abea8ec690","block_type":"box","text":"beneficially owned by a natural person, after providing at least 60 days’ advance notice.","page_number":99,"box":{"x":69,"y":196,"width":625,"height":11}},{"id":"3637e70e-4523-46ba-9b0a-cf37ca8f5524","block_type":"box","text":"Signature Guarantee.","page_number":99,"box":{"x":101,"y":219,"width":154,"height":11}},{"id":"6bce62cd-b375-496c-b8d9-8c5e127acd42","block_type":"box","text":"A signature guarantee is designed to protect the shareholders and the Fund against","page_number":99,"box":{"x":261,"y":219,"width":598,"height":11}},{"id":"56a0d1d3-eaae-4bdd-a3de-048a60c655e6","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":99,"box":{"x":68,"y":234,"width":814,"height":11}},{"id":"f8b4cac3-4415-43bf-be12-07560c25a7e0","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are participants in a medallion","page_number":99,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"0f18836b-0cf8-42a1-88ab-49a8a060cbd3","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":99,"box":{"x":70,"y":264,"width":836,"height":11}},{"id":"821b3ced-9eae-456a-824c-c106e0b13b28","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":99,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"dd287bb1-311f-4ee1-8757-7c1e9e188557","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":99,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"3fed214a-de08-4f36-b42e-7d89cb622117","block_type":"box","text":"Signature Guarantees which are not a part of these programs will not be accepted. Please note that a notary public","page_number":99,"box":{"x":69,"y":309,"width":824,"height":11}},{"id":"154a787c-c007-4e35-8683-4cde04988505","block_type":"box","text":"stamp or seal is not acceptable.","page_number":99,"box":{"x":69,"y":325,"width":229,"height":10}},{"id":"14be9238-d9bf-445e-bc06-3645c897c653","block_type":"box","text":"Circle Reserve — Redemption of Shares","page_number":99,"box":{"x":101,"y":347,"width":293,"height":11}},{"id":"f6568230-d6d3-44a9-8254-5dbb12a5a734","block_type":"box","text":"Redemptions may be made in the manner and amounts described in Circle Reserve’s Prospectus. Signatures,","page_number":99,"box":{"x":102,"y":370,"width":785,"height":11}},{"id":"ec6d2186-5cf5-4dd0-a954-1060f5fe1b98","block_type":"box","text":"when required, must conform exactly to the account registration. If (i) the proceeds of the redemption would exceed","page_number":99,"box":{"x":68,"y":385,"width":824,"height":11}},{"id":"ea32e181-c62b-4097-a69c-826e670a9566","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":99,"box":{"x":69,"y":399,"width":831,"height":12}},{"id":"806e822e-df21-4318-9989-a9074aadb9b2","block_type":"box","text":"are not to be paid to the record owner at the record address, or (iv) the shareholder is a corporation, partnership,","page_number":99,"box":{"x":69,"y":415,"width":808,"height":11}},{"id":"8dfadd41-7b55-45a4-9257-3581365e3827","block_type":"box","text":"trust or fiduciary, signature(s) may need to be guaranteed by any eligible guarantor institution.","page_number":99,"box":{"x":68,"y":430,"width":669,"height":11}},{"id":"4de42e9b-1b76-4f0b-9c4b-592ada3e03ef","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":99,"box":{"x":102,"y":453,"width":771,"height":11}},{"id":"b9bb67d3-38f6-4613-8489-0862dc6df60d","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":99,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"d8de1f60-244c-4cb3-b5b3-bf6798144118","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":99,"box":{"x":69,"y":483,"width":772,"height":11}},{"id":"8f99c4ae-9635-49ea-adc4-b9f9ce491445","block_type":"box","text":"corporation, partnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":99,"box":{"x":69,"y":498,"width":725,"height":11}},{"id":"d64d5e4d-24db-4f5d-a9ed-d0971005e098","block_type":"box","text":"Note on Low Balance Accounts","page_number":99,"box":{"x":102,"y":521,"width":219,"height":9}},{"id":"7c3a9fd8-0e63-4dd0-9f4f-ca3289b04da3","block_type":"box","text":". Because of the high cost of maintaining smaller shareholder accounts,","page_number":99,"box":{"x":323,"y":521,"width":512,"height":11}},{"id":"fb2aa27b-f9a0-486c-ba9a-cda97117e5fd","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":99,"box":{"x":70,"y":535,"width":775,"height":12}},{"id":"8d9fd320-8d7f-499f-b335-1c4fbeecbeb1","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":99,"box":{"x":70,"y":551,"width":785,"height":11}},{"id":"824f3a23-c10d-416e-96ac-48b16f8b8c83","block_type":"box","text":"$100,000 for any reason, including market fluctuation.","page_number":99,"box":{"x":69,"y":566,"width":390,"height":11}},{"id":"fb932b30-2c80-42fa-80a0-7d2ebac171e2","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":99,"box":{"x":101,"y":589,"width":775,"height":11}},{"id":"c2dda134-bf21-4dcb-8f07-83b54143284b","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":99,"box":{"x":70,"y":604,"width":773,"height":11}},{"id":"36d382a0-1c19-44db-99c0-eb24b65fbb11","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":99,"box":{"x":70,"y":618,"width":811,"height":12}},{"id":"c48a1ee4-9b3a-4b11-8c4b-2f6c877b47b7","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":99,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"bc50b91e-756c-422f-b741-68e2cbe0fb94","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":99,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"f7da8ee0-6a0f-4541-9567-802b148e17fa","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":99,"box":{"x":69,"y":664,"width":435,"height":12}},{"id":"5aec6495-5b43-4199-b58f-462d728fc941","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":99,"box":{"x":102,"y":687,"width":250,"height":11}},{"id":"d1a53f8e-fe5d-406e-9b80-4b98f8e8cbf2","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":99,"box":{"x":359,"y":687,"width":506,"height":11}},{"id":"c3240bd0-ab6e-4601-a9ea-7a60883c2224","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":99,"box":{"x":70,"y":702,"width":811,"height":11}},{"id":"bcea54a4-3f02-4e2e-b3de-82e5a8b18ad7","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other property when determined appropriate in","page_number":99,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"a05226f5-cf7c-46d5-8264-d07153b5afd3","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":99,"box":{"x":70,"y":732,"width":498,"height":12}},{"id":"d4ec75be-5e73-4e94-8abe-09fd9428ef49","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":99,"box":{"x":101,"y":755,"width":803,"height":11}},{"id":"03583d5e-1aad-48b9-94e1-5a5ad3d311d8","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in part in securities chosen by the","page_number":99,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"ea9f0e7a-e24f-43fe-b4c7-a1d66f87a3a1","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":99,"box":{"x":70,"y":785,"width":817,"height":12}},{"id":"fde1b09c-dec5-4b13-94f6-6c0b386bb81d","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in converting these securities into cash. The Fund has","page_number":99,"box":{"x":69,"y":801,"width":832,"height":11}},{"id":"6e217131-512c-446c-8319-8a42d89a8202","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":99,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"f93f95f8-d9a3-4918-b640-b8a5974c0cc4","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":99,"box":{"x":69,"y":830,"width":828,"height":12}},{"id":"2628ad23-c0cd-46bc-a940-9d7ddb3c97a2","block_type":"box","text":"shareholder of the Fund.","page_number":99,"box":{"x":69,"y":846,"width":173,"height":9}},{"id":"8256a13d-9da4-4f8c-b738-478f1c1e14f1","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":99,"box":{"x":102,"y":869,"width":763,"height":11}},{"id":"f6fb697e-97de-4225-8663-10f0c2083924","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":99,"box":{"x":70,"y":884,"width":838,"height":11}},{"id":"ba4b264b-d447-41cb-92b1-ea1db28bb6e6","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":99,"box":{"x":69,"y":899,"width":802,"height":11}},{"id":"e7a69c4c-7c1a-4991-ab9f-27232363bf5d","block_type":"box","text":"II-63","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ae1c34a-7d2f-4165-9839-81ea84ce1d28","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d98f82c9-ab43-4e83-b1e3-399d9bcbd33d","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably","page_number":100,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"8e8bcaf0-c8a0-4f27-9ee5-bf50ea9ab178","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":100,"box":{"x":70,"y":60,"width":762,"height":11}},{"id":"47ac4bd7-fde9-4661-9e28-f060870b5d5b","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":100,"box":{"x":69,"y":75,"width":685,"height":11}},{"id":"a60acdf0-827f-4757-a0d5-052c807a450f","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":100,"box":{"x":101,"y":98,"width":795,"height":11}},{"id":"132b1975-c55a-4d83-8fa7-ec626ff8af12","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":100,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"da419c99-5e2c-41b7-97db-95efbe6969fc","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":100,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"166a2825-0dee-4788-9e4a-90db76f1320e","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":100,"box":{"x":70,"y":143,"width":805,"height":11}},{"id":"d935dff2-b2e9-4c3f-a321-11d1a3aba4bb","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":100,"box":{"x":69,"y":158,"width":813,"height":11}},{"id":"3468adfd-51af-42a0-a775-99e3f439d3db","block_type":"box","text":"redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":100,"box":{"x":69,"y":173,"width":801,"height":11}},{"id":"bc0f3c79-7e39-46e8-8bce-9cf827671181","block_type":"box","text":"Signature Guarantee.","page_number":100,"box":{"x":101,"y":196,"width":154,"height":11}},{"id":"11af5736-bd88-43a5-9120-0db7d669485b","block_type":"box","text":"A signature guarantee is designed to protect the shareholders and the Fund against","page_number":100,"box":{"x":261,"y":196,"width":598,"height":11}},{"id":"194d5f87-313d-433f-af39-8daf2bc22c69","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":100,"box":{"x":68,"y":211,"width":814,"height":11}},{"id":"be4a70b9-aa73-4b79-b82d-407deb27006a","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are participants in a medallion","page_number":100,"box":{"x":68,"y":226,"width":814,"height":11}},{"id":"083bc76b-dead-4d05-8a14-1d6237bf2cac","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":100,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"f57fa2c1-3584-4614-802f-4379cece2e60","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":100,"box":{"x":69,"y":256,"width":811,"height":12}},{"id":"563b3234-81ed-4b5d-903b-b0ad9ad33e0a","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":100,"box":{"x":69,"y":272,"width":830,"height":11}},{"id":"2d12eea5-623d-4f0a-9a1f-816e2b7f4063","block_type":"box","text":"Signature Guarantees which are not a part of these programs will not be accepted. Please note that a notary public","page_number":100,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"7442e07d-103f-4f5a-a418-a968c2e6623d","block_type":"box","text":"stamp or seal is not acceptable.","page_number":100,"box":{"x":69,"y":302,"width":229,"height":11}},{"id":"324977a7-ad5d-49ff-914f-5197d2b47d92","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin Reserve Vehicle — Redemption of Shares","page_number":100,"box":{"x":102,"y":324,"width":615,"height":11}},{"id":"c4a976d3-2da8-4ec1-b923-137bea262485","block_type":"box","text":"OnChain Shares may be redeemed on a Business Day, as defined in the Fund’s Prospectus. Requests for","page_number":100,"box":{"x":102,"y":347,"width":753,"height":11}},{"id":"7ba11f21-6c9f-4bd2-a47e-635c628ddfca","block_type":"box","text":"redemptions must be received in good order by the Fund’s transfer agent by 5:00 p.m. (Eastern Time) on any","page_number":100,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"91b14def-406b-4955-8a69-7e1ef07c4de0","block_type":"box","text":"Business Day. Notwithstanding the foregoing, on any day that the principal bond markets close early (as","page_number":100,"box":{"x":70,"y":377,"width":739,"height":12}},{"id":"aec3f0e1-7b3f-4b3e-b6c1-3918025426c4","block_type":"box","text":"recommended by SIFMA) or the Federal Reserve Bank of Philadelphia or the NYSE closes early, the Fund may","page_number":100,"box":{"x":69,"y":392,"width":779,"height":12}},{"id":"c3334357-d33f-42ed-b8ca-8cc3c65dfa07","block_type":"box","text":"advance the time on that day by which a redemption order must be placed so that it will be effected that day.","page_number":100,"box":{"x":69,"y":407,"width":777,"height":12}},{"id":"769898c0-02e4-4756-8b65-9848f6c648aa","block_type":"box","text":"In order for a redemption request to be treated as having been received in good order (and therefore be","page_number":100,"box":{"x":102,"y":430,"width":738,"height":11}},{"id":"f997320e-2bc8-4573-bac1-eff454d369e7","block_type":"box","text":"effective) as of a redemption date, OnChain Shares to be redeemed must be moved to the Fund’s administrative","page_number":100,"box":{"x":69,"y":445,"width":804,"height":11}},{"id":"3bb5ebb7-a699-42e8-aedb-c51fefc57e8d","block_type":"box","text":"redemption wallet (the “Redemption Wallet”) on the blockchain by the Fund’s deadline. Shareholders can find","page_number":100,"box":{"x":69,"y":460,"width":780,"height":12}},{"id":"9d656992-83b8-4755-9c2a-c78c07d32006","block_type":"box","text":"information on the Redemption Wallet by visiting the website disclosed in the Fund’s Prospectus. Shareholders are","page_number":100,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"5f8cb467-9862-453f-979e-020699dbe31e","block_type":"box","text":"advised to submit redemption orders in this manner well in advance of the final cut-off time for a day, given that there","page_number":100,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"5f859985-6085-43a4-b7bf-52b2dbcae6dd","block_type":"box","text":"may be transaction processing or other delays on the blockchain network that result in your order not being received","page_number":100,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"09d1d0f9-ca28-42ba-8d85-90c52a9756c2","block_type":"box","text":"by the Fund’s transfer agent before the final cut-off time. A transaction submitted prior to the cutoff time may","page_number":100,"box":{"x":69,"y":521,"width":780,"height":11}},{"id":"fa7e8354-0f61-4e11-af13-bfe626f88d96","block_type":"box","text":"nevertheless fail to satisfy the Fund’s or the Fund’s transfer agent’s finality requirements before the applicable","page_number":100,"box":{"x":69,"y":536,"width":792,"height":11}},{"id":"b0971424-43d4-4e3a-bfb1-23690fcf9560","block_type":"box","text":"determination is made, including as a result of network congestion, delayed block production, chain reorganizations,","page_number":100,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"84e205b8-1305-4ade-9ebf-e52852877998","block_type":"box","text":"or other blockchain-related events. OnChain Shares moved to the Redemption Wallet after the Fund deadline on a","page_number":100,"box":{"x":69,"y":566,"width":809,"height":11}},{"id":"4203fe11-ee6c-400b-b2c1-7fa6a0bac552","block_type":"box","text":"Business Day (or at any time on a non-Business Day) will not be redeemed until the following Business Day. In these","page_number":100,"box":{"x":70,"y":581,"width":829,"height":12}},{"id":"033914fe-26d2-42a3-b8f0-4b9afe5d9939","block_type":"box","text":"circumstances, a redeeming shareholder will not be able to effect further transfers of redeemed Shares but will be","page_number":100,"box":{"x":69,"y":596,"width":819,"height":12}},{"id":"ef4575f5-9fef-4eb6-9503-d7005229fb49","block_type":"box","text":"deemed to continue to own such OnChain Shares for all other purposes (including for accrual of dividends) until","page_number":100,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"ed60e379-ae89-4309-aeb4-4258da0cc74e","block_type":"box","text":"OnChain Shares are redeemed.","page_number":100,"box":{"x":69,"y":627,"width":222,"height":9}},{"id":"78b02da8-1395-4fad-9929-45fdfc96abc9","block_type":"box","text":"A shareholder will be deemed to have submitted a redemption request with respect to any OnChain Shares that","page_number":100,"box":{"x":101,"y":649,"width":796,"height":12}},{"id":"16baed6c-4e96-45d5-96c4-8751882509ee","block_type":"box","text":"it moves to the Redemption Wallet. The Fund’s transfer agent will not consider OnChain Shares to have been moved","page_number":100,"box":{"x":70,"y":664,"width":826,"height":12}},{"id":"cd67d869-7e48-430c-9c39-6717d9a47aa7","block_type":"box","text":"to the Redemption Wallet until after it determines that the transaction is “final.” The Fund’s transfer agent will","page_number":100,"box":{"x":68,"y":680,"width":786,"height":11}},{"id":"65ef9db0-bb88-4393-be07-95d407c11bfb","block_type":"box","text":"consider a transaction final only after (a) the transaction has been included in a block published to the blockchain","page_number":100,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"ade041e0-89a9-40bf-b022-0bf860597ff8","block_type":"box","text":"and the timestamp of such block is prior to the applicable deadline and (b) a sufficient number of additional blocks","page_number":100,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"5bd6dcc3-8089-42b0-9fcc-f9eed539ede6","block_type":"box","text":"have been added to the same chain. If a redemption request is not received in good order by the deadline on any","page_number":100,"box":{"x":69,"y":725,"width":808,"height":11}},{"id":"82726c24-f2c6-491e-a85b-f28b1d778bcc","block_type":"box","text":"Business Day, such amount will not be redeemed on such Business Day, unless the deadline is modified by the","page_number":100,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"cabd59e6-0bc3-4c5e-bbde-be39cf73f341","block_type":"box","text":"Board or its duly authorized agent.","page_number":100,"box":{"x":70,"y":755,"width":242,"height":11}},{"id":"c41dde79-8655-45da-a534-11afbf5b618b","block_type":"box","text":"Alternatively, a shareholder may submit a redemption request on the Fund’s transfer agent’s website at","page_number":100,"box":{"x":101,"y":778,"width":739,"height":11}},{"id":"0a3f0c46-bca3-41a1-8e36-f49d80a64f9a","block_type":"box","text":"BRSRV.invest.securitize.io or id.securitize.io (or such other website as the Fund’s transfer agent may establish for the","page_number":100,"box":{"x":70,"y":793,"width":838,"height":11}},{"id":"014a41eb-c90a-45a1-a042-ea689f3e730e","block_type":"box","text":"redemption of OnChain Shares) before 5:00 p.m. (Eastern Time). The Fund’s transfer agent’s website does not hold,","page_number":100,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"271b4fbb-1a16-4a08-bf03-441fe039b039","block_type":"box","text":"control, or have access to shareholder Tokens or private keys. When a shareholder uses the portal to submit a","page_number":100,"box":{"x":69,"y":823,"width":790,"height":11}},{"id":"cf86aad1-2062-45c5-a5a6-6b20207005ec","block_type":"box","text":"redemption request, the portal prepares the same on-chain transfer transaction the shareholder would otherwise","page_number":100,"box":{"x":69,"y":838,"width":806,"height":11}},{"id":"9bdfcc09-7979-4c85-83b8-c1d537a69e81","block_type":"box","text":"construct directly and presents it to the shareholder’s wallet for the shareholder to sign. In both cases, the on-chain","page_number":100,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"0e91477b-e563-4746-96af-6d59cb149b55","block_type":"box","text":"transfer is executed pursuant to a transaction signed by the shareholder. The OnChain Shares will move to the","page_number":100,"box":{"x":68,"y":869,"width":788,"height":11}},{"id":"216dbd0f-8f43-414b-b845-50f504bffd2f","block_type":"box","text":"Redemption Wallet after the transaction is signed by the shareholder. Shareholder redemption requests submitted on","page_number":100,"box":{"x":70,"y":884,"width":836,"height":11}},{"id":"af0c9b20-9395-4408-9a90-4bfc14dac025","block_type":"box","text":"II-64","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0079fd5-26aa-4b8c-a098-a68c37bf5c70","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af844c78-d370-427c-9142-ec6191501e28","block_type":"box","text":"the Fund’s transfer agent’s website noted above and received in good order after 5:00 p.m. (Eastern Time) will be","page_number":101,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"1ee3d898-767b-4b69-b43d-159348d645c1","block_type":"box","text":"redeemed at the NAV determined on the next Business Day.","page_number":101,"box":{"x":69,"y":60,"width":426,"height":11}},{"id":"5e99ec63-20b6-4ba6-8b34-fe5d053236a6","block_type":"box","text":"If redemption orders are received by the Fund’s transfer agent on a Business Day by the established deadlines,","page_number":101,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"de25a4aa-420a-4488-8d1c-acddf2bcc0e5","block_type":"box","text":"Tokens will be burned from the Redemption Wallet on the same Business Day on which the redemption request is","page_number":101,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"5d543de5-6d4c-47b0-94c9-7a58d2b2ac19","block_type":"box","text":"received in good order, and payment for redeemed OnChain Shares will typically be wired in federal funds on that","page_number":101,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"8effd18b-e573-464b-bb18-f181e43372ce","block_type":"box","text":"same day, provided the Fund’s custodian is also open for business. Proceeds for redemption orders received on a","page_number":101,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"d2c6dd17-bef5-4664-8bf0-383bde2e9c61","block_type":"box","text":"day when the Fund’s custodian is closed are normally wired in Federal funds on the next Business Day following","page_number":101,"box":{"x":69,"y":143,"width":798,"height":11}},{"id":"82ca23e7-8838-4c6a-9744-e576a7cc759a","block_type":"box","text":"redemption on which the Fund’s custodian is open for business. The Fund reserves the right to wire redemption","page_number":101,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"6a93f120-5e5f-4147-9d13-078a7fa2ed1a","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the judgment of the Fund, an earlier payment","page_number":101,"box":{"x":70,"y":173,"width":804,"height":11}},{"id":"8b66251a-bd85-4f7b-8e9c-7975043e9e40","block_type":"box","text":"could adversely affect the Fund.","page_number":101,"box":{"x":69,"y":188,"width":226,"height":11}},{"id":"4b54bc12-344e-48e6-9862-2eee361d3ae9","block_type":"box","text":"Shareholders will generally be required to pay transaction fees (sometimes referred to as “gas” fees) to","page_number":101,"box":{"x":102,"y":211,"width":740,"height":11}},{"id":"7dc5a1fa-d32b-44c1-83dd-9422a86273af","block_type":"box","text":"validators on the blockchain in order to facilitate shareholder-initiated transactions, including redemptions. Such fees,","page_number":101,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"76b43c5e-b47c-4b5e-a006-881ce0043264","block_type":"box","text":"which vary from blockchain to blockchain, are typically in the form of the digital asset native to such blockchain (e.g.,","page_number":101,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"2c1395c2-bf3d-4b49-aeb5-594f651ccae7","block_type":"box","text":"ETH for Ethereum) but may also include other eligible digital assets depending on network design (e.g., eligible","page_number":101,"box":{"x":70,"y":256,"width":788,"height":12}},{"id":"be357708-cfe4-4a41-91b7-58490e75ed0d","block_type":"box","text":"stablecoins on Tempo). In connection with shareholder-initiated transactions, an investor must purchase or maintain","page_number":101,"box":{"x":69,"y":272,"width":827,"height":10}},{"id":"c21aa448-3b5e-4f09-aa6c-7590dd855be5","block_type":"box","text":"a sufficient amount of the blockchain network’s native digital asset, or other eligible asset for “gas” fees, in such","page_number":101,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"1b522ba1-ddc1-4976-8f21-0fe6bb2e8348","block_type":"box","text":"investor’s digital wallet on the blockchain to pay the “gas” fees associated with such transactions. By contrast, with","page_number":101,"box":{"x":70,"y":302,"width":826,"height":11}},{"id":"25ce9566-07d9-4e81-8193-8021d1ede0a2","block_type":"box","text":"respect to blockchain transactions initiated by the Fund, the Fund’s transfer agent, or another service provider to the","page_number":101,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"73bee988-9789-460e-bdd2-b70e4f303ace","block_type":"box","text":"Fund in accordance with the Fund’s governing documents and/or applicable law, shareholders will generally not be","page_number":101,"box":{"x":70,"y":332,"width":814,"height":11}},{"id":"498c523a-e4ee-40d9-8cde-efd83453e160","block_type":"box","text":"required to pay associated transaction fees. Under normal and stressed market conditions, the Fund typically expects","page_number":101,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"d46701c3-941f-4391-8e84-6bebfdcb8066","block_type":"box","text":"to meet redemption requests by using cash or cash equivalents in its portfolio or by selling portfolio assets to","page_number":101,"box":{"x":68,"y":362,"width":786,"height":11}},{"id":"01f5efcc-ba28-49ee-b3d1-025d997a22aa","block_type":"box","text":"generate additional cash.","page_number":101,"box":{"x":68,"y":377,"width":180,"height":12}},{"id":"8f22384c-d031-4405-b6ef-d4be09c3c79d","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":101,"box":{"x":102,"y":400,"width":250,"height":11}},{"id":"31f0542c-9b42-4ae4-b3db-787f703d5ebe","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":101,"box":{"x":359,"y":400,"width":506,"height":11}},{"id":"03dbef72-4cb7-45f8-92d0-315555974d2c","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":101,"box":{"x":70,"y":415,"width":811,"height":11}},{"id":"0d413e18-c595-4a0a-9cdf-7435a09981f1","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other property when determined appropriate in","page_number":101,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"e504869b-80e3-4fd4-8c16-65ee3bc37adb","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":101,"box":{"x":70,"y":445,"width":498,"height":12}},{"id":"5c8b6b5e-2c5a-4124-9c03-c5cbc721903c","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":101,"box":{"x":101,"y":468,"width":803,"height":11}},{"id":"d9a63480-c626-4045-a774-d63fe496c631","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in part in securities chosen by the","page_number":101,"box":{"x":69,"y":483,"width":809,"height":11}},{"id":"626c884f-be18-408e-9af0-219d521c254a","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. 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The Fund has","page_number":101,"box":{"x":69,"y":514,"width":832,"height":11}},{"id":"6137d402-bae9-43fb-a53e-ee6a4bd6fd68","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":101,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"76517af0-a1dd-4b78-a91a-dc64704b5fc1","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":101,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"3578d78b-cbd2-468d-9d1e-65f0686be761","block_type":"box","text":"shareholder of the Fund.","page_number":101,"box":{"x":69,"y":559,"width":173,"height":9}},{"id":"a6ebe33d-b8cc-4ed9-bf4d-27f515df838b","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":101,"box":{"x":102,"y":581,"width":763,"height":12}},{"id":"184a47eb-923c-4d60-bb3f-fdbc3445ae77","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":101,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"f5c3b2da-14d3-4af1-a569-8eb96fa59dfc","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":101,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"61dfe43a-b195-4814-8deb-911341759eee","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably","page_number":101,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"a2fb2384-e03d-4f22-b8e9-a461f8a15a0c","block_type":"box","text":"practicable, or for such other periods as the SEC may permit.","page_number":101,"box":{"x":70,"y":642,"width":434,"height":11}},{"id":"a65d628c-2105-47ef-9635-52c3a482478a","block_type":"box","text":"Redemption proceeds will only be paid to the account of record in the name of the shareholder, except that, if a","page_number":101,"box":{"x":102,"y":664,"width":796,"height":12}},{"id":"f8e1f772-2ee8-4c07-9ad6-9784667fc55c","block_type":"box","text":"shareholder is a client of zerohash, payment of redemption proceeds will be paid (i) if such shareholder’s only","page_number":101,"box":{"x":69,"y":680,"width":784,"height":11}},{"id":"0afaedb4-a44d-49d3-8da5-54117fc574df","block_type":"box","text":"account of record is such shareholder’s zerohash Account, to its zerohash Account and (ii) if such shareholder has a","page_number":101,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"7c45a788-a2db-4c38-b23c-fb552f0b0691","block_type":"box","text":"zerohash Account and has also separately subscribed for Shares with U.S. dollars from an account which is not its","page_number":101,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"837d8450-90d0-4285-a553-49fc34279af0","block_type":"box","text":"zerohash Account, to such other account unless otherwise directed by such shareholder. USDC transactions are","page_number":101,"box":{"x":69,"y":725,"width":800,"height":11}},{"id":"b60a37ab-6987-45cc-a968-e395d5bb0da5","block_type":"box","text":"subject to various risks that are outside the control of zerohash and the Fund. zerohash has informed the Fund that,","page_number":101,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"b9ad3843-d3db-436c-8269-dfe713f89f17","block_type":"box","text":"as of the date of this SAI, zerohash is licensed to engage in Virtual Currency Business Activity by the New York State","page_number":101,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"2099d6b5-a3c4-4d0e-a1f6-4773efd64177","block_type":"box","text":"Department of Financial Services.","page_number":101,"box":{"x":70,"y":770,"width":240,"height":11}},{"id":"8f8d628e-dc2c-46aa-80a3-57ea95dc6434","block_type":"box","text":"DETERMINATION OF NET ASSET VALUE","page_number":101,"box":{"x":332,"y":800,"width":314,"height":10}},{"id":"8a712120-bdfa-47a1-b692-d58e1479d2f1","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":101,"box":{"x":102,"y":822,"width":806,"height":12}},{"id":"2c289d14-81b6-4277-9eaa-10c6719b47d2","block_type":"box","text":"portfolio securities on the basis of the amortized cost method of valuation.","page_number":101,"box":{"x":70,"y":838,"width":533,"height":11}},{"id":"b0f70729-af21-4f36-8400-111dcbd86a2b","block_type":"box","text":"Under this method portfolio securities are valued at cost when purchased and thereafter, a constant","page_number":101,"box":{"x":102,"y":860,"width":716,"height":11}},{"id":"2fa7cd85-a85b-49f4-b663-2c8b823e2966","block_type":"box","text":"proportionate accretion of any discount or amortization of premium is recorded until the maturity of the security. The","page_number":101,"box":{"x":70,"y":875,"width":828,"height":12}},{"id":"328752bb-5739-4aa0-b628-dcef95a0336b","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":101,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"6655eaf3-4015-4cee-b1f7-8e96e87ada65","block_type":"box","text":"II-65","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a18d2d1-5e51-48fb-9330-77a4c4f1841f","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ab99790-48cf-4c19-925c-935d2f29c311","block_type":"box","text":"As indicated, the amortized cost method of valuation may result in the value of a security being higher or lower","page_number":102,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"b19ba213-ce9f-432d-932f-4db6c33847d9","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":102,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"577b2214-2481-406a-a650-06f0920b93c3","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":102,"box":{"x":69,"y":74,"width":814,"height":12}},{"id":"88c164b8-4e7d-4142-a5dc-2c604ae6cad4","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":102,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"09f0df1f-9338-4f4e-a2b9-af0e72318864","block_type":"box","text":"the extent of any deviation of NAV per share, based on available market quotations, from the $1.00 amortized cost","page_number":102,"box":{"x":68,"y":104,"width":822,"height":12}},{"id":"0d566336-f385-413f-8f0b-4e7806348b0e","block_type":"box","text":"per share.","page_number":102,"box":{"x":70,"y":120,"width":70,"height":11}},{"id":"a1c75f2c-c17f-488c-aeb2-edd0713b744d","block_type":"box","text":"Should that deviation exceed","page_number":102,"box":{"x":102,"y":143,"width":204,"height":9}},{"id":"445df4c1-c8bc-4072-9dde-db7c73361fbb","block_type":"box","text":"½","page_number":102,"box":{"x":313,"y":143,"width":12,"height":9}},{"id":"69274b63-416c-4234-bdcf-87bb46a95f1c","block_type":"box","text":"of 1% for a Fund, the Fund’s Board will promptly consider whether any action","page_number":102,"box":{"x":331,"y":143,"width":545,"height":11}},{"id":"cb58894f-b7b4-4b64-b69f-9b90b9871aa3","block_type":"box","text":"should be initiated to eliminate or reduce material dilution or other adverse impact to shareholders. Such action may","page_number":102,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"f88ef38d-c83c-48f6-ab01-a8cb3405c739","block_type":"box","text":"include redeeming shares in kind, selling portfolio securities prior to maturity, reducing or withholding dividends,","page_number":102,"box":{"x":70,"y":173,"width":796,"height":11}},{"id":"c0e1c94e-d25c-4463-8e7c-23e9780b1101","block_type":"box","text":"shortening the average portfolio maturity, and utilizing a NAV per share as determined by using available market","page_number":102,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"d71f33bb-11bd-4e9a-974f-c7fe44b485f7","block_type":"box","text":"quotations.","page_number":102,"box":{"x":69,"y":204,"width":78,"height":10}},{"id":"df94d91f-793e-48de-a027-ac3522cdee49","block_type":"box","text":"Each Fund will maintain a dollar-weighted average portfolio maturity of 60 days or less, a dollar-weighted average","page_number":102,"box":{"x":102,"y":226,"width":803,"height":11}},{"id":"6e308b51-ccad-457d-ba3f-ec81b47a20f2","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":102,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"6ed92a17-6231-489f-9649-af5241605996","block_type":"box","text":"Company Act greater than 397 days, and will limit portfolio investments, including repurchase agreements, to those","page_number":102,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"f21cc157-4a73-44c3-b25b-c4e054b848f7","block_type":"box","text":"instruments that the adviser or sub-adviser determines to be “eligible securities” under Rule 2a-7 pursuant to","page_number":102,"box":{"x":70,"y":272,"width":782,"height":11}},{"id":"26803346-dca0-4825-952e-7a1ee6bc9f56","block_type":"box","text":"guidelines adopted by a Fund’s Board.","page_number":102,"box":{"x":68,"y":287,"width":273,"height":11}},{"id":"a3834042-a51e-4de4-9a0a-40f08397ef9f","block_type":"box","text":"YIELD INFORMATION","page_number":102,"box":{"x":405,"y":316,"width":167,"height":10}},{"id":"b718df4d-30d6-4a97-925f-7bcb270b5a80","block_type":"box","text":"Each Fund computes its annualized yield in accordance with regulations adopted by the Commission by","page_number":102,"box":{"x":102,"y":339,"width":735,"height":11}},{"id":"00c52c12-75c2-4347-aa9d-fbe22e203464","block_type":"box","text":"determining the net changes in value, exclusive of capital changes and income other than investment income, for a","page_number":102,"box":{"x":69,"y":354,"width":821,"height":11}},{"id":"fc006b51-dec9-4007-9977-6568613055a1","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":102,"box":{"x":69,"y":369,"width":819,"height":11}},{"id":"52ed04ef-538c-4b10-a658-d6970e49cad2","block_type":"box","text":"base period, subtracting a hypothetical shareholder account charge, and dividing the difference by the value of the","page_number":102,"box":{"x":69,"y":384,"width":816,"height":11}},{"id":"3faa5032-40f2-4b7b-b76d-d8d582dc77ef","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":102,"box":{"x":69,"y":399,"width":823,"height":12}},{"id":"64bac314-634d-426e-8f1c-dc81a70fc10c","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":102,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"a35cb4a1-74c4-4511-9e06-7815d67153ce","block_type":"box","text":"losses on portfolio securities. The Commission also permits the calculation of a standardized effective or","page_number":102,"box":{"x":70,"y":429,"width":753,"height":11}},{"id":"0347a14f-cd40-4c33-a5d0-9b3b9e6e7dee","block_type":"box","text":"compounded yield. This is computed by compounding the unannualized base period return, which is done by adding","page_number":102,"box":{"x":69,"y":445,"width":823,"height":11}},{"id":"c70e34c3-718b-4745-add5-45479ce1bdd9","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":102,"box":{"x":69,"y":460,"width":817,"height":11}},{"id":"32490770-3cdf-43d2-82bb-bacbdce0d72f","block_type":"box","text":"the result. This compounded yield calculation also excludes realized and unrealized gains or losses on portfolio","page_number":102,"box":{"x":68,"y":475,"width":795,"height":11}},{"id":"29e07b67-0386-4a36-8b23-876d0c04ab87","block_type":"box","text":"securities.","page_number":102,"box":{"x":69,"y":490,"width":72,"height":9}},{"id":"312543b8-9a36-435e-b0c4-222c23733f01","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":102,"box":{"x":101,"y":513,"width":785,"height":11}},{"id":"a9c13aba-f0cf-441e-aca6-7289f61d8161","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":102,"box":{"x":70,"y":528,"width":811,"height":11}},{"id":"683bda92-9e53-4422-beac-859b660514ed","block_type":"box","text":"affected by such factors as changes in interest rates on a Fund’s portfolio securities, average portfolio maturity, the","page_number":102,"box":{"x":69,"y":543,"width":828,"height":11}},{"id":"2bb6f025-8682-4bda-88a7-cf7932acbd84","block_type":"box","text":"types and quality of portfolio securities held and operating expenses. The yield on Fund shares for various reasons","page_number":102,"box":{"x":68,"y":558,"width":819,"height":11}},{"id":"4f873bbb-c11f-4a0c-bf11-503ab7e86339","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":102,"box":{"x":69,"y":573,"width":804,"height":11}},{"id":"feff2f99-a6a9-42d9-902b-6d457c8ef406","block_type":"box","text":"See “Yield Information” in Part I of each Fund’s SAI for recent seven-day yield information relating to your Fund.","page_number":102,"box":{"x":102,"y":596,"width":793,"height":11}},{"id":"92469062-dfcf-49d3-8d9a-a35e4c2120fc","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":102,"box":{"x":102,"y":619,"width":788,"height":11}},{"id":"c62075dd-f875-4dd5-ab0a-98705f034256","block_type":"box","text":"Report, a widely recognized independent publication that monitors the performance of money market mutual funds,","page_number":102,"box":{"x":70,"y":634,"width":821,"height":11}},{"id":"dffb7daa-7f20-4309-9d33-cd974a8f9b64","block_type":"box","text":"(2) the average yield reported by the Bank Rate Monitor National Index","page_number":102,"box":{"x":69,"y":649,"width":503,"height":11}},{"id":"bcbc8b11-fb72-4e4e-9d46-6dd478be5eb9","block_type":"box","text":"TM","page_number":102,"box":{"x":572,"y":649,"width":10,"height":5}},{"id":"b6450c29-49e5-49d3-b700-7dfa5a1df067","block_type":"box","text":"for money market deposit accounts offered","page_number":102,"box":{"x":588,"y":649,"width":307,"height":11}},{"id":"f69526ae-b88f-4eb3-9f55-2d2ec0f8d478","block_type":"box","text":"by the 100 leading banks and thrift institutions in the ten largest standard metropolitan statistical areas, (3) yield","page_number":102,"box":{"x":69,"y":664,"width":810,"height":11}},{"id":"2201bb35-edaa-46ea-a302-9a1fdfa0e535","block_type":"box","text":"data published by industry publications, including Lipper Inc., Morningstar, Inc.,","page_number":102,"box":{"x":69,"y":679,"width":564,"height":11}},{"id":"00127177-37f5-43c1-9eb0-589156304eea","block_type":"box","text":"Money Magazine, U.S. News & World","page_number":102,"box":{"x":641,"y":679,"width":263,"height":11}},{"id":"7e2246b0-9296-43b9-9f8c-6c99ef923412","block_type":"box","text":"Repor t, BusinessWeek, CDA Investment Technology, Inc., Forbes Magazine","page_number":102,"box":{"x":70,"y":694,"width":532,"height":11}},{"id":"44b22bc3-1c56-420f-9470-f3c9de509f7a","block_type":"box","text":"and","page_number":102,"box":{"x":608,"y":694,"width":24,"height":9}},{"id":"491c18a3-8d0d-477a-8655-7c0b73d3e936","block_type":"box","text":"For tune Magazine","page_number":102,"box":{"x":639,"y":694,"width":127,"height":11}},{"id":"fc074406-7692-44db-b687-a305c484ac5d","block_type":"box","text":", or (4) the yield on","page_number":102,"box":{"x":767,"y":694,"width":133,"height":11}},{"id":"52bf6b98-12ba-4c2e-9c05-50ba54b9d0ff","block_type":"box","text":"an investment in 90-day Treasury bills on a rolling basis, assuming quarterly compounding. As with yield quotations,","page_number":102,"box":{"x":69,"y":709,"width":826,"height":11}},{"id":"e856d79b-3b1a-4611-9174-e11b3444bf9a","block_type":"box","text":"yield comparisons should not be considered indicative of a Fund’s yield or relative performance for any future period.","page_number":102,"box":{"x":68,"y":724,"width":834,"height":11}},{"id":"c1391bff-d9ed-4258-ab33-a04b1326c8ed","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":102,"box":{"x":101,"y":747,"width":780,"height":11}},{"id":"cfa74325-02bb-4fa1-b123-7995813c638a","block_type":"box","text":"investment objective. This may include information about past, current or possible economic, market, political, or","page_number":102,"box":{"x":70,"y":762,"width":806,"height":11}},{"id":"02c7cd66-4992-4d0a-a3d0-591eb6cddce4","block_type":"box","text":"other conditions, descriptive information on general principles of investing such as asset allocation, diversification","page_number":102,"box":{"x":69,"y":777,"width":814,"height":12}},{"id":"126818f6-dab9-40b6-a716-4cc07100b4e4","block_type":"box","text":"and risk tolerance; a discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":102,"box":{"x":69,"y":792,"width":805,"height":12}},{"id":"855b7bee-4734-425c-acf9-6d5fe74f340e","block_type":"box","text":"techniques; comparisons of a Fund’s performance or portfolio composition to that of other funds or types of","page_number":102,"box":{"x":68,"y":807,"width":774,"height":12}},{"id":"dc1e1b09-fd6d-46b4-bea7-4985f02e34f3","block_type":"box","text":"investments, to indices relevant to the comparison being made, or to a hypothetical or model portfolio. Each Fund","page_number":102,"box":{"x":70,"y":823,"width":810,"height":11}},{"id":"42effa12-9b32-4553-931a-beb1e8d963bf","block_type":"box","text":"may also quote various measures of volatility and benchmark correlation in advertising and other materials, and may","page_number":102,"box":{"x":69,"y":838,"width":833,"height":11}},{"id":"03a09071-5740-4037-9794-a0cbf1efd2bd","block_type":"box","text":"compare these measures to those of other funds or types of investments.","page_number":102,"box":{"x":69,"y":853,"width":527,"height":11}},{"id":"60ac8cfe-ec4d-4afd-9efb-a098bd4598a1","block_type":"box","text":"II-66","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b77d85d9-c509-421f-8510-a44f7cbcd09c","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17cc3bde-f59f-4da1-98ec-8a5a8bd10b0f","block_type":"box","text":"PORTFOLIO TRANSACTIONS","page_number":103,"box":{"x":377,"y":45,"width":224,"height":10}},{"id":"09602c28-6a50-428a-aab9-7b4702b724a4","block_type":"box","text":"Subject to policies established by the Board of each Fund, the Manager is primarily responsible for the execution","page_number":103,"box":{"x":102,"y":68,"width":803,"height":11}},{"id":"bcb6b5a4-c6a3-4327-8c01-4f1d5028a1f7","block_type":"box","text":"of a Fund’s portfolio transactions. The Manager does not execute transactions through any particular broker or","page_number":103,"box":{"x":69,"y":83,"width":791,"height":11}},{"id":"2120a636-fb2f-4063-bfae-728a116eec1d","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":103,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"602b4f4f-a77f-44d6-b05b-4caa86c2769f","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":103,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"b689296a-049f-4b62-ad21-4c8d1c7ea466","block_type":"box","text":"skill in positioning blocks of securities. While the Manager generally seeks reasonable trade execution costs, a Fund","page_number":103,"box":{"x":69,"y":128,"width":830,"height":12}},{"id":"c9cf16aa-c1da-41dd-949e-2fd01afdee81","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":103,"box":{"x":69,"y":143,"width":839,"height":12}},{"id":"961bfbf2-8f11-4af6-beec-84fda83b5190","block_type":"box","text":"short maturities will result in high portfolio turnover.","page_number":103,"box":{"x":69,"y":159,"width":370,"height":11}},{"id":"2765e4a7-4cb4-41cf-9904-fa6b02dae789","block_type":"box","text":"Subject to obtaining the best net results, dealers who provide supplemental investment research (such as","page_number":103,"box":{"x":102,"y":181,"width":757,"height":12}},{"id":"9d2cf94b-9160-44ce-8930-6ff7f6e76c88","block_type":"box","text":"economic data and market forecasts) to the Manager may receive orders for transactions of the Fund. Information","page_number":103,"box":{"x":69,"y":196,"width":812,"height":12}},{"id":"7de0b538-940c-4a20-ad28-d55900be2aaa","block_type":"box","text":"received will be in addition to and not in lieu of the services required to be performed by the Manager under each","page_number":103,"box":{"x":69,"y":212,"width":809,"height":11}},{"id":"f992671c-b5e2-4290-841d-69e8b1593fb4","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":103,"box":{"x":70,"y":227,"width":824,"height":11}},{"id":"cd37ed9a-f4a9-4089-b57b-04db8f661a47","block_type":"box","text":"of such supplemental information.","page_number":103,"box":{"x":69,"y":242,"width":243,"height":11}},{"id":"076eb006-d981-4648-8174-1a42443e6dac","block_type":"box","text":"The portfolio securities in which each Fund invests are traded primarily in the OTC market. Bonds and","page_number":103,"box":{"x":101,"y":264,"width":723,"height":12}},{"id":"a8da8f78-d106-47ac-b009-335c77a8e66d","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":103,"box":{"x":69,"y":280,"width":832,"height":11}},{"id":"1ad7c3c0-afeb-42c4-8a27-d9249f01e568","block_type":"box","text":"the dealers who make a market in the securities involved except in those circumstances where better prices and","page_number":103,"box":{"x":68,"y":295,"width":803,"height":11}},{"id":"bbf79c53-1ef0-410a-96df-a7de38414c24","block_type":"box","text":"execution are available elsewhere. Such dealers usually are acting as principals for their own accounts. On occasion,","page_number":103,"box":{"x":69,"y":310,"width":834,"height":11}},{"id":"fefbcf8f-376f-4425-95d4-3ad8c71d71d7","block_type":"box","text":"securities may be purchased directly from the issuer. Money market securities are generally traded on a net basis","page_number":103,"box":{"x":69,"y":325,"width":812,"height":11}},{"id":"8eec20e3-a9ae-4f7b-9db2-16fa05a32ded","block_type":"box","text":"and do not normally involve either brokerage commissions or transfer taxes. The cost of executing portfolio securities","page_number":103,"box":{"x":69,"y":340,"width":838,"height":11}},{"id":"edfa1507-3f50-4b7a-8a91-852b63769c1c","block_type":"box","text":"transactions of a Fund primarily will consist of dealer spreads. Under the Investment Company Act, persons affiliated","page_number":103,"box":{"x":68,"y":355,"width":834,"height":11}},{"id":"048d045d-4bc4-4526-bb00-a72d2c3a7cbc","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":103,"box":{"x":68,"y":370,"width":827,"height":12}},{"id":"387f7864-2d8c-460f-b3f9-76130a47c822","block_type":"box","text":"principals in the purchase and sale of securities unless an exemptive order allowing such transactions is obtained","page_number":103,"box":{"x":70,"y":385,"width":813,"height":12}},{"id":"c15d934d-0cf1-445c-aee4-7eefb24dc2c0","block_type":"box","text":"from the Commission. Since transactions in the OTC market usually involve transactions with the dealers acting as","page_number":103,"box":{"x":68,"y":401,"width":819,"height":11}},{"id":"242f86b7-05dd-4787-8c2f-eb22b41a3924","block_type":"box","text":"principals for their own accounts, the Funds will not deal with affiliated persons in connection with such transactions,","page_number":103,"box":{"x":70,"y":416,"width":834,"height":11}},{"id":"b0149009-2aea-4a0a-857f-7eb101ad4f28","block_type":"box","text":"except pursuant to an applicable exemptive order or as otherwise permitted by applicable law. However, an affiliated","page_number":103,"box":{"x":69,"y":431,"width":830,"height":11}},{"id":"baf07910-8d82-4c0c-9d19-cd5752fbfaa7","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis.","page_number":103,"box":{"x":70,"y":446,"width":661,"height":11}},{"id":"ac61ebca-a7ed-4f97-a5ae-9ce3c85acaaa","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":103,"box":{"x":101,"y":469,"width":775,"height":11}},{"id":"3de5cb1b-a0f6-4c60-997a-d7fd83850d61","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":103,"box":{"x":69,"y":484,"width":828,"height":11}},{"id":"8e1858ad-9c65-44d0-a304-ac0777200c47","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":103,"box":{"x":69,"y":499,"width":815,"height":11}},{"id":"3b63d5e1-e3df-42bf-9f5a-2e800b1e6e55","block_type":"box","text":"execute transactions for those mutual funds.","page_number":103,"box":{"x":69,"y":514,"width":319,"height":9}},{"id":"2c9b6682-b39c-4ee0-bbb4-607722efd940","block_type":"box","text":"OTC issues, including most fixed income securities such as corporate debt and U.S. Government securities, are","page_number":103,"box":{"x":102,"y":537,"width":796,"height":11}},{"id":"e68553a6-9f2e-4fa7-8038-512953f21bcc","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":103,"box":{"x":69,"y":552,"width":826,"height":11}},{"id":"6044ea91-3567-4a2f-a928-bf88a1b0b73a","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":103,"box":{"x":69,"y":567,"width":839,"height":11}},{"id":"224c8270-98d1-4d93-a9dc-df25fc7e6267","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":103,"box":{"x":69,"y":582,"width":813,"height":11}},{"id":"1698ca0c-eb3d-49d6-ae78-f9df91aaeae9","block_type":"box","text":"and domestic securities will generally include a “spread,” which is the difference between the prices at which the","page_number":103,"box":{"x":69,"y":597,"width":808,"height":11}},{"id":"d3bf4183-d298-42df-9764-915dbcd1873e","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":103,"box":{"x":69,"y":612,"width":780,"height":11}},{"id":"ea08c7b4-2892-4cce-ad7b-e50fcb18364d","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":103,"box":{"x":102,"y":635,"width":800,"height":11}},{"id":"c51e9d11-b862-4dcb-aa97-efca0de86c53","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":103,"box":{"x":69,"y":650,"width":807,"height":11}},{"id":"618fdc74-f2c3-49cf-81fd-4a9cf7081ba1","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":103,"box":{"x":70,"y":665,"width":812,"height":11}},{"id":"8d1f62b9-0aa7-4ba3-9e98-db9f8bb51c5a","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":103,"box":{"x":69,"y":680,"width":807,"height":11}},{"id":"a518f58a-f82a-4042-a477-9fc981f950c9","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":103,"box":{"x":70,"y":695,"width":839,"height":12}},{"id":"707fea65-5659-4a71-8000-a0dd6723bf08","block_type":"box","text":"as determined in accordance with the rules of the Commission. As a result, the portfolio turnover rates of a Money","page_number":103,"box":{"x":69,"y":710,"width":821,"height":12}},{"id":"066d80b6-dd19-459d-8a78-6008c4297e75","block_type":"box","text":"Market Fund will be relatively high. However, because brokerage commissions will not normally be paid with respect","page_number":103,"box":{"x":70,"y":726,"width":823,"height":11}},{"id":"fcbc23cd-a93b-41b8-8285-224fab06124a","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":103,"box":{"x":68,"y":741,"width":834,"height":11}},{"id":"02372a58-402f-4e5c-bfaa-ffdc24fcfde4","block_type":"box","text":"income.","page_number":103,"box":{"x":70,"y":756,"width":53,"height":9}},{"id":"733d523a-1737-4226-afc7-1462ca12e543","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":103,"box":{"x":102,"y":778,"width":756,"height":12}},{"id":"6e1754d1-1a59-483f-997a-62d5e58b0e79","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":103,"box":{"x":68,"y":794,"width":804,"height":11}},{"id":"baf83b27-30f0-47bf-8f17-100dc2b80371","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":103,"box":{"x":69,"y":809,"width":766,"height":11}},{"id":"18ecef36-af8a-4346-a0ce-5e8d5fdf3031","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":103,"box":{"x":101,"y":831,"width":780,"height":12}},{"id":"622cb504-4492-45f1-bf79-cc8bcff63f45","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":103,"box":{"x":69,"y":846,"width":826,"height":12}},{"id":"69c8b969-3d52-4cbc-9dbd-0e32adb250d8","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":103,"box":{"x":69,"y":862,"width":806,"height":11}},{"id":"d031ccc9-9a7c-43b3-85df-9da1acc0b84a","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":103,"box":{"x":69,"y":877,"width":776,"height":11}},{"id":"764345f8-0c69-4e25-b5e7-da08bdb8ad89","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":103,"box":{"x":70,"y":892,"width":800,"height":11}},{"id":"652e561b-18fd-4875-8d1f-2abd85f3a6e2","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":103,"box":{"x":69,"y":907,"width":352,"height":11}},{"id":"85875135-10c0-47ad-a436-765041b7e7f8","block_type":"box","text":"II-67","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c43436a9-85e5-4354-a833-2cdf1f6c86b8","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65dd4463-bd4c-4455-a9ed-439ff59c7ec5","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":104,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"42d415bc-be58-4ea0-891f-2639ceb67428","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":104,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"0f834838-2132-42fd-860c-10f1d15eeebb","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":104,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"4e03f717-129b-4dc2-9ee4-5e009745cc54","block_type":"box","text":"factors include: (i) investment objectives or strategies for particular accounts, including sector, industry, country or","page_number":104,"box":{"x":68,"y":90,"width":819,"height":11}},{"id":"f2c0ae5a-f852-4900-8bb0-bfac55be0c8e","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":104,"box":{"x":69,"y":105,"width":783,"height":11}},{"id":"a917e392-692b-4d79-bc37-a569ee29b2d1","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":104,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"4a8a6b5b-adf1-4bc7-a320-ed27cb838201","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":104,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"7ef959ab-f288-4d1e-b823-5612755b9073","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":104,"box":{"x":69,"y":150,"width":783,"height":12}},{"id":"8b97036e-4503-4f89-a2b1-c0597d669cea","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":104,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"4733f3c9-bbc2-4395-b553-82cde2abfd6a","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":104,"box":{"x":68,"y":181,"width":832,"height":11}},{"id":"4abc82fb-0f46-4c2a-a59d-c2173e729ce5","block_type":"box","text":"one client account over another or to produce greater performance compensation to BlackRock, (iii) to develop or","page_number":104,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"037672fb-b09f-42f1-a968-65cb9eaaf30e","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":104,"box":{"x":69,"y":211,"width":807,"height":11}},{"id":"0e92ba86-03d5-4d97-a7ec-f3b95ca45812","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":104,"box":{"x":69,"y":226,"width":796,"height":11}},{"id":"7c091758-e875-46ca-89f4-da97f6c8c100","block_type":"box","text":"equalize investment performance among different client accounts.","page_number":104,"box":{"x":69,"y":241,"width":472,"height":11}},{"id":"691d787a-648b-49c1-80f4-55d8423eebf2","block_type":"box","text":"Because of different objectives or other factors, a particular security may be bought for one or more funds or","page_number":104,"box":{"x":102,"y":264,"width":776,"height":11}},{"id":"0bf4a7df-5832-4e6b-b221-dc0ad2a09ef0","block_type":"box","text":"clients advised by BlackRock or its affiliates (collectively, “clients”) when one or more clients of BlackRock or its","page_number":104,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"ece4bd07-7eb0-49e6-a35d-ff41958b5818","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":104,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"8829f9e6-8b0e-4009-af25-84114003853c","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":104,"box":{"x":69,"y":309,"width":825,"height":9}},{"id":"e35937d3-4f2e-4b7f-bde1-9c175bf78500","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":104,"box":{"x":69,"y":324,"width":819,"height":12}},{"id":"f2ec817d-2113-45de-96b3-f28b83cd9459","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":104,"box":{"x":69,"y":339,"width":835,"height":11}},{"id":"34375584-16ed-481f-825d-87706c3e86be","block_type":"box","text":"affiliates during the same period may increase the demand for securities being purchased or the supply of securities","page_number":104,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"44a9d0eb-da28-4fce-86ca-e9b09f85de0d","block_type":"box","text":"being sold, there may be an adverse effect on price.","page_number":104,"box":{"x":69,"y":370,"width":371,"height":11}},{"id":"24530395-8cf6-42eb-acaf-f5d487886d42","block_type":"box","text":"See “Portfolio Transactions” or “Portfolio Transactions and Brokerage,” as applicable, in Part I of each Fund’s","page_number":104,"box":{"x":102,"y":392,"width":785,"height":12}},{"id":"9ab7548b-e426-4618-bd09-44f052058d03","block_type":"box","text":"SAI for information relating to portfolio transactions engaged in by your Fund for its three most recently completed","page_number":104,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"9e67c4a9-18c8-4c81-90d5-bfc0573d06d4","block_type":"box","text":"fiscal years or other relevant periods.","page_number":104,"box":{"x":68,"y":423,"width":265,"height":11}},{"id":"3bb362be-949c-48cc-9da2-d4df377694a6","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":104,"box":{"x":101,"y":445,"width":748,"height":12}},{"id":"bc4cec3b-28a2-4fa5-a72f-e425560239d4","block_type":"box","text":"expenses of possible portfolio transactions, such as dealer spreads and underwriting commissions, by conducting","page_number":104,"box":{"x":69,"y":460,"width":817,"height":12}},{"id":"c475a7e4-d110-46aa-9c93-c7faaa91b8f2","block_type":"box","text":"portfolio transactions through affiliated entities. After considering all factors deemed relevant, the Board of each","page_number":104,"box":{"x":70,"y":475,"width":802,"height":12}},{"id":"d20063b4-5a12-4814-be5d-3cd83a98b92c","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":104,"box":{"x":70,"y":491,"width":834,"height":11}},{"id":"0c5f60db-6dc9-4fde-bad8-a136d5f0aa01","block_type":"box","text":"to time.","page_number":104,"box":{"x":68,"y":506,"width":54,"height":9}},{"id":"c8c0d723-cb94-403f-87da-e210edbc401e","block_type":"box","text":"Each Fund has received an exemptive order from the Commission permitting it to lend portfolio securities to its","page_number":104,"box":{"x":102,"y":528,"width":792,"height":12}},{"id":"2f855563-7dd5-4f7b-838b-0ebfb90f7eb5","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":104,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"b386d8d3-d983-4227-9e71-8357e5e3897f","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":104,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"35448977-e03c-47a5-bf61-eb3b563c37d5","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":104,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"c9d319fd-7ef2-4200-88cc-d88c3042a8ff","block_type":"box","text":"among other things, in a private investment company managed by the lending agent or in registered money market","page_number":104,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"28f4dddb-5477-491c-b88b-9747d9324ecb","block_type":"box","text":"funds advised by the Manager or its affiliates. See “Portfolio Transactions” or “Portfolio Transactions and","page_number":104,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"eed8dbb8-820c-407d-88d6-81a2c3cb46fc","block_type":"box","text":"Brokerage,” as applicable, in Part I of each Fund’s SAI for the securities lending agent fees, if any, paid by your Fund","page_number":104,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"b7f58d94-f6ef-4a07-980a-8da134db8a72","block_type":"box","text":"to the lending agent for the periods indicated.","page_number":104,"box":{"x":68,"y":634,"width":325,"height":12}},{"id":"e4b32b10-88db-47a3-9f16-8077fe57ad74","block_type":"box","text":"Because of different objectives or other factors, a particular security may be bought for one or more funds or","page_number":104,"box":{"x":102,"y":657,"width":776,"height":11}},{"id":"9c7a823c-9006-451e-8ffc-b9c623a11ea1","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":104,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"0db5c46f-bca1-40bd-98d6-c2dd4c656137","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":104,"box":{"x":69,"y":687,"width":800,"height":11}},{"id":"4a73d573-0f0f-4495-9f5d-0725ab0c5d3a","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":104,"box":{"x":69,"y":702,"width":757,"height":12}},{"id":"60980778-c7e2-4d4e-9f28-8a5d634916e1","block_type":"box","text":"investment manager, transactions in such securities will be made, insofar as feasible, for the respective funds and","page_number":104,"box":{"x":70,"y":717,"width":818,"height":12}},{"id":"2be8f527-c273-44bb-9b87-c3139fed8158","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":104,"box":{"x":69,"y":732,"width":826,"height":11}},{"id":"40a451f3-6997-4b7e-aa2c-58a9d904c8b8","block_type":"box","text":"Manager or its affiliates during the same period may increase the demand for securities being purchased or the","page_number":104,"box":{"x":70,"y":748,"width":796,"height":11}},{"id":"89a8d298-b462-4bbd-9f0b-54f015dbe123","block_type":"box","text":"supply of securities being sold, there may be an adverse effect on price.","page_number":104,"box":{"x":69,"y":763,"width":515,"height":11}},{"id":"122f85e9-9d18-4201-ae7f-597e0cb50d66","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":104,"box":{"x":396,"y":792,"width":186,"height":10}},{"id":"51d4d4d4-1cf0-4b23-9e1a-f6f4d80f303a","block_type":"box","text":"Dividends","page_number":104,"box":{"x":69,"y":823,"width":69,"height":9}},{"id":"6bdf50ae-8e6c-41bb-a3c2-af58ff9f5862","block_type":"box","text":"Each Fund declares dividends daily. Except as otherwise provided in a Fund’s Prospectus, dividends of each","page_number":104,"box":{"x":102,"y":845,"width":769,"height":11}},{"id":"98554a8e-7615-48d4-8d92-4b7e9a8b345b","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":104,"box":{"x":70,"y":860,"width":790,"height":12}},{"id":"beb4fdfe-5e48-4866-b90b-9e55e196648a","block_type":"box","text":"Prospectus, shares purchased will begin accruing dividends on the day following the date of purchase. Until they are","page_number":104,"box":{"x":69,"y":875,"width":829,"height":12}},{"id":"6f689819-0ea2-4f4a-99a5-24f466ace790","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":104,"box":{"x":70,"y":891,"width":803,"height":11}},{"id":"6ffab82a-cfcd-46b1-b6c1-405fcbbb4258","block_type":"box","text":"income for the Fund’s shareholders. Shareholders will receive monthly statements as to such reinvestments.","page_number":104,"box":{"x":70,"y":906,"width":776,"height":11}},{"id":"f69b357a-585f-42d3-b264-a9661a06646c","block_type":"box","text":"II-68","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05b01066-97ed-48cc-b013-3f81ac714b4a","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3778d970-bef1-4b8a-beaa-0d9ccc98c1a7","block_type":"box","text":"Net income (from the time of the immediately preceding determination thereof) consists of (i) interest accrued","page_number":105,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"bd9521dc-ab49-46a2-b0d1-cd42816a1e27","block_type":"box","text":"and/or discount earned (including both original issue and market discount), (ii) less amortization of premiums and","page_number":105,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"f33c1551-fd75-414f-b1a7-f17449d0a21e","block_type":"box","text":"the estimated expenses of a Fund applicable to that dividend period. Net realized capital gains (including net short","page_number":105,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"2207af85-9ce2-4101-8b5f-4bf747c9f899","block_type":"box","text":"term capital gain), if any, will be distributed by the Funds at least annually.","page_number":105,"box":{"x":68,"y":90,"width":528,"height":11}},{"id":"5b384db3-f1b9-4e24-976e-68257ad34d93","block_type":"box","text":"Taxes","page_number":105,"box":{"x":68,"y":120,"width":42,"height":9}},{"id":"f4f562b8-3667-4bcd-b8fc-4222c0ef26ec","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":105,"box":{"x":102,"y":143,"width":788,"height":11}},{"id":"c561b6ca-dbe1-4ad3-909f-46069de14a76","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":105,"box":{"x":69,"y":158,"width":790,"height":11}},{"id":"22729fe0-96e1-4ab0-b285-5418aac62cd1","block_type":"box","text":"shareholders) will not be subject to Federal income tax on the part of its investment company taxable income and net","page_number":105,"box":{"x":69,"y":173,"width":839,"height":11}},{"id":"edb5d4ae-81c3-4744-aa89-d0697dab829a","block_type":"box","text":"capital gain that is distributed to shareholders. Each Fund intends to distribute substantially all of such income and","page_number":105,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"5233824b-87f4-4809-962a-f6a2d39b4ef3","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":105,"box":{"x":68,"y":203,"width":739,"height":12}},{"id":"37b76042-24ea-4f8d-b7de-d1a428df1ef4","block_type":"box","text":"notwithstanding the availability of certain relief provisions, such Fund would be taxed in the same manner as an","page_number":105,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"689fb379-244f-46cd-b6a0-154c7aafaf44","block_type":"box","text":"ordinary corporation and all distributions from earnings and profits (as determined under Federal income tax","page_number":105,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"f136fb55-380f-4c2f-b01f-67024ed9e4b8","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":105,"box":{"x":70,"y":249,"width":835,"height":11}},{"id":"d0f46d47-e138-4bce-add5-64f12cab8c30","block_type":"box","text":"for non-corporate shareholders and the dividends-received deduction for corporate shareholders.","page_number":105,"box":{"x":68,"y":264,"width":686,"height":11}},{"id":"ef68838d-ec1b-41b8-beae-dcaf8579821e","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":105,"box":{"x":102,"y":286,"width":776,"height":12}},{"id":"81f120c5-db38-462f-9ed3-93626aa39d79","block_type":"box","text":"separate corporation for Federal income tax purposes, and, therefore, is considered to be a separate entity in","page_number":105,"box":{"x":69,"y":302,"width":781,"height":11}},{"id":"4a70614c-d2e5-488a-9cd0-9a9647f7300e","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of a regulated","page_number":105,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"8f297bd2-00fc-4aa7-ae46-df47d47ea6a8","block_type":"box","text":"investment company do not offset gains in another, and the requirements (other than certain organizational","page_number":105,"box":{"x":70,"y":332,"width":766,"height":11}},{"id":"f1e87b89-f5c2-41b5-901e-c1b20c3488f0","block_type":"box","text":"requirements) for qualifying for regulated investment company status will be determined at the level of the individual","page_number":105,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"d8c08f61-3539-4b9b-b4e1-c83926aef6ff","block_type":"box","text":"series. In the following discussion, the term “Fund” means each individual series, if applicable.","page_number":105,"box":{"x":69,"y":362,"width":678,"height":11}},{"id":"19cb7e97-86c0-40c4-9c18-d8705df99002","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":105,"box":{"x":101,"y":385,"width":759,"height":11}},{"id":"9bfee0c0-6c50-4fe2-8405-c5a23b2875d5","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":105,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a8703bbd-e9de-46f1-bf46-e2487ab54532","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":105,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"815eed0f-170e-4ba2-9338-e60f5b6e64aa","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":105,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"e3a042c8-b70f-49fc-b461-afdb5b7f43ab","block_type":"box","text":"preceding year. While each Fund intends to distribute its income and capital gains in the manner necessary to","page_number":105,"box":{"x":70,"y":446,"width":783,"height":11}},{"id":"46d0de0d-77f4-411a-8da9-9a4d1f1b53c9","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":105,"box":{"x":69,"y":460,"width":803,"height":11}},{"id":"fa617873-d9a4-443a-bca2-896075da6758","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":105,"box":{"x":70,"y":475,"width":816,"height":12}},{"id":"4264f0b8-4327-4651-a2f9-8f6794d7f190","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":105,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"fc805fb1-76fe-458b-8295-1a80940d1b43","block_type":"box","text":"distributions are based only on the taxable income of a regulated investment company.","page_number":105,"box":{"x":69,"y":506,"width":618,"height":11}},{"id":"a0bcd096-94d9-49de-b521-3580f1bbac57","block_type":"box","text":"General Treatment of Fund Shareholders.","page_number":105,"box":{"x":101,"y":528,"width":298,"height":9}},{"id":"ade4a3a5-cf08-4321-addc-98e2255dc13c","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess","page_number":105,"box":{"x":407,"y":528,"width":488,"height":12}},{"id":"68f06f16-9671-4e71-8a0d-fad15a98d288","block_type":"box","text":"of net short-term capital gain over net long-term capital loss (together referred to hereafter as “ordinary income","page_number":105,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"c6596f4d-0507-4f14-9a48-ea83f79bc3f1","block_type":"box","text":"dividends”) are taxable to shareholders as ordinary income. Distributions made from an excess of net long-term","page_number":105,"box":{"x":69,"y":559,"width":798,"height":11}},{"id":"5c7ed87b-dc4b-4b08-8635-49dea59390c1","block_type":"box","text":"capital gain over net short-term capital loss (“capital gain dividends”) are taxable to shareholders as long-term","page_number":105,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"c0ba8429-49d8-4f3f-b889-a287c84237e6","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":105,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"e426f509-7971-4792-9f45-8f9c08b05fde","block_type":"box","text":"that are reported as exempt-interest dividends will not be subject to regular Federal income tax. Certain dividend","page_number":105,"box":{"x":68,"y":604,"width":804,"height":11}},{"id":"9bd9b153-0983-4101-9311-9b258b7d6b6d","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":105,"box":{"x":70,"y":619,"width":754,"height":11}},{"id":"7488b7f9-ee2b-4f5e-87b6-28dd4825b7f6","block_type":"box","text":"shareholders. Under these rules, the portion of ordinary income dividends constituting “qualified dividend income”","page_number":105,"box":{"x":69,"y":634,"width":816,"height":12}},{"id":"1143383c-939d-4208-91ab-026a669e71ec","block_type":"box","text":"when paid by a regulated investment company to non-corporate shareholders may be taxable to such shareholders at","page_number":105,"box":{"x":68,"y":650,"width":837,"height":11}},{"id":"1c8127c4-b9d8-4612-9a7e-0db7296e9bbb","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":105,"box":{"x":70,"y":664,"width":833,"height":12}},{"id":"b777a2df-d548-4fa7-9d22-2d426900a625","block_type":"box","text":"and short-term capital gains, such distributions will not constitute “qualified dividend income.” Thus, ordinary income","page_number":105,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"89e9da4c-a0dc-4807-a59b-3585ce1239a5","block_type":"box","text":"dividends paid by the Funds generally will not be eligible for taxation at the reduced rate.","page_number":105,"box":{"x":69,"y":695,"width":629,"height":11}},{"id":"986b6bf6-0702-4daa-8d43-8c96c78a9b67","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":105,"box":{"x":101,"y":717,"width":758,"height":12}},{"id":"8c1f5995-9299-4b1d-a160-7995369e8997","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":105,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"9e881f78-20af-44a3-967c-dd7d919ba627","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":105,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"3d50209f-22f3-44c4-9b54-ff0beeeaef0d","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":105,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"e7156e10-6667-4b64-899e-9f9a4f9daadd","block_type":"box","text":"asset). Long-term capital gains (","page_number":105,"box":{"x":69,"y":778,"width":229,"height":11}},{"id":"8542316a-aa77-40ed-8fb7-318ca4ef5305","block_type":"box","text":"i.e.","page_number":105,"box":{"x":300,"y":778,"width":20,"height":9}},{"id":"6f6df7f4-3fd9-4984-84c1-f42dfcb17a36","block_type":"box","text":", gains from a sale or exchange of capital assets held for more than one year) are","page_number":105,"box":{"x":322,"y":778,"width":582,"height":11}},{"id":"2856ee32-adad-4984-a98c-651b50f8512a","block_type":"box","text":"generally taxed at preferential rates to non-corporate taxpayers. Each Fund will furnish its shareholders with a written","page_number":105,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"0eb5c45f-3514-4695-a8ae-ff742c0d8c76","block_type":"box","text":"statement reporting the amounts of its dividends paid during the year that qualify as capital gain dividends or exempt","page_number":105,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"4056e8d1-6bb8-4cca-92a5-19f90f6b44ea","block_type":"box","text":"interest dividends, as applicable, as well as the portion of an exempt-interest dividend that constitutes an item of tax","page_number":105,"box":{"x":70,"y":823,"width":836,"height":11}},{"id":"90baecbf-6091-4f12-9762-5da8a5433511","block_type":"box","text":"preference, as discussed below.","page_number":105,"box":{"x":70,"y":838,"width":227,"height":11}},{"id":"54765d28-1e3c-4f9e-83f4-6bd62c277fc5","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":105,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"9468c05b-bf18-465d-9d31-c79696a21734","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":105,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"0db3bbbb-e79d-4088-9f95-4a05da0ba2c7","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":105,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"d9833761-8e97-45ff-846e-1abd50dbd393","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":105,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"af71d3e7-912d-45a7-9fc1-fde9670ec3e7","block_type":"box","text":"II-69","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b07fbf6-1400-49b8-a0ac-3dce02dacb54","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cbf966c-13e4-4f78-9b66-184fd7e4911d","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":106,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"26473a06-db2a-4472-9ea8-f1b3eb87171d","block_type":"box","text":"shareholders on December 31 of the year in which such dividend was declared.","page_number":106,"box":{"x":69,"y":60,"width":565,"height":11}},{"id":"d86c1b25-d44a-42a5-8901-94cd8f7c94f0","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":106,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"82e090ed-b50a-438f-ba33-43313eb6961d","block_type":"box","text":"aggregate accounting method under which gains and losses can be netted based on the shareholder’s taxable year","page_number":106,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"68c533a0-ad91-4edf-a263-6cc954b44a77","block_type":"box","text":"rather than reported separately. Shareholders are urged to consult their tax advisors before deciding to adopt such","page_number":106,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"576745de-4340-4ec7-b319-e2f2e0610854","block_type":"box","text":"accounting method.","page_number":106,"box":{"x":69,"y":128,"width":138,"height":11}},{"id":"ef98560d-aa19-456c-a658-a69722111667","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":106,"box":{"x":102,"y":150,"width":796,"height":12}},{"id":"03a08979-07c2-49fb-9e54-51ead5032ca2","block_type":"box","text":"share redemptions, the amount that would ordinarily be payable to a redeeming shareholder of the Fund will be","page_number":106,"box":{"x":69,"y":166,"width":792,"height":11}},{"id":"ea35707f-8f1a-48e9-a534-36997379c036","block_type":"box","text":"reduced, consequently reducing the amount of gain, or increasing the amount of loss, that would otherwise be","page_number":106,"box":{"x":69,"y":181,"width":787,"height":11}},{"id":"26f14614-8ecc-4c1c-a13b-aa380d07cd6f","block_type":"box","text":"reportable for income tax purposes. The discretionary liquidity fee cannot be separately claimed as a deduction.","page_number":106,"box":{"x":69,"y":196,"width":798,"height":11}},{"id":"8f5ee698-6fec-4ce7-88ab-6f7ac5f5fa0a","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":106,"box":{"x":101,"y":218,"width":784,"height":12}},{"id":"fdeb73ba-3db4-457b-b35e-9cb07dd5346e","block_type":"box","text":"redeeming shareholders. If such fees were distributed to non-redeeming shareholders, the tax treatment would be","page_number":106,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"ab7a69b7-09fe-482a-ae8d-7faac4446bff","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":106,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"d07ecca8-2d26-4b34-9607-6ff6dd382716","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":106,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"f853534c-06d7-475d-9a3f-8b4e502435d0","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":106,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"faa23015-8cd4-443b-b081-3b8e0ade0e32","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":106,"box":{"x":68,"y":294,"width":788,"height":11}},{"id":"ed4572d3-b6f8-48a6-b7a6-035b2050179d","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":106,"box":{"x":70,"y":309,"width":767,"height":11}},{"id":"c458a198-a557-4362-9a61-2da757cd4d30","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government or retail money market fund to","page_number":106,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"d00ca5ee-c7ff-4a7b-a4a7-6134acbe18d0","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":106,"box":{"x":69,"y":347,"width":799,"height":11}},{"id":"1c28555a-6e86-4d1f-a916-7327bac8c2d5","block_type":"box","text":"reverse distribution mechanism that seeks to maintain a stable NAV of the fund by cancelling shareholders’ shares in","page_number":106,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"c6669e3c-2409-470d-b5c7-74a5002245b7","block_type":"box","text":"the amount of the negative gross yield. Under a reverse distribution mechanism, shareholders in a fund would","page_number":106,"box":{"x":68,"y":377,"width":784,"height":12}},{"id":"10f2051c-82dc-4063-b02b-0f832ae91a68","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":106,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"a33eca1f-0a15-4538-921e-af976e851c61","block_type":"box","text":"basis of eliminated shares would be added to the basis of shareholders’ remaining fund shares, and any","page_number":106,"box":{"x":69,"y":407,"width":749,"height":12}},{"id":"7db6d55b-afbe-498d-a3a9-fd1444e6a573","block_type":"box","text":"shareholders disposing of shares at that time may recognize a capital loss. Dividends, including dividends reinvested","page_number":106,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"674947ed-1389-4eed-be6f-7c365cf0482a","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":106,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"1bfef57c-3333-4b82-a9bb-5d9bc5d6ceaf","block_type":"box","text":"accounts has been reduced as described above. However, due to a lack of guidance regarding the cancellation of","page_number":106,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"a21e798d-4b23-4328-bc31-0eb482bd8dfc","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":106,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"3138cf5d-fef9-4371-a01f-e6ec10d9a0bc","block_type":"box","text":"differ from that described in this section.","page_number":106,"box":{"x":69,"y":483,"width":291,"height":9}},{"id":"43eb42c0-a398-41a8-9132-633be052be83","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":106,"box":{"x":102,"y":506,"width":786,"height":11}},{"id":"a731fcd2-aa29-4e5f-b4d2-633123483737","block_type":"box","text":"income dividends and capital gain dividends (“backup withholding”). Generally, shareholders subject to backup","page_number":106,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"2fd0de9c-3cbb-490d-828d-a5886b532c18","block_type":"box","text":"withholding will be non-corporate shareholders for whom no certified taxpayer identification number is on file with a","page_number":106,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"626b84d1-50fe-40a4-a954-8db0b2bf48f3","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":106,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"2eaf259a-47d5-49de-91e5-786ebc75be7a","block_type":"box","text":"must certify under penalty of perjury that such number is correct and that the investor is not otherwise subject to","page_number":106,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"bab51c98-a593-4967-ba11-9943c7df5b69","block_type":"box","text":"backup withholding. Backup withholding is not an additional tax. Any amount withheld generally may be allowed as a","page_number":106,"box":{"x":69,"y":582,"width":826,"height":11}},{"id":"af165abb-abb3-4d7b-8e11-16a49c474fd1","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":106,"box":{"x":69,"y":596,"width":830,"height":12}},{"id":"8bd5ed95-86ce-4219-a43d-8415f549411f","block_type":"box","text":"provided to the IRS.","page_number":106,"box":{"x":70,"y":612,"width":138,"height":11}},{"id":"8e61291d-1b72-4169-a6bf-916b08e1da71","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":106,"box":{"x":102,"y":634,"width":774,"height":12}},{"id":"695d84dc-2f91-447c-a814-f3ac31c73421","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":106,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"a3ac3c5e-36d4-4dd7-bbaf-867ba112c507","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":106,"box":{"x":68,"y":664,"width":835,"height":12}},{"id":"750e226e-723c-4904-ab7a-17ea15cdae4f","block_type":"box","text":"the shareholder must file a disclosure statement on Form 8886 with the IRS. Direct shareholders of portfolio","page_number":106,"box":{"x":68,"y":680,"width":779,"height":11}},{"id":"20464de8-07a4-4592-8825-6716e92e41d0","block_type":"box","text":"securities are in many cases exempted from this reporting requirement, but under current guidance, shareholders of","page_number":106,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"ced9fcfe-f1ba-4764-8010-025ac36a3675","block_type":"box","text":"a regulated investment company are not exempted. That a loss is reportable under these regulations does not affect","page_number":106,"box":{"x":69,"y":710,"width":835,"height":11}},{"id":"f15b37b9-5361-4774-a784-866c47daf339","block_type":"box","text":"the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their","page_number":106,"box":{"x":68,"y":725,"width":824,"height":11}},{"id":"d162f826-24cf-4f44-8292-e6f28fca18ae","block_type":"box","text":"tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":106,"box":{"x":68,"y":740,"width":737,"height":11}},{"id":"d5ad0118-7fa4-49bc-afc8-aac4859258ee","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":106,"box":{"x":101,"y":763,"width":779,"height":11}},{"id":"1568e440-ecb0-4ae6-957a-a1294a34ffe6","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":106,"box":{"x":69,"y":777,"width":797,"height":12}},{"id":"a041a4ea-ad71-4706-bed8-c5361ab5c37b","block_type":"box","text":"married filing jointly, and of trusts and estates. However, this tax will not apply to certain amounts that are already","page_number":106,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"c253b08b-3ee1-4170-a3cb-7f07881887a8","block_type":"box","text":"excludable from gross income, such as interest on tax-exempt bonds.","page_number":106,"box":{"x":69,"y":808,"width":495,"height":11}},{"id":"770af701-0119-4206-98ea-e4f2a7c6fe41","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":106,"box":{"x":102,"y":831,"width":733,"height":11}},{"id":"366d513a-86ee-4fa3-80f9-e8db73eb448e","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":106,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"3a61627c-0293-41ce-9dbe-c88a153f9064","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":106,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"28ae5e4e-1a3e-4a67-ab15-c99704c42161","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":106,"box":{"x":69,"y":876,"width":362,"height":11}},{"id":"ab20b8e2-213d-44a2-aa42-80ed642ab310","block_type":"box","text":"II-70","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86944dbc-00a1-488e-a198-20e270c8fa44","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7c0230d-66dc-4380-a29b-b997871dfc1e","block_type":"box","text":"Interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax","page_number":107,"box":{"x":102,"y":45,"width":753,"height":11}},{"id":"d097353b-3888-4fca-83eb-b837f00a21b6","block_type":"box","text":"conventions between certain countries and the United States may reduce or eliminate such taxes.","page_number":107,"box":{"x":69,"y":60,"width":699,"height":11}},{"id":"4cf1f5f1-ae2d-44b0-9c11-a0cbd3000297","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":107,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"45ecbbdf-ec44-4d80-8107-fa684abde149","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":107,"box":{"x":69,"y":98,"width":769,"height":11}},{"id":"601c567d-873e-459e-8f54-eb5df8d059e6","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":107,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"49212233-a153-447c-86e0-f1cae56d360b","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":107,"box":{"x":70,"y":128,"width":819,"height":11}},{"id":"4d80c526-d06f-414f-955c-27f9ac20d988","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":107,"box":{"x":68,"y":143,"width":818,"height":11}},{"id":"f9215a52-88aa-4808-a836-04818f435cfc","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":107,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"16b5f2a1-1c55-4a1f-bd52-941091e53806","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":107,"box":{"x":70,"y":173,"width":792,"height":11}},{"id":"9c13f081-0154-4cca-86a2-e723cde9f1ce","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":107,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"d2debb26-37e6-4502-aa63-5e3d8ce994f7","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":107,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"0cbf49d5-a3ab-4d3b-9ea4-e717d143a931","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":107,"box":{"x":69,"y":218,"width":570,"height":12}},{"id":"b2558543-8c5e-4ffd-ae78-8e16e34cc09f","block_type":"box","text":"Ordinary income dividends paid to shareholders that are nonresident aliens or foreign entities generally will be","page_number":107,"box":{"x":102,"y":241,"width":786,"height":11}},{"id":"84b9592e-2c13-472e-8fe6-5b0e197fa350","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":107,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"dc1cb3db-d14b-40f5-8e03-7de718b7e278","block_type":"box","text":"entities unless a reduced rate of withholding is provided under applicable treaty law. Nonresident shareholders are","page_number":107,"box":{"x":69,"y":271,"width":816,"height":12}},{"id":"769123c4-88f1-4a7f-90c2-aae92baa788b","block_type":"box","text":"urged to consult their own tax advisors concerning applicability of the United States withholding tax. Dividends","page_number":107,"box":{"x":69,"y":286,"width":785,"height":12}},{"id":"76721b5a-9a7f-44be-98c1-30d7e0dffb8e","block_type":"box","text":"derived by a regulated investment company from short-term capital gains and qualified net interest income (including","page_number":107,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"ac555f7b-21ef-45c9-8e2f-a049a72eecdc","block_type":"box","text":"income from original issue discount and market discount) and paid to stockholders that are nonresident aliens and","page_number":107,"box":{"x":70,"y":317,"width":819,"height":11}},{"id":"50ffacd8-b9d6-4d02-90c0-9c3aa65f9fb8","block_type":"box","text":"foreign entities, if and to the extent properly reported as “interest-related dividends” or “short-term capital gain","page_number":107,"box":{"x":68,"y":332,"width":794,"height":11}},{"id":"dfa038e0-8836-4959-8f29-461096415d83","block_type":"box","text":"dividends,” generally will not be subject to U.S. withholding tax. Where possible, each Fund intends to report such","page_number":107,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"d4b50a46-928b-4b40-b3df-d46e0aa9c9ec","block_type":"box","text":"dividends as interest-related dividends or short-term capital gain dividends. However, depending on its","page_number":107,"box":{"x":69,"y":362,"width":729,"height":11}},{"id":"3b693d15-f605-41a7-acf9-51fbfe300307","block_type":"box","text":"circumstances, a Fund may report all, some or none of its potentially eligible dividends as interest-related dividends","page_number":107,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"40a9e547-4882-4f3d-becb-ba5d5fa7a4bb","block_type":"box","text":"or as short-term capital gain dividends, and/or treat such dividends, in whole or in part, as ineligible for this","page_number":107,"box":{"x":69,"y":392,"width":771,"height":12}},{"id":"e48fadeb-c58a-4809-b941-79fdd87847f8","block_type":"box","text":"exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder must","page_number":107,"box":{"x":69,"y":407,"width":800,"height":12}},{"id":"7e4b622e-99fa-4c55-a044-5ff26b8bd085","block_type":"box","text":"comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an","page_number":107,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"34e4c59a-9b50-4dce-86d3-5213b7a2db9f","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":107,"box":{"x":70,"y":438,"width":746,"height":11}},{"id":"ef860cac-6549-4ec8-bbc6-2f1b6c1c8a02","block_type":"box","text":"intermediary may withhold even if the Fund reports the payment as an interest-related dividend or short term capital","page_number":107,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"39489b64-31f5-4604-9ca8-14a52f5d8636","block_type":"box","text":"gain dividend. Non-U.S. shareholders should contact their intermediaries with respect to the application of these","page_number":107,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"a8d9011d-fc23-4f51-8068-0df497686c37","block_type":"box","text":"rules to their accounts. It is not possible to predict what portion, if any, of a Fund’s distributions will be designated","page_number":107,"box":{"x":69,"y":483,"width":818,"height":11}},{"id":"9cd3b8b8-852c-44fd-a2a1-d388f63d3314","block_type":"box","text":"as consisting of qualified short term gain or qualified net interest income exempt from withholding in the hands of","page_number":107,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"1872c0d8-7e4b-41fd-815d-12b9c52aac01","block_type":"box","text":"nonresident and foreign shareholders.","page_number":107,"box":{"x":69,"y":513,"width":270,"height":12}},{"id":"04b672c7-e155-4892-b0e9-dfbbf7e4c8e9","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S. source dividends, interest and other income","page_number":107,"box":{"x":102,"y":536,"width":764,"height":11}},{"id":"13abee5b-f1f2-4735-b77a-1614f81de9e8","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":107,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"bb0c6f27-f002-4af1-ac37-02e3bc6dbb4f","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":107,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"2beb8061-1437-461c-b92f-d7cd046301d1","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":107,"box":{"x":69,"y":581,"width":794,"height":12}},{"id":"3faa1fc1-9884-4a34-9909-5d8a2103b0db","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":107,"box":{"x":69,"y":596,"width":791,"height":12}},{"id":"29856855-2bbd-4609-84dd-e8990926c1bd","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":107,"box":{"x":68,"y":612,"width":791,"height":11}},{"id":"16d1372e-a2c6-417b-8aab-b372495b61ee","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":107,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"4c0a3361-1c07-489f-989b-c7d3c3c5688d","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":107,"box":{"x":70,"y":642,"width":739,"height":11}},{"id":"21571b14-2956-4107-99ae-aacd89d689a5","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":107,"box":{"x":102,"y":665,"width":761,"height":11}},{"id":"d1fc465c-561f-41c7-a3b9-2895b43f7821","block_type":"box","text":"However, certain states exempt from state income taxation dividends paid by regulated investment companies that","page_number":107,"box":{"x":70,"y":680,"width":820,"height":11}},{"id":"f146981e-5fea-41d1-8da8-b1aecdc98d79","block_type":"box","text":"are derived from interest on United States Treasury obligations. State law varies as to whether dividend income","page_number":107,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"2db16d13-bdf8-4090-82d9-5bcdbc266085","block_type":"box","text":"attributable to United States Treasury obligations is exempt from state income tax.","page_number":107,"box":{"x":69,"y":710,"width":590,"height":11}},{"id":"c0326760-7e6a-4a84-a1ba-fba510464a28","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":107,"box":{"x":308,"y":739,"width":362,"height":10}},{"id":"0c691a0e-ce13-4d31-a356-ee3358d63f03","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":107,"box":{"x":101,"y":762,"width":799,"height":11}},{"id":"015370a0-67aa-48af-a3bb-16590d6e52f0","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":107,"box":{"x":70,"y":777,"width":790,"height":12}},{"id":"92852e10-34e1-4808-b46a-01d9b5145d12","block_type":"box","text":"Policy”).","page_number":107,"box":{"x":69,"y":793,"width":56,"height":11}},{"id":"a68c66f7-daed-494c-aa5b-965027fea65b","block_type":"box","text":"With respect to the Funds, the Manager has adopted the BlackRock Active Investment Stewardship — Global","page_number":107,"box":{"x":101,"y":815,"width":777,"height":11}},{"id":"f562b3e8-5839-4fb2-8afe-e6e2d4bb5e95","block_type":"box","text":"Engagement and Voting Guidelines (the “BAIS Guidelines”).","page_number":107,"box":{"x":70,"y":830,"width":420,"height":11}},{"id":"14863ca9-f8a7-450c-b304-f98b691fe2b1","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":107,"box":{"x":102,"y":853,"width":767,"height":11}},{"id":"6201ec8b-d193-4bd8-8214-d97da3b9a33b","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":107,"box":{"x":68,"y":868,"width":827,"height":11}},{"id":"e1378e18-3614-433d-8c7e-738d037700da","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":107,"box":{"x":69,"y":883,"width":819,"height":11}},{"id":"0f0b9a43-47a1-4e14-8fd7-2eeb7e3d0b1b","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":107,"box":{"x":69,"y":898,"width":684,"height":11}},{"id":"f3868c30-faf8-450d-8f28-67af27ee6d38","block_type":"box","text":"II-71","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1bd875f6-42ee-45eb-9d17-58d73b12c6bf","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57be45c4-7698-49ea-bcd4-0a1b775cd89f","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":108,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"e3b0bf11-c2ba-45ce-a957-c0ff4752e8b3","block_type":"box","text":"Only those guidelines that are applicable to a particular Fund pursuant to the Active Fund Proxy Voting Policy are","page_number":108,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"0737b00c-82a2-4b0c-a6de-e1f356ab5feb","block_type":"box","text":"considered to form a part of the Fund’s SAI.","page_number":108,"box":{"x":69,"y":75,"width":313,"height":11}},{"id":"d3fde859-9954-49b5-918e-63d6401dbbbe","block_type":"box","text":"Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month","page_number":108,"box":{"x":102,"y":98,"width":769,"height":11}},{"id":"11b17ac9-8d6a-4f10-9600-026cc15699c1","block_type":"box","text":"period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":108,"box":{"x":70,"y":113,"width":737,"height":11}},{"id":"752b20d6-c04c-48dd-b79d-dcbf26bc380f","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":108,"box":{"x":69,"y":128,"width":327,"height":11}},{"id":"e05e2214-3477-4cde-99ec-fdf22d2a5150","block_type":"box","text":"GENERAL INFORMATION","page_number":108,"box":{"x":391,"y":157,"width":195,"height":10}},{"id":"62b55ebf-1af4-4cfb-85e6-5fb81e2c1cee","block_type":"box","text":"Description of Shares","page_number":108,"box":{"x":69,"y":188,"width":156,"height":11}},{"id":"fcb96fb1-532b-4a80-adb6-e93a5a599575","block_type":"box","text":"In the case of OnChain Shares, shares of the Fund are issued as tokens and will be authenticated and recorded","page_number":108,"box":{"x":102,"y":210,"width":798,"height":11}},{"id":"d4becfc9-7392-4e3e-a9ba-4b6e6bb6f5ac","block_type":"box","text":"on a distributed ledger or blockchain. Each token will constitute a share or unit of beneficial interest in the Fund,","page_number":108,"box":{"x":69,"y":225,"width":801,"height":12}},{"id":"59ba0ac5-1fcb-4857-96f1-89fb677690ab","block_type":"box","text":"entitling its holder, among other rights, to a share of the Fund’s net investment income and, upon dissolution of the","page_number":108,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"1b41a527-b586-4fd1-887e-13a4f7972409","block_type":"box","text":"Fund, its net capital proceeds.","page_number":108,"box":{"x":70,"y":256,"width":214,"height":11}},{"id":"673cd547-4698-4538-965e-ccf357add0f3","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":108,"box":{"x":102,"y":278,"width":800,"height":9}},{"id":"35ed0652-eb91-4e11-8003-e2b02cb43925","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":108,"box":{"x":69,"y":293,"width":808,"height":12}},{"id":"5c216c53-18f8-4daf-a16c-7a1fe47865be","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":108,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"16a1ffb0-50e9-4010-9f5e-f88a5821caa2","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":108,"box":{"x":69,"y":324,"width":838,"height":11}},{"id":"f8ed28e9-2389-4034-a32e-3b48e6f309d8","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":108,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"5cb47d88-9fb4-49a1-840e-c546a392b8a8","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":108,"box":{"x":69,"y":354,"width":779,"height":11}},{"id":"c46ac56b-0ac9-4cb7-a44a-3aa0696d40be","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":108,"box":{"x":102,"y":377,"width":801,"height":11}},{"id":"15e57c0d-6faa-450c-a7d8-11c23892f25d","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":108,"box":{"x":69,"y":392,"width":758,"height":11}},{"id":"40a6264d-69b0-4f61-be7c-ed7e9a4d7d99","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":108,"box":{"x":69,"y":407,"width":810,"height":11}},{"id":"e40f0aab-3c45-4719-8c28-7f3fbd9d758e","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":108,"box":{"x":69,"y":422,"width":790,"height":11}},{"id":"dbb42b41-14ec-4dd6-b4a9-655af5a3ad6f","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":108,"box":{"x":69,"y":437,"width":787,"height":11}},{"id":"0b6454c0-f0f5-4eff-9ccc-f144fac1c6fb","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":108,"box":{"x":69,"y":452,"width":797,"height":11}},{"id":"effd9ccd-19fa-4383-8423-babcdfc2bc42","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":108,"box":{"x":69,"y":467,"width":658,"height":12}},{"id":"4fdf3b2a-076b-452d-8834-82281ac64a36","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":108,"box":{"x":102,"y":490,"width":741,"height":11}},{"id":"048ecceb-96e0-4102-93da-8b2af5f8b26d","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":108,"box":{"x":69,"y":505,"width":790,"height":11}},{"id":"ecf96b37-6403-4d79-9531-2526bffeb8a2","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":108,"box":{"x":69,"y":520,"width":546,"height":12}},{"id":"73a2edd7-bfee-4b04-b5f3-76d955c5640b","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":108,"box":{"x":102,"y":543,"width":712,"height":11}},{"id":"b1532a80-c73d-4c2b-82bc-338e197c336c","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":108,"box":{"x":69,"y":558,"width":765,"height":11}},{"id":"e732f47b-3737-4159-95ca-06ca5f165be5","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":108,"box":{"x":69,"y":573,"width":834,"height":11}},{"id":"132a4d1a-e28d-4d25-974e-f6c460e9b3e0","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":108,"box":{"x":68,"y":588,"width":729,"height":11}},{"id":"7e9cbe23-a4aa-4076-9f86-19abb9d5e5c8","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":108,"box":{"x":69,"y":603,"width":815,"height":12}},{"id":"6892f70b-96da-49f8-9ae9-f2d993433fb4","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":108,"box":{"x":68,"y":618,"width":761,"height":12}},{"id":"6588895a-89d2-4fec-ab2c-41538acb7ede","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":108,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"3b1259aa-602e-45dd-8b76-8d980d1faf8b","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":108,"box":{"x":69,"y":649,"width":839,"height":11}},{"id":"797bee84-437d-4b2a-a149-753e514afb63","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":108,"box":{"x":69,"y":664,"width":813,"height":11}},{"id":"d6cf8581-c406-4246-bffc-e62887128fb8","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":108,"box":{"x":68,"y":679,"width":827,"height":11}},{"id":"f974a4eb-d5bb-4949-a68c-fc609cdd4c10","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":108,"box":{"x":70,"y":694,"width":699,"height":11}},{"id":"4842acbd-a40b-479d-91d2-c37799060b09","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":108,"box":{"x":102,"y":717,"width":413,"height":11}},{"id":"7359b7f8-92a3-45a0-ba7f-cf4695cb82a3","block_type":"box","text":"Additional Information","page_number":108,"box":{"x":68,"y":747,"width":161,"height":9}},{"id":"5611f01e-63a7-4314-827e-a57cc707f1fc","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":108,"box":{"x":102,"y":770,"width":789,"height":11}},{"id":"27a0c148-cd6d-412f-8c8c-b3c8f2e64e07","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":108,"box":{"x":69,"y":785,"width":799,"height":11}},{"id":"b6430c55-9e12-4fff-89a8-4a900e51f625","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":108,"box":{"x":70,"y":800,"width":837,"height":11}},{"id":"648b0c87-e76e-476a-8e8f-756d93df2a7d","block_type":"box","text":"such name to any other company.","page_number":108,"box":{"x":69,"y":815,"width":238,"height":11}},{"id":"11515cc1-209f-405b-889b-c64d96885a26","block_type":"box","text":"II-72","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cdb50702-c48f-4a60-949a-2af50bd532d7","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ac136ef-f1e9-46c7-a3a5-c3903f0d94c6","block_type":"box","text":"APPENDIX A","page_number":109,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"26c2cb51-4956-4a36-b8f8-ec71ddf53280","block_type":"box","text":"Description of Bond Ratings","page_number":109,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"e0f28d1c-a8d3-42eb-b02e-a658b3ed592a","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":109,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"cdbd2cfe-685a-4cc3-8cc7-c40e311276a7","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":109,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"46fa4d2b-50cd-4ffc-bf70-2f679f27f176","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they undertake no obligation to do","page_number":109,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"df6f2d29-40dc-4625-953f-74df09b2ec99","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":109,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"32f76953-6f9d-4eab-a473-69d5a7704c97","block_type":"box","text":"securities on a particular subsequent date.","page_number":109,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"5d1d0127-10d2-496e-99a5-91e37e289662","block_type":"box","text":"NRSROs may rate specific investments (","page_number":109,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"a0f0629e-17b0-4a62-bd59-9556a9a0289c","block_type":"box","text":"e.g.","page_number":109,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"43441e3f-96fd-4f89-bfef-7bb1929a8a46","block_type":"box","text":", bonds), issuers (","page_number":109,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"45832bbb-1dc9-4ac9-b4ef-dd5d30bfa827","block_type":"box","text":"e.g.","page_number":109,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"63d73a54-419c-4fb6-af46-d67282f4838d","block_type":"box","text":", corporations, governments and financial","page_number":109,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"3f1f0264-9fba-4b62-86b0-2ed164f623fc","block_type":"box","text":"institutions) and/or programs (","page_number":109,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"935900e9-eb80-4c62-a2c2-43d9aeac6a7d","block_type":"box","text":"e.g.","page_number":109,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"d90aa0cd-f23f-42cc-b2ef-4664b87c66a7","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":109,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"edeeb8bb-b3b5-4b7c-b255-11319fd2e0f1","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":109,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"dcb3e2bc-7e89-4661-b50f-9201f60d6774","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":109,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"8b021c2c-7eef-4929-bf0d-03a2bcc68cc0","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":109,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"5ca076f9-8ef9-49ae-83b0-e16ced28766e","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":109,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"c0e7fbe7-25e1-40d7-b301-38a2d0456bf0","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":109,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"1b7893aa-c0b5-4b21-9c37-ffa57d00e742","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":109,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"4d654c5e-965e-4dd1-bf99-376ff9716243","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":109,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"3d4d613e-839b-4a89-89f5-4aba5dbc31cb","block_type":"box","text":"security (","page_number":109,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"5c1a1edc-64a9-423d-8549-3b8547caf1a9","block_type":"box","text":"e.g.","page_number":109,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"7cc406ff-0e62-4aeb-a53d-ea921e87cdb4","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":109,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"5b5166cf-e927-4d52-9d4e-27a35962a99c","block_type":"box","text":"highest of the multiple ratings.","page_number":109,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"422cfcd5-30e9-4ba5-a2ed-4939aa04ab31","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":109,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"2bd4af72-a047-4bf6-a19f-e2ed98a4b03a","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":109,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"c206bb74-9474-48a3-9d98-51b04f96fa6a","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":109,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"aa53b495-b09c-46c3-ab83-5ca574afdb2b","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":109,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"a95158fc-d72a-4ad9-9ade-ccbe95be4bbb","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set forth in the","page_number":109,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"e3381a5f-d0a4-4509-a00a-d29c1d8d1e1a","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in","page_number":109,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"bba0cca4-6b93-48c7-8763-df7a74b5eadc","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":109,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"0084c149-679c-49eb-ad19-499f66b271de","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":109,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"4742d1ac-4856-49ce-a08a-39fa028be98e","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":109,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"7d64c865-94bc-4a31-a781-2ebbb04e6d57","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":109,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"cef7f94c-8b4c-4d4e-929c-bf9f7b86dfab","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":109,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"f0eb88a8-443a-4056-afc7-c14c57049160","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":109,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"08f47413-acf1-47b9-96d8-f080bac271c7","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":109,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"87763b40-f1d5-4db4-a7d9-4caedb74e7c5","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":109,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"4dc3a623-92f0-4be2-bd61-0a65f534db7d","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":109,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"a374f41c-ac93-4f32-add1-19237c019cc3","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":109,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"d974b687-153a-4b9b-b0b9-5e79e9898021","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":109,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"8d0e3881-42e2-498a-9ee2-086e8ed12c43","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":109,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"a4156b41-f7ef-4ed6-bd1a-acbb5824a6f5","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":109,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"e28d9944-2935-40b2-8f71-0d03e0492fc1","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":109,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"21831694-96c3-41de-9668-82a9f36294e4","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":109,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"e8896b1f-a8c8-44d0-bde8-b017ba8c8e66","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":109,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"491cc7ff-2998-4dd0-9654-853df7d483a9","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":109,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"6555e565-b8df-4528-a4f3-dbba6cfaa79f","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":109,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"53e03797-a38a-49eb-8900-d84fcf495925","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":109,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"0b29b356-d947-415b-bfa9-003861924466","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":109,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"47f41e7d-ef1b-430e-8434-c82bfbc1bdc9","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":109,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"2ddee568-c11c-4ac6-b111-51e3605a7883","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and short-term rating scales and are forward-looking","page_number":109,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"ae1a9858-c6ae-42f2-a2f8-211cdabc3670","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":109,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"066ae568-2f6c-462d-a946-e57917614a51","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":109,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"c7b1139f-8811-429a-ae0c-08433dcdf372","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":109,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"3fcb8def-b85b-45dc-a926-80c6b6772231","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":109,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"5ecf89e1-83ad-4500-93a0-9b9f1aa0809c","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based","page_number":109,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"76566fbb-c339-401f-8515-0707d0c20a68","block_type":"box","text":"upon standard sources of variation (","page_number":109,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"44e6dac9-7219-4c7d-bc8d-0dfb0da413ad","block_type":"box","text":"e.g.","page_number":109,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"62056e46-a326-4686-a5e5-89a3012eb4bb","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses","page_number":109,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"03b09a1e-709b-4794-a6ab-223ada189be3","block_type":"box","text":"A-1","page_number":109,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"951aabac-9e0a-476c-95b2-899609ae1bfe","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7155007-b443-40aa-a14f-ea99b4be57f8","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":110,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"9a186ce8-90ac-42d7-9b16-f4bfa528c09d","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":110,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"c5002798-8be0-4163-b28d-d674e983f6fb","block_type":"box","text":"e.g.","page_number":110,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"77593d08-79a9-4058-8a95-1d984ea3b84c","block_type":"box","text":", equity indexed), absent","page_number":110,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"13bb537e-4361-4c61-9513-a385210aec17","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":110,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"5a486b5c-e7af-491d-899a-905907f2e855","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":110,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"64678ba3-2b4e-4e21-a0af-d3151e85d831","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":110,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"28bb0db6-ef78-493c-9f3e-523943102b20","block_type":"box","text":"the event of default or impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen","page_number":110,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"fc4b85d0-9cbe-4693-b899-1a93e6264744","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":110,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"1c4227cf-8f81-4d55-bbe7-4216dc4dcc6b","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":110,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"b3d20d43-46e3-45f9-9b0f-ad416b27f8f3","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly","page_number":110,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"7415841f-6d7a-4284-a795-bd11407552e2","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":110,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"6a401d22-4082-4cc0-afaa-d8d30a0a7195","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":110,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"a5c411c6-ef51-406d-8b09-f645406d97df","block_type":"box","text":"i.e.","page_number":110,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"d151a6a6-aa52-4e24-bf89-5d4e1c74a5be","block_type":"box","text":", ratings on nonfinancial","page_number":110,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"e29d318c-6b07-4853-963e-092a929dd492","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":110,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"b18048a4-6883-4e98-8245-5549abc45d4d","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":110,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"b4c65296-d0db-4577-a9d1-8ec64df250b9","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":110,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"4972369d-6283-409e-97d2-ca01c383373b","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":110,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"72f5668c-582f-4e98-b483-134af76faa1b","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":110,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"1c7bb12b-d079-4eab-9680-b0c4de533777","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":110,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"f3b7e175-e4c1-4baa-bc50-3e24667fc547","block_type":"box","text":"of time.","page_number":110,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"e2043c79-b29c-43e4-a6a9-0938e767d3bb","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":110,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"23db9e5b-d820-490e-bca6-fddf5160a81c","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":110,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"8b5b0c62-7247-4859-af9b-ad69a8a13136","block_type":"box","text":"risk.","page_number":110,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"66cd4b64-6c4b-4974-9f1c-970f2bd03610","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":110,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"f6b0b2e8-9745-4f75-af53-35d40ce67c7c","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":110,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"3cdeb702-57bf-4b9b-b0b0-542db5d0bcb1","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":110,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"5d645e25-0fa5-462d-a21f-9225a2d784fd","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":110,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"dbb2b2d1-166e-4c06-84b1-36b3878e71a6","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":110,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"19344295-089f-417e-8097-e0ce2cc52629","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":110,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"5ec5490f-9848-4f33-9042-fd9cf44baeda","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":110,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"f9a5dd0e-b676-47f7-9395-18f73304dc90","block_type":"box","text":"credit risk.","page_number":110,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"93761dd6-5f8e-4eda-8fb9-aef45329ba83","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":110,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"7e813638-10e1-4351-99f1-17a259644443","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":110,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"09923463-1049-41cc-8f5c-5c23283c7676","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":110,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"12220c01-d7b3-42f2-aa92-155d25cf7f9a","block_type":"box","text":"of principal or interest.","page_number":110,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"78320bd5-5484-41a2-ac87-6d6a0b578c6e","block_type":"box","text":"Note:","page_number":110,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"962d2dc1-e371-43ff-abcc-2c16bb9f14ec","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":110,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"da25fc5a-ce29-4705-96be-e189597a66fb","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":110,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"0839f216-8ace-4b6c-9fcf-5dc759a27ab9","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":110,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"e5a7e93b-05bf-4a6b-b7a5-1c7e1cf885cc","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":110,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"0d2c32dc-af08-4936-8fad-10007e5aa2ee","block_type":"box","text":"companies, and securities firms.","page_number":110,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"7988db20-3081-43ab-b027-785a10545ad1","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":110,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"41541366-85b1-444e-b864-2123574f2c04","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":110,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"f22251fd-ec84-4749-8d30-c6fe4f0aaea8","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":110,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"db20cf22-0f3c-4298-8272-7aa4be1fb7bb","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":110,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"5a960115-b717-47b3-9085-8b17a0d00db3","block_type":"box","text":"that security.","page_number":110,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"804104be-5ace-435e-8b34-ac20d9924c2b","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":110,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"56c8140c-40c4-42a0-9629-cd1fb273938f","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":110,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"cefd7d5e-ae56-4854-b81e-3d7deb2dda80","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":110,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"5558b2cd-caca-4bd2-bc95-5ffa2ee01f14","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":110,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"0b5633f2-fdea-4279-948e-e26206297efe","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":110,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"bd4fad3f-868e-4133-9c44-6a0464b2acbb","block_type":"box","text":"categories.","page_number":110,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"f16ba5bf-30d0-41bc-8343-38b10edaaa5f","block_type":"box","text":"A-2","page_number":110,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"4b39ac76-2189-4cd7-a064-3a37e3023304","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e6f429a-b554-441b-ae61-6bcc603b6eb0","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":111,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"da885d6c-1c30-464a-91f0-8a093f4cf266","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":111,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"85ffcc2a-2c16-446b-81ea-a2c610868f65","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":111,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"0023a50c-bbc0-4432-99ba-93e64e0cafcc","block_type":"box","text":"an issuer’s self-liquidity.","page_number":111,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"bb202035-ec39-44ae-9fe5-7e2413134a79","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":111,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"6e5af460-3f74-4ff3-85c6-b51b7c30e601","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":111,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"90285a8c-a975-43d1-ad03-4c2af6016d08","block_type":"box","text":"MIG Ratings","page_number":111,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"5a344a78-85b8-4b45-a11b-35a907797192","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":111,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"ac9f7cf3-a06e-4f37-8976-503594793062","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":111,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"853adab3-e3ad-410b-a8c7-1b30e4264b64","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":111,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"9bc6e7f5-bfa5-4657-97fe-c11048263435","block_type":"box","text":"MIG Scale","page_number":111,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"38968af7-5115-4d33-8dae-dc7142e8998e","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":111,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"52d3a108-a792-41c3-a623-abbf2fe6d436","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":111,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"b8ad8c93-e879-4fcd-aad5-844eb5c4df5f","block_type":"box","text":"refinancing.","page_number":111,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"f117068b-8adc-488e-9c36-97e42d317dc9","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":111,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"193338ef-d47f-42b7-a02c-a2adb6480cd4","block_type":"box","text":"large as in the preceding group.","page_number":111,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"2d16b735-1d24-40ca-9fcb-31f35465ca45","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":111,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"808ac1e8-7a6a-4e90-aeb0-b9fba3b41695","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":111,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"3916a504-9045-4cb4-95ce-cd8d28f1c1c7","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":111,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"50348549-e73e-4905-86d9-722d92cac7e5","block_type":"box","text":"lack sufficient margins of protection.","page_number":111,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"dcf6f17d-af55-4160-9121-0a819ed2b973","block_type":"box","text":"VMIG Ratings","page_number":111,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"ca1c2a32-90da-4a7f-bc0a-d24a9acd14d4","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":111,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"a0da5fb3-c0de-4858-90ea-1ff3612a1703","block_type":"box","text":"are a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":111,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"e6e517be-30bd-4341-b880-3dbf4a7eacc5","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of","page_number":111,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"fc292a0c-6f8e-473b-85a5-8ebfe083f85c","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":111,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"19b7a59b-21d6-4d6c-8778-ec6d9242fcd9","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The short-term demand obligation rating uses the VMIG scale.","page_number":111,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"c478c1a1-7592-4173-9e4e-1eecbe18efd2","block_type":"box","text":"VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support","page_number":111,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"1d695cef-3d6d-41e2-b395-fd8fa6c3d04f","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of","page_number":111,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"de9fd538-8bfc-4bfb-9565-590848c3a9da","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to","page_number":111,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"5eed2f46-00af-41df-8ead-e3b1084b0816","block_type":"box","text":"reflect the risk that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":111,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"fb5201a1-8937-4f3a-8d08-31934a36d347","block_type":"box","text":"grade.","page_number":111,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"8eb33660-bb12-4b6c-8264-f4661d903247","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":111,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"7870947a-3961-46db-a410-98c03bacb0d3","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":111,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"65f4eecf-59e8-4ab6-8f19-5cc14ff45e67","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":111,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"da19cb7b-1d8f-44db-96b8-deb467c80835","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":111,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"3d6d1d33-ea6c-4dfb-b1fa-985af901b48e","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":111,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"d899e200-9664-4712-adda-8c1b9b47c68d","block_type":"box","text":"liquidity of the corporate obligor.","page_number":111,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"0415edb6-7ed4-4567-9623-ff25ee47e702","block_type":"box","text":"VMIG Scale","page_number":111,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"5ba046d9-9d60-4e36-976a-cf7f805f8591","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":111,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"bd2ab551-2840-46c9-a4d0-e9b37fb6f368","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections.","page_number":111,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"1217377e-6e1e-44ce-a8ce-a92ab58a540c","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":111,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"2b03446d-a8a7-45b0-ad30-1c0e2a0c4852","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":111,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"d64e6d78-727d-4b15-841e-fe6d12ed08fe","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":111,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"180912db-9a32-473e-a4c0-322644e0cc01","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections.","page_number":111,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"df928eb1-edf2-4ede-b116-a2418ae12b36","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":111,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"317f2a14-75ed-4a03-a493-ad3091dfcaf6","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":111,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"b12a77a6-f9fb-4e9c-98d9-5f72e014a9df","block_type":"box","text":"may lack the structural or legal protections.","page_number":111,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"1dd9ea82-7233-44e1-ac1b-b6598d0ea775","block_type":"box","text":"A-3","page_number":111,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"c104f6bc-732d-414f-b238-641cf2e7643d","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af9a9cfe-61d0-4ea3-8abf-b1b976557fe0","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":112,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"60688330-2313-49be-8ce1-b268bccce75c","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":112,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"4c1c822f-bb1d-4f0d-82fb-cac8cdfa3520","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":112,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"36d9e049-cee4-477d-98b4-0478b81c0e98","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":112,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"4b6fc322-1b0f-460c-9674-97ddad59baf5","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":112,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"74e69d4f-98e7-4e52-acf1-0a30328f1d47","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":112,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"40ba9632-5fe9-47bf-9b0e-efba58d27934","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":112,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"74726ad8-d2f9-4cd2-b448-d8776e116fdb","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":112,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"ebb77d5a-88ec-481c-ad05-30f5cc18998c","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":112,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"f15be74c-8d23-4d7f-9db8-4839e36f83ae","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":112,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"ffbac7d6-9413-45db-88c9-9fc8c20d1c92","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":112,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"b38e9565-20aa-4c37-94f9-b39a6a2de884","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":112,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"89112e9d-5bc8-4057-9a9d-8fb102643fc9","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":112,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"69a58d75-5985-428a-a9a6-67acfb1a833e","block_type":"box","text":"from these guidelines based on market practices.","page_number":112,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"e6d6d1ea-0832-4c7e-aea8-d2453feb9e92","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":112,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"776c51ce-c159-4146-a766-6f0448151cbe","block_type":"box","text":"•","page_number":112,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"f08dddfc-ad30-43a5-a47d-57798c6a4843","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":112,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"6fcc0291-7fd9-4937-aecf-daa40a6485c6","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":112,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"b436b0d7-d790-484e-a109-b72b2f845e02","block_type":"box","text":"•","page_number":112,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"61075555-2168-4fa8-a294-0b78fef65cf1","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":112,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"523e9827-adbc-450e-b650-af1f2493e4a0","block_type":"box","text":"•","page_number":112,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"748fc483-f3c4-45a1-9b97-6184e4a52e3d","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":112,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"111c371d-1914-4abf-b9d1-2aa6a5c4940f","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":112,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"db0ec271-abdc-4ac6-b7aa-68952758924e","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":112,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"489bc380-3655-4d40-bfee-acc85d2dac0c","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":112,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"14949213-942e-45d2-9d4b-c3dc268c7b57","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":112,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"10e15ab4-9105-4ac4-9515-dda5883283d5","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":112,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"af2683c1-33ad-42fb-9f11-5073c75c267e","block_type":"box","text":"obligations.)","page_number":112,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"18999450-7b62-4356-aa5b-5a844bcceede","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":112,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"8c3466fd-9f4f-403b-af21-bffbae995d24","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":112,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"0e32bf5d-ab27-45b5-a9bf-c492d0d24dd2","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":112,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"5c5a3e3f-f82f-4b40-95b1-1ef061d25aa4","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":112,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"9ad303c3-0e78-4c72-8a00-9fe1d89ee32e","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":112,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"611050cb-da9c-44bb-ba8d-df4439dfbe5c","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":112,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"e8df0ade-01a9-4941-9f16-ed75b9b17e3b","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":112,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"e5e95d22-b531-47a7-9eaf-6dc71a97e6bd","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":112,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"c3f7b8c6-5a14-4411-ab8b-a7ee2cf4751e","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":112,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"30702eef-822d-4979-841e-387c8cdf6339","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":112,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"7c37a513-4b1f-431f-ac94-ce414b2c5cc7","block_type":"box","text":"financial commitments on the obligation.","page_number":112,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"dc7c28c2-30bc-4c6b-9191-b3230d0feb90","block_type":"box","text":"BB,","page_number":112,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"e0c40349-0118-4e91-99f5-2faec6712c83","block_type":"box","text":"B,","page_number":112,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"ade75e41-7b5f-46b8-88c5-8274a7fe78b6","block_type":"box","text":"CCC,","page_number":112,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"5983572f-39a2-408f-a3e8-e24cf651083d","block_type":"box","text":"CC,","page_number":112,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"220b0c7b-252a-4dbd-bc35-7a54f31e6d3d","block_type":"box","text":"and C","page_number":112,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"5ae709e7-d280-4786-a3cf-c0b9de7b63d4","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":112,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"b30ff5d2-a360-4b74-837d-e1eb30c48d5d","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":112,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"60259148-04ec-4809-aa72-5f9f43b84566","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":112,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"e5fa037f-7bde-4dab-b0f2-3e1294ede7c5","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":112,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"c25d396e-41db-4e7c-96c7-3e0a74c2d9a5","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":112,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"e1be1135-0511-4c19-a30f-23fcd1d5a374","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":112,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"f2dadc92-c6b9-41f3-90a0-5b6d2d5259f6","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":112,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"331cf8eb-0a25-4384-a3c7-d3b3514467d6","block_type":"box","text":"on the obligation.","page_number":112,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"67ee69c5-b25f-4f66-aaa0-0ae6e46fa71d","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":112,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"fbcd7cb6-98e6-4189-a466-b78d7e1ee1ec","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":112,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"081c1208-734e-4061-a2f6-c7ef8de08aeb","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":112,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"1052bce2-e4e4-48ab-a1b6-bd106e5ad43f","block_type":"box","text":"financial commitments on the obligation.","page_number":112,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"4b68af44-59d8-4898-8c82-30b51ea7aa12","block_type":"box","text":"A-4","page_number":112,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"624502ee-4ba8-4557-997d-ea1d1033ec9c","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e58c2df-0274-4a6c-a838-8045cf59cc7b","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":113,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"807a9ee4-11c4-4c7f-88f8-2918aeda7f48","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":113,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"dcc58270-92a4-494f-8ca1-9c46f29b02b3","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":113,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"eef00206-09ab-4eca-87ef-7cc145995bae","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":113,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"208224ee-f70e-49ba-98bb-96446d1288b4","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":113,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"806d56ca-af1b-4422-a253-89df737cf589","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":113,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"dcfe78d9-c850-46a6-b401-77b5218a4d96","block_type":"box","text":"anticipated time to default.","page_number":113,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"cf30d684-370a-4d8f-a89b-c610a39d2ca1","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":113,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"0d4f5c54-2cd2-4e63-8074-13036f729f35","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":113,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"36306012-0416-47b6-9ca1-886b02a8e310","block_type":"box","text":"higher.","page_number":113,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"2337740f-5965-4a33-af81-1954d27b55d8","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":113,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"853d10e5-4bd0-4740-bcf1-55fbe0a81734","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":113,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"261c875f-508e-4c78-8cb4-f443f7f15796","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":113,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"c6320b6a-1c3e-44ec-8bfa-335dddc4da54","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":113,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"931f474d-50a9-4836-82ee-bb8c6dcd8b9a","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":113,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"759ca773-aaac-4fbd-94c4-c8ee55aa5e71","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":113,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"93009f49-c715-4c88-bfd9-9bb3386957f2","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":113,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"9fc9eb8b-ae72-4b2f-b722-948417883ae9","block_type":"box","text":"restructuring.","page_number":113,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"0c09b8c9-3897-40f8-8369-f995b609777d","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":113,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"d3b58705-fce5-482b-8279-eb3a1e087c0b","block_type":"box","text":"standing within the rating categories.","page_number":113,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"d253d68f-4387-4a60-b8c2-9159b3f5be00","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":113,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"0dac1b8c-ed62-41c7-9a90-7c3cc658bc71","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":113,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"c257449f-1802-48f5-9308-e9e0ea63a2a5","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":113,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"9baca0b2-f3c5-47b3-8e97-b252a49fdfaf","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":113,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"a7ec8c8f-3d6d-474d-b0ca-7af8606343ac","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":113,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"bff1a2ac-d2c7-4a2f-96fe-476765893003","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":113,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"0b0fe464-63e8-42e5-9497-6749e0b7b450","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":113,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"fa9fc62b-bb7e-4a6f-acea-1d36fc8b6c87","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":113,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"7056b1c6-4e81-407d-b70b-35c9eff0a97c","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":113,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"3f541538-515a-463d-acb9-8cc4c8c46916","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":113,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"ddc3e712-e5bd-4622-b809-04ce48797d8a","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":113,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"b48eeea9-763c-4f56-945e-a5b6a1b3b1a2","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":113,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"d8aa0ac7-3881-4477-af12-33655cc9d497","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":113,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"ebfec61c-24f5-43c5-b516-78857705904b","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":113,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"ac44f828-6f02-4d69-bcba-2aaad6a2b7db","block_type":"box","text":"financial commitments.","page_number":113,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"cfc16a86-887b-4dba-ae4f-b507ffdacc77","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":113,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"e17e5c8d-d1cf-4b6a-a260-7d596544cf6a","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":113,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"676527f6-6b15-4554-93b4-e082b857e901","block_type":"box","text":"commitments on the obligation.","page_number":113,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"4bfa2552-b121-4df1-8d6a-c2b6a31a70e0","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":113,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"4918af16-46b1-459e-839a-b5a891d41868","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":113,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"b2d4dcc1-0099-4465-8c13-4d641e46bf4b","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":113,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"3b7096d4-d15a-418f-969b-83e43d06c7a9","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":113,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"ec52991b-1016-4da4-97f7-f396a84154c5","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":113,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"d09fdd35-21f1-4957-8bc0-9369b60c8a27","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":113,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"bacca81d-5e76-4a9c-833c-02dc86b4b7b8","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":113,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"eccb78b9-ee82-4b51-9ee6-a95a6e25e908","block_type":"box","text":"debt restructuring.","page_number":113,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"29ce7a9e-9cd8-4078-a9a2-23bd1790c1ca","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":113,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"d16454b4-da68-463e-b3af-741ad41cb36c","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":113,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"1310df11-4120-4de1-bccf-902f21f94842","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":113,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"3f06af86-d274-47c5-8647-2a290a0e5a89","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":113,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"de42b3a5-00ab-4f87-84c9-d463dc0d1d63","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":113,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"6a3f4e04-d1c8-4ddc-bcd3-9ad9b249c9c2","block_type":"box","text":"A-5","page_number":113,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"0e0722e7-9546-4889-ad5b-e70fc3303bea","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"954e02ca-34cc-46a7-83c9-2797162837bc","block_type":"box","text":"•","page_number":114,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1d645fe3-156c-412c-9241-0df37841e6f0","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":114,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"cd1a74c5-a4a0-4805-8469-6c98856339f1","block_type":"box","text":"as a note; and","page_number":114,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"b82b875f-f418-45c0-a1da-db35e4394cc9","block_type":"box","text":"•","page_number":114,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"ea71d007-b78a-4cff-ab9c-5eecf176db24","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":114,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"5cf708f7-c36a-4b1a-a7fd-72123997c5f9","block_type":"box","text":"treated as a note.","page_number":114,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"5a970ce6-ea89-44b6-838d-60b4ba3f6d50","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":114,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"435f4100-3498-414e-bd2a-7c2cca46e9df","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":114,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"b115c361-1e4c-4a21-bb8c-2c4d7588c7e3","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":114,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"6dcbcc3c-ac73-4679-adf6-317b24a4725f","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":114,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"51c9c2e3-f91e-413a-a044-f9e91dbeac42","block_type":"box","text":"economic changes over the term of the notes.","page_number":114,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"a4938ef4-ac46-4d16-ad14-a28a61908232","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":114,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"444071a4-ce00-4aaf-bd82-1c52b5c5e7bc","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":114,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"6988e6da-c957-41dc-9861-6a100b7fd4e3","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":114,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"1c4736ce-31ff-43c9-bccd-90ee1f8cfbca","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":114,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"89922a29-329a-40a3-a507-201d561ae052","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":114,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"d357b0ed-0c48-4dab-9f37-b4fe7d18c273","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":114,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"6eff384e-b74b-4fed-9dd3-0f2a10f30f6e","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":114,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"45d4ea29-1930-420e-89bb-3e5879ffd075","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":114,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"fb902994-2e37-46f9-8d8d-1af96998f448","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":114,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"87fad442-e0e8-4421-9461-f6df23cba917","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":114,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"d9eb7f87-f9f4-4a7e-a040-f62045a5ebe1","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":114,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"fd73d4e9-f9d8-47a9-9224-e694361311cd","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":114,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"5559fbbf-fcbb-4fe4-9d18-46c9e02a10a1","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":114,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"a68b0cf2-716c-48a5-927c-62507ac02432","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":114,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"e8e6cb7d-77f5-45e0-b62c-e845498e6d4b","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":114,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"2cb58119-6972-4e32-b57c-ef35d927e12b","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":114,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"5de9e6ec-e06e-4052-aa7b-61fafb7a99bb","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":114,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"103146bb-8d19-440c-97d4-5311f407db98","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":114,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"421e3d90-944b-4ee1-a3e3-5bc5434b3ac8","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":114,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"7aada80b-0b1a-42c4-98e5-638765849c3c","block_type":"box","text":"receivables or other financial assets.","page_number":114,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"f7a9e972-00fc-4aef-b032-293a63c8a3c0","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":114,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"9d9988b0-b531-40c1-8d16-67ac8a0b9588","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":114,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"0bbb72c6-9247-41ae-9e67-8297aea083bf","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":114,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"e11360e9-537b-420a-bdd3-6a8357f865ab","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":114,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"5dbffbcb-8d5f-4b27-8f6d-c9f04feca0da","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":114,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"13eea192-cb2d-406a-a8b8-1389fef2c433","block_type":"box","text":"occurred.","page_number":114,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"8a74399a-bc21-42b2-9a3e-1cd655502aa5","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":114,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"bc54bd17-157c-4596-9582-0eae30103ddd","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":114,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"2b66f1e9-7071-4b9f-9906-c1812fe80641","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":114,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"a628bdc5-87d2-4bd5-8db6-dcc5b44394ee","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":114,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"e3a245f9-4c62-4a07-a826-092057a196c0","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":114,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"7246fc67-b550-4ae3-939e-24be668d3f74","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":114,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"1ef265ce-9b99-4650-ada2-fcde40d3bfe7","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":114,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"1d6e8673-59b2-4a32-8ac9-dfeac35e84ef","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":114,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"c119303f-02ab-465d-ae2d-32c372f4087b","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":114,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"aebf5aae-d9f5-4f44-85e5-8ef916dfffb9","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":114,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"3c0482e3-f6c9-41d3-9e14-fd88d5f2ce9c","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":114,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"a33bf4b0-fc2f-4d80-9793-a1eed9281c3a","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":114,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"f0fc127d-fa7d-436d-9380-9c07997935e0","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":114,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"52c84505-3ccd-42c6-94fa-fcb0e03a32eb","block_type":"box","text":"i.e.","page_number":114,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"1a670d9f-e566-499a-8d1f-413d13f4cfb2","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":114,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"4879d9bd-5f66-4ccd-b554-d097d13dbff0","block_type":"box","text":"the obligation’s documentation).","page_number":114,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"2bb5c2d5-1f6b-4fc4-8ba0-61437fad85c0","block_type":"box","text":"A-6","page_number":114,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ffe77293-9ad5-4988-a04f-90d60aeebf76","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8d27141-9245-4b25-bafd-72776b5dfa9f","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":115,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"1130fac6-a450-42db-b956-f68babff564d","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":115,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"8414cd62-6998-462d-8235-f3cf3995f6e7","block_type":"box","text":"agents in the form of a rating letter.","page_number":115,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"e561cf41-9a67-4d74-a535-bba6e289db8c","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":115,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"313f6544-708b-4453-884b-80fdd5ddd2c0","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":115,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"87c667ae-9d17-4a3f-8a27-baeb7f8da4be","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":115,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"61cc74ad-5219-4f37-aaff-986d8c23ce34","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":115,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"01c06103-5e6b-433a-b7e4-1729816ccf6b","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":115,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"6a9c8dce-3ea4-44b9-a52d-d3a266c80d55","block_type":"box","text":"e.g.","page_number":115,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"d42c099f-f1e4-4004-9882-a238a2b04292","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":115,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"6d9fbdec-fa0a-46b3-a27a-39326976a4ea","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":115,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"b49d532b-dc90-432d-b850-58c69bbecb15","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":115,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"b835f14c-5de7-4a3b-bc3c-8b963b1ba36c","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":115,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"20eade38-4800-4c80-b9c4-ccb7562b593e","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":115,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"972af096-079d-44d4-8327-b7d319effc60","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":115,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"f4826ff9-77a0-444f-b247-551122acfd73","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":115,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"07a7735a-6c0e-44d4-9d2d-f705c2707411","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":115,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"16333386-516b-46d0-8103-c4464b80848c","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":115,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"32ad80b5-5bd3-4fbe-8f4e-68ce671af7b9","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":115,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"df5cf6d9-dac0-494c-96bd-bc079f91cc17","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":115,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"a085a6d4-50fe-413d-9148-2f033037c1b1","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":115,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"0183bf3f-9f23-4739-af74-bd898cdcd71a","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":115,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"660627c5-22e6-4a53-800e-ae0d2da1da89","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":115,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"c172265c-d75e-40a5-8fc9-4bebbb2abc87","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":115,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a71d919f-a92f-40ef-8a3f-08ecd17f9282","block_type":"box","text":"Ratings.","page_number":115,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"08287ac6-9704-4df3-be4f-8c56391f5189","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":115,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"f8f0eca4-ae1e-4367-948a-d4682ceb4890","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":115,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"5f6a0dae-8784-479d-a087-726d573e32b2","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":115,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"ae53cb4c-76e8-44c4-80f2-a20c64699d43","block_type":"box","text":"obligation ratings.","page_number":115,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"3f88b222-0944-4e6a-a272-52da30285b19","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":115,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"e35cbe62-ccda-4b69-8163-dc5a59ba8a60","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":115,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"8c0eb2ef-5d67-42ac-96dd-f01d392d67df","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":115,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"f2873037-918e-42c7-8940-84df132d27f8","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":115,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"0192d3a1-597e-45a3-9b77-62919312f0df","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":115,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"4ee98cae-2917-42cf-80e8-b9aeb106ed6a","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":115,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"f4e54656-f01f-4522-a0a5-911acdf96a96","block_type":"box","text":"to foreseeable events.","page_number":115,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"f31a5259-4742-48f5-bd5f-5e7ad01575b2","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":115,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"d0c5392e-1dc7-41a9-94d7-1eea10d271c2","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":115,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"9e5c37ad-0ed0-494c-b4d6-6eea8343f200","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":115,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"24087653-4375-4c3b-a0e0-e29393a42ab5","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":115,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"5e5a4436-7d10-479d-9c39-0bece7f8822b","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":115,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"e9f44075-2772-44d6-a91d-62bacf959772","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":115,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"bb0fd4a1-2089-4ede-9123-ccfbded7c135","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of","page_number":115,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"78325e47-0e74-4465-95ff-043ae5498ccd","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":115,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"7129f9e1-9fa6-4d72-a464-ea206d273f1b","block_type":"box","text":"flexibility exists that supports the servicing of financial commitments.","page_number":115,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"09ee8a04-9294-4a18-83b9-da1868d62bf5","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":115,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"657bbc1a-cdd0-48a2-90dd-2b5544fee6dd","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":115,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"4f224ae6-265e-4bbe-be75-c279ab36a3d4","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":115,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"2861058a-9ec3-49d5-adcc-f34800f05725","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":116,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"5ededb4e-f7a8-48fc-81c8-529b20b41656","block_type":"box","text":"relative status within major rating categories.","page_number":116,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"65b79329-5060-4cbd-89cf-23ede78b60c6","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":116,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"887a0cd3-90ef-4346-98ab-9f8642ceedd6","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":116,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"bdb80724-e09f-4a30-bb7f-e8b1d3a0876e","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":116,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"4fae5880-fa69-4985-92d8-c37ec0554a92","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":116,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"68f447f5-624c-41bf-b018-7b05ed2ff75d","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":116,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"46b8ada3-e1a4-4163-a884-4823034d9aef","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":116,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"ce42066f-3d66-4890-b52a-8602c7c303e1","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":116,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"a7ea8368-8fe7-4b97-9a66-f947813a9031","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":116,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"2cfd8ed8-ca1e-4b28-85d6-2a0db23ec294","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":116,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"7efc454c-d062-46de-b2aa-dd5e54647afd","block_type":"box","text":"finance markets.","page_number":116,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"b4e591d8-06a5-4306-8954-62b0e7713ed2","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":116,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"d67d31f6-3436-42a4-a969-d933e09baed6","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":116,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"9bbb4029-7e32-4a58-9cbb-a2dd89d8283d","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":116,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"f9137165-39b7-4d11-8101-7bf5819a20b4","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":116,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"9fb4037e-9ec5-48d7-b1d2-ce8e42d1bd98","block_type":"box","text":"commitments.","page_number":116,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"4939bd5f-b6d5-45a1-8213-38866c61b247","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":116,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"fbc72bce-137e-4b6d-9df8-98d93592c7ea","block_type":"box","text":"adequate.","page_number":116,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"44750fc7-b94b-4d01-aa1b-66e911cd4c43","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":116,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"69230826-3e2a-4214-9e43-592f952bbc0b","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":116,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"3033d306-6df0-4220-a8fe-f03014579618","block_type":"box","text":"economic conditions.","page_number":116,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"fda0000f-48d8-4430-9be9-f455dfd84f23","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":116,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"57047c5c-e374-4329-9af4-1cc22e7991b2","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":116,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"dc51ad37-50be-4e6b-af60-763c83ae1629","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":116,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"6174533e-b956-496c-992d-5e78399acfc2","block_type":"box","text":"ratings only.","page_number":116,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"bf2699fb-6b3a-490a-88d7-280d7bee4f8d","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":116,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"13a3dd54-11fd-4da8-850b-a17ff6a2aed2","block_type":"box","text":"obligation.","page_number":116,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"689c9513-d21e-45a1-bd58-3a28276b5c3b","block_type":"box","text":"A-8","page_number":116,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"6c701213-e4a2-459b-bd98-161f7aa38fa7","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6767f103-16c9-4fda-bbfb-3fdca28a88e9","block_type":"box","text":"APPENDIX B","page_number":117,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"035f3da3-1c68-43fe-b2f1-013900f80e33","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":117,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"0d47c004-27ed-4a1b-a970-dbbf10ed2cbd","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":117,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"8c7b1b2c-7d83-40f8-8059-d1fc895b29fb","block_type":"box","text":"Effective Date: January 1, 2025","page_number":117,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"05f037ce-bac1-4068-b820-706b095be6fb","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":117,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"2a27ed36-cc70-4a2b-b8be-7d3e72647648","block_type":"box","text":"□","page_number":117,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"aab81f5e-fd7b-43fd-ba16-02bf38b74e52","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":117,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"3ca9540d-6529-4637-a75f-146c44447d8a","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":117,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"52512a86-5937-4d8c-95dc-50f47dfeebf7","block_type":"box","text":"□","page_number":117,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"d8c87584-eb79-48ed-8433-998b586cc2ca","block_type":"box","text":"Money Market Funds","page_number":117,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"d60b8672-130e-4481-b2d3-2b485056a29a","block_type":"box","text":"□","page_number":117,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"e8a907c2-8037-4677-b3f1-5adc6be52905","block_type":"box","text":"Closed-End Funds","page_number":117,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"963f5ef5-7fa3-48d8-a88c-f4e8033593ac","block_type":"box","text":"□","page_number":117,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"8c572037-a677-4b3f-bc21-b8c80daa6add","block_type":"box","text":"Other","page_number":117,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"95ffa0ad-8c4a-49c6-a0dc-07de32c71400","block_type":"box","text":"Objective and Scope","page_number":117,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"31da0a3a-e2b2-44fa-bb08-3a6b5c8d5af5","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":117,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"acc91982-5ec2-4584-8a19-63dde553f484","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":117,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"84ff23b7-21bb-4cf2-834a-06558431a6c8","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":117,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"eee8fe1c-ff84-4cf3-b59a-1de6666be0b4","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":117,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"d1393e8e-f548-46b0-8e6c-976e8362cf7f","block_type":"box","text":"voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of","page_number":117,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"b9f2400e-f076-4dd7-9761-6e42b009bf52","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":117,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"65564ae6-2197-402a-8384-3cc5a6c2d3f6","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":117,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"f79f680a-f821-452a-be96-c93f9098cdf0","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":117,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"3d779053-cd65-4a8a-abef-1c5c88074681","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":117,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"741afbee-ed9d-4a18-a011-d559d998e610","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":117,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"a94872b9-6367-45b8-84c3-754868ee1fa7","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":117,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"70b69426-ecaf-47ab-9fd6-3e3b72f8d8c0","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":117,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"5b0a6408-72fd-46b1-8daa-ae72de2db9be","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":117,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"f4433ee4-713c-4d84-9901-268bc9304034","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":117,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"1737fd8e-d2b2-4e7f-90e4-d2a1f7e6768d","block_type":"box","text":"Conflicts Management","page_number":117,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"b0e79465-1da0-4c40-8dee-c1b43116aac9","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":117,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"6cb9b097-e82c-4d2d-a4b7-bdc7aa9d7422","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":117,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"cebc14eb-5e70-428d-bb13-2f5525d85be2","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":117,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"32a47aa7-8de6-4be0-a788-1efc16932bd9","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":117,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"b75e10ce-8273-4646-ad38-af0b72de05df","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":117,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"f005e38a-ee31-44d2-b6c0-09011a891383","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":117,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"027c32f6-6c6a-4c11-939b-6c98b5bb225b","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":117,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"b7726e71-7a92-40b2-b949-43c3da2089fe","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":117,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"6d562a55-1971-4db0-8fdf-1b3e19a6bb1d","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":117,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"3a23374b-d21a-426d-bbdd-a45842ca9b97","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":117,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"107a6676-9b21-4c0a-99ed-9fceaf34afa1","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":117,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"e358370a-bbb4-4d44-8136-ef8bbf7332eb","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":117,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"b95cf745-3f20-4aee-b635-18561a0d875d","block_type":"box","text":"in clients’ financial interests. 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BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":122,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"261a7679-1789-4ce7-84a3-5098c5c97d53","block_type":"box","text":"this work with research, data and analytics.","page_number":122,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"84209b28-1446-4dcf-b9cf-0982c57078d4","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":122,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"2c81f565-fb09-4fd5-92ca-2816c7d5b5fb","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":122,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"45d1760c-95d1-4a84-8a03-8e9a61df9149","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":122,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"f1971cc4-b720-4f10-8f21-cbe0157c8dd8","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":122,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"4869981c-da40-4b3c-a183-f8b6180b0924","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":122,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"8393058a-2f7d-4ed1-bfd7-811f0ba76a68","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":122,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"696d935d-3a59-4b30-926a-e70a647f9994","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":122,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"aa4f0289-40e8-45b8-81aa-9fe37aa509e4","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":122,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"80565b92-6cae-4e79-86df-9a7b392a3702","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":122,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"f16063c4-426e-41e3-8706-da1b26b66321","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":122,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"74a3e5fa-8e1d-45cf-b5bc-2ce68f02cfcc","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":122,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"7709fccd-ac3d-4674-a6da-35cc185c8661","block_type":"box","text":"shareholder meetings.","page_number":122,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"f938bcd7-06f3-4635-a4cb-43250b74ead9","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":122,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"95693421-a885-4f98-911f-e03ff5be0122","block_type":"box","text":"investing.","page_number":122,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"d02ac3b0-ba67-4378-a9b0-f347474ca347","block_type":"box","text":"3","page_number":122,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"3ecc8635-beba-4825-8fb7-74dbb2f592b5","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":122,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"83563f74-0e55-4430-888c-637208a8c354","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":122,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"c29c111f-36a0-4fe0-a25a-0c4c9afb1e44","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":122,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"41df6120-52ab-4e95-9cc8-4c642b07d002","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":122,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"70cd066d-6111-4be3-8988-bac04c698d7c","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":122,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"12d199d0-d888-48ff-8602-a1ded504a8cb","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":122,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"c4c54d6f-e28f-4b40-a8f2-48f1175880ea","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":122,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"82b45c87-e279-4be5-b394-11186fc61b41","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":122,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"0a88a206-7eaa-4a5d-b039-e901857cf59a","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":122,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"300cd862-8a15-4064-8ef9-09b41fda45ac","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":122,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"01cb086d-7881-442a-a274-7cd87f57c03a","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":122,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"ec41c18d-e1c3-426d-a6c4-5a7d55a84431","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":122,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"7db12bbd-78e7-4039-835a-f87b61601087","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":122,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"01298f5a-c632-4d59-a135-fc69836ba247","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":122,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"27ef100d-583c-4a1a-879d-55758d65d89a","block_type":"box","text":"management teams and board directors","page_number":122,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"07705ec9-2455-4acf-8b1e-9aa6f82322f7","block_type":"box","text":"4","page_number":122,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"e862a379-1cdb-4934-8dd8-bce5e9580298","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":122,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"ce34d1ac-da0b-4dd8-9df8-c7c985fbdd9a","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":122,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"fdb9f1f4-60b2-4dde-a5ed-ff8916c81036","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":122,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"ebea39d3-8b6a-4601-a085-03f58c858d8e","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":122,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"55530e83-88a1-4ad0-832e-89fcceaf0af1","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":122,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"e0cab851-0b9b-45af-acfc-8f62ddfa22ac","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":122,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"472c0c6a-6130-4077-97c6-23e3ddf5c2f3","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":122,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"9609a83b-3d0b-4811-849a-bda1145e634f","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":122,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"787f076e-a12f-436b-9316-0378903b718f","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":122,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"2f2cd454-6bf2-4c70-bda2-d0310f127939","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":122,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"31b927f3-f58e-44c4-bb0d-417edcc09008","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":122,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"82fab723-7a3e-4207-ae3a-5377ebdb4d2f","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":122,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"422dff21-09ec-47a2-a685-1b3e4b3bd5c6","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":122,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"a2b77325-5151-4063-9897-f229c8503ff7","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":122,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"a1b9a581-80b1-4a20-a74d-6a16e39190e6","block_type":"box","text":"3","page_number":122,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"98cd8d1f-e8af-48e7-9013-09eb0418949f","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":122,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"604cd829-c60e-4135-8a6a-eba283f1ff21","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":122,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"ffc20f7c-4835-44e2-bff4-1d51bb0d2d21","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":122,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"c2b0d430-809d-4faf-a1c2-1d625275048e","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":122,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"a77db455-1b71-4f22-b2d0-f94ee7bfc761","block_type":"box","text":"4","page_number":122,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"fbdb0da2-5704-4eb2-8217-d5018eec1551","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":122,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"8a93bbc3-64b2-4942-a8a7-860b93543bed","block_type":"box","text":"boards and their members, where relevant.","page_number":122,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"2a080cff-d173-4e81-8d41-a76451abd60c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":122,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"05e4a070-2a9e-4db1-8a8a-353db6b74a46","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":122,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c2d5c04f-8aa0-4d77-9fad-d573bb5a45fa","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93f0c8cd-00fa-4f5f-8816-47ceb6b22ed1","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":123,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"0fc3f04c-fd9f-45e3-8a40-7a063560efc6","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":123,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"fb31f334-1e18-4114-ab55-f11e73af2e25","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":123,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"ee3e3b5b-f0a2-4b75-a798-11f55fea3653","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":123,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"4c4ef8da-28e7-4404-be81-1bef48ac11bd","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":123,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"5a29ff81-11f4-408a-bc53-de0c14efb229","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":123,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"ca2f7a22-8607-4d85-bf85-346f455c8adf","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":123,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"7695cd15-0af4-4ea6-afde-f1cb538a1fd1","block_type":"box","text":"5","page_number":123,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"966610d7-4007-4561-8874-768c164f7c0d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":123,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"16e45ea4-df6f-4e40-b6af-34a22ca4ba28","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":123,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"f83ff60b-20bc-4235-8c8f-5c6d51960d88","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":123,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"df564a00-25a8-4ba5-9721-7ba32e1724cd","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":123,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"231c218e-bf00-4b2c-86af-d601b128cf28","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":123,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"4231cc97-cbee-4799-96ce-c7d4217e8107","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":123,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"20143221-0577-4857-89c1-79420d9241bf","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":123,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"73bfb52c-dedc-471f-9276-8743175157ae","block_type":"box","text":"5","page_number":123,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"07b78cfd-86b2-423c-8aae-b9afd0dd93d1","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":123,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"50e7172f-348c-4702-bc60-3b2af5901f39","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":123,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"3100ea9e-1f73-4767-9642-39aa488e5605","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":123,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"4bc9be24-6d24-48db-b8d0-35533b2f9278","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":123,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9a36732a-9b4d-4c4d-acc4-1057814d4a8b","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":123,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d75fd747-7188-48e9-b546-58fd9cccd06e","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d211d940-3dbd-496b-8738-12200b25b7ed","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":124,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"26d1a025-bc7d-4d46-9531-3d8a6b3e0ce2","block_type":"box","text":"Roles and responsibilities","page_number":124,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"4cda825d-d6d4-4d5d-9a48-a4b9cdf2b304","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":124,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"1162d66f-4018-4ed3-b04e-be3c821c3579","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":124,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"8ab27a8a-23e7-495d-97bc-5759ade15563","block_type":"box","text":"6","page_number":124,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c1dd37da-da78-4a13-9217-a5571393825c","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":124,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"b941c1ad-e457-444f-a227-16af9cec21dd","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":124,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"aa09b808-15dc-4faa-9b79-e4e75fd20752","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":124,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"459817d0-b159-4cda-a4dc-85073370c24b","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":124,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"25e4c7db-adbf-4280-92e7-46cb75543ce7","block_type":"box","text":"performance over time.","page_number":124,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"68b94d81-3575-4e7b-a92a-2d77d5eb12fe","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":124,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"58b332cb-5829-4e31-960b-d78eb55bbab5","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":124,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"e60f5c2c-520f-452e-86d1-cb2641079e30","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":124,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"ab8086e8-5755-46ba-b7b6-769a6984a326","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":124,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"b1aa4ac6-7ea8-4845-8075-d9e1ef6c7a03","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":124,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"af714c4f-fe09-4d95-958d-b15235b2badb","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":124,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"7fad578a-a20c-4a61-a054-7e0196e81761","block_type":"box","text":"Composition and effectiveness","page_number":124,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"4de7f868-dfef-42ba-9bd3-ba0872ce262d","block_type":"box","text":"Appointment process","page_number":124,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"9d44f73f-0412-4ca3-8bd6-6b6029ab2b46","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":124,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"48625e44-c37a-4dbe-b404-91c4cb033dc4","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":124,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"ed31e4f5-7dd1-4d06-aec3-d53731ac77e6","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":124,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"fdd36557-ea34-464d-aebf-09be8761fc49","block_type":"box","text":"e.g.","page_number":124,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"dd0030fb-d01d-40e4-8138-bc3134ad579f","block_type":"box","text":", sector, maturity, geographic","page_number":124,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"27a7c263-0d11-44a8-8566-dd4cabd1905d","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":124,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"2ed5d65c-2442-4b47-a412-f8a5480c8472","block_type":"box","text":"e.g.","page_number":124,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"50dd0247-8b4a-4e2c-a7bd-25bec402ef7a","block_type":"box","text":", financial expertise, industry track record). To","page_number":124,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"7f257036-ce2c-41ab-a36d-77b0ceade30a","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":124,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"02b6b1fc-d353-40aa-9efc-f92c38e8a96f","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":124,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"f3796f5c-2f33-42cb-83b4-db6141bd40d8","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":124,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"2366513f-c1a6-49c7-9e21-ee18205d9e4d","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":124,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"557a968d-ddbc-4ed5-80e4-709d2126eb6f","block_type":"box","text":"and local market requirements.","page_number":124,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"20f1f633-09f5-4685-a2d0-ecdf849541ae","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":124,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"d274c33f-7fb6-4656-8af5-94b814a4eff5","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":124,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"07c14096-b209-4f8a-a17a-05e039d6a147","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":124,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"6ade29d7-9814-470f-a510-2ea7a5ab1b17","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":124,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"bb4f9293-7bf4-4148-8618-1f26e26ee47e","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":124,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"9e2d7360-52cc-40af-a5c4-c11e7f175e5d","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":124,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"d918a66c-b5ca-431a-9643-d7cf524cd1d5","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":124,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"1459f57a-cc86-41f7-823e-f21e8a61fcfc","block_type":"box","text":"Independence","page_number":124,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"9fb60a6c-684f-4e5c-924d-a3931fbf8ad4","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":124,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"f5c139f7-fa96-429b-87b6-a19d343a0940","block_type":"box","text":"e.g.","page_number":124,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"be7c2a9c-ca80-4f07-923e-ecddf13ec7fd","block_type":"box","text":", government or","page_number":124,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"f50f9ed1-237d-475a-9f15-a8e40895d21e","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":124,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"2c9436dc-4fc0-418e-88b5-29685496f9ef","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":124,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"714024bc-3bea-406b-9b90-54d3fe1a9cf5","block_type":"box","text":"conflicts of interest or undue influence.","page_number":124,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"039d417b-1d24-459b-b541-e9a02d185945","block_type":"box","text":"7","page_number":124,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"9bb45e1e-2fbc-43f6-97bb-ff76dd4f0813","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":124,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"21e1fee1-47ba-4a9a-b907-fc3da39279b9","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":124,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"7510c633-405b-459e-87ae-0f188b673734","block_type":"box","text":"independence should meet those local requirements.","page_number":124,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"eb1a9f52-a246-499a-974c-6d9e834cb14f","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":124,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"8e8ab3f8-4342-40da-b399-ba8561b9c1a4","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":124,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"81705af9-b93d-493c-99d4-8003084a3f3d","block_type":"box","text":"composition if this is a perennial issue.","page_number":124,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"2be8d9c3-8aed-43fe-90f4-7ac33b3ba117","block_type":"box","text":"6","page_number":124,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"d262afd3-007a-472d-bb89-73d3c2430f08","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":124,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"fca0d532-c8c7-4554-9405-59818d3fe283","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":124,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"e8d6b0b8-e96f-420a-b9a7-4fadd65284d4","block_type":"box","text":"7","page_number":124,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"65ff0548-d27d-418c-93d8-ad042be3b084","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":124,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"38999012-288e-4757-afd6-0e3985cb333a","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":124,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"168dc869-b797-4b32-83cb-301204acdc1f","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":124,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"51af4875-f00d-4881-b728-c6ac3a2fbbb7","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":124,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"3d560717-5a1f-460b-a351-f1c39d145c76","block_type":"box","text":"of the company and shareholders.","page_number":124,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"55749efc-1cd6-46b1-95ed-ef29921a2425","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":124,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"71439051-ad26-47dc-9619-8277b3f51019","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":124,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"36f416ab-50db-4ad9-b5b7-09b259a72439","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a86543b1-6dde-4f54-a319-de1d905081d5","block_type":"box","text":"Independent board leadership","page_number":125,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"8e4f4cd1-9c38-4bec-ae83-375ba1977f3d","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":125,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"82559102-11d5-4575-b2c0-3b8a795afd61","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":125,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"1c6e0a26-3628-42d3-bd4a-36e8026124cc","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":125,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"4a1bf63a-1bfe-48c0-a2c9-8ffcb48855c8","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":125,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"788ca773-ea48-4396-8a79-d358ddeebf44","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":125,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"3ac13a09-e0a2-458a-9146-da1233ceb27a","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":125,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"da97512b-c55a-457c-a6f5-39e68fe26a93","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":125,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"68565cc7-4985-4695-beff-3b6092ccea91","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":125,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"53850e6a-943b-4654-a729-94d012d79799","block_type":"box","text":"how it serves the interests of shareholders.","page_number":125,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"08ffe694-9a22-48fa-b0a4-ea0a8982a9fc","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":125,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"8c251952-8c23-4a98-810a-f3a50b2ea112","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":125,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"22002664-e609-4b5c-ae16-0ae8be89406e","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":125,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"9be1a2be-3b48-43f9-9e4b-75da0cddeb8f","block_type":"box","text":"Tenure and succession","page_number":125,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"96b02865-626f-42eb-9529-e87e05d71d08","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":125,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"89af6650-79ea-495e-992f-1c9697eb94be","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":125,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"55dcafff-b8a1-4224-810f-f377fdbafb73","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":125,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"bf411220-5e8a-4b63-a152-c84b0b1bf1ff","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":125,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"f74c2edd-fe4e-4836-9d95-e2929394846a","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":125,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"d97c706f-4018-47d6-a660-fc8a2053a4cc","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":125,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"4551315e-1174-4921-a40d-6fa6ec0656cc","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":125,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"f0ef0d78-6d8a-4ce4-afd8-b0134872f187","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":125,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"74b4796a-f3b4-45b2-9bbf-60dba2a0fe80","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":125,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"eb154b98-4129-45d3-b699-e7cc5943b000","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":125,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"aeac9fc0-43b9-4c27-b965-3477e1f31e0d","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":125,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"f7789139-556b-4c89-8f6c-5197a53078f9","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":125,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"9827d07a-2129-4aaf-a8ed-665437e0aeb8","block_type":"box","text":"for their continued service is not evident.","page_number":125,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"bee325f2-ece6-4b64-b465-358c2bb320b5","block_type":"box","text":"Capacity","page_number":125,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"079455f3-c7f8-46bf-b09d-6874f4cf15b0","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":125,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"c8ce51e8-6d66-4006-96dd-ccd4a64552a8","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":125,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"d6134465-229e-4b73-87a1-93418fe7c33f","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":125,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"f0cefce2-9589-4ca2-8944-8f5c22396980","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":125,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"cc9ac1c3-fe21-4471-9d24-fc288d1c5948","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":125,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"e1d27a71-ccd9-4161-bfb5-97e077730f26","block_type":"box","text":"determinations across markets.","page_number":125,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"ad4a3ba8-01e9-46a7-bc7f-2fef389208db","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":125,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"c572d71d-82d9-4a18-ac38-6b35497ea5e7","block_type":"box","text":"their duties to the board and company.","page_number":125,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"cbaf2efa-14bf-4e9e-a9de-d827ff64d7a0","block_type":"box","text":"Director elections","page_number":125,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"b4e007e0-a486-4b51-bd66-ac3ef795d1b0","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":125,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"b1092d2f-f562-4c4a-b06f-d814c8dc3800","block_type":"box","text":"structure","page_number":125,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"74c472f2-e732-484c-aa51-c7e4b9d7a791","block_type":"box","text":"8","page_number":125,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"e6194737-2663-432a-9085-1227bd3e90c1","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":125,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"53dcecc8-fb1e-4fda-b222-8fc0727ba5ef","block_type":"box","text":"basis of its business model (","page_number":125,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"988be387-d672-425f-a158-8e3a6b33fc27","block_type":"box","text":"e.g.","page_number":125,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"f5f79178-c85f-414b-94dd-0d6c1f7de154","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":125,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"77ba61cc-e941-4e76-8995-dc10fe85cd65","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":125,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"f6b093a3-4c48-4aa8-90ff-578e1d8a8113","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":125,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"01e14097-a7ce-4436-b317-d545e161f453","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":125,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"36a804bd-e163-4391-8be4-f0cc5a4ca4ec","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":125,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"ca150c34-a772-4f7c-b3e1-321cb0755bc2","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":125,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"c6b02f28-f3da-4464-8338-364dd9596c19","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":125,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"50ab58f8-e69b-4fde-b7e2-cb6e2125fb90","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":125,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"cdaddb79-8afa-4afe-af34-86a36425d3d3","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":125,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"4994e49d-43d3-4fad-82ba-f4d0167bf0eb","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":125,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"11d7534f-44d2-453b-9b3d-d99a3279823a","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":125,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"6f9bd845-d936-498d-ab7b-1f5ec77e1c70","block_type":"box","text":"8","page_number":125,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"9160e670-9f98-453e-8637-bc89cc870037","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":125,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"f829ac9c-86e5-4936-9ffe-66ae69c21d21","block_type":"box","text":"directors stands for election in any one year.","page_number":125,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"32825af5-8b95-4f5f-9193-f38f67fd26eb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":125,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a3f12b4a-badf-4cc7-995f-f9c3550cda81","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":125,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"508f6bd3-ab1e-4740-af39-44232260810e","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd02cdbb-1605-4e32-be22-d3bfd0da47e6","block_type":"box","text":"Committees","page_number":126,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"ffee7202-91c1-40f8-a759-703924e1a0b0","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":126,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"6c71b1bf-87b1-4c00-bcad-36540f700cc6","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":126,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"fa545266-3080-4f81-91fd-4f49bff32a4c","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":126,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"aa9dc010-e36b-4dae-b7e7-3480b46c6b87","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":126,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"9c1a9f51-836b-462f-8da5-0de48d78e1b8","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":126,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"16d571c1-a311-438c-977b-5bbbd7cd3cc7","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":126,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"36a4313b-9cbe-4ccc-a4c2-ac1b182ebf08","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":126,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"edc93cdb-5f73-47e0-a339-145b72e84bb2","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":126,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"f3ba6e27-1007-4643-b673-424b2a65af8a","block_type":"box","text":"•","page_number":126,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"4cab8edb-c3ac-46f4-9b61-301b73f0408f","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":126,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"e0a48068-0586-477c-a7fd-d61960665e34","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":126,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"a18fc882-0af0-47c0-9acf-b6b9d0b627ea","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":126,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"e3bb6274-331b-4c67-b9cf-ac613e4afbf8","block_type":"box","text":"•","page_number":126,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"e15201f7-5f8c-4764-9112-a0291561e702","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":126,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"9a9b75ba-fed1-4d23-87ee-e799cfbad3a4","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":126,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"7f6f7e0a-d7a4-4c32-aad5-7034db9bb61e","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":126,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"8d2a7621-ef4a-4a82-a110-f720e1eb3996","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":126,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"9ae0472c-301d-449d-b1cc-cdc032e783aa","block_type":"box","text":"•","page_number":126,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"65f3c270-4a6a-4219-a9fd-b7a13babbd54","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":126,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"81cee02e-f974-411e-955f-7db2cc1f34d7","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":126,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"c25c6b0f-2e06-4505-bf60-b05a874f9f43","block_type":"box","text":"firm-wide compensation policies.","page_number":126,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"92ecdd74-9137-4019-a7ba-ac90ae2f75ad","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":126,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"eff1e4b4-629c-4902-b8bc-5b3408d118e9","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":126,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"1a4f41a5-9c15-4446-a727-42df1d7ba54c","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":126,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"a0515489-4e9b-490a-b0c6-77dbdbf5c9e3","block_type":"box","text":"Board and director evaluation","page_number":126,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"ed8182a1-8894-44cd-94ae-cb05a5226d79","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":126,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"83a8f68e-41b7-4d3f-90f8-dba7beb96ad4","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":126,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"4c5e04e2-4626-4d51-b98c-627e5458359e","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":126,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"246325c8-d66f-43b8-8ee6-7355ba605f46","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":126,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"9abc5603-465d-4618-8234-401e8f900a67","block_type":"box","text":"a result.","page_number":126,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"683fceb5-01a6-4139-99e1-12e4de84cced","block_type":"box","text":"Access to independent advice","page_number":126,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"a878e2a9-7e4a-49c8-9b77-b25268a08cde","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":126,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"2fe16109-cf35-4209-bc8b-bd28b72b7712","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":126,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"b4cfb4bd-cfce-4344-a29c-fd8255a45c95","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":126,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"bef3b613-31c4-4075-adcc-dc6f7cb0b1d6","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":126,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"33a09689-f483-402f-9f8d-2b718241442d","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":126,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"dd5aaaee-e211-4cf6-b5f1-e5e2156e5766","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":126,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"d256cf99-1e08-4dc4-aa14-c01886f94339","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":126,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"a286dfbf-f830-44f7-bed7-0b6280818564","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":126,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"631a3f8e-fee0-4508-8c49-816f0d489947","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":126,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"aee95eb5-892d-4e81-9c68-eb83c3d5ec0b","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":126,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"d03db424-434d-4a16-a5e4-23172f51c604","block_type":"box","text":"performance.","page_number":126,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ace74c57-2b97-4247-8dcd-fea59a6dd132","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":126,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"6be4c9a3-ff19-4906-be8a-d9a86fcbaeb5","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":126,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"56cc809d-86a6-45e3-a053-608c232af933","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":126,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"fc12c943-38bd-4a2a-b371-adebbc734d6a","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":126,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"2113b56a-a554-4106-bc02-ae4d6b30dd2b","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":126,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"2fccbb03-85f4-4a6c-8c7c-c1c446d6f34e","block_type":"box","text":"recruit and motivate.","page_number":126,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"6c2dbece-0f88-4d3d-91e9-615aad252e41","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":126,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"c5084523-696b-41f3-9d17-ec061ac791fa","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":126,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"961417da-dbe5-43a5-abc3-0e303be128c4","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":126,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"cdab3301-4023-4511-965a-38de61f69818","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":126,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"2b62f6d9-746d-48ce-8004-4ed983ee548f","block_type":"box","text":"arrangements include:","page_number":126,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"8ef8e19e-5ca6-497b-b066-a07b4d8bce9f","block_type":"box","text":"•","page_number":126,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"06593756-1f00-4ba9-a885-ebb227a787b2","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":126,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"c6e1a4b7-dd5a-46e9-8a54-7d4d4ce41e3a","block_type":"box","text":"the company’s size, sector and market.","page_number":126,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"b2e20205-987a-4880-b630-1f4d5d2f3460","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":126,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8326df68-6db7-4531-95e8-6b49649030ea","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":126,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"763f25ba-28d7-43d6-83bf-9aa82f63510d","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18e1e0cf-9aa8-4a2f-b513-9830981c8f40","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9be035d8-063c-4402-a541-3b9083bcc46d","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":127,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"2b193feb-6126-4583-85a0-3500f2bf44ac","block_type":"box","text":"strategic objectives.","page_number":127,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"3cd86b88-ab73-442c-8895-b5c797055ded","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"f5406792-a92d-441c-ad50-ac29a7b8df00","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":127,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"7fc33036-4735-4609-8627-e3ba36ae560a","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"4282139c-9ccd-4c47-b032-7abf36c72825","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":127,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"8163a71b-910d-4334-93df-9e671b4f5b14","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":127,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"affe927c-fa86-44c3-aefd-7b9e60c1b794","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"da799045-13bf-408a-8057-f35563ece016","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":127,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"f9f7e5fc-ccdb-441e-b8a2-6f3a483f1dd0","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"7886bb19-6981-4b6f-8ceb-6bd80b4a6f33","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":127,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"30d0787c-374a-48a5-bea5-33b992f577ce","block_type":"box","text":"transparently.","page_number":127,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"8e2fbec3-febf-4b5f-a41e-6d401e0f3a5e","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"664a30bc-8317-4894-8470-6d1aab0141c6","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":127,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"c6c1af2c-5b2a-48ee-8f10-f998718bd11d","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":127,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"69e9032c-03f3-4611-ab23-91c8ec0ec3cd","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"d29615e5-cb67-40bd-b410-cd2f89ebf3e3","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":127,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"20308bee-451b-4c67-8b68-b9bdf1c7aa78","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"83ebf1c4-4b90-4f17-bbfd-9ee8298048f4","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":127,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"273161ab-6ca1-4004-a7c6-c1fd8a620120","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":127,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"4e21b59c-76f5-43e1-9d1e-81967b6644c7","block_type":"box","text":"misconduct.","page_number":127,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"25fde7d7-bb93-4f1f-9cd3-3c7ef088920d","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"efc1aa9e-a079-45ab-902e-d7543d42e130","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":127,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"ff7a160c-c9d0-4a84-9615-76e856afebe1","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":127,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"8cf95ea7-2529-4373-9606-b6f0d70a2377","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":127,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"2345fe66-d170-443a-87de-f9004512f2c6","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":127,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"64190af9-8504-4aba-828f-9f0aabc962eb","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":127,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"6f3ed055-b6ef-4b94-8dfb-d005ccd518b4","block_type":"box","text":"committee, or the most senior independent director.","page_number":127,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"751d7a55-5f99-476a-b831-59bfdf58b6ed","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":127,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"2d7cff12-e614-47a7-8b8f-af11b249de54","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":127,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"2d1df644-9707-45eb-9f01-1f7575005e33","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":127,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"4b169710-d348-4a46-aeae-3750a33a2567","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":127,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"0be8f132-9222-4490-882b-958f654dfc32","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":127,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"fb0a11e9-baef-4df6-9339-6fabd77488ff","block_type":"box","text":"CAPITAL STRUCTURE","page_number":127,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"119d3a60-fae9-4fdd-920f-4ec14313d113","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":127,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"a66f3e0a-eab3-485b-b2b7-eef35d750af1","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":127,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"55a28815-45a3-4158-a652-0f6979a3fd03","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":127,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"40e23e29-8e89-43b5-9ced-4707ecd1cbed","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":127,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"b719819f-9e02-4d0c-b65a-f5083bc4c27f","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":127,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"f83e97a6-4f4c-47dc-99b5-0fa60591fce3","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":127,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"357c969c-ab8e-41f1-89c8-7559c10fcdc6","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":127,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"1fd08396-8001-4e50-b2a7-537afd048cf1","block_type":"box","text":"Share issuance","page_number":127,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"5fc3d2cb-210f-43c0-a329-8ea7af889ef3","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":127,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"fec408bc-7224-4feb-9c35-8eb77f1ab14b","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":127,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"a5d68639-c5cd-4bfb-a74d-7f1a576344a9","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":127,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"0728b0fa-6c6d-434b-9f97-653d2d51d929","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":127,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"628b2730-8d86-486d-9ed1-3b8b42b17989","block_type":"box","text":"market environment.","page_number":127,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"50125e73-7f9f-43b9-80bf-f2a240c13597","block_type":"box","text":"Share buybacks","page_number":127,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"8c710a4b-5102-4aa2-b2e8-86b44d60cd73","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":127,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"79f3c1df-c5f4-43fe-8712-217738daecea","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":127,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"a2ef3feb-fa6e-4777-bc46-19f5f28773b8","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":127,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"5719c587-18f9-4676-b537-71b1ac3f660e","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":127,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"f553ff12-b76a-4ad0-8a02-540a648451fb","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":127,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"7e2f4372-9627-40a7-b5ab-eb8341e83012","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":127,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"789ebc13-4137-4905-8545-5d8ad11ac82b","block_type":"box","text":"of the company and the market environment.","page_number":127,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"c9ee43a7-7aea-4eb2-bfd8-f56582475609","block_type":"box","text":"Dividends","page_number":127,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"1b5e8c13-609b-4a00-b536-417385655745","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":127,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"bc366485-5831-4062-af3c-aba3f9f2cdaf","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":127,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"415286e3-3570-4ae4-b6d7-f5ad6c807ef7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":127,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ec196077-b0e2-473c-b201-d51627137abf","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":127,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c6c72512-bdc1-4df4-9a61-8f77d2c00994","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fa265b2-156f-4d19-a190-5cb4e6f849dd","block_type":"box","text":"Differentiated voting rights","page_number":128,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"073d69da-c080-4f31-a31d-437363d1be2b","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":128,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"f2c1bf2f-f4c4-4bab-a30f-1f0000423c9f","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":128,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"858e8eb2-7638-4ae7-9737-08e995d6dd77","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":128,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"b6cc4245-4e33-43ec-8889-0e356cba3543","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":128,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"97b8076b-b57f-4011-977c-e45c1089ed89","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":128,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"a95467aa-5c3f-40bc-bfca-448dd52b48d2","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":128,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"885f65b7-82f7-46d7-a76c-a6a57034c8d7","block_type":"box","text":"analyses of proposals.","page_number":128,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"9b3a21a3-1ff7-4ec6-b094-96e573f2bf9f","block_type":"box","text":"Mergers and acquisitions","page_number":128,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"f0fd865f-cc88-49a2-9f84-47ffd2c13d03","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":128,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"648a3daa-b2ec-4c02-915d-69133c12dd18","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":128,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"32790d92-d32e-4e03-aa07-adbe2b3a8ec5","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":128,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"f92432ee-e16f-4b7d-a361-db30611fe371","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":128,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"4cc659d0-d23c-4a8b-8f3b-6edc66da2317","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":128,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"45c1aa5c-81bb-4025-9959-8eedfc8a644c","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":128,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"7078abc9-fc74-46c4-95cf-e4a6495b609b","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":128,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"4f991414-e28b-457b-9b6a-0e74ac5ea094","block_type":"box","text":"Anti-takeover defenses","page_number":128,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"46182ad2-d836-45a5-8e56-64dd72ecb6ef","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":128,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"6c76b2c8-69b6-453e-a306-512d1fa8e681","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":128,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"abde87b1-b13e-47fc-8e6f-a4ebf42f8c17","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":128,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"1afca463-53c0-4c98-8997-9ef5dae8e330","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":128,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"8f49834d-df7f-4956-a0d3-40f1007f4e1d","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":128,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"34c48778-6620-465b-861a-f43d4dba39c2","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":128,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"01a7d86f-3a01-43b1-b2ac-bf0fd74a713a","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":128,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"a0809c3e-0d1e-4e16-bc2b-57b5e12baa1b","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":128,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"4e07cfcd-815f-4463-8d47-50d3f50a7528","block_type":"box","text":"Shareholder activism","page_number":128,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"32742b42-2d4c-4e6b-b2b6-bab03d68b269","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":128,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"c5bbf981-dc64-4bd6-95f8-52cb317975c2","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":128,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"5b9247b3-cb65-4a5f-b58e-81bcbb173dad","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":128,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"936aa136-99d6-45ca-a403-e9df2c9f26ee","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":128,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"04ce9210-b4ad-4a4c-b185-d7967d41591b","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":128,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"32314071-58f6-475d-b52b-e5997b7599bc","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":128,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"0ba9bdf9-1747-438c-b1d6-15c1aaede69f","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":128,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"457fcd4f-69d3-477d-bf80-79348424f134","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":128,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"520696bd-7cb1-4e8f-ae7c-4bb57bef80e4","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":128,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"4a14faf4-3ff7-4e0e-b890-08daa0e82df7","block_type":"box","text":"protecting shareholders’ interests.","page_number":128,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"222b7c9a-a002-4aaa-9ebc-ee35935814b0","block_type":"box","text":"Significant shareholders and related party transactions","page_number":128,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"e99feeef-26aa-4f3b-9292-a77e237665c0","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":128,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"9f440c82-2cd9-467b-af66-c4ec94ce9b62","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":128,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"8733bab5-ea5f-4c2f-91d8-649a1e2f26f0","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":128,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"49f9afad-5c79-4edf-912a-6615eeed1aa7","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":128,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"be232aa6-f70b-4d7c-8d8a-6c2a97889a5d","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":128,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"35878e56-608f-4a43-a5e9-3c1648ed2b3d","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":128,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"14ab716e-a90f-4112-a019-b6374b3a5fe4","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":128,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"386c6196-4648-4879-92a9-59898a96aabe","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":128,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"8ec21392-84ae-4c51-9568-76c0462daaaf","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":128,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"4dcb7275-f310-472b-b65f-6141565f0c54","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":128,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"f2a07476-afc3-4f39-800d-74b154590401","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":128,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"0e78a6c0-9fd8-427b-a980-f1dded487c12","block_type":"box","text":"audit.","page_number":128,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"bf765920-34b3-4ff3-a7f1-857eed97f185","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":128,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"522c0cd9-1550-44d3-9418-e5996c244833","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":128,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"083084b6-a57a-4789-afe3-8c74913538de","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":128,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"e5d09b4d-4a1c-4f8a-959d-3bba01029e82","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":128,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c4963e39-850d-4eb3-ae51-036bfb863b91","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":128,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"19c3c4eb-a70b-4b26-aa80-9dfc878eb208","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33b53074-8668-4f6b-b70c-18b5e6dddb0c","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":129,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"bcc5ead9-15de-43a6-8eec-0a8eaabe6e17","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":129,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"ddc4a763-968f-4a30-8fa2-c159cde5f1f4","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":129,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"bf54c1e0-5cbe-4510-8d9e-5336ec94de5c","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":129,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"345c26ea-feca-4f8b-8f6a-f1512bd23db2","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":129,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"3c62700f-183c-4522-8ca1-263ab6594c42","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":129,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"d588c5a6-3d46-4772-8a8a-fa32826db057","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":129,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"2cad7e84-5641-4e56-aa6e-253cf8eaf22a","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":129,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"e4e55e84-09bf-4e3b-87c7-0398fc7db7c1","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":129,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"e0a515ed-d5c3-4380-ad8e-86bdd7077044","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":129,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"7eec53e9-4778-4dfc-bd54-783811beb8bd","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":129,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"7d3bae4b-408a-46fe-a1c4-ac6a67f2b4ac","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":129,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"fc8d98a6-403b-4191-925f-558707ac72a4","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":129,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"7f5a0b12-96ea-4efb-b5ff-0f07d4649d8f","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":129,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"eee2c287-0303-4f9b-b092-9a8975914d44","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":129,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"1a28a137-e17d-4188-b7ec-7cf9f4d00c1d","block_type":"box","text":"9","page_number":129,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"68652731-e697-4100-8fa2-4e933d79b01a","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":129,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"82b1433e-d82f-4b2d-8503-5174695e8759","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":129,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"47d4d7a8-4ff3-45e6-ab33-022bf7ddcdce","block_type":"box","text":"standards specified by policy makers.","page_number":129,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"3cc205ae-bffc-462e-8921-37b15e236975","block_type":"box","text":"10","page_number":129,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"550c589d-20b4-4deb-8205-c12666dada9b","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":129,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"5cedd72b-d6cc-41a6-b7d2-a9cf3cc17d9d","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":129,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"bb026bb7-b7ee-4027-a2c2-72b670a33be6","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":129,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"0f326020-b802-4375-96ac-04390858a872","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":129,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"fb7b18d4-7389-4b9b-8e61-3190e068c55c","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":129,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"7921ad8e-7493-4f32-9ebc-5b97d18f4532","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":129,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"bfe259bc-8092-4b23-95fc-7323c718424b","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":129,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"11e62c25-3840-40b2-9170-578e506f9f93","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":129,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"00476590-32ea-4096-881d-527413992020","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":129,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"6df31dca-5d7f-4952-869b-080d2fb831cb","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":129,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"2e0077e6-5161-418a-93dd-1f0d3a7f46d0","block_type":"box","text":"remained independent.","page_number":129,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"6fb59300-7b5b-4717-9480-bd77e88de1a4","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":129,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"9cc6711a-3cb7-4be2-9bf0-ceff3458f24f","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":129,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"a2b03814-38c3-4d4f-a647-38d03c43385c","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":129,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"8b848f92-efb9-48aa-99ca-bcd4658886e6","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":129,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"77fede4c-89c5-4a52-b13a-7870bdb71ca2","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":129,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"2c550bb8-3535-4b9b-8499-8298137548f1","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":129,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"106f0fde-db79-40b5-ab0e-a041c085527b","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":129,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"a70e8260-aaba-48c3-bac8-7978569b4120","block_type":"box","text":"General shareholder meetings","page_number":129,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"810fb082-66aa-4c9e-91fd-ac93b87c8be6","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":129,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"e681817e-a68c-46cb-b335-49cb3b95c0f2","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":129,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"7703bb43-4cf2-4e5c-a809-7ce8d4f31388","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":129,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"123cc936-9173-4b0a-b7e0-8f643310b813","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":129,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"490c2589-1600-443f-a57b-bd13b420aeb2","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":129,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"6b40f31e-b1fd-4771-8504-02af49041ed3","block_type":"box","text":"an in-person meeting.","page_number":129,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"f2d30ade-598b-423e-914b-f7a8220b86bc","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":129,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"afe984f5-9fce-4197-be90-478c96e12d79","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":129,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"a0586e83-8f64-4dac-acd1-564aa16dfb29","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":129,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"092723ad-f964-43c8-887c-91cd0122fa27","block_type":"box","text":"participation.","page_number":129,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"f73c1a55-b83c-4a25-9a9c-e64bb15c98e6","block_type":"box","text":"9","page_number":129,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"dc2b0ec3-4e60-47a0-bd99-6a9bd5ff1522","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":129,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"4f0edcec-22f3-45d6-9f36-e877dd16d2f6","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":129,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"a869e134-800a-46f9-8eba-e27639693a44","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":129,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"8dd35c34-651b-4f89-b20f-39ad7d1a6d21","block_type":"box","text":"Disclosures.”","page_number":129,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"888a0b93-d6e3-446a-9444-740913e55536","block_type":"box","text":"10","page_number":129,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"19d0cf69-a809-49ee-a4a2-dfe90d8a0414","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":129,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"ee14ed0f-c1eb-4e98-a7be-abd5fde3435e","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":129,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"c79b2475-2545-4588-9755-4cd1e9410408","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":129,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"68fb54d0-1347-40f3-813d-ae8b49925b44","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":129,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f5068456-9d1f-4475-b421-7e57d92a05a8","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":129,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"74bb6ee0-51ce-4f12-9990-1f9e660ab75a","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"faddc841-5804-47d1-b4a5-9413d134a440","block_type":"box","text":"Bylaw amendments","page_number":130,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"b5a82c72-484e-46b4-84a0-d134a6aca766","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":130,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"08a4b4f8-e4a5-4bca-9832-9ea89d0c3cbc","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":130,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"c9b12210-61a4-4a42-8fb3-00d622f3c33d","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":130,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"62ac66af-2f03-4b74-8b4b-1537c80ef5eb","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":130,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"8c606414-85df-4a54-8b8f-3818432298ed","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":130,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"8785a6c6-1b4f-41ba-9ab2-aa801dea9d3c","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":130,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"60f38481-64a3-449b-834b-a5d5276b0598","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":130,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"13e84917-b1fb-4909-aebc-2ac6f9b12679","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":130,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"1ed762b0-d509-4cf6-9d41-10a4dd85a218","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":130,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"fb6a4cd5-06ce-4593-86fe-193e74c63eb3","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":130,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"a181816d-4202-4427-a553-664df6c69720","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":130,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"71e39834-a051-448e-9533-42dc895f4fd9","block_type":"box","text":"nomination process.","page_number":130,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"22ee25c3-0bb6-485c-9348-cf326bd7dffa","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":130,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"f58a082f-a205-4844-832c-e4b8173c5cc7","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":130,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"b6554c1c-ecb6-4b12-b569-342cee7c2a9b","block_type":"box","text":"Change of domicile","page_number":130,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"a5a488c4-1453-4111-ac18-26af156392f6","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":130,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"b755d35e-d78e-485c-8b00-112cae322921","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":130,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"85e99471-b9ba-4718-9955-4161eea23a4d","block_type":"box","text":"immaterial.","page_number":130,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"5852a193-c188-4f23-a984-f737df6208ad","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":130,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"c38f625c-d9ed-481d-8729-4d415d14433e","block_type":"box","text":"with our clients’ financial interests.","page_number":130,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"673d0496-2f74-4875-b271-6204881276ae","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":130,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"5aea8294-6530-4135-b176-86675945967b","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":130,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"609fe6bc-fe20-4671-9534-422c812e5b68","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":130,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"b545ba2b-74f9-4a36-bbd0-4e9254a114bb","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":130,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"cfe177bb-16e9-49c4-8811-a5f18af9581e","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":130,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"11740153-69bb-43ec-b34f-36f1b42c3089","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":130,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"1635174a-bf5e-4851-b0b9-20083b4bc658","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":130,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"6cb9f2ad-a5de-48f9-925d-3e30fd017383","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":130,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"e92f2ecf-04eb-4d0c-848f-030de6a0b7a9","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":130,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"68e715cc-a483-4e7d-aa28-60c67a0cd0fa","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":130,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"e56b53f9-ea1b-41c3-9c8a-f4b780718592","block_type":"box","text":"relevant to a company’s business.","page_number":130,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"a44f845c-d93e-4c7c-a8c0-f33ad9de80d2","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":130,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"5c481176-f5a0-423c-a8d9-fd74dd295dc1","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":130,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"df0206bd-eadc-4f37-9495-b6ea50e37af4","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":130,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"7dcb3cde-9fb6-477c-8f86-5bd804a54dcb","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":130,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"59ecadbc-c587-4125-a489-7a19ab4c0941","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":130,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"0eb56c81-e91a-4606-ba8a-163af860cb1e","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":130,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"146209a0-d788-4d08-aa3c-c810ba27fba4","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":130,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"81dde95f-4b82-48f2-b8f6-d41bcbefaf80","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":130,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"ce7cba80-1f1a-44ce-801a-163a6f1f718a","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":130,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"71f04dff-51f5-4a92-98a2-6a3de25f447c","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":130,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"32fc3506-a9b0-4f8a-91a9-d94b4fd6f069","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":130,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"f9af368d-fa4f-4f9e-a6bf-0673f18b91f1","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":130,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"62d060ec-271d-43f4-851a-c690cc9cd3f5","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":130,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"3061eafe-e227-46d2-9f82-7b476bc9b2b5","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":130,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"1e3ba222-a589-42c0-b4a8-6a3f309039ea","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":130,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"3e7c164f-99b2-41a8-a769-f0fd813d339c","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":130,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"915ce5e7-0312-4472-a15c-6900f8065894","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":130,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"8c02a50b-5f2e-4f20-9bf5-4722b260df16","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":130,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"0ea0da8d-54d1-4b62-968f-8779d5911518","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":130,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"8c9a2b70-5df0-4401-85db-dd6a9823626b","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":130,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"d052fba1-cfe4-4943-a12a-80b208ef8ae8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":130,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"93d3a134-ce50-4e1e-ab52-130972d7728a","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":130,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3cbd301d-ce6d-4abb-aa42-e48a0f793184","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4cc940fa-b186-4e25-b3fe-c80d8ed20e53","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. 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We may engage a company where we","page_number":131,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"cc1704a8-ca69-429c-a7f6-b6a707ed496e","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":131,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"f3f7f319-9127-46ec-a613-bed3c3ec90e2","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":131,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"22b1c276-c5bf-405f-8b08-916745054ed3","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":131,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"822f9968-69e9-49e2-87e1-3049351bcd21","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":131,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"41a3bdd2-4dcc-401a-968e-7833ded11612","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":131,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"8c6016a8-64e0-4ed8-a921-aaa24f59af7a","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":131,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"0b43777a-c4f0-40e9-b96a-54482ead7946","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":131,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"79fcc69c-5a86-4c1c-918f-a2fe55157739","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":131,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a8e7ff34-a7b0-4fde-85c5-a60997e93b9a","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd44649c-5d6e-4339-aa12-02de734ff8e3","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":132,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"44447f62-deb1-44f5-9184-943b2a42821e","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":132,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"f4ed866a-298b-4e82-9136-08c413eb2bc1","block_type":"box","text":"operations. 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From","page_number":132,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"429ab077-c5d1-431a-89f7-a7bc3df5f14a","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":132,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"24253b82-af6c-423b-98ce-77f226ea6a4f","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":132,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"f50fae1c-ee88-48b8-8dbf-5444ec432fee","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":132,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"46cc47ef-014e-4544-ae76-e3c60ca9c050","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":132,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"5b2ca5af-0bac-4924-9766-f1a23e2dc4a9","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":132,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"0a99632f-2a5d-47f6-b32c-389109b49f27","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":132,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"4907a6ea-9d50-47ef-ae24-0f6ef35da0f7","block_type":"box","text":"returns.","page_number":132,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"7fe729c9-f42b-45f2-9ceb-848211057633","block_type":"box","text":"KEY STAKEHOLDERS","page_number":132,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"77a96274-2d4f-48f4-a033-aea8d2669f7d","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":132,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"2a7d3445-2938-4d99-b860-1abd4b32d5ed","block_type":"box","text":"whom they depend for their success over time. 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Companies that appropriately balance the interests of investors and other","page_number":132,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"a4cfe34f-0e8e-4616-b56f-2a2676145095","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":132,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"ada418f5-726c-4618-a0bb-214ff735549e","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":132,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"7c1ca7dd-08f2-4e7c-9743-c7feb2e13af9","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":132,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"97f6ec51-3b8a-427b-bcaf-6c7cd7783728","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":132,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"ce2d0b45-0079-4a44-8bda-c17744c59dcd","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":132,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"0b01d43f-eea1-4ea4-85df-3dfc8b1fd138","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":132,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"d300ee49-8e4e-4396-9f84-33a78daaed47","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":132,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"3a222658-5eca-4a50-9bdf-34aaf3b6726a","block_type":"box","text":"i.e.","page_number":132,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"ef7038dd-017e-4870-a131-053db99519b2","block_type":"box","text":", one in which global","page_number":132,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"7d03f9f9-61ff-4ba7-92a4-19b9de4bddc6","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":132,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"d1f033c2-cfb2-4a24-8878-6fa0353a093a","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":132,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"7623be1b-f6df-4360-ba06-61355ae642fa","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":132,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"01bd3e4a-d127-4bb3-b4f2-0d84097c997a","block_type":"box","text":"client.","page_number":132,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"210da4d9-5ea1-4530-a15c-772220fc845f","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":132,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"f723acf6-1978-4f47-bfaa-68d3ef713181","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":132,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"a1776b35-c81d-4ec0-8d10-aafc8454f228","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":132,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"43eaae96-bd45-4df9-aa5f-699534cbf97f","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":132,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"8a1483be-e52c-4444-b31b-d4f8337f8956","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":132,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"970e5f80-b382-4e24-99b1-d127e2357297","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":132,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"1a608f05-d62b-42f6-a637-c66990b694fb","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":132,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"da322572-61a9-463a-bef2-b8079615369e","block_type":"box","text":"1 and 2 emissions.","page_number":132,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"2d827cd9-ea0d-46ce-9e89-394fb2ab1776","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":132,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"88432044-8f3d-4b81-815b-0c986cd5f839","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":132,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"f2350e36-5cf2-4982-ada3-0b1477529e55","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":132,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"462c2cd3-427d-4994-a022-3797a8a321cf","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":132,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"58ec6637-0f5a-40f5-b9da-d55873876e2a","block_type":"box","text":"11","page_number":132,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"b1437db6-654e-4385-a8c9-1c328ca64519","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":132,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"d13c5186-8bc4-4f15-ada0-87564fd831fd","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":132,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"868f69c7-0c06-4420-9082-184de2e2ff85","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":132,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"55b3f4b6-7988-4140-9778-92602876044b","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":132,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"bc71ec1e-e5a9-43a8-8d03-0ffaff1b3ab2","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":132,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"1196b0a5-61f8-4841-9429-e853f0cfbcf4","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":132,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"c5719d23-5d84-4ecf-874f-d837ebd3d4d7","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":132,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"f8978747-0fd3-490d-8c82-baea65d0677c","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":132,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"b97ea7a9-6030-4dea-a2a2-d08113828a09","block_type":"box","text":"sound governance framework.","page_number":132,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"d0b0fd80-3b9f-4784-af5c-6ac582565fb3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":132,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"328a7679-3825-4720-a378-f433a8fe3ec0","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":132,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"586dbe93-af7d-4bfd-b280-f8fbb38482a6","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1078d16e-f99b-45c7-b554-6850812374a9","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":133,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"26a4f1e0-4555-42bb-a6e3-399459e06fd5","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":133,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"971410f9-36cb-4b57-82e5-8c14b9b2c9be","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":133,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"ef1bf5d2-d855-4e04-bfdd-bc747da5db04","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":133,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"fe6d427d-bd23-4f8e-b77f-9f2aa2f7a5d1","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":133,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"36c3028b-af09-4518-89f8-24e81f38189d","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":133,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"5365ccb5-04b0-42a1-ada9-b5d0901ab41e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":133,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"51a013e7-79d7-4f4a-86aa-40debda5c0cb","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":133,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e045cefe-52de-449c-9d44-46b0c51c36ec","block_type":"box","text":"BNM1026U-6032383-19202716","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3532c8b7-90ae-4e4c-ad17-6420de7baebb","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":134,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"d99a7c42-f5ab-40a2-be39-df781f25ca4f","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":134,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"dbc71d68-5008-4fe1-9e91-bd7d7e9fd352","block_type":"box","text":"Oversight","page_number":134,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"e02c65eb-e197-4cdc-9475-b1184d9de49c","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":134,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"cd5af05c-7024-4b1c-a9c7-14516ebab8ca","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":134,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"073be0ab-4e16-41b8-8584-f64fbc6c7203","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":134,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"ce60d64a-a129-4d1e-a63a-c42006f6803c","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":134,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"27a0442a-0e6b-475a-8c22-1cf5c560a23f","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":134,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"edc3d975-86eb-4639-9321-11ded8311977","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":134,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"e6eba115-b526-4657-8bb3-8fd11f77f128","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":134,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"4a6b05b2-bcfa-453d-b1bc-b04a25f1e969","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":134,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"30ae2457-92dc-4680-a725-d36d5e0d058e","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":134,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"b5564ca1-2ea4-4d0d-a09d-fe5e8dcd0a94","block_type":"box","text":"relevant active equity investors.","page_number":134,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"0d7fef47-e56d-4655-9651-5c4fdcd24908","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":134,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"fae92d81-b9f9-45bd-87c9-4e999bf74be2","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":134,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"fc16a4b7-deca-45d2-ac53-c45bc618afd3","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":134,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"c8489694-bb6b-4424-a0bc-5f12ad4c7145","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":134,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"243b487f-4675-4612-8a22-9bfc483425c8","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":134,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"a559f8fb-97a1-48b6-80ce-9961fca1b1c5","block_type":"box","text":"third-party vote services providers” below).","page_number":134,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"8459f293-5d07-488f-a76e-e3ce10df698e","block_type":"box","text":"Voting guidelines and vote execution","page_number":134,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"5ef10f07-a1d5-47ee-b51e-ec67508b7d30","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":134,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"de88c1b8-14ed-4ed2-91fa-20a12e853de3","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":134,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"bb0be659-da4d-403c-804a-68bdb01d4580","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":134,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"3e64616f-fa6a-4ad5-9fbb-f55289c07002","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":134,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"54fd5305-2c5c-4458-b3bf-84dff11adad2","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":134,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"2d0ccf57-d3ff-438b-ada1-4df09ed23655","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":134,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"c7de5acf-1227-4305-9e64-2293f50039dc","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":134,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"e315ec94-54c3-46fe-8e43-5ba4ff8ff495","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":134,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"516118f6-39fa-4ea5-9871-4e5ab3df7124","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":134,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"c76ca94e-9429-4749-b37d-3bcb62ddfad0","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":134,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"26e653dc-3c99-4bac-a259-921ff860b2a3","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":134,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"5474f9bd-6ea5-4d88-98f0-1aeaea543209","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":134,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"626449e0-64dc-4183-8b54-000247632d00","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":134,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e07b7a74-08b6-4c3f-b1f5-4ef0083d20f4","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":134,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"aa2399f0-6e4a-47ef-9617-59967193a5cf","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":134,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"09706ee2-73a7-4bf3-aa09-13b5fb2c3fab","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":134,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"0b1395dd-82f5-4727-9746-a46592c3326a","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":134,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"f5a30b9d-cc74-4944-a1f5-576bf2d2239d","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":134,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"cf4fc204-7021-40e0-9d64-aba5113219d2","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not supportive of impediments to the","page_number":134,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"99194fe9-d0b3-4982-97b5-d5a315750a86","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":134,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"4ad9bf14-4e11-4eaa-8675-0efc94279835","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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In addition, institutional clients in","page_number":135,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"a3b6786c-9058-4b11-9975-aab2e5079c5c","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":135,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"4a35705a-c2f3-4fe6-b833-754bee894ac6","block_type":"box","text":"strategies.","page_number":135,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"c822577d-68a9-4f5a-95db-e76f4fc2205a","block_type":"box","text":"12","page_number":135,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"6076bd49-2a08-43a3-a3df-43b9047055c7","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":135,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"1bfbb4e5-54eb-4210-80f5-32571cdf766e","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":135,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"f3ca175c-ea91-4e0e-90af-09a3c34431b8","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":135,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"e363c828-5935-4c1d-993c-e5ab3bb4754a","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":135,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"0cb0c429-283e-46f0-b426-72d02f870f42","block_type":"box","text":"13","page_number":135,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"8d909737-d2fb-4894-9460-ed8776ab7165","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":135,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"68e3fd09-d502-4ebe-a0bf-464825b63204","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":135,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"cde80206-224f-412b-a461-8d785ba5e06a","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":135,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"d8974469-477b-4a30-af7f-437a8220ae11","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We","page_number":135,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"9641ac50-2cf0-404e-b0de-ab8c15b9454a","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although","page_number":135,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"b6e8aed2-c334-4d57-959f-7219c5cb6408","block_type":"box","text":"proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their","page_number":135,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"ca778c09-74c8-4004-bcaa-c9606bf56e49","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":135,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"6d097553-b1d3-4f66-82b1-b16cfa549af5","block_type":"box","text":"our Guidelines are important inputs into our voting decisions on behalf of clients.","page_number":135,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"388f53b3-1531-42b0-b3f5-3be21f977cea","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":135,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"14675b3d-df22-4017-8b4b-4c549603049b","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":135,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"af2663b7-65d1-4d11-a226-5b6758faf566","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":135,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"5ad08b2d-14c7-465c-af77-d3f2df6b9acc","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":135,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"6a915dbd-5142-4639-90d4-6c9e3f475685","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":135,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"59211c89-7664-449e-9983-d9ad441eda27","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":135,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"e9ccacee-024b-4087-960e-18f9bb2fc614","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":135,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"667c20ab-723e-4890-ac93-b8f4d73c24fa","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":135,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"ebb21cbb-7eda-4b6d-922e-1f46768c8952","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":135,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"e8b39321-f0c9-47a2-903e-e602efaebda0","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":135,"box":{"x":70,"y":439,"width":760,"height":11}},{"id":"28483992-bb68-4a6f-8e54-765ef8143efd","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":135,"box":{"x":69,"y":454,"width":824,"height":11}},{"id":"45d9f923-1833-46ac-9aa7-0980fd6db504","block_type":"box","text":"policies.","page_number":135,"box":{"x":70,"y":469,"width":56,"height":11}},{"id":"250a07b1-63e1-4e23-bbd7-abea1279c71e","block_type":"box","text":"Conflicts management policies and procedures","page_number":135,"box":{"x":69,"y":491,"width":342,"height":11}},{"id":"e9a5640e-ca66-4500-86e8-94d1db0e9601","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting 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