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The audited financial statements of","page_number":17,"box":{"x":47,"y":517,"width":887,"height":12}},{"id":"fc8c5cda-968b-4530-98de-757935986215","block_type":"box","text":"each of the Funds are incorporated into this Statement of Additional Information by reference to the Funds’ Annual","page_number":17,"box":{"x":46,"y":532,"width":910,"height":12}},{"id":"274228b5-0905-4409-8773-a41ec8ecd9df","block_type":"box","text":"Financial Statements and Additional Information for the fiscal year ended October 31, 2025, as filed with the","page_number":17,"box":{"x":47,"y":546,"width":857,"height":12}},{"id":"3d0b7013-b096-4e68-8d47-13d6bb183163","block_type":"box","text":"Securities and Exchange Commission (the “SEC” or the “Commission”) on Form N-CSR (the “2025 Annual","page_number":17,"box":{"x":46,"y":560,"width":839,"height":12}},{"id":"7a21ed13-204b-41e3-a36b-cbced92552ba","block_type":"box","text":"Financial Statements”). 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In particular, the Fund’s transfer agent","page_number":23,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"fbd10efc-b921-41d4-bf5c-5d188f624661","block_type":"box","text":"utilizes a permissioned system that operates in connection with a public, permissionless blockchain.","page_number":23,"box":{"x":116,"y":257,"width":727,"height":13}},{"id":"17602156-ee02-4175-954f-4ef0651f60aa","block_type":"box","text":"OnChain Shares will be digitally represented on the blockchain using token standards (“Tokens”). The","page_number":23,"box":{"x":117,"y":273,"width":752,"height":12}},{"id":"23411898-3931-428d-a559-71c3de5bf670","block_type":"box","text":"Board has delegated to BlackRock the authority to select the blockchain networks on which the Fund’s","page_number":23,"box":{"x":116,"y":288,"width":753,"height":13}},{"id":"9e9a4805-ba8b-46fd-aad7-612730a58d76","block_type":"box","text":"OnChain Shares will be offered and sold. Such blockchain records, together with an off-chain register","page_number":23,"box":{"x":117,"y":304,"width":742,"height":12}},{"id":"b1079100-15d6-4c09-92a6-502b64f855d9","block_type":"box","text":"associating wallet addresses with shareholder personal identifying information, will constitute the official","page_number":23,"box":{"x":116,"y":319,"width":769,"height":13}},{"id":"f2b3fa69-7f08-43bc-aeed-28b8a6aa7df3","block_type":"box","text":"shareholder register of the Fund and, in the absence of a technical failure of either of those systems,","page_number":23,"box":{"x":116,"y":335,"width":727,"height":12}},{"id":"1819d6b1-fd6e-476f-ac28-c538224a7743","block_type":"box","text":"conclusively govern the record ownership of OnChain Shares. As of the date of this SAI, the Fund’s","page_number":23,"box":{"x":116,"y":350,"width":727,"height":13}},{"id":"caa24479-f07d-42f9-ac7f-39b118660b29","block_type":"box","text":"OnChain Shares are issued as ERC-20 tokens (the “Tokens”) and will be authenticated and recorded on","page_number":23,"box":{"x":117,"y":366,"width":761,"height":12}},{"id":"052f6c74-1dce-45d4-ab9a-f1b395b37128","block_type":"box","text":"Ethereum, a public blockchain.","page_number":23,"box":{"x":116,"y":381,"width":231,"height":13}},{"id":"82ef036c-6178-416c-bb61-390faa80dd33","block_type":"box","text":"A blockchain is a distributed ledger that digitally records transactions in a verifiable way using cryptography,","page_number":23,"box":{"x":116,"y":404,"width":761,"height":13}},{"id":"15abbf9e-216b-4a5a-9f59-69d48b920b16","block_type":"box","text":"with records designed to be immutable (i.e., extremely d","page_number":23,"box":{"x":116,"y":420,"width":389,"height":13}},{"id":"f2a7d66f-3e7b-4f32-a6cd-69076ae599ac","block_type":"box","text":"ifficult to alter once confirmed). A distributed ledger","page_number":23,"box":{"x":506,"y":420,"width":367,"height":13}},{"id":"624c4bd0-c6b6-42aa-aad6-ef5a6fc31902","block_type":"box","text":"is a database in which data is stored in a decentra","page_number":23,"box":{"x":116,"y":435,"width":343,"height":10}},{"id":"494e4a7e-0203-40fc-b0a4-cc952162c0c3","block_type":"box","text":"lized manner. Cryptography is a method of storing and","page_number":23,"box":{"x":460,"y":435,"width":387,"height":13}},{"id":"54bd042e-13fe-43a5-91ce-65f69213c5cd","block_type":"box","text":"transmitting data in a particular form so that onl","page_number":23,"box":{"x":116,"y":451,"width":339,"height":13}},{"id":"4ed9dafb-0b9c-419d-a771-d3e4a95fb93c","block_type":"box","text":"y those for whom it is intended can read and process it.","page_number":23,"box":{"x":455,"y":451,"width":389,"height":13}},{"id":"7d9401fc-2e65-42aa-bdf6-25c8599d6f84","block_type":"box","text":"Transactions on the blockchain are verified and auth","page_number":23,"box":{"x":116,"y":466,"width":366,"height":10}},{"id":"f01ccaa0-23b1-4a78-91ce-3ba47d129fdf","block_type":"box","text":"enticated by computers on the network (referred to as","page_number":23,"box":{"x":483,"y":466,"width":378,"height":13}},{"id":"52c77da9-5a04-402d-88aa-1a8ca01eced9","block_type":"box","text":"“nodes” or “validators”) that receive, propagate, v","page_number":23,"box":{"x":117,"y":482,"width":353,"height":13}},{"id":"e98f66b5-2a32-4ded-b4b0-d541ea2848d8","block_type":"box","text":"erify, and execute transactions. The process of","page_number":23,"box":{"x":470,"y":482,"width":325,"height":13}},{"id":"aa0aa8ba-4ce6-4166-908f-a5a08febdd82","block_type":"box","text":"authenticating a transaction before it is recorded ensu","page_number":23,"box":{"x":116,"y":497,"width":372,"height":13}},{"id":"c9956436-e3e0-4182-b407-30946b59c446","block_type":"box","text":"res that only valid and authorized transactions are","page_number":23,"box":{"x":488,"y":497,"width":353,"height":13}},{"id":"9f6dc3e0-2e28-4b06-a30b-f24c08b831fd","block_type":"box","text":"recorded on the blockchain in collections of transac","page_number":23,"box":{"x":116,"y":513,"width":358,"height":10}},{"id":"d67cc4cf-b6ca-4b35-ab51-bb1d02f543fe","block_type":"box","text":"tions called “blocks.” Blockchain networks are based","page_number":23,"box":{"x":474,"y":513,"width":375,"height":10}},{"id":"7fa69d1a-9135-4288-9aa5-1f57decb4357","block_type":"box","text":"upon software source code that establishes and governs t","page_number":23,"box":{"x":116,"y":528,"width":389,"height":13}},{"id":"cb98da24-1ed1-4aba-8684-c9bca22ddd09","block_type":"box","text":"their respective cryptographic systems for verifying","page_number":23,"box":{"x":505,"y":528,"width":357,"height":13}},{"id":"0118069b-dfc7-4209-8c46-f5d92ca969ad","block_type":"box","text":"transactions. The Fund’s transfer agent maintains contro","page_number":23,"box":{"x":116,"y":544,"width":393,"height":13}},{"id":"8a264455-7a15-4a37-9590-cd83e5bcc57e","block_type":"box","text":"ls to correct errors in the share registry or remediate","page_number":23,"box":{"x":509,"y":544,"width":365,"height":13}},{"id":"b65bcdb7-55d3-4554-9430-1ea72db64574","block_type":"box","text":"unauthorized transactions. In the event such a co","page_number":23,"box":{"x":116,"y":559,"width":339,"height":10}},{"id":"6452991b-f57d-407e-a85a-8108125d415d","block_type":"box","text":"rrection were warranted, the Fund’s transfer agent would","page_number":23,"box":{"x":455,"y":559,"width":403,"height":13}},{"id":"af6eb8ca-20f8-4be4-9f5e-f14adc9f1a2c","block_type":"box","text":"make the correction by adding an appropriate instruc","page_number":23,"box":{"x":116,"y":575,"width":371,"height":13}},{"id":"c6903a9e-dba1-4584-94c1-bcfbf3430413","block_type":"box","text":"tion to another subsequent block on the applicable","page_number":23,"box":{"x":487,"y":575,"width":357,"height":13}},{"id":"657d6fe2-b8a8-4f2d-9fa7-1e2db3f3f4ee","block_type":"box","text":"blockchain (","page_number":23,"box":{"x":116,"y":590,"width":84,"height":13}},{"id":"6363a95d-dbd5-4b5d-b1bc-0379cab578a6","block_type":"box","text":"i.e","page_number":23,"box":{"x":202,"y":591,"width":15,"height":9}},{"id":"0a0c2550-0df5-4e13-96a4-fa1de651e65b","block_type":"box","text":"., the prior activity on the blockchain would not be deleted, although the blockchain would be","page_number":23,"box":{"x":219,"y":590,"width":657,"height":13}},{"id":"cd891ce6-11bf-4d2f-b4bf-2af4ef5f2f7b","block_type":"box","text":"updated with the correct transactional history).","page_number":23,"box":{"x":116,"y":606,"width":332,"height":13}},{"id":"4c9b04ae-2dc1-4069-9c98-1b76f7e4e8cf","block_type":"box","text":"In order to facilitate the use of blockchain technology,","page_number":23,"box":{"x":116,"y":629,"width":375,"height":13}},{"id":"1200eef2-7d9a-462b-a783-e3c84a002b94","block_type":"box","text":"each investor in OnChain Shares will use a blockchain","page_number":23,"box":{"x":491,"y":629,"width":387,"height":10}},{"id":"dd0d7e7b-5f22-4aa5-8f0e-548d0506b1df","block_type":"box","text":"“wallet,” which is a software application (but can also","page_number":23,"box":{"x":117,"y":645,"width":377,"height":12}},{"id":"d453acc7-8b7e-40bb-be38-75a50da03dce","block_type":"box","text":"be a hardware device or managed by an institutional","page_number":23,"box":{"x":495,"y":645,"width":374,"height":12}},{"id":"4c030fa7-289c-4a6e-a563-7cd3530f0c89","block_type":"box","text":"custody solution) that stores a user’s “private key” for","page_number":23,"box":{"x":116,"y":660,"width":376,"height":13}},{"id":"6f5aa64f-6239-4e6f-9363-da61708b0a00","block_type":"box","text":"related digital assets and is used to facilitate the","page_number":23,"box":{"x":497,"y":660,"width":328,"height":13}},{"id":"4c4d0436-9482-4631-afea-a1dc0267602e","block_type":"box","text":"transfer of assets on a particular blockchain. A “privat","page_number":23,"box":{"x":116,"y":676,"width":378,"height":12}},{"id":"b4ed3159-f8a0-452c-8b02-ef5f2ad2b70d","block_type":"box","text":"e key” is one of two numbers in a cryptographic “key","page_number":23,"box":{"x":495,"y":676,"width":372,"height":12}},{"id":"9b6f290c-f02f-4c7b-9423-4d26e148dc36","block_type":"box","text":"pair.” A key pair consists of a “public key” and its corresponding private key, both of which are lengthy","page_number":23,"box":{"x":116,"y":691,"width":724,"height":13}},{"id":"8a79528a-d14e-4fbe-a34b-dd92a468173c","block_type":"box","text":"alphanumeric codes, where the public key is mathematically","page_number":23,"box":{"x":116,"y":707,"width":417,"height":12}},{"id":"31abe492-4516-4f34-8861-e9120a688aa3","block_type":"box","text":"derived from the private key. The private key is","page_number":23,"box":{"x":538,"y":707,"width":327,"height":12}},{"id":"12d3d77f-9876-46de-b65e-1ee4d4234cb0","block_type":"box","text":"used by the owner of a blockchain wallet to send (i.e.,","page_number":23,"box":{"x":116,"y":722,"width":373,"height":13}},{"id":"f699e38a-6a8f-4f55-b5cf-6bd5fe3e7f91","block_type":"box","text":"digitally sign and authenticate) instructions to the","page_number":23,"box":{"x":495,"y":722,"width":342,"height":13}},{"id":"e24e5763-b513-4d01-bed2-50f929cb1f00","block_type":"box","text":"blockchain to update the ownership records of the digita","page_number":23,"box":{"x":116,"y":738,"width":393,"height":12}},{"id":"e5699ca7-5e6e-40ab-b5b0-a85a9b05977f","block_type":"box","text":"l assets and is private to the wallet owner. The public","page_number":23,"box":{"x":510,"y":738,"width":368,"height":12}},{"id":"b895dd3d-0ac2-41ee-8471-99ff33b4b6f5","block_type":"box","text":"key is, as the name implies, public and allows other wa","page_number":23,"box":{"x":116,"y":753,"width":381,"height":13}},{"id":"db8ed19b-c8ed-45e9-b6cb-9a7d072bb6fb","block_type":"box","text":"llets on the applicable blockchain to transfer digital","page_number":23,"box":{"x":498,"y":753,"width":355,"height":13}},{"id":"0c22b5d7-3361-4c2a-bc2b-4ed7e38280a7","block_type":"box","text":"assets to a wallet’s public key address when permitted.","page_number":23,"box":{"x":116,"y":769,"width":377,"height":13}},{"id":"c8b07313-a37d-4153-a780-b4067035a087","block_type":"box","text":"The blockchain will record transaction data, including","page_number":23,"box":{"x":498,"y":769,"width":377,"height":13}},{"id":"2f690ec5-8a68-41e3-9c17-2f04666eb702","block_type":"box","text":"wallet addresses and digital signatures, but does not record","page_number":23,"box":{"x":116,"y":784,"width":409,"height":13}},{"id":"e95025a8-fd11-4ded-b086-cdf712280177","block_type":"box","text":"the private key information. Each investor is","page_number":23,"box":{"x":529,"y":784,"width":308,"height":13}},{"id":"e682f9c8-84c8-420a-b752-be066cdb4a15","block_type":"box","text":"responsible for their own blockchain wallet, including th","page_number":23,"box":{"x":116,"y":800,"width":393,"height":13}},{"id":"77be847c-888e-4c0a-9ecb-17c4d9a751cb","block_type":"box","text":"e security and maintenance of the investor’s private","page_number":23,"box":{"x":509,"y":800,"width":355,"height":13}},{"id":"858407bf-b8c4-430d-8d0e-6ca31d5db583","block_type":"box","text":"key. Neither the Fund nor the Fund’s transfer agent is res","page_number":23,"box":{"x":116,"y":815,"width":396,"height":13}},{"id":"6386d9c0-c5c2-4ded-946a-adefbfe3515c","block_type":"box","text":"ponsible for any investor’s blockchaing wallet or the","page_number":23,"box":{"x":513,"y":815,"width":363,"height":13}},{"id":"4b5363a6-68fa-456b-93b9-91321f44d579","block_type":"box","text":"maintenance, security, or safekeeping of any investor’s private key.","page_number":23,"box":{"x":116,"y":831,"width":468,"height":13}},{"id":"5d73a5d0-524b-4224-a507-56d78901941e","block_type":"box","text":"If a shareholder’s private key is lost or stolen, th","page_number":23,"box":{"x":116,"y":854,"width":333,"height":13}},{"id":"97a60f4a-2357-40e8-994a-45d119f09940","block_type":"box","text":"e shareholder should promptly contact the Fund’s service","page_number":23,"box":{"x":449,"y":854,"width":401,"height":13}},{"id":"bcd23590-f5c2-4989-9d35-03b6a205f688","block_type":"box","text":"center in Wilmington, Delaware (the “Liquidity Service Center”) by telephone (800-441-7450; in","page_number":23,"box":{"x":116,"y":869,"width":680,"height":13}},{"id":"cf6ec923-88a5-4e61-97bf-9ad9561542ba","block_type":"box","text":"I-4","page_number":23,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"94a770df-192d-4468-8a0c-a9a275c9cd7d","block_type":"box","text":"NM1026U-6033230-23/137","page_number":23,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"5d802b47-1e4d-4a8d-985d-7d873adc9649","block_type":"box","text":"Delaware 302-797-2350), and the Liquidity Service Center w","page_number":24,"box":{"x":116,"y":79,"width":414,"height":13}},{"id":"b8d2f098-858f-46a5-8990-aed02e3cb3d0","block_type":"box","text":"will discuss with the shareholder the next steps for","page_number":24,"box":{"x":530,"y":79,"width":355,"height":13}},{"id":"7a292c68-c8dd-41df-abff-086fd8a2b391","block_type":"box","text":"resolution. BlackRock will liaise with the Fund’s transfer age","page_number":24,"box":{"x":116,"y":94,"width":421,"height":13}},{"id":"56b76bf6-1b08-460c-8a95-5432d9c33438","block_type":"box","text":"nt in the event of a reported private key loss in","page_number":24,"box":{"x":538,"y":94,"width":327,"height":13}},{"id":"97dfef7a-4a8a-4388-9467-f96313c39ca0","block_type":"box","text":"order to instruct the Fund’s transfer agent to take a","page_number":24,"box":{"x":116,"y":110,"width":355,"height":13}},{"id":"b3b25c26-2c3b-4d7c-82de-07ce364e556e","block_type":"box","text":"ppropriate action, which may include freezing the Tokens","page_number":24,"box":{"x":471,"y":110,"width":405,"height":13}},{"id":"d3d803ce-3515-462d-b50e-156972330609","block_type":"box","text":"in the shareholder’s wallet, verifying the share","page_number":24,"box":{"x":116,"y":125,"width":318,"height":13}},{"id":"65d89874-11c1-4177-99b6-1db215350f55","block_type":"box","text":"holder’s ownership of the Tokens, and assessing the","page_number":24,"box":{"x":435,"y":125,"width":363,"height":13}},{"id":"676a48df-f00c-4bfc-8aca-bbb2d479b7a8","block_type":"box","text":"circumstances surrounding the reported loss.","page_number":24,"box":{"x":116,"y":141,"width":315,"height":13}},{"id":"64e3f80d-eb9c-4c6e-abee-ca56e18a0c8f","block_type":"box","text":"The Fund’s transfer agent may, in consultation with BlackR","page_number":24,"box":{"x":116,"y":164,"width":415,"height":13}},{"id":"aae6cddc-0ddd-4cec-ba9c-cc29d0504562","block_type":"box","text":"ock and subject to verification of the shareholder’s","page_number":24,"box":{"x":531,"y":164,"width":355,"height":13}},{"id":"fe45d58f-e921-429d-b885-132926da0f75","block_type":"box","text":"ownership and the relevant facts and circumstances, take","page_number":24,"box":{"x":116,"y":180,"width":395,"height":12}},{"id":"40c15e22-47bf-4661-9a93-833be87ee33f","block_type":"box","text":"action with respect to the affected Tokens, including","page_number":24,"box":{"x":511,"y":180,"width":373,"height":12}},{"id":"30523b36-df40-40a1-931a-82cbcdff69c0","block_type":"box","text":"isolating or burning such Tokens, re-authenticating","page_number":24,"box":{"x":116,"y":195,"width":360,"height":13}},{"id":"05316f4b-c7ef-4c8d-9756-ee4de6efa3de","block_type":"box","text":"a new wallet in accordance with the Fund’s whitelisting","page_number":24,"box":{"x":476,"y":195,"width":390,"height":13}},{"id":"3ba3c0df-4741-4894-a715-dc392df3a37e","block_type":"box","text":"procedures, and facilitating payment for burned toke","page_number":24,"box":{"x":116,"y":211,"width":367,"height":12}},{"id":"175e2465-1545-48db-8921-200d353ba1e5","block_type":"box","text":"ns by federal wire redemption proceeds to the","page_number":24,"box":{"x":484,"y":211,"width":321,"height":12}},{"id":"3489a29c-802f-429d-be62-625b167a8576","block_type":"box","text":"redemption address of record on a best-efforts basis,","page_number":24,"box":{"x":116,"y":226,"width":363,"height":13}},{"id":"0e423f69-9217-440b-a057-e31b9649f683","block_type":"box","text":"where appropriate. Any newly whitelisted wallet may","page_number":24,"box":{"x":479,"y":226,"width":381,"height":13}},{"id":"5b44ff0f-f23b-4779-acd1-ac641c391158","block_type":"box","text":"thereafter be used for future purchases and minting of","page_number":24,"box":{"x":116,"y":242,"width":375,"height":12}},{"id":"8d18303e-4470-4a26-a916-f56e825958d7","block_type":"box","text":"f new Tokens. To the extent any Tokens are removed,","page_number":24,"box":{"x":490,"y":242,"width":376,"height":12}},{"id":"d875c1d0-9c37-43a0-9086-7ac4d220e6f1","block_type":"box","text":"such Tokens will be permanently removed from circulation through a token burn.","page_number":24,"box":{"x":116,"y":257,"width":574,"height":13}},{"id":"9e047598-0f90-4e60-98c7-ba0ddeedeaa3","block_type":"box","text":"The Fund’s transfer agent utilizes a permissioned sy","page_number":24,"box":{"x":116,"y":280,"width":357,"height":13}},{"id":"be874fdf-3038-4cca-9dbf-48df3694327a","block_type":"box","text":"stem that operates in connection with a public,","page_number":24,"box":{"x":474,"y":280,"width":329,"height":13}},{"id":"97ad34f0-f0a3-440a-a519-48e76a75ea65","block_type":"box","text":"permissionless blockchain. The permissioned system is","page_number":24,"box":{"x":116,"y":296,"width":377,"height":13}},{"id":"d9e86751-4f05-4ba7-8963-18af015ad206","block_type":"box","text":"established through a combination of policies,","page_number":24,"box":{"x":493,"y":296,"width":329,"height":13}},{"id":"44885c55-7d41-4ae5-9470-db8978e649b0","block_type":"box","text":"procedures, and technological controls which collectivel","page_number":24,"box":{"x":116,"y":311,"width":387,"height":13}},{"id":"9f7ef517-b4c8-4c40-9777-94ed2fc9348e","block_type":"box","text":"y seek to ensure that the blockchain operates as an","page_number":24,"box":{"x":504,"y":311,"width":355,"height":13}},{"id":"0b83e804-76a5-40f4-9c60-43e5c17972a4","block_type":"box","text":"integrated recordkeeping mechanism under the oversight","page_number":24,"box":{"x":116,"y":327,"width":398,"height":13}},{"id":"4833f537-bfcc-406b-903b-3623c9dc6a01","block_type":"box","text":"of the Fund’s transfer agent. 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In this manner, this permissioned system is","page_number":24,"box":{"x":527,"y":536,"width":339,"height":13}},{"id":"4a1278d9-e864-40cc-a736-08e3ee0b1378","block_type":"box","text":"intended to prevent transactions in token balances by or with unknown persons or unknown blockchain","page_number":24,"box":{"x":116,"y":552,"width":730,"height":12}},{"id":"efd3f710-55c0-42a8-93d9-636b59da18e3","block_type":"box","text":"addresses, even if the underlying blockchain network is permissionless.","page_number":24,"box":{"x":116,"y":567,"width":495,"height":13}},{"id":"fa5c6715-f9ee-4171-8320-068a63b63974","block_type":"box","text":"The Ethereum network’s transactions are verified on the Ethereum blockchain through a process called","page_number":24,"box":{"x":116,"y":590,"width":720,"height":13}},{"id":"6cd1709a-1cf4-4ef0-ad26-982138ccb2bb","block_type":"box","text":"“proof-of-stake.” In proof-of-stake, users (referred to as","page_number":24,"box":{"x":117,"y":606,"width":392,"height":13}},{"id":"ea19411c-e9e5-400b-af96-2fc9a638811b","block_type":"box","text":"“validators”) stake a minimum amount of capital in","page_number":24,"box":{"x":511,"y":606,"width":365,"height":13}},{"id":"84710658-9dfa-4e4f-a1a3-e48c1b18d15e","block_type":"box","text":"the form of the native digital asset (e.g., ether) into","page_number":24,"box":{"x":116,"y":621,"width":350,"height":13}},{"id":"0688bedd-3537-48c0-9c83-1fe5257d9d07","block_type":"box","text":"a smart contract, or computer program, stored on the","page_number":24,"box":{"x":467,"y":621,"width":382,"height":13}},{"id":"050f9bed-b32c-44b6-8b7b-bbb1440280bc","block_type":"box","text":"network. 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T","page_number":25,"box":{"x":116,"y":257,"width":358,"height":13}},{"id":"c4e9ea88-03f9-4235-af23-7862bb0ef248","block_type":"box","text":"Typically, the Fund’s transfer agent will reconcile its","page_number":25,"box":{"x":474,"y":257,"width":366,"height":13}},{"id":"e6af35a9-eda6-4d62-bf46-ef20bda2e297","block_type":"box","text":"records with blockchain transactions on at least a daily basis.","page_number":25,"box":{"x":116,"y":273,"width":429,"height":12}},{"id":"f7846948-189c-4054-8f5b-0606b68ca0dc","block_type":"box","text":"Blockchain Fees, Functionality, and Transaction Processing","page_number":25,"box":{"x":116,"y":302,"width":408,"height":12}},{"id":"df35ccab-8ea0-4930-bd80-a1276d879d5e","block_type":"box","text":"Public blockchain networks require the payment of certai","page_number":25,"box":{"x":116,"y":327,"width":398,"height":13}},{"id":"bba23ac3-ff34-406b-9ca6-633bacafaae6","block_type":"box","text":"n transaction fees to execute a transaction on the","page_number":25,"box":{"x":514,"y":327,"width":344,"height":10}},{"id":"0d159e25-ad22-4493-aa03-2459a67bff4f","block_type":"box","text":"applicable network. These fees are typically paid in the n","page_number":25,"box":{"x":116,"y":342,"width":385,"height":13}},{"id":"634fe407-5f0c-44d7-bac9-872be1bcef1d","block_type":"box","text":"native digital asset for the operation of the blockchain","page_number":25,"box":{"x":501,"y":342,"width":379,"height":13}},{"id":"f6d073b7-5aee-432d-8ded-f5e59bd02aa9","block_type":"box","text":"network (such as in the form of “ether,” the nativ","page_number":25,"box":{"x":116,"y":358,"width":346,"height":12}},{"id":"10061464-bc6d-4233-a34a-42b2e39cb417","block_type":"box","text":"e digital asset for the operation of Ethereum). These","page_number":25,"box":{"x":462,"y":358,"width":364,"height":13}},{"id":"0a8b0408-4977-4b9c-aec6-a3c67de9f8a8","block_type":"box","text":"transaction fees (sometimes called “gas fees”) are paid","page_number":25,"box":{"x":116,"y":373,"width":380,"height":13}},{"id":"ceb4dffa-8e04-4179-a0a3-a14552f823ad","block_type":"box","text":"to execute a transaction. Gas measures the amount of","page_number":25,"box":{"x":496,"y":373,"width":377,"height":10}},{"id":"980a6f95-6a89-42a2-9c99-4e3bd2da5621","block_type":"box","text":"computational effort that it will take to execute a give","page_number":25,"box":{"x":116,"y":389,"width":373,"height":13}},{"id":"caab22e6-f944-4bde-b237-8717ee80a5c8","block_type":"box","text":"n transaction. 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A rapidly-evolving regulatory landscape in the United States and in other countries, which","page_number":27,"box":{"x":150,"y":621,"width":693,"height":13}},{"id":"eafe951d-c6e5-4858-882c-259dc79f9a49","block_type":"box","text":"might result in security, privacy or other regulatory concerns that could require changes to the","page_number":27,"box":{"x":183,"y":637,"width":690,"height":13}},{"id":"0475328b-cdcb-4683-b7a6-2293c33fd9a8","block_type":"box","text":"way transactions in the shares are recorded;","page_number":27,"box":{"x":183,"y":652,"width":323,"height":13}},{"id":"61354ce4-8a56-40df-a5f9-317a9378f192","block_type":"box","text":"3. 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In pr","page_number":28,"box":{"x":150,"y":205,"width":382,"height":13}},{"id":"42d3ebd9-29a3-4452-9dcc-72964172227a","block_type":"box","text":"actice, modifications to blockchain networks such","page_number":28,"box":{"x":533,"y":205,"width":351,"height":12}},{"id":"34d8d70b-0161-40b2-b98a-716d3a387149","block_type":"box","text":"as Ethereum are typically introduced through a st","page_number":28,"box":{"x":150,"y":220,"width":343,"height":13}},{"id":"5875d96c-a623-48b6-ad0e-f059440c4fa0","block_type":"box","text":"ructured governance process, including formal","page_number":28,"box":{"x":493,"y":220,"width":326,"height":13}},{"id":"1cc2e39e-e07d-4c7f-b002-2cd0f3af15cf","block_type":"box","text":"improvement proposals (such as Ethereum Improvement Proposals, or “EIPs”), community review,","page_number":28,"box":{"x":150,"y":236,"width":694,"height":13}},{"id":"1ddeadd7-7619-4154-930d-c3a9060b6c1a","block_type":"box","text":"developer consensus-building, and extensive testing","page_number":28,"box":{"x":150,"y":251,"width":360,"height":13}},{"id":"e377be00-93b6-4bc3-b5e0-fc977c3df32c","block_type":"box","text":"on development and test networks before deployment","page_number":28,"box":{"x":510,"y":251,"width":378,"height":13}},{"id":"50428ea3-8062-41f9-a04a-b61cf2fa5ab0","block_type":"box","text":"on the main network.","page_number":28,"box":{"x":150,"y":267,"width":155,"height":10}},{"id":"9aebcf0c-d5e4-4ec7-9129-c4ae2954c83f","block_type":"box","text":"When a modification is introduced and a substantia","page_number":28,"box":{"x":149,"y":288,"width":360,"height":10}},{"id":"eaa5df6e-a393-406d-8901-2cf1a207ed7b","block_type":"box","text":"l majority of users and validators consent to the","page_number":28,"box":{"x":510,"y":288,"width":335,"height":13}},{"id":"6769e0b9-e3ce-460a-86c2-cb6ca21bab97","block_type":"box","text":"modification, the change is implemented and th","page_number":28,"box":{"x":150,"y":304,"width":329,"height":12}},{"id":"1c3248cf-941d-4630-a7f0-22485591adfe","block_type":"box","text":"e blockchain network remains uninterrupted. Most","page_number":28,"box":{"x":480,"y":304,"width":360,"height":12}},{"id":"e317440c-5a4e-4225-bba7-fae172becc86","block_type":"box","text":"protocol upgrades on Ethereum are implemented as planned network-wide upgrades (commonly referred","page_number":28,"box":{"x":150,"y":319,"width":734,"height":13}},{"id":"b27ffd87-c068-4a56-afcc-6319a42603c2","block_type":"box","text":"to as “hard forks”) in which the entire commun","page_number":28,"box":{"x":150,"y":335,"width":332,"height":12}},{"id":"c5cb81c9-1a3b-46db-9073-16b97696b049","block_type":"box","text":"ity upgrades together and the prior version of the","page_number":28,"box":{"x":483,"y":335,"width":345,"height":12}},{"id":"c4792bbf-c47e-4d64-906d-e30153e8b3c5","block_type":"box","text":"network is effectively abandoned.","page_number":28,"box":{"x":150,"y":350,"width":237,"height":13}},{"id":"0c5b6def-50f6-4f45-8b56-5eaa217ddbbe","block_type":"box","text":"However, if less than a substantial majority of u","page_number":28,"box":{"x":150,"y":371,"width":333,"height":13}},{"id":"8c394810-a57b-4892-b8aa-86d2b19dfed4","block_type":"box","text":"sers and validators consent to a proposed modification,","page_number":28,"box":{"x":484,"y":371,"width":388,"height":13}},{"id":"ff0c8758-6f5c-4796-a2c5-ae6da1ccea5a","block_type":"box","text":"and the modification is not compatible with the softwa","page_number":28,"box":{"x":150,"y":387,"width":381,"height":13}},{"id":"a37bba37-57da-4117-ae0e-bfc7e1beb120","block_type":"box","text":"re prior to its modification, the consequence could","page_number":28,"box":{"x":532,"y":387,"width":353,"height":13}},{"id":"f0a4deae-42c3-417f-8622-64958ca7f2a5","block_type":"box","text":"be what is known as a contentious “fork” (i.e., “split”) of the blockchain network (and the blockchain),","page_number":28,"box":{"x":150,"y":402,"width":727,"height":13}},{"id":"e386b7e5-2935-4922-8eb0-65f4d7e8a40a","block_type":"box","text":"with one version running the pre-modified software a","page_number":28,"box":{"x":150,"y":418,"width":370,"height":13}},{"id":"3c71303d-2297-4085-a2d3-4d019f2d3a22","block_type":"box","text":"nd the other running the modified software. The","page_number":28,"box":{"x":521,"y":418,"width":341,"height":13}},{"id":"3e7dd8cb-138b-420d-b2b7-0a4d17da6209","block_type":"box","text":"effect of such a fork would be the existence of two","page_number":28,"box":{"x":150,"y":433,"width":349,"height":10}},{"id":"534eca23-b6d2-4d8a-b392-2c319f67e5e4","block_type":"box","text":"(or more) versions of the blockchain network running","page_number":28,"box":{"x":500,"y":433,"width":383,"height":13}},{"id":"da524d1c-9958-45d6-aec7-86f96b615b65","block_type":"box","text":"in parallel, but with each version’s native asset lack","page_number":28,"box":{"x":150,"y":449,"width":354,"height":13}},{"id":"f4c0e0f9-7d53-40fc-baf2-eb09d05fbea3","block_type":"box","text":"ing interchangeability. 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Additionally,","page_number":28,"box":{"x":150,"y":480,"width":392,"height":13}},{"id":"f7933135-7fc6-4845-9acd-d8b5e482d2a2","block_type":"box","text":"a fork could be introduced by an unintentional,","page_number":28,"box":{"x":542,"y":480,"width":334,"height":13}},{"id":"40deb6e6-c64c-487d-b23d-2f5feba16186","block_type":"box","text":"unanticipated software flaw in the multiple versions","page_number":28,"box":{"x":150,"y":495,"width":359,"height":13}},{"id":"6814d605-c74a-42e3-a23f-a501696eb077","block_type":"box","text":"of otherwise compatible software users run.","page_number":28,"box":{"x":510,"y":495,"width":313,"height":13}},{"id":"158b0b44-e1d5-4c7d-a32a-245f4b13b546","block_type":"box","text":"Ethereum currently operates under a proof-of-stake","page_number":28,"box":{"x":150,"y":517,"width":362,"height":13}},{"id":"5458a638-0179-45a9-981c-7489a2d60042","block_type":"box","text":"consensus mechanism, which it adopted in","page_number":28,"box":{"x":512,"y":517,"width":300,"height":13}},{"id":"017b8d06-6f8c-49a7-b709-8d52831be568","block_type":"box","text":"September 2022 (an event known as “The Merge”). U","page_number":28,"box":{"x":150,"y":532,"width":377,"height":13}},{"id":"316c254e-c1d7-423a-8022-fada61aa1aa9","block_type":"box","text":"nder proof-of-stake, validators are required to","page_number":28,"box":{"x":527,"y":532,"width":324,"height":13}},{"id":"a0db110f-32d9-4dcc-8829-27ed7367ed61","block_type":"box","text":"stake a minimum of 32 ETH as collateral to par","page_number":28,"box":{"x":150,"y":548,"width":333,"height":13}},{"id":"86888bd7-3f05-41d0-8bac-95d640293954","block_type":"box","text":"ticipate in block proposal and attestation. The","page_number":28,"box":{"x":483,"y":548,"width":325,"height":13}},{"id":"5dc508e4-7993-40c3-b588-f4619bd34695","block_type":"box","text":"proof-of-stake mechanism includes a finality pro","page_number":28,"box":{"x":150,"y":563,"width":336,"height":13}},{"id":"1e98a1cd-2ee0-435a-8ca4-2acd22834e7a","block_type":"box","text":"cess (known as “Casper FFG”) under which checkpoint","page_number":28,"box":{"x":487,"y":563,"width":391,"height":13}},{"id":"cbbda005-b22c-47b0-8fdf-205fb5c834a0","block_type":"box","text":"blocks are considered final once they attract attesta","page_number":28,"box":{"x":150,"y":579,"width":354,"height":13}},{"id":"e9bd9839-4394-4705-9396-f5877be3eed7","block_type":"box","text":"tions representing at least two-thirds of total staked","page_number":28,"box":{"x":505,"y":579,"width":362,"height":13}},{"id":"8fcbb830-0afa-4077-b1d2-3c01115f0b66","block_type":"box","text":"ETH. Once finalized, a block generally cannot be rev","page_number":28,"box":{"x":150,"y":594,"width":368,"height":13}},{"id":"70ecc7cc-1eaf-4c0a-8fb5-4f1a86290a82","block_type":"box","text":"erted without validators violating the protocol’s","page_number":28,"box":{"x":518,"y":594,"width":337,"height":13}},{"id":"cf3dc88c-d938-4650-b1b7-db085c8fade8","block_type":"box","text":"consensus rules. Such violations are cryptographically","page_number":28,"box":{"x":150,"y":610,"width":372,"height":13}},{"id":"1ac65add-1d3c-4898-b4ea-ea05719c6415","block_type":"box","text":"y provable and subject the attacking validators to","page_number":28,"box":{"x":522,"y":610,"width":339,"height":13}},{"id":"4f63df7a-63f3-4786-9139-929391a038f5","block_type":"box","text":"significant economic loss through a penalty mech","page_number":28,"box":{"x":150,"y":625,"width":341,"height":13}},{"id":"5f3c9d96-474f-48bd-8cc9-3326bb902b2c","block_type":"box","text":"anism known as “slashing”, which can remove a","page_number":28,"box":{"x":492,"y":625,"width":342,"height":13}},{"id":"a4a58b56-66e6-478d-81cc-a4299125bb52","block_type":"box","text":"substantial portion of their staked ETH. Slashing al","page_number":28,"box":{"x":150,"y":641,"width":357,"height":13}},{"id":"e9120bed-d5da-4058-b018-3e47073f9341","block_type":"box","text":"so penalizes validators who engage in other protocol","page_number":28,"box":{"x":507,"y":641,"width":369,"height":13}},{"id":"fcc8c660-99f2-4a3d-967b-961557fe5cd3","block_type":"box","text":"violations, such as proposing conflicting blocks. These economic penalties serve as a significant deterrent","page_number":28,"box":{"x":150,"y":656,"width":730,"height":13}},{"id":"d3d418df-0597-4e60-a3ae-c4d9659bee0e","block_type":"box","text":"against validators supporting a competing chain in a fork scenario.","page_number":28,"box":{"x":150,"y":672,"width":462,"height":13}},{"id":"bfd4756c-4bf8-4d78-b413-45e175103554","block_type":"box","text":"Notwithstanding these deterrents, the proof-of-stake","page_number":28,"box":{"x":150,"y":693,"width":364,"height":13}},{"id":"3fcecd84-8765-4478-a94b-d89f950301c7","block_type":"box","text":"consensus mechanism introduces certain risks that","page_number":28,"box":{"x":519,"y":693,"width":348,"height":10}},{"id":"485de549-6a1d-4096-a2ce-2092c9237253","block_type":"box","text":"are distinct from those present under Ethereum’s pr","page_number":28,"box":{"x":150,"y":709,"width":357,"height":12}},{"id":"4c4ef47d-afcf-4266-b2d5-40a46066000c","block_type":"box","text":"ior proof-of-work system. 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Although Ethereum’s slashing mechanism is","page_number":28,"box":{"x":150,"y":771,"width":397,"height":12}},{"id":"bbe5f439-97b8-4318-ac4c-3e7b1b0778a6","block_type":"box","text":"designed to mitigate these risks, no assurance","page_number":28,"box":{"x":553,"y":771,"width":312,"height":12}},{"id":"61f5cf90-a5d8-4069-a81c-826558649345","block_type":"box","text":"can be given that such mitigation will be effective under all circumstances.","page_number":28,"box":{"x":150,"y":786,"width":512,"height":13}},{"id":"eaa6c60a-c223-4f22-8e1c-49bf11bff64d","block_type":"box","text":"A protocol modification may also be implemented as","page_number":28,"box":{"x":150,"y":807,"width":367,"height":13}},{"id":"a4b40398-dd90-4ed3-a9f7-2f20485e5875","block_type":"box","text":"a “soft fork,” which is a backward-compatible","page_number":28,"box":{"x":522,"y":807,"width":324,"height":13}},{"id":"770e3514-547c-40d7-8ae0-797eb00f20c8","block_type":"box","text":"change that does not result in a split of the blockcha","page_number":28,"box":{"x":150,"y":823,"width":361,"height":13}},{"id":"7575d9bf-ace6-46ba-8cb0-127e017d0584","block_type":"box","text":"in network. Unlike a hard","page_number":28,"box":{"x":512,"y":823,"width":179,"height":10}},{"id":"a842523a-cf1b-4cd0-a31b-de3c695b31e5","block_type":"box","text":"fork, a soft fork tightens","page_number":28,"box":{"x":696,"y":823,"width":169,"height":13}},{"id":"c02b4593-f0d8-47b0-aa10-5ef67aa45c2c","block_type":"box","text":"or adds rules to the protocol such that non-upgraded nodes continue to recognize new blocks as valid.","page_number":28,"box":{"x":150,"y":838,"width":713,"height":13}},{"id":"7d203e9c-a1a3-4302-b152-1aca78a91e69","block_type":"box","text":"While soft forks generally do not carry the same ri","page_number":28,"box":{"x":149,"y":854,"width":349,"height":13}},{"id":"c421f016-6cf1-4f82-82d2-2a6e394826f4","block_type":"box","text":"sk of a chain split, they may still introduce changes","page_number":28,"box":{"x":499,"y":854,"width":358,"height":13}},{"id":"ffa8f402-59ed-4e78-98a3-0808df7cd049","block_type":"box","text":"that affect the functionality or features available on the network.","page_number":28,"box":{"x":150,"y":869,"width":453,"height":13}},{"id":"8683c7a4-20e6-4897-a31f-a35bc4c841d8","block_type":"box","text":"I-9","page_number":28,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"369d7274-e43a-4bc7-a218-f2a00d23fe9b","block_type":"box","text":"NM1026U-6033230-28/137","page_number":28,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"c7588a57-f8be-4cb1-b353-1b492aea18d4","block_type":"box","text":"If a contentious fork occurs, the original blockchain and the forked blockchain could potentially","page_number":29,"box":{"x":150,"y":79,"width":705,"height":13}},{"id":"0bd6cfed-5d19-475f-9f73-7c21037a1f28","block_type":"box","text":"compete with each other for users, validators, and other participants, leading to a loss of these for","page_number":29,"box":{"x":150,"y":94,"width":716,"height":13}},{"id":"869e57fa-60ec-4730-8b6f-f77469b47165","block_type":"box","text":"the original blockchain. Such competition could reduce the security, functionality, and value of the","page_number":29,"box":{"x":150,"y":110,"width":722,"height":13}},{"id":"3c9e5eda-056e-4231-8642-cf61baaa4656","block_type":"box","text":"network on which the Fund’s OnChain Shares are issued. In an instance where a fork occurs on the","page_number":29,"box":{"x":150,"y":125,"width":727,"height":10}},{"id":"86997035-c3ed-4893-9a06-b66e04fda5ad","block_type":"box","text":"blockchain on which OnChain Shares are deployed, the Fund and the Fund’s transfer agent will","page_number":29,"box":{"x":150,"y":141,"width":700,"height":13}},{"id":"5b971838-5ae0-4646-a6a9-7f18ba0eaf7c","block_type":"box","text":"determine OnChain Share ownership based on a snapshot of the shareholder records taken from the","page_number":29,"box":{"x":150,"y":156,"width":733,"height":13}},{"id":"94e5d464-7de4-4c39-9153-6dafbd6e8c99","block_type":"box","text":"blockchain immediately prior to such fork and will announce on the Fund’s website which version","page_number":29,"box":{"x":150,"y":172,"width":719,"height":13}},{"id":"4388b600-2b5d-49d5-b0cb-e18bb941702a","block_type":"box","text":"of the blockchain on which OnChain Shares are deployed. During this time, the Fund may choose to","page_number":29,"box":{"x":150,"y":187,"width":735,"height":13}},{"id":"0bec1ce6-1549-4767-9a9f-bc6eeff44a31","block_type":"box","text":"freeze blockchain activity in OnChain Shares and effect transactions with shareholders manually","page_number":29,"box":{"x":150,"y":203,"width":706,"height":13}},{"id":"0e76ff47-6d2a-4055-885c-90984b22b5b3","block_type":"box","text":"(i.e., in book-entry form) until such time as the fork is resolved or the network otherwise has","page_number":29,"box":{"x":151,"y":218,"width":678,"height":13}},{"id":"ad7b83a7-11d9-42ad-995d-762ce892c803","block_type":"box","text":"resumed normal operations. Dividends declared during such period will not be reinvested in","page_number":29,"box":{"x":150,"y":234,"width":672,"height":13}},{"id":"b2d21e5e-56a9-4f76-bdca-c76d5fdd39cc","block_type":"box","text":"additional OnChain Shares and will instead be paid to affected shareholders in cash until","page_number":29,"box":{"x":150,"y":249,"width":651,"height":13}},{"id":"a1b95c83-cd8f-45b8-aa42-16d4bd72f128","block_type":"box","text":"shareholders are otherwise notified by the Fund or the Fund’s transfer agent that dividend","page_number":29,"box":{"x":150,"y":265,"width":658,"height":13}},{"id":"d6372901-8f33-4d15-873a-f5b4691deb00","block_type":"box","text":"reinvestment has resumed. Tokens existing on any non-designated fork will not constitute valid","page_number":29,"box":{"x":150,"y":280,"width":697,"height":13}},{"id":"84f76304-2d68-4f6a-aba0-1bce70bca680","block_type":"box","text":"OnChain Shares and will have no claim on the Fund’s assets.","page_number":29,"box":{"x":150,"y":296,"width":447,"height":10}},{"id":"0f63d0d2-e6e2-47ee-a6f3-f17e0abdbebb","block_type":"box","text":"Network Attack Risk","page_number":29,"box":{"x":150,"y":324,"width":154,"height":10}},{"id":"b87a601a-6a13-4dbf-8a85-10ae5aba9c03","block_type":"box","text":"If a significant portion of staked ether on the Ethereum","page_number":29,"box":{"x":150,"y":350,"width":386,"height":13}},{"id":"b01915d7-2586-425b-b450-81f5033d5789","block_type":"box","text":"blockchain is controlled by a bad actor, whether","page_number":29,"box":{"x":537,"y":350,"width":340,"height":13}},{"id":"dc7c5313-9cf9-48be-a255-484f91dcfc96","block_type":"box","text":"singularly or as a group, the bad actor may be able to alter the blockchain on which the blockchain","page_number":29,"box":{"x":150,"y":366,"width":693,"height":12}},{"id":"c9117a2a-cd48-4fd5-b525-2f00f200e1e4","block_type":"box","text":"network and network transactions rely. The specific capabilities available to a bad actor depend on the","page_number":29,"box":{"x":150,"y":381,"width":718,"height":13}},{"id":"59334006-1d79-4b03-be46-93232f0e3211","block_type":"box","text":"proportion of total staked ether it controls, with escalating thresholds as described below.","page_number":29,"box":{"x":150,"y":397,"width":626,"height":12}},{"id":"abf228cf-9a5c-45d7-be61-1202a48e702c","block_type":"box","text":"Possession of 33% of the staked ether is the minimum re","page_number":29,"box":{"x":150,"y":420,"width":393,"height":10}},{"id":"8bacb1be-c818-4e97-8ff5-0f272be521f1","block_type":"box","text":"quired to disrupt or attack the network, such as","page_number":29,"box":{"x":544,"y":420,"width":335,"height":13}},{"id":"7cf4631f-6e39-44b3-b450-97af16385918","block_type":"box","text":"by preventing block finalization. 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Accordingly, an attacker controlling","page_number":29,"box":{"x":495,"y":451,"width":373,"height":13}},{"id":"7e2254e5-522e-45e7-8acd-8d835a5ed573","block_type":"box","text":"one-third or more of staked ether can prevent the ch","page_number":29,"box":{"x":150,"y":466,"width":362,"height":13}},{"id":"2a43cb5b-89c4-41d5-aaa3-d8edc24dc831","block_type":"box","text":"ain from finalizing by withholding or misaligning","page_number":29,"box":{"x":513,"y":466,"width":346,"height":13}},{"id":"98a63bdb-3b08-42a0-a298-7b6d8876867c","block_type":"box","text":"attestations. The Ethereum protocol includes an “ina","page_number":29,"box":{"x":150,"y":482,"width":367,"height":13}},{"id":"9993df49-f3be-4897-b4e6-2ab7fbde0ee9","block_type":"box","text":"ctivity leak” mechanism designed to mitigate this","page_number":29,"box":{"x":517,"y":482,"width":345,"height":13}},{"id":"c7260bf1-8e5e-48d9-a5eb-a97c62275475","block_type":"box","text":"type of attack, which progressively reduces the stak","page_number":29,"box":{"x":150,"y":497,"width":356,"height":13}},{"id":"f8988396-5993-492d-8e4a-7b9b18791af5","block_type":"box","text":"ed ether of non-participating validators until the","page_number":29,"box":{"x":506,"y":497,"width":339,"height":13}},{"id":"1ade3367-4770-453c-ad95-7d50de0f9349","block_type":"box","text":"remaining active validators regain a two-thirds s","page_number":29,"box":{"x":150,"y":513,"width":334,"height":13}},{"id":"b7f5e26e-4762-4e6b-a513-0f63718eb360","block_type":"box","text":"upermajority, thereby restoring finality. However, no","page_number":29,"box":{"x":485,"y":513,"width":374,"height":13}},{"id":"aa5f0656-bbc4-4590-bcbe-f65d356bc8a2","block_type":"box","text":"assurance can be given that this mechanism will be","page_number":29,"box":{"x":150,"y":528,"width":356,"height":13}},{"id":"fbe1087e-1636-4199-a3c7-86d31be1f5ed","block_type":"box","text":"effective under all circumstances or that it will operate","page_number":29,"box":{"x":507,"y":528,"width":380,"height":13}},{"id":"c3f3235e-c8fe-4b1f-a68f-8088e730a53a","block_type":"box","text":"without significant disruption to the network.","page_number":29,"box":{"x":150,"y":544,"width":322,"height":13}},{"id":"9e5a2397-2273-4c60-9fea-785bd4759330","block_type":"box","text":"Control of more than 50% of staked ether enables mo","page_number":29,"box":{"x":150,"y":567,"width":377,"height":10}},{"id":"c75d0d65-bbb3-4e36-b001-bce2a2e20c19","block_type":"box","text":"re extensive attacks. An attacker with a majority of","page_number":29,"box":{"x":528,"y":567,"width":359,"height":13}},{"id":"e5dd0488-58ad-4ffe-abb4-97d19ebfe65e","block_type":"box","text":"staked ether could dominate the fork choice algor","page_number":29,"box":{"x":150,"y":583,"width":344,"height":12}},{"id":"00ba7bd0-09a3-4f6c-ab8c-455dfa0df608","block_type":"box","text":"ithm used by the Ethereum network, enabling it to","page_number":29,"box":{"x":495,"y":583,"width":355,"height":12}},{"id":"f95167f2-ad8d-46c9-a477-7220643374cb","block_type":"box","text":"censor certain transactions, perform short-range reorganizations of the blockchain, and extract value by","page_number":29,"box":{"x":150,"y":598,"width":725,"height":13}},{"id":"04db8c1c-5b92-410b-80fc-c0e280831d83","block_type":"box","text":"reordering transactions in its favor. 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Notably, under Eth","page_number":29,"box":{"x":150,"y":645,"width":344,"height":12}},{"id":"79ba887e-9ee6-4a2a-8897-9c6ca880f645","block_type":"box","text":"ereum’s current proof-of-stake consensus mechanism,","page_number":29,"box":{"x":494,"y":645,"width":377,"height":12}},{"id":"31091c3f-f236-4bfd-89f6-12035c1ae062","block_type":"box","text":"an attacker at the 51% threshold could potentially","page_number":29,"box":{"x":150,"y":660,"width":351,"height":13}},{"id":"4186d6a8-a1a5-4606-b308-222c2bd39ddd","block_type":"box","text":"sustain such an attack without triggering the","page_number":29,"box":{"x":506,"y":660,"width":308,"height":13}},{"id":"5ad52537-a647-4d26-bb98-7c6650da8587","block_type":"box","text":"protocol’s slashing penalties, as the fork choi","page_number":29,"box":{"x":150,"y":676,"width":310,"height":12}},{"id":"433ca069-e992-4ef6-b3be-df64dd214a98","block_type":"box","text":"ce algorithm may not distinguish between malicious","page_number":29,"box":{"x":461,"y":676,"width":360,"height":12}},{"id":"ca6f50d4-4ca0-4ebf-b461-ab25759f2fe0","block_type":"box","text":"attestations and legitimate disagreement among validat","page_number":29,"box":{"x":150,"y":691,"width":381,"height":13}},{"id":"0957c9fe-12c3-458a-a1fa-809a38907179","block_type":"box","text":"ors. This makes a 51% attack particularly difficult","page_number":29,"box":{"x":532,"y":691,"width":350,"height":13}},{"id":"6dc13a12-23ed-46da-95cc-681b2eae102d","block_type":"box","text":"for the protocol to detect and counter through automated means.","page_number":29,"box":{"x":150,"y":707,"width":452,"height":12}},{"id":"5b38142a-bb1a-4d56-9ee2-5cc9cc538804","block_type":"box","text":"If a malicious actor possesses 66% or more of the staked","page_number":29,"box":{"x":150,"y":730,"width":394,"height":13}},{"id":"e06dd079-d883-49e8-bb73-c0c454244e73","block_type":"box","text":"ether, it could effectively control the network,","page_number":29,"box":{"x":548,"y":730,"width":317,"height":13}},{"id":"7d80a920-b92b-4f58-812c-7a694d7108e2","block_type":"box","text":"including the ability to finalize its preferred version","page_number":29,"box":{"x":150,"y":745,"width":353,"height":13}},{"id":"6169728a-2531-49b9-8330-eec099d0c473","block_type":"box","text":"of the blockchain without the cooperation of honest","page_number":29,"box":{"x":508,"y":745,"width":362,"height":13}},{"id":"dfa98b73-f7ba-48b5-a3b0-a9b3e56fbe69","block_type":"box","text":"validators. 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While the attacker could not forge","page_number":29,"box":{"x":525,"y":776,"width":350,"height":13}},{"id":"6832dae7-372f-45de-a957-af59d2197ca9","block_type":"box","text":"transactions or generate new ether, it could exerci","page_number":29,"box":{"x":150,"y":792,"width":345,"height":13}},{"id":"05c33e99-ccdb-4b99-a9e1-8c4d6ae9dee4","block_type":"box","text":"se near-total control over the contents of finalized","page_number":29,"box":{"x":496,"y":792,"width":344,"height":10}},{"id":"c6d37131-6383-4587-8320-164c7d5b1e17","block_type":"box","text":"blocks.","page_number":29,"box":{"x":150,"y":807,"width":48,"height":11}},{"id":"13178f55-f889-4f76-a6f2-389613223cea","block_type":"box","text":"Ethereum’s proof-of-stake consensus mechanism in","page_number":29,"box":{"x":150,"y":831,"width":355,"height":13}},{"id":"3b7e285b-671f-41c0-8c07-7d7cdd83fe4f","block_type":"box","text":"cludes several built-in defenses against these attacks.","page_number":29,"box":{"x":505,"y":831,"width":367,"height":13}},{"id":"d83ee8c9-91b1-4b0a-86e7-e1bc783d817c","block_type":"box","text":"Validators who engage in provably malicious behavior, such as proposing conflicting blocks or","page_number":29,"box":{"x":149,"y":846,"width":664,"height":13}},{"id":"03af1d32-6b10-4607-9bcb-8db5e52b4143","block_type":"box","text":"submitting contradictory attestations, are subject to “slashing”—the partial or total confiscation and","page_number":29,"box":{"x":150,"y":862,"width":702,"height":13}},{"id":"33448a3a-f00c-405d-a6ef-6a70b74a36df","block_type":"box","text":"I-10","page_number":29,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"90272973-d92c-4b67-a75a-0dc6a07713cb","block_type":"box","text":"NM1026U-6033230-29/137","page_number":29,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"3c9e06ba-c4d4-471b-98cc-50355c649e00","block_type":"box","text":"destruction of their staked ether, followed by remo","page_number":30,"box":{"x":150,"y":79,"width":352,"height":13}},{"id":"4b208b1b-777c-467c-9986-52326f6d2cb5","block_type":"box","text":"val from the validator set. These penalties are designed","page_number":30,"box":{"x":503,"y":79,"width":383,"height":13}},{"id":"f0f1617c-4b56-4703-a3b0-3133b0dd4aab","block_type":"box","text":"to make attacks economically irrational, as the attacker’s","page_number":30,"box":{"x":150,"y":94,"width":400,"height":13}},{"id":"55d0c0b7-0a33-4bdc-a317-11262912d8ce","block_type":"box","text":"staked capital is directly at risk of destruction.","page_number":30,"box":{"x":550,"y":94,"width":324,"height":13}},{"id":"92c03599-baa3-4dfb-a653-9dd95c064ac1","block_type":"box","text":"The cost of mounting a 51% attack on the Ethereum ne","page_number":30,"box":{"x":150,"y":110,"width":388,"height":13}},{"id":"bbe2a79d-e643-4fac-b0e2-9e5e109fe7af","block_type":"box","text":"twork is substantial, currently estimated at tens","page_number":30,"box":{"x":538,"y":110,"width":333,"height":13}},{"id":"c170f8e3-cb7d-4de5-9ef0-e72b0bea3834","block_type":"box","text":"of billions of dollars in staked ether, all of which w","page_number":30,"box":{"x":150,"y":125,"width":354,"height":13}},{"id":"8281ef1d-2c59-4f05-8fe5-852aba916ebe","block_type":"box","text":"ould be at risk in the event of a detected attack.","page_number":30,"box":{"x":504,"y":125,"width":333,"height":10}},{"id":"ed926a9d-7045-4973-aa9c-fbb93249aabc","block_type":"box","text":"Additionally, in the event of a successful attack","page_number":30,"box":{"x":150,"y":141,"width":331,"height":13}},{"id":"15bc5921-14fd-4891-ae0d-d528e7d389fb","block_type":"box","text":"at any threshold, the Ethereum community may","page_number":30,"box":{"x":481,"y":141,"width":336,"height":13}},{"id":"fe3cad4e-c138-4ff3-9217-856ce805578f","block_type":"box","text":"coordinate an out-of-band social consensus response,","page_number":30,"box":{"x":150,"y":156,"width":374,"height":13}},{"id":"19df0403-8940-4f24-9a4a-83099518d940","block_type":"box","text":"including adopting an honest minority fork of the","page_number":30,"box":{"x":524,"y":156,"width":349,"height":13}},{"id":"f31d29f0-5542-4cd5-8e7e-5006841f2101","block_type":"box","text":"blockchain and thereby rendering the attacker’s stak","page_number":30,"box":{"x":150,"y":172,"width":363,"height":13}},{"id":"51a7b753-0512-4164-acce-5148427cfd93","block_type":"box","text":"ed ether worthless on the community-adopted chain.","page_number":30,"box":{"x":514,"y":172,"width":370,"height":13}},{"id":"be427b4f-276e-445e-81d9-934bbe2f5e25","block_type":"box","text":"Notwithstanding these defenses, the risk of a staking-ba","page_number":30,"box":{"x":150,"y":195,"width":387,"height":13}},{"id":"59e284f4-f1f8-4968-b730-71b008114a0a","block_type":"box","text":"sed attack may be heightened by concentration in","page_number":30,"box":{"x":538,"y":195,"width":347,"height":13}},{"id":"b7e50ad5-8867-4255-9bcb-d9676e3e436e","block_type":"box","text":"the ownership and staking of ether. A significant p","page_number":30,"box":{"x":150,"y":211,"width":342,"height":12}},{"id":"6a87fd59-8440-48b0-94fd-3cedeb2486a3","block_type":"box","text":"portion of staked ether is currently pooled through","page_number":30,"box":{"x":492,"y":211,"width":357,"height":12}},{"id":"b58c6097-e8a0-40ff-82b3-8c1cca567ab3","block_type":"box","text":"liquid staking protocols and centralized staking servi","page_number":30,"box":{"x":150,"y":226,"width":364,"height":13}},{"id":"e1e33f7e-1b52-49ee-92d7-b8520cc97986","block_type":"box","text":"ces. For example, a single liquid staking protocol,","page_number":30,"box":{"x":515,"y":226,"width":348,"height":13}},{"id":"4674030b-8e21-4c3d-a3c1-10b57179b744","block_type":"box","text":"Lido, accounts for approximately 24% of all staked et","page_number":30,"box":{"x":150,"y":242,"width":377,"height":12}},{"id":"88092899-9a67-4436-a53b-f0e0708d8417","block_type":"box","text":"her as of the date of this SAI, approaching the","page_number":30,"box":{"x":527,"y":242,"width":323,"height":12}},{"id":"dbb89d5e-5af8-4fbe-9c5f-b7cdac2f1fa0","block_type":"box","text":"critical 33% threshold. The top three staking entities co","page_number":30,"box":{"x":150,"y":257,"width":386,"height":13}},{"id":"da9e1aa6-8f9a-4bb3-8516-6c05dd8efbb6","block_type":"box","text":"llectively control a majority of validating nodes.","page_number":30,"box":{"x":536,"y":257,"width":336,"height":13}},{"id":"f31cd3d5-838e-48c4-b436-d4d8572ae396","block_type":"box","text":"While these entities are not single actors and thei","page_number":30,"box":{"x":149,"y":273,"width":338,"height":12}},{"id":"503aa9a6-7b42-4a19-80b9-651d44fb8683","block_type":"box","text":"r operations are distributed across multiple node","page_number":30,"box":{"x":488,"y":273,"width":341,"height":12}},{"id":"751429e2-5e9b-4e71-ba95-52688513c74d","block_type":"box","text":"operators, the concentration of staking power in a","page_number":30,"box":{"x":150,"y":288,"width":353,"height":13}},{"id":"3e847d4c-5a00-46e5-90a3-6fce11774098","block_type":"box","text":"small number of entities could increase the feasibility","page_number":30,"box":{"x":503,"y":288,"width":371,"height":13}},{"id":"1d075b40-9012-49e0-b642-b2e1e63c6ccf","block_type":"box","text":"of a coordinated attack or create correlated failu","page_number":30,"box":{"x":150,"y":304,"width":336,"height":10}},{"id":"1f28ea3b-e9b9-414b-8d95-0fb50d11697d","block_type":"box","text":"re risks. Additionally, a bug or vulnerability in a","page_number":30,"box":{"x":486,"y":304,"width":339,"height":12}},{"id":"fbecf789-3bb3-43ee-a31f-45f8baa09a3a","block_type":"box","text":"dominant consensus client (i.e., the so","page_number":30,"box":{"x":150,"y":319,"width":261,"height":12}},{"id":"60fe0a57-fab2-41c9-9d9c-ed7575bc82b9","block_type":"box","text":"ftware that validators use to partic","page_number":30,"box":{"x":412,"y":319,"width":240,"height":13}},{"id":"044183ca-9efc-4271-b993-269f27aa75db","block_type":"box","text":"ipate in the network) could cause","page_number":30,"box":{"x":652,"y":319,"width":235,"height":13}},{"id":"db5df6a9-8dc4-4934-8b4c-9615cb04d276","block_type":"box","text":"correlated failures among a large proportion of validato","page_number":30,"box":{"x":150,"y":335,"width":387,"height":12}},{"id":"ce86640e-d985-4761-946e-16f23d9d6b45","block_type":"box","text":"rs, potentially mimicking the effects of a 33% or","page_number":30,"box":{"x":537,"y":335,"width":342,"height":12}},{"id":"a1d1c29d-fe85-48c0-8caa-83d75a5d3c6c","block_type":"box","text":"greater attack even absent malicious intent.","page_number":30,"box":{"x":150,"y":350,"width":304,"height":13}},{"id":"209749be-1658-4283-b93a-b96c9a2094c4","block_type":"box","text":"In addition, a malicious actor may also obtain cont","page_number":30,"box":{"x":150,"y":373,"width":354,"height":13}},{"id":"185976dc-feba-4ad0-aafc-f85b23d663f7","block_type":"box","text":"rol over the blockchain network through its influence","page_number":30,"box":{"x":504,"y":373,"width":376,"height":13}},{"id":"59e5f702-9843-4cef-b58c-71ecda6663cb","block_type":"box","text":"over core developers by gaining direct control over a core developer or an otherwise influential","page_number":30,"box":{"x":150,"y":389,"width":661,"height":13}},{"id":"93fc5c25-799a-4794-a68f-c6ab8b2f69b9","block_type":"box","text":"programmer. 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If the feasibility of a bad actor","page_number":30,"box":{"x":555,"y":435,"width":323,"height":13}},{"id":"8f47fd66-27b3-490a-99bd-4a41f4e9c7a3","block_type":"box","text":"gaining control of the blockchain network increases,","page_number":30,"box":{"x":150,"y":451,"width":363,"height":13}},{"id":"6dd376bc-33e1-4fea-b811-80a8f1422663","block_type":"box","text":"it may negatively affect the ability of the Fund’s","page_number":30,"box":{"x":513,"y":451,"width":339,"height":13}},{"id":"0dd5d199-3473-4920-82f5-7129423d1970","block_type":"box","text":"OnChain Shares to be held on the blockchain undergoi","page_number":30,"box":{"x":150,"y":466,"width":382,"height":13}},{"id":"c6db9ed7-c888-454b-8c4f-2f5e4aa71746","block_type":"box","text":"ng such an attack, and could reduce the security,","page_number":30,"box":{"x":532,"y":466,"width":342,"height":13}},{"id":"0d42290a-2b77-402d-9c53-a9468c1e6fd7","block_type":"box","text":"functionality, and value of the network on which the OnChain Shares are issued.","page_number":30,"box":{"x":150,"y":482,"width":566,"height":13}},{"id":"2e55e607-4e8e-459f-bcc3-b566994ce2e8","block_type":"box","text":"Before investing in OnChain Shares on a particular bl","page_number":30,"box":{"x":150,"y":505,"width":371,"height":13}},{"id":"775b3bc3-7634-419e-9182-5507caad8752","block_type":"box","text":"ockchain, an investor should carefully consider the","page_number":30,"box":{"x":522,"y":505,"width":356,"height":13}},{"id":"8648e9fb-5304-4307-9048-6eaa07a23c58","block_type":"box","text":"risks of using such blockchain network and shoul","page_number":30,"box":{"x":150,"y":521,"width":343,"height":12}},{"id":"02fa5a30-8569-4b8f-8402-7900f02aacf3","block_type":"box","text":"d conduct their own assessment of the suitability of","page_number":30,"box":{"x":494,"y":521,"width":360,"height":12}},{"id":"c9c73f7c-f20f-420b-bb80-fedf58e12f77","block_type":"box","text":"such network for making their investment in the Fund.","page_number":30,"box":{"x":150,"y":536,"width":384,"height":13}},{"id":"8a0e583c-c57e-4d2b-9e75-346a8aa565a3","block_type":"box","text":"Blockchain Networks","page_number":30,"box":{"x":116,"y":559,"width":150,"height":10}},{"id":"4a6a2446-795c-4463-a4a1-b9dfe3306474","block_type":"box","text":".","page_number":30,"box":{"x":267,"y":567,"width":3,"height":2}},{"id":"af05f36d-a83c-4a53-8450-dc327fddbff8","block_type":"box","text":"The suitability of the blockchain networks (and underlying blockchain ledger)","page_number":30,"box":{"x":271,"y":559,"width":550,"height":13}},{"id":"0f0d5a7e-8986-4d62-ae11-f9f2ad0d1826","block_type":"box","text":"approved for use by the Fund could decline due to a var","page_number":30,"box":{"x":116,"y":575,"width":388,"height":13}},{"id":"54961376-c101-4ae3-8e35-889e7e7d8a07","block_type":"box","text":"iety of causes, adversely affecting the functionality of","page_number":30,"box":{"x":504,"y":575,"width":371,"height":13}},{"id":"e0059993-cdc4-4956-a658-cb0859353320","block_type":"box","text":"the OnChain Shares and an investment in the Fund.","page_number":30,"box":{"x":116,"y":590,"width":359,"height":10}},{"id":"56422b95-ea6b-485b-8217-56a50015ef87","block_type":"box","text":"Blockchain networks are based on software protocols","page_number":30,"box":{"x":476,"y":590,"width":381,"height":13}},{"id":"41aadc9c-32a4-402d-9cf5-0729f7d23820","block_type":"box","text":"that govern the peer-to-peer interactions between com","page_number":30,"box":{"x":116,"y":606,"width":375,"height":13}},{"id":"755bfc89-9db6-4666-bd26-d28ee96f1aac","block_type":"box","text":"puters connected to these networks. 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The existence of undiscovered technical flaws in the network;","page_number":31,"box":{"x":150,"y":156,"width":485,"height":13}},{"id":"2d8dc872-9fea-4b49-8585-b677e292ee55","block_type":"box","text":"10. The development of new or existing hardware or software tools or mechanisms that could","page_number":31,"box":{"x":151,"y":180,"width":692,"height":12}},{"id":"980e6997-2bcf-4ee5-8573-61f20d7b17d3","block_type":"box","text":"negatively impact the functionality of the systems (including advances in computing or","page_number":31,"box":{"x":183,"y":195,"width":633,"height":13}},{"id":"cc0d7f57-396c-425e-9bbb-264accc0fa85","block_type":"box","text":"cryptography);","page_number":31,"box":{"x":183,"y":211,"width":112,"height":12}},{"id":"c74184be-727e-45a3-a662-ec7f89dd340a","block_type":"box","text":"11. The price of ether;","page_number":31,"box":{"x":151,"y":234,"width":171,"height":13}},{"id":"24f7a347-03eb-4dfd-b01e-2e7ebc737538","block_type":"box","text":"12. 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Ho","page_number":31,"box":{"x":116,"y":474,"width":393,"height":13}},{"id":"23d0994d-5f33-45e9-9270-3bc2bb2c8c00","block_type":"box","text":"wever, if there are data security breaches with respect","page_number":31,"box":{"x":510,"y":474,"width":375,"height":13}},{"id":"174df439-23aa-4dc1-9d03-05811537dc63","block_type":"box","text":"to such database(s) resulting in the","page_number":31,"box":{"x":116,"y":490,"width":239,"height":12}},{"id":"53a1cb88-5622-4bfa-b223-656d40cab038","block_type":"box","text":"ft of the information necessary to li","page_number":31,"box":{"x":356,"y":490,"width":244,"height":12}},{"id":"f105df22-89a9-4ab6-b6e0-c089b919f84b","block_type":"box","text":"nk personal identity with the public key","page_number":31,"box":{"x":600,"y":490,"width":281,"height":12}},{"id":"01dd4185-23ee-4865-b0f9-a4c10f4bfd59","block_type":"box","text":"and related OnChain Share transactions, the stolen info","page_number":31,"box":{"x":116,"y":505,"width":386,"height":12}},{"id":"421dc13d-a104-467b-aff9-9056557c00d1","block_type":"box","text":"rmation could be used to determine a shareholder’s","page_number":31,"box":{"x":502,"y":505,"width":361,"height":10}},{"id":"28eb164c-8b13-489c-ba01-3ac35edb1266","block_type":"box","text":"identity and complete transaction history in OnChain Shares.","page_number":31,"box":{"x":116,"y":521,"width":430,"height":12}},{"id":"2640b11a-07cc-4eaa-afb5-446405ba9c1b","block_type":"box","text":"Concerns over these privacy issues may limit adoption of","page_number":31,"box":{"x":117,"y":544,"width":395,"height":13}},{"id":"fff2c0fc-8604-4c57-99fe-044985ac816b","block_type":"box","text":"f public-ledger blockchain technology, reducing the","page_number":31,"box":{"x":511,"y":544,"width":355,"height":13}},{"id":"27a9cabb-cfb0-409f-8c3e-e83785823685","block_type":"box","text":"potential market acceptance for OnChain Shares.","page_number":31,"box":{"x":116,"y":559,"width":347,"height":13}},{"id":"ad928162-d6fb-4e8a-bf7f-32553a129230","block_type":"box","text":"Blockchain Network Suitability","page_number":31,"box":{"x":116,"y":583,"width":223,"height":12}},{"id":"8cb69618-8721-4533-a0f7-2050ca10c5dc","block_type":"box","text":". The Board has delegated to BlackRock the authority to evaluate and select","page_number":31,"box":{"x":340,"y":583,"width":529,"height":12}},{"id":"c03c62b6-dde3-4fa4-a749-07ea6b3e89ba","block_type":"box","text":"the blockchain networks on which the Fund’s OnChain","page_number":31,"box":{"x":116,"y":598,"width":391,"height":10}},{"id":"706ee613-ac44-488f-bcfe-c7d8865308b1","block_type":"box","text":"Shares will be offered and sold. The Board does not","page_number":31,"box":{"x":507,"y":598,"width":363,"height":10}},{"id":"50ecf3a7-bb03-4b0c-88a3-4c075ffb1cf2","block_type":"box","text":"review or approve individual blockchain networks. In","page_number":31,"box":{"x":116,"y":614,"width":378,"height":12}},{"id":"4bf49efd-e382-4be1-9c3e-aa38e1d21df4","block_type":"box","text":"exercising this delegated authority, BlackRock conducts","page_number":31,"box":{"x":494,"y":614,"width":391,"height":12}},{"id":"434d772b-da58-41f3-bd6d-18329cfc0bdb","block_type":"box","text":"multi-layered technical and operational due diligence pr","page_number":31,"box":{"x":116,"y":629,"width":386,"height":13}},{"id":"7aa8d2c3-2c27-4ec9-aa45-be8ff897a1c3","block_type":"box","text":"ior to supporting the Fund’s OnChain Shares on any","page_number":31,"box":{"x":503,"y":629,"width":369,"height":13}},{"id":"6c50101f-6838-47ea-a9a5-2aa8aed6e269","block_type":"box","text":"blockchain network. BlackRock’s review process is suppor","page_number":31,"box":{"x":116,"y":645,"width":407,"height":12}},{"id":"0d8e293a-be60-4b46-83f8-e16048062ed8","block_type":"box","text":"ted by the Fund’s transfer agent, which assists in","page_number":31,"box":{"x":523,"y":645,"width":340,"height":12}},{"id":"495cc40b-ebe5-4f94-bfed-d4b605884c18","block_type":"box","text":"blockchain diligence as detailed below.","page_number":31,"box":{"x":116,"y":660,"width":269,"height":13}},{"id":"4e11a53e-4c10-49c7-a1f4-ff79758325fa","block_type":"box","text":"Although neither the Fund, BlackRock, nor the Fund’s","page_number":31,"box":{"x":116,"y":683,"width":378,"height":13}},{"id":"86a7e753-ca3c-4232-8c5a-3dd94ce55cf5","block_type":"box","text":"transfer agent endorses or recommends any particular","page_number":31,"box":{"x":499,"y":683,"width":373,"height":13}},{"id":"1e716646-68cb-41a8-9b6d-bae585c9b7a0","block_type":"box","text":"blockchain, and an investor should independently a","page_number":31,"box":{"x":116,"y":699,"width":357,"height":13}},{"id":"d4dae35b-deb5-480c-a2c4-826f3b336d0f","block_type":"box","text":"ssess any blockchain for their own purposes and use cases,","page_number":31,"box":{"x":474,"y":699,"width":405,"height":13}},{"id":"33eb1df2-1e4c-4255-8bd7-372410b62a9d","block_type":"box","text":"the Fund’s transfer agent will nonetheless review information","page_number":31,"box":{"x":116,"y":714,"width":424,"height":13}},{"id":"fa77ad42-7d84-466e-8434-8b5c99a696b1","block_type":"box","text":"related to a blockchain in relation to allowing a","page_number":31,"box":{"x":545,"y":714,"width":330,"height":13}},{"id":"4f2277ed-b4ed-442a-abc0-1213f21e890e","block_type":"box","text":"blockchain to be used to support On","page_number":31,"box":{"x":116,"y":730,"width":255,"height":13}},{"id":"e6c98d16-3122-4204-b901-3f1a06656bc2","block_type":"box","text":"Chain Shares, including the following:","page_number":31,"box":{"x":372,"y":730,"width":263,"height":13}},{"id":"662f9f4e-318a-4be9-96a9-6790aa1b84da","block_type":"box","text":"• Operational Integrity and Scalability: Each supported blockchain should generally demonstrate","page_number":31,"box":{"x":151,"y":753,"width":716,"height":13}},{"id":"b751bd01-3f3f-4ec3-ba5f-ce44f7038d64","block_type":"box","text":"consistent performance and adequate scalability.","page_number":31,"box":{"x":177,"y":769,"width":351,"height":13}},{"id":"656f1f45-97e9-4635-a4e6-0f7d2995feff","block_type":"box","text":"• Transaction Costs: Each supported blockchain should have reasonably understandable","page_number":31,"box":{"x":151,"y":792,"width":655,"height":13}},{"id":"e6603656-c4a6-4c82-89fd-e8f38fcd4d75","block_type":"box","text":"transaction fees.","page_number":31,"box":{"x":177,"y":807,"width":116,"height":11}},{"id":"210b5810-c567-4e8a-a2b5-16dc21332c00","block_type":"box","text":"• Permissioning Compatibility: Each supported blockchain should be able to support the Fund’s","page_number":31,"box":{"x":151,"y":831,"width":714,"height":13}},{"id":"d39ad7f6-269e-4255-b266-f2dbdca04a57","block_type":"box","text":"transfer agent’s permissioned framework on public, permissionless blockchains in seeking to","page_number":31,"box":{"x":177,"y":846,"width":675,"height":13}},{"id":"8fcef520-b15e-4615-bae3-2aeb16ec1b41","block_type":"box","text":"ensure that only pre-approved wallets can participate in transactions involving OnChain Shares.","page_number":31,"box":{"x":177,"y":862,"width":703,"height":13}},{"id":"2ecce860-3df8-4df5-9348-698fdb6b1dbb","block_type":"box","text":"I-12","page_number":31,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"dea30f04-475d-46ed-bd68-895fe0841e04","block_type":"box","text":"NM1026U-6033230-31/137","page_number":31,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"53e414d6-05e6-473f-8d83-c7b45f916f2f","block_type":"box","text":"• Burning and Minting Process: For investors seeking to move OnChain Shares between two","page_number":32,"box":{"x":151,"y":79,"width":688,"height":13}},{"id":"1b488720-2217-4923-833b-d9da87f0e411","block_type":"box","text":"different blockchains, each supported blockchain should be able to support the Fund’s transfer","page_number":32,"box":{"x":177,"y":94,"width":692,"height":13}},{"id":"ba48d9b8-9d94-4658-ae48-cab7eab8286d","block_type":"box","text":"agent’s management of a burning and minting process. This process involves reducing the","page_number":32,"box":{"x":177,"y":110,"width":655,"height":13}},{"id":"a6bd575a-9415-41bc-90b0-3273b2a1f8cf","block_type":"box","text":"balance of OnChain Shares on the originating blockchain to zero by recording a “burning”","page_number":32,"box":{"x":177,"y":125,"width":667,"height":13}},{"id":"e5b7e76d-3545-4a9e-a9a5-22414a70541e","block_type":"box","text":"transaction and then minting an equivalent number of OnChain Shares on the destination","page_number":32,"box":{"x":177,"y":141,"width":657,"height":13}},{"id":"887c4467-f335-4825-ab41-57ece9da19f6","block_type":"box","text":"blockchain. This controlled burning and minting process seeks to ensure that the movement of","page_number":32,"box":{"x":177,"y":156,"width":690,"height":13}},{"id":"596c43f1-efa1-4499-baa6-67e171fab4ef","block_type":"box","text":"OnChain Shares between blockchains does not result in any dilution or duplication of OnChain","page_number":32,"box":{"x":177,"y":172,"width":701,"height":13}},{"id":"4fff2bf5-58e6-4e70-aef8-6a51683cd195","block_type":"box","text":"Shares. As of the date of this SAI, only one blockchain supports OnChain Shares (i.e.,","page_number":32,"box":{"x":177,"y":187,"width":627,"height":13}},{"id":"aa6de9ad-20fd-4e68-a3ab-08205d95451b","block_type":"box","text":"Ethereum), but the Fund may, in the future, utilize multiple blockchains.","page_number":32,"box":{"x":177,"y":203,"width":531,"height":13}},{"id":"b57b8c87-d446-4c2a-a010-f3735254e2d6","block_type":"box","text":"Investors should note that they may experience materia","page_number":32,"box":{"x":116,"y":229,"width":383,"height":12}},{"id":"f66439a6-f61e-4dac-bdba-34c01f5f5d17","block_type":"box","text":"lly different service levels on different blockchains. As","page_number":32,"box":{"x":500,"y":229,"width":376,"height":12}},{"id":"a3a7eb68-ea8f-45f9-85e6-68d89d14ee28","block_type":"box","text":"of the date of this SAI, OnChain Shares of the Fund are only offered on Ethereum.","page_number":32,"box":{"x":116,"y":244,"width":577,"height":13}},{"id":"990b88ab-bb1b-4d65-ba7b-fd8a358a5714","block_type":"box","text":"Blockchain Regulation","page_number":32,"box":{"x":116,"y":270,"width":160,"height":13}},{"id":"67e4536d-9c1f-4445-8350-980d05fa0c65","block_type":"box","text":".","page_number":32,"box":{"x":277,"y":278,"width":3,"height":2}},{"id":"eafc24e7-9fef-44f9-b1ed-e696821050e1","block_type":"box","text":"Regulation of digital assets (such as OnChain Shares), blockchain technologies and","page_number":32,"box":{"x":280,"y":270,"width":585,"height":13}},{"id":"f3814621-66d8-450d-860a-e2558c25c90a","block_type":"box","text":"digital asset platforms is currently developing and","page_number":32,"box":{"x":116,"y":285,"width":349,"height":13}},{"id":"3524e39e-3a9e-4a3f-a528-3cd75124799f","block_type":"box","text":"likely to rapidly evolve, varies significantly among","page_number":32,"box":{"x":465,"y":285,"width":351,"height":13}},{"id":"1990aa6f-e2ef-4c4d-9f1c-b38474b6b7cf","block_type":"box","text":"international, federal, state and local jurisdictions and is","page_number":32,"box":{"x":116,"y":301,"width":388,"height":13}},{"id":"16d62456-063f-4e52-ac4d-7019ba1bd397","block_type":"box","text":"subject to significant uncertainty. Various legislative","page_number":32,"box":{"x":504,"y":301,"width":371,"height":13}},{"id":"d8d10ace-b0cf-41d8-b8cd-6910ce1db5fc","block_type":"box","text":"and executive bodies in the United States and in other c","page_number":32,"box":{"x":116,"y":316,"width":384,"height":10}},{"id":"c8e91bb8-beca-45a6-9b93-e5d1c4209d22","block_type":"box","text":"ountries are currently considering, or may in the future","page_number":32,"box":{"x":500,"y":316,"width":386,"height":13}},{"id":"b598e9fe-958e-4ac6-9f31-4860f75191c0","block_type":"box","text":"consider, laws, regulations, guidance, or other acti","page_number":32,"box":{"x":116,"y":332,"width":349,"height":13}},{"id":"9b003050-7a53-413d-b4b0-06b1eb6cc1e9","block_type":"box","text":"ons, which may severely impact the Fund, and thus the","page_number":32,"box":{"x":465,"y":332,"width":386,"height":13}},{"id":"7ebac807-32bf-4527-ada3-fb6b11adb7a4","block_type":"box","text":"Fund’s shareholders. Failure by the Fund or any Fund","page_number":32,"box":{"x":116,"y":347,"width":377,"height":13}},{"id":"98e28984-8083-437c-ad30-a5ab1e7f28cc","block_type":"box","text":"service provider to comply with any laws, rules or","page_number":32,"box":{"x":494,"y":347,"width":351,"height":13}},{"id":"fbeb6bf3-0ace-490a-9221-4563ca159f5d","block_type":"box","text":"regulations, some of which may not exist yet or are s","page_number":32,"box":{"x":116,"y":363,"width":366,"height":13}},{"id":"9f665413-910b-4a04-835b-64efa823d27c","block_type":"box","text":"ubject to interpretation and may be subject to change,","page_number":32,"box":{"x":483,"y":363,"width":378,"height":13}},{"id":"cceb6899-6a8d-4837-ad0c-d1ba906a1437","block_type":"box","text":"could result in a variety of adverse consequences to the","page_number":32,"box":{"x":116,"y":378,"width":385,"height":13}},{"id":"3eef3694-1add-4c5b-b199-12b7373463a0","block_type":"box","text":"Fund (and thus to the Fund’s shareholders), including","page_number":32,"box":{"x":501,"y":378,"width":376,"height":13}},{"id":"b5fe1686-123a-4dd5-bd9e-ba989a80ef34","block_type":"box","text":"civil penalties and fines. New or changing laws and regulations or interpretations of existing laws and","page_number":32,"box":{"x":116,"y":394,"width":710,"height":13}},{"id":"615c9a90-d445-4884-becb-6660419197e3","block_type":"box","text":"regulations may adversely impact the Fund’s ability to","page_number":32,"box":{"x":116,"y":409,"width":380,"height":13}},{"id":"efe5e744-f161-4013-8b3c-e6fc8fcb95f7","block_type":"box","text":"issue and redeem OnChain Shares or otherwise make","page_number":32,"box":{"x":496,"y":409,"width":374,"height":10}},{"id":"c01dea62-4786-476b-95df-a7d001e547be","block_type":"box","text":"distributions on OnChain Shares, the secondary market","page_number":32,"box":{"x":116,"y":425,"width":386,"height":13}},{"id":"047caf72-8c3d-4b8d-8d47-aaa6ee51a4a7","block_type":"box","text":"t liquidity and market price of OnChain Shares,","page_number":32,"box":{"x":502,"y":425,"width":332,"height":13}},{"id":"295f979e-5d78-49ab-99f4-60f0d05de7a2","block_type":"box","text":"shareholders’ ability to access or otherwise utilize an ex","page_number":32,"box":{"x":116,"y":440,"width":384,"height":13}},{"id":"d2c68149-fd78-4fe4-b0da-66e992eaca0b","block_type":"box","text":"change or platform for trading of OnChain Shares","page_number":32,"box":{"x":501,"y":440,"width":354,"height":13}},{"id":"34aaf997-bcfa-402b-a57a-1e40667cd697","block_type":"box","text":"(should such a platform or exchange exist in the futu","page_number":32,"box":{"x":117,"y":456,"width":366,"height":13}},{"id":"9f6801d1-1839-4861-8b5b-411e32c7840f","block_type":"box","text":"re and such activity be permitted by the Fund) and the","page_number":32,"box":{"x":483,"y":456,"width":381,"height":13}},{"id":"7b706cd2-92f0-47e6-9a28-ced12a473b1b","block_type":"box","text":"structure, rights and transferability of OnChain Sh","page_number":32,"box":{"x":116,"y":471,"width":351,"height":13}},{"id":"da9da100-4458-4eb2-8ba9-cef1f1c0c2ef","block_type":"box","text":"ares (should shareholders be permitted to transfer or","page_number":32,"box":{"x":467,"y":471,"width":369,"height":13}},{"id":"72edcd04-a42e-4a18-a63e-ce4c6526f64f","block_type":"box","text":"exchange OnChain Shares in the future). Therefore, th","page_number":32,"box":{"x":116,"y":487,"width":378,"height":13}},{"id":"ebce9201-9d7a-403e-8ae3-75a571943832","block_type":"box","text":"ere can be no assurance that any new or continuing","page_number":32,"box":{"x":495,"y":487,"width":361,"height":13}},{"id":"32587630-a803-4c6e-babd-594665e76cb5","block_type":"box","text":"regulatory scrutiny or initiatives will not have an adv","page_number":32,"box":{"x":116,"y":502,"width":367,"height":13}},{"id":"f781f492-5f23-4013-89cc-e1cef88273cf","block_type":"box","text":"erse impact on OnChain Shares or impede the Fund’s","page_number":32,"box":{"x":484,"y":502,"width":375,"height":13}},{"id":"454a14e1-86b8-4ee0-b2ba-15052b70157f","block_type":"box","text":"current or future activities. In addition, because of th","page_number":32,"box":{"x":116,"y":518,"width":366,"height":12}},{"id":"e61adbb5-735c-491b-b2ca-0fbca6e7eaf2","block_type":"box","text":"e differences between the way OnChain Shares are issued","page_number":32,"box":{"x":483,"y":518,"width":401,"height":13}},{"id":"abe71edd-c320-4e84-934d-99e99aed3fe2","block_type":"box","text":"and recorded as compared to shares in a traditional mutual","page_number":32,"box":{"x":116,"y":533,"width":416,"height":13}},{"id":"e1162490-ee6c-451f-87ef-635ad2faff68","block_type":"box","text":"fund, there is a risk that issues that might easily be","page_number":32,"box":{"x":532,"y":533,"width":353,"height":13}},{"id":"9b9935fa-5b33-439c-b1fd-e0fb3d2924d8","block_type":"box","text":"resolved by existing law if traditional methods were involv","page_number":32,"box":{"x":116,"y":549,"width":406,"height":13}},{"id":"735a6542-cf3b-4e30-886f-67fe9f600021","block_type":"box","text":"ed may not be easily resolved for OnChain Shares.","page_number":32,"box":{"x":523,"y":549,"width":355,"height":13}},{"id":"24efcfe9-5975-47a0-ab8a-7291ef3b609a","block_type":"box","text":"The treatment of OnChain Shares (and certain other form","page_number":32,"box":{"x":116,"y":564,"width":403,"height":13}},{"id":"c547f130-8157-44a3-af27-377757d315b0","block_type":"box","text":"s of tokenized shares) under applicable state law,","page_number":32,"box":{"x":519,"y":564,"width":344,"height":13}},{"id":"ab491fa9-fd82-4875-b843-f4f1d32aa2e6","block_type":"box","text":"including the Uniform Commercial Code (“UCC”) is uncert","page_number":32,"box":{"x":116,"y":580,"width":417,"height":13}},{"id":"e261b020-ccee-4bee-ba27-e2e6ef1e43e5","block_type":"box","text":"ain. The occurrence of any related issue or dispute","page_number":32,"box":{"x":533,"y":580,"width":352,"height":13}},{"id":"b49c8ed1-8c8c-44b7-8aac-35a49df0c9ed","block_type":"box","text":"could have a material adverse effect on the Fund’s cu","page_number":32,"box":{"x":116,"y":595,"width":367,"height":10}},{"id":"dabd4c40-d067-4591-9d76-1c4471b9736d","block_type":"box","text":"rrent or future business or OnChain Shares. Blockchain","page_number":32,"box":{"x":483,"y":595,"width":390,"height":10}},{"id":"dcee8dd6-54c1-4cf3-9568-f2efb49f3ad2","block_type":"box","text":"networks currently face an uncertain regulatory landscape","page_number":32,"box":{"x":116,"y":611,"width":403,"height":13}},{"id":"49116b07-df24-4905-8fcc-7fb6a6339219","block_type":"box","text":"in not only the United States but also in many","page_number":32,"box":{"x":519,"y":611,"width":327,"height":13}},{"id":"567615dd-ad5f-4816-9b61-8e7a8c728713","block_type":"box","text":"foreign jurisdictions such as the European Union and Ch","page_number":32,"box":{"x":116,"y":626,"width":393,"height":13}},{"id":"a93bf57a-7764-473b-9372-2ea5f9d5d3bd","block_type":"box","text":"ina. Various foreign jurisdictions may, in the near","page_number":32,"box":{"x":510,"y":626,"width":349,"height":13}},{"id":"110eedda-28ed-47ae-911c-b77fbe41d629","block_type":"box","text":"future, adopt laws, regulations or directives that affect a blockchain network and its users, developers and","page_number":32,"box":{"x":116,"y":642,"width":739,"height":13}},{"id":"84bbff69-d153-4a11-8dbc-2a349652f253","block_type":"box","text":"service providers that fall within such jurisdictions’ regul","page_number":32,"box":{"x":116,"y":657,"width":392,"height":13}},{"id":"57b898ea-4ae3-430b-ab55-84b91b10e8c1","block_type":"box","text":"atory scope. Such laws, regulations or directives may","page_number":32,"box":{"x":509,"y":657,"width":370,"height":13}},{"id":"c2a07494-5964-420a-9b59-eac5ef892c27","block_type":"box","text":"conflict with those of the United States or may direc","page_number":32,"box":{"x":116,"y":673,"width":360,"height":13}},{"id":"31df999f-f928-4b20-8dd7-65a3e34583e1","block_type":"box","text":"tly and negatively impact the Fund and its service","page_number":32,"box":{"x":477,"y":673,"width":341,"height":13}},{"id":"694aa779-faf1-4f79-96bf-05e332591636","block_type":"box","text":"providers. The effect of any future regulatory change","page_number":32,"box":{"x":116,"y":688,"width":366,"height":13}},{"id":"4d3dd0dc-963a-4635-b906-3689950b4b34","block_type":"box","text":"is impossible to predict, but such change could be","page_number":32,"box":{"x":487,"y":688,"width":343,"height":13}},{"id":"5cf899fa-50a8-4f41-9863-3c9e3b784040","block_type":"box","text":"substantial and adverse to the shareholders,","page_number":32,"box":{"x":116,"y":704,"width":302,"height":12}},{"id":"6e91128e-9f62-4b78-97ec-98b6c6cd9979","block_type":"box","text":"the Fund and the Fund’s service providers.","page_number":32,"box":{"x":423,"y":704,"width":293,"height":13}},{"id":"660e84db-c3eb-43b6-aa27-2632a893e80b","block_type":"box","text":"Stablecoin Regulatory Risk","page_number":32,"box":{"x":116,"y":730,"width":191,"height":13}},{"id":"dfa631dc-9c21-4f31-b449-5c6504aa3a5c","block_type":"box","text":".","page_number":32,"box":{"x":308,"y":738,"width":3,"height":2}},{"id":"0ccd3ccb-ae9b-456d-9364-a92ad7b36268","block_type":"box","text":"The Fund intends to operate such that","page_number":32,"box":{"x":316,"y":730,"width":264,"height":13}},{"id":"b5656c16-05cc-42ea-b9be-a99a835782d5","block_type":"box","text":"its OnChain Shares will be “eligible","page_number":32,"box":{"x":585,"y":730,"width":247,"height":13}},{"id":"2a5241de-dcd0-430d-9bcf-dd375a039668","block_type":"box","text":"reserve assets” for payment stablecoin","page_number":32,"box":{"x":116,"y":745,"width":264,"height":13}},{"id":"b57f9da5-ef28-4a16-83ad-cc0f145cf41a","block_type":"box","text":"issuers under the GENIUS Act. 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TempCash may purchase interest","page_number":35,"box":{"x":116,"y":242,"width":425,"height":12}},{"id":"2de9e11e-d19d-4da7-81f8-c34af0ce2586","block_type":"box","text":"s in loan participations for which the underlying","page_number":35,"box":{"x":541,"y":242,"width":339,"height":12}},{"id":"718b5931-2680-4b3e-86c7-bfc81c40a471","block_type":"box","text":"loan is issued by borrowers in whose obligations the F","page_number":35,"box":{"x":116,"y":257,"width":376,"height":13}},{"id":"a1462d56-04fb-42d3-be27-388f0338c09e","block_type":"box","text":"unds are permitted to invest. Such loan participations","page_number":35,"box":{"x":493,"y":257,"width":374,"height":13}},{"id":"7e416ec9-6beb-4696-ade3-c3b2bdcf97a8","block_type":"box","text":"may have a demand provision that permits the F","page_number":35,"box":{"x":116,"y":273,"width":336,"height":12}},{"id":"8a60c41e-bf6b-4d62-ad7f-c6c00d7cac92","block_type":"box","text":"und to require repayment within seven days. 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Ginnie Mae is a wholly-owned U.S. Government","page_number":35,"box":{"x":478,"y":575,"width":365,"height":13}},{"id":"b691ff5c-9105-4713-b1d1-fe85558c3597","block_type":"box","text":"corporation within the Department of Housing and Urban Development. Ginnie Mae certificates also are","page_number":35,"box":{"x":116,"y":590,"width":736,"height":13}},{"id":"aa4fbf55-0bc2-456a-aaf0-b7d12db65111","block_type":"box","text":"supported by the authority of Ginnie Mae to borrow funds from the U.S. Treasury Department to make","page_number":35,"box":{"x":116,"y":606,"width":727,"height":13}},{"id":"2ec1a21e-4bb3-43fd-aab6-a34f6032017c","block_type":"box","text":"payments under its guarantee. Mortgage-related secu","page_number":35,"box":{"x":116,"y":621,"width":367,"height":13}},{"id":"8ba6af6f-9988-445b-9eb3-69ca5de05e1e","block_type":"box","text":"rities issued by the Federal National Mortgage","page_number":35,"box":{"x":484,"y":621,"width":326,"height":13}},{"id":"c496fefb-8d80-427c-a729-e7b5f01f3556","block_type":"box","text":"Association (“Fannie Mae”) include Fannie Mae guar","page_number":35,"box":{"x":116,"y":637,"width":373,"height":13}},{"id":"9b690085-b563-476e-a51a-41cf16113562","block_type":"box","text":"anteed Mortgage Pass-Through Certificates (also known","page_number":35,"box":{"x":490,"y":637,"width":396,"height":13}},{"id":"3bb77c14-e5b6-4480-9c70-fb4a0acb5737","block_type":"box","text":"as “Fannie Maes”), which are guaranteed as to timely p","page_number":35,"box":{"x":116,"y":652,"width":378,"height":13}},{"id":"af82d5ce-a476-4832-a5cc-e7e6a6029062","block_type":"box","text":"payment of principal and interest by Fannie Mae. They","page_number":35,"box":{"x":494,"y":652,"width":388,"height":13}},{"id":"009b30f6-2714-4514-a2c2-6f5a46dfc97f","block_type":"box","text":"are not backed by or entitled to the full faith and credit","page_number":35,"box":{"x":116,"y":668,"width":382,"height":13}},{"id":"b4a6ae21-0a78-45aa-a949-b538fd1f65d3","block_type":"box","text":"of the United States, but are supported by the right of","page_number":35,"box":{"x":503,"y":668,"width":372,"height":13}},{"id":"1d936da5-115a-4e26-ad2c-5131c8e896c3","block_type":"box","text":"Fannie Mae to borrow from the U.S. Treasury Departme","page_number":35,"box":{"x":116,"y":683,"width":395,"height":13}},{"id":"708b5a4c-d6e2-44b6-afe2-d1c6de0ba4a3","block_type":"box","text":"nt. Fannie Mae was established as a federal agency in","page_number":35,"box":{"x":512,"y":683,"width":369,"height":13}},{"id":"5eee5a50-a70d-4b27-b105-8cafdbed01cc","block_type":"box","text":"1938 and in 1968 was chartered by Congress as a privat","page_number":35,"box":{"x":117,"y":699,"width":391,"height":13}},{"id":"b2a14744-54ce-48fb-8a5b-25f57444f847","block_type":"box","text":"e shareholder-owned company. Mortgage-related","page_number":35,"box":{"x":508,"y":699,"width":343,"height":13}},{"id":"cde1c275-1bdd-4335-8c8c-bdf9100a15dc","block_type":"box","text":"securities issued by the Federal Home Loan Mortgage","page_number":35,"box":{"x":116,"y":714,"width":373,"height":13}},{"id":"107f3183-bb17-405e-9fe7-0b61b9996ef8","block_type":"box","text":"Corporation (“Freddie Mac”) include Freddie Mac","page_number":35,"box":{"x":494,"y":714,"width":354,"height":13}},{"id":"2e813363-80dc-4362-9c4e-11ed6f624663","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder","page_number":35,"box":{"x":116,"y":730,"width":760,"height":13}},{"id":"448892d4-b47f-4da4-bb84-7a7e59352e59","block_type":"box","text":"owned corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or","page_number":35,"box":{"x":116,"y":745,"width":751,"height":13}},{"id":"fbfad91e-c4d6-4c64-a898-c5f01f612181","block_type":"box","text":"by any Federal Home Loan Banks and do not constitute a","page_number":35,"box":{"x":116,"y":761,"width":402,"height":13}},{"id":"cb710662-9532-4c87-811c-287a4a1970ce","block_type":"box","text":"debt or obligation of the United States or of any","page_number":35,"box":{"x":523,"y":761,"width":332,"height":13}},{"id":"aa8a2e96-c209-4825-8fc4-e694bd2312c0","block_type":"box","text":"Federal Home Loan Bank. Freddie Macs entitle the holder","page_number":35,"box":{"x":116,"y":776,"width":405,"height":11}},{"id":"95244601-072c-4488-a365-99934728f2d0","block_type":"box","text":"to timely payment of interest, which is guaranteed","page_number":35,"box":{"x":525,"y":776,"width":347,"height":13}},{"id":"a9db1f1b-17cf-4722-8a3c-df3f8ed1c4fc","block_type":"box","text":"by Freddie Mac. Freddie Mac guarantees either ultimat","page_number":35,"box":{"x":116,"y":792,"width":383,"height":13}},{"id":"a0ebef67-f860-4875-bde0-47c53477f523","block_type":"box","text":"e collection or timely payment of all principal","page_number":35,"box":{"x":499,"y":792,"width":316,"height":13}},{"id":"7b79c1ff-a9ad-4488-b670-c737283a9e3d","block_type":"box","text":"payments on the underlying mortgage loans. While Fre","page_number":35,"box":{"x":116,"y":807,"width":381,"height":13}},{"id":"f011815e-df24-4eca-9fe0-aa3cf944e962","block_type":"box","text":"ddie Mac generally does not guarantee timely payment","page_number":35,"box":{"x":498,"y":807,"width":380,"height":13}},{"id":"1cf786e9-6798-4657-a9d2-8c9d2118dbf9","block_type":"box","text":"of principal, Freddie Mac may remit the amount due on","page_number":35,"box":{"x":116,"y":823,"width":388,"height":13}},{"id":"ad028507-7e92-4f96-a313-d34d4a93f07e","block_type":"box","text":"account of its guarantee of ultimate payment of","page_number":35,"box":{"x":509,"y":823,"width":330,"height":13}},{"id":"a22b3295-e685-4037-88cf-4da8b8a7f2fd","block_type":"box","text":"principal at any time after default on an underlying mo","page_number":35,"box":{"x":116,"y":838,"width":382,"height":13}},{"id":"87ac5cbc-6ac9-4be6-88ac-b257c910dc07","block_type":"box","text":"rtgage, but in no event later than one year after it","page_number":35,"box":{"x":498,"y":838,"width":346,"height":13}},{"id":"4f79206f-f77c-40e1-81ce-ea8999cc5deb","block_type":"box","text":"becomes payable. On September 6, 2008, Director Jam","page_number":35,"box":{"x":116,"y":854,"width":383,"height":13}},{"id":"3645831e-8e57-41e8-b946-172b19d8fb90","block_type":"box","text":"es Lockhart of the Federal Housing Finance Agency","page_number":35,"box":{"x":500,"y":854,"width":363,"height":13}},{"id":"2e18b4e4-4c1b-4b73-93be-f316163dd502","block_type":"box","text":"(“FHFA”) appointed FHFA as conservator of both","page_number":35,"box":{"x":117,"y":869,"width":358,"height":13}},{"id":"01160037-fac0-4699-8e7f-4b42f9d5132b","block_type":"box","text":"Fannie Mae and Freddie Mac. In addition the U.S.","page_number":35,"box":{"x":475,"y":869,"width":354,"height":11}},{"id":"7797c198-0206-44aa-bc74-2ff29c01aa3e","block_type":"box","text":"I-16","page_number":35,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"b38366f5-3b3c-4fe7-9d67-acb6f20afab2","block_type":"box","text":"NM1026U-6033230-35/137","page_number":35,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"e97284a8-449e-45b7-b58c-bdc470607800","block_type":"box","text":"Treasury Department agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital each on an","page_number":36,"box":{"x":116,"y":78,"width":770,"height":14}},{"id":"b63de103-2b6d-45e5-a1dd-2acd90cd504d","block_type":"box","text":"as needed basis to insure that they continue to p","page_number":36,"box":{"x":116,"y":94,"width":324,"height":13}},{"id":"33712cf1-1a89-4917-b4f7-c96fb886a57d","block_type":"box","text":"provide liquidity to the housing and mortgage markets.","page_number":36,"box":{"x":440,"y":94,"width":388,"height":13}},{"id":"fa249573-f78e-4054-812e-c97d302bf756","block_type":"box","text":"TempCash only may invest in classes of collateralized","page_number":36,"box":{"x":116,"y":118,"width":371,"height":12}},{"id":"100d9854-2f43-41eb-9ca3-802a35241022","block_type":"box","text":"d mortgage obligations (“CMOs”) deemed to have a","page_number":36,"box":{"x":487,"y":118,"width":363,"height":12}},{"id":"59ddb3fc-9392-43b7-b2f1-497759042cd4","block_type":"box","text":"remaining maturity of 397 days or less in accordan","page_number":36,"box":{"x":116,"y":133,"width":354,"height":13}},{"id":"460cb022-4fee-4890-8f25-d0ca516683ba","block_type":"box","text":"ce with the requirements of Rule 2a-7 under the 1940 Act.","page_number":36,"box":{"x":470,"y":133,"width":411,"height":13}},{"id":"c76bfc9c-6aca-4cb4-aeeb-56a596406ee3","block_type":"box","text":"Each class of a CMO, which frequently elects to be taxed as a real estate mortgage investment conduit","page_number":36,"box":{"x":116,"y":149,"width":714,"height":12}},{"id":"1eddd218-3494-484a-b480-91ed4c93ccc7","block_type":"box","text":"(“REMIC”), represents a direct ownership interest in, and t","page_number":36,"box":{"x":117,"y":164,"width":407,"height":13}},{"id":"8ddf1c98-d9b0-4138-8967-361dc5d3e3f9","block_type":"box","text":"the right to receive a specified portion of, the cash","page_number":36,"box":{"x":524,"y":164,"width":350,"height":13}},{"id":"17ed1db7-b308-4169-a764-d2cf2b3652f6","block_type":"box","text":"flow consisting of interest and principal on a pool of residential mortgage loans or mortgage pass-through","page_number":36,"box":{"x":116,"y":180,"width":740,"height":12}},{"id":"1c87c01f-c77e-43a9-92cd-808fe35cce6e","block_type":"box","text":"securities (“Mortgage Assets”). CMOs are issued in multip","page_number":36,"box":{"x":116,"y":195,"width":408,"height":13}},{"id":"56e4820f-755b-4e37-9923-683fc9d51bda","block_type":"box","text":"le classes, each with a specified fixed or floating","page_number":36,"box":{"x":525,"y":195,"width":335,"height":13}},{"id":"98a270b0-3065-498e-bcf1-961cc8b720e5","block_type":"box","text":"interest rate and a final distribution date. The relativ","page_number":36,"box":{"x":116,"y":211,"width":363,"height":10}},{"id":"c7a0f332-0c7f-4354-9224-086f2a66cf62","block_type":"box","text":"e payment rights of the various CMO classes may be","page_number":36,"box":{"x":480,"y":211,"width":370,"height":12}},{"id":"f7ffb8e4-4f4f-49ea-9310-9db610557ac4","block_type":"box","text":"structured in many ways. In most cases, however, paymen","page_number":36,"box":{"x":116,"y":226,"width":404,"height":13}},{"id":"00dac0cc-f5f8-4daa-ad13-611a6fd750fc","block_type":"box","text":"ts of principal are applied to the CMO classes in the","page_number":36,"box":{"x":520,"y":226,"width":366,"height":13}},{"id":"26da3896-1780-4314-a81f-0c9e905c84b3","block_type":"box","text":"order of their respective stated maturities, so that","page_number":36,"box":{"x":116,"y":242,"width":345,"height":12}},{"id":"afcc3f7a-e454-4c4b-be6f-52a66fa5a5e6","block_type":"box","text":"no principal payments will be made on a CMO class until","page_number":36,"box":{"x":461,"y":242,"width":407,"height":12}},{"id":"04612200-70fe-4a16-af71-d62f8d086e58","block_type":"box","text":"all other classes having an earlier stated maturity da","page_number":36,"box":{"x":116,"y":257,"width":359,"height":13}},{"id":"fd04fa83-96c0-4258-8cc6-1ad5b3236003","block_type":"box","text":"te are paid in full. These multiple class securities may be","page_number":36,"box":{"x":475,"y":257,"width":393,"height":13}},{"id":"8a764a06-75b0-41fc-ab6e-96a12d720299","block_type":"box","text":"issued or guaranteed by U.S. Government agencies","page_number":36,"box":{"x":116,"y":273,"width":355,"height":12}},{"id":"744dc741-252f-4a85-a92e-4a3dbbda628b","block_type":"box","text":"or instrumentalities, including Ginnie Mae, Fannie Mae","page_number":36,"box":{"x":472,"y":273,"width":390,"height":12}},{"id":"014dbf48-7583-4efe-8631-bb749630b0f2","block_type":"box","text":"and Freddie Mac, or issued by trusts formed by privat","page_number":36,"box":{"x":116,"y":288,"width":374,"height":13}},{"id":"ee190429-9350-4ad9-b6c9-9739793da0fa","block_type":"box","text":"e originators of, or investors in, mortgage loans. Classes","page_number":36,"box":{"x":491,"y":288,"width":392,"height":13}},{"id":"9db6f16b-bef1-475f-ad44-67e0b15f29d9","block_type":"box","text":"in CMOs which TempCash may hold are known as “reg","page_number":36,"box":{"x":116,"y":304,"width":395,"height":12}},{"id":"8d527528-fc60-4752-a6ec-01f0ffdea648","block_type":"box","text":"ular” interests. TempCash may also hold “residual”","page_number":36,"box":{"x":512,"y":304,"width":365,"height":12}},{"id":"af9e9962-0210-4ccb-99ad-e7a4c19b4e1a","block_type":"box","text":"interests, which in general are junior to and significan","page_number":36,"box":{"x":116,"y":319,"width":372,"height":13}},{"id":"323a694b-49e8-4c90-a050-e7e28626027c","block_type":"box","text":"tly more volatile than “regular interests.” The residual in","page_number":36,"box":{"x":488,"y":319,"width":399,"height":13}},{"id":"e19743a9-d357-4cd9-b07a-e6f2cd929dd2","block_type":"box","text":"a CMO structure generally represents the interest in","page_number":36,"box":{"x":116,"y":335,"width":365,"height":12}},{"id":"e0523774-77d5-4a50-9c61-6cd357df4ef4","block_type":"box","text":"any excess cash flow or tax liability remaining after","page_number":36,"box":{"x":481,"y":335,"width":361,"height":12}},{"id":"85030cc2-a0bb-47a4-8daa-10ca43511677","block_type":"box","text":"making required payments of principal of and interest","page_number":36,"box":{"x":116,"y":350,"width":374,"height":13}},{"id":"c5d6ef52-ecda-4e48-bef1-4989fe7dd092","block_type":"box","text":"t on the CMOs, as well as the related administrative","page_number":36,"box":{"x":490,"y":350,"width":362,"height":12}},{"id":"a431163b-efe5-4f9d-aaf7-18ac541e825d","block_type":"box","text":"expenses of the issuer. The market for CMOs may be m","page_number":36,"box":{"x":116,"y":366,"width":375,"height":12}},{"id":"99b74c97-ce17-4163-aed1-c20c693a0a04","block_type":"box","text":"more illiquid than that of other securities. TempCash","page_number":36,"box":{"x":491,"y":366,"width":374,"height":12}},{"id":"78d36e0e-d018-4f2a-9000-c60798578fd8","block_type":"box","text":"currently intends to hold CMOs only as","page_number":36,"box":{"x":116,"y":381,"width":277,"height":13}},{"id":"f20f19fb-a304-446e-963e-266fad940740","block_type":"box","text":"collateral for repurchase agreements.","page_number":36,"box":{"x":393,"y":381,"width":265,"height":13}},{"id":"c36ea844-1ea7-4c54-9186-915cbc3bad27","block_type":"box","text":"Classes of CMOs include interest only (“IOs”), pr","page_number":36,"box":{"x":117,"y":404,"width":347,"height":13}},{"id":"1d03d882-143c-4d65-a271-f922f12ee854","block_type":"box","text":"incipal only (“POs”), planned amortization classes","page_number":36,"box":{"x":464,"y":404,"width":356,"height":13}},{"id":"df5a3591-4c0d-4361-94bc-66e510f1cde3","block_type":"box","text":"(“PACs”) and targeted amortization classes (“TACs”).","page_number":36,"box":{"x":117,"y":420,"width":384,"height":13}},{"id":"23ded000-50b6-474f-8989-ce2d85995e5d","block_type":"box","text":"IOs and POs are stripped mortgage-backed securities","page_number":36,"box":{"x":501,"y":420,"width":372,"height":13}},{"id":"f8f36afd-e8ab-4b71-879f-1d9a57b8ef16","block_type":"box","text":"representing interests in a pool of mortgages the cash flow","page_number":36,"box":{"x":116,"y":435,"width":408,"height":13}},{"id":"ba762fc4-5b57-4537-9035-95ebadb73c7b","block_type":"box","text":"from which has been separated into interest and","page_number":36,"box":{"x":524,"y":435,"width":338,"height":13}},{"id":"9a32171c-aaa4-4a5f-aa91-9d5c6d852ff9","block_type":"box","text":"principal components. IOs (interest only securities) recei","page_number":36,"box":{"x":116,"y":451,"width":389,"height":13}},{"id":"9f4ed0f5-860e-4a8c-bf3f-2ba62ece2e50","block_type":"box","text":"ve the interest portion of the cash flow while POs","page_number":36,"box":{"x":505,"y":451,"width":348,"height":13}},{"id":"46538bed-5a0a-4929-9b4b-0c5ee6ef22f4","block_type":"box","text":"(principal only securities) receive the principal portion.","page_number":36,"box":{"x":117,"y":466,"width":382,"height":13}},{"id":"2e4b7d65-185d-42e6-9685-485ae1ac7344","block_type":"box","text":"IOs and POs can be extremely volatile in response to","page_number":36,"box":{"x":499,"y":466,"width":371,"height":13}},{"id":"7977de43-b840-4a94-9824-bc2452912e64","block_type":"box","text":"changes in interest rates. As interest rates rise and fall, th","page_number":36,"box":{"x":116,"y":482,"width":392,"height":13}},{"id":"1c96cd9d-c4de-4b85-9010-f5733e0d6334","block_type":"box","text":"e value of IOs tends to move in the same direction as","page_number":36,"box":{"x":509,"y":482,"width":370,"height":10}},{"id":"49defe27-d201-484c-9d6d-ec22f5db636b","block_type":"box","text":"interest rates. POs perform best when prepayments","page_number":36,"box":{"x":116,"y":497,"width":359,"height":13}},{"id":"d6263835-c115-4fe7-88df-0c681c0f4503","block_type":"box","text":"on the underlying mortgages rise since this increases the","page_number":36,"box":{"x":475,"y":497,"width":391,"height":13}},{"id":"f13b3ba6-6d9e-441c-9b2e-0dae7aa04e77","block_type":"box","text":"rate at which the investment is returned and the yi","page_number":36,"box":{"x":116,"y":513,"width":348,"height":13}},{"id":"9ea04ec5-821d-4e03-ba22-469d12b59985","block_type":"box","text":"eld to maturity on the PO. When payments on mortgages","page_number":36,"box":{"x":465,"y":513,"width":403,"height":13}},{"id":"71eeb80c-4abb-40f4-8c40-d9e02a0fa36b","block_type":"box","text":"underlying a PO are slow, the life of the PO is length","page_number":36,"box":{"x":116,"y":528,"width":366,"height":13}},{"id":"202f9b67-521b-4d01-8e88-6f2b9bf0e9d5","block_type":"box","text":"ened and the yield to maturity is reduced. PACs are","page_number":36,"box":{"x":482,"y":528,"width":361,"height":13}},{"id":"497e7188-12c2-4dcb-87ff-f9338f73788c","block_type":"box","text":"parallel pay REMIC pass-through or participation certificates (“REMIC Certificates”), which generally","page_number":36,"box":{"x":116,"y":544,"width":721,"height":13}},{"id":"6fbd2707-65fe-4ecb-9660-e4e5749ecedf","block_type":"box","text":"require that specified amounts of principal be applied on","page_number":36,"box":{"x":116,"y":559,"width":397,"height":13}},{"id":"369c88ab-7149-4d21-bec0-c8a78bc3045e","block_type":"box","text":"each payment date to one or more classes of REMIC","page_number":36,"box":{"x":514,"y":559,"width":370,"height":13}},{"id":"bae681ea-5711-4598-8521-8d39fb7830fa","block_type":"box","text":"Certificates (the “PAC Certificates”), even though all ot","page_number":36,"box":{"x":117,"y":575,"width":385,"height":13}},{"id":"56202dca-d190-4fa9-9f93-f91b5edb8bc6","block_type":"box","text":"her principal payments and prepayments of the","page_number":36,"box":{"x":503,"y":575,"width":332,"height":13}},{"id":"1e039a1f-42e1-4ec3-8ea0-4b280127ae4b","block_type":"box","text":"mortgage assets are then required to be applied to one","page_number":36,"box":{"x":116,"y":590,"width":380,"height":13}},{"id":"f5febf71-7b35-4c63-a9d7-d5755bcee3ce","block_type":"box","text":"or more other classes of the Certificates. The scheduled","page_number":36,"box":{"x":496,"y":590,"width":386,"height":10}},{"id":"1d9bf5b0-56f1-4bd6-959a-169cec76be76","block_type":"box","text":"principal payments for the PAC Certificates generally h","page_number":36,"box":{"x":116,"y":606,"width":383,"height":13}},{"id":"2ce91fd2-d1d5-4a4d-afa2-b120df6270df","block_type":"box","text":"ave the highest priority on each payment date after","page_number":36,"box":{"x":500,"y":606,"width":357,"height":13}},{"id":"c53b70b9-ce43-4433-b346-3ba1c2c170e0","block_type":"box","text":"interest due has been paid to all classes entitled to receive","page_number":36,"box":{"x":116,"y":621,"width":395,"height":13}},{"id":"1e73ddf4-3f70-4e70-81f0-657ef117e114","block_type":"box","text":"interest currently. Shortfalls, if any, are added to the","page_number":36,"box":{"x":511,"y":621,"width":371,"height":13}},{"id":"b3af7a02-51b1-4acb-a660-28a01d288e91","block_type":"box","text":"amount payable on the next payment date. The PAC Cer","page_number":36,"box":{"x":116,"y":637,"width":396,"height":13}},{"id":"59ecfa7e-77d1-42dc-ab51-3ee86c1ed521","block_type":"box","text":"tificate payment schedule is taken into account in","page_number":36,"box":{"x":512,"y":637,"width":347,"height":13}},{"id":"2a81a797-9508-4733-9878-48f840dbddb9","block_type":"box","text":"calculating the final distribution date of each class","page_number":36,"box":{"x":116,"y":652,"width":351,"height":13}},{"id":"abcb1fef-8866-4cfb-bcd3-d2d99fe785d3","block_type":"box","text":"of PAC. In order to create PAC tranches, one or more","page_number":36,"box":{"x":468,"y":652,"width":378,"height":13}},{"id":"af93a52a-9d69-456d-a67d-c6f652cd979e","block_type":"box","text":"tranches generally must be created that absorb most","page_number":36,"box":{"x":116,"y":668,"width":361,"height":13}},{"id":"01f3bdb7-bbaa-4ca0-85d2-ba62f6e1c540","block_type":"box","text":"of the volatility in the underlying mortgage assets. These","page_number":36,"box":{"x":482,"y":668,"width":390,"height":13}},{"id":"9be768cf-afb0-47a0-b9af-6cfb21f01663","block_type":"box","text":"tranches (often called “supports” or “companion” tranches) tend to have market prices and yields that are","page_number":36,"box":{"x":116,"y":683,"width":739,"height":13}},{"id":"90a981e8-8d38-4ed1-9e06-63711f741494","block_type":"box","text":"more volatile than the PAC classes.","page_number":36,"box":{"x":116,"y":699,"width":243,"height":10}},{"id":"713b10aa-913d-4347-92f4-8130cca029cb","block_type":"box","text":"TACs are similar to PACs in that they require that sp","page_number":36,"box":{"x":116,"y":722,"width":368,"height":13}},{"id":"4efd85ea-c2b2-4e51-8f06-1591d8e44190","block_type":"box","text":"ecified amounts of principal be applied on each payment","page_number":36,"box":{"x":485,"y":722,"width":392,"height":13}},{"id":"4aab46a7-253f-4f15-9d83-0ac0e4f4d91b","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC","page_number":36,"box":{"x":116,"y":738,"width":406,"height":10}},{"id":"566b5479-1b2f-4216-bce6-3df086c73d24","block_type":"box","text":"’s payment schedule, however, remains in effect as","page_number":36,"box":{"x":523,"y":738,"width":347,"height":12}},{"id":"4be927c6-f601-4756-9735-d436616361ae","block_type":"box","text":"long as prepayment rates on the underlying mortgag","page_number":36,"box":{"x":116,"y":753,"width":363,"height":13}},{"id":"8861a804-9d31-4275-9d3e-c5ae222c4478","block_type":"box","text":"es do not exceed certain ranges. In contrast, a TAC","page_number":36,"box":{"x":480,"y":753,"width":353,"height":13}},{"id":"b2dfe54f-e3df-4d8e-9b81-acf2612dd3a3","block_type":"box","text":"provides investors with protection, to a certain level,","page_number":36,"box":{"x":116,"y":769,"width":363,"height":13}},{"id":"35550717-5b0a-4e8e-bf06-b9ef6477d106","block_type":"box","text":"against either faster than expected or slower than","page_number":36,"box":{"x":485,"y":769,"width":341,"height":13}},{"id":"588dc051-1ad0-490d-8dc9-c6452f115621","block_type":"box","text":"expected prepayment rates, but not both. TACs thus","page_number":36,"box":{"x":116,"y":784,"width":365,"height":13}},{"id":"17698691-3189-403c-987f-8d2195141338","block_type":"box","text":"provide more cash flow stability than a regular","page_number":36,"box":{"x":486,"y":784,"width":324,"height":13}},{"id":"9baad31e-f47b-4ef1-bbcd-7decd953fcbd","block_type":"box","text":"sequential paying class, but less than a PAC. TACs also","page_number":36,"box":{"x":116,"y":800,"width":384,"height":13}},{"id":"778a8ba0-977e-48d3-83f9-dd5c2b49d00b","block_type":"box","text":"tend to have market prices and yields that are more","page_number":36,"box":{"x":505,"y":800,"width":356,"height":13}},{"id":"2366cd2e-64a2-4d02-90e9-8ede486d8985","block_type":"box","text":"volatile than PACs.","page_number":36,"box":{"x":116,"y":815,"width":133,"height":10}},{"id":"dc524219-5162-4eac-b9b3-5cd3c7081887","block_type":"box","text":"TempCash may also invest in non-mortgage asset-backed securities (","page_number":36,"box":{"x":116,"y":838,"width":475,"height":13}},{"id":"b1f66251-b302-41a0-a6b0-26c8eb86765d","block_type":"box","text":"e.g.","page_number":36,"box":{"x":592,"y":842,"width":22,"height":9}},{"id":"d291cd9c-dc4f-4369-8cae-187ff370beb5","block_type":"box","text":", backed by installment sales","page_number":36,"box":{"x":616,"y":838,"width":202,"height":13}},{"id":"f83e7af3-7af3-4e80-acf0-c4b74641496b","block_type":"box","text":"contracts, credit card receivables or other assets). 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General ob","page_number":37,"box":{"x":116,"y":838,"width":407,"height":13}},{"id":"2912c71a-0744-46b1-be8a-77fbaf4e49ed","block_type":"box","text":"ligation securities are secured by the issuer’s pledge","page_number":37,"box":{"x":524,"y":838,"width":357,"height":13}},{"id":"3cc2568c-25e8-4ecc-9649-e127ccfa19d7","block_type":"box","text":"of its full faith, credit, and taxing power for the paym","page_number":37,"box":{"x":116,"y":854,"width":372,"height":13}},{"id":"432db2b4-4ea7-4d1a-b922-d350e46d5675","block_type":"box","text":"ent of principal and interest. Revenue securities are","page_number":37,"box":{"x":488,"y":854,"width":358,"height":13}},{"id":"0322b967-7a4f-4890-9db9-e59ab7c3c9b8","block_type":"box","text":"payable only from the revenues derived from a particular","page_number":37,"box":{"x":116,"y":869,"width":400,"height":13}},{"id":"031d1b1f-634f-4d99-953e-4e19457620d6","block_type":"box","text":"facility or class of facilities or, in some cases, from","page_number":37,"box":{"x":517,"y":869,"width":351,"height":13}},{"id":"7e921e66-2520-462f-a1ec-cef786cbe237","block_type":"box","text":"I-18","page_number":37,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"ca0caeb8-bbf7-4834-b207-e2b07735d8e1","block_type":"box","text":"NM1026U-6033230-37/137","page_number":37,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"06b0f8c1-da86-4cd0-b5e3-87a667043adf","block_type":"box","text":"the proceeds of a special excise tax or other specific","page_number":38,"box":{"x":116,"y":79,"width":361,"height":13}},{"id":"881f1eef-5155-4ab7-b4bf-e91000aa24e3","block_type":"box","text":"revenue source such as the user of the facility being","page_number":38,"box":{"x":477,"y":79,"width":359,"height":13}},{"id":"4c5a6bcd-a66e-448d-a6df-90742f3b11ac","block_type":"box","text":"financed. Revenue securities include private activity","page_number":38,"box":{"x":116,"y":94,"width":361,"height":13}},{"id":"52387e0e-cf4a-4ff2-9b17-daeb37a8285f","block_type":"box","text":"bonds which are not payable from the unrestricted","page_number":38,"box":{"x":478,"y":94,"width":355,"height":13}},{"id":"5a8b56aa-ba77-4e6c-a4ca-c838a4f78300","block_type":"box","text":"revenues of the municipal issuer. Consequently, the cred","page_number":38,"box":{"x":116,"y":110,"width":389,"height":13}},{"id":"567fba52-4ff9-4a50-8c5f-d0e4362325fd","block_type":"box","text":"it quality of private activity bonds is usually directly","page_number":38,"box":{"x":506,"y":110,"width":364,"height":13}},{"id":"477ec455-f60f-4a31-8f1f-211ea934e1f3","block_type":"box","text":"related to the credit standing of the co","page_number":38,"box":{"x":116,"y":125,"width":263,"height":13}},{"id":"b53b09bd-c5dc-47bf-8419-1ace326c9144","block_type":"box","text":"rporate user of the facility involved.","page_number":38,"box":{"x":380,"y":125,"width":252,"height":13}},{"id":"34837345-9406-4960-82af-9f90f9481ce6","block_type":"box","text":"The Funds’ portfolios may also include “moral obli","page_number":38,"box":{"x":116,"y":150,"width":356,"height":13}},{"id":"3673efa1-3a03-4f3f-8eaf-5f8ea436faed","block_type":"box","text":"gation” bonds, which are normally issued by special","page_number":38,"box":{"x":473,"y":150,"width":366,"height":13}},{"id":"59bb188f-63e2-4f95-9ea1-22d07703ad4b","block_type":"box","text":"purpose public authorities. If the issuer of moral obligati","page_number":38,"box":{"x":116,"y":166,"width":391,"height":12}},{"id":"5a99a375-0b36-44fd-b659-4d3a0a960b7c","block_type":"box","text":"on bonds is unable to meet its debt service obligations","page_number":38,"box":{"x":508,"y":166,"width":378,"height":12}},{"id":"d76c7332-2c4f-46dc-bdb3-7000e5747ee9","block_type":"box","text":"from current revenues, it may draw on a reserve fund the r","page_number":38,"box":{"x":116,"y":181,"width":401,"height":13}},{"id":"05049110-f364-490c-93d1-d518b39934a4","block_type":"box","text":"restoration of which is a moral commitment but not","page_number":38,"box":{"x":517,"y":181,"width":366,"height":10}},{"id":"c42f7ce7-8582-4d36-a4a0-020315a5c343","block_type":"box","text":"a legal obligation of the state or municipality which created the issuer.","page_number":38,"box":{"x":116,"y":197,"width":491,"height":12}},{"id":"e022612f-2ad4-4415-bb22-58fc7371afd0","block_type":"box","text":"There are, of course, variations in the quality of Munici","page_number":38,"box":{"x":116,"y":221,"width":385,"height":13}},{"id":"5a6f0881-193c-42a6-969b-f0834ccd9421","block_type":"box","text":"pal Obligations, both within a particular classification","page_number":38,"box":{"x":502,"y":221,"width":380,"height":13}},{"id":"91085b5e-ce0c-4cbc-8e19-6553f21a8392","block_type":"box","text":"and between classifications, and the yields on Municipa","page_number":38,"box":{"x":116,"y":237,"width":386,"height":13}},{"id":"caa0d5cf-3ec4-47bc-b3fe-ca84c20feaf8","block_type":"box","text":"l Obligations are dependent on a variety of factors,","page_number":38,"box":{"x":502,"y":237,"width":358,"height":13}},{"id":"161f35b4-bf6a-4149-aab7-402f44ab62b4","block_type":"box","text":"including general money market conditions, the financial","page_number":38,"box":{"x":116,"y":252,"width":395,"height":13}},{"id":"e52c20f6-2617-473d-b528-2cb747cc2f8b","block_type":"box","text":"condition of the issuer, the size of a particular","page_number":38,"box":{"x":511,"y":252,"width":326,"height":13}},{"id":"5ef44270-df8f-4db8-bcf7-30d7c47e9567","block_type":"box","text":"offering, the maturity of the obligation and the rating","page_number":38,"box":{"x":116,"y":268,"width":375,"height":13}},{"id":"f334927f-7d9f-43e2-92b7-78e1d5abb487","block_type":"box","text":"of the issue. The ratings of Moody’s and S&P represent","page_number":38,"box":{"x":491,"y":268,"width":390,"height":13}},{"id":"8a678ae3-d0ae-4f8a-8c3a-ab06a22b2ee0","block_type":"box","text":"their opinions as to the quality of Municipal Obligati","page_number":38,"box":{"x":116,"y":283,"width":368,"height":13}},{"id":"2c58195f-443e-4343-8092-218bd94052b5","block_type":"box","text":"ons. It should be emphasized, however, that ratings are","page_number":38,"box":{"x":485,"y":283,"width":387,"height":13}},{"id":"7ff9d86b-0c3f-4ee3-9105-3c3f0fc72fbe","block_type":"box","text":"general and are not absolute standards of quality, and","page_number":38,"box":{"x":116,"y":299,"width":379,"height":13}},{"id":"d004cb1d-c626-4635-af7c-aa6f067cd9ae","block_type":"box","text":"Municipal Obligations with the same maturity, interest","page_number":38,"box":{"x":495,"y":299,"width":387,"height":13}},{"id":"36b6049e-fee2-4279-81c6-dae3d3cd2fe6","block_type":"box","text":"rate and ratings may have different yields while Municipa","page_number":38,"box":{"x":116,"y":314,"width":400,"height":13}},{"id":"f98017f4-ec18-4b6b-99e8-8a5b2580de28","block_type":"box","text":"l Obligations of the same maturity and interest rate","page_number":38,"box":{"x":517,"y":314,"width":360,"height":13}},{"id":"747587e6-5462-4600-b0d2-cb1b104e3571","block_type":"box","text":"with different ratings may have the same yield. Subsequent","page_number":38,"box":{"x":116,"y":330,"width":407,"height":13}},{"id":"d08178f2-554f-43d4-b233-827bb54f14ec","block_type":"box","text":"t to its purchase by the Funds, an issue of Municipal","page_number":38,"box":{"x":523,"y":330,"width":363,"height":13}},{"id":"b5f4c67a-e5bd-43af-8e91-c79e6099c507","block_type":"box","text":"Obligations may cease to be rated or its rating m","page_number":38,"box":{"x":117,"y":345,"width":337,"height":13}},{"id":"805e1ff9-79fe-406f-a56d-0ef7118c8b91","block_type":"box","text":"ay be reduced below the minimum rating required for","page_number":38,"box":{"x":455,"y":345,"width":377,"height":13}},{"id":"7bfa6c67-2223-4139-a2f7-6187ff4717c0","block_type":"box","text":"purchase by the Funds. The Manager will consider such an","page_number":38,"box":{"x":116,"y":361,"width":409,"height":13}},{"id":"3b780e94-b6e0-4740-a502-9eeb2ff96360","block_type":"box","text":"n event in determining whether the Funds should","page_number":38,"box":{"x":525,"y":361,"width":336,"height":13}},{"id":"32e18e56-d827-4fe9-93f6-2862b733b158","block_type":"box","text":"continue to hold the obligation.","page_number":38,"box":{"x":116,"y":376,"width":224,"height":13}},{"id":"991e394c-447e-40e4-93bb-c9d2f69336b1","block_type":"box","text":"An issuer’s obligations under its Municipal Obligations are","page_number":38,"box":{"x":116,"y":401,"width":414,"height":13}},{"id":"f21ca9c3-a9e4-4b5c-bf86-e9d8ecd5e000","block_type":"box","text":"subject to the provisions of bankruptcy, insolvency","page_number":38,"box":{"x":530,"y":401,"width":357,"height":13}},{"id":"94307fef-e879-4143-baff-7d11a24012bf","block_type":"box","text":"and other laws affecting the rights and remedies of","page_number":38,"box":{"x":116,"y":417,"width":355,"height":13}},{"id":"b7e01e3d-f571-4bdd-986a-25e06c186dcd","block_type":"box","text":"creditors generally, such as the federal Bankruptcy Code,","page_number":38,"box":{"x":472,"y":417,"width":399,"height":13}},{"id":"901bc5c9-a84c-449e-a9e0-bd5e3f0fe2a3","block_type":"box","text":"and laws, if any, which may be enacted by federal or","page_number":38,"box":{"x":116,"y":432,"width":365,"height":13}},{"id":"8b25d09b-8a2c-4b80-8758-20f2faf46bb8","block_type":"box","text":"r state legislatures extending the time for payment of","page_number":38,"box":{"x":481,"y":432,"width":364,"height":13}},{"id":"2017e7ca-e309-4f95-824e-c95447bad341","block_type":"box","text":"principal or interest, or both, or imposing other cons","page_number":38,"box":{"x":116,"y":448,"width":365,"height":13}},{"id":"d625ebc8-bb57-455b-81e5-253d4bf8b5ae","block_type":"box","text":"traints upon enforcement of such obligations or upon the","page_number":38,"box":{"x":482,"y":448,"width":401,"height":13}},{"id":"27c0afcb-df37-40b4-887c-6eb349e13864","block_type":"box","text":"ability of municipalities to levy taxes. The power or ability","page_number":38,"box":{"x":116,"y":463,"width":410,"height":13}},{"id":"8976e431-0324-4369-9514-59934f0e4062","block_type":"box","text":"of an issuer to meet its obligations for the payment","page_number":38,"box":{"x":527,"y":463,"width":357,"height":13}},{"id":"675ccd95-5228-47e1-aa01-c6fb79a48b99","block_type":"box","text":"of interest on and principal of its Municipal Obligations","page_number":38,"box":{"x":116,"y":479,"width":389,"height":13}},{"id":"d47d6068-5358-458f-bb63-c8c364750899","block_type":"box","text":"may be materially adversely affected by litigation or","page_number":38,"box":{"x":505,"y":479,"width":369,"height":13}},{"id":"d28c52d4-7e48-4c29-923a-c3be22c16910","block_type":"box","text":"other conditions.","page_number":38,"box":{"x":116,"y":494,"width":122,"height":10}},{"id":"a81c2b29-0e1f-424c-b642-b37e4be6f5ee","block_type":"box","text":"Among other types of Municipal Obligations that th","page_number":38,"box":{"x":116,"y":519,"width":364,"height":13}},{"id":"b43e8f34-6d77-4cea-8264-95352fd705f7","block_type":"box","text":"e Funds may purchase are short-term General Obligation","page_number":38,"box":{"x":481,"y":519,"width":401,"height":13}},{"id":"5ea7b0bc-bfa1-4b04-9747-bfd0457848fe","block_type":"box","text":"Notes, Tax Anticipation Notes, Bond Anticipation","page_number":38,"box":{"x":116,"y":535,"width":356,"height":12}},{"id":"ecdd76bb-123e-456d-bfab-e5daa14280c8","block_type":"box","text":"Notes, Revenue Anticipation Notes, Tax-Exempt","page_number":38,"box":{"x":472,"y":535,"width":347,"height":12}},{"id":"ab069ddc-6418-4089-bce8-dd1d50b67e07","block_type":"box","text":"Commercial Paper, Construction Loan Notes and other","page_number":38,"box":{"x":117,"y":550,"width":391,"height":13}},{"id":"4a529105-9666-4b02-9377-325642fc975f","block_type":"box","text":"forms of short-term loans. Such instruments are","page_number":38,"box":{"x":508,"y":550,"width":336,"height":10}},{"id":"3790d8b1-a8af-4bc2-af9b-b4aac5d95b44","block_type":"box","text":"issued with a short-term maturity in anticipation of","page_number":38,"box":{"x":116,"y":566,"width":361,"height":12}},{"id":"0adbdd48-4152-4a45-b1da-c38dae651713","block_type":"box","text":"the receipt of tax funds, the proceeds of bond placements","page_number":38,"box":{"x":477,"y":566,"width":401,"height":12}},{"id":"856bf8ca-ddc2-464a-bee4-9bd6217288cc","block_type":"box","text":"or other revenues. In addition, the Funds may invest in","page_number":38,"box":{"x":116,"y":581,"width":379,"height":13}},{"id":"9802f04a-d761-4022-b905-5ad5bd3f652c","block_type":"box","text":"n other types of instruments including general obligation","page_number":38,"box":{"x":495,"y":581,"width":389,"height":13}},{"id":"2a1e268f-b1b8-459f-87f6-f2109f19e13b","block_type":"box","text":"and private activity bonds, provided they have remaini","page_number":38,"box":{"x":116,"y":597,"width":378,"height":12}},{"id":"41533e52-1ba9-4bab-9d9c-f74a35a7c2fc","block_type":"box","text":"ng maturities of 397 days or less at the time of","page_number":38,"box":{"x":495,"y":597,"width":327,"height":12}},{"id":"b1327a5e-895a-41fa-9b5b-f4f886a4c63c","block_type":"box","text":"purchase. For MuniCash, the interest on these other types","page_number":38,"box":{"x":116,"y":612,"width":406,"height":13}},{"id":"1284590f-5ab0-41b4-9521-03c2d302c3c4","block_type":"box","text":"of instruments, in the opinion of counsel to the","page_number":38,"box":{"x":522,"y":612,"width":330,"height":13}},{"id":"7d977e8b-eb1d-45ca-ba88-51cad0551228","block_type":"box","text":"issuer, is exempt from federal income tax.","page_number":38,"box":{"x":116,"y":628,"width":295,"height":12}},{"id":"c47a6654-4cdd-4041-8cba-484b9a0f78aa","block_type":"box","text":"MuniCash may hold derivatives that, in the opinion of coun","page_number":38,"box":{"x":116,"y":652,"width":417,"height":13}},{"id":"4ebd9ba7-5c56-4cab-8402-10c9201adfe0","block_type":"box","text":"sel to the issuer of the derivative, are tax-exempt,","page_number":38,"box":{"x":534,"y":652,"width":345,"height":13}},{"id":"50fab9f2-b170-4614-bf31-49ad782ad7c1","block_type":"box","text":"and TempCash may hold derivatives, which may be in","page_number":38,"box":{"x":116,"y":668,"width":378,"height":13}},{"id":"8b9791c5-ea22-4471-a73f-62667c4d6cca","block_type":"box","text":"the form of tender option bonds, participations,","page_number":38,"box":{"x":499,"y":668,"width":331,"height":13}},{"id":"1804cb23-fee4-43c2-805d-107fc409de6a","block_type":"box","text":"beneficial interests in a trust, partnership interests or ot","page_number":38,"box":{"x":116,"y":683,"width":382,"height":13}},{"id":"be541164-0d3f-4529-b365-9c03826a289f","block_type":"box","text":"her forms. A number of different structures have been","page_number":38,"box":{"x":498,"y":683,"width":373,"height":10}},{"id":"54151df8-9367-4a2e-9593-bb1b715fb77b","block_type":"box","text":"used. For example, interests in long-term fixed-rate M","page_number":38,"box":{"x":116,"y":699,"width":375,"height":13}},{"id":"83d3e1f2-8f07-44e1-8ee3-cfcd158cfeda","block_type":"box","text":"unicipal Obligations, held by a bank as trustee or","page_number":38,"box":{"x":492,"y":699,"width":341,"height":13}},{"id":"fd4ea81f-5b28-4526-8ff8-d944c5817b2f","block_type":"box","text":"custodian, are coupled with tender option, demand a","page_number":38,"box":{"x":116,"y":714,"width":367,"height":13}},{"id":"e78d6b77-354e-496d-b2ba-f093ba2eb5e9","block_type":"box","text":"nd other features when the derivatives are created.","page_number":38,"box":{"x":484,"y":714,"width":348,"height":10}},{"id":"5f955183-ce25-4626-ba1a-a73aa22bb383","block_type":"box","text":"Together, these features entitle the holder of the in","page_number":38,"box":{"x":116,"y":730,"width":349,"height":13}},{"id":"f64fa0c3-ac9b-45a0-b348-85d500f6d2a5","block_type":"box","text":"terest to tender (or put) the underlying Municipal","page_number":38,"box":{"x":466,"y":730,"width":342,"height":13}},{"id":"8159ab6c-211c-4c37-aecc-d6e5868fac22","block_type":"box","text":"Obligation to a third party at periodic intervals and","page_number":38,"box":{"x":117,"y":745,"width":356,"height":13}},{"id":"9bd74422-568e-44e4-94fb-3a93ac64f8b9","block_type":"box","text":"to receive the principal amount thereof. In some cases,","page_number":38,"box":{"x":478,"y":745,"width":376,"height":13}},{"id":"42dfff40-8014-4a64-a078-c6ae62848b17","block_type":"box","text":"Municipal Obligations are represented by custodial receipts","page_number":38,"box":{"x":116,"y":761,"width":412,"height":13}},{"id":"96e83f03-2f8a-45cd-8b9a-b62a4b19f1e1","block_type":"box","text":"evidencing rights to receive specific future interest","page_number":38,"box":{"x":534,"y":761,"width":343,"height":13}},{"id":"ad0c9498-7e86-49e7-9612-4db47fb22d73","block_type":"box","text":"payments, principal payments, or both, on the underlyi","page_number":38,"box":{"x":116,"y":776,"width":382,"height":13}},{"id":"50c53c6c-b661-4349-b742-4837f0a96560","block_type":"box","text":"ng municipal securities held by the custodian. 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For","page_number":42,"box":{"x":483,"y":79,"width":369,"height":13}},{"id":"45bb0d43-25e0-4b2b-96e1-a687ccd728ed","block_type":"box","text":"TempCash, however, collateral is not limited to the foreg","page_number":42,"box":{"x":116,"y":94,"width":397,"height":13}},{"id":"e32dcd35-5448-4a5f-ae46-410c4f531fdf","block_type":"box","text":"oing and may include, for example, obligations rated","page_number":42,"box":{"x":513,"y":94,"width":372,"height":13}},{"id":"39d52922-2148-4e43-ad9c-4e1936e1a748","block_type":"box","text":"in any category by NRSROs or include classes of CMOs","page_number":42,"box":{"x":116,"y":110,"width":392,"height":13}},{"id":"20b5bb59-8848-4033-872f-a1f16611bcf2","block_type":"box","text":"issued by agencies and instrumentalities of the U.S.","page_number":42,"box":{"x":508,"y":110,"width":362,"height":13}},{"id":"34691e6a-84f5-4ddc-8e40-7f4fce7370e0","block_type":"box","text":"Government, such as IOs and POs, residual interests,","page_number":42,"box":{"x":117,"y":125,"width":367,"height":13}},{"id":"f115f7be-a23c-4eac-bfd3-1f012b330e35","block_type":"box","text":"PAC certificates and TAC certificates. Collateral for a","page_number":42,"box":{"x":484,"y":125,"width":382,"height":10}},{"id":"826089ab-0b6f-42d7-b3dd-e58c5ae8f39c","block_type":"box","text":"repurchase agreement may also include securities, including","page_number":42,"box":{"x":116,"y":141,"width":413,"height":13}},{"id":"3bfc81ff-3a39-4120-92c1-07b8046fad1e","block_type":"box","text":"g equity securities and other fixed income securities,","page_number":42,"box":{"x":529,"y":141,"width":357,"height":13}},{"id":"3a5c6234-70c9-4672-b89d-888758aacdcb","block_type":"box","text":"that TempCash could not hold directly without the re","page_number":42,"box":{"x":116,"y":156,"width":373,"height":13}},{"id":"858dcd81-f3e1-46ae-9902-f92caab8ebd7","block_type":"box","text":"purchase obligation. The ratings by NRSROs represent","page_number":42,"box":{"x":489,"y":156,"width":388,"height":13}},{"id":"d8758933-0d16-4d8d-84f8-f3064522cb34","block_type":"box","text":"their respective opinions as to the quality of the obli","page_number":42,"box":{"x":116,"y":172,"width":360,"height":13}},{"id":"bf431696-8847-4dfc-932e-f0b40cea3587","block_type":"box","text":"gations they undertake to rate. Ratings, however, are","page_number":42,"box":{"x":476,"y":172,"width":373,"height":13}},{"id":"d9706024-747f-4456-9151-334e2ffe3f46","block_type":"box","text":"general and are not absolute standards of quality. Con","page_number":42,"box":{"x":116,"y":187,"width":378,"height":13}},{"id":"faf8c979-1514-47d5-a3ac-988ec066d8ab","block_type":"box","text":"sequently, obligations with the same rating, maturity,","page_number":42,"box":{"x":494,"y":187,"width":375,"height":13}},{"id":"db30b08c-d420-4030-b6cc-410a1ac73942","block_type":"box","text":"and interest rate may have different market prices. A","page_number":42,"box":{"x":116,"y":203,"width":354,"height":13}},{"id":"4c969501-7987-49ad-9b65-9fc6c1fc26a8","block_type":"box","text":"Appendix A to this SAI contains a description of the","page_number":42,"box":{"x":469,"y":203,"width":368,"height":13}},{"id":"303bf1ca-16ab-4bbe-b77e-2984a7e429a2","block_type":"box","text":"relevant rating symbols used by NRSROs for commercial","page_number":42,"box":{"x":116,"y":218,"width":398,"height":13}},{"id":"6f2088f7-f963-4e60-bbbf-5bca53d8f1aa","block_type":"box","text":"paper that may be purchased by each Fund. See","page_number":42,"box":{"x":514,"y":218,"width":340,"height":13}},{"id":"c9bb416a-9889-4937-a720-799b1018f289","block_type":"box","text":"“Mortgage-Related and Other Asset-Backed Securities”","page_number":42,"box":{"x":117,"y":234,"width":390,"height":13}},{"id":"12973ec2-a958-4e97-b7e2-ea151b12c683","block_type":"box","text":"for ratings information about IOs, POs, PACs and","page_number":42,"box":{"x":508,"y":234,"width":354,"height":13}},{"id":"f158bdf2-ddfc-4b4d-8e3a-2e5ef890221d","block_type":"box","text":"TACs.","page_number":42,"box":{"x":116,"y":250,"width":49,"height":9}},{"id":"86291309-59af-442a-a17b-4d5136980ac5","block_type":"box","text":"Irrespective of the type of collateral underlying the r","page_number":42,"box":{"x":116,"y":273,"width":354,"height":12}},{"id":"e9c8cbcb-640c-49e0-8c97-21e7d1cf3dd5","block_type":"box","text":"repurchase agreement, the Fund must determine that a","page_number":42,"box":{"x":470,"y":273,"width":383,"height":12}},{"id":"5146701e-ac36-44e7-959c-7080f0dea281","block_type":"box","text":"repurchase obligation with a particular counterparty in","page_number":42,"box":{"x":116,"y":288,"width":382,"height":13}},{"id":"964d6d66-b41e-465a-9ff5-9c8228442a1f","block_type":"box","text":"volves minimal credit risk to the Fund and otherwise","page_number":42,"box":{"x":498,"y":288,"width":371,"height":10}},{"id":"fcfc4ddc-7a05-4256-81d4-97cc4dba7df4","block_type":"box","text":"satisfies the credit quality standards applicable to the acqui","page_number":42,"box":{"x":116,"y":304,"width":408,"height":12}},{"id":"bf040d31-c17a-4529-b49a-7c8274498fdc","block_type":"box","text":"sition of an instrument issued by such counterparty","page_number":42,"box":{"x":525,"y":304,"width":360,"height":12}},{"id":"a122218f-58f7-4266-a77d-2bfaa6f7cdb1","block_type":"box","text":"in compliance with Rule 2a-7 under the 1940 Act.","page_number":42,"box":{"x":116,"y":319,"width":354,"height":13}},{"id":"89c5a6ba-d662-4c62-84a4-569d69d16695","block_type":"box","text":"The repurchase price under the repurchase agreements d","page_number":42,"box":{"x":116,"y":342,"width":391,"height":13}},{"id":"6e4282d9-e52f-4703-8aef-b7703f376b3b","block_type":"box","text":"escribed in the Funds’ prospectuses generally equals","page_number":42,"box":{"x":507,"y":342,"width":362,"height":13}},{"id":"da582a85-c022-4454-97cd-f2948e623e0d","block_type":"box","text":"the price paid by that Fund plus interest negotiated","page_number":42,"box":{"x":116,"y":358,"width":358,"height":13}},{"id":"6766caba-b295-405e-8218-2f66cf07a205","block_type":"box","text":"on the basis of current short-term rates (which may be","page_number":42,"box":{"x":474,"y":358,"width":381,"height":13}},{"id":"95c1e110-7cb6-4335-8ba8-a3ebbbe7557f","block_type":"box","text":"more or less than the rate on the securities underlyi","page_number":42,"box":{"x":116,"y":373,"width":354,"height":13}},{"id":"ce611c5e-b187-4847-a0ae-5c6c97c34462","block_type":"box","text":"ng the repurchase agreement). Securities subject to","page_number":42,"box":{"x":470,"y":373,"width":354,"height":13}},{"id":"964f1ff9-cc06-42b3-a186-7ce2ab9340d6","block_type":"box","text":"repurchase agreements will be held by the Funds’ cust","page_number":42,"box":{"x":116,"y":389,"width":373,"height":13}},{"id":"91df33b8-9e6a-451e-a03b-8b346fdb7628","block_type":"box","text":"odian or sub-custodian, or in the Federal Reserve/","page_number":42,"box":{"x":489,"y":389,"width":346,"height":12}},{"id":"c05d07d0-8ab2-4253-96fe-13b0b96cb2e4","block_type":"box","text":"Treasury book-entry system. Repurchase agreements a","page_number":42,"box":{"x":116,"y":404,"width":378,"height":13}},{"id":"bd12ed37-d047-41ba-bff0-186c9462b4e3","block_type":"box","text":"re considered to be loans by the Funds under the","page_number":42,"box":{"x":495,"y":404,"width":341,"height":13}},{"id":"dc84dfda-1637-4898-b509-8fe631c12951","block_type":"box","text":"1940 Act, and for tax purposes generally. It is not clear whether for other purposes a court would consider","page_number":42,"box":{"x":117,"y":420,"width":745,"height":13}},{"id":"341d191b-dff1-4e00-bda2-3ae633c55ccc","block_type":"box","text":"the securities purchased by the Fund subject to a repu","page_number":42,"box":{"x":116,"y":435,"width":371,"height":13}},{"id":"a97c5b43-3cca-48f8-b811-e97d3af4465c","block_type":"box","text":"rchase agreement as being owned by the Fund or as","page_number":42,"box":{"x":488,"y":435,"width":362,"height":13}},{"id":"46293fa7-01b4-46dc-8997-7bcfc1b34373","block_type":"box","text":"being collateral for a loan by a Fund to the seller.","page_number":42,"box":{"x":116,"y":451,"width":346,"height":13}},{"id":"3abdbe82-5bf5-4e85-accc-578a8c696b6c","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that","page_number":42,"box":{"x":116,"y":474,"width":401,"height":13}},{"id":"0e72a566-4cf6-4a07-b6aa-9f624e61a5d9","block_type":"box","text":"utilizes them. Such risks are not unique to the Fund","page_number":42,"box":{"x":518,"y":474,"width":360,"height":13}},{"id":"359c2ba1-fa38-4729-9db6-4293a99c9abd","block_type":"box","text":"but are inherent in repurchase agreements. The Funds seek t","page_number":42,"box":{"x":116,"y":490,"width":411,"height":12}},{"id":"6bd3f93e-2a19-407f-acd5-9f39f3c0b5f6","block_type":"box","text":"to minimize such risks but because of the inherent","page_number":42,"box":{"x":527,"y":490,"width":351,"height":10}},{"id":"ba77a777-acc6-44d5-afea-5e56ccb8019a","block_type":"box","text":"legal uncertainties involved in repurchase agreemen","page_number":42,"box":{"x":116,"y":505,"width":356,"height":13}},{"id":"182d8dd6-9d1e-4eb0-ad56-00d3d07d0393","block_type":"box","text":"ts, such risks cannot be eliminated. Lower quality","page_number":42,"box":{"x":473,"y":505,"width":348,"height":13}},{"id":"325f7cb1-2973-4459-b7a1-034c2269678e","block_type":"box","text":"collateral and collateral with longer maturities may be s","page_number":42,"box":{"x":116,"y":521,"width":386,"height":12}},{"id":"03dbf6e4-48ad-41b1-b375-95287c6aa36b","block_type":"box","text":"ubject to greater price fluctuations than higher quality","page_number":42,"box":{"x":503,"y":521,"width":379,"height":12}},{"id":"f1e90855-7519-4752-9530-4c0c25fc9ae4","block_type":"box","text":"collateral and collateral with shorter maturities. If t","page_number":42,"box":{"x":116,"y":536,"width":350,"height":10}},{"id":"b16e61d4-88c3-4f87-9306-7aff6479bd16","block_type":"box","text":"the repurchase agreement counterparty were to default,","page_number":42,"box":{"x":466,"y":536,"width":389,"height":13}},{"id":"cfc81922-b7ea-42d7-a8cb-d318fa1c9398","block_type":"box","text":"lower quality collateral may be more difficult","page_number":42,"box":{"x":116,"y":552,"width":319,"height":12}},{"id":"55d6d139-aff4-4393-aa45-824514a23e67","block_type":"box","text":"to liquidate than higher quality collateral.","page_number":42,"box":{"x":435,"y":552,"width":293,"height":12}},{"id":"50474142-deaa-4bd5-bc3c-1092b4467ebc","block_type":"box","text":"Regulations adopted by global prudential regulators th","page_number":42,"box":{"x":116,"y":575,"width":381,"height":13}},{"id":"369bf954-8dcc-4057-8cf5-4517ca321c5f","block_type":"box","text":"at are now in effect require certain bank-regulated","page_number":42,"box":{"x":497,"y":575,"width":353,"height":13}},{"id":"59f47e48-de94-4f75-afaf-400e72e02a6b","block_type":"box","text":"counterparties and certain of their affiliates to include","page_number":42,"box":{"x":116,"y":590,"width":372,"height":13}},{"id":"924d74b0-9892-43b4-ad76-4723cec2131a","block_type":"box","text":"in certain financial contracts, including many","page_number":42,"box":{"x":488,"y":590,"width":323,"height":13}},{"id":"37a4a3f7-ccc6-4503-be24-a05474a15c1b","block_type":"box","text":"repurchase agreements and purchase and sale contract","page_number":42,"box":{"x":116,"y":606,"width":376,"height":13}},{"id":"6e573847-3e17-452f-9cde-0acebf82ddbf","block_type":"box","text":"s, terms that delay or restrict the rights of","page_number":42,"box":{"x":493,"y":606,"width":291,"height":13}},{"id":"d6b87385-093d-428e-b783-1f59ae3d1462","block_type":"box","text":"counterparties, such as a Fund, to terminate such ag","page_number":42,"box":{"x":116,"y":621,"width":361,"height":13}},{"id":"5d78de2c-a60d-4a6c-a2c7-520ba6de7f4c","block_type":"box","text":"reements, take foreclosure action, exercise other default","page_number":42,"box":{"x":477,"y":621,"width":390,"height":13}},{"id":"92b5571e-85e5-4749-a7c0-c49c38363463","block_type":"box","text":"rights or restrict transfers of credit support in the event th","page_number":42,"box":{"x":116,"y":637,"width":399,"height":13}},{"id":"9332794f-bc0f-4c6f-b42b-2a12c286c0c5","block_type":"box","text":"at the counterparty and/or its affiliates are subject to","page_number":42,"box":{"x":516,"y":637,"width":367,"height":13}},{"id":"75624e48-68a9-4371-bb61-fc151aed8643","block_type":"box","text":"certain types of resolution or insolvency proceedings. It","page_number":42,"box":{"x":116,"y":652,"width":382,"height":13}},{"id":"88bc39d5-2d06-4ba3-bb1f-6337c2dc050e","block_type":"box","text":"t is possible that these new requirements, as well as","page_number":42,"box":{"x":498,"y":652,"width":354,"height":13}},{"id":"bfd152f5-d08b-41b9-a406-a914f8d04cc8","block_type":"box","text":"potential additional government regulation and other de","page_number":42,"box":{"x":116,"y":668,"width":390,"height":13}},{"id":"55f40895-ae49-4b87-bc48-18520b930fa9","block_type":"box","text":"velopments in the market, could adversely affect a","page_number":42,"box":{"x":507,"y":668,"width":347,"height":13}},{"id":"a242401e-9f6d-4206-90ad-22bcf0314be5","block_type":"box","text":"Fund’s ability to terminate existing","page_number":42,"box":{"x":116,"y":683,"width":241,"height":13}},{"id":"d273a292-8c42-4e3c-8166-ec723cc8eaf8","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize","page_number":42,"box":{"x":362,"y":683,"width":470,"height":13}},{"id":"80f8b225-9491-4b2e-a238-674beaa2253d","block_type":"box","text":"amounts to be received under such agreements.","page_number":42,"box":{"x":116,"y":699,"width":326,"height":13}},{"id":"131223c7-5da8-4871-8599-69450f9e8210","block_type":"box","text":"If, in the event of bankruptcy or insolvency proceedin","page_number":42,"box":{"x":116,"y":722,"width":371,"height":13}},{"id":"e173cdd2-1bd5-4f28-aae5-0bce6b1847e8","block_type":"box","text":"gs concerning the seller of the securities, a court holds","page_number":42,"box":{"x":488,"y":722,"width":371,"height":13}},{"id":"992267ef-61b6-4274-9d86-5859f2060787","block_type":"box","text":"that the Fund does not have a perfected security interest","page_number":42,"box":{"x":116,"y":738,"width":387,"height":12}},{"id":"0fda2e77-87c0-4b33-b97b-ccaf84a1fe64","block_type":"box","text":"in the securities, the Fund may be required to return","page_number":42,"box":{"x":508,"y":738,"width":360,"height":12}},{"id":"a27f740b-4884-4dde-be8f-cc777593b62d","block_type":"box","text":"the securities to the seller’s estate and be treated as","page_number":42,"box":{"x":116,"y":753,"width":349,"height":10}},{"id":"38980920-c987-488c-a284-0fd1d99442cb","block_type":"box","text":"an unsecured creditor of the seller. As an unsecured","page_number":42,"box":{"x":471,"y":753,"width":356,"height":10}},{"id":"ef06bde9-b595-4707-9842-f4a2727daebf","block_type":"box","text":"creditor, a Fund would be at risk of losing some or all of","page_number":42,"box":{"x":116,"y":769,"width":393,"height":13}},{"id":"4a5c0458-224d-4814-9ad8-7c310fd1da70","block_type":"box","text":"the principal and income involved in the transaction.","page_number":42,"box":{"x":513,"y":769,"width":365,"height":13}},{"id":"92eb195c-49a7-4da8-8adb-de3e04e6b42e","block_type":"box","text":"To minimize this risk, the Funds utilize custodians","page_number":42,"box":{"x":116,"y":784,"width":348,"height":13}},{"id":"5edca16d-3db1-459b-a206-319b54d036c5","block_type":"box","text":"and subcustodians that the Manager believes follow","page_number":42,"box":{"x":469,"y":784,"width":360,"height":13}},{"id":"88b8b229-4202-433f-a9ff-806a90ab4a82","block_type":"box","text":"customary securities industry practice with respect to","page_number":42,"box":{"x":116,"y":800,"width":367,"height":13}},{"id":"ebc8d45a-9c34-4be8-8a26-097d650cc9df","block_type":"box","text":"repurchase agreements, and the Manager analyzes the","page_number":42,"box":{"x":488,"y":800,"width":374,"height":13}},{"id":"9358f403-81e0-4f92-8115-b01680c9ee6c","block_type":"box","text":"creditworthiness of the obligor, in this case the seller","page_number":42,"box":{"x":116,"y":815,"width":363,"height":13}},{"id":"a192fdf4-c40f-4b91-b276-999d3635e793","block_type":"box","text":"of the securities. However, because of the legal","page_number":42,"box":{"x":484,"y":815,"width":324,"height":13}},{"id":"35331055-e9f5-4273-883a-fa112cd8e79e","block_type":"box","text":"uncertainties, this risk, like others associated w","page_number":42,"box":{"x":116,"y":831,"width":313,"height":12}},{"id":"ad8b1b1e-a5f1-456c-9c84-5bd2bef2b0e2","block_type":"box","text":"with repurchase agreements, cannot be eliminated.","page_number":42,"box":{"x":429,"y":831,"width":356,"height":13}},{"id":"06407bcf-eeed-4995-ae00-0f0cef90d72a","block_type":"box","text":"Also, in the event of commencement of bankruptcy or in","page_number":42,"box":{"x":116,"y":854,"width":393,"height":13}},{"id":"d994ce61-2fee-4f2e-bb87-8f843b819326","block_type":"box","text":"solvency proceedings with respect to the seller of the","page_number":42,"box":{"x":509,"y":854,"width":368,"height":13}},{"id":"e615f61e-bca6-4180-a152-40c9ccd53b37","block_type":"box","text":"securities before repurchase of the securities under a r","page_number":42,"box":{"x":116,"y":869,"width":365,"height":13}},{"id":"9e8769d4-9fac-485d-a7c4-197605068c90","block_type":"box","text":"repurchase agreement, a Fund may encounter delay and","page_number":42,"box":{"x":481,"y":869,"width":392,"height":13}},{"id":"2bbb923c-ccba-4364-9654-a876309836d7","block_type":"box","text":"I-23","page_number":42,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"d64f8ced-57e9-4f34-a821-19a099c723f0","block_type":"box","text":"NM1026U-6033230-42/137","page_number":42,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"41540eee-6d2f-4ffa-999e-2da2a0410d32","block_type":"box","text":"incur costs before being able to sell the securities. Such","page_number":43,"box":{"x":116,"y":79,"width":382,"height":13}},{"id":"d07d7ae6-7c47-4013-8f72-56cc5303bd46","block_type":"box","text":"a delay may involve loss of interest or a decline in the","page_number":43,"box":{"x":499,"y":79,"width":374,"height":13}},{"id":"dc1168a4-a1db-4fc7-95d4-3982aec5dccf","block_type":"box","text":"value of the securities or other collateral, in which ca","page_number":43,"box":{"x":116,"y":94,"width":366,"height":13}},{"id":"ff5963fe-9f2c-4524-9995-8877e4b4dd8d","block_type":"box","text":"se a Fund may not recover the full amount it paid for the","page_number":43,"box":{"x":483,"y":94,"width":399,"height":13}},{"id":"ff1bd221-606a-4439-95ae-06af1782fbe4","block_type":"box","text":"securities and would retain the status of an unsecured","page_number":43,"box":{"x":116,"y":110,"width":371,"height":10}},{"id":"75707012-4be0-4ee3-9951-a522b1d44e6e","block_type":"box","text":"creditor of the seller (i.e., the position the Fund would","page_number":43,"box":{"x":487,"y":110,"width":384,"height":13}},{"id":"90b97f59-930d-4f89-a69f-2908b5a34071","block_type":"box","text":"normally be in if it were to hold, pursuant to its invest","page_number":43,"box":{"x":116,"y":125,"width":375,"height":13}},{"id":"be1d38d1-452b-43df-a55e-61fa20dd0e21","block_type":"box","text":"ment policies, other unsecured debt of the defaulting","page_number":43,"box":{"x":492,"y":125,"width":368,"height":13}},{"id":"e7017203-baae-459c-86fa-8e6274948639","block_type":"box","text":"seller) with respect to the amount of the shortfall. Cert","page_number":43,"box":{"x":116,"y":141,"width":378,"height":13}},{"id":"92815fb8-982a-4a01-9705-c280058583d9","block_type":"box","text":"ain Funds may enter into repurchase agreements that","page_number":43,"box":{"x":495,"y":141,"width":371,"height":13}},{"id":"bd2a4935-cb71-49d2-a355-f35c2c6b057f","block_type":"box","text":"involve securities that would be subject to a court “stay”","page_number":43,"box":{"x":116,"y":156,"width":392,"height":13}},{"id":"9ed8599f-7acb-42d1-8b9a-8ec22fc677d5","block_type":"box","text":"in the event of the seller’s bankruptcy or insolvency.","page_number":43,"box":{"x":509,"y":156,"width":370,"height":13}},{"id":"2b1a2225-8c6c-452c-be14-2fc58dca4c93","block_type":"box","text":"A “stay” will prevent a Fund from selling the securiti","page_number":43,"box":{"x":116,"y":172,"width":368,"height":13}},{"id":"4e17a734-85eb-47f9-a52b-fafd30f20d58","block_type":"box","text":"es it holds under a repurchase agreement until permitted","page_number":43,"box":{"x":484,"y":172,"width":395,"height":13}},{"id":"b6638b66-6f10-4eca-9ff0-a7dfa304692a","block_type":"box","text":"by a court. In these situations a Fund will be subject to","page_number":43,"box":{"x":116,"y":187,"width":383,"height":13}},{"id":"ea1eba96-a918-4914-b5a4-1a0ec85c0780","block_type":"box","text":"greater risk that the value of the securities will decline","page_number":43,"box":{"x":500,"y":187,"width":376,"height":13}},{"id":"43f735e4-676b-4b01-8bb2-6f1ac60e58fd","block_type":"box","text":"before they are sold, and that the Fund will experience a loss.","page_number":43,"box":{"x":116,"y":203,"width":429,"height":13}},{"id":"6519b712-cb15-49cc-9894-98bf4dab328a","block_type":"box","text":"Apart from the risks associated with bankruptcy or insolv","page_number":43,"box":{"x":116,"y":228,"width":401,"height":12}},{"id":"32531b45-ed57-40e7-a652-08858e9a4fc7","block_type":"box","text":"ency proceedings, there is also the risk that the seller","page_number":43,"box":{"x":518,"y":228,"width":367,"height":12}},{"id":"284aa2e7-12fe-4ec6-8805-d8b33921c913","block_type":"box","text":"may fail to repurchase the security, whether or not the se","page_number":43,"box":{"x":116,"y":243,"width":394,"height":13}},{"id":"1b70fedc-9284-4ea6-9edd-8a6514904af9","block_type":"box","text":"ller is bankrupt or insolvent. However, if the market","page_number":43,"box":{"x":511,"y":243,"width":368,"height":13}},{"id":"6d021e37-7398-4581-bed8-814e4680d751","block_type":"box","text":"value of the securities subject to the repurchase agreem","page_number":43,"box":{"x":116,"y":259,"width":380,"height":12}},{"id":"06d7849a-ef94-4d1e-9d92-cde61d1ebca4","block_type":"box","text":"ent becomes less than the repurchase price (including","page_number":43,"box":{"x":497,"y":259,"width":371,"height":12}},{"id":"e5054f44-ae01-47ab-a9e4-841477e1be79","block_type":"box","text":"accrued interest), the Fund will direct the seller of the","page_number":43,"box":{"x":116,"y":274,"width":373,"height":12}},{"id":"fd8a587f-a068-4cba-b9c7-5291ea5b8f89","block_type":"box","text":"securities to deliver additional securities so that the","page_number":43,"box":{"x":490,"y":274,"width":357,"height":10}},{"id":"b141b7b3-4d92-4ece-b354-5bd759be9aa0","block_type":"box","text":"market value of all securities subject to the repurchase","page_number":43,"box":{"x":116,"y":290,"width":379,"height":12}},{"id":"cebf8ba7-17ec-4dcf-a88b-7d5660caa07c","block_type":"box","text":"agreement equals or exceeds the repurchase price. It is","page_number":43,"box":{"x":495,"y":290,"width":379,"height":12}},{"id":"5e6f6cf5-eb97-49a7-8edc-3d1a1d354572","block_type":"box","text":"possible that, with respect to certain repurchase agreements","page_number":43,"box":{"x":116,"y":305,"width":412,"height":13}},{"id":"3e912173-6220-4f54-a4d5-33f220a5aa0e","block_type":"box","text":", a trustee for a bankrupt or insolvent seller could","page_number":43,"box":{"x":529,"y":305,"width":347,"height":13}},{"id":"f450b3a0-bb9f-424e-b94e-e3366ea53577","block_type":"box","text":"be able to demand the return of any additional securiti","page_number":43,"box":{"x":116,"y":321,"width":378,"height":12}},{"id":"00bc7acc-5f40-4f67-9866-ce119c102c21","block_type":"box","text":"es that were previously delivered to the Fund for this","page_number":43,"box":{"x":495,"y":321,"width":369,"height":12}},{"id":"20192a29-376b-470e-bb59-ab1df1a4819a","block_type":"box","text":"purpose, and a Fund could incur a loss for this reason.","page_number":43,"box":{"x":116,"y":336,"width":382,"height":13}},{"id":"66f1bc15-abe3-4caf-89bd-25d3ebe3dd13","block_type":"box","text":"Restricted Securities.","page_number":43,"box":{"x":116,"y":361,"width":143,"height":10}},{"id":"def2565f-b1b6-428f-b6cb-37c324a33eb5","block_type":"box","text":"TempCash and MuniCash may each invest","page_number":43,"box":{"x":259,"y":361,"width":308,"height":13}},{"id":"52fead76-cb46-4f16-9692-527da4f5ffed","block_type":"box","text":"in restricted securities, which are securities","page_number":43,"box":{"x":568,"y":361,"width":298,"height":12}},{"id":"7b500e06-ca11-48e7-9ba4-b6eb1f7865df","block_type":"box","text":"that cannot be offered for public resale unless registered","page_number":43,"box":{"x":116,"y":376,"width":392,"height":13}},{"id":"7921d0e3-b9f8-4834-a589-56964d845d26","block_type":"box","text":"under the applicable securities laws or that have a","page_number":43,"box":{"x":508,"y":376,"width":350,"height":13}},{"id":"8b7a8a7b-ab4e-443b-b28f-53c5f7aaab32","block_type":"box","text":"contractual restriction that prohibits or limits their resale (e.g., Rule 144A securities). Rule 144A under the","page_number":43,"box":{"x":116,"y":392,"width":745,"height":13}},{"id":"fbea132e-939a-4688-90eb-9cdc8c4fc432","block_type":"box","text":"1933 Act allows for an institutional trading market for","page_number":43,"box":{"x":117,"y":407,"width":385,"height":13}},{"id":"e02120dd-938c-4499-aa80-920fc1adfcac","block_type":"box","text":"securities otherwise subject to restriction on resale to","page_number":43,"box":{"x":502,"y":407,"width":370,"height":13}},{"id":"b9f33742-0f9c-435b-8bf6-f29ae10977af","block_type":"box","text":"the general public. Rule 144A establishes a “safe harbor” from the registration requirements of the 1933 Act","page_number":43,"box":{"x":116,"y":423,"width":760,"height":13}},{"id":"40b5b68a-134f-4678-8bd2-4b1567aa2863","block_type":"box","text":"for resales of certain securities to “qualified institutiona","page_number":43,"box":{"x":116,"y":438,"width":384,"height":13}},{"id":"feee2ac5-5905-4fb5-9ab7-78bcfdb212a7","block_type":"box","text":"l buyers.” The Manager will monitor the liquidity of","page_number":43,"box":{"x":501,"y":438,"width":369,"height":13}},{"id":"d00176a1-6251-4b39-8911-50607f0520ac","block_type":"box","text":"restricted securities under the supervision of the Boa","page_number":43,"box":{"x":116,"y":454,"width":361,"height":13}},{"id":"454487dd-f547-4060-bbd8-08a92317dabb","block_type":"box","text":"rd. In reaching liquidity decisions, the Manager will","page_number":43,"box":{"x":477,"y":454,"width":364,"height":13}},{"id":"51e38033-fb18-4881-8cd2-0c4eb320f3eb","block_type":"box","text":"consider, inter alia, the following factors: (1) th","page_number":43,"box":{"x":116,"y":469,"width":328,"height":13}},{"id":"79e17e2b-8072-434f-95ed-3b4b97cd1837","block_type":"box","text":"e unregistered nature of a Rule 144A security; (2) the","page_number":43,"box":{"x":444,"y":469,"width":373,"height":13}},{"id":"98b29a8a-cce7-487c-865a-0e3b8666f91c","block_type":"box","text":"frequency of trades and quotes for the Rule 144A security","page_number":43,"box":{"x":116,"y":485,"width":402,"height":13}},{"id":"749d2189-2e15-420a-ad7c-a0de472b2410","block_type":"box","text":"; (3) the number of dealers wishing to purchase or","page_number":43,"box":{"x":519,"y":485,"width":350,"height":13}},{"id":"2c0d7115-b79c-4801-be65-463c5283c863","block_type":"box","text":"sell the Rule 144A security and the number of other pot","page_number":43,"box":{"x":116,"y":500,"width":388,"height":13}},{"id":"19aecd0a-f9ad-4721-9102-501b2f85d448","block_type":"box","text":"ential purchasers; (4) dealer undertakings to make a","page_number":43,"box":{"x":504,"y":500,"width":364,"height":13}},{"id":"c55fc78a-c8c6-49ee-ae21-f81cc545fd3e","block_type":"box","text":"market in the Rule 144A security; (5) the trading market","page_number":43,"box":{"x":116,"y":516,"width":393,"height":13}},{"id":"fc2d7719-e2d3-4235-8db1-0eaa5c8f8b26","block_type":"box","text":"s for the Rule 144A security; and (6) the nature of the","page_number":43,"box":{"x":510,"y":516,"width":377,"height":13}},{"id":"b9ad0353-54db-4402-b81f-3491445f6903","block_type":"box","text":"Rule 144A security and the nature of the marketplace t","page_number":43,"box":{"x":116,"y":531,"width":377,"height":13}},{"id":"05d2b4c5-f351-4ce5-a1c3-3aa7cb838498","block_type":"box","text":"trades (e.g., the time needed to dispose of the","page_number":43,"box":{"x":493,"y":531,"width":317,"height":13}},{"id":"ab531bba-8275-4668-aa2e-8d48530e8af4","block_type":"box","text":"Rule 144A security, the method of soliciting o","page_number":43,"box":{"x":116,"y":547,"width":319,"height":13}},{"id":"ed3fd0e1-d7ff-4099-8c51-4f00daa13613","block_type":"box","text":"ffers and the mechanics of the transfer).","page_number":43,"box":{"x":436,"y":547,"width":279,"height":12}},{"id":"edf58ad6-3353-4990-b813-306868bfc223","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":43,"box":{"x":116,"y":572,"width":229,"height":13}},{"id":"55252c78-4493-4c72-ad1d-ad38a5e3b19f","block_type":"box","text":"Each of TempCash, FedFund and T-Fund may enter into reverse repurchase","page_number":43,"box":{"x":345,"y":572,"width":537,"height":13}},{"id":"d8d685ba-b84e-42ea-a7b9-35a30d078e4e","block_type":"box","text":"agreements. In a reverse repurchase agreement a Fund se","page_number":43,"box":{"x":116,"y":587,"width":392,"height":13}},{"id":"7776927f-a13c-4a18-bb2f-c758de02b75e","block_type":"box","text":"lls a security and simultaneously commits to","page_number":43,"box":{"x":509,"y":587,"width":310,"height":13}},{"id":"83e17e1b-4dc5-43a8-af24-800a794944c4","block_type":"box","text":"repurchase that security at a future date from the buyer.","page_number":43,"box":{"x":116,"y":603,"width":387,"height":13}},{"id":"c1e01794-a08f-41d0-993f-a6a895f99619","block_type":"box","text":"In effect, the Fund is temporarily borrowing money at","page_number":43,"box":{"x":504,"y":603,"width":384,"height":13}},{"id":"24df6a5a-7d4a-4a6b-9cbc-1ca3483a19be","block_type":"box","text":"an agreed upon interest rate from the purchaser of the","page_number":43,"box":{"x":116,"y":618,"width":380,"height":13}},{"id":"923bf675-8f84-4901-9736-d6e6da7e0959","block_type":"box","text":"security, and the security so","page_number":43,"box":{"x":496,"y":618,"width":191,"height":13}},{"id":"1679d4e7-c0a8-477a-a690-45740779d2d1","block_type":"box","text":"ld represents collateral for","page_number":43,"box":{"x":688,"y":618,"width":185,"height":13}},{"id":"8df4afb0-e955-452d-90ec-9446a3fba12f","block_type":"box","text":"the loan.","page_number":43,"box":{"x":116,"y":634,"width":65,"height":10}},{"id":"52723f14-13c0-4f27-ae09-75648199feb4","block_type":"box","text":"A Fund’s investment of the proceeds of a reverse repu","page_number":43,"box":{"x":116,"y":659,"width":371,"height":12}},{"id":"d947f570-2406-41e9-bd0c-315322d21933","block_type":"box","text":"rchase agreement involves the speculative factor known","page_number":43,"box":{"x":488,"y":659,"width":390,"height":12}},{"id":"cbc9d172-9fd7-4b6d-af6e-20a282f0a49e","block_type":"box","text":"as leverage. A Fund may enter into a reverse repurchase","page_number":43,"box":{"x":116,"y":674,"width":386,"height":13}},{"id":"04dba216-3d51-4a12-b0a0-770d9401f396","block_type":"box","text":"agreement only if the interest income from investment","page_number":43,"box":{"x":507,"y":674,"width":374,"height":13}},{"id":"e31440fb-19b6-4be5-a976-dc0f131707a0","block_type":"box","text":"of the proceeds is greater than the interest expense of","page_number":43,"box":{"x":116,"y":690,"width":368,"height":12}},{"id":"c7e4c326-5599-4d85-b3d7-5d49928204f6","block_type":"box","text":"the transaction and the proceeds are invested for a","page_number":43,"box":{"x":488,"y":690,"width":349,"height":12}},{"id":"09c9701c-9264-4795-8996-0d437708a9b1","block_type":"box","text":"period no longer than the term of the agreement. The","page_number":43,"box":{"x":116,"y":705,"width":370,"height":13}},{"id":"8422db5e-8e72-481f-892e-614304b5aca7","block_type":"box","text":"Manager will evaluate the creditworthiness of the other","page_number":43,"box":{"x":491,"y":705,"width":385,"height":13}},{"id":"451ff933-c63f-4c49-acbd-2d41445fc3f7","block_type":"box","text":"party in determining whether a Fund will enter in","page_number":43,"box":{"x":116,"y":721,"width":343,"height":12}},{"id":"dcca713b-388b-437c-b659-42f33fe000c8","block_type":"box","text":"to a reverse repurchase agreement. The use of reverse","page_number":43,"box":{"x":459,"y":721,"width":369,"height":12}},{"id":"b6b9f0ff-8eb4-4d10-9f57-0a9e58b0e820","block_type":"box","text":"repurchase agreements involves certain risks. 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In addition,","page_number":43,"box":{"x":116,"y":767,"width":377,"height":13}},{"id":"79e832f1-5f89-42f8-9536-a679c3439948","block_type":"box","text":"the market value of the securities sold by a Fund may","page_number":43,"box":{"x":498,"y":767,"width":370,"height":13}},{"id":"9a50c68c-c562-48d1-b651-1af2053a96b8","block_type":"box","text":"decline below the repurchase price to","page_number":43,"box":{"x":116,"y":783,"width":257,"height":12}},{"id":"58f76463-d0b2-4c1f-92d2-0ab0aecfae11","block_type":"box","text":"which the Fund remains committed.","page_number":43,"box":{"x":378,"y":783,"width":250,"height":10}},{"id":"60cffd9b-1861-4946-959f-641c67521c73","block_type":"box","text":"Reverse repurchase agreements are considered to be bo","page_number":43,"box":{"x":116,"y":807,"width":381,"height":13}},{"id":"14b4ee98-4f58-4bdc-acee-0c50ac58056e","block_type":"box","text":"rrowings under the 1940 Act and may be entered into","page_number":43,"box":{"x":498,"y":807,"width":374,"height":13}},{"id":"5a58d65a-2fa4-48d6-af35-f093c95c207c","block_type":"box","text":"only for temporary or emergency purposes. 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The Manag","page_number":44,"box":{"x":116,"y":541,"width":392,"height":13}},{"id":"b4e7dc86-f170-46b9-bd2b-e66328dbcdf9","block_type":"box","text":"er will consider such costs in determining whether or","page_number":44,"box":{"x":509,"y":541,"width":370,"height":13}},{"id":"8c794419-4ad8-47fd-aa59-d6110abaef51","block_type":"box","text":"not a Fund should engage in such trading.","page_number":44,"box":{"x":116,"y":556,"width":296,"height":13}},{"id":"29cb95a4-0e32-4343-b1fd-f2fc67451260","block_type":"box","text":"Stand-By Commitments. T","page_number":44,"box":{"x":116,"y":581,"width":176,"height":13}},{"id":"565efe97-d871-4c74-a506-582ae1a6e8ee","block_type":"box","text":"TempCash and MuniCash may acquire stand-by commitments. 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A Fund’s right to exercise stand-by","page_number":44,"box":{"x":478,"y":659,"width":339,"height":12}},{"id":"bbd491db-35f9-4add-90e7-928b091f3bac","block_type":"box","text":"commitments will be unconditional and unqualified.","page_number":44,"box":{"x":116,"y":674,"width":363,"height":13}},{"id":"e3bbcb20-da32-4b89-8f45-5916e4a29c46","block_type":"box","text":"Special Considerations Regarding Foreign Investments.","page_number":44,"box":{"x":116,"y":699,"width":381,"height":13}},{"id":"7e01cac6-9e9d-499a-9551-0e6781cd3345","block_type":"box","text":"Investments by TempCash and MuniCash in securities","page_number":44,"box":{"x":503,"y":699,"width":377,"height":13}},{"id":"24cdffee-0993-429c-96fe-3938557aa2c5","block_type":"box","text":"issued or supported by foreign entities, including foreign","page_number":44,"box":{"x":116,"y":714,"width":391,"height":13}},{"id":"7b57bf63-5702-4747-a9b6-4fa590afafdd","block_type":"box","text":"governments, foreign banks and foreign branches of","page_number":44,"box":{"x":511,"y":714,"width":362,"height":13}},{"id":"c49863c4-cde4-4909-ae5c-f1398c747482","block_type":"box","text":"U.S. banks, or investments supported by such entities,","page_number":44,"box":{"x":116,"y":730,"width":373,"height":13}},{"id":"46e6c55a-dff7-4193-bfe6-70d9f9fb0d6c","block_type":"box","text":"may subject the Funds to investment risks that are","page_number":44,"box":{"x":494,"y":730,"width":347,"height":13}},{"id":"10b0de26-b18c-4c19-aad0-df831807e7df","block_type":"box","text":"different in some respects from those of investments in","page_number":44,"box":{"x":116,"y":745,"width":378,"height":13}},{"id":"2c1ca0ef-5a6c-425c-9664-3063265d38ea","block_type":"box","text":"obligations of U.S. domestic issuers. 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For any period during which an emergency exists as a result of which (1) disposal of securities","page_number":55,"box":{"x":150,"y":800,"width":716,"height":13}},{"id":"9b21edcc-f2b5-42d1-8e84-98a81f369a91","block_type":"box","text":"owned by the Fund is not reasonably practicable or (2) it is not reasonably practicable for the","page_number":55,"box":{"x":184,"y":815,"width":679,"height":13}},{"id":"55064143-485c-427a-83de-ecba5a6f5d5d","block_type":"box","text":"Fund to fairly determine the NAV of shares of the Fund;","page_number":55,"box":{"x":184,"y":831,"width":414,"height":13}},{"id":"9aa637d8-05eb-4780-ba09-3d32ddb0022c","block_type":"box","text":"d. For any period during which the SEC has, by rule or regulation, deemed that (1) trading shall","page_number":55,"box":{"x":150,"y":854,"width":717,"height":13}},{"id":"32d06c13-6860-48c5-867c-8e8abeda6f60","block_type":"box","text":"be restricted or (2) an emergency exists;","page_number":55,"box":{"x":184,"y":869,"width":292,"height":13}},{"id":"16232676-3509-4506-ae5f-19099cb8f0a4","block_type":"box","text":"I-36","page_number":55,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"acb18845-d224-4ddd-89c8-e06e76422745","block_type":"box","text":"NM1026U-6033230-55/137","page_number":55,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"eef323de-aa79-4d27-b948-e4d66cea0ed0","block_type":"box","text":"e. For any period that the SEC may by order permit for your protection; or","page_number":56,"box":{"x":150,"y":79,"width":566,"height":13}},{"id":"432cbb05-8973-4f47-9068-7426f5ab596c","block_type":"box","text":"f. For any period during which the Fund, as part of a necessary liquidation of the Fund, has","page_number":56,"box":{"x":150,"y":101,"width":688,"height":13}},{"id":"d21badf2-6d28-4396-a31d-9f5c8e7b8159","block_type":"box","text":"properly postponed and/or suspended redemption of shares and payment in accordance with","page_number":56,"box":{"x":183,"y":116,"width":678,"height":13}},{"id":"8574b838-9212-40fe-9e9c-9d99392096b4","block_type":"box","text":"federal securities laws (as discussed below).","page_number":56,"box":{"x":184,"y":132,"width":319,"height":12}},{"id":"ef1749f7-f196-42cb-8ef1-b77d4a02b534","block_type":"box","text":"At the Funds’ discretion and at the request of a share","page_number":56,"box":{"x":116,"y":154,"width":366,"height":13}},{"id":"cf2e8ab6-d9fc-43a5-9c99-d1370fa11b8c","block_type":"box","text":"holder, the Funds may pay redemption proceeds that are","page_number":56,"box":{"x":483,"y":154,"width":397,"height":13}},{"id":"f3b59ed9-a040-43b6-b0a6-20d18ee7cb98","block_type":"box","text":"under $100,000 by check to the shareholder. The F","page_number":56,"box":{"x":116,"y":169,"width":357,"height":13}},{"id":"eb09dc87-70c9-4bde-8320-78c1cf235478","block_type":"box","text":"unds will normally mail redemption proceeds by check","page_number":56,"box":{"x":473,"y":169,"width":385,"height":13}},{"id":"3d7e3baa-5c46-4611-97c8-07ceec4af3bd","block_type":"box","text":"within three days following receipt of a properly comple","page_number":56,"box":{"x":116,"y":185,"width":390,"height":13}},{"id":"8f3d5b52-1124-4753-a22f-d8a8a4ceb51d","block_type":"box","text":"ted request, but in any event within seven days.","page_number":56,"box":{"x":507,"y":185,"width":332,"height":13}},{"id":"cecd194b-2f77-44e2-a9e1-3b1b3f5c0224","block_type":"box","text":"Proceeds sent by check will be","page_number":56,"box":{"x":116,"y":200,"width":214,"height":13}},{"id":"bef20430-5cd9-4344-a94a-cb1060d2b78d","block_type":"box","text":"sent to the address on record.","page_number":56,"box":{"x":330,"y":200,"width":208,"height":11}},{"id":"075ed4f0-8b01-4b78-952e-77e19fd424dc","block_type":"box","text":"If the Board, including a majority of the non-interest","page_number":56,"box":{"x":116,"y":223,"width":364,"height":12}},{"id":"dc7f2728-e7d6-42b5-9d50-7e7e0b5b5f51","block_type":"box","text":"ed Trustees, determines either that (1) a Fund has","page_number":56,"box":{"x":480,"y":223,"width":347,"height":12}},{"id":"0e3ea9d9-b912-40d2-8f51-53f82fca8e94","block_type":"box","text":"invested, at the end of a business day, less than 10% of its","page_number":56,"box":{"x":116,"y":238,"width":402,"height":13}},{"id":"709846da-decf-4ad3-984d-48b2a90d425d","block_type":"box","text":"total assets in weekly liquid assets, or (2) in the case","page_number":56,"box":{"x":518,"y":238,"width":368,"height":13}},{"id":"965363ac-8ba1-4ddf-b68b-bf4e609c9cfc","block_type":"box","text":"of a Government Fund, such Government Fund’s calcul","page_number":56,"box":{"x":116,"y":254,"width":386,"height":12}},{"id":"8597399c-7637-4e47-bc60-d3140a9f6881","block_type":"box","text":"ated NAV per share has deviated from $1.00 or such","page_number":56,"box":{"x":503,"y":253,"width":372,"height":13}},{"id":"7eadc8b2-00e3-44b4-9691-19a9bb8e4630","block_type":"box","text":"deviation is likely to occur; then the Board, subject t","page_number":56,"box":{"x":116,"y":269,"width":356,"height":13}},{"id":"e4518b31-8c52-46da-aca1-dcd2c46630d7","block_type":"box","text":"to certain conditions, may in the case of a Fund that the","page_number":56,"box":{"x":472,"y":269,"width":392,"height":13}},{"id":"170def8b-a2c9-4148-8ccf-061fac088701","block_type":"box","text":"Board has determined to liquidate irrevocably, suspe","page_number":56,"box":{"x":116,"y":285,"width":364,"height":12}},{"id":"d4010ac5-6eb6-43ae-a213-95931ddc48df","block_type":"box","text":"nd redemptions and payment of redemption proceeds in","page_number":56,"box":{"x":481,"y":285,"width":394,"height":12}},{"id":"711eb0ee-441f-4df1-bfe8-cd7218db7c8f","block_type":"box","text":"order to facilitate the permanent liquidation of the Fund in","page_number":56,"box":{"x":116,"y":300,"width":408,"height":13}},{"id":"cfa89756-b79a-4e5e-8dab-48b09f1034f4","block_type":"box","text":"n an orderly manner. If this were to occur, it would","page_number":56,"box":{"x":524,"y":300,"width":353,"height":13}},{"id":"4018065e-7150-4268-8d86-1933b5252fd7","block_type":"box","text":"likely result in a delay in your receipt of your redemption proceeds.","page_number":56,"box":{"x":116,"y":316,"width":470,"height":12}},{"id":"199c1e4c-b658-43cc-8500-de7a71a115a5","block_type":"box","text":"In addition, if, in the opinion of the Trustees of t","page_number":56,"box":{"x":116,"y":338,"width":332,"height":12}},{"id":"da756dc0-ca8d-4d14-9348-0b439f8fe425","block_type":"box","text":"the Trust, ownership of shares has or may become","page_number":56,"box":{"x":447,"y":338,"width":355,"height":12}},{"id":"90efb2cb-1da1-4304-926d-f74ece470bb5","block_type":"box","text":"concentrated to an extent which would cause a Fund t","page_number":56,"box":{"x":116,"y":353,"width":372,"height":10}},{"id":"1118db82-853b-4260-acd1-c3231c947cae","block_type":"box","text":"to be deemed a personal holding company, a Fund may","page_number":56,"box":{"x":488,"y":353,"width":389,"height":13}},{"id":"43f46c35-58b0-4b0d-a4a6-c2b9907321bd","block_type":"box","text":"compel the redemption of, reject any order for or refuse to","page_number":56,"box":{"x":116,"y":369,"width":405,"height":13}},{"id":"c3f3a3a6-1eed-45de-a9b9-6fa767fa03d1","block_type":"box","text":"give effect on the books of a Fund to the transfer of","page_number":56,"box":{"x":521,"y":369,"width":366,"height":13}},{"id":"c41fdae3-a782-485a-a27a-fb83a94cac2b","block_type":"box","text":"a Fund’s shares in an effort to prevent that conseque","page_number":56,"box":{"x":116,"y":384,"width":363,"height":13}},{"id":"456850ef-221c-48e6-b755-cf532c66f186","block_type":"box","text":"nce. A Fund may also redeem shares involuntarily if such","page_number":56,"box":{"x":480,"y":384,"width":400,"height":13}},{"id":"5cd4e7ba-78fc-4909-9b64-ec3e793a9273","block_type":"box","text":"redemption appears appropriate in light of a Fund’s responsibilities under the 1940 Act or otherwise. If the","page_number":56,"box":{"x":116,"y":400,"width":747,"height":13}},{"id":"1ef041e1-d2f7-46f6-93d1-99273da55ccf","block_type":"box","text":"Board determines that conditions exist which make paym","page_number":56,"box":{"x":116,"y":415,"width":399,"height":13}},{"id":"edcb69ce-a8b9-405b-8e6a-e237b3ca24fa","block_type":"box","text":"ent of redemption proceeds wholly in cash unwise or","page_number":56,"box":{"x":516,"y":415,"width":371,"height":13}},{"id":"460eec39-d188-4119-8ed0-a1be374e0260","block_type":"box","text":"undesirable, a Fund may make payment wholly or pa","page_number":56,"box":{"x":116,"y":431,"width":371,"height":13}},{"id":"f5af5f8a-867f-43f5-9306-f4d5530e176b","block_type":"box","text":"rtly in securities or other property. Although Fund","page_number":56,"box":{"x":487,"y":431,"width":354,"height":13}},{"id":"90219e8f-cdb1-4bfc-8558-de3b61205036","block_type":"box","text":"shares normally will be redeemed for cash upon receipt of a","page_number":56,"box":{"x":116,"y":446,"width":418,"height":13}},{"id":"f490beef-31cb-41cb-b0dc-add3d223825f","block_type":"box","text":"request in proper form, the Trust retains the right","page_number":56,"box":{"x":534,"y":446,"width":348,"height":13}},{"id":"963a94d8-e1e7-475f-abad-a93ca7cd624f","block_type":"box","text":"to redeem some or all of the Fund’s shares in-kind","page_number":56,"box":{"x":116,"y":462,"width":352,"height":10}},{"id":"7b6be4fa-77d9-41e8-a263-e934aa41a4f6","block_type":"box","text":"under unusual circumstances, in order to protect the","page_number":56,"box":{"x":468,"y":462,"width":367,"height":13}},{"id":"8f5d09be-b00d-41ae-96f7-ceadac4923fe","block_type":"box","text":"interests of remaining shareholders or to accommodate","page_number":56,"box":{"x":116,"y":477,"width":386,"height":13}},{"id":"f0ae68ad-20d3-4a24-862b-7ff1341691fc","block_type":"box","text":"a request by a particular shareholder that does not","page_number":56,"box":{"x":503,"y":477,"width":354,"height":13}},{"id":"f4cb4f9a-4fa8-48df-b35b-570595a7cdca","block_type":"box","text":"adversely affect the interests of the remaining sharehol","page_number":56,"box":{"x":116,"y":493,"width":376,"height":13}},{"id":"e8e64fe8-eb2a-41e2-b8ed-cb2ef155f498","block_type":"box","text":"ders, by delivery of securities and other assets selected","page_number":56,"box":{"x":493,"y":493,"width":377,"height":13}},{"id":"65988bef-1dd5-41cd-a281-3c52811394b5","block_type":"box","text":"from the Fund’s portfolio holdings at its discretion. In","page_number":56,"box":{"x":116,"y":508,"width":374,"height":13}},{"id":"939cb99c-7539-4694-8a99-d8c0c0aefe26","block_type":"box","text":"-kind payment means payment will be made in portfolio","page_number":56,"box":{"x":490,"y":508,"width":396,"height":13}},{"id":"f8ab02f8-6d43-409c-9218-44d317ea1fc7","block_type":"box","text":"securities and other assets rather than cash. If this occu","page_number":56,"box":{"x":116,"y":524,"width":380,"height":10}},{"id":"bd69f977-465a-437c-bdab-e23a33ee2080","block_type":"box","text":"rs, the redeeming shareholder might incur brokerage or","page_number":56,"box":{"x":497,"y":524,"width":388,"height":13}},{"id":"b4814e09-3313-435c-912f-7cd329697764","block_type":"box","text":"other transaction costs to convert the securities and","page_number":56,"box":{"x":116,"y":539,"width":360,"height":10}},{"id":"1fad5299-9312-42d5-8a04-3ca99cd2ab22","block_type":"box","text":"other assets to cash. In an in-kind redemption, a p","page_number":56,"box":{"x":477,"y":539,"width":338,"height":13}},{"id":"e0744788-5f0c-4946-8de6-b7954cd0f9b7","block_type":"box","text":"pro rata","page_number":56,"box":{"x":814,"y":542,"width":61,"height":10}},{"id":"573d2e7b-9151-442e-9b3b-b01fb03ac8c9","block_type":"box","text":"portion of a Fund’s portfolio holdings will generally be di","page_number":56,"box":{"x":116,"y":555,"width":399,"height":13}},{"id":"bf5c536a-d920-49f5-af81-5ae9f5897043","block_type":"box","text":"stributed to the redeeming shareholder. Each Fund","page_number":56,"box":{"x":515,"y":555,"width":356,"height":13}},{"id":"2bd8b789-c318-40ae-97ca-ffafb89bb907","block_type":"box","text":"has elected, however, to be governed by Rule 18f-1","page_number":56,"box":{"x":116,"y":570,"width":353,"height":13}},{"id":"10772d0f-c16e-4d5a-a2a8-d97b444ce0a1","block_type":"box","text":"under the 1940 Act so that the Fund is obligated to","page_number":56,"box":{"x":471,"y":570,"width":365,"height":13}},{"id":"a0f7baa8-9522-4bc8-b1f7-3090f8721008","block_type":"box","text":"redeem its shares solely in cash up to the lesser of","page_number":56,"box":{"x":116,"y":586,"width":346,"height":13}},{"id":"eef5db7a-a024-4dcf-8d06-7b51ef10d4fb","block_type":"box","text":"$250,000 or 1% of its NAV during any 90-day period for","page_number":56,"box":{"x":463,"y":585,"width":408,"height":14}},{"id":"0b048ded-926b-4821-bab1-1009e877720f","block_type":"box","text":"any one shareholder of the Fund. The redemption price is","page_number":56,"box":{"x":116,"y":601,"width":398,"height":13}},{"id":"0caa8deb-2f42-4fa3-ae0b-33f8a1d84857","block_type":"box","text":"the NAV per share next determined after the initial","page_number":56,"box":{"x":514,"y":601,"width":365,"height":13}},{"id":"e0d0df72-49c7-4902-a086-89a2ef2a59e3","block_type":"box","text":"receipt of proper notice of redemption. In","page_number":56,"box":{"x":116,"y":617,"width":288,"height":13}},{"id":"2d6f7473-7ffc-48fb-9e48-454230f2028e","block_type":"box","text":"certain instances, a Fund may redeem shares p","page_number":56,"box":{"x":404,"y":617,"width":317,"height":13}},{"id":"28213995-159e-4aa2-a717-e1b83fdf116d","block_type":"box","text":"pro rata","page_number":56,"box":{"x":720,"y":619,"width":61,"height":11}},{"id":"fa07bd41-ac7b-4766-b2d9-a4cf17d98d0e","block_type":"box","text":"from each","page_number":56,"box":{"x":782,"y":617,"width":74,"height":10}},{"id":"b57229a9-8ef6-4b80-b4f5-e9cc6f4cbe25","block_type":"box","text":"shareholder of record without payment of monetary consideration.","page_number":56,"box":{"x":116,"y":632,"width":470,"height":13}},{"id":"ad3119a4-bee9-458b-8bcf-f1527767cde2","block_type":"box","text":"Under Rule 2a-7, the Board, or its delegate, must im","page_number":56,"box":{"x":116,"y":654,"width":363,"height":13}},{"id":"e22bd0fb-e068-4135-92d0-c3ee727a86e5","block_type":"box","text":"pose a mandatory liquidity fee upon the sale of your","page_number":56,"box":{"x":479,"y":654,"width":367,"height":13}},{"id":"7470f7af-9828-4b66-870e-f14b21f08c90","block_type":"box","text":"Institutional Fund shares if the Institutional Fund’s tota","page_number":56,"box":{"x":116,"y":670,"width":384,"height":10}},{"id":"7861edde-7233-4007-97d0-2acda0d1ab07","block_type":"box","text":"l net redemptions on any business day exceed 5% of","page_number":56,"box":{"x":500,"y":670,"width":364,"height":13}},{"id":"dc9156ea-bf8a-4197-9d2c-131c483863d8","block_type":"box","text":"the Institutional Fund’s net assets, unless the liquidity","page_number":56,"box":{"x":116,"y":685,"width":370,"height":13}},{"id":"ab4015c1-bc09-4ea8-a7d1-a8f3de529e79","block_type":"box","text":"costs are de minimis. Additionally, the Board, or its","page_number":56,"box":{"x":490,"y":685,"width":357,"height":13}},{"id":"c7007cd2-7fbb-45cf-9094-63d93647ba32","block_type":"box","text":"delegate, is permitted to impose a discretionary liquidity","page_number":56,"box":{"x":116,"y":701,"width":389,"height":13}},{"id":"64f4e3ca-b881-452c-b3b5-28e38e6f6c35","block_type":"box","text":"fee on redemptions from each Institutional Fund (up","page_number":56,"box":{"x":510,"y":701,"width":363,"height":13}},{"id":"3ee7b46e-a23c-4772-8329-c867f6141500","block_type":"box","text":"to 2%) if such fee is determined to be in the best","page_number":56,"box":{"x":116,"y":716,"width":335,"height":13}},{"id":"49e7a759-ad11-4d3a-86e2-8b3a6406bc9b","block_type":"box","text":"interests of an Institutional Fund. Please see the Funds’","page_number":56,"box":{"x":456,"y":716,"width":378,"height":10}},{"id":"18be7094-4eed-40bb-b098-fc0a56bbc5d6","block_type":"box","text":"prospectuses for additional information about mandatory and discretionary liquidity fees.","page_number":56,"box":{"x":116,"y":732,"width":622,"height":13}},{"id":"b9d7baad-702a-4149-856f-5fafd9d31d32","block_type":"box","text":"Any institution purchasing shares on behalf of separate a","page_number":56,"box":{"x":116,"y":754,"width":394,"height":13}},{"id":"b25a1ad7-126d-4f88-81ad-85e603e10d96","block_type":"box","text":"ccounts will be required to hold the shares in a single","page_number":56,"box":{"x":511,"y":754,"width":367,"height":13}},{"id":"382f6e42-3ebe-4543-bb2e-77e1ed7aceef","block_type":"box","text":"nominee name (a “Master Account”). Institutions investin","page_number":56,"box":{"x":116,"y":770,"width":404,"height":12}},{"id":"57ebbecc-c719-4366-8f7a-2a57c1fe28fb","block_type":"box","text":"g in more than one of the portfolios, or classes of","page_number":56,"box":{"x":520,"y":769,"width":342,"height":13}},{"id":"71ef6844-1efe-44e6-859d-e9f1d5515f3f","block_type":"box","text":"shares, must maintain a separate Master Account for","page_number":56,"box":{"x":116,"y":785,"width":368,"height":13}},{"id":"89d84711-3dac-46d6-a21f-ec76a30fcd7f","block_type":"box","text":"each Fund’s class of shares. Institutions may also","page_number":56,"box":{"x":488,"y":785,"width":338,"height":13}},{"id":"7744c0c2-95dc-4506-ac91-db0f8ae3cee9","block_type":"box","text":"arrange with BNY Mellon Investment Servicing (US)","page_number":56,"box":{"x":116,"y":800,"width":364,"height":13}},{"id":"76c79b95-b088-4751-95d7-a715e3bbfe45","block_type":"box","text":"Inc. (“BNY Mellon”) for certain sub-accounting services","page_number":56,"box":{"x":486,"y":800,"width":392,"height":13}},{"id":"6b130c3e-8e1b-45c8-8202-571d924ffad0","block_type":"box","text":"(such as purchase, redemption, and dividend record k","page_number":56,"box":{"x":117,"y":816,"width":371,"height":13}},{"id":"4bc3ab43-dcb5-4e59-b1ed-0641cedafe37","block_type":"box","text":"eeping). Sub-accounts may be established by name or","page_number":56,"box":{"x":488,"y":816,"width":369,"height":13}},{"id":"c960d217-7654-45e6-8e68-46dd097727db","block_type":"box","text":"number either when the Master Account is opened or later.","page_number":56,"box":{"x":116,"y":831,"width":416,"height":13}},{"id":"db5040fe-f7ea-4a0c-a084-2ef642f0c310","block_type":"box","text":"A Fund may authorize one or more Service Organizati","page_number":56,"box":{"x":116,"y":854,"width":377,"height":12}},{"id":"ebbb2049-d3f8-45bb-9bd2-edaacca570bc","block_type":"box","text":"ons to accept purchase and redemption orders on its","page_number":56,"box":{"x":493,"y":854,"width":367,"height":12}},{"id":"df9b4e68-8a6c-4f27-92e0-aca47d141248","block_type":"box","text":"behalf. Such Service Organizations may be authorized t","page_number":56,"box":{"x":116,"y":869,"width":378,"height":13}},{"id":"aba0767d-99a1-4d04-b38b-1908aa220d25","block_type":"box","text":"to designate other interm","page_number":56,"box":{"x":494,"y":869,"width":174,"height":13}},{"id":"6069ed9f-5c08-4f89-8394-73456c65d6b4","block_type":"box","text":"ediaries to accept purchase","page_number":56,"box":{"x":669,"y":869,"width":190,"height":13}},{"id":"0e70fdf9-8886-4ae9-8ba0-26bfe85edff2","block_type":"box","text":"I-37","page_number":56,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"1aa10413-e1df-4de7-91b5-6a84e144cf6b","block_type":"box","text":"NM1026U-6033230-56/137","page_number":56,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"dfa0c03c-c70d-4725-86b2-578069eb0e0f","block_type":"box","text":"and redemption orders on a Fund’s behalf. 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If your Financial Intermediary elects to settle trades on the next","page_number":57,"box":{"x":375,"y":296,"width":451,"height":13}},{"id":"fe58b1cb-af55-4400-b923-814d516c9f35","block_type":"box","text":"business day after an order is placed through the N","page_number":57,"box":{"x":116,"y":311,"width":341,"height":13}},{"id":"4c30026f-668d-4b08-a1c5-fd8937f1831d","block_type":"box","text":"NSCC Fund/SERV trading platform, Fund shares normally","page_number":57,"box":{"x":457,"y":311,"width":415,"height":13}},{"id":"2c98d441-cd15-4453-ada3-cc8e1207a066","block_type":"box","text":"begin accruing dividends on the second business day follo","page_number":57,"box":{"x":116,"y":327,"width":399,"height":13}},{"id":"e5c70304-2ece-447a-936c-87bbe34441cf","block_type":"box","text":"wing the day on which the purchase order for the","page_number":57,"box":{"x":515,"y":327,"width":348,"height":13}},{"id":"260927a2-5783-4166-8638-7cfe41f18869","block_type":"box","text":"shares is effected and continue to accrue dividends t","page_number":57,"box":{"x":116,"y":342,"width":354,"height":10}},{"id":"11a0c0a8-6a4a-4495-8e96-2cf5c39def04","block_type":"box","text":"through the business day following the day such shares are","page_number":57,"box":{"x":470,"y":342,"width":412,"height":13}},{"id":"38b3bc36-e9e0-49e1-9899-4c627c60fc3e","block_type":"box","text":"redeemed.","page_number":57,"box":{"x":116,"y":358,"width":75,"height":10}},{"id":"c2b14b02-69cf-4665-826d-2e8ff711616c","block_type":"box","text":"If your Financial Intermediary elects to settle tr","page_number":57,"box":{"x":116,"y":381,"width":325,"height":13}},{"id":"027ca4d5-25de-4e74-8f8e-399071bda999","block_type":"box","text":"ades on the second business day after an order is placed","page_number":57,"box":{"x":442,"y":381,"width":389,"height":13}},{"id":"def5a42a-959f-4599-82a1-1a46380a6f8b","block_type":"box","text":"through the NSCC Fund/SERV trading platform, Fund shares normally begin accruing dividends on the third","page_number":57,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"b227155e-a766-4b19-92df-67648488b4fb","block_type":"box","text":"business day following the day on which the purchase order","page_number":57,"box":{"x":116,"y":412,"width":420,"height":13}},{"id":"c589155d-2d1a-452b-9a1d-9710c7cccef5","block_type":"box","text":"for the shares is effected and continue to accrue","page_number":57,"box":{"x":537,"y":412,"width":333,"height":10}},{"id":"24c82701-582f-4048-81d1-1a8e0ee39648","block_type":"box","text":"dividends through the second business day fo","page_number":57,"box":{"x":116,"y":428,"width":313,"height":12}},{"id":"7bd5737c-6cd7-4cfd-8aa1-1ad221693c55","block_type":"box","text":"llowing the day such shares are redeemed.","page_number":57,"box":{"x":430,"y":428,"width":296,"height":12}},{"id":"e912e9db-9f03-4022-8501-c57f379e4d0a","block_type":"box","text":"The Funds have not entered into any arrangemen","page_number":57,"box":{"x":116,"y":451,"width":342,"height":13}},{"id":"3be52f7d-ede2-4dca-a028-cc9fb280e8e9","block_type":"box","text":"ts with any person permitting frequent purchases and","page_number":57,"box":{"x":458,"y":451,"width":375,"height":13}},{"id":"d1d44b30-bbb2-4bbe-8282-04d98a5af192","block_type":"box","text":"redemptions of Fund shares.","page_number":57,"box":{"x":116,"y":466,"width":201,"height":13}},{"id":"5cb5742c-2de4-4479-9008-df6122baead8","block_type":"box","text":"Shares of the Funds are only made available to institu","page_number":57,"box":{"x":116,"y":490,"width":371,"height":12}},{"id":"716b5ee4-8d4c-4b75-a989-52bab7b2406d","block_type":"box","text":"tional investors purchasing on their own behalf or on","page_number":57,"box":{"x":488,"y":490,"width":374,"height":12}},{"id":"77702d2f-e73b-4c45-a061-54fe22a896c0","block_type":"box","text":"behalf of their customers except that Trustees of the Trus","page_number":57,"box":{"x":116,"y":505,"width":397,"height":13}},{"id":"1dc86220-952c-46ab-b20c-963079e07561","block_type":"box","text":"t are eligible to purchase Institutional Shares of the","page_number":57,"box":{"x":513,"y":505,"width":357,"height":13}},{"id":"ee351f3f-c007-4f38-a1da-72bd8820d851","block_type":"box","text":"Funds without regard to any minimum investme","page_number":57,"box":{"x":116,"y":521,"width":336,"height":12}},{"id":"fdb13982-1ec8-464d-b2fb-6939b03ed52b","block_type":"box","text":"nt amount that would otherwise apply.","page_number":57,"box":{"x":452,"y":521,"width":277,"height":12}},{"id":"b3cca468-c7f1-4243-8d5b-2981ce07633c","block_type":"box","text":"Conversion of Mischler Financial Group Shares to Institutional Shares","page_number":57,"box":{"x":117,"y":544,"width":488,"height":13}},{"id":"414b6b31-f9a9-4802-9d22-7a15a5444fa7","block_type":"box","text":". 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Penserra Shares are only available for purchase by","page_number":57,"box":{"x":487,"y":714,"width":355,"height":13}},{"id":"e4774888-a559-4172-b132-8f6db9831f4c","block_type":"box","text":"clients of Penserra Securities LLC and its affiliates. If you are no longer a client of Penserra Securities LLC,","page_number":57,"box":{"x":116,"y":730,"width":737,"height":13}},{"id":"2d645ccd-5a90-4d01-bac8-4604a91ec6e5","block_type":"box","text":"you are not eligible to hold Penserra Shares and any Penserra Shares you hold will be converted to","page_number":57,"box":{"x":116,"y":745,"width":680,"height":13}},{"id":"f48df630-e8a7-444d-b2ec-ad8fbfec9382","block_type":"box","text":"Institutional Shares of the same Fund (the “Penserra Conversion”).","page_number":57,"box":{"x":116,"y":761,"width":464,"height":12}},{"id":"e9fccdcc-ee22-4884-b3db-2d86e33b6f04","block_type":"box","text":"The Penserra Conversion will occur on the basis of the rel","page_number":57,"box":{"x":116,"y":784,"width":401,"height":10}},{"id":"2d5b187c-de96-4976-b823-91fb72654e30","block_type":"box","text":"ative NAV of the shares of the two applicable","page_number":57,"box":{"x":518,"y":784,"width":316,"height":13}},{"id":"648f3183-ed4e-45df-9462-0801738cd201","block_type":"box","text":"classes on the date of conversion, without the imposition of any sales load, fee or other charge. 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Great Pacific Shares are only available for purchase","page_number":57,"box":{"x":518,"y":854,"width":369,"height":13}},{"id":"5d471703-d173-49fd-95c2-4db6f57f19a6","block_type":"box","text":"by clients of Great Pacific Securities and its affiliates. 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Stern Brothers Shares are only available for","page_number":58,"box":{"x":527,"y":204,"width":312,"height":13}},{"id":"e42a8f7c-eca3-4e8a-a643-267e7b108407","block_type":"box","text":"purchase by clients of Stern Brothers & Co. and its affiliates. If you are no longer a client of Stern Brothers &","page_number":58,"box":{"x":116,"y":220,"width":764,"height":12}},{"id":"16e74f3b-446a-4806-b684-fcfa8d47a50e","block_type":"box","text":"Co., you are not eligible to hold Stern Brothers Shares and any Stern Brothers Shares you hold will be","page_number":58,"box":{"x":117,"y":235,"width":707,"height":13}},{"id":"c23c1c30-cec2-45bf-8a06-3dcb9ebbc528","block_type":"box","text":"converted to Institutional Shares of the","page_number":58,"box":{"x":116,"y":251,"width":274,"height":10}},{"id":"bf689f7f-a50b-4682-bc92-681d55e9eff0","block_type":"box","text":"same Fund (the “Stern Brothers Conversion”).","page_number":58,"box":{"x":390,"y":251,"width":326,"height":12}},{"id":"c820c435-eba3-4757-99e1-cfdc43534ed8","block_type":"box","text":"The Stern Brothers Conversion will occur on the basis of th","page_number":58,"box":{"x":116,"y":275,"width":412,"height":10}},{"id":"6aa06549-2904-456f-be30-a8120c353e2a","block_type":"box","text":"e relative NAV of the shares of the two applicable","page_number":58,"box":{"x":528,"y":275,"width":351,"height":12}},{"id":"7504a7f1-81cb-498a-8cd2-a994293de833","block_type":"box","text":"classes on the date of conversion, without the imposition of any sales load, fee or other charge. The Stern","page_number":58,"box":{"x":116,"y":290,"width":733,"height":13}},{"id":"488a603c-26ee-4810-a4f5-911567b44687","block_type":"box","text":"Brothers Conversion will not be deemed a purchase or sale","page_number":58,"box":{"x":116,"y":306,"width":413,"height":12}},{"id":"4f7e8b59-91b7-4724-a223-f723b859155c","block_type":"box","text":"of the shares for U.S. federal income tax purposes.","page_number":58,"box":{"x":529,"y":306,"width":353,"height":12}},{"id":"22a3b916-f12b-43f9-a229-291e9e404e7c","block_type":"box","text":"Shares acquired through reinvestment of dividends on Stern Brothers Shares will also convert to Institutional","page_number":58,"box":{"x":116,"y":321,"width":758,"height":13}},{"id":"93c6326c-16f5-459f-9ff7-16c9dbd1be89","block_type":"box","text":"Shares.","page_number":58,"box":{"x":116,"y":337,"width":54,"height":10}},{"id":"8a6dcce0-8476-4cdf-be9d-d2bcf83a9e5b","block_type":"box","text":"Conversion of WestCap Shares to Institutional Shares","page_number":58,"box":{"x":117,"y":360,"width":372,"height":13}},{"id":"363ab15b-72da-4525-b549-87f5a7e3cb9c","block_type":"box","text":". WestCap Shares are only available for purchase by","page_number":58,"box":{"x":491,"y":360,"width":365,"height":13}},{"id":"86f0091f-3a11-46de-804a-1b41e551eec0","block_type":"box","text":"portfolio companies of WestCap Management, LLC or","page_number":58,"box":{"x":116,"y":376,"width":388,"height":13}},{"id":"aff6c181-42eb-4b0c-bdbc-52d2cc4a690c","block_type":"box","text":"an affiliate thereof. If you are no longer a portfolio","page_number":58,"box":{"x":504,"y":376,"width":356,"height":13}},{"id":"9fa03ca3-4ef0-4c51-b23c-582e22591e11","block_type":"box","text":"company of WestCap Management, LLC or an affiliate t","page_number":58,"box":{"x":116,"y":391,"width":390,"height":13}},{"id":"5a7bf7af-9029-4a81-b813-276d345365c4","block_type":"box","text":"thereof, you are not eligible to hold WestCap Shares","page_number":58,"box":{"x":506,"y":391,"width":367,"height":13}},{"id":"c8657c6c-8bdb-4af4-89fb-437af623f72c","block_type":"box","text":"and any WestCap Shares you hold will be converted to Institutional Shares of the same Fund (the “WestCap","page_number":58,"box":{"x":116,"y":407,"width":757,"height":13}},{"id":"49580755-4bd2-427d-af02-3b60da9d89c1","block_type":"box","text":"Conversion”).","page_number":58,"box":{"x":117,"y":423,"width":102,"height":12}},{"id":"392aedd5-5a72-42b5-8765-8ecb1404b056","block_type":"box","text":"The WestCap Conversion will occur on the basis of the rel","page_number":58,"box":{"x":116,"y":446,"width":406,"height":13}},{"id":"599ff5c1-dede-4376-ab87-db3fdc9625c9","block_type":"box","text":"ative NAV of the shares of the two applicable","page_number":58,"box":{"x":523,"y":446,"width":321,"height":13}},{"id":"f3eafc2e-5942-4a23-9263-1906fd2f91a2","block_type":"box","text":"classes on the date of conversion, without the imposition of any sales load, fee or other charge. The WestCap","page_number":58,"box":{"x":116,"y":462,"width":761,"height":13}},{"id":"d0a6623e-814b-4cd5-8b88-0c9b10bae7da","block_type":"box","text":"Conversion will not be deemed a purchase or sale of th","page_number":58,"box":{"x":117,"y":477,"width":381,"height":13}},{"id":"5c570a61-2362-4021-bed0-7c170d90c552","block_type":"box","text":"e shares for U.S. federal income tax purposes. Shares","page_number":58,"box":{"x":498,"y":477,"width":370,"height":13}},{"id":"479dd9f9-fa2e-4a9d-98bd-b901e44790c7","block_type":"box","text":"acquired through reinvestment of dividends on WestCa","page_number":58,"box":{"x":116,"y":493,"width":384,"height":13}},{"id":"9aabac43-07fe-4540-924b-81d5cb74aa12","block_type":"box","text":"p Shares will also convert to Institutional Shares.","page_number":58,"box":{"x":500,"y":493,"width":343,"height":13}},{"id":"6d3893f8-f5c1-4ea9-aa46-7d9743a2fe43","block_type":"box","text":"Conversion of Tigress Shares to Institutional Shares","page_number":58,"box":{"x":117,"y":517,"width":358,"height":13}},{"id":"6392b3bf-a3dd-4311-87ba-ddc36af31148","block_type":"box","text":". Tigress Shares are only available for purchase by clients","page_number":58,"box":{"x":476,"y":517,"width":398,"height":13}},{"id":"2fcced53-cefe-4d94-84f1-8a9d6c433216","block_type":"box","text":"of Tigress Financial Partners LLC and its affiliates. If y","page_number":58,"box":{"x":116,"y":532,"width":371,"height":13}},{"id":"4314d185-b675-42c9-b87e-98aa3913328d","block_type":"box","text":"you are no longer a client of Tigress Financial Partners","page_number":58,"box":{"x":487,"y":532,"width":383,"height":13}},{"id":"adce2597-f04f-4fa4-9599-e2162ae17032","block_type":"box","text":"LLC, you are not eligible to hold Tigress Shares and any Tigress Shares you hold will be converted to","page_number":58,"box":{"x":116,"y":548,"width":706,"height":13}},{"id":"02db84cf-bf5c-4da6-85fb-ffe1cdbaaf1b","block_type":"box","text":"Institutional Shares of the same Fund (the “Tigress Conversion”).","page_number":58,"box":{"x":116,"y":563,"width":459,"height":13}},{"id":"fa161ec9-1da2-4d1f-bc30-df2b51772f22","block_type":"box","text":"The Tigress Conversion will occur on the basis of the relativ","page_number":58,"box":{"x":116,"y":587,"width":417,"height":13}},{"id":"45770ba4-b1e9-43e4-bbdd-d42b80ff1375","block_type":"box","text":"e NAV of the shares of the two applicable classes","page_number":58,"box":{"x":533,"y":587,"width":346,"height":13}},{"id":"88bc0bb8-f54e-496f-831c-b2449be65636","block_type":"box","text":"on the date of conversion, without the imposition of any sales load, fee or other charge. The Tigress","page_number":58,"box":{"x":116,"y":603,"width":697,"height":12}},{"id":"6137574b-0394-46a3-974f-9e84f813b903","block_type":"box","text":"Conversion will not be deemed a purchase or sale of th","page_number":58,"box":{"x":117,"y":618,"width":381,"height":13}},{"id":"d6bc31e9-4cac-418b-8d7b-22a3054e0e4c","block_type":"box","text":"e shares for U.S. federal income tax purposes. Shares","page_number":58,"box":{"x":498,"y":618,"width":370,"height":13}},{"id":"d196af9e-6297-4de7-b488-b08bac442615","block_type":"box","text":"acquired through reinvestment of dividends on Tigress Shares will also convert to Institutional Shares.","page_number":58,"box":{"x":116,"y":634,"width":712,"height":12}},{"id":"6d8611f8-5960-490c-afcb-b51c2c169542","block_type":"box","text":"Purchase of OnChain Shares","page_number":58,"box":{"x":116,"y":663,"width":207,"height":10}},{"id":"c50d4e53-72b6-4f74-8beb-2f10b16ebfd6","block_type":"box","text":"To obtain an account application for OnChain Shares,","page_number":58,"box":{"x":116,"y":690,"width":379,"height":13}},{"id":"c750ab09-01c4-4d26-af31-3ca624ce076c","block_type":"box","text":"please contact the Fund’s service center in Wilmington,","page_number":58,"box":{"x":500,"y":690,"width":381,"height":13}},{"id":"8611a9ed-dada-44ad-91b6-70a61f4f6740","block_type":"box","text":"Delaware by telephone (800-441-7450; in Delaware 302-797-2350) (the “Liquidity Service Center”) or visit","page_number":58,"box":{"x":116,"y":706,"width":752,"height":12}},{"id":"62e352ab-bf24-405e-902f-2954a7f0b76c","block_type":"box","text":"the website at www.blackrock.com/cash. As part of","page_number":58,"box":{"x":116,"y":721,"width":360,"height":13}},{"id":"5e37f36f-a9e4-4a29-99eb-a399ccb317f4","block_type":"box","text":"the onboarding process, a prospective shareholder must","page_number":58,"box":{"x":480,"y":721,"width":386,"height":13}},{"id":"d7e590cb-f5a9-4d19-98fc-5d09c5613e63","block_type":"box","text":"also provide their digital wallet address to the Fund’s","page_number":58,"box":{"x":116,"y":737,"width":367,"height":12}},{"id":"2e38099f-ef76-4d47-a24a-6b5ea91ccc06","block_type":"box","text":"transfer agent. The Transfer Agent retains the discretion","page_number":58,"box":{"x":488,"y":737,"width":389,"height":12}},{"id":"66fec651-9527-4ba0-af0e-b2a78551db9c","block_type":"box","text":"to support only certain digital asset custodian wallets; please contact the Liquidity Service Center by telephone","page_number":58,"box":{"x":116,"y":752,"width":765,"height":13}},{"id":"07d11a3e-7bdd-4cef-90bb-d119b1b58479","block_type":"box","text":"(800-441-7450; in Delaware 302-797-2350) to see if your pr","page_number":58,"box":{"x":117,"y":768,"width":422,"height":12}},{"id":"da41e152-03e1-4b90-9127-da1bac0fa3a4","block_type":"box","text":"ovider is supported. Shareholders may incur fees","page_number":58,"box":{"x":540,"y":768,"width":335,"height":12}},{"id":"1925b42b-e586-4f0f-b037-49982ca6589f","block_type":"box","text":"charged by their chosen wallet provider in connecti","page_number":58,"box":{"x":116,"y":783,"width":354,"height":13}},{"id":"4bfd6152-df50-4c9d-8418-b06b45252195","block_type":"box","text":"on with establishing and maintaining a digital wallet,","page_number":58,"box":{"x":471,"y":783,"width":368,"height":13}},{"id":"22c657c2-47d9-4eb0-bcce-031b229c9839","block_type":"box","text":"which are separate from, and in addition to, any tran","page_number":58,"box":{"x":116,"y":799,"width":369,"height":12}},{"id":"51a47186-3b33-4adc-ad8f-713f6729920c","block_type":"box","text":"saction fees required by the blockchain network. Once","page_number":58,"box":{"x":485,"y":799,"width":378,"height":12}},{"id":"11835f91-fc0f-4e8f-babf-af03b9d33b9e","block_type":"box","text":"the account application is completed and reviewed by the Fund’s transfer agent, you will be notified that you","page_number":58,"box":{"x":116,"y":814,"width":755,"height":13}},{"id":"e447dd9e-9150-40bf-a9ff-64fc177b88f6","block_type":"box","text":"(and your wallet) have been “whitelisted”.","page_number":58,"box":{"x":117,"y":830,"width":298,"height":12}},{"id":"aaa27389-604e-4c5e-882a-58268c14bba8","block_type":"box","text":"After being whitelisted, shareholders can place subscription orders through the Fund’s internet-based order","page_number":58,"box":{"x":116,"y":853,"width":737,"height":13}},{"id":"98387d71-f4b7-4574-8335-865b98fd76c7","block_type":"box","text":"entry portal (“Cachematrix”) or by contacting the Liquidity Service Center by telephone (800-441-7450; in","page_number":58,"box":{"x":116,"y":869,"width":741,"height":13}},{"id":"293b95ba-2010-4f57-a66d-6c58ae8a75f1","block_type":"box","text":"I-39","page_number":58,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"fc8a352d-28cd-4faa-babf-8ef2e44cbdf6","block_type":"box","text":"NM1026U-6033230-58/137","page_number":58,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"f822d89d-cafb-4cc2-a0d9-f4b61643cefa","block_type":"box","text":"Delaware 302-797-2350). In addition to being whitelisted, shareholders need to be onboarded to Cachematrix","page_number":59,"box":{"x":116,"y":79,"width":764,"height":13}},{"id":"56f934a2-493c-4675-8c6e-c416ec7bd427","block_type":"box","text":"in order to place a subscription order through the portal. Purchase orders received by the Fund’s transfer agent","page_number":59,"box":{"x":116,"y":94,"width":763,"height":13}},{"id":"be376bc1-eb8e-40d8-b2d3-1ebbe800584f","block_type":"box","text":"in good order before 5:00 p.m. (Eastern Time) on each Business Day will be priced based on the next NAV","page_number":59,"box":{"x":116,"y":110,"width":738,"height":13}},{"id":"a4fad94a-d042-4f85-985c-72e9e4f05003","block_type":"box","text":"calculated on that day (normally at 5:00 p.m. (Eastern Time)). To allow time for an order to be transmitted to","page_number":59,"box":{"x":116,"y":125,"width":760,"height":13}},{"id":"e77e169c-f01d-4649-8855-837aa2d8ecc2","block_type":"box","text":"the Fund’s transfer agent, purchase orders on Cachematrix should be submitted by 4:55 p.m. (Eastern Time) in","page_number":59,"box":{"x":116,"y":141,"width":766,"height":13}},{"id":"47cf4c8a-a69d-41dd-bbd2-9b6290464eca","block_type":"box","text":"order to receive the NAV calculated on that Business Day. Purchase orders received by the Fund’s transfer","page_number":59,"box":{"x":116,"y":156,"width":731,"height":13}},{"id":"494c2522-f5d5-43b1-9c14-3736e0695b01","block_type":"box","text":"agent after 5:00 p.m. (Eastern Time) will be priced at the NAV determined on the next Business Day.","page_number":59,"box":{"x":116,"y":172,"width":698,"height":13}},{"id":"0779488f-245b-4d1d-b149-d010dc3c391b","block_type":"box","text":"Purchase orders received in good order and funded by 6:45 p.m. (Eastern Time) will result in new Tokens","page_number":59,"box":{"x":116,"y":192,"width":738,"height":13}},{"id":"2e7a1f8c-eea9-4d10-b08a-651f9a1a90a8","block_type":"box","text":"being minted to the investor’s shareholder wallet","page_number":59,"box":{"x":116,"y":207,"width":342,"height":13}},{"id":"fea6c3db-1838-41d3-842c-239c422307b9","block_type":"box","text":"on the same Business Day on which the purchase order is","page_number":59,"box":{"x":458,"y":207,"width":402,"height":13}},{"id":"a25a5b54-5ae2-46cd-a928-e61fcfe5256c","block_type":"box","text":"received in good order and funded. Newly minted Tokens resulting from purchase orders received in good","page_number":59,"box":{"x":116,"y":223,"width":742,"height":13}},{"id":"3ba90b09-f954-400b-9b1d-ae50e842bce3","block_type":"box","text":"order will be “locked,” therefore unavailable, for p","page_number":59,"box":{"x":116,"y":238,"width":354,"height":13}},{"id":"6c67a600-6975-4847-bc74-2c153a8a3e5b","block_type":"box","text":"eer-to-peer transfers until the Fund opens on the next","page_number":59,"box":{"x":471,"y":238,"width":374,"height":13}},{"id":"9935d7f9-1d1f-473b-8fcf-d7f884deb1ba","block_type":"box","text":"Business Day.","page_number":59,"box":{"x":116,"y":255,"width":100,"height":12}},{"id":"be195256-3a85-4129-bb78-b79a05d11959","block_type":"box","text":"Payment for OnChain Shares of the Fund may be made","page_number":59,"box":{"x":116,"y":274,"width":390,"height":13}},{"id":"e2c57e1d-428d-4778-ad78-f2f563a2045c","block_type":"box","text":"only in federal funds or other immediately available","page_number":59,"box":{"x":506,"y":274,"width":364,"height":13}},{"id":"02850f74-76f2-4d07-aa0d-34b95639abcb","block_type":"box","text":"funds. If subscription proceeds are not received by the F","page_number":59,"box":{"x":116,"y":290,"width":387,"height":12}},{"id":"3f718951-5d4a-4d29-b61d-bd65f353e75a","block_type":"box","text":"und’s transfer agent by 6:45 p.m. (Eastern Time), the","page_number":59,"box":{"x":504,"y":290,"width":372,"height":12}},{"id":"b03e2390-03df-4680-bd4c-7e8bc9172e50","block_type":"box","text":"subscription order will be canceled. You may be charge","page_number":59,"box":{"x":116,"y":305,"width":384,"height":13}},{"id":"e8ee4991-032a-4249-84de-d37ad15ae072","block_type":"box","text":"d for any costs incurred by the Fund or its service","page_number":59,"box":{"x":501,"y":305,"width":347,"height":13}},{"id":"fe03e8b6-3218-46d4-a74a-34eb1278cea5","block_type":"box","text":"providers, including any costs incurred to recompute t","page_number":59,"box":{"x":116,"y":321,"width":370,"height":12}},{"id":"67f97e74-da8d-4aae-b593-974aa75eb7dd","block_type":"box","text":"the Fund’s NAV, in connection with a purchase order","page_number":59,"box":{"x":486,"y":321,"width":378,"height":12}},{"id":"ade480d2-60f9-4d8a-9558-8d09147350b2","block_type":"box","text":"that has been placed but for which the Fund has not r","page_number":59,"box":{"x":116,"y":336,"width":367,"height":13}},{"id":"5d87c332-2cd6-4de9-9f94-7afee830f30f","block_type":"box","text":"received full payment by 6:45 p.m. (Eastern Time) on the","page_number":59,"box":{"x":483,"y":336,"width":401,"height":13}},{"id":"32f247b0-1c76-4cf1-b17f-bcf902a9f3c6","block_type":"box","text":"day the purchase order was placed.","page_number":59,"box":{"x":116,"y":352,"width":249,"height":12}},{"id":"e6c14f8e-b3b3-48bc-a5c4-e965ca1661c8","block_type":"box","text":"The Fund reserves the right to suspend or discontinue the","page_number":59,"box":{"x":116,"y":372,"width":402,"height":13}},{"id":"4d3fdee4-a111-484d-80ad-8d088fe7e1b3","block_type":"box","text":"offer and sale of its OnChain Shares and reject or","page_number":59,"box":{"x":518,"y":372,"width":347,"height":13}},{"id":"ff7c5266-4f8c-44e7-9669-92fe469ce1f6","block_type":"box","text":"cancel any purchase order for any reason.","page_number":59,"box":{"x":116,"y":387,"width":294,"height":13}},{"id":"3fba89c2-a796-412e-861d-73eab6e563e8","block_type":"box","text":"OnChain Shares of the Fund are only registered for sale","page_number":59,"box":{"x":117,"y":407,"width":385,"height":13}},{"id":"3d2e85cf-3abe-4158-be1a-518836d07255","block_type":"box","text":"in the United States and certain of its territories.","page_number":59,"box":{"x":502,"y":407,"width":341,"height":11}},{"id":"21198598-5515-46b3-a116-45cd732b0553","block_type":"box","text":"Consequently, the Fund generally does not a","page_number":59,"box":{"x":117,"y":423,"width":307,"height":13}},{"id":"8d6a6a65-110c-4efd-a3c8-42cbfc49c14a","block_type":"box","text":"ccept investments from non-U.S. residents.","page_number":59,"box":{"x":425,"y":423,"width":299,"height":13}},{"id":"1590d075-df04-4c71-ba92-8881a15aa750","block_type":"box","text":"Redemption of OnChain Shares","page_number":59,"box":{"x":116,"y":446,"width":236,"height":13}},{"id":"739eb02e-0cf4-455a-a2c1-af802e9d7832","block_type":"box","text":"OnChain Shares may be redeemed on a Business Day. Sh","page_number":59,"box":{"x":117,"y":468,"width":395,"height":13}},{"id":"7675a5ed-8299-49fc-9e43-0cdca1899843","block_type":"box","text":"areholders can place redemption orders by initiating","page_number":59,"box":{"x":513,"y":468,"width":365,"height":13}},{"id":"29d9a792-747d-4858-ae45-be0b6c8c1f33","block_type":"box","text":"an onchain redemption or, in the event that the sha","page_number":59,"box":{"x":116,"y":483,"width":355,"height":13}},{"id":"ffdf87a6-8075-4bbb-86c8-2119cbee1f01","block_type":"box","text":"reholder cannot effectuate an onchain redemption, by","page_number":59,"box":{"x":472,"y":483,"width":377,"height":13}},{"id":"70e61b41-282e-4b82-819c-b002cd38aebe","block_type":"box","text":"contacting the Liquidity Service Center (800-441-7450; in Delaware 302-797-2350), i.e. an “off-chain","page_number":59,"box":{"x":116,"y":499,"width":714,"height":13}},{"id":"39b41c9e-7487-46b6-9d22-94f547ce626a","block_type":"box","text":"redemption request.”","page_number":59,"box":{"x":116,"y":514,"width":152,"height":13}},{"id":"bb77ee0e-2d9f-4917-bf8c-4f38d9576235","block_type":"box","text":"Requests for redemptions must be received in good order","page_number":59,"box":{"x":116,"y":535,"width":401,"height":12}},{"id":"cdbd6986-ed97-4820-944d-903f137e61b7","block_type":"box","text":"by the Fund’s transfer agent by 5:00 p.m. (Eastern","page_number":59,"box":{"x":517,"y":535,"width":353,"height":12}},{"id":"229fee52-d9d0-4bbd-b8e9-509cedd89d98","block_type":"box","text":"Time) on any Business Day. Notwithstanding the foregoing","page_number":59,"box":{"x":116,"y":550,"width":413,"height":13}},{"id":"dd1d9bd5-b4d2-40b7-877c-d3d3a85384d7","block_type":"box","text":", on any day that the principal bond markets close","page_number":59,"box":{"x":529,"y":550,"width":353,"height":13}},{"id":"a8a241c7-3375-4077-b26d-06451c820105","block_type":"box","text":"early (as recommended by SIFMA) or the Federal Reserve Bank of Philadelphia or the NYSE closes early, the","page_number":59,"box":{"x":116,"y":566,"width":761,"height":12}},{"id":"d10f4c36-4a91-409b-ae48-66cbf9888d5b","block_type":"box","text":"Fund may advance the time on that day by which a redempti","page_number":59,"box":{"x":116,"y":581,"width":422,"height":13}},{"id":"2d288ae2-1f44-4366-b7d4-6134320d6995","block_type":"box","text":"on order must be placed so that it will be effected","page_number":59,"box":{"x":539,"y":581,"width":347,"height":13}},{"id":"07257738-0702-41dd-aa5b-182c9f348296","block_type":"box","text":"that day.","page_number":59,"box":{"x":116,"y":597,"width":66,"height":12}},{"id":"798d0232-fd41-4683-9c30-e624e899a195","block_type":"box","text":"In order for an onchain redemption request to be trea","page_number":59,"box":{"x":116,"y":617,"width":371,"height":13}},{"id":"dd294223-9b28-4ceb-b02a-87e17bacc025","block_type":"box","text":"ted as having been received in good order (and therefore","page_number":59,"box":{"x":488,"y":617,"width":395,"height":13}},{"id":"6ef840fb-2dba-4156-808d-279cec22e097","block_type":"box","text":"be effective) as of a redemption date, the OnChain","page_number":59,"box":{"x":116,"y":632,"width":355,"height":13}},{"id":"eeb51290-2652-45c5-b1ed-01782b98adda","block_type":"box","text":"Shares to be redeemed must be moved to the Fund’s","page_number":59,"box":{"x":471,"y":632,"width":365,"height":10}},{"id":"646699ea-4d2a-48f0-8d02-17ff1be000a8","block_type":"box","text":"administrative redemption wallet (the “Redemption Wa","page_number":59,"box":{"x":116,"y":648,"width":388,"height":13}},{"id":"3c98d961-decb-4f13-afaa-ea25ed57db1b","block_type":"box","text":"llet”) on the blockchain by the Fund deadline.","page_number":59,"box":{"x":505,"y":648,"width":323,"height":13}},{"id":"a312e29a-cb26-4941-bc32-84ff77e61ea3","block_type":"box","text":"Shareholders can find information on the Redemp","page_number":59,"box":{"x":116,"y":663,"width":348,"height":13}},{"id":"1b641463-77c9-4dcb-b9e8-d4ce5441922c","block_type":"box","text":"tion Wallet by visiting www.blackrock.com/cash.","page_number":59,"box":{"x":464,"y":663,"width":342,"height":13}},{"id":"5bc13f10-2bca-4d6b-8d14-28a8e8973f9b","block_type":"box","text":"Shareholders are advised to submit redemption orders in","page_number":59,"box":{"x":116,"y":679,"width":392,"height":13}},{"id":"df497111-5a00-41da-957f-63560f96721b","block_type":"box","text":"this manner well in advance of the final cut-off time","page_number":59,"box":{"x":513,"y":679,"width":359,"height":10}},{"id":"629914b4-6a1a-43ec-a833-153bcccfc887","block_type":"box","text":"for a day, given that there may be transaction processi","page_number":59,"box":{"x":116,"y":694,"width":375,"height":13}},{"id":"3c09cb55-6a22-4590-b410-7a2d03a38ba4","block_type":"box","text":"ng or other delays on the blockchain network that","page_number":59,"box":{"x":492,"y":694,"width":349,"height":13}},{"id":"1cb9b3ba-e87d-4bdd-837a-f6eb7c2949b1","block_type":"box","text":"result in your order not being received by the transfe","page_number":59,"box":{"x":116,"y":710,"width":357,"height":13}},{"id":"cb3daa01-763f-4559-8ac1-c5c9704738a2","block_type":"box","text":"fer agent before the final cut-off time. A transaction","page_number":59,"box":{"x":473,"y":710,"width":353,"height":13}},{"id":"28413752-2cd0-4ddc-a522-43dfc1d5393c","block_type":"box","text":"submitted prior to the cutoff time may nevertheless fail","page_number":59,"box":{"x":116,"y":725,"width":381,"height":13}},{"id":"55e6e39d-5fc1-41de-9f41-5d40be9f5d4f","block_type":"box","text":"to satisfy the Fund’s or Transfer Agent’s finality","page_number":59,"box":{"x":502,"y":725,"width":331,"height":13}},{"id":"c910d7ea-deee-46e8-8035-ad453d39befa","block_type":"box","text":"requirements before the applicable determination is","page_number":59,"box":{"x":116,"y":741,"width":356,"height":13}},{"id":"cdff7361-cb0e-4315-82a3-786a9a8a55c5","block_type":"box","text":"made, including as a result of network congestion,","page_number":59,"box":{"x":477,"y":741,"width":349,"height":13}},{"id":"6eb6747a-f8b5-40ba-9f26-e1919e883c73","block_type":"box","text":"delayed block production, chain reorganizations, or ot","page_number":59,"box":{"x":116,"y":756,"width":378,"height":13}},{"id":"598cafb5-f551-40cb-8e25-4d509a512fe2","block_type":"box","text":"her blockchain-related events. OnChain Shares moved","page_number":59,"box":{"x":494,"y":756,"width":377,"height":10}},{"id":"6e4e2f9d-ee0b-446a-ac00-e7f59fc4a667","block_type":"box","text":"to the Redemption Wallet after the Fund deadline on a Business Day (or at any time on a non-Business Day)","page_number":59,"box":{"x":116,"y":772,"width":750,"height":13}},{"id":"ee893adf-6b23-423e-b0c1-b674657bc44e","block_type":"box","text":"will not be redeemed until the following Business Day.","page_number":59,"box":{"x":116,"y":787,"width":377,"height":13}},{"id":"8a311538-4422-4316-b6ea-6002ca68951a","block_type":"box","text":"In these circumstances, a redeeming shareholder will","page_number":59,"box":{"x":499,"y":787,"width":363,"height":13}},{"id":"a1a1da96-b01f-48ad-9461-e791d6cd9085","block_type":"box","text":"not be able to effect further transfers of redeemed","page_number":59,"box":{"x":116,"y":803,"width":343,"height":10}},{"id":"5076df79-1e6d-4b94-8b17-1f7fcbde2e64","block_type":"box","text":"OnChain Shares but will be deemed to continue to own","page_number":59,"box":{"x":465,"y":803,"width":386,"height":10}},{"id":"aee0ac0d-5b4b-4192-a038-b6948ba240e5","block_type":"box","text":"such OnChain Shares for all other purposes (including","page_number":59,"box":{"x":116,"y":818,"width":377,"height":13}},{"id":"513d39e0-1607-4813-9037-db02c2766cad","block_type":"box","text":"for accrual of dividends) until such OnChain Shares","page_number":59,"box":{"x":498,"y":818,"width":360,"height":13}},{"id":"223175a8-3381-4ef2-8842-f7414007ef1c","block_type":"box","text":"are redeemed.","page_number":59,"box":{"x":116,"y":834,"width":101,"height":10}},{"id":"3573269d-e305-4966-8c63-8a2d239914e3","block_type":"box","text":"A shareholder will be deemed to have submitted a red","page_number":59,"box":{"x":116,"y":854,"width":374,"height":10}},{"id":"d7a37695-7bab-42d7-99ec-183c0dae65b0","block_type":"box","text":"emption request with respect to any OnChain Shares","page_number":59,"box":{"x":490,"y":854,"width":372,"height":13}},{"id":"01d00c30-4449-40d4-b22e-0b2fd7924640","block_type":"box","text":"that it moves to the Redemption Wallet. 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If a redemption request is not received in","page_number":60,"box":{"x":116,"y":141,"width":387,"height":13}},{"id":"2d49a33d-be81-40f8-9855-ce40805214ef","block_type":"box","text":"n good order by the deadline on any Business Day, such","page_number":60,"box":{"x":503,"y":141,"width":384,"height":13}},{"id":"29f4dbd4-3f1a-4a5a-ba35-df812956cd9c","block_type":"box","text":"amount will not be redeemed on such Business Day, unless th","page_number":60,"box":{"x":116,"y":156,"width":427,"height":13}},{"id":"a5dbdd17-5314-4d74-b3b7-843f080da767","block_type":"box","text":"e deadline is modified by the Board or its duly","page_number":60,"box":{"x":543,"y":156,"width":324,"height":13}},{"id":"b5aeb868-db1b-4871-a537-c2f7b0f906ba","block_type":"box","text":"authorized agent.","page_number":60,"box":{"x":116,"y":172,"width":125,"height":13}},{"id":"8742460e-6d44-4253-9e7d-15935dd91f0a","block_type":"box","text":"In the event that the shareholder cannot effectuate","page_number":60,"box":{"x":116,"y":195,"width":348,"height":10}},{"id":"ef9c4731-00b7-4abd-ac6d-7c2ce12d1e21","block_type":"box","text":"a redemption onchain, a shareholder may submit an","page_number":60,"box":{"x":464,"y":195,"width":372,"height":13}},{"id":"e8cb7cbf-ece8-40f5-9893-9f48c9bca392","block_type":"box","text":"off-chain redemption request by calling the Li","page_number":60,"box":{"x":116,"y":211,"width":317,"height":12}},{"id":"674e2b8f-59bb-4956-a3d5-60b621e528dc","block_type":"box","text":"quidity Service Center (800-441-7450; in Delaware","page_number":60,"box":{"x":433,"y":211,"width":361,"height":12}},{"id":"6bc9999e-239b-4275-b1ce-7e4710bc499e","block_type":"box","text":"302-797-2350) before 5:00 p.m. (Eastern Time). The Liqui","page_number":60,"box":{"x":117,"y":226,"width":409,"height":13}},{"id":"831fa40c-398d-4d65-9370-96366d0ee579","block_type":"box","text":"dity Service Center will not accept any shareholder","page_number":60,"box":{"x":526,"y":226,"width":356,"height":13}},{"id":"8ef9185d-5e11-4ff8-bffc-80fbe274e30a","block_type":"box","text":"redemption requests after 5:00 p.m. (Eastern Time). To","page_number":60,"box":{"x":116,"y":242,"width":389,"height":12}},{"id":"ce707988-dc4a-4a44-a82d-993864eaa15e","block_type":"box","text":"effect an off-chain redemption, the Fund’s transfer","page_number":60,"box":{"x":505,"y":242,"width":354,"height":12}},{"id":"a13eaef5-2d29-4968-8ad9-9be195ce26ee","block_type":"box","text":"agent will remove (or “burn”) the corresponding Tokens from the shareholder’s digital wallet.","page_number":60,"box":{"x":116,"y":257,"width":659,"height":13}},{"id":"ca8284e4-5318-4c8f-9a4b-0d3895af1c47","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":60,"box":{"x":116,"y":280,"width":764,"height":13}},{"id":"dcfe83be-605d-439e-9af2-cc1ba090a254","block_type":"box","text":"Tokens will be burned from the Redemption Wallet on the same Business Day on which the redemption","page_number":60,"box":{"x":116,"y":296,"width":728,"height":13}},{"id":"cbb38500-305a-4e6d-8b4e-994e6d16b137","block_type":"box","text":"request is received in good order, and payment for redeem","page_number":60,"box":{"x":116,"y":311,"width":404,"height":13}},{"id":"d6868f94-89fa-4873-bd7a-e0d0e72cacc5","block_type":"box","text":"ed OnChain Shares will typically be wired in federal","page_number":60,"box":{"x":520,"y":311,"width":367,"height":13}},{"id":"b8604151-6832-43ad-aad9-10fbd434d9d3","block_type":"box","text":"funds on that same day, provided the Fund’s custodi","page_number":60,"box":{"x":116,"y":327,"width":364,"height":13}},{"id":"ceaa18e5-ca03-40b1-952c-bdf00c3c103e","block_type":"box","text":"an is also open for business. 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In","page_number":60,"box":{"x":490,"y":412,"width":378,"height":13}},{"id":"60f85401-4a35-4cae-8fa0-bd754ea74dd1","block_type":"box","text":"connection with shareholder-initiated transactions, an in","page_number":60,"box":{"x":116,"y":428,"width":392,"height":12}},{"id":"f10c092b-470e-485c-881c-2239370dc528","block_type":"box","text":"vestor must purchase or maintain a sufficient amount","page_number":60,"box":{"x":508,"y":428,"width":376,"height":12}},{"id":"f7310968-c94e-4b07-8b0e-5bfa23ccd393","block_type":"box","text":"of the blockchain network’s native digital asset in such","page_number":60,"box":{"x":116,"y":443,"width":379,"height":13}},{"id":"4a19b2f7-e759-4642-bcb6-5258c9e65bf9","block_type":"box","text":"h investor’s digital wallet on the blockchain to pay the","page_number":60,"box":{"x":495,"y":443,"width":373,"height":13}},{"id":"cfda5ee8-1e56-4d90-be64-86c23a0081e2","block_type":"box","text":"“gas” fees associated with such transactions. By contra","page_number":60,"box":{"x":117,"y":459,"width":380,"height":12}},{"id":"7a83a9ca-2af7-44cf-acc0-fc0c98049b0a","block_type":"box","text":"st, with respect to blockchain transactions initiated by","page_number":60,"box":{"x":498,"y":459,"width":379,"height":12}},{"id":"a04fb80d-fccd-4f6a-9899-ff69d0b4e87a","block_type":"box","text":"the Fund, the Fund’s transfer agent, or another servi","page_number":60,"box":{"x":116,"y":474,"width":361,"height":13}},{"id":"e1f4c3b6-6b4b-4626-a7db-98ab3e63c20a","block_type":"box","text":"ce provider to the Fund in accordance with the Fund’s","page_number":60,"box":{"x":478,"y":474,"width":380,"height":13}},{"id":"bb8c9ce6-2e5a-4051-b8d8-606a8d19da8a","block_type":"box","text":"governing documents and/or applicable law, sharehol","page_number":60,"box":{"x":116,"y":490,"width":371,"height":12}},{"id":"80397408-bcbe-484f-a824-192f702877f1","block_type":"box","text":"ders will generally not be required to pay associated","page_number":60,"box":{"x":488,"y":490,"width":364,"height":12}},{"id":"32d01dec-66a4-49b2-adcd-407b11c4260c","block_type":"box","text":"transaction fees.","page_number":60,"box":{"x":116,"y":505,"width":117,"height":10}},{"id":"f242712d-ff53-4da5-9ee8-e1cd972e058e","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of payment under the conditions","page_number":60,"box":{"x":116,"y":528,"width":712,"height":13}},{"id":"af3bb302-38b3-45af-8a3a-0b7c9dfa0174","block_type":"box","text":"described under “Additional Purchase and Redemption Information” in the Fund’s prospectus.","page_number":60,"box":{"x":116,"y":544,"width":664,"height":13}},{"id":"6a98fb57-9254-4897-920c-e4a350e2123b","block_type":"box","text":"Notwithstanding the foregoing, on any day that the","page_number":60,"box":{"x":116,"y":567,"width":363,"height":13}},{"id":"e3ae18f4-0173-4c41-aa31-244f197a70dd","block_type":"box","text":"principal bond markets close early (as recommended by","page_number":60,"box":{"x":479,"y":567,"width":391,"height":13}},{"id":"a6931c8a-838f-4d1c-a684-768b81a1c3c4","block_type":"box","text":"SIFMA) or the Federal Reserve Bank of Philadelphia or","page_number":60,"box":{"x":116,"y":583,"width":383,"height":12}},{"id":"927447dd-8d04-4020-bc24-85abac1b268c","block_type":"box","text":"the NYSE closes early, the Fund may advance the time","page_number":60,"box":{"x":500,"y":583,"width":387,"height":12}},{"id":"aaf21fae-1d93-4009-aa93-eb144d290930","block_type":"box","text":"on that day by which a redemption order must be p","page_number":60,"box":{"x":116,"y":598,"width":350,"height":13}},{"id":"f032162f-7495-4284-89b1-75be3372659a","block_type":"box","text":"placed so that it will be effected that day.","page_number":60,"box":{"x":466,"y":598,"width":290,"height":13}},{"id":"2c6cba24-85a5-477d-9e8c-f3925cf19734","block_type":"box","text":"Contact the Fund’s office at (800) 441-7450 for specific information.","page_number":60,"box":{"x":117,"y":621,"width":483,"height":13}},{"id":"24a2d414-36f0-403b-a537-8dbe60bd4465","block_type":"box","text":"The Fund shall have the right to redeem OnChain Sha","page_number":60,"box":{"x":116,"y":645,"width":376,"height":12}},{"id":"29acd580-e99e-4cec-b30f-0749f7d1d8d5","block_type":"box","text":"res held by any shareholder if the value of such","page_number":60,"box":{"x":492,"y":645,"width":330,"height":12}},{"id":"1f877c66-be22-41c2-99a5-3fc8b901de3e","block_type":"box","text":"OnChain Shares is less than $100,000 (other than due to","page_number":60,"box":{"x":117,"y":660,"width":394,"height":13}},{"id":"b3b3e3fc-fd25-47f2-a7af-2fd7fafd4c59","block_type":"box","text":"market fluctuations), after 60 days’ prior written","page_number":60,"box":{"x":516,"y":660,"width":338,"height":13}},{"id":"6fbb5034-2359-4ed0-ad93-bf216d96bed4","block_type":"box","text":"notice to the shareholder. If during the 60-day peri","page_number":60,"box":{"x":116,"y":676,"width":351,"height":12}},{"id":"056df9ce-cafa-46dc-a4ed-83d37563c71f","block_type":"box","text":"od the shareholder increases the value of its OnChain","page_number":60,"box":{"x":468,"y":676,"width":370,"height":10}},{"id":"c2fc8e69-d001-4683-a1b8-a3c989936dd6","block_type":"box","text":"Shares to $100,000 or more, no such redemption shall take","page_number":60,"box":{"x":116,"y":691,"width":412,"height":13}},{"id":"bc82421a-327a-4600-bb3c-a173a9a063e8","block_type":"box","text":"place. 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While the amortized cost method seems t","page_number":61,"box":{"x":116,"y":421,"width":377,"height":10}},{"id":"b38606b6-45d8-4e51-9715-583257069c45","block_type":"box","text":"to provide certainty in portfolio valuation, it may result","page_number":61,"box":{"x":493,"y":421,"width":390,"height":13}},{"id":"47386b67-23c8-467a-93f6-204e75d41448","block_type":"box","text":"in valuations of a Government Fund’s securities which a","page_number":61,"box":{"x":116,"y":437,"width":389,"height":10}},{"id":"af717625-39df-40d3-9810-f1608d6e2b5f","block_type":"box","text":"re higher or lower than the market value of such","page_number":61,"box":{"x":506,"y":437,"width":340,"height":13}},{"id":"60402839-19a5-4719-bab8-1e2507c08511","block_type":"box","text":"securities.","page_number":61,"box":{"x":116,"y":453,"width":72,"height":9}},{"id":"fddd0ae3-10fd-4837-8414-327c0bb7354c","block_type":"box","text":"The Board has also established procedures, pursuant to r","page_number":61,"box":{"x":116,"y":475,"width":388,"height":13}},{"id":"7d476367-93bf-435d-8c35-b5561e54b946","block_type":"box","text":"rules promulgated by the SEC, that are intended to","page_number":61,"box":{"x":504,"y":475,"width":358,"height":13}},{"id":"381b5526-c427-4246-8363-bbfdd3775d6a","block_type":"box","text":"stabilize each Government Fund’s NAV per share for p","page_number":61,"box":{"x":116,"y":491,"width":374,"height":13}},{"id":"53d9ea26-1c3c-453e-a5a5-e2b247d058cf","block_type":"box","text":"purposes of sales and redemptions at $1.00. 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The Board believes that, collectively,","page_number":66,"box":{"x":116,"y":707,"width":337,"height":12}},{"id":"fd78f21e-cf90-4f65-ab1d-6e732405681f","block_type":"box","text":"the Independent Trustees have balanced and diverse","page_number":66,"box":{"x":458,"y":707,"width":360,"height":12}},{"id":"f11c8012-d92a-41e1-b28e-de36bcfc2385","block_type":"box","text":"experience, skills, attributes and qualifications, which allo","page_number":66,"box":{"x":116,"y":722,"width":401,"height":13}},{"id":"fcdfdedc-c1ca-4ba6-9d04-81fe6e2ef492","block_type":"box","text":"w the Board to operate effectively in governing the","page_number":66,"box":{"x":517,"y":722,"width":351,"height":13}},{"id":"37c6f22f-3be9-461f-b9e0-0a5fdd6dfbb0","block_type":"box","text":"Trust and protecting the interests of shareholders. 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business, consulting, public service or academic positions; experience","page_number":66,"box":{"x":116,"y":838,"width":742,"height":13}},{"id":"7299d207-d8b6-4df5-b37c-0bccd5d7af44","block_type":"box","text":"from service as a board member of the Trust and the","page_number":66,"box":{"x":116,"y":854,"width":370,"height":10}},{"id":"d5a4809f-c638-42bf-8b01-a5d1de519a70","block_type":"box","text":"other funds in the BlackRock Fund Complexes (and any","page_number":66,"box":{"x":487,"y":854,"width":394,"height":13}},{"id":"93cf5b93-b81b-4392-a6f4-ad078a9acd49","block_type":"box","text":"predecessor funds), other investment funds, public comp","page_number":66,"box":{"x":116,"y":869,"width":391,"height":13}},{"id":"44808dbb-9987-4e23-b3c2-7ea583dfe07a","block_type":"box","text":"anies, non-profit entities or other organizations;","page_number":66,"box":{"x":508,"y":869,"width":336,"height":13}},{"id":"aba069c4-f5cb-4029-b70e-28ef31886a3d","block_type":"box","text":"I-47","page_number":66,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"9b1eea56-bd18-479b-b598-9aacc4d30d04","block_type":"box","text":"NM1026U-6033230-66/137","page_number":66,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"cb165932-f2b4-4760-9b35-8ddc238884f0","block_type":"box","text":"ongoing commitment to and participation in Board and","page_number":67,"box":{"x":116,"y":79,"width":391,"height":13}},{"id":"b61b920a-cc7f-471c-b29f-faea0d34e7f6","block_type":"box","text":"Committee meetings, as well as his or her leadership","page_number":67,"box":{"x":508,"y":79,"width":367,"height":13}},{"id":"f7d5e0fe-a266-4505-a4fd-6c354459321c","block_type":"box","text":"of standing and ad hoc committees throughout the years; or other relevant life experiences.","page_number":67,"box":{"x":116,"y":94,"width":635,"height":13}},{"id":"bd56a6ab-d400-4645-a593-28ef51d87488","block_type":"box","text":"The table below discusses some of the experiences, qualific","page_number":67,"box":{"x":116,"y":123,"width":407,"height":12}},{"id":"d47f77b9-2e12-49b3-8559-b804bc154169","block_type":"box","text":"ations and skills of each of the Trustees that","page_number":67,"box":{"x":524,"y":123,"width":309,"height":10}},{"id":"a521eacd-aab0-4076-9f74-94c6a0e4e17e","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":67,"box":{"x":116,"y":138,"width":476,"height":13}},{"id":"01e889b3-bb62-4560-82c6-ebca80afdd7e","block_type":"box","text":"Trustees","page_number":67,"box":{"x":116,"y":168,"width":48,"height":7}},{"id":"073e8f01-e6cf-4fe2-9b63-0de0b79f9f0d","block_type":"box","text":"Experience, Qualifications and Skills","page_number":67,"box":{"x":266,"y":167,"width":212,"height":10}},{"id":"2c62887c-c106-4fef-9468-72e9bad4ee2b","block_type":"box","text":"Independent Trustees","page_number":67,"box":{"x":116,"y":189,"width":124,"height":10}},{"id":"b22a2930-5709-4687-94f6-cf7ff8fdcbf9","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services industry, including","page_number":67,"box":{"x":116,"y":205,"width":735,"height":10}},{"id":"eea4526d-c88a-43b7-83a8-e9b6ad9024f5","block_type":"box","text":"most recently serving as Chief Investment Officer of the California State Teachers Retirement System","page_number":67,"box":{"x":266,"y":215,"width":584,"height":10}},{"id":"124678b1-0659-424c-80e3-8be840ddd5fb","block_type":"box","text":"(CalSTRS) from 2000 to June 2024 where he led its investment program. Mr. Ailman currently is a","page_number":67,"box":{"x":267,"y":225,"width":574,"height":11}},{"id":"3e8fbcff-288d-4529-9515-6fe35e53768d","block_type":"box","text":"principal at Ailman Advisers. In addition, he has held various roles in the industry, including as member","page_number":67,"box":{"x":266,"y":236,"width":602,"height":10}},{"id":"0b23b31b-329c-444d-8c37-606c7b38291c","block_type":"box","text":"and chair of the asset owner committee of the Kroner Center for Financial Research, chairman of the","page_number":67,"box":{"x":266,"y":246,"width":584,"height":10}},{"id":"57c22ceb-705f-49d0-b5f2-414ff5d07a45","block_type":"box","text":"North American Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital","page_number":67,"box":{"x":266,"y":256,"width":587,"height":11}},{"id":"b6f37540-93b9-4c09-91f8-ad5bead61d1c","block_type":"box","text":"Markets Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":67,"box":{"x":266,"y":267,"width":581,"height":10}},{"id":"7aee110c-f0f7-4858-a4d3-cca11e582906","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the markets and the economy.","page_number":67,"box":{"x":266,"y":277,"width":608,"height":10}},{"id":"d3e0ebfa-a510-4bd8-95a3-6494e643b1b3","block_type":"box","text":"In addition, Mr. Ailman serves as a member of the Governance Committee and the Performance","page_number":67,"box":{"x":266,"y":287,"width":557,"height":10}},{"id":"b801d480-85e3-49d7-8a2a-3aa3adda7a23","block_type":"box","text":"Oversight Committee.","page_number":67,"box":{"x":266,"y":298,"width":127,"height":10}},{"id":"30ee09cd-e951-4f6a-a9ad-713bfb547e06","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has served as President &","page_number":67,"box":{"x":116,"y":313,"width":760,"height":10}},{"id":"6a66ad49-e16f-4bb9-b904-edb229226ae1","block_type":"box","text":"Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a registered investment adviser focused on","page_number":67,"box":{"x":266,"y":324,"width":614,"height":10}},{"id":"80d5666a-8f56-427e-9a47-c4fd642cf104","block_type":"box","text":"non-profit investors, from 1997 to 2013, Chief Executive Officer of CCI from 2013 to 2014 and Senior","page_number":67,"box":{"x":266,"y":334,"width":600,"height":10}},{"id":"1feaa5fb-5fa3-4c90-b392-8850f61fd1ac","block_type":"box","text":"Advisor to CCI in 2015. Ms. Carter also served as director of the Pacific Pension Institute from 2014 to","page_number":67,"box":{"x":266,"y":344,"width":600,"height":8}},{"id":"aa00b841-f8eb-4aca-989c-b01ad4d28719","block_type":"box","text":"2018, trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board Member for","page_number":67,"box":{"x":266,"y":355,"width":598,"height":10}},{"id":"19ed3648-b99e-486f-98ad-5f0d04f75be0","block_type":"box","text":"the Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021,","page_number":67,"box":{"x":266,"y":365,"width":573,"height":10}},{"id":"825395de-8805-4565-a6a8-068e5840bc7c","block_type":"box","text":"Advisory Board Member for Bridges Fund Management from 2016 to 2018, Advisory Board Member for","page_number":67,"box":{"x":266,"y":375,"width":612,"height":11}},{"id":"87261b03-109b-4277-bbf6-e635a6338390","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022, and Practitioner","page_number":67,"box":{"x":266,"y":386,"width":591,"height":9}},{"id":"021a7310-48ed-4839-aa88-f2b723f06927","block_type":"box","text":"Advisory Board Member for Private Capital Research Institute (“PCRI”) from 2017 to 2024. She","page_number":67,"box":{"x":266,"y":396,"width":564,"height":10}},{"id":"b266ae50-953a-4964-8b4a-beba75088af8","block_type":"box","text":"currently serves as Member of the President’s Counsel for CCI. These positions have provided her with","page_number":67,"box":{"x":266,"y":406,"width":596,"height":11}},{"id":"30f0c98f-7d41-442b-b107-c4273570b430","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":67,"box":{"x":266,"y":417,"width":328,"height":10}},{"id":"8748a3b9-3778-4d67-82f8-5260bca65e44","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the position of Chief","page_number":67,"box":{"x":116,"y":432,"width":767,"height":10}},{"id":"4af831cb-fb66-4ba0-9679-e09995d5af18","block_type":"box","text":"Investment Officer of Williams College from October 2006 to June 2023. Prior to that she was President","page_number":67,"box":{"x":266,"y":442,"width":606,"height":11}},{"id":"f6afb818-20eb-4c47-8bda-e12e17775fe6","block_type":"box","text":"and Chief Investment Officer of Lucent Asset Management Corporation, where she oversaw \r\n$","page_number":67,"box":{"x":266,"y":453,"width":534,"height":10}},{"id":"ef7371d9-b8ae-447a-a85b-fb6565f06216","block_type":"box","text":"gp\r\napproximately $40 billion in pension and retirement savings assets for the company. These positions have","page_number":67,"box":{"x":266,"y":463,"width":612,"height":10}},{"id":"78c3defd-5473-4b4b-8234-ca1c53e2c7de","block_type":"box","text":"provided her with insight and perspective on the markets and the economy.","page_number":67,"box":{"x":266,"y":473,"width":435,"height":11}},{"id":"581717db-1957-434d-95fc-8baf4c80a453","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry, including 19 years at","page_number":67,"box":{"x":116,"y":489,"width":765,"height":10}},{"id":"e2ffa23f-d1fd-4021-ac6c-3e983bbcb520","block_type":"box","text":"Bank of America Corporation and its affiliates, where he served, at different times, as the Chief Financial","page_number":67,"box":{"x":266,"y":499,"width":607,"height":11}},{"id":"70bbcd8a-ea92-4a9c-9dd0-dd8fcef2ca45","block_type":"box","text":"Officer of various businesses including Investment Banking, Global Markets, Wealth Management and","page_number":67,"box":{"x":266,"y":510,"width":595,"height":10}},{"id":"87a9dfbd-aae8-4fb6-b476-e2f78657fab7","block_type":"box","text":"Consumer and also served ten years as the Chief Accounting Officer for Bank of America Corporation.","page_number":67,"box":{"x":266,"y":520,"width":596,"height":10}},{"id":"bf475806-b7cf-42bf-8949-c76751ad57ad","block_type":"box","text":"Mr. Cotty has been determined by the Audit Committee to be an audit committee financial expert, as such","page_number":67,"box":{"x":266,"y":530,"width":616,"height":11}},{"id":"16d61e8d-fcd2-4cde-b425-cef78a6b680b","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":67,"box":{"x":266,"y":541,"width":295,"height":10}},{"id":"423d8adb-d4ec-4175-838b-a1032bc50589","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial services industry,","page_number":67,"box":{"x":115,"y":556,"width":727,"height":10}},{"id":"9615ab24-7214-44a5-934f-392af81eff7e","block_type":"box","text":"including over 19 years at Fidelity Investments, where he served, at different times, as the Chief Auditor","page_number":67,"box":{"x":266,"y":566,"width":600,"height":11}},{"id":"9c3d7fd8-3987-4203-a63e-b3cfa144f762","block_type":"box","text":"and the Chief Accounting Officer of Fidelity Investments’ parent company, FMR LLC. Prior to working at","page_number":67,"box":{"x":266,"y":577,"width":617,"height":10}},{"id":"2967933d-817d-4b37-80d5-029e25b5dd85","block_type":"box","text":"Fidelity, Mr. Jarczyk was a partner at Deloitte and Arthur Andersen for approximately seventeen years.","page_number":67,"box":{"x":266,"y":587,"width":599,"height":10}},{"id":"f372e3ea-7265-42ec-b36b-23c65c54d85a","block_type":"box","text":"These positions have allowed him to work extensively with audit and risk committees and company","page_number":67,"box":{"x":266,"y":597,"width":578,"height":11}},{"id":"d5120c47-8633-450c-b194-fd4ab4726fca","block_type":"box","text":"executives helping to identify, manage and mitigate risks for financial services companies. Mr. Jarczyk","page_number":67,"box":{"x":266,"y":608,"width":591,"height":10}},{"id":"cb28efcc-e420-4bf5-a1df-ee8c1e990806","block_type":"box","text":"also served as consultant to the Independent Trustees prior to becoming an Independent Trustee.","page_number":67,"box":{"x":266,"y":618,"width":559,"height":10}},{"id":"15680a95-fc93-4518-8beb-0682e79b4981","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and global expertise","page_number":67,"box":{"x":116,"y":634,"width":745,"height":10}},{"id":"e1c592d1-887b-41ba-a3f1-ff6d7c8b59d1","block_type":"box","text":"gained through his 35 year career at KPMG, a global professional services organization and by his service","page_number":67,"box":{"x":266,"y":644,"width":611,"height":10}},{"id":"33dbe80a-389b-4ef4-839f-5c30f6ccccc3","block_type":"box","text":"as a director to both publicly and privately held organizations. He has extensive experience with issues","page_number":67,"box":{"x":266,"y":654,"width":593,"height":11}},{"id":"73319bac-d978-4c58-950c-b8f7f6d0cde8","block_type":"box","text":"facing complex, global companies and expertise in financial reporting, accounting, auditing, risk","page_number":67,"box":{"x":266,"y":665,"width":558,"height":10}},{"id":"e2b36c10-e266-4e9d-90ea-62f821fd5109","block_type":"box","text":"management, and regulatory affairs for such companies. Mr. Keizer’s experience also includes service as","page_number":67,"box":{"x":266,"y":675,"width":601,"height":10}},{"id":"a81a8725-1f90-40ff-8113-87998f1ae6a6","block_type":"box","text":"an audit committee chair to both publicly and privately held organizations across numerous industries","page_number":67,"box":{"x":266,"y":685,"width":591,"height":11}},{"id":"210b9e55-8aad-4ac5-bd11-b197a02c7653","block_type":"box","text":"including professional services, property and casualty reinsurance, insurance, diversified financial services,","page_number":67,"box":{"x":266,"y":696,"width":613,"height":10}},{"id":"dc520adf-855b-4cb9-982a-40ad720ec441","block_type":"box","text":"banking, direct to consumer, business to business and technology. Mr. Keizer is a certified public","page_number":67,"box":{"x":266,"y":706,"width":561,"height":10}},{"id":"daebba15-3e78-4c5f-b0a3-01dd1abcdb67","block_type":"box","text":"accountant and also served on the board of the American Institute of Certified Public Accountants.","page_number":67,"box":{"x":266,"y":716,"width":572,"height":8}},{"id":"387a7346-2f25-4f52-a0c5-b19f13a3d532","block_type":"box","text":"Mr. Keizer has been determined by the Audit Committee to be an audit committee financial expert, as","page_number":67,"box":{"x":266,"y":727,"width":590,"height":10}},{"id":"2f4e20e5-6252-461f-a334-b64ce4c5bf52","block_type":"box","text":"such term is defined in the applicable Commission rules.","page_number":67,"box":{"x":266,"y":737,"width":325,"height":10}},{"id":"d3c06184-7894-4efa-8937-a6096e0783ef","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered investment companies,","page_number":67,"box":{"x":116,"y":753,"width":752,"height":10}},{"id":"7bdb036d-347e-4f07-873f-9a9fa07a5410","block_type":"box","text":"most recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds,","page_number":67,"box":{"x":266,"y":763,"width":582,"height":10}},{"id":"ee450a5b-98dd-42a4-895b-4eb728217f60","block_type":"box","text":"including the legacy Merrill Lynch Investment Managers, L.P. (“MLIM”) funds. The Board benefits from","page_number":67,"box":{"x":266,"y":773,"width":610,"height":10}},{"id":"e9e473bb-9afb-409c-98af-f8ed3d3f9b12","block_type":"box","text":"Ms. Montgomery’s more than 20 years of academic experience as a professor at Harvard Business School","page_number":67,"box":{"x":266,"y":784,"width":611,"height":10}},{"id":"cc396065-be00-4b9a-8bc8-de58e2899e5f","block_type":"box","text":"where she taught courses on corporate strategy and corporate governance. Ms. Montgomery also has","page_number":67,"box":{"x":266,"y":794,"width":586,"height":10}},{"id":"a06480ec-9f61-490a-a731-08a1ddb0bba6","block_type":"box","text":"business management and corporate governance experience through her service on the corporate boards","page_number":67,"box":{"x":266,"y":804,"width":603,"height":10}},{"id":"76e68846-0c1f-449f-969d-8f1e69f4f718","block_type":"box","text":"of a variety of public companies. She has also authored numerous articles and books on these topics.","page_number":67,"box":{"x":266,"y":815,"width":582,"height":10}},{"id":"21402dcf-52ec-4bb1-8b8d-1841913756b2","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive experience, including","page_number":67,"box":{"x":116,"y":830,"width":738,"height":10}},{"id":"d9a9724b-283a-4c16-9f6a-74dedd6c3565","block_type":"box","text":"through his service as president, director and investment committee chair for academic and not-for-profit","page_number":67,"box":{"x":266,"y":840,"width":608,"height":11}},{"id":"a314e162-13b6-4a77-a3ef-a9b700b7f5dd","block_type":"box","text":"organizations, and his experience as a partner, managing director and advisory director at Goldman Sachs","page_number":67,"box":{"x":266,"y":851,"width":614,"height":10}},{"id":"0153b3cd-738a-4f74-a7a2-577c3a0f51a9","block_type":"box","text":"for 32 years. 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BlackRock","page_number":80,"box":{"x":116,"y":302,"width":360,"height":13}},{"id":"7626f8aa-e109-474f-8d27-d8ff1bb5245e","block_type":"box","text":"establishes program-wide borro","page_number":80,"box":{"x":476,"y":302,"width":220,"height":13}},{"id":"140670bb-ddfc-4277-ae3b-8211b9e972ad","block_type":"box","text":"wer limits (“credit limits”)","page_number":80,"box":{"x":696,"y":302,"width":188,"height":12}},{"id":"70671034-5cfc-461f-8b63-2223491f760d","block_type":"box","text":"to actively manage borrower-specific credit exposure.","page_number":80,"box":{"x":116,"y":318,"width":370,"height":12}},{"id":"367c61c2-cdd8-410f-8d32-a47b95f5f6da","block_type":"box","text":"BlackRock oversees the risk model that calculates","page_number":80,"box":{"x":487,"y":318,"width":353,"height":10}},{"id":"c495ae9b-8527-47cd-afc3-faf9113289d6","block_type":"box","text":"projected collateral shortfall values using loan-level facto","page_number":80,"box":{"x":116,"y":333,"width":393,"height":13}},{"id":"85b082df-f513-4663-aede-cb57572900ef","block_type":"box","text":"rs such as loan and collateral type and market value","page_number":80,"box":{"x":510,"y":333,"width":365,"height":13}},{"id":"8eedfd3c-2045-488e-9345-e233df3dc654","block_type":"box","text":"as well as specific borrower credit characteristics. 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Ea","page_number":93,"box":{"x":116,"y":412,"width":355,"height":13}},{"id":"4359a52d-4994-470b-91ac-2df159cf40c8","block_type":"box","text":"ch Fund will furnish its shareholders with a written","page_number":93,"box":{"x":471,"y":412,"width":360,"height":10}},{"id":"135d1b69-280c-4f6e-826f-f581aa51f8bd","block_type":"box","text":"statement reporting the amounts of its dividends paid durin","page_number":93,"box":{"x":116,"y":428,"width":413,"height":12}},{"id":"425fb613-5dc2-4fe6-8ff1-2e07d000579e","block_type":"box","text":"g the year that qualify as capital gain dividends or","page_number":93,"box":{"x":529,"y":428,"width":350,"height":12}},{"id":"109deda7-5241-421b-b20a-ad29e8d62fb7","block_type":"box","text":"exempt-interest dividends, as applicable, as well as th","page_number":93,"box":{"x":116,"y":443,"width":369,"height":13}},{"id":"579e8968-9434-4e6d-9c02-f1197b70503d","block_type":"box","text":"e portion of an exempt-interest dividend that constitutes","page_number":93,"box":{"x":486,"y":443,"width":394,"height":13}},{"id":"fb55e42d-6bb7-4f95-96b9-e2c009f67ff5","block_type":"box","text":"an item of tax preference, as discussed below.","page_number":93,"box":{"x":116,"y":459,"width":321,"height":12}},{"id":"50069c31-d572-458b-9a17-14c667e69c0e","block_type":"box","text":"Ordinary income and capital gain dividends are taxa","page_number":93,"box":{"x":117,"y":482,"width":364,"height":13}},{"id":"e756e7f7-e02b-491a-bd3c-c9e695327211","block_type":"box","text":"ble to shareholders even if they are reinvested in","page_number":93,"box":{"x":482,"y":482,"width":337,"height":13}},{"id":"180697a7-207f-4a35-806f-200d948dc553","block_type":"box","text":"additional shares of a Fund. 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Such realized gains and losses ge","page_number":93,"box":{"x":116,"y":792,"width":382,"height":13}},{"id":"4f573d02-0456-4dfa-83a2-3f45849165fb","block_type":"box","text":"nerally would be accounted for separately unless the","page_number":93,"box":{"x":499,"y":792,"width":362,"height":13}},{"id":"39bbf6ef-281f-4852-a62c-ac8b5e420ff2","block_type":"box","text":"shareholder adopted the simplified, aggregate accounting","page_number":93,"box":{"x":116,"y":807,"width":396,"height":13}},{"id":"dc01c592-8fd3-45a0-947f-a8c42a120439","block_type":"box","text":"method. Shareholders are urged to consult their tax","page_number":93,"box":{"x":516,"y":807,"width":358,"height":13}},{"id":"12138b51-d1e3-4f00-b17e-08095cfbab52","block_type":"box","text":"advisors before deciding to adopt such accounting method.","page_number":93,"box":{"x":116,"y":823,"width":409,"height":13}},{"id":"c812d4e4-d86f-4f3c-895a-680dea657160","block_type":"box","text":"If any Institutional Fund imposes a mandatory or discreti","page_number":93,"box":{"x":116,"y":846,"width":396,"height":13}},{"id":"189526c2-2bc8-4625-b451-08bbe481b958","block_type":"box","text":"onary liquidity fee on share redemptions, the amount","page_number":93,"box":{"x":513,"y":846,"width":373,"height":13}},{"id":"2bee91c2-0dbd-4200-9c96-edac520859bf","block_type":"box","text":"that would ordinarily be payable to a redeeming sh","page_number":93,"box":{"x":116,"y":862,"width":355,"height":13}},{"id":"9be06fe0-3ec9-45f6-9405-2272bc17d189","block_type":"box","text":"areholder of the Fund will be reduced, consequently","page_number":93,"box":{"x":471,"y":862,"width":365,"height":13}},{"id":"226d3bd8-72ef-4e7d-8a2f-05202bca0305","block_type":"box","text":"I-74","page_number":93,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"ec91a69c-d7dd-4fc6-ad38-e6d40f15a456","block_type":"box","text":"NM1026U-6033230-93/137","page_number":93,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"a7230585-c548-477a-b272-5c2a83ac611f","block_type":"box","text":"reducing the amount of gain, or increasing the amount of","page_number":94,"box":{"x":116,"y":79,"width":402,"height":13}},{"id":"c8872f9f-e335-4184-835a-786fc0f09160","block_type":"box","text":"loss, that would otherwise be reportable for income","page_number":94,"box":{"x":518,"y":79,"width":363,"height":13}},{"id":"95b1e11e-6737-421c-9439-95396d1f3ca0","block_type":"box","text":"tax purposes. A mandatory liquidity fee or discretionary","page_number":94,"box":{"x":116,"y":94,"width":390,"height":13}},{"id":"9ddfeea1-7748-4923-bfcd-7b01d500160a","block_type":"box","text":"y liquidity fee cannot be separately claimed as a","page_number":94,"box":{"x":506,"y":94,"width":327,"height":13}},{"id":"c6bfbd37-a6a0-4a98-bf1a-a868d8a1ae62","block_type":"box","text":"deduction.","page_number":94,"box":{"x":116,"y":110,"width":78,"height":10}},{"id":"a60adcbc-2a35-449b-9605-503b8457e835","block_type":"box","text":"Any such mandatory or discretionary liquidity fee will c","page_number":94,"box":{"x":116,"y":133,"width":381,"height":13}},{"id":"bbcef45b-80bf-4f25-aa9c-65e034bcb14f","block_type":"box","text":"constitute an asset of the imposing Fund and will serve","page_number":94,"box":{"x":497,"y":133,"width":384,"height":13}},{"id":"24f55910-42f6-4ba6-a36a-fe243454d7fa","block_type":"box","text":"to benefit non-redeeming shareholders. If such fees w","page_number":94,"box":{"x":116,"y":149,"width":369,"height":12}},{"id":"2a573076-2dee-4b18-a689-2cd2b2e7f4fc","block_type":"box","text":"ere distributed to non-redeeming shareholders, the tax","page_number":94,"box":{"x":485,"y":149,"width":381,"height":12}},{"id":"36352a30-9569-48ae-8c22-25a8d51ea978","block_type":"box","text":"treatment would be similar to the tax treatment of dist","page_number":94,"box":{"x":116,"y":164,"width":379,"height":10}},{"id":"505de348-2055-4902-ae51-b36e4be8be79","block_type":"box","text":"ributions described in this section. Such fees may raise a","page_number":94,"box":{"x":495,"y":164,"width":391,"height":13}},{"id":"dbbb06fa-5ef0-4d82-9178-cf9c1b74a63b","block_type":"box","text":"Fund’s NAV, increasing the taxable income or reducing t","page_number":94,"box":{"x":116,"y":180,"width":391,"height":12}},{"id":"6bdbda8d-866f-44eb-94fe-18757d1a5a48","block_type":"box","text":"the deductible losses of shareholders that redeem their","page_number":94,"box":{"x":507,"y":180,"width":380,"height":10}},{"id":"b81bdc6b-3711-422d-b9f4-7909bb59de0e","block_type":"box","text":"shares at a later time when such fees are not being","page_number":94,"box":{"x":116,"y":195,"width":352,"height":13}},{"id":"61285457-95e3-4a02-b798-e84fbeee744c","block_type":"box","text":"charged. 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Backup","page_number":94,"box":{"x":461,"y":459,"width":418,"height":12}},{"id":"89dbe577-c312-4c86-ae0b-eaf1092f26b6","block_type":"box","text":"withholding could be required on distributions paid","page_number":94,"box":{"x":116,"y":474,"width":364,"height":13}},{"id":"f9e78537-dea7-4250-9cbb-d6a7223b419e","block_type":"box","text":"by MuniCash if the Fund does not reasonably estimate","page_number":94,"box":{"x":480,"y":474,"width":385,"height":13}},{"id":"f57aac8b-61e7-46c1-827b-986a58a42ab4","block_type":"box","text":"that at least 95% of its distributions during the ta","page_number":94,"box":{"x":116,"y":490,"width":344,"height":12}},{"id":"d5567aff-ce78-4fa8-9d99-c0e99fa8009c","block_type":"box","text":"xable year are comprised of exempt-interest dividends.","page_number":94,"box":{"x":460,"y":490,"width":384,"height":12}},{"id":"55b4b6dd-c0af-42e8-97e9-97f98d4d8162","block_type":"box","text":"Generally, shareholders subject to backup withholding w","page_number":94,"box":{"x":117,"y":505,"width":383,"height":13}},{"id":"eb05775e-7742-4aa4-adaa-f931c0c82a87","block_type":"box","text":"will be non-corporate shareholders that do not have","page_number":94,"box":{"x":500,"y":505,"width":366,"height":13}},{"id":"0bd9edac-1953-4f0d-b738-57759295fb74","block_type":"box","text":"certified taxpayer identification numbers on file with a Fund","page_number":94,"box":{"x":116,"y":521,"width":423,"height":12}},{"id":"30df2a74-b7c6-48e1-bbba-83a6dfa0625c","block_type":"box","text":"or that, to a Fund’s knowledge, have furnished","page_number":94,"box":{"x":540,"y":521,"width":328,"height":12}},{"id":"507f7519-5abc-49f7-83c9-e8f4d8d64e46","block_type":"box","text":"incorrect numbers. When establishing an account, an inv","page_number":94,"box":{"x":116,"y":536,"width":394,"height":13}},{"id":"d1efcf22-c700-4922-a2e4-f9ffe8b7b3d3","block_type":"box","text":"estor must certify under penalty of perjury that such","page_number":94,"box":{"x":511,"y":536,"width":366,"height":13}},{"id":"a4196ad6-b169-45d3-bb92-b07370a35afc","block_type":"box","text":"number is correct and that the investor is not other","page_number":94,"box":{"x":116,"y":552,"width":353,"height":10}},{"id":"37a0dc8b-6485-47a1-94f1-6b76d2620437","block_type":"box","text":"wise subject to backup withholding. Backup withholding is","page_number":94,"box":{"x":469,"y":552,"width":416,"height":12}},{"id":"daa02c91-f930-45f2-b94a-2d8caf97c5ba","block_type":"box","text":"not an additional tax. Any amount withheld generally may be allowed as a refund or a credit against a","page_number":94,"box":{"x":116,"y":567,"width":716,"height":13}},{"id":"054018a9-e63f-4696-ba7b-bdb5dd5cd2c2","block_type":"box","text":"shareholder’s federal income tax liability provided that","page_number":94,"box":{"x":116,"y":583,"width":385,"height":12}},{"id":"ab229ac0-31f9-42f3-99b3-1a5de5167206","block_type":"box","text":"the required information is timely provided to the IRS.","page_number":94,"box":{"x":501,"y":583,"width":383,"height":12}},{"id":"7f1a43b5-6bfd-4b2f-98d0-587e14d40fba","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s","page_number":94,"box":{"x":116,"y":606,"width":402,"height":13}},{"id":"5f97e3ad-83f2-4f5f-9b51-5d66d31bb247","block_type":"box","text":"shares of at least $2 million in any single taxable","page_number":94,"box":{"x":519,"y":606,"width":341,"height":13}},{"id":"e8c12a26-322a-4199-8cad-3a7dd6f9bc12","block_type":"box","text":"year or $4 million in any combination of taxable yea","page_number":94,"box":{"x":116,"y":621,"width":366,"height":13}},{"id":"e4c0f2bf-0a5c-4609-ae36-c8707bae4870","block_type":"box","text":"rs for an individual shareholder or $10 million in any","page_number":94,"box":{"x":483,"y":621,"width":374,"height":13}},{"id":"219c4960-86a9-48f9-90d6-f22f9df1a1e5","block_type":"box","text":"single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the","page_number":94,"box":{"x":116,"y":637,"width":716,"height":13}},{"id":"0a93913d-a908-47e9-a7df-abd5d0d92b34","block_type":"box","text":"shareholder must file a disclosure statement on Fo","page_number":94,"box":{"x":116,"y":652,"width":347,"height":10}},{"id":"f5f56ae6-994d-42f3-9d9a-6e086be8af87","block_type":"box","text":"rm 8886 with the IRS. Direct shareholders of portfolio","page_number":94,"box":{"x":464,"y":652,"width":384,"height":13}},{"id":"4327d2c5-59be-4024-851e-e2008495275a","block_type":"box","text":"securities are in many cases exempted from this","page_number":94,"box":{"x":116,"y":668,"width":328,"height":13}},{"id":"91a7f0f8-a2cd-4e0d-a3d5-db0f912d31d5","block_type":"box","text":"reporting requirement, but under current guidance,","page_number":94,"box":{"x":449,"y":668,"width":354,"height":13}},{"id":"76e1883f-9768-41c8-83c9-83734b587815","block_type":"box","text":"shareholders of a registered investment company a","page_number":94,"box":{"x":116,"y":683,"width":350,"height":13}},{"id":"75c1782f-baf2-44d3-a253-c5e3c6b94947","block_type":"box","text":"re not exempted. That a loss is reportable under these","page_number":94,"box":{"x":467,"y":683,"width":372,"height":13}},{"id":"4a1b17ca-5785-400a-bc46-0c91c872d3e3","block_type":"box","text":"regulations does not affect the legal determination of","page_number":94,"box":{"x":116,"y":699,"width":367,"height":13}},{"id":"88007a0a-a788-4cd3-adc8-620bdc8a9b4b","block_type":"box","text":"whether the taxpayer’s treatment of the loss is proper.","page_number":94,"box":{"x":486,"y":699,"width":374,"height":13}},{"id":"98be08ac-d07c-48bc-8016-d7d6f21a2a72","block_type":"box","text":"Shareholders should consult their tax advisers to determin","page_number":94,"box":{"x":116,"y":714,"width":403,"height":10}},{"id":"ce5cdba0-4b0b-4d00-afa2-80c6ad046f65","block_type":"box","text":"e the applicability of these regulations in light of","page_number":94,"box":{"x":519,"y":714,"width":335,"height":13}},{"id":"57c5192a-6dca-464e-883d-498c0f01eec3","block_type":"box","text":"their individual circumstances.","page_number":94,"box":{"x":116,"y":730,"width":210,"height":10}},{"id":"c12ee204-5ced-4920-a3e4-98e1a82d7012","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment","page_number":94,"box":{"x":116,"y":753,"width":383,"height":13}},{"id":"88fc624d-aeef-420a-b9db-64e4d394fcab","block_type":"box","text":"income (which includes, but is not limited to, interest,","page_number":94,"box":{"x":504,"y":753,"width":372,"height":13}},{"id":"34f1af4a-3720-428e-ac53-e57fffba1a5c","block_type":"box","text":"dividends and net gain from investments) of U.S.","page_number":94,"box":{"x":116,"y":769,"width":337,"height":13}},{"id":"de29fed3-1787-4670-b849-c00990bdd884","block_type":"box","text":"individuals with income exceeding $200,000, or $250,000 if","page_number":94,"box":{"x":458,"y":768,"width":421,"height":14}},{"id":"85e88e27-834c-4fde-bab7-87d981a429b4","block_type":"box","text":"married filing jointly, and of trusts and estates. Net","page_number":94,"box":{"x":116,"y":784,"width":355,"height":13}},{"id":"6f1161bc-674d-4da0-a2a7-22b66ff20d8e","block_type":"box","text":"investment income does not include exempt-interest","page_number":94,"box":{"x":476,"y":784,"width":359,"height":13}},{"id":"bace30c9-f797-4786-a84d-07ac9f114c67","block_type":"box","text":"dividends received from a Fund.","page_number":94,"box":{"x":116,"y":800,"width":222,"height":10}},{"id":"b680ef47-d4f7-4821-beea-988684561ddc","block_type":"box","text":"Ordinary income dividends paid to shareholders who","page_number":94,"box":{"x":117,"y":823,"width":369,"height":13}},{"id":"97e68d6e-fb75-40fa-a247-9c8eb4b5683c","block_type":"box","text":"are nonresident aliens or foreign entities (other than","page_number":94,"box":{"x":492,"y":823,"width":358,"height":13}},{"id":"a2fcc739-26e7-4c22-a9ba-7b4e19014696","block_type":"box","text":"pass-through entities to the extent owned by U.S. persons) will be subject to a 30% U.S. withholding tax","page_number":94,"box":{"x":116,"y":838,"width":731,"height":13}},{"id":"ba5f4e32-869b-401e-bd27-3819a955e44c","block_type":"box","text":"under existing provisions of the Code applicable to","page_number":94,"box":{"x":116,"y":854,"width":358,"height":13}},{"id":"6b5ab4ba-c906-42a8-8307-4dae7e98b311","block_type":"box","text":"foreign individuals and entities unless a reduced rate of","page_number":94,"box":{"x":474,"y":854,"width":385,"height":13}},{"id":"96a52cc6-e4bf-4855-88b2-3724fb324405","block_type":"box","text":"withholding is provided under applicable treaty law. N","page_number":94,"box":{"x":116,"y":869,"width":382,"height":13}},{"id":"2d27758f-6f91-4d11-ab87-d434e81dbc08","block_type":"box","text":"onresident shareholders are urged to consult their own","page_number":94,"box":{"x":498,"y":869,"width":383,"height":13}},{"id":"dc951dab-6fa9-46f3-94bd-3989cd57f1e7","block_type":"box","text":"I-75","page_number":94,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"d869d47f-6a01-4c80-a621-1ad32e20d64b","block_type":"box","text":"NM1026U-6033230-94/137","page_number":94,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"182aa9ce-6986-4cc4-8059-78622330a6c8","block_type":"box","text":"tax advisers concerning applicability of the United Stat","page_number":95,"box":{"x":116,"y":79,"width":379,"height":13}},{"id":"14a35ae9-0a33-4dc1-8053-d94c84133835","block_type":"box","text":"es withholding tax. Capital gain dividends paid to","page_number":95,"box":{"x":496,"y":79,"width":351,"height":13}},{"id":"6b261554-c020-44c2-9d42-73a3c0e01cce","block_type":"box","text":"shareholders that are nonresident aliens or foreign entiti","page_number":95,"box":{"x":116,"y":94,"width":388,"height":13}},{"id":"9d557c02-5f02-460e-ab5a-b1843183121e","block_type":"box","text":"es, if and to the extent properly reported as capital","page_number":95,"box":{"x":504,"y":94,"width":355,"height":13}},{"id":"b7693faa-c418-47ff-977b-54d355e75ff1","block_type":"box","text":"gains dividends, generally will not be subject to","page_number":95,"box":{"x":116,"y":110,"width":332,"height":13}},{"id":"88cd9a53-4401-4d48-8b07-e1e15bad52a6","block_type":"box","text":"30% withholding tax, unless certain exceptions apply.","page_number":95,"box":{"x":448,"y":110,"width":382,"height":13}},{"id":"d6be8ab6-803c-42d5-9700-dd80264fd2cf","block_type":"box","text":"Dividends derived by a regulated investment company","page_number":95,"box":{"x":116,"y":125,"width":381,"height":13}},{"id":"30f958cf-8df5-4855-847e-0b789cf08a50","block_type":"box","text":"from short-term capital gains and qualified net interest","page_number":95,"box":{"x":497,"y":125,"width":384,"height":13}},{"id":"fa774446-b7b5-4614-b05a-4e6ca70eec6a","block_type":"box","text":"income (including income from original issue discount","page_number":95,"box":{"x":116,"y":141,"width":376,"height":13}},{"id":"dd81a1e8-a150-4581-83b8-9294fd449ddc","block_type":"box","text":"t and market discount) and paid to stockholders who are","page_number":95,"box":{"x":492,"y":141,"width":395,"height":13}},{"id":"b97aeb3b-9546-46b5-960f-e6558b6f7cc2","block_type":"box","text":"nonresident aliens and foreign entities, if and to the exte","page_number":95,"box":{"x":116,"y":156,"width":388,"height":13}},{"id":"f6a5a48d-937c-47cf-97b6-78a35871051c","block_type":"box","text":"nt properly reported as “interest-related dividends” or","page_number":95,"box":{"x":505,"y":156,"width":380,"height":13}},{"id":"33eb87ea-dd1f-48c5-8153-c9d83f2f96b9","block_type":"box","text":"“short-term capital gain dividends,” respectively, generally will not be subject to U.S. withholding tax. Where","page_number":95,"box":{"x":117,"y":172,"width":764,"height":13}},{"id":"bdaeb1e6-7d98-42b7-9d34-da9afdef0a9b","block_type":"box","text":"possible, each Fund intends to report distributions in t","page_number":95,"box":{"x":116,"y":187,"width":371,"height":13}},{"id":"dd32ee9d-0584-4cfd-9f1d-afd404fd131a","block_type":"box","text":"this manner. However, depending on its circumstances, a","page_number":95,"box":{"x":486,"y":187,"width":401,"height":13}},{"id":"fb123c45-4e3e-4038-9841-4c39d40d0f01","block_type":"box","text":"Fund may report all, some or none of its potentially eligible dividends as interest-related dividends or as short","page_number":95,"box":{"x":116,"y":203,"width":764,"height":13}},{"id":"b5e543b1-03d3-43b5-ba25-447e15645a5a","block_type":"box","text":"term capital gain dividends, and/or treat such dividends, in","page_number":95,"box":{"x":116,"y":218,"width":407,"height":13}},{"id":"80e3f5b4-ccd0-44b4-a69e-49e9bfbf4380","block_type":"box","text":"whole or in part, as ineligible for this exemption","page_number":95,"box":{"x":523,"y":218,"width":344,"height":13}},{"id":"723b1bfe-7fd5-4125-83fb-543a25c4734e","block_type":"box","text":"from withholding. In order to qualify for this exem","page_number":95,"box":{"x":116,"y":234,"width":354,"height":13}},{"id":"bbce9374-1fce-424f-9a08-9dd7e7069908","block_type":"box","text":"ption from withholding, a non-U.S. shareholder must","page_number":95,"box":{"x":471,"y":234,"width":375,"height":13}},{"id":"3cb1cd92-bf5a-49d9-9154-bc23e320297f","block_type":"box","text":"comply with applicable certification requirements rela","page_number":95,"box":{"x":116,"y":249,"width":374,"height":13}},{"id":"3eedc19f-bf24-4c1b-a355-2da3b18acec6","block_type":"box","text":"ting to its non-U.S. status (including, in general,","page_number":95,"box":{"x":490,"y":249,"width":336,"height":13}},{"id":"bcf55a8d-3dfa-4734-a908-b1980baa02c5","block_type":"box","text":"furnishing an IRS Form W-8BEN (in the case of indivi","page_number":95,"box":{"x":116,"y":265,"width":377,"height":13}},{"id":"882eeb82-ac88-4efc-be9b-2acd0b5eb7ed","block_type":"box","text":"duals), W-8BEN-E (in the case of entities) or substitute","page_number":95,"box":{"x":493,"y":265,"width":386,"height":12}},{"id":"25f6906a-59c9-495b-9b36-860a93b291e7","block_type":"box","text":"form). 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Further, shareholders of each of the F","page_number":98,"box":{"x":117,"y":110,"width":358,"height":13}},{"id":"3fda37aa-e137-4d33-9b71-a4b028e72cc3","block_type":"box","text":"unds will vote in the aggregate and not by Fund except as","page_number":98,"box":{"x":475,"y":110,"width":395,"height":13}},{"id":"8886ffe4-f2d4-4803-9215-9ae057cb7429","block_type":"box","text":"otherwise required by law or when the Board determ","page_number":98,"box":{"x":116,"y":125,"width":360,"height":13}},{"id":"bf08ed55-544a-432b-8e5e-2574ad199b2e","block_type":"box","text":"ines that the matter to be voted upon affects only the","page_number":98,"box":{"x":476,"y":125,"width":362,"height":13}},{"id":"de17ce36-c942-4e2c-a753-bc49ddfd1894","block_type":"box","text":"interests of the shareholders of a particular Fund. 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If the frequency of the demand feature is less th","page_number":112,"box":{"x":45,"y":643,"width":412,"height":13}},{"id":"181f03b3-7e54-4225-82a8-0a01a4bf11d4","block_type":"box","text":"an three years but the purchase price is payable only with remark","page_number":112,"box":{"x":458,"y":643,"width":452,"height":13}},{"id":"05d0bc89-c43b-4d58-a9bc-f5bd0cfafb15","block_type":"box","text":"eting","page_number":112,"box":{"x":911,"y":644,"width":38,"height":12}},{"id":"6798e6e8-17eb-4e9a-97f5-de099fe6bd96","block_type":"box","text":"proceeds, the short-term demand obligation rating is “NR”.","page_number":112,"box":{"x":45,"y":659,"width":422,"height":13}},{"id":"828c9db5-a475-4234-9b26-bcb556c905dc","block_type":"box","text":"Industrial development bonds in the US where the obligor is a cor","page_number":112,"box":{"x":45,"y":682,"width":456,"height":13}},{"id":"e651e865-5568-47f1-b548-c01d27c2dd73","block_type":"box","text":"porate may carry a VMIG rating that reflects Moody’s view of","page_number":112,"box":{"x":501,"y":682,"width":436,"height":13}},{"id":"0fd71736-0d8d-4f0c-a7a4-07d78c9c732c","block_type":"box","text":"the relative likelihood of default and loss. 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It takes into","page_number":113,"box":{"x":45,"y":136,"width":433,"height":13}},{"id":"ec73354f-2ced-48e4-9994-dddc30784b2a","block_type":"box","text":"consideration the creditworthiness of guarantors, insurers, or othe","page_number":113,"box":{"x":478,"y":136,"width":459,"height":13}},{"id":"5e64a2a9-81b1-470e-bc61-23bd02f37ee6","block_type":"box","text":"r","page_number":113,"box":{"x":937,"y":140,"width":11,"height":6}},{"id":"4dee9a54-d193-4fbe-b158-98bb06225e27","block_type":"box","text":"forms of credit enhancement on the obligation and takes into acc","page_number":113,"box":{"x":45,"y":152,"width":451,"height":12}},{"id":"0476744e-fa0a-48bb-87ff-3534877a728c","block_type":"box","text":"ount the currency in which the obligation is denominated. The","page_number":113,"box":{"x":497,"y":152,"width":438,"height":12}},{"id":"7fbd1ab5-49e9-45b5-9e62-0393faf93ea4","block_type":"box","text":"opinion reflects S&P’s view of the obligor’s capacity and willingness t","page_number":113,"box":{"x":46,"y":167,"width":477,"height":13}},{"id":"65ed3c2b-6dbf-4420-8f03-3c2c6ee64d24","block_type":"box","text":"to meet its financial commitmen","page_number":113,"box":{"x":523,"y":167,"width":224,"height":10}},{"id":"623a8e0b-eda2-4d21-8317-25d3a1239e93","block_type":"box","text":"ts as they come due, and t","page_number":113,"box":{"x":747,"y":167,"width":179,"height":13}},{"id":"50982383-15e8-4e6d-85a6-518fa2560b08","block_type":"box","text":"his","page_number":113,"box":{"x":927,"y":167,"width":23,"height":10}},{"id":"c10153b5-8c77-403d-9019-039e047e8ca0","block_type":"box","text":"opinion may assess terms, such as collateral security and subordina","page_number":113,"box":{"x":46,"y":183,"width":464,"height":12}},{"id":"9b4c701c-33b7-496f-858b-06965135d0ff","block_type":"box","text":"tion, which could affect ultimate payment in the event of","page_number":113,"box":{"x":511,"y":183,"width":398,"height":12}},{"id":"c3fa2cb5-b5e3-45cb-8a29-bfc8cd89443f","block_type":"box","text":"default.","page_number":113,"box":{"x":46,"y":198,"width":56,"height":10}},{"id":"7b82631d-9ba8-423f-96e2-e060ad6ade90","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Shor","page_number":113,"box":{"x":45,"y":222,"width":433,"height":12}},{"id":"ecf6e7e7-0f50-4e18-9bdc-0cbf0ebc109b","block_type":"box","text":"t-term issue credit ratings are generally assigned to those obl","page_number":113,"box":{"x":478,"y":222,"width":417,"height":12}},{"id":"92bf5cff-573e-452c-bce1-8fc954c32aec","block_type":"box","text":"igations","page_number":113,"box":{"x":896,"y":222,"width":58,"height":12}},{"id":"98440a66-fc86-4180-95c4-56cf409049ea","block_type":"box","text":"considered short-term in the relevant marke","page_number":113,"box":{"x":45,"y":237,"width":304,"height":10}},{"id":"b747aa7e-87a2-41ba-a371-474ec5e70fd7","block_type":"box","text":"t, typically with an original maturity of","page_number":113,"box":{"x":349,"y":237,"width":272,"height":13}},{"id":"a736bc8e-8100-4073-aec9-dd55605aa2ce","block_type":"box","text":"f no more than 365 days. Short-term issue cr","page_number":113,"box":{"x":620,"y":237,"width":305,"height":13}},{"id":"f78d9ed9-3a93-4732-89ef-3c06c33913af","block_type":"box","text":"edit","page_number":113,"box":{"x":926,"y":237,"width":30,"height":10}},{"id":"961f4ce4-ead0-49d5-a6eb-c76dbdedc07d","block_type":"box","text":"ratings are also used to indicate the","page_number":113,"box":{"x":45,"y":253,"width":249,"height":12}},{"id":"601a8f4d-c522-4900-b93a-474ee5b31f79","block_type":"box","text":"creditworthiness of an obligor with respect to p","page_number":113,"box":{"x":294,"y":253,"width":321,"height":12}},{"id":"b9587db1-5992-4608-be32-2be3fc6dc035","block_type":"box","text":"put features on long-term obligations. S&P","page_number":113,"box":{"x":615,"y":253,"width":299,"height":12}},{"id":"2c53baf0-dee5-4ac1-b221-c7aa9f021367","block_type":"box","text":"would typically assign a long-term issue credit rating to an ob","page_number":113,"box":{"x":45,"y":268,"width":427,"height":13}},{"id":"34bb0d7e-67c3-43d6-bf41-8732a43d5b26","block_type":"box","text":"ligation with an original maturity of greater than 365 days.","page_number":113,"box":{"x":473,"y":268,"width":415,"height":13}},{"id":"f9846c5b-5c1a-48a9-9eec-127e1384277c","block_type":"box","text":"However, the ratings S&P assigns to certain instruments m","page_number":113,"box":{"x":45,"y":284,"width":410,"height":12}},{"id":"b0f675f6-e5c6-465a-8e22-a2321ec8464c","block_type":"box","text":"ay diverge from these guidelines based on market practices.","page_number":113,"box":{"x":456,"y":284,"width":415,"height":12}},{"id":"e7bfd191-f8fb-4614-8bae-7dede5c6ca3c","block_type":"box","text":"Issue credit ratings are based, in varying degrees,","page_number":113,"box":{"x":45,"y":307,"width":342,"height":13}},{"id":"fbc50b00-32b4-44c9-93b0-44cb4792fbfd","block_type":"box","text":"on S&P’s analysis of the following considerations:","page_number":113,"box":{"x":387,"y":307,"width":353,"height":13}},{"id":"720a6297-3f2e-4bed-9d8c-9c85f64d7dae","block_type":"box","text":"• The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an","page_number":113,"box":{"x":80,"y":331,"width":854,"height":13}},{"id":"ca3937f7-da4c-4b76-96fe-36c808056d03","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":113,"box":{"x":106,"y":346,"width":423,"height":13}},{"id":"75b811c8-c693-4b3f-b21f-f65ad7e3b8b3","block_type":"box","text":"• The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":113,"box":{"x":80,"y":370,"width":677,"height":13}},{"id":"66cd736a-7d68-4054-aa00-4bd0928154e5","block_type":"box","text":"• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":113,"box":{"x":80,"y":394,"width":798,"height":12}},{"id":"9c65ec25-d4c8-436b-85d2-7df6507c5b2f","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":113,"box":{"x":106,"y":409,"width":798,"height":13}},{"id":"df25d232-fd9d-400c-8b58-5717890f682f","block_type":"box","text":"An issue rating is an assessment of default risk but may incor","page_number":113,"box":{"x":45,"y":433,"width":423,"height":12}},{"id":"62aec93e-6732-461b-8568-37bbde6ecd61","block_type":"box","text":"porate an assessment of relative seniority or ultimate recovery i","page_number":113,"box":{"x":469,"y":433,"width":436,"height":12}},{"id":"0b5d016a-772f-4780-9451-217e1a276e5c","block_type":"box","text":"n the","page_number":113,"box":{"x":906,"y":433,"width":39,"height":10}},{"id":"ee7b30ea-ad94-4ecc-aba1-8d7c7db46c39","block_type":"box","text":"event of default. Junior obligations are typically rated lower t","page_number":113,"box":{"x":46,"y":448,"width":419,"height":13}},{"id":"d3a881b2-2012-42d8-b590-9a13d00eb8c1","block_type":"box","text":"than senior obligations, to reflect lower priority in bankruptcy","page_number":113,"box":{"x":465,"y":448,"width":432,"height":13}},{"id":"f7c0263f-b3a6-4c56-9e3d-3f6894ef543c","block_type":"box","text":", as","page_number":113,"box":{"x":897,"y":452,"width":27,"height":8}},{"id":"2aaf7002-ca1d-477e-a4e8-359fed80afe8","block_type":"box","text":"noted above. (Such differentiation may apply when an entity","page_number":113,"box":{"x":45,"y":464,"width":425,"height":12}},{"id":"7b125a96-f57c-442d-9616-5903113fa7d3","block_type":"box","text":"has both senior and subordinated obligations, secured and unsecured","page_number":113,"box":{"x":470,"y":464,"width":479,"height":12}},{"id":"da0ef7b0-19fa-4563-aa2b-b05e91bbb822","block_type":"box","text":"obligations, or operating company and holding company obligations.)","page_number":113,"box":{"x":46,"y":479,"width":490,"height":13}},{"id":"f921e3c8-a526-464d-b6bc-019301c262c7","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":113,"box":{"x":45,"y":508,"width":238,"height":13}},{"id":"7a84a47f-0477-490e-947b-dd36ef3d0ea6","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":113,"box":{"x":45,"y":533,"width":887,"height":13}},{"id":"b764e9d9-c2d9-47ac-b3b8-eca53c0fd0d7","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":113,"box":{"x":197,"y":547,"width":446,"height":13}},{"id":"1f509968-d97e-42b0-8220-0bcc8f69d832","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s","page_number":113,"box":{"x":45,"y":567,"width":909,"height":13}},{"id":"29cde309-e3b9-45bb-a638-2bef4f3b31b7","block_type":"box","text":"capacity to meet its financial commitments on the obligation is very strong.","page_number":113,"box":{"x":197,"y":581,"width":551,"height":13}},{"id":"37fce144-c12f-46ff-9b0b-ffcbe6e8aab6","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances","page_number":113,"box":{"x":45,"y":600,"width":907,"height":13}},{"id":"ec1e7bf9-1922-497f-abcd-c3cf15e921a3","block_type":"box","text":"and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to","page_number":113,"box":{"x":197,"y":615,"width":758,"height":12}},{"id":"79d721ee-5a99-4a36-aa3b-e57a9ced1932","block_type":"box","text":"meet its financial commitments on the obligation is still strong.","page_number":113,"box":{"x":197,"y":629,"width":462,"height":13}},{"id":"21568313-c5db-4c84-b8aa-58f0ff23e656","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":113,"box":{"x":46,"y":648,"width":853,"height":13}},{"id":"7f98ecdc-6fa7-4c57-9f5b-d522a5bde88d","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":113,"box":{"x":197,"y":662,"width":705,"height":13}},{"id":"db298db0-387a-4e63-9df6-0267cf1f78a2","block_type":"box","text":"financial commitments on the obligation.","page_number":113,"box":{"x":197,"y":677,"width":298,"height":12}},{"id":"0b5b4d32-1bc1-42ba-ac09-92e1b2cba5f9","block_type":"box","text":"BB, B, CCC, CC,","page_number":113,"box":{"x":46,"y":697,"width":123,"height":11}},{"id":"fd40098d-3592-4741-bea8-9b1d9b2dbefb","block_type":"box","text":"and C Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":113,"box":{"x":46,"y":710,"width":835,"height":13}},{"id":"53cb39ba-4178-4bb1-ada5-3d69f29fb187","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations","page_number":113,"box":{"x":197,"y":724,"width":749,"height":13}},{"id":"cf8e603e-eede-4f4d-904c-a9cee4fd54cb","block_type":"box","text":"will likely have some quality and protective characteristics, these may be outweighed by large","page_number":113,"box":{"x":197,"y":739,"width":677,"height":12}},{"id":"8c7a0d7e-6ea2-4a34-b01e-a8b9c442beeb","block_type":"box","text":"uncertainties or major exposure to adverse conditions.","page_number":113,"box":{"x":197,"y":753,"width":393,"height":13}},{"id":"1d87a213-0de6-42b0-b46f-68396942ee99","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":113,"box":{"x":46,"y":772,"width":875,"height":13}},{"id":"4d55579f-3539-48e9-9bab-25cae7c2c823","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions","page_number":113,"box":{"x":197,"y":786,"width":729,"height":13}},{"id":"b5bbbe01-022a-4208-86bb-e13704b4d15f","block_type":"box","text":"that could lead to the obligor’s inadequate capacity to meet its financial commitments on the","page_number":113,"box":{"x":197,"y":801,"width":673,"height":12}},{"id":"eedb5171-11da-4cbd-864a-f1d75759423c","block_type":"box","text":"obligation.","page_number":113,"box":{"x":197,"y":815,"width":77,"height":13}},{"id":"7d336245-d854-41ce-ad5f-6ad1e79fd095","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":113,"box":{"x":46,"y":834,"width":893,"height":13}},{"id":"44f475e1-6a69-4570-a4d2-b01fc7f24058","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":113,"box":{"x":197,"y":848,"width":708,"height":13}},{"id":"fd029709-623a-44fd-9673-3dde71cf95b3","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":113,"box":{"x":197,"y":863,"width":721,"height":12}},{"id":"51384b17-14ce-46c0-8269-473540196cda","block_type":"box","text":"financial commitments on the obligation.","page_number":113,"box":{"x":197,"y":877,"width":304,"height":13}},{"id":"3810cfb6-0ff0-419e-843c-658182004cb9","block_type":"box","text":"A-4","page_number":113,"box":{"x":486,"y":916,"width":26,"height":10}},{"id":"7dc95f2d-6e13-4a81-8143-a539be4a45ef","block_type":"box","text":"NM1026U-6033230-113/137","page_number":113,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"8fd170e3-ae3d-46b6-863a-7cb7dc190b6e","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":114,"box":{"x":46,"y":77,"width":872,"height":13}},{"id":"4b565673-9a7d-4166-a4ed-626fdeacbc2f","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on the","page_number":114,"box":{"x":197,"y":92,"width":739,"height":13}},{"id":"496bb255-da9e-4fcc-b1ac-88cd291e5ae6","block_type":"box","text":"obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely","page_number":114,"box":{"x":197,"y":106,"width":746,"height":13}},{"id":"6f9977d3-5460-4a08-a40a-55e910f462cd","block_type":"box","text":"to have the capacity to meet its financial commitments on the obligation.","page_number":114,"box":{"x":197,"y":120,"width":534,"height":13}},{"id":"6e74ec49-690c-4d71-807d-96b41c1aa02e","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a","page_number":114,"box":{"x":46,"y":139,"width":902,"height":13}},{"id":"243c1991-4ddf-4e52-9471-23d178adc499","block_type":"box","text":"default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":114,"box":{"x":197,"y":154,"width":692,"height":13}},{"id":"89cedd43-6b60-47c7-bdc7-6fa8a541bac0","block_type":"box","text":"anticipated time to default.","page_number":114,"box":{"x":197,"y":168,"width":201,"height":13}},{"id":"e458a886-0949-47cb-832d-7f69c03146b4","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to","page_number":114,"box":{"x":46,"y":187,"width":902,"height":13}},{"id":"1d07db91-2fdb-4121-9feb-e48a2a3ddba2","block_type":"box","text":"have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":114,"box":{"x":197,"y":202,"width":710,"height":12}},{"id":"5662fc2b-6805-487b-b0fc-8dbdb9113c79","block_type":"box","text":"higher.","page_number":114,"box":{"x":197,"y":216,"width":55,"height":13}},{"id":"a70e6adc-1854-4c74-b7f5-d65961958d83","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":114,"box":{"x":45,"y":235,"width":852,"height":13}},{"id":"d62321d1-bbb1-4d38-8413-0fb0deb66372","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date","page_number":114,"box":{"x":197,"y":249,"width":745,"height":13}},{"id":"14880dd3-5879-408b-9eaf-186f4713330d","block_type":"box","text":"due, unless S&P believes that such payments will be made within five business days in the absence of a","page_number":114,"box":{"x":197,"y":264,"width":750,"height":12}},{"id":"b4dce4dd-f22e-476c-9a0a-72137825c9b5","block_type":"box","text":"stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating","page_number":114,"box":{"x":197,"y":278,"width":742,"height":13}},{"id":"c701394d-480f-4f4e-a16c-806cf51f429c","block_type":"box","text":"also will be used upon the filing of a bankruptcy petition or the taking of similar action and where","page_number":114,"box":{"x":197,"y":292,"width":720,"height":13}},{"id":"0727897a-6bc8-4935-81a2-b06eb5f4a6b3","block_type":"box","text":"default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on","page_number":114,"box":{"x":197,"y":306,"width":760,"height":13}},{"id":"b9c30677-e057-4493-8eef-7f6a3713dfef","block_type":"box","text":"an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":114,"box":{"x":197,"y":320,"width":575,"height":13}},{"id":"9800ce50-87f3-4d66-935e-b54961fed158","block_type":"box","text":"* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within t","page_number":114,"box":{"x":46,"y":351,"width":752,"height":10}},{"id":"7d9a3c51-7243-4d5a-ae65-e4cc108ff3ce","block_type":"box","text":"he rating categories.","page_number":114,"box":{"x":799,"y":351,"width":115,"height":10}},{"id":"6dbbecc9-0bae-40d3-bcf7-d45d734f5374","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":114,"box":{"x":46,"y":373,"width":240,"height":13}},{"id":"244e9412-9d6e-4ea7-8bf1-64538e3d96a4","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":114,"box":{"x":45,"y":395,"width":890,"height":12}},{"id":"b8bfadaa-2cb0-4c68-8a77-1700ae11a3ae","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations are","page_number":114,"box":{"x":197,"y":409,"width":756,"height":13}},{"id":"12d24861-a09c-45cf-8f73-4d75c23f932d","block_type":"box","text":"designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":114,"box":{"x":197,"y":423,"width":677,"height":13}},{"id":"07a40b1f-c89e-4012-9d48-72e5a9877dfc","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":114,"box":{"x":197,"y":437,"width":399,"height":13}},{"id":"8db9f5a9-f2e7-40e0-aac6-53ca040fd910","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in","page_number":114,"box":{"x":45,"y":457,"width":889,"height":12}},{"id":"ba78866d-6705-493e-b776-5925daa3a6dd","block_type":"box","text":"circumstances and economic conditions than obligations in higher rating categories. However, the","page_number":114,"box":{"x":197,"y":471,"width":716,"height":13}},{"id":"afd2ba96-a988-4690-8ad3-30bf9014c4ce","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":114,"box":{"x":197,"y":485,"width":621,"height":13}},{"id":"cedf1d2a-eea9-409f-9722-d459892f4052","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. 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The agency’s credit ratings","page_number":115,"box":{"x":482,"y":464,"width":457,"height":13}},{"id":"0c454878-2420-4b61-9402-c24a0e838550","block_type":"box","text":"cover the global spectrum of corporate, sovereign financial,","page_number":115,"box":{"x":45,"y":479,"width":416,"height":13}},{"id":"aa05b76c-b88f-4667-917a-1759a0f43cc6","block_type":"box","text":"bank, insurance, and public finance entities (including supranatio","page_number":115,"box":{"x":462,"y":479,"width":452,"height":13}},{"id":"4733f83c-9de7-43bb-b519-d4ab55fcaa7b","block_type":"box","text":"nal","page_number":115,"box":{"x":914,"y":479,"width":26,"height":10}},{"id":"57268205-72b5-44e6-a4f5-751fdfd5a17a","block_type":"box","text":"and sub-national entities) and the securities or other obligations t","page_number":115,"box":{"x":46,"y":495,"width":445,"height":13}},{"id":"e987e911-b50f-4c8f-bba2-b47780048661","block_type":"box","text":"they issue, as well as stru","page_number":115,"box":{"x":491,"y":495,"width":173,"height":13}},{"id":"49ddd4c5-cb14-4227-b8a1-b1ed3403fdf9","block_type":"box","text":"ctured finance securities backed","page_number":115,"box":{"x":664,"y":495,"width":224,"height":10}},{"id":"ce4aba83-5d08-40e2-bc83-e2af01cec5ed","block_type":"box","text":"by","page_number":115,"box":{"x":889,"y":495,"width":21,"height":13}},{"id":"9735c812-8336-4f2a-aa03-0daff4d135a3","block_type":"box","text":"receivables or other financial assets.","page_number":115,"box":{"x":45,"y":510,"width":252,"height":10}},{"id":"1241e801-25f2-4417-8f78-00f3a99ac567","block_type":"box","text":"The terms “investment grade” and “speculative grade” have","page_number":115,"box":{"x":45,"y":534,"width":424,"height":12}},{"id":"c6de6f44-a444-439b-92ec-f4c028b61e3b","block_type":"box","text":"established themselves over time as shorthand to describe the","page_number":115,"box":{"x":469,"y":534,"width":427,"height":10}},{"id":"4d08ad1e-1916-4324-aade-9543d9a28fb7","block_type":"box","text":"categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’","page_number":115,"box":{"x":45,"y":549,"width":425,"height":13}},{"id":"52ee6176-975c-4a43-a7c4-b8f285f6e86e","block_type":"box","text":"(speculative grade). The terms investment grade and speculative","page_number":115,"box":{"x":471,"y":549,"width":445,"height":13}},{"id":"92dfbcce-47f0-4180-a7b5-929dbeca8444","block_type":"box","text":"grade are market conventions and do not imply any recommenda","page_number":115,"box":{"x":45,"y":565,"width":454,"height":12}},{"id":"f60478f8-4104-41cb-a3bc-dffa5cbb428d","block_type":"box","text":"tion or endorsement of a specific security for investment","page_number":115,"box":{"x":500,"y":565,"width":393,"height":12}},{"id":"1be35734-d998-4f33-842a-f8dead2e9d29","block_type":"box","text":"purposes. 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As one of many minority shareholders, BlackRock","page_number":123,"box":{"x":497,"y":226,"width":424,"height":13}},{"id":"b831603f-a0d5-4aca-9f58-c3701d95beb6","block_type":"box","text":"cannot — and does not try to — direct a company’s strategy or its","page_number":123,"box":{"x":45,"y":242,"width":459,"height":12}},{"id":"85edbc1b-8b39-4c55-8ee3-48d9fbeb864d","block_type":"box","text":"implementation. 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We welcome disclosures that explain how th","page_number":124,"box":{"x":45,"y":322,"width":443,"height":12}},{"id":"0a07b2d3-ef33-4114-9eba-93d9e166c92a","block_type":"box","text":"e board considered different skills","page_number":124,"box":{"x":489,"y":322,"width":238,"height":10}},{"id":"00bb825e-a76d-4c26-844a-491ef1abad33","block_type":"box","text":"and experience to ensure that","page_number":124,"box":{"x":727,"y":322,"width":208,"height":12}},{"id":"d021d50e-996d-4f05-b9ae-6db23723fbf5","block_type":"box","text":"the directors collectively can be effective in fulfilling thei","page_number":124,"box":{"x":45,"y":337,"width":389,"height":13}},{"id":"46659c2c-b739-4d7c-baf0-358cdad501d4","block_type":"box","text":"r responsibilities. 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In o","page_number":125,"box":{"x":510,"y":195,"width":408,"height":12}},{"id":"f6baa77c-5391-4e2a-bcd3-0921bc88a0be","block_type":"box","text":"ur","page_number":125,"box":{"x":919,"y":199,"width":19,"height":6}},{"id":"618bf144-4035-47a2-8c86-73caba2a6fc1","block_type":"box","text":"experience, long-serving directors could become less independe","page_number":125,"box":{"x":46,"y":210,"width":435,"height":13}},{"id":"5277d4ee-8b5e-4635-862a-ad959d1921e6","block_type":"box","text":"nt given their long-term relationship with management and","page_number":125,"box":{"x":482,"y":210,"width":415,"height":13}},{"id":"54c5b3fa-c299-480d-ad56-f3fa5c3e78cc","block_type":"box","text":"involvement in past board decisions.","page_number":125,"box":{"x":45,"y":226,"width":258,"height":12}},{"id":"91de2f27-72af-4011-a149-009dbc3e03dd","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate","page_number":125,"box":{"x":46,"y":249,"width":458,"height":12}},{"id":"6b6798ca-8eff-414d-b60a-438146239536","block_type":"box","text":"cadence of turnover that balances renewal through the regular","page_number":125,"box":{"x":504,"y":249,"width":431,"height":12}},{"id":"6d2c891a-5417-40f4-b9a3-f6f89f541e4f","block_type":"box","text":"introduction of directors with fresh perspectives and expertise with","page_number":125,"box":{"x":45,"y":264,"width":464,"height":13}},{"id":"0931e7c7-0499-4876-88ef-12338fe26831","block_type":"box","text":"continuity through the retention of directors with long-te","page_number":125,"box":{"x":509,"y":264,"width":400,"height":13}},{"id":"1277c47e-0494-409c-881f-6bf93c7c6175","block_type":"box","text":"rm","page_number":125,"box":{"x":910,"y":268,"width":24,"height":6}},{"id":"e20767f4-9426-4da2-81d4-809f0ea9b743","block_type":"box","text":"knowledge of the board and company.","page_number":125,"box":{"x":45,"y":280,"width":274,"height":12}},{"id":"77d6bda4-e184-4a65-89ae-59d9f89249a3","block_type":"box","text":"In markets where there is not specific director tenure guidance from","page_number":125,"box":{"x":45,"y":303,"width":470,"height":13}},{"id":"6e1b464a-ecf4-46c7-acb8-37ef3488ef1e","block_type":"box","text":"m regulation or corporate governance best practices, we may","page_number":125,"box":{"x":515,"y":303,"width":414,"height":13}},{"id":"bcb3f55d-3046-43eb-81d1-e901fdd1bb3f","block_type":"box","text":"vote against the election of the chair of the committee responsib","page_number":125,"box":{"x":45,"y":318,"width":443,"height":13}},{"id":"ce98648e-faf2-4a7c-b371-9371d2e7654c","block_type":"box","text":"le for board composition if a company does not clearly disclos","page_number":125,"box":{"x":488,"y":318,"width":431,"height":13}},{"id":"a8913a3c-2b2a-45b9-a640-0200d474df00","block_type":"box","text":"e its","page_number":125,"box":{"x":920,"y":319,"width":31,"height":9}},{"id":"7cf2ebbb-23f4-4035-9765-e294774d8e80","block_type":"box","text":"approach to director tenure and board renewal. 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We will generally not support the election of di","page_number":125,"box":{"x":46,"y":643,"width":433,"height":12}},{"id":"8574ff48-a2ca-40f4-8cf7-b16a1820833f","block_type":"box","text":"rectors whose names and biographical details have not been","page_number":125,"box":{"x":480,"y":643,"width":420,"height":12}},{"id":"dfeab990-0112-4a07-8152-4602c8da30ab","block_type":"box","text":"disclosed sufficiently in advance","page_number":125,"box":{"x":46,"y":658,"width":225,"height":13}},{"id":"0a83e002-77ef-451e-bba3-cf748ba8357d","block_type":"box","text":"of the shareholder meeting.","page_number":125,"box":{"x":271,"y":658,"width":194,"height":13}},{"id":"5edf30ba-53b6-433c-9ae6-a3afd3f294d2","block_type":"box","text":"Each director’s appointment should be depende","page_number":125,"box":{"x":45,"y":681,"width":330,"height":13}},{"id":"9fba0770-14df-437a-97b0-0080ddf6d604","block_type":"box","text":"nt on receiving a simple majority of the votes cast at the shareholder meeting.","page_number":125,"box":{"x":376,"y":681,"width":535,"height":13}},{"id":"9bac9020-7e64-4126-8795-2e3e71ab8121","block_type":"box","text":"Where a company’s practices differ, we look to the board to prov","page_number":125,"box":{"x":45,"y":697,"width":454,"height":12}},{"id":"c6fc49fc-6a5b-45cb-9491-e86f978faa38","block_type":"box","text":"ide a detailed explanation as to how its approach best serves","page_number":125,"box":{"x":500,"y":697,"width":418,"height":12}},{"id":"288aa115-982d-40d4-85df-866755fe81e4","block_type":"box","text":"investors’ interests.","page_number":125,"box":{"x":45,"y":713,"width":131,"height":9}},{"id":"a2d72638-688e-4cf9-b600-6a932a191d61","block_type":"box","text":"We may vote for shareholder or management proposals seeking to","page_number":125,"box":{"x":45,"y":735,"width":461,"height":13}},{"id":"f4b55501-529e-4ea2-8555-4133b4e0e78f","block_type":"box","text":"establish annual election of directors and/or a simple majority","page_number":125,"box":{"x":511,"y":735,"width":428,"height":13}},{"id":"3ccd0b65-cd89-4b1a-9f9e-b8c013a59e7a","block_type":"box","text":"vote standard for director elections. We may vote against all th","page_number":125,"box":{"x":45,"y":751,"width":437,"height":12}},{"id":"e4fe6712-6698-4d35-8bab-c9206f6d2e6b","block_type":"box","text":"e directors standing for election as part of a single slate if","page_number":125,"box":{"x":482,"y":751,"width":395,"height":12}},{"id":"723e4802-d2e5-4763-bf4f-67c67b3f46ce","block_type":"box","text":"we have","page_number":125,"box":{"x":881,"y":751,"width":56,"height":10}},{"id":"6fb64d8c-cfec-4d04-91e8-9091b4e5bbdd","block_type":"box","text":"concerns about the profile or performance of an individual director.","page_number":125,"box":{"x":45,"y":766,"width":470,"height":13}},{"id":"ef1671af-edb1-44d4-b90b-856312dc19f5","block_type":"box","text":"Committees","page_number":125,"box":{"x":46,"y":795,"width":86,"height":9}},{"id":"d5607a0f-d9d9-4832-b4d8-c4373b0aedf2","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of","page_number":125,"box":{"x":45,"y":820,"width":505,"height":13}},{"id":"2c5877ec-d4ae-4769-a61c-72ef070791c5","block_type":"box","text":"the board such as audit and risk, governance and huma","page_number":125,"box":{"x":554,"y":820,"width":384,"height":13}},{"id":"140c9bab-9cea-4828-a7fd-87341b80ba36","block_type":"box","text":"n","page_number":125,"box":{"x":938,"y":824,"width":9,"height":6}},{"id":"77fccd58-9be5-4912-9dde-e6414070fc86","block_type":"box","text":"capital, and executive compensation, amongst other matters. We","page_number":125,"box":{"x":45,"y":835,"width":449,"height":13}},{"id":"50671fd1-b428-4fb7-b470-142a82a56161","block_type":"box","text":"do not prescribe to companies what committees they should","page_number":125,"box":{"x":494,"y":835,"width":427,"height":13}},{"id":"9eeaafa0-5b81-47cb-a2ec-73e3dc62fea5","block_type":"box","text":"8","page_number":125,"box":{"x":46,"y":866,"width":3,"height":5}},{"id":"19cec990-25eb-4ff3-ad9e-2c0057354ad6","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. 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market.","page_number":126,"box":{"x":133,"y":877,"width":285,"height":13}},{"id":"5d8bcc86-303b-47cc-91a2-b80b08fe3075","block_type":"box","text":"B-9","page_number":126,"box":{"x":487,"y":917,"width":24,"height":9}},{"id":"d254deec-a12b-437e-8569-a84e3fdfe354","block_type":"box","text":"NM1026U-6033230-126/137","page_number":126,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"7dce553f-9daf-4911-a7cc-f285e31e75d9","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":107,"y":79,"width":800,"height":13}},{"id":"6bb7af14-4563-4a56-995b-2af3130bbb5d","block_type":"box","text":"strategic objectives.","page_number":127,"box":{"x":133,"y":94,"width":146,"height":13}},{"id":"a02fb1f7-62da-4899-bb53-46511e87972b","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":127,"box":{"x":107,"y":116,"width":652,"height":13}},{"id":"fa3ab646-7aa6-4394-9c1d-d5d64c00b532","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":107,"y":139,"width":828,"height":12}},{"id":"8f9c2fb8-b70b-4855-a8e8-8213fa67d4de","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":127,"box":{"x":133,"y":154,"width":809,"height":13}},{"id":"3ac2d1e8-3766-4152-9414-3162935f4c0d","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":127,"box":{"x":107,"y":176,"width":697,"height":13}},{"id":"60d88734-9533-41fb-bdf2-cadbbdeba61b","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly 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We do not support non-executiv","page_number":127,"box":{"x":493,"y":484,"width":450,"height":13}},{"id":"3bbbbecd-54b5-4332-96c1-34b8d279b779","block_type":"box","text":"e","page_number":127,"box":{"x":943,"y":488,"width":11,"height":6}},{"id":"cd7cca1a-7f65-46af-8892-34722a79d435","block_type":"box","text":"directors participating in performance-based incentive plans as","page_number":127,"box":{"x":46,"y":500,"width":438,"height":13}},{"id":"7c22b336-d2ac-4fb2-a530-c3873cc39aca","block_type":"box","text":"doing so may create a conflict of interest and undermine their","page_number":127,"box":{"x":484,"y":500,"width":431,"height":13}},{"id":"c641aa7c-84d5-4edd-ba72-c6cd9ae85ad9","block_type":"box","text":"independence from management, whom they oversee.","page_number":127,"box":{"x":45,"y":515,"width":378,"height":13}},{"id":"44af876b-143d-4e34-83cb-c15f2ab060d5","block_type":"box","text":"Capital structure","page_number":127,"box":{"x":46,"y":542,"width":126,"height":13}},{"id":"764aca09-e264-4e9f-ac6b-942b047be84b","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership ha","page_number":127,"box":{"x":46,"y":566,"width":455,"height":13}},{"id":"ca127ebc-775c-4264-aff7-2a4992e93024","block_type":"box","text":"s established a capital strategy that achieves appropriate ca","page_number":127,"box":{"x":502,"y":566,"width":407,"height":13}},{"id":"07073fa1-d07e-4dc7-a291-d54ba46c0ae7","block_type":"box","text":"pital","page_number":127,"box":{"x":909,"y":566,"width":36,"height":13}},{"id":"323afdfc-9309-4d3e-a887-9fe24e0a7c5f","block_type":"box","text":"allocation in support of long-term financial resilience.","page_number":127,"box":{"x":46,"y":582,"width":376,"height":13}},{"id":"f5426226-a539-4300-a00c-e76995da6ecf","block_type":"box","text":"Where company practices diverge from those set out below, we look","page_number":127,"box":{"x":45,"y":604,"width":480,"height":13}},{"id":"cc0e0dd0-bfd5-4ab3-a3a1-39176572804d","block_type":"box","text":"for companies to disclose why they view these practices to be","page_number":127,"box":{"x":525,"y":604,"width":423,"height":13}},{"id":"e904b6de-ef13-4a52-ae3a-96890f688ce0","block_type":"box","text":"aligned with shareholders’ interests. We may vote against manage","page_number":127,"box":{"x":46,"y":619,"width":455,"height":13}},{"id":"6aeffa68-4bb6-488f-b4b8-fadadb52fd76","block_type":"box","text":"ment proposals seeking capital-related authorities, or the elec","page_number":127,"box":{"x":502,"y":619,"width":423,"height":13}},{"id":"4a6b6f43-b687-493c-be54-a30d645bccfc","block_type":"box","text":"tion","page_number":127,"box":{"x":925,"y":620,"width":32,"height":10}},{"id":"75e73c09-d5e6-4302-992f-9613303353e8","block_type":"box","text":"of the most senior independent director, if we have concerns a","page_number":127,"box":{"x":46,"y":635,"width":430,"height":13}},{"id":"c26f5215-2e60-4a9f-a832-1645004b732b","block_type":"box","text":"bout a company’s approach. We may also support a shareholder","page_number":127,"box":{"x":476,"y":635,"width":453,"height":13}},{"id":"43b64ed0-3bdf-4779-a699-655a15ac9717","block_type":"box","text":"proposal seeking conversion of shares with differentiated v","page_number":127,"box":{"x":45,"y":650,"width":400,"height":13}},{"id":"5b031473-ff2f-4b24-bbe4-2a222e0ee93e","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":127,"box":{"x":445,"y":650,"width":333,"height":13}},{"id":"12c101ae-e879-4483-bbb6-3512390a4f3d","block_type":"box","text":"Share issuance","page_number":127,"box":{"x":46,"y":677,"width":103,"height":10}},{"id":"70c186ee-9e21-4aa4-8e1a-76d0a41b3a49","block_type":"box","text":"We assess requests for share issuance for particular transacti","page_number":127,"box":{"x":45,"y":702,"width":418,"height":12}},{"id":"911e7d8e-d442-4d83-9051-e1e516f64e17","block_type":"box","text":"ons on a case-by-case basis. We will generally support authoritie","page_number":127,"box":{"x":463,"y":702,"width":446,"height":12}},{"id":"8145181c-0648-4ce0-a726-2f71f55d0831","block_type":"box","text":"s to","page_number":127,"box":{"x":910,"y":704,"width":24,"height":8}},{"id":"7353a42c-15a7-4f1a-b5df-3807a13337ed","block_type":"box","text":"issue shares when subject to pre-emptive rights, and up to","page_number":127,"box":{"x":45,"y":717,"width":400,"height":13}},{"id":"b5af093e-03a6-45e5-99c9-57f2af117402","block_type":"box","text":"20% absent pre-emptive rights. We consider it good practice for","page_number":127,"box":{"x":450,"y":717,"width":446,"height":13}},{"id":"d0372e86-c200-4904-84d6-b644f5f545ba","block_type":"box","text":"companies to seek regular approval of these authorities to allo","page_number":127,"box":{"x":45,"y":733,"width":431,"height":12}},{"id":"9715328b-ef26-4726-8e50-0db6b96b9ba5","block_type":"box","text":"w shareholders to take into consideration how prior authorities","page_number":127,"box":{"x":476,"y":733,"width":441,"height":12}},{"id":"329f2adb-facd-4351-bfd1-d939aed543e3","block_type":"box","text":"were used, as well as the current circumstances","page_number":127,"box":{"x":45,"y":748,"width":325,"height":12}},{"id":"748b0f0e-96a6-47e0-9e8e-9d682cc4fdc9","block_type":"box","text":"of the company and the market environment.","page_number":127,"box":{"x":375,"y":748,"width":314,"height":13}},{"id":"83c0376a-791c-4b95-80df-65414f95848d","block_type":"box","text":"Share buybacks","page_number":127,"box":{"x":46,"y":775,"width":111,"height":12}},{"id":"91d8e7ce-7a64-46af-97a4-581d86dead50","block_type":"box","text":"We assess share buyback proposals in the context of the compan","page_number":127,"box":{"x":45,"y":799,"width":449,"height":13}},{"id":"8fc855df-67be-4ddb-a28e-0332c44b5e60","block_type":"box","text":"y’s disclosed capital management strategy and management’s","page_number":127,"box":{"x":494,"y":799,"width":423,"height":13}},{"id":"620efa6a-b81c-480c-8d50-361cba01e492","block_type":"box","text":"determination of the appropriate balance between investment th","page_number":127,"box":{"x":46,"y":815,"width":445,"height":12}},{"id":"05a993ea-60ab-4598-9043-ca8d2d3c03cb","block_type":"box","text":"at supports the long-term growth of the company and returning","page_number":127,"box":{"x":491,"y":815,"width":443,"height":12}},{"id":"6159181e-f255-4651-90bd-5d227f56bdc3","block_type":"box","text":"cash to investors. We also take into consideration the effect","page_number":127,"box":{"x":45,"y":830,"width":412,"height":10}},{"id":"6bea9029-b13f-4889-8575-2b89f13a0209","block_type":"box","text":"t of a buyback program on the company’s balance sheet and executive","page_number":127,"box":{"x":456,"y":830,"width":483,"height":13}},{"id":"c906932b-d64c-45dc-b24f-45c3b5040f02","block_type":"box","text":"compensation arrangements and the price at which shares are repu","page_number":127,"box":{"x":45,"y":846,"width":463,"height":12}},{"id":"46485ca5-a167-4c0b-b9e7-a8eb5ba3916b","block_type":"box","text":"rchased relative to market price. We consider it good practice","page_number":127,"box":{"x":509,"y":846,"width":430,"height":12}},{"id":"0b78a99d-bb02-4374-b259-a7f137d60947","block_type":"box","text":"for companies to seek regular approval of these authorities to a","page_number":127,"box":{"x":45,"y":861,"width":438,"height":13}},{"id":"f3d91416-9519-49ca-89a6-27a7f5ff7fc4","block_type":"box","text":"llow shareholders to take into consideration how prior authorit","page_number":127,"box":{"x":484,"y":861,"width":440,"height":13}},{"id":"508e1d15-8c75-467b-8c8b-462fbc1851ac","block_type":"box","text":"ies","page_number":127,"box":{"x":925,"y":862,"width":22,"height":9}},{"id":"da675922-7cda-433f-bf10-a4771c513c20","block_type":"box","text":"were used, as well as the current circumstances","page_number":127,"box":{"x":45,"y":877,"width":330,"height":12}},{"id":"0a55f344-641d-415a-a26a-72884da4314e","block_type":"box","text":"of the company and the market environment.","page_number":127,"box":{"x":375,"y":877,"width":320,"height":12}},{"id":"c2bac7d9-c5b4-4349-8dda-530aa9c6e7ef","block_type":"box","text":"B-10","page_number":127,"box":{"x":483,"y":917,"width":33,"height":9}},{"id":"dd6b6f3b-01c1-47b7-addc-78af5f4bcfda","block_type":"box","text":"NM1026U-6033230-127/137","page_number":127,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"a41cbd11-2673-4dfb-877c-9a9616d6fd87","block_type":"box","text":"Dividends","page_number":128,"box":{"x":45,"y":79,"width":78,"height":10}},{"id":"4daf71ad-4cf6-45bf-b0f8-af0606a03f05","block_type":"box","text":"We generally defer to management and the board on divide","page_number":128,"box":{"x":45,"y":102,"width":413,"height":12}},{"id":"893597bd-9e3f-4c90-a56d-aef07d519fe0","block_type":"box","text":"nd policy but may engage to seek further clarification where a","page_number":128,"box":{"x":458,"y":102,"width":434,"height":12}},{"id":"523b640f-6f96-4f4e-826d-85f4561a09c3","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":128,"box":{"x":45,"y":117,"width":538,"height":13}},{"id":"f332ab32-bb04-41bf-9556-d2e850edccac","block_type":"box","text":"Differentiated voting rights","page_number":128,"box":{"x":45,"y":145,"width":202,"height":13}},{"id":"d4106a33-2766-4221-96d4-e3bea45a7475","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structu","page_number":128,"box":{"x":45,"y":170,"width":416,"height":13}},{"id":"6d5bada4-451d-4d91-8221-f1688759d631","block_type":"box","text":"re for share classes with the same economic exposure. Certain","page_number":128,"box":{"x":461,"y":170,"width":434,"height":13}},{"id":"678058d3-40e3-45b9-ad05-86256654d2d4","block_type":"box","text":"companies, particularly those new to public markets, could make","page_number":128,"box":{"x":45,"y":186,"width":453,"height":13}},{"id":"dd776f8f-7977-42af-8e1f-131545656fe3","block_type":"box","text":"the case to adopt a differentiated voting rights structure, or","page_number":128,"box":{"x":498,"y":186,"width":418,"height":13}},{"id":"ea0ecdbe-3552-418d-96d0-ab6c74538065","block_type":"box","text":"dual","page_number":128,"box":{"x":916,"y":186,"width":35,"height":10}},{"id":"4e40bd0a-b3ff-4852-8db2-f5dbe60fc2e0","block_type":"box","text":"class stock. In those situations, we encourage companies to e","page_number":128,"box":{"x":45,"y":201,"width":421,"height":13}},{"id":"9d7330bd-5efd-4a9d-b0a1-07a130b013ed","block_type":"box","text":"valuate and seek approval for their capital structure on a periodi","page_number":128,"box":{"x":466,"y":201,"width":447,"height":13}},{"id":"033c3150-6f2c-49ca-958a-4c2dccba7a38","block_type":"box","text":"c","page_number":128,"box":{"x":913,"y":205,"width":12,"height":6}},{"id":"4d8fc0f8-5710-41f5-bfcc-38c1ba896f52","block_type":"box","text":"basis.","page_number":128,"box":{"x":46,"y":217,"width":42,"height":10}},{"id":"98cba93a-db30-4c76-8657-8296d54ea0fe","block_type":"box","text":"Transactions and special situations","page_number":128,"box":{"x":45,"y":245,"width":259,"height":12}},{"id":"bb338976-841d-4f8f-8d6d-29dd6154f6fa","block_type":"box","text":"We monitor developments in transactions and special situati","page_number":128,"box":{"x":45,"y":270,"width":418,"height":13}},{"id":"699c85f7-cf6f-4071-b8c5-4784da56a2c8","block_type":"box","text":"ons closely and undertake our own detailed analyses of proposals.","page_number":128,"box":{"x":464,"y":270,"width":463,"height":13}},{"id":"066f785f-379b-4492-be59-a8244f1be8bb","block_type":"box","text":"Mergers and acquisitions","page_number":128,"box":{"x":45,"y":298,"width":187,"height":12}},{"id":"dee7833b-7184-4b10-9ff2-81980ac8eaac","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the","page_number":128,"box":{"x":45,"y":323,"width":438,"height":13}},{"id":"1ce40674-165e-474a-b5b7-692456b54e3b","block_type":"box","text":"financial outcome for our clients as minority shareholders.","page_number":128,"box":{"x":483,"y":323,"width":409,"height":13}},{"id":"becc5465-8986-4a9f-8a33-d8fbb38595d7","block_type":"box","text":"Management should provide an assessment of the proposed transac","page_number":128,"box":{"x":45,"y":338,"width":469,"height":13}},{"id":"995aa2d6-3930-49f6-b84b-a337f5968403","block_type":"box","text":"tion’s strategic and financial rationale, along with its executi","page_number":128,"box":{"x":515,"y":338,"width":417,"height":13}},{"id":"2437169d-8c73-44bd-97a0-873abd649795","block_type":"box","text":"on","page_number":128,"box":{"x":933,"y":342,"width":22,"height":7}},{"id":"a39b10df-2f3d-47b5-8642-a02065fff7d5","block_type":"box","text":"and operational risks. We review each transaction independently","page_number":128,"box":{"x":46,"y":354,"width":448,"height":13}},{"id":"65f281a2-02b2-44c8-ba9e-4c5907c96aae","block_type":"box","text":"y based on these factors and the degree to which the transaction","page_number":128,"box":{"x":494,"y":354,"width":441,"height":13}},{"id":"4bef7a1b-cfe9-4e04-9d68-73e5ec381338","block_type":"box","text":"enhances shareholder value. The board might consider establishing","page_number":128,"box":{"x":46,"y":369,"width":468,"height":13}},{"id":"99b24443-e5fe-4e9b-8f9b-f4f584e2dc42","block_type":"box","text":"an ad hoc transaction committee to undertake an independent","page_number":128,"box":{"x":514,"y":369,"width":436,"height":13}},{"id":"9fd477ab-dbca-4fe0-abae-75e96a5196dd","block_type":"box","text":"assessment of a significant merger or acquisition, in","page_number":128,"box":{"x":46,"y":385,"width":361,"height":13}},{"id":"bc26d8de-e2ae-45de-8c59-cb569708d13d","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":128,"box":{"x":407,"y":385,"width":393,"height":13}},{"id":"e4c87d24-6624-4abf-af87-ddcb24eaa153","block_type":"box","text":"We will vote against transactions that, in our assessm","page_number":128,"box":{"x":45,"y":408,"width":371,"height":13}},{"id":"63627876-74af-4213-aa36-94962095a753","block_type":"box","text":"ent, do not advance our clients’ financial interests.","page_number":128,"box":{"x":416,"y":408,"width":352,"height":12}},{"id":"42d74fb4-a2d7-4d0f-b695-9a2dcf08ef85","block_type":"box","text":"Anti-takeover defenses","page_number":128,"box":{"x":45,"y":436,"width":169,"height":10}},{"id":"cb7360d2-77c3-4620-936d-4788e25fa2ad","block_type":"box","text":"In principle, we do not support companies using anti-takeover defe","page_number":128,"box":{"x":45,"y":461,"width":465,"height":13}},{"id":"d4213d78-efcf-4f86-b048-f05122591dc4","block_type":"box","text":"nses, also known as poison pills or shareholder rights plans,","page_number":128,"box":{"x":510,"y":461,"width":415,"height":13}},{"id":"43ec4ff0-fe3f-44a0-b3d8-a1b201f2b4c0","block_type":"box","text":"as","page_number":128,"box":{"x":925,"y":465,"width":23,"height":6}},{"id":"9358d06a-68c8-4519-b961-c013a6fa2029","block_type":"box","text":"they can entrench management and boards which have not deliv","page_number":128,"box":{"x":45,"y":476,"width":447,"height":13}},{"id":"fafa90b3-6c29-4105-a1f0-37fe5f53711e","block_type":"box","text":"ered long-term shareholder value. By exception, a poison pill may","page_number":128,"box":{"x":492,"y":476,"width":461,"height":13}},{"id":"a3f2d3f3-4f4b-436d-9384-ac8237a50b52","block_type":"box","text":"be supported if its purpose is to delay a takeover that is consid","page_number":128,"box":{"x":46,"y":492,"width":432,"height":13}},{"id":"3fe5f727-f710-4bce-ae3b-349fb8df5086","block_type":"box","text":"ered sub-optimal and enable management to seek an improved","page_number":128,"box":{"x":478,"y":492,"width":440,"height":13}},{"id":"dde164d9-125a-4873-a2e5-954fd8f28524","block_type":"box","text":"offer. Similarly, management could make the case to use a poi","page_number":128,"box":{"x":46,"y":507,"width":429,"height":13}},{"id":"5ee399fe-b1bf-45c9-abca-5cd03cc4b13d","block_type":"box","text":"son pill to block a shareholder activism campaign that may be","page_number":128,"box":{"x":476,"y":507,"width":435,"height":13}},{"id":"0826e540-342a-4e22-98f0-8f361b75ea73","block_type":"box","text":"counter to the interests of other investors. 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We consider it good practice for companies to","page_number":128,"box":{"x":467,"y":538,"width":482,"height":13}},{"id":"1abb942e-24aa-4c8a-8142-1406e5f1133c","block_type":"box","text":"put to a shareholder vote any mechanisms exp","page_number":128,"box":{"x":45,"y":554,"width":322,"height":13}},{"id":"6dd33a06-0191-4481-a020-d10d8a147f12","block_type":"box","text":"ected to be in place for more than 12 months.","page_number":128,"box":{"x":368,"y":554,"width":321,"height":13}},{"id":"6d1b31a2-82cc-4b94-a4a0-607af48ad436","block_type":"box","text":"Shareholder activism","page_number":128,"box":{"x":46,"y":582,"width":155,"height":10}},{"id":"ae8d3fa1-ebad-4e21-ba4d-9f671866a38f","block_type":"box","text":"When companies are the focus of an activism campaign, we m","page_number":128,"box":{"x":45,"y":607,"width":433,"height":13}},{"id":"5cfd6372-1bde-40fa-88bc-1eec0ce2a3c8","block_type":"box","text":"ay communicate with the activist to understand their analysis and","page_number":128,"box":{"x":478,"y":607,"width":460,"height":13}},{"id":"e8bbccf2-bee5-4c13-ac75-29aca5476bbb","block_type":"box","text":"objectives, once they have publicly disclosed their campaign. 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Audit committees should hav","page_number":129,"box":{"x":482,"y":322,"width":463,"height":10}},{"id":"09659bf1-cd19-46db-9573-2cbf6de346f8","block_type":"box","text":"e","page_number":129,"box":{"x":945,"y":326,"width":11,"height":6}},{"id":"852a7fcf-9329-42c6-9d2b-40a31ea70b96","block_type":"box","text":"a procedure in place for assessing the independence of the a","page_number":129,"box":{"x":46,"y":337,"width":411,"height":13}},{"id":"40162b1c-33cc-4ed1-ab3e-72af35ba3bd6","block_type":"box","text":"uditor and the quality of the external audit process annually.","page_number":129,"box":{"x":458,"y":337,"width":426,"height":13}},{"id":"a5d5af2c-92cb-440c-9a29-64d00d5f35b9","block_type":"box","text":"Similarly, we encourage companies to disclose material sustaina","page_number":129,"box":{"x":46,"y":360,"width":441,"height":13}},{"id":"69f74829-0ecf-441a-ad9a-e7e6d9ee6b6e","block_type":"box","text":"bility-related factors that are integral to how a company manage","page_number":129,"box":{"x":488,"y":360,"width":447,"height":13}},{"id":"55009569-4764-4eff-99a6-c55b59a44836","block_type":"box","text":"s","page_number":129,"box":{"x":936,"y":364,"width":10,"height":6}},{"id":"088b83fb-1def-48de-a57e-8973d79926c7","block_type":"box","text":"risks or generates revenue. 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