{"annotation_id":"006897f7-5371-4406-92b8-d93df2b92c01","file_hash":"fb7be1c42aae73975258f803d38a83a877730cee8615ae3aed1d771efc5f850a","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"1aa38c16-5627-42a1-bda4-7e064ed3ad63","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":1,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"0790e77d-50d1-4bfb-9dff-ec3f2a37aed7","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":1,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"640a2c2a-2e7c-4ae0-aab1-1a6e7d508f3b","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":1,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"c1246021-2d52-4278-ab4b-dd88435c1b6c","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"bbc4f694-852a-4a71-9d8c-a8e58434ce40","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":1,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"22e37731-eb0e-4f70-b5e7-50aba11458ac","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":1,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"40c72083-f91e-420e-b2c1-9ec31bffd780","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":1,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"8496412b-8d4f-4d1d-bb32-bd2b06136baf","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":1,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"bedceda8-964b-405c-bc1c-0d29ba64bead","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":1,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"4a3bb508-9bdf-4cc8-97cb-2fa39936dd16","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":1,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"89222f6a-b010-4308-b8fe-1e48aca123be","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"91d15506-d7d8-4ea7-be53-1dbefc8526ea","block_type":"box","text":"SM","page_number":1,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"20cd3b3e-9a1e-445e-9a2b-ea4520fb9155","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"58b8f2c0-89da-45b6-af60-ce1ccc0195a5","block_type":"box","text":"BlackRock Funds III","page_number":1,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"a27796ad-8a51-4e6e-aedd-db2c45a5f05d","block_type":"box","text":"BlackRock Funds IV","page_number":1,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"f959648d-1d84-489b-9f82-53fcfd0a42c7","block_type":"box","text":"BlackRock Funds V","page_number":1,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"f882db58-30a7-46f2-a489-877ec80f6c9e","block_type":"box","text":"BlackRock Funds VI","page_number":1,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"284962b7-5bb2-4cea-b5f9-27cfa9ff6b4e","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":1,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"31aa351e-5421-4108-a455-90a1b574eca7","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":1,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"10d5a147-6b97-428e-b6e9-607d1b126f9b","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":1,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"56b0cc97-b604-44bb-b91c-5191a71b0588","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":1,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"a9e7e77c-c69b-44e1-8d82-b7fc424a55f8","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":1,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"304a9e7a-6ae5-4fab-8c6c-8aadc9be7121","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"f01d5358-1bbf-41b9-aae3-22d22f06a106","block_type":"box","text":"BlackRock Liquidity Funds","page_number":1,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"50a30df0-8b48-47a1-b288-032972723193","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":1,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"b4f91a26-168c-4c17-a6fd-95022aa4cb0a","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":1,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"3c9f6c54-bef4-44e8-9a00-09da0f0a387f","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"013be328-8508-4fff-b890-b630e06d1f94","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":1,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"4e54320f-2b2c-48c5-bfb2-5700e952349e","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":1,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"9fec5aa8-b966-4a43-832d-3e1744168c76","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":1,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"59408d3b-665d-4a72-8037-9c00c7c19848","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":1,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"defe899a-6de0-475b-86f9-090e2eafeb44","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"5a95a686-2e60-4651-a81c-c10e06255e90","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"b639aca3-efcb-4dc0-ba3e-6416141d2bea","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":1,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"d1349a71-fa44-4c05-8329-626f7f102c50","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":1,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"300fb955-8935-4654-adf5-25674bfeea4d","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":1,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"ce4b97bc-3786-4e52-ad89-81875d10fa4e","block_type":"box","text":"Supplement dated October 16, 2026","page_number":1,"box":{"x":372,"y":378,"width":260,"height":12}},{"id":"b179c066-7f6c-460a-98ea-67d48b33bbea","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed","page_number":1,"box":{"x":221,"y":394,"width":561,"height":11}},{"id":"159a08dd-be47-4bb9-b328-5944063c6e3a","block_type":"box","text":"in Appendix A (each, a “Fund”), as amended from time to time.","page_number":1,"box":{"x":271,"y":409,"width":461,"height":12}},{"id":"0680d084-4dfa-4362-9862-f8e56f351600","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":1,"box":{"x":116,"y":436,"width":292,"height":9}},{"id":"d78058a2-030e-4c69-b1d7-bd1091a5ca5c","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":1,"box":{"x":116,"y":463,"width":722,"height":12}},{"id":"1c1e7ad8-f61d-4c12-8b01-e7ecc4cfa296","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":1,"box":{"x":116,"y":479,"width":721,"height":12}},{"id":"1d0fa290-e7ac-4053-8680-c029c8a17f2b","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":1,"box":{"x":116,"y":494,"width":695,"height":12}},{"id":"31cc5f50-da1b-4377-8cd4-3fe49b469dd5","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":1,"box":{"x":116,"y":510,"width":734,"height":12}},{"id":"96c3bad2-3f08-4bec-b0a3-5da9521ad041","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":1,"box":{"x":116,"y":525,"width":712,"height":12}},{"id":"0e945e38-775f-4fc3-aa0c-5367213444d8","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":1,"box":{"x":116,"y":541,"width":771,"height":12}},{"id":"93ce3098-9824-4615-bce6-cc13868d5c80","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":1,"box":{"x":116,"y":556,"width":557,"height":12}},{"id":"519751e7-a861-4bb1-b379-985073d375bf","block_type":"box","text":"&Partners","page_number":1,"box":{"x":116,"y":584,"width":72,"height":9}},{"id":"2ca1d70f-2f03-47a2-ba94-0b3b566cec79","block_type":"box","text":"AccuTech Systems Corporation","page_number":1,"box":{"x":116,"y":599,"width":219,"height":12}},{"id":"f924786c-4028-4634-97fb-18bc98875a99","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":1,"box":{"x":116,"y":615,"width":173,"height":10}},{"id":"3d1320eb-5de2-43c2-9fba-99eb8048aad5","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":1,"box":{"x":116,"y":630,"width":215,"height":12}},{"id":"e98041d6-8cf9-4cce-8999-754cd07d7a43","block_type":"box","text":"Advisor Group, Inc.","page_number":1,"box":{"x":116,"y":646,"width":140,"height":11}},{"id":"6b9790ba-01ba-41c1-a93e-873058c961c5","block_type":"box","text":"AE Wealth Management, LLC","page_number":1,"box":{"x":116,"y":661,"width":207,"height":12}},{"id":"20572051-02eb-477c-b059-5c50d5db5043","block_type":"box","text":"Alight Solutions LLC","page_number":1,"box":{"x":116,"y":677,"width":146,"height":11}},{"id":"acd7df61-5a87-4948-980b-1742eb8b44ea","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":1,"box":{"x":116,"y":692,"width":250,"height":11}},{"id":"dc618fa4-2252-44e4-ac00-fda36ee347b8","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":1,"box":{"x":116,"y":708,"width":314,"height":11}},{"id":"ad18de16-1b26-4576-a1d0-031a15fcf35f","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":1,"box":{"x":116,"y":723,"width":345,"height":12}},{"id":"fab590a7-9521-4f80-a5f7-0e52fd89fba5","block_type":"box","text":"Altruist Financial LLC","page_number":1,"box":{"x":116,"y":739,"width":154,"height":9}},{"id":"6e07df8d-5f45-4a16-b3d9-7576cdc94ba5","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":1,"box":{"x":116,"y":754,"width":313,"height":12}},{"id":"768dc455-9cd6-4be6-bba3-6937e19a2cd5","block_type":"box","text":"American General Life Insurance Company","page_number":1,"box":{"x":116,"y":770,"width":295,"height":11}},{"id":"aa1481cf-bf9b-48e0-9dd9-662de3425d8a","block_type":"box","text":"American United Life Insurance Company","page_number":1,"box":{"x":116,"y":785,"width":288,"height":12}},{"id":"2a5da60a-775d-4a47-8378-1df1d3e5a89e","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":1,"box":{"x":116,"y":801,"width":292,"height":11}},{"id":"3577c4fd-1613-4654-870b-f92be9064c82","block_type":"box","text":"Anthem Securities LLC","page_number":1,"box":{"x":116,"y":816,"width":160,"height":9}},{"id":"9d21f409-db07-4c9f-a495-6cca9534a291","block_type":"box","text":"Argent Institutional Trust Company","page_number":1,"box":{"x":116,"y":832,"width":246,"height":11}},{"id":"45ff486b-7978-49b2-a22f-3f0d996dc3a0","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":1,"box":{"x":116,"y":847,"width":263,"height":11}},{"id":"248532cd-c2f0-4714-a555-2aebfa898f79","block_type":"box","text":"Ascensus, Inc.","page_number":1,"box":{"x":116,"y":863,"width":102,"height":10}},{"id":"3dc63262-7408-4255-b2b1-1dbb188d7699","block_type":"box","text":"Atomic Brokerage LLC","page_number":1,"box":{"x":116,"y":878,"width":165,"height":12}},{"id":"0c3df137-6830-4f33-b6e2-21988445c6dd","block_type":"box","text":"Avantax Investment Services, LLC","page_number":1,"box":{"x":116,"y":894,"width":242,"height":10}},{"id":"e24e785f-74dc-481b-9245-4e9eb898104f","block_type":"box","text":"Bancroft Capital LLC","page_number":1,"box":{"x":116,"y":909,"width":147,"height":12}},{"id":"45374665-5429-43c8-9cb6-50d7b278a6d5","block_type":"box","text":"Bank of America, N.A.","page_number":1,"box":{"x":520,"y":584,"width":161,"height":10}},{"id":"c8e4a137-23e7-46f5-a588-28d97abd9ab5","block_type":"box","text":"Bank of New York Mellon","page_number":1,"box":{"x":520,"y":599,"width":185,"height":9}},{"id":"28025302-5d67-4831-87c5-4c3752e00302","block_type":"box","text":"Barclays Capital Inc.","page_number":1,"box":{"x":520,"y":615,"width":146,"height":11}},{"id":"479c8d50-ca96-49ec-ac67-f355dd0697ab","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":1,"box":{"x":520,"y":630,"width":295,"height":11}},{"id":"38e0b79e-e90c-4baa-aadc-558ca2caca03","block_type":"box","text":"Benefit Trust Company","page_number":1,"box":{"x":520,"y":646,"width":163,"height":11}},{"id":"a8af742c-4694-4c71-9784-848eb0017fc9","block_type":"box","text":"Beta Capital Securities LLC","page_number":1,"box":{"x":520,"y":661,"width":190,"height":12}},{"id":"c6befbdc-73c8-4856-b937-a580a0932baa","block_type":"box","text":"bfinance US Ltd.","page_number":1,"box":{"x":520,"y":677,"width":114,"height":9}},{"id":"30cc4582-517e-4641-afdc-0a0296b197f3","block_type":"box","text":"BlackRock Advisors, LLC","page_number":1,"box":{"x":520,"y":692,"width":179,"height":11}},{"id":"5e1ee2df-3f61-4166-b52c-f8b15666f8d2","block_type":"box","text":"BMO Capital Markets Corp.","page_number":1,"box":{"x":520,"y":708,"width":191,"height":11}},{"id":"d8eb80ce-e778-40d5-a6a5-a4637975fe1c","block_type":"box","text":"BNP Paribas","page_number":1,"box":{"x":520,"y":723,"width":85,"height":9}},{"id":"e6fbec43-d102-472a-87c1-d7688ca0e942","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":1,"box":{"x":520,"y":739,"width":311,"height":9}},{"id":"ee465a93-f205-43ca-847f-895cdc092d96","block_type":"box","text":"BNY Mellon, N.A.","page_number":1,"box":{"x":520,"y":754,"width":128,"height":11}},{"id":"f7ddd2c6-9554-4905-abe9-9d02a1058447","block_type":"box","text":"BofA Securities, Inc.","page_number":1,"box":{"x":520,"y":770,"width":141,"height":10}},{"id":"7d78a9ad-9d58-4795-886d-41caaf8a5af7","block_type":"box","text":"BOKF, N.A.","page_number":1,"box":{"x":520,"y":785,"width":84,"height":11}},{"id":"82cee160-5968-4e55-b966-3aa40755b61f","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":1,"box":{"x":520,"y":801,"width":253,"height":11}},{"id":"4ff4670a-95d8-4366-a5db-6d6b248ab782","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":1,"box":{"x":520,"y":816,"width":300,"height":12}},{"id":"754dc152-4dc8-4c2b-922b-1743444822ba","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":1,"box":{"x":520,"y":832,"width":327,"height":11}},{"id":"579c203e-064c-4495-81c5-0c7d1f5b9192","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":1,"box":{"x":520,"y":847,"width":226,"height":9}},{"id":"c9c17dc6-bfd6-4c89-bab8-d0a5dd24cdda","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":1,"box":{"x":520,"y":863,"width":210,"height":11}},{"id":"7a300941-561d-489a-96dc-b75749bb6837","block_type":"box","text":"Capital One, N.A.","page_number":1,"box":{"x":520,"y":878,"width":126,"height":12}},{"id":"6437fc68-f7fd-49c7-8060-1f6a8d983555","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":1,"box":{"x":520,"y":894,"width":212,"height":9}},{"id":"cf3a13fb-05c0-4f45-8748-6d37dbd3c363","block_type":"box","text":"Cetera Advisors LLC","page_number":1,"box":{"x":520,"y":909,"width":144,"height":9}},{"id":"416aa78a-ae5b-45b1-b982-f2b055bf9aac","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":1,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6ef01e10-c62e-4aff-850a-c3195baa4ed0","block_type":"box","text":"Cetera Financial Group","page_number":2,"box":{"x":116,"y":88,"width":162,"height":11}},{"id":"20d381fe-e27c-48ef-b320-32d6aae0a525","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":2,"box":{"x":116,"y":103,"width":227,"height":12}},{"id":"2dd4ce28-9e66-4650-a4e9-71c55531b7b5","block_type":"box","text":"Cetera Investment Services LLC","page_number":2,"box":{"x":116,"y":119,"width":224,"height":9}},{"id":"ec0d6156-9d17-4d86-94e1-ae1619b85a6a","block_type":"box","text":"CF Secured, LLC","page_number":2,"box":{"x":116,"y":134,"width":123,"height":11}},{"id":"2d281e60-6302-4548-a327-35f7002dc856","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":2,"box":{"x":116,"y":150,"width":192,"height":10}},{"id":"b0e605a8-d55f-4265-9533-5e2a9c84b98e","block_type":"box","text":"Charles Schwab Trust Bank","page_number":2,"box":{"x":116,"y":165,"width":192,"height":9}},{"id":"689deaf1-8d63-4076-ac53-a597d560f397","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":2,"box":{"x":116,"y":181,"width":238,"height":11}},{"id":"c2a434c5-9d92-4365-a01a-579e17eff660","block_type":"box","text":"CIM Investment Management, Inc.","page_number":2,"box":{"x":116,"y":196,"width":241,"height":12}},{"id":"2985154c-ff3e-4465-86bf-1356574ff470","block_type":"box","text":"Citco Securities, LLC","page_number":2,"box":{"x":116,"y":212,"width":151,"height":10}},{"id":"da51d3a1-3122-4e3a-84a8-f073c058c697","block_type":"box","text":"CitiBank, National Association","page_number":2,"box":{"x":116,"y":227,"width":215,"height":11}},{"id":"f86a1f0d-44bc-4fe3-9a65-02540e179203","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":2,"box":{"x":116,"y":243,"width":212,"height":11}},{"id":"1379db2c-6e69-42de-a6b2-29bf0f2909c3","block_type":"box","text":"Citizens Bank","page_number":2,"box":{"x":116,"y":258,"width":99,"height":9}},{"id":"b8da3713-8d83-43ad-8424-c44ca125d391","block_type":"box","text":"Citizens Business Bank","page_number":2,"box":{"x":116,"y":274,"width":163,"height":9}},{"id":"e1396b10-7c4d-429c-94d5-a4f8033f541d","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":2,"box":{"x":116,"y":289,"width":231,"height":12}},{"id":"02c7cf55-1f32-45f8-9468-e72c5fb24e0c","block_type":"box","text":"CMFG Life Insurance Company","page_number":2,"box":{"x":116,"y":305,"width":223,"height":11}},{"id":"3c576b29-7529-471f-a027-0616b2a0419a","block_type":"box","text":"Comerica Bank","page_number":2,"box":{"x":116,"y":320,"width":109,"height":9}},{"id":"8feb251f-b559-418a-aec1-17131870bbc6","block_type":"box","text":"Commonwealth Financial Network","page_number":2,"box":{"x":116,"y":336,"width":242,"height":9}},{"id":"601d01c0-4e97-4e9f-b819-ade9beeae5b1","block_type":"box","text":"Computershare Trust Company","page_number":2,"box":{"x":116,"y":351,"width":216,"height":12}},{"id":"39d98e6c-caaf-4488-b3f1-7b42e090ae36","block_type":"box","text":"Conduent HR Services, LLC","page_number":2,"box":{"x":116,"y":367,"width":198,"height":10}},{"id":"b1aa8fda-7648-480f-aeae-264b51a73873","block_type":"box","text":"Delaware Life Insurance Company","page_number":2,"box":{"x":116,"y":382,"width":240,"height":12}},{"id":"12bab458-de62-4162-9dae-3de065ada16e","block_type":"box","text":"Delaware Trust Company","page_number":2,"box":{"x":116,"y":398,"width":178,"height":11}},{"id":"fa6d6e1d-ed81-4372-83ac-431324962980","block_type":"box","text":"Deutsche Bank AG","page_number":2,"box":{"x":116,"y":413,"width":135,"height":9}},{"id":"afc2d706-5ec0-415f-8668-ad61ae740751","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":2,"box":{"x":116,"y":429,"width":285,"height":11}},{"id":"11fc4ed6-cd90-4609-80cc-93fa846b9b98","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":2,"box":{"x":116,"y":444,"width":232,"height":12}},{"id":"abff9711-5c75-471d-acaf-a38a382aca51","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":2,"box":{"x":116,"y":460,"width":328,"height":10}},{"id":"75d0ef35-6100-4321-ad64-2ca74a3e816d","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":2,"box":{"x":116,"y":475,"width":223,"height":12}},{"id":"a5baf9ac-8d96-4730-bfaf-72a4749888d9","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":2,"box":{"x":116,"y":491,"width":200,"height":10}},{"id":"f61e2f6f-d115-4460-8761-8b1c16e202ed","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":2,"box":{"x":116,"y":506,"width":298,"height":12}},{"id":"a1eb808a-ec0d-4e8c-ba80-4fdf2a9772cb","block_type":"box","text":"Company","page_number":2,"box":{"x":116,"y":522,"width":69,"height":11}},{"id":"3f9761d2-450b-4a2d-a8e7-a4a809ab8dbd","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":2,"box":{"x":116,"y":537,"width":349,"height":12}},{"id":"5a5c095b-9bc1-4fe9-8541-3737d7f73d48","block_type":"box","text":"Empower Financial Services, Inc.","page_number":2,"box":{"x":116,"y":553,"width":232,"height":11}},{"id":"9f17a169-327d-4df2-a93c-0226ba901e6f","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":2,"box":{"x":116,"y":568,"width":336,"height":12}},{"id":"15694b81-ec55-4329-82d0-e62aba6320d4","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":584,"width":74,"height":9}},{"id":"0d9e8a11-6e53-475d-95d0-453d66a9457a","block_type":"box","text":"Empower Plan Services, LLC","page_number":2,"box":{"x":116,"y":599,"width":205,"height":12}},{"id":"6b3df0c5-a77f-4422-b673-d3bfe0f33764","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":2,"box":{"x":116,"y":615,"width":238,"height":11}},{"id":"ba4b519e-60c5-4f96-aee0-913642fe6956","block_type":"box","text":"Equitable Advisors, LLC","page_number":2,"box":{"x":116,"y":630,"width":174,"height":12}},{"id":"8b154215-ec0b-4d85-b233-aaa6a9530004","block_type":"box","text":"Equitable Life Insurance Company","page_number":2,"box":{"x":116,"y":646,"width":240,"height":11}},{"id":"1fcf53b8-0890-457a-a687-b1c7a271dbb6","block_type":"box","text":"E*trade Savings Bank","page_number":2,"box":{"x":116,"y":661,"width":150,"height":12}},{"id":"39c991bd-8b4a-4680-ac4a-b032a1179228","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":2,"box":{"x":116,"y":677,"width":262,"height":11}},{"id":"aef32d29-01ad-4c2c-9bb5-7f9122ca6cb9","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":2,"box":{"x":116,"y":692,"width":223,"height":12}},{"id":"1f39fb41-5890-4a82-ace8-53f2647b72f4","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":2,"box":{"x":116,"y":708,"width":301,"height":11}},{"id":"89d3fa36-3b4a-4a65-ac27-8bb337c8c8b2","block_type":"box","text":"Company, Inc.","page_number":2,"box":{"x":116,"y":723,"width":98,"height":12}},{"id":"f25a0b3d-0d68-4922-9786-10eb67a80e70","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":2,"box":{"x":116,"y":739,"width":309,"height":11}},{"id":"0f59c640-fbbf-47a1-bf01-9af4313b837e","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":2,"box":{"x":116,"y":754,"width":178,"height":11}},{"id":"0ea8e921-84ac-4ff1-858f-50995dae93fb","block_type":"box","text":"First Allied Securities, Inc.","page_number":2,"box":{"x":116,"y":770,"width":181,"height":10}},{"id":"a7b91ed2-7dc3-4831-8d86-d73dc4242b1d","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":2,"box":{"x":116,"y":785,"width":269,"height":12}},{"id":"e6a441c9-91ef-4795-8334-65544573782e","block_type":"box","text":"First Hawaiian Bank","page_number":2,"box":{"x":116,"y":801,"width":139,"height":9}},{"id":"20d9c0d0-556f-482e-ae8c-e3f8bde8f6d5","block_type":"box","text":"First Republic Bank","page_number":2,"box":{"x":116,"y":816,"width":136,"height":12}},{"id":"6f20cda2-a0a0-4ba1-a1eb-136c58b8b99c","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":2,"box":{"x":116,"y":832,"width":339,"height":11}},{"id":"785d1278-1391-4466-a201-c4e9807c46ba","block_type":"box","text":"Company of New York","page_number":2,"box":{"x":116,"y":847,"width":162,"height":12}},{"id":"83d03ad6-9e8d-41d2-809e-481d918112d6","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":2,"box":{"x":116,"y":863,"width":348,"height":11}},{"id":"79a6b497-0900-4a40-b57f-56ddd1d28bd5","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":878,"width":74,"height":9}},{"id":"d1f52110-125e-4f52-afe5-b263d1cebc6d","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":2,"box":{"x":116,"y":894,"width":262,"height":11}},{"id":"255d6683-e2da-4f3a-9b6c-738f8101c139","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":2,"box":{"x":116,"y":909,"width":283,"height":12}},{"id":"cbe5a498-8c21-426e-95da-8b184e27c619","block_type":"box","text":"FNEX Capital, LLC","page_number":2,"box":{"x":520,"y":88,"width":141,"height":11}},{"id":"a3236dc5-fcb6-4939-9cc0-32c2067f1907","block_type":"box","text":"Forethought Life Insurance Company","page_number":2,"box":{"x":520,"y":103,"width":258,"height":12}},{"id":"6ec10634-bf52-42b2-9b85-d3e2b687cc81","block_type":"box","text":"FSC Securities Corporation","page_number":2,"box":{"x":520,"y":119,"width":190,"height":11}},{"id":"c3601275-0cfb-4cce-89f8-ea1e0ebedf46","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":2,"box":{"x":520,"y":134,"width":331,"height":12}},{"id":"692d0b0e-aa23-4e10-80ef-eb1427a8f553","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":150,"width":336,"height":11}},{"id":"96c9ad7b-d473-4e73-a52e-005af642a22f","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":2,"box":{"x":520,"y":165,"width":233,"height":11}},{"id":"ff0c8e02-0d14-4027-83a9-b5d898cc2beb","block_type":"box","text":"Goldman Sachs & Co.","page_number":2,"box":{"x":520,"y":181,"width":156,"height":9}},{"id":"314dd133-f223-44cc-b830-30c14e91474c","block_type":"box","text":"Great Pacific Securities, LLC","page_number":2,"box":{"x":520,"y":196,"width":203,"height":11}},{"id":"1f24a0dd-2d82-4b6d-b672-3ff9fe40355c","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":2,"box":{"x":520,"y":212,"width":275,"height":11}},{"id":"d8971372-183f-4ab3-a853-4a4fc0cdfed3","block_type":"box","text":"Hancock Whitney Bank","page_number":2,"box":{"x":520,"y":227,"width":166,"height":12}},{"id":"2eeed68b-35b1-4e50-b3e4-45665085a688","block_type":"box","text":"Hartford Funds Management Company","page_number":2,"box":{"x":520,"y":243,"width":269,"height":11}},{"id":"ab7340a9-d9a4-4050-a5b0-5bd8374e5fe2","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":2,"box":{"x":520,"y":258,"width":322,"height":12}},{"id":"71495234-fcc6-4436-a23b-084c232635fc","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":2,"box":{"x":520,"y":274,"width":203,"height":10}},{"id":"e3d56703-0a6f-4146-b641-d0ffbf6bbf3a","block_type":"box","text":"Hightower Securities, Inc.","page_number":2,"box":{"x":520,"y":289,"width":181,"height":12}},{"id":"f8822ba0-a004-4afa-9514-024521645ca5","block_type":"box","text":"Hilltop Securities Inc.","page_number":2,"box":{"x":520,"y":305,"width":152,"height":11}},{"id":"c5e6d2f6-071e-49b3-afb3-856cd80c7cc9","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":2,"box":{"x":520,"y":320,"width":166,"height":11}},{"id":"1b3afce9-24ac-4d5d-987a-b78270e10606","block_type":"box","text":"Huntington Securities, Inc.","page_number":2,"box":{"x":520,"y":336,"width":186,"height":11}},{"id":"c203e58d-3ad2-459d-a62f-4c87066ee938","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":2,"box":{"x":520,"y":351,"width":249,"height":11}},{"id":"9d3ef46c-b3a0-4930-8417-a16b03df012c","block_type":"box","text":"Integrity Life Insurance Company","page_number":2,"box":{"x":520,"y":367,"width":234,"height":11}},{"id":"62ecc113-a6ff-48db-b7bc-6857222cd5c3","block_type":"box","text":"Interactive Brokers, LLC","page_number":2,"box":{"x":520,"y":382,"width":174,"height":11}},{"id":"5ac843fe-76ed-4840-8aea-eea7ba7283e7","block_type":"box","text":"Investment Trust of California","page_number":2,"box":{"x":520,"y":398,"width":209,"height":9}},{"id":"c19ab5d7-239d-4d8a-bf7d-407ff5ac79ea","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":2,"box":{"x":520,"y":413,"width":287,"height":12}},{"id":"57b2110d-1a76-4ddd-b92d-ac1b4cc14dc0","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":2,"box":{"x":520,"y":429,"width":193,"height":11}},{"id":"fd3eda9f-f9ad-47e1-be82-d39b487fbe13","block_type":"box","text":"Jefferies LLC","page_number":2,"box":{"x":520,"y":444,"width":97,"height":9}},{"id":"1be71e1b-504a-4f81-b6b6-a2afc2974c03","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":2,"box":{"x":520,"y":460,"width":300,"height":11}},{"id":"e10b1db9-1955-4c95-9dde-f1b8bacc0b81","block_type":"box","text":"Jefferson National Life Insurance Company of New","page_number":2,"box":{"x":520,"y":475,"width":354,"height":12}},{"id":"34bf9a63-1592-4f11-a362-2ee6b6522fdc","block_type":"box","text":"York","page_number":2,"box":{"x":520,"y":491,"width":39,"height":9}},{"id":"26836bdd-72ec-40b2-97af-3826f1543ed0","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":2,"box":{"x":520,"y":506,"width":333,"height":12}},{"id":"39179856-09ce-4717-8fba-2acba154feda","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":522,"width":365,"height":11}},{"id":"540a680d-dfc8-486b-be90-dbbffeb0703c","block_type":"box","text":"John Hancock Trust Company","page_number":2,"box":{"x":520,"y":537,"width":209,"height":12}},{"id":"41cccd56-aed1-4784-8cbe-03d0b837bf59","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":2,"box":{"x":520,"y":553,"width":199,"height":11}},{"id":"3025eb55-ea3d-4f9a-b919-2bfa8ed3889c","block_type":"box","text":"Kestra Investment Services, LLC","page_number":2,"box":{"x":520,"y":568,"width":229,"height":11}},{"id":"34a98395-4286-46f1-a412-48c2558ac807","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":2,"box":{"x":520,"y":584,"width":274,"height":11}},{"id":"a9098ecb-54c8-4366-b2e9-9059633c13b7","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":2,"box":{"x":520,"y":599,"width":280,"height":12}},{"id":"06f98568-c86e-4692-8451-2e8d47abdcc8","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":2,"box":{"x":520,"y":615,"width":328,"height":11}},{"id":"fa1d9bf5-7a9e-4c9b-831a-65a93e6df44d","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":2,"box":{"x":520,"y":630,"width":290,"height":12}},{"id":"df5781c1-de35-4edf-a17a-9a0a41e19aa6","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":2,"box":{"x":520,"y":646,"width":233,"height":9}},{"id":"b7ab8d19-5e16-438a-9da5-7a2d87546e00","block_type":"box","text":"Lombard International Life Assurance Company","page_number":2,"box":{"x":520,"y":661,"width":328,"height":12}},{"id":"fa39211b-708c-44ce-9f68-7a88eddc0398","block_type":"box","text":"LPL Financial LLC","page_number":2,"box":{"x":520,"y":677,"width":132,"height":9}},{"id":"b64aa2a5-3de0-4263-bb86-5ee521b7538f","block_type":"box","text":"M&T Securities Inc.","page_number":2,"box":{"x":520,"y":692,"width":138,"height":9}},{"id":"2b00b04a-7c0a-4c9e-948c-3941e7caad4f","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":2,"box":{"x":520,"y":708,"width":291,"height":11}},{"id":"d93f38a8-c001-4d75-a2fa-567ea8528be7","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":2,"box":{"x":520,"y":723,"width":321,"height":12}},{"id":"f8343ae2-f5a7-4463-8a87-94d96fe74aec","block_type":"box","text":"Members Life Insurance Company","page_number":2,"box":{"x":520,"y":739,"width":235,"height":11}},{"id":"aee648d8-736a-4e68-a885-a1ec52f49da8","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":2,"box":{"x":520,"y":754,"width":353,"height":12}},{"id":"269edde4-ca5c-47f8-be0f-eac0643ad940","block_type":"box","text":"Metavante Corporation","page_number":2,"box":{"x":520,"y":770,"width":156,"height":11}},{"id":"01e178ce-830e-42fe-afc5-50dc9fa20639","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":2,"box":{"x":520,"y":785,"width":259,"height":12}},{"id":"e6e3ed7d-3abe-4630-9915-94df087553e6","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":2,"box":{"x":520,"y":801,"width":328,"height":11}},{"id":"d104ceb7-c730-4ebd-8db8-6c28ca8ae26d","block_type":"box","text":"Midland Life Insurance Company","page_number":2,"box":{"x":520,"y":816,"width":228,"height":12}},{"id":"f07a3398-b395-4e81-a62f-ac1f71221c7b","block_type":"box","text":"Minnesota Life Insurance Company","page_number":2,"box":{"x":520,"y":832,"width":247,"height":11}},{"id":"aa1fbd42-4c21-4d32-99c6-f69f95c80ab0","block_type":"box","text":"Mischler Financial Group","page_number":2,"box":{"x":520,"y":847,"width":178,"height":12}},{"id":"1f08d500-22d0-4d1d-82dc-6f0757c468c8","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":2,"box":{"x":520,"y":863,"width":195,"height":9}},{"id":"355a8d3c-3e34-4f21-94b0-09b1a96222bf","block_type":"box","text":"MML Distributors, LLC","page_number":2,"box":{"x":520,"y":878,"width":169,"height":11}},{"id":"4a3db38a-eec0-4f79-b385-b34afb63b046","block_type":"box","text":"MML Investors Services, LLC","page_number":2,"box":{"x":520,"y":894,"width":212,"height":10}},{"id":"c02bb4c1-eb50-4798-b729-2bf2bf171a11","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":2,"box":{"x":520,"y":909,"width":189,"height":12}},{"id":"1cc213bc-d37d-4331-bc9e-ad06cdc45932","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":2,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2e0cea55-c866-4124-9b4f-e3482118c66f","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":3,"box":{"x":116,"y":88,"width":232,"height":11}},{"id":"d2312ac5-c8c6-4c77-9a67-f2aecd87f8f0","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":3,"box":{"x":116,"y":103,"width":245,"height":12}},{"id":"4fd03041-89d0-464c-9b5a-13bedbd8b917","block_type":"box","text":"MUFG Union Bank, National Association","page_number":3,"box":{"x":116,"y":119,"width":289,"height":10}},{"id":"7f11ba88-3359-41a5-8a70-989efec8837a","block_type":"box","text":"Nassau Life Insurance Company","page_number":3,"box":{"x":116,"y":134,"width":224,"height":12}},{"id":"7ec5b2cb-e2fb-4290-b546-93fd344a306d","block_type":"box","text":"National Financial Services LLC","page_number":3,"box":{"x":116,"y":150,"width":226,"height":9}},{"id":"ee2a8967-19da-4db7-82fe-b61fce480209","block_type":"box","text":"National Integrity Life Insurance Company","page_number":3,"box":{"x":116,"y":165,"width":296,"height":12}},{"id":"194b15c5-6df4-4ac4-b466-18bc8e9452ab","block_type":"box","text":"National Life Insurance Company","page_number":3,"box":{"x":116,"y":181,"width":234,"height":11}},{"id":"a3b2d08d-8e1c-4578-8d0e-26b7f99eb2b0","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":3,"box":{"x":116,"y":196,"width":245,"height":11}},{"id":"847599b7-9538-45f0-b0d1-3a17b459a531","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":3,"box":{"x":116,"y":212,"width":242,"height":9}},{"id":"81fce8d8-c9a6-47c2-92be-8f8ffbd1a9ad","block_type":"box","text":"Nationwide Retirement Solutions","page_number":3,"box":{"x":116,"y":227,"width":230,"height":9}},{"id":"75c001c4-76bb-48bc-8171-bc9b31c323a2","block_type":"box","text":"NCB Federal Savings Bank","page_number":3,"box":{"x":116,"y":243,"width":191,"height":11}},{"id":"8fa58b8d-c7d3-4aa0-b862-b3bde71c5a19","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":3,"box":{"x":116,"y":258,"width":288,"height":12}},{"id":"7a91990d-e10f-4eb1-a8df-d300b8d9b949","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":3,"box":{"x":116,"y":274,"width":350,"height":11}},{"id":"3059704a-822d-44e9-a55a-1a5d07a0f850","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":3,"box":{"x":116,"y":289,"width":237,"height":12}},{"id":"80da91b5-88bf-4fb3-acdc-eae334ce3d7d","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":3,"box":{"x":116,"y":305,"width":249,"height":11}},{"id":"329d3d38-8c4a-4f01-810c-21b85221d106","block_type":"box","text":"Northern Trust Company","page_number":3,"box":{"x":116,"y":320,"width":174,"height":12}},{"id":"e8a3fe4f-395e-4dca-a413-0024a168cb45","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":3,"box":{"x":116,"y":336,"width":329,"height":10}},{"id":"71ab6f03-597b-47f0-a79c-6c5a6a8d219b","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":3,"box":{"x":116,"y":351,"width":320,"height":12}},{"id":"2c0ff3ca-2340-4fd7-b25f-25f374b78924","block_type":"box","text":"NYLife Distributors LLC","page_number":3,"box":{"x":116,"y":367,"width":177,"height":9}},{"id":"7c0a5393-bccb-4bac-a374-01520a8a9508","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":3,"box":{"x":116,"y":382,"width":175,"height":12}},{"id":"9910ab04-6c9c-4a21-a0fd-343505c2ebdd","block_type":"box","text":"Orion Advisor Services, LLC","page_number":3,"box":{"x":116,"y":398,"width":203,"height":10}},{"id":"836bccc6-410d-4f5a-84a7-74102da35851","block_type":"box","text":"Osaic Wealth, Inc.","page_number":3,"box":{"x":116,"y":413,"width":129,"height":11}},{"id":"d540001c-67f5-4754-a32e-7027107727d1","block_type":"box","text":"Pacific Life & Annuity Company","page_number":3,"box":{"x":116,"y":429,"width":230,"height":11}},{"id":"799ce234-102b-4384-83bc-26e3960fd255","block_type":"box","text":"Pacific Life Insurance Company","page_number":3,"box":{"x":116,"y":444,"width":223,"height":12}},{"id":"6c102327-a10f-45ff-b079-8cf8c0a483fe","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":3,"box":{"x":116,"y":460,"width":221,"height":10}},{"id":"43a92221-79b6-4546-8784-53f0078cbc65","block_type":"box","text":"Park Avenue Securities LLC","page_number":3,"box":{"x":116,"y":475,"width":198,"height":9}},{"id":"da6a682d-5ac7-4082-a228-f1d1189a3118","block_type":"box","text":"Penserra Securities LLC","page_number":3,"box":{"x":116,"y":491,"width":169,"height":9}},{"id":"a3a7e909-615c-4145-a75a-c2ae73f1a386","block_type":"box","text":"Pershing LLC","page_number":3,"box":{"x":116,"y":506,"width":99,"height":12}},{"id":"fbe83406-68ea-4847-9ba3-b4f16ca949a5","block_type":"box","text":"PFPC Inc.","page_number":3,"box":{"x":116,"y":522,"width":73,"height":9}},{"id":"1fbe1d8d-22ed-473d-8dc6-a47eae4da910","block_type":"box","text":"Piper Jaffray & Co.","page_number":3,"box":{"x":116,"y":537,"width":136,"height":12}},{"id":"ea90e663-34b8-4501-a1a7-63989b4bada7","block_type":"box","text":"PNC Bank, National Association","page_number":3,"box":{"x":116,"y":553,"width":226,"height":10}},{"id":"62ffeafb-dbb4-40fd-bab4-408140dfa890","block_type":"box","text":"PNC Capital Markets LLC","page_number":3,"box":{"x":116,"y":568,"width":185,"height":12}},{"id":"72ae7908-d6f2-4c10-9e9c-ca6208d1e6f4","block_type":"box","text":"PNC Investments LLC","page_number":3,"box":{"x":116,"y":584,"width":158,"height":9}},{"id":"0d12e1a6-8850-4cb2-9d99-6ac30b332975","block_type":"box","text":"Principal Bank","page_number":3,"box":{"x":116,"y":599,"width":105,"height":12}},{"id":"aac225cd-20d0-4a50-aa62-e1f11817487c","block_type":"box","text":"Principal Life Insurance Company","page_number":3,"box":{"x":116,"y":615,"width":237,"height":11}},{"id":"99a69d86-319d-4415-9e74-2e7b5e8e7560","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":3,"box":{"x":116,"y":630,"width":332,"height":12}},{"id":"157ee640-56dc-4fed-b640-0a9f2bfe3401","block_type":"box","text":"Protective Life Insurance Company","page_number":3,"box":{"x":116,"y":646,"width":244,"height":11}},{"id":"a071e7a8-02fd-41ae-9156-3c717f0de2db","block_type":"box","text":"Pruco Life Insurance Company","page_number":3,"box":{"x":116,"y":661,"width":210,"height":12}},{"id":"9308cb7c-419a-49d6-a073-471315634318","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":3,"box":{"x":116,"y":677,"width":311,"height":11}},{"id":"6739d4d9-50e6-4509-bc5b-3657ac6b1abb","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":3,"box":{"x":116,"y":692,"width":257,"height":11}},{"id":"3bf0ab88-edc5-480d-bc08-5e4a8029dfa7","block_type":"box","text":"Prudential Insurance Company of America","page_number":3,"box":{"x":116,"y":708,"width":289,"height":11}},{"id":"1a519159-b71e-4767-a47e-1d233dc19ab6","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":3,"box":{"x":116,"y":723,"width":237,"height":12}},{"id":"34f3ac7d-b843-447a-8773-9e1997e7d40b","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":3,"box":{"x":116,"y":739,"width":272,"height":11}},{"id":"54549a22-6d8f-4d45-b9b5-b271529b0ff8","block_type":"box","text":"RBC Capital Markets, LLC","page_number":3,"box":{"x":116,"y":754,"width":185,"height":12}},{"id":"71576185-f18e-41c1-b34f-45ec6c5ac1f9","block_type":"box","text":"Regions Bank","page_number":3,"box":{"x":116,"y":770,"width":95,"height":11}},{"id":"2d01c647-430e-4ac5-9457-0d7be7e28e8b","block_type":"box","text":"Reliance Trust Company","page_number":3,"box":{"x":116,"y":785,"width":168,"height":12}},{"id":"b6c8fc84-fc1c-4c69-937b-9087ae9d2f3b","block_type":"box","text":"Reliastar Life Insurance Company","page_number":3,"box":{"x":116,"y":801,"width":231,"height":11}},{"id":"54797daf-899b-4196-86da-ef0ffbaf8e58","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":3,"box":{"x":116,"y":816,"width":325,"height":12}},{"id":"0dd13b76-7659-4804-991c-b1c505d5a96f","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":3,"box":{"x":116,"y":832,"width":207,"height":10}},{"id":"1f3e4350-a1d9-476d-b5b6-421438022297","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":3,"box":{"x":116,"y":847,"width":311,"height":9}},{"id":"e962b484-29e8-4b19-ac0a-1c4696741658","block_type":"box","text":"RiverSource Life Insurance Company","page_number":3,"box":{"x":116,"y":863,"width":260,"height":11}},{"id":"99261576-ce00-4a2b-b385-3d4fd682a023","block_type":"box","text":"SagePoint Financial, Inc.","page_number":3,"box":{"x":116,"y":878,"width":173,"height":12}},{"id":"48c93808-6eaf-4e61-9303-9c71331d5758","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":3,"box":{"x":116,"y":894,"width":252,"height":10}},{"id":"8279cab4-1e50-45a6-b357-fd27dd667790","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":3,"box":{"x":116,"y":909,"width":207,"height":12}},{"id":"9b8b7db1-1244-4678-bc1a-84fe8e461914","block_type":"box","text":"Santander Bank, N.A.","page_number":3,"box":{"x":520,"y":88,"width":152,"height":10}},{"id":"94467b1b-aa77-4f7c-84b4-25e13237bd12","block_type":"box","text":"Saturna Trust Company","page_number":3,"box":{"x":520,"y":103,"width":165,"height":12}},{"id":"496d414d-89fc-43d6-b023-a703d9b88ec9","block_type":"box","text":"Securities America, Inc.","page_number":3,"box":{"x":520,"y":119,"width":167,"height":10}},{"id":"c8e9d43e-191b-4645-8d75-47b2e6d8d459","block_type":"box","text":"Securities Finance Trust Company","page_number":3,"box":{"x":520,"y":134,"width":238,"height":12}},{"id":"07fbe99f-a851-42af-869d-5b0ea44794e3","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":3,"box":{"x":520,"y":150,"width":286,"height":11}},{"id":"09dd73b5-f2cc-4225-a83a-c51acace8c41","block_type":"box","text":"Security Financial Resources, Inc.","page_number":3,"box":{"x":520,"y":165,"width":235,"height":12}},{"id":"aa16a0ee-0440-4f8b-b2bb-3853b50b96b0","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":3,"box":{"x":520,"y":181,"width":304,"height":11}},{"id":"0e6547eb-8375-4e18-9ab1-5ecb34fc844d","block_type":"box","text":"SEI Private Trust Company","page_number":3,"box":{"x":520,"y":196,"width":191,"height":12}},{"id":"aabfcd02-5d15-466b-8f6e-1aeb09d1ef79","block_type":"box","text":"SG Americas Securities, LLC","page_number":3,"box":{"x":520,"y":212,"width":205,"height":10}},{"id":"f56d24aa-d83d-4416-b0a1-ad20e4528e2b","block_type":"box","text":"Silicon Valley Bank","page_number":3,"box":{"x":520,"y":227,"width":141,"height":12}},{"id":"23fcd250-a478-4da1-9c56-d0cd079c68f9","block_type":"box","text":"Standard Insurance Company","page_number":3,"box":{"x":520,"y":243,"width":203,"height":11}},{"id":"09cf91d7-99db-4e78-8232-5ab5f177c88e","block_type":"box","text":"Standard Retirement Services, Inc.","page_number":3,"box":{"x":520,"y":258,"width":239,"height":11}},{"id":"4a6434ed-2528-4d87-a6bd-971af09bd520","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":3,"box":{"x":520,"y":274,"width":347,"height":11}},{"id":"b792f129-7b33-41fb-bdc1-4a69dd927c91","block_type":"box","text":"State Farm Life Insurance Company","page_number":3,"box":{"x":520,"y":289,"width":249,"height":12}},{"id":"ee75b114-b9be-46b9-9569-751494d80736","block_type":"box","text":"State Farm VP Management Corp.","page_number":3,"box":{"x":520,"y":305,"width":237,"height":11}},{"id":"bd6c1981-a62b-4dee-a108-44c8ee2d48ea","block_type":"box","text":"State Street Bank and Trust Company","page_number":3,"box":{"x":520,"y":320,"width":259,"height":12}},{"id":"5f63606c-ee85-4e26-bf23-025a8a63828b","block_type":"box","text":"State Street Global Markets, LLC","page_number":3,"box":{"x":520,"y":336,"width":231,"height":10}},{"id":"fb76e8e4-00e8-4403-8275-ef0427fa4244","block_type":"box","text":"Stern Brothers & Co.","page_number":3,"box":{"x":520,"y":351,"width":147,"height":9}},{"id":"1a75fee5-958d-42c9-80fb-f38d1f5d28e5","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":3,"box":{"x":520,"y":367,"width":290,"height":11}},{"id":"bde92dda-03dc-4596-90f8-6680340b9657","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":3,"box":{"x":520,"y":382,"width":227,"height":12}},{"id":"203a03a0-d4a4-4422-9554-901f67f574dc","block_type":"box","text":"SVB Asset Management","page_number":3,"box":{"x":520,"y":398,"width":170,"height":11}},{"id":"942b8213-18f7-4e6d-a5d9-a4b5788466a5","block_type":"box","text":"Symetra Life Insurance Company","page_number":3,"box":{"x":520,"y":413,"width":232,"height":12}},{"id":"61fe2c43-8453-4bf5-98bc-f387dce4f7e1","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":3,"box":{"x":520,"y":429,"width":200,"height":11}},{"id":"e058077b-3326-4d68-9932-5635f6d9fb43","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":3,"box":{"x":520,"y":444,"width":310,"height":11}},{"id":"175f66ed-fa81-471d-939d-2fa853415c72","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":3,"box":{"x":520,"y":460,"width":319,"height":11}},{"id":"cdf9702f-a213-4632-88f2-cba0c92a8806","block_type":"box","text":"Company","page_number":3,"box":{"x":520,"y":475,"width":69,"height":12}},{"id":"9e4ef01c-64b1-4886-ac61-733374905ffa","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":3,"box":{"x":520,"y":491,"width":301,"height":11}},{"id":"1465f7ec-03fe-430a-a622-7bc4a07ccb89","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":3,"box":{"x":520,"y":506,"width":204,"height":12}},{"id":"d11933f4-553a-4774-a640-8ce019d3f70e","block_type":"box","text":"TD Ameritrade, Inc.","page_number":3,"box":{"x":520,"y":522,"width":141,"height":10}},{"id":"70dfcaef-8b6f-450e-be63-6b43374e98e2","block_type":"box","text":"TD Prime Services (US) LLC","page_number":3,"box":{"x":520,"y":537,"width":205,"height":11}},{"id":"78b1a043-8221-48b5-9797-f7aed2e68084","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":3,"box":{"x":520,"y":553,"width":325,"height":11}},{"id":"f1898f2f-37ea-47a2-a636-f676559a717f","block_type":"box","text":"America","page_number":3,"box":{"x":520,"y":568,"width":62,"height":9}},{"id":"4f3d6461-1637-4fa4-8ad8-782a6ea06518","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":3,"box":{"x":520,"y":584,"width":220,"height":11}},{"id":"805002f7-74cf-4d1d-9767-f1020905444f","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":3,"box":{"x":520,"y":599,"width":335,"height":12}},{"id":"c3671851-e9d5-48c6-86f5-dfe3849c4224","block_type":"box","text":"Transamerica Life Insurance Company","page_number":3,"box":{"x":520,"y":615,"width":268,"height":11}},{"id":"0681f716-7276-4b6c-96b4-c4099a7f968b","block_type":"box","text":"Treasury Brokerage","page_number":3,"box":{"x":520,"y":630,"width":138,"height":12}},{"id":"e1d8ffac-b9c5-417e-8c73-d1a59621ccc7","block_type":"box","text":"Triad Advisors, LLC","page_number":3,"box":{"x":520,"y":646,"width":146,"height":10}},{"id":"b157127a-7aff-4918-81ae-71be7601ef14","block_type":"box","text":"Truist Bank","page_number":3,"box":{"x":520,"y":661,"width":80,"height":9}},{"id":"d3e2a3ad-9ae1-4029-9d69-bd9fcf1c4bb6","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":3,"box":{"x":520,"y":677,"width":210,"height":11}},{"id":"6fcf3284-995f-4a1f-a653-a6a02df58c2b","block_type":"box","text":"U.S. Bank, National Association","page_number":3,"box":{"x":520,"y":692,"width":219,"height":11}},{"id":"8bdf92a3-cdba-41af-9197-9c142f70c6a7","block_type":"box","text":"UBATCO & Co.","page_number":3,"box":{"x":520,"y":708,"width":113,"height":9}},{"id":"5c91fb89-b44a-4698-ad86-37cb6351dcc9","block_type":"box","text":"UBS Financial Services, Inc.","page_number":3,"box":{"x":520,"y":723,"width":194,"height":11}},{"id":"7e45357e-a501-47cc-899f-7cfdf526fb84","block_type":"box","text":"UBS Securities LLC","page_number":3,"box":{"x":520,"y":739,"width":139,"height":9}},{"id":"b9d3c45b-2a1f-4f72-b044-c438b4a9ff15","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":3,"box":{"x":520,"y":754,"width":200,"height":11}},{"id":"9e8dbec2-051c-4855-ae31-a4045e3731d8","block_type":"box","text":"UMB Bank, National Association","page_number":3,"box":{"x":520,"y":770,"width":228,"height":10}},{"id":"fd154593-3914-4b5e-aa6d-546441f1db97","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":3,"box":{"x":520,"y":785,"width":356,"height":12}},{"id":"08171242-3ed7-436d-a2ce-cde42e79ac60","block_type":"box","text":"New York","page_number":3,"box":{"x":520,"y":801,"width":70,"height":9}},{"id":"9c1403b9-3cec-4407-a2f5-b21a44c3c451","block_type":"box","text":"VALIC Retirement Services Company","page_number":3,"box":{"x":520,"y":816,"width":261,"height":12}},{"id":"f84ec580-f57d-4144-8142-3c60d477470b","block_type":"box","text":"Vanguard Group, Inc.","page_number":3,"box":{"x":520,"y":832,"width":152,"height":11}},{"id":"323631dd-d130-4a50-aa6a-489e59c6ba65","block_type":"box","text":"Vanguard Marketing Corporation","page_number":3,"box":{"x":520,"y":847,"width":230,"height":12}},{"id":"89a8bcdd-5db2-4758-9d49-57c737bf3f56","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":3,"box":{"x":520,"y":863,"width":207,"height":11}},{"id":"d2fda162-da74-4b4c-b29a-d8045cb3b7e9","block_type":"box","text":"Voya Financial Partners, LLC","page_number":3,"box":{"x":520,"y":878,"width":207,"height":12}},{"id":"08dc98d3-e727-482e-b00d-74e94859ee96","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":3,"box":{"x":520,"y":894,"width":262,"height":11}},{"id":"8f559119-6cda-4afa-9497-17d556ffbb49","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":3,"box":{"x":520,"y":909,"width":263,"height":12}},{"id":"1a58e0cf-e02b-4b59-bcca-e6752f92078b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":3,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"2dff97aa-038e-4dc9-b60b-93bf1874539a","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":4,"box":{"x":116,"y":88,"width":245,"height":11}},{"id":"d94fd291-a622-49ee-bc1d-9992953f5b5e","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":4,"box":{"x":116,"y":103,"width":347,"height":12}},{"id":"93ded645-1924-4f17-a684-952c25817fc7","block_type":"box","text":"Waddell & Reed, Inc.","page_number":4,"box":{"x":116,"y":119,"width":151,"height":10}},{"id":"1bc41bde-0607-43fb-980d-a71d18b23c69","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":4,"box":{"x":116,"y":134,"width":192,"height":12}},{"id":"2c5e426a-6b79-4f66-8293-bc743404d7c9","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":4,"box":{"x":116,"y":150,"width":322,"height":11}},{"id":"4a223cf1-fde5-4faf-8c1b-d10b12d2dcb9","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":4,"box":{"x":116,"y":165,"width":168,"height":12}},{"id":"b5c6bbeb-c7e7-48d6-b42a-e5951788cbca","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":4,"box":{"x":520,"y":88,"width":251,"height":11}},{"id":"cfb6cfce-61a2-4930-9d28-7f997e1c4539","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":4,"box":{"x":520,"y":103,"width":213,"height":12}},{"id":"22c31e41-d992-4bf4-b416-eba9ecc0bc97","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":4,"box":{"x":520,"y":119,"width":198,"height":11}},{"id":"4b5528ce-6782-4019-8633-e4171242db54","block_type":"box","text":"Wilmington Trust, National Association","page_number":4,"box":{"x":520,"y":134,"width":275,"height":12}},{"id":"feb0194a-18b9-4e25-ad57-d108e6408d2b","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":4,"box":{"x":520,"y":150,"width":238,"height":11}},{"id":"1180e3b4-d79d-4489-aede-af04435f3dd7","block_type":"box","text":"ZB, National Association","page_number":4,"box":{"x":520,"y":165,"width":176,"height":11}},{"id":"06a5d5ca-3ac9-45ee-a797-613df737169b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":4,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a3c2c52c-277d-4ab7-bfb3-db7fdcb3afb4","block_type":"box","text":"Appendix A","page_number":5,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"d1c2cbe6-2cb6-4237-9a4a-b04947e99fdd","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":5,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"692f8000-07a3-498c-89f9-0302b748a0fd","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":5,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"74226ec1-ce45-4441-8c11-ba9122585ded","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":5,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"c4ddf33f-3f55-4cc6-bdf4-bb5e260269b8","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":5,"box":{"x":150,"y":196,"width":267,"height":9}},{"id":"0a762790-e82e-4ce4-8302-83a1dff8a7a0","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":5,"box":{"x":150,"y":212,"width":304,"height":11}},{"id":"a825a3ff-9738-4156-95f4-4ac873f98ffd","block_type":"box","text":"BATS: High Income Municipal Series","page_number":5,"box":{"x":150,"y":227,"width":263,"height":12}},{"id":"7fb81b48-9030-46a4-b8be-dd6dc07d1a73","block_type":"box","text":"BATS: High Income Taxable Series","page_number":5,"box":{"x":150,"y":243,"width":248,"height":11}},{"id":"a1a0e68f-1914-4f8b-96b7-365493e5b155","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":5,"box":{"x":150,"y":258,"width":256,"height":12}},{"id":"d4d80153-9709-4945-8a37-2e6d52d5cf98","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":5,"box":{"x":150,"y":274,"width":235,"height":11}},{"id":"07d6d140-f834-4455-97d0-7d72e38a7f49","block_type":"box","text":"BATS: Short Duration Taxable Total","page_number":5,"box":{"x":150,"y":289,"width":254,"height":9}},{"id":"ed8fa56d-2e42-479f-a74b-1bc01614d202","block_type":"box","text":"Return Series","page_number":5,"box":{"x":150,"y":305,"width":95,"height":9}},{"id":"33ce9fb7-6a88-44f3-85c5-526324ebc64e","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":5,"box":{"x":150,"y":320,"width":306,"height":12}},{"id":"cc6fc1c0-c0ca-4844-9b09-5ec68230b326","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":5,"box":{"x":116,"y":351,"width":232,"height":11}},{"id":"5354de9b-47a8-48fc-87cd-a9d90c5cb105","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":5,"box":{"x":116,"y":382,"width":203,"height":11}},{"id":"c238a34d-c13c-4073-aebf-53bb85070151","block_type":"box","text":"BlackRock Total Return Fund","page_number":5,"box":{"x":150,"y":398,"width":207,"height":9}},{"id":"846c1031-e5fd-47d3-abac-398a77386305","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":5,"box":{"x":116,"y":429,"width":331,"height":11}},{"id":"bda02fd2-394c-469b-850b-2ad8e24a6c9c","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":5,"box":{"x":150,"y":444,"width":321,"height":12}},{"id":"dcb49848-ed35-4573-ac77-bef3d3f7d88c","block_type":"box","text":"Fund","page_number":5,"box":{"x":150,"y":460,"width":38,"height":9}},{"id":"ff5e22c2-1423-46fa-8df4-40beb9c1e54e","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":5,"box":{"x":116,"y":491,"width":317,"height":11}},{"id":"7ca8f435-2f54-4413-bdc8-c0bad480de63","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":5,"box":{"x":116,"y":522,"width":301,"height":11}},{"id":"ea5a0cff-3444-44f5-bfa6-09b1e286216f","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":5,"box":{"x":116,"y":553,"width":248,"height":11}},{"id":"b0f0d319-f4b9-4c18-b9a3-873c28412ec9","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":5,"box":{"x":116,"y":584,"width":332,"height":9}},{"id":"7d564875-d997-4b85-8d83-a7af624de2e1","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":5,"box":{"x":150,"y":599,"width":278,"height":9}},{"id":"227a312e-daab-4c65-a162-3642e5d16691","block_type":"box","text":"BlackRock Funds","page_number":5,"box":{"x":116,"y":630,"width":127,"height":9}},{"id":"ae9f389f-4842-4a89-a5dc-f30a454c89bf","block_type":"box","text":"SM","page_number":5,"box":{"x":244,"y":630,"width":15,"height":6}},{"id":"abed512d-4910-47fd-87d4-14973f696ac0","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":5,"box":{"x":150,"y":646,"width":325,"height":11}},{"id":"cee06601-6802-44d1-b44d-4188b75b3ee7","block_type":"box","text":"BlackRock Advantage International Fund","page_number":5,"box":{"x":150,"y":661,"width":281,"height":12}},{"id":"fdc0ee24-75c3-4d4c-86c6-c0fdfe1c6b39","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":5,"box":{"x":150,"y":677,"width":320,"height":11}},{"id":"ef7328f1-e845-4cbc-9e20-a7e48fe720d7","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":5,"box":{"x":150,"y":692,"width":302,"height":12}},{"id":"159fa218-731d-4776-ad20-831b952e2175","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":5,"box":{"x":150,"y":708,"width":321,"height":11}},{"id":"42c84df9-92d4-43b0-9e06-9319eb957b70","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":5,"box":{"x":150,"y":723,"width":271,"height":12}},{"id":"2cdf7495-7ad8-4dd8-a2e2-2706ca64996e","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":5,"box":{"x":150,"y":739,"width":268,"height":11}},{"id":"38dcb33a-d66b-490a-8a50-dc704409d545","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":5,"box":{"x":150,"y":754,"width":288,"height":12}},{"id":"008b44a6-0aff-46b2-afa1-eb1f5dcbb76b","block_type":"box","text":"Reserve Vehicle","page_number":5,"box":{"x":150,"y":770,"width":110,"height":9}},{"id":"be152f7b-ae17-4222-b40e-ee6c5aca839c","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":5,"box":{"x":150,"y":785,"width":294,"height":12}},{"id":"30bbcc9d-446d-4d1f-8d00-41749596987e","block_type":"box","text":"Markets Fund","page_number":5,"box":{"x":150,"y":801,"width":93,"height":9}},{"id":"86735414-2084-4b3c-9226-f631d9dc496c","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":5,"box":{"x":150,"y":816,"width":309,"height":12}},{"id":"693d8971-f14c-4f1b-84d7-c7b2d54af36b","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":5,"box":{"x":150,"y":832,"width":267,"height":11}},{"id":"a58d33d7-e5c7-476c-a1ba-d48f90a128de","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":5,"box":{"x":150,"y":847,"width":213,"height":12}},{"id":"159bdaa4-bc87-4edf-a9fe-26bb8f001f7c","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":5,"box":{"x":150,"y":863,"width":324,"height":11}},{"id":"fe307dee-b13c-4b14-a2e9-840f0c70e130","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":5,"box":{"x":150,"y":878,"width":288,"height":12}},{"id":"43c26338-ec87-4ac9-b96f-c99f158585ef","block_type":"box","text":"Portfolio","page_number":5,"box":{"x":150,"y":894,"width":63,"height":9}},{"id":"e9c8a1e9-2d55-44e3-8d9c-251f944f099d","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":5,"box":{"x":150,"y":909,"width":255,"height":12}},{"id":"1a19af31-ce31-458b-8784-c022af3d7926","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":5,"box":{"x":554,"y":119,"width":312,"height":11}},{"id":"fffdd412-16bf-416a-935e-ce5b976d7ab9","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":5,"box":{"x":554,"y":134,"width":269,"height":9}},{"id":"d94224db-da52-41a1-850e-f85204c7c74b","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":5,"box":{"x":554,"y":150,"width":241,"height":11}},{"id":"6aa95953-a66e-4882-b8c7-71376d33088d","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":5,"box":{"x":554,"y":165,"width":287,"height":12}},{"id":"0cbaa2df-8f73-4191-bc33-434aec6bb166","block_type":"box","text":"Emerging Markets Equity Fund","page_number":5,"box":{"x":554,"y":181,"width":218,"height":11}},{"id":"92ec5ae0-667b-4488-b032-434e4e14c169","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":5,"box":{"x":554,"y":196,"width":330,"height":12}},{"id":"8bcb1c7b-a274-48f5-b420-dfdafa80946b","block_type":"box","text":"Cap Core Fund","page_number":5,"box":{"x":554,"y":212,"width":106,"height":11}},{"id":"dfdb871b-0a57-4f00-83f2-f743a3023586","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":5,"box":{"x":554,"y":227,"width":273,"height":12}},{"id":"2471a7fb-568d-466a-9a81-787dc26b6e3e","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":5,"box":{"x":554,"y":243,"width":299,"height":11}},{"id":"93a2dc52-6277-40d8-9798-7b489cc173eb","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":5,"box":{"x":554,"y":258,"width":298,"height":12}},{"id":"19eb8acb-d4e5-4e34-8c0e-e107439616aa","block_type":"box","text":"Aware Fund","page_number":5,"box":{"x":554,"y":274,"width":87,"height":9}},{"id":"b4af5431-fbba-4974-bc9f-c1c83d39f1c2","block_type":"box","text":"Circle Reserve Fund","page_number":5,"box":{"x":554,"y":289,"width":142,"height":9}},{"id":"c014dd31-4651-4f7d-8e60-32492c7c3b7c","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":5,"box":{"x":554,"y":305,"width":292,"height":11}},{"id":"d69dcac6-1584-4cfa-97c3-9b356e8b75b6","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":5,"box":{"x":554,"y":320,"width":280,"height":9}},{"id":"f9f7c2aa-85fa-477d-8bf0-e4e35d96af4f","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":5,"box":{"x":554,"y":336,"width":322,"height":11}},{"id":"b82ad9d3-6080-4421-9942-ac8058a9d772","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":351,"width":38,"height":9}},{"id":"991d0a43-4ca6-485b-817a-20caac43b7a3","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":5,"box":{"x":554,"y":367,"width":249,"height":11}},{"id":"b04e1efd-8cef-4e50-b844-71233ccb543e","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":382,"width":254,"height":12}},{"id":"c0db2216-34b0-4243-999c-1c7229589c66","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":398,"width":298,"height":11}},{"id":"9cf4897a-5b03-49ac-8943-69f51c35e55c","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":5,"box":{"x":554,"y":413,"width":297,"height":9}},{"id":"389a0672-3d9b-4b47-b5c3-939070848655","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":5,"box":{"x":554,"y":429,"width":304,"height":9}},{"id":"e026201e-054d-443f-b388-f7e22ffe042e","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":5,"box":{"x":554,"y":444,"width":306,"height":9}},{"id":"da50a739-4d6b-4239-8078-17820b97689f","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"a2079b98-9c63-492c-a648-2f4fd001918b","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":5,"box":{"x":554,"y":475,"width":306,"height":9}},{"id":"baf6e4a9-03a4-4b60-b6cf-c119fc737fb8","block_type":"box","text":"Index Fund","page_number":5,"box":{"x":554,"y":491,"width":81,"height":9}},{"id":"85c65c40-107f-41ab-89ff-3a20723c826b","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":5,"box":{"x":554,"y":506,"width":296,"height":12}},{"id":"a0f9826c-f39a-4156-9388-53609398e132","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":5,"box":{"x":554,"y":522,"width":299,"height":11}},{"id":"dfb4ade5-ae45-4c41-9b4d-84ea3439196e","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":537,"width":38,"height":9}},{"id":"8ed2b2a0-5866-4c10-be74-dab1514bb1c6","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":5,"box":{"x":554,"y":553,"width":290,"height":9}},{"id":"9db412db-0dff-4d85-8a0e-a92340d44a42","block_type":"box","text":"BlackRock Funds II","page_number":5,"box":{"x":520,"y":584,"width":149,"height":9}},{"id":"f57b027c-f3d7-4f8a-ab4f-471a0e6b1ab6","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":5,"box":{"x":554,"y":599,"width":283,"height":12}},{"id":"5209433e-14c5-4bb5-825d-b36e66d12221","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":5,"box":{"x":554,"y":615,"width":283,"height":11}},{"id":"24b6f175-7c60-4343-861a-b2bdcc1d3d6a","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":5,"box":{"x":554,"y":630,"width":283,"height":12}},{"id":"f90d0fde-ac6c-4a36-b3e8-ce395aeb4255","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":5,"box":{"x":554,"y":646,"width":283,"height":11}},{"id":"cd272551-4d0b-4553-8407-d2089327e6b9","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":5,"box":{"x":554,"y":661,"width":296,"height":12}},{"id":"be9e4740-5f72-45ea-862e-f55e9ad7081e","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":5,"box":{"x":554,"y":677,"width":255,"height":9}},{"id":"059b62e1-660a-4541-99a0-6db350c0d85c","block_type":"box","text":"BlackRock Managed Income Fund","page_number":5,"box":{"x":554,"y":692,"width":235,"height":12}},{"id":"14107f94-bae9-470b-94a1-7e48fbd79ab1","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":5,"box":{"x":554,"y":708,"width":277,"height":9}},{"id":"ebd1f726-e324-43a1-945d-6b6f52f3142f","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":5,"box":{"x":554,"y":723,"width":285,"height":9}},{"id":"f65d3e3f-176d-44fb-9b7e-2962f31198e3","block_type":"box","text":"BlackRock Funds III","page_number":5,"box":{"x":520,"y":754,"width":151,"height":9}},{"id":"bda3803e-f27c-4495-8d77-fbaee38d826d","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":5,"box":{"x":554,"y":770,"width":247,"height":9}},{"id":"2ec8f0b2-ff42-4efd-8eba-78dfdbe7ebc9","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":5,"box":{"x":554,"y":785,"width":226,"height":12}},{"id":"d35ff395-e2b5-4a16-b6c2-6561c88869c2","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":5,"box":{"x":554,"y":801,"width":288,"height":11}},{"id":"093c0cad-e116-4b17-863a-7f57982cecb4","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":5,"box":{"x":554,"y":816,"width":290,"height":9}},{"id":"bfe7c158-33dd-4821-b8fb-cbeb039b28fb","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"acb6c679-8f73-42d7-a45e-05216ec8b388","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"23243c4c-3743-4a5c-ac58-e81b7a1aac4b","block_type":"box","text":"Dynamic Retirement","page_number":5,"box":{"x":700,"y":832,"width":149,"height":11}},{"id":"e501888e-4722-4b30-8396-3f2252917200","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":847,"width":38,"height":9}},{"id":"a48e92d4-ef9b-498f-81ef-8d5ece0a9c07","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"b5fdd50c-4f57-4981-a24d-583f0451c0c3","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"ed49f0a6-4232-4bc4-941c-eb57b4df3d2b","block_type":"box","text":"Dynamic 2030 Fund","page_number":5,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"cea1068a-4807-4741-9c09-355c8e991cd6","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"1adccaea-a392-4ef0-8685-6647005c96b2","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"94f06144-6d66-449d-a4de-ceff982a5f52","block_type":"box","text":"Dynamic 2035 Fund","page_number":5,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"50ab8021-3834-4b6c-a82a-d91853f73a2b","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"2776eb54-4819-48fd-9f8a-aab46199d840","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"a65dcb9d-54ec-425c-af31-a3a5b003637b","block_type":"box","text":"Dynamic 2040 Fund","page_number":5,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"f5a2583c-d4d8-4e61-a476-b413f4478f58","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"e6713566-439a-4c49-b6a3-1a48b7c32192","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"3bdc9ced-8089-4efc-b120-8250f0f7aa97","block_type":"box","text":"Dynamic 2045 Fund","page_number":5,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"5e6620de-8662-4a89-89cb-6f0bded1af89","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":5,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"c4918793-2155-4937-be87-29103db05e9a","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"a2fbf9a0-0fea-4415-8bad-5aa63a59c67d","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"7db798f8-14a0-4e09-b8fc-9482196c905a","block_type":"box","text":"Dynamic 2050 Fund","page_number":6,"box":{"x":296,"y":88,"width":147,"height":11}},{"id":"f91baa19-d873-4f9d-8ba4-eda833800c71","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":103,"width":136,"height":9}},{"id":"c20f294a-1de1-46fd-b500-00361ec28256","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":102,"width":9,"height":7}},{"id":"3edd2e11-3196-4b33-a1a1-10c5019f1636","block_type":"box","text":"Dynamic 2055 Fund","page_number":6,"box":{"x":296,"y":103,"width":147,"height":12}},{"id":"2b73ad6c-8e7c-44ad-ab23-46e447f8d47b","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"1f39f2d3-5a01-42d7-93ec-924f2ad50088","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"476e4086-86f9-4aaa-9297-b2861cdc9204","block_type":"box","text":"Dynamic 2060 Fund","page_number":6,"box":{"x":296,"y":119,"width":147,"height":11}},{"id":"9488a230-7175-4486-b2b0-73cbc0309f5d","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"3d52fde9-5299-4fd4-be95-36b5122b6892","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"f6b95f80-ec33-4da4-8f69-2a7a3a83d3aa","block_type":"box","text":"Dynamic 2065 Fund","page_number":6,"box":{"x":296,"y":134,"width":147,"height":12}},{"id":"c3c5b601-3479-45a7-8361-50f3c7fb63a4","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"cbca4e98-873c-49f6-a506-4ffe9abfd6b0","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"63e91e38-1714-43a4-9998-fd5691f19fbe","block_type":"box","text":"Dynamic 2070 Fund","page_number":6,"box":{"x":296,"y":150,"width":147,"height":11}},{"id":"f8069c42-ee3a-45ff-b1da-3ff6cad2bd14","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"e98ab6fb-fbed-41ce-9754-d7e3a3dcf4eb","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"474e0a4a-6f5c-41f6-b349-7c10aa9b7f85","block_type":"box","text":"Index Retirement Fund","page_number":6,"box":{"x":296,"y":165,"width":165,"height":9}},{"id":"0ca02e74-13ca-48a3-9d7d-25531c22e2c0","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"dddeeb26-58cf-4a5f-bdb0-d33656f5f0df","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"54a7fa20-a391-44c1-8e59-21b8c6f685af","block_type":"box","text":"Index 2030 Fund","page_number":6,"box":{"x":296,"y":181,"width":124,"height":9}},{"id":"a275f15f-c069-4a4e-a47f-d031c22fca84","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"7f2e5a8a-8323-4a51-a487-880bcdc6d287","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"43696397-559a-46d4-b3e9-cb0c187f8af2","block_type":"box","text":"Index 2035 Fund","page_number":6,"box":{"x":296,"y":196,"width":124,"height":9}},{"id":"aa0dbf77-0fe4-43e9-88a7-acf5bb2ac861","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"46e1595e-e80d-46fa-91ab-5def9512a1a5","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"df78276a-15c8-420f-8fce-7db906329744","block_type":"box","text":"Index 2040 Fund","page_number":6,"box":{"x":296,"y":212,"width":124,"height":9}},{"id":"e62b186b-4153-405b-89e7-0677da8747b0","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"296930fa-9d33-4652-9a6c-e5f6350d1bea","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"b8090b16-b34a-4d3d-9abf-a9a648ccb317","block_type":"box","text":"Index 2045 Fund","page_number":6,"box":{"x":296,"y":227,"width":124,"height":9}},{"id":"cc91e91c-2cee-49f8-912d-8280cd240c6f","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"72c55a72-ae81-4f2b-833c-f89d4a603dd7","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"05c9fc36-280c-47f2-ab9d-8d9e2aec0300","block_type":"box","text":"Index 2050 Fund","page_number":6,"box":{"x":296,"y":243,"width":124,"height":9}},{"id":"a5617c7d-6c19-492d-ae0a-23a40eadac55","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"f4a3e9de-d7d6-465e-8fb2-6881682c16ec","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"17b8238a-7627-4da0-99c9-17137213200c","block_type":"box","text":"Index 2055 Fund","page_number":6,"box":{"x":296,"y":258,"width":124,"height":9}},{"id":"cb7a2ed6-631f-4de1-8114-bc23ae7ce1f6","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"bac70f18-a697-43ae-984c-35a25807e5f4","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"fd127f9c-fb6d-4f8b-abd1-7c0665ebaccf","block_type":"box","text":"Index 2060 Fund","page_number":6,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"486afaf1-45ee-442f-a1c6-0e36803bd578","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"fbcb7790-28c7-4a43-a4f7-37e31f29f6d5","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"547f1d2c-cc4b-408f-bbb9-447da7cfd4d6","block_type":"box","text":"Index 2065 Fund","page_number":6,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"0541b7c8-8af4-4783-abfe-a2e9b1210ca8","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"4f29a6c9-b43d-4600-a96e-f5ccdf1e14fe","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"ee6892d7-4a39-4710-b109-ec0b55a38775","block_type":"box","text":"Index 2070 Fund","page_number":6,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"fd44d618-9bfa-4f92-a6f4-f6ecda1e39cc","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":6,"box":{"x":150,"y":320,"width":310,"height":9}},{"id":"510ec805-c26b-4b69-bf19-207f3d70ddf3","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":6,"box":{"x":150,"y":336,"width":303,"height":11}},{"id":"718aa27f-58a6-4f5b-900b-0266617b7210","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":6,"box":{"x":150,"y":351,"width":200,"height":9}},{"id":"3fc66574-f6d7-4d79-8a0d-70a0339da5e0","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":6,"box":{"x":150,"y":367,"width":284,"height":11}},{"id":"20fc19fa-1e48-4fed-a949-ca2c33e9d969","block_type":"box","text":"BlackRock Funds IV","page_number":6,"box":{"x":116,"y":398,"width":154,"height":9}},{"id":"cd57eb78-e404-4550-bd4f-a824000101a7","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":6,"box":{"x":150,"y":413,"width":268,"height":9}},{"id":"3a1bd0b0-d67b-4dde-a038-e46da85781f1","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":6,"box":{"x":150,"y":429,"width":299,"height":11}},{"id":"38d677e7-5d0b-45ae-aa13-5cc3bfa8a87e","block_type":"box","text":"BlackRock Funds V","page_number":6,"box":{"x":116,"y":460,"width":148,"height":9}},{"id":"32795654-1c39-4817-b1e3-8a50fe8d45b1","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":6,"box":{"x":150,"y":475,"width":220,"height":9}},{"id":"f9ba8e43-fa93-4a78-af12-dfedfa6c5f4f","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":6,"box":{"x":150,"y":491,"width":293,"height":11}},{"id":"ec2c1a94-12da-4162-8a84-e211010166f4","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":150,"y":506,"width":222,"height":12}},{"id":"e3e38ec9-fd65-4b33-af30-83e09ad78830","block_type":"box","text":"BlackRock Income Fund","page_number":6,"box":{"x":150,"y":522,"width":172,"height":9}},{"id":"fb4a961b-72e3-471f-a802-6733453971ca","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":6,"box":{"x":150,"y":537,"width":313,"height":9}},{"id":"4ff0c142-9772-4791-9980-5a468817ed30","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":6,"box":{"x":150,"y":553,"width":282,"height":9}},{"id":"14ae551c-1dcb-437d-ba5d-e776818bfbf3","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":6,"box":{"x":150,"y":568,"width":294,"height":12}},{"id":"0d3a7950-d4cf-4ec4-9ab9-0a8705404a2e","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":150,"y":584,"width":63,"height":9}},{"id":"e7a6e785-a6ed-434a-8dca-ffe637f4e5a2","block_type":"box","text":"BlackRock Funds VI","page_number":6,"box":{"x":116,"y":615,"width":154,"height":9}},{"id":"4fe437cd-c6d4-4fc1-9a3f-2ffd7bca0103","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":6,"box":{"x":150,"y":630,"width":313,"height":12}},{"id":"7b8e892c-a4f2-4c33-be59-7edb815be8ed","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":6,"box":{"x":116,"y":661,"width":287,"height":11}},{"id":"8143ff13-da89-41db-a98a-62130f5bfffb","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":6,"box":{"x":116,"y":692,"width":208,"height":11}},{"id":"35dc7444-bcdd-4c1c-bf77-3098fae9e637","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":6,"box":{"x":150,"y":708,"width":312,"height":9}},{"id":"67a7c1ca-4d24-42b2-87fb-8ff3f47a6496","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":6,"box":{"x":150,"y":723,"width":298,"height":12}},{"id":"3f93ef4a-ce69-4412-93ed-ef6c28d87c51","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":6,"box":{"x":116,"y":754,"width":319,"height":12}},{"id":"1beb1f82-a72c-430e-bc85-44c37f157a06","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":6,"box":{"x":116,"y":785,"width":344,"height":12}},{"id":"73dfb385-dd71-4c95-b0f1-ff08887aebea","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":6,"box":{"x":116,"y":816,"width":330,"height":12}},{"id":"9c2a18ff-39c5-4eff-9ccf-8212b05b68ff","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":6,"box":{"x":116,"y":847,"width":296,"height":12}},{"id":"17c88ee6-7984-47b4-9e81-9fbd6d587b31","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":6,"box":{"x":150,"y":863,"width":306,"height":11}},{"id":"4e00ebca-f8c5-4feb-82e3-6793c6f054ff","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":6,"box":{"x":150,"y":878,"width":314,"height":12}},{"id":"53fcc82b-1a13-4f9f-873c-ad04df7fd30f","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":6,"box":{"x":150,"y":894,"width":261,"height":11}},{"id":"8b0078ed-a39d-45e3-a3f1-02e28871fd68","block_type":"box","text":"BlackRock Liquidity Funds","page_number":6,"box":{"x":520,"y":87,"width":203,"height":12}},{"id":"bca05f23-687c-4ac2-bb63-a34b65744fb8","block_type":"box","text":"FedFund","page_number":6,"box":{"x":554,"y":103,"width":63,"height":9}},{"id":"cab50982-485d-4fda-9b1a-df23a75554a6","block_type":"box","text":"MuniCash","page_number":6,"box":{"x":554,"y":119,"width":74,"height":9}},{"id":"52a8058e-b5b8-4bfa-961f-ca98125ee108","block_type":"box","text":"TempCash","page_number":6,"box":{"x":554,"y":134,"width":77,"height":12}},{"id":"00d80b97-4cf4-4b30-bc63-308103161546","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":6,"box":{"x":554,"y":150,"width":300,"height":11}},{"id":"a2938811-76d0-409e-93ac-a51366965535","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":165,"width":38,"height":9}},{"id":"7ae256a6-4cfe-4c48-9515-37700c66f3ef","block_type":"box","text":"T-Fund","page_number":6,"box":{"x":554,"y":181,"width":54,"height":9}},{"id":"0c972eaa-0a3e-421e-9d4b-4b1d7a4c47ab","block_type":"box","text":"Treasury Trust Fund","page_number":6,"box":{"x":554,"y":196,"width":142,"height":12}},{"id":"033dcba8-c889-4fec-8dab-3c285f133946","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":6,"box":{"x":520,"y":227,"width":282,"height":12}},{"id":"518bd9c9-3ccf-4c72-809b-325783dc765b","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":6,"box":{"x":554,"y":243,"width":227,"height":11}},{"id":"dde3451f-0a1a-441f-a7e7-7a7753b3cf57","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":6,"box":{"x":520,"y":274,"width":339,"height":11}},{"id":"1cf25c7f-cd80-4893-a913-ef72212b0383","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":6,"box":{"x":554,"y":289,"width":314,"height":12}},{"id":"881f255d-6d7d-412e-88e1-bcc62562d364","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":6,"box":{"x":554,"y":305,"width":324,"height":11}},{"id":"c1191fcf-06d5-4f0a-89b1-e76d86dcc686","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":320,"width":38,"height":9}},{"id":"2df6eb7b-9070-4955-9e8d-2375db0616a2","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":6,"box":{"x":554,"y":336,"width":326,"height":11}},{"id":"4b1fb6a3-8075-4308-9dae-a1630229f404","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":367,"width":282,"height":11}},{"id":"005cd420-cdb5-4dfd-ab33-0c74c8dd8e68","block_type":"box","text":"BlackRock National Municipal Fund","page_number":6,"box":{"x":554,"y":382,"width":253,"height":12}},{"id":"2ccae29a-c1e6-4c01-a964-b3f3347dd129","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":6,"box":{"x":554,"y":398,"width":263,"height":9}},{"id":"a00f988d-761d-4174-95c4-1f5a253325d3","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":6,"box":{"x":520,"y":429,"width":252,"height":11}},{"id":"797cff51-c83b-430d-9eb4-614561c2beb8","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":6,"box":{"x":554,"y":444,"width":313,"height":12}},{"id":"932919d6-b3a2-45d4-b965-2524d13c7ac1","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"eb6d3000-7777-490b-b195-db7775045464","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":6,"box":{"x":520,"y":491,"width":264,"height":9}},{"id":"385aaad7-ea24-4f60-aeaf-906f9602b514","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":6,"box":{"x":520,"y":522,"width":208,"height":11}},{"id":"4453f080-60c1-49dd-964a-bc4c07a688fe","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":6,"box":{"x":554,"y":537,"width":331,"height":12}},{"id":"8f7f82c7-733f-4554-b4f4-69e87d1ccbff","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":6,"box":{"x":554,"y":553,"width":209,"height":9}},{"id":"3d4dd20c-9529-4546-afc5-7d2fad923ffc","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":6,"box":{"x":554,"y":568,"width":288,"height":12}},{"id":"993f435d-ade1-4757-938d-c79c0748064a","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":6,"box":{"x":554,"y":584,"width":268,"height":9}},{"id":"e5c8e22f-15f9-4b99-89c8-bd96b07e37eb","block_type":"box","text":"BlackRock Government Money Market","page_number":6,"box":{"x":554,"y":599,"width":272,"height":12}},{"id":"092721ec-cb14-4f25-a6a4-abbca1836f9e","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":554,"y":615,"width":63,"height":9}},{"id":"29306223-6729-401e-90d2-2d5b3c42f214","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":6,"box":{"x":520,"y":646,"width":226,"height":11}},{"id":"d1085a8a-8a4e-455d-8f34-1c809705057c","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":554,"y":661,"width":217,"height":12}},{"id":"2599254b-9f81-4615-8552-a268f71bce42","block_type":"box","text":"BlackRock Series, Inc.","page_number":6,"box":{"x":520,"y":692,"width":161,"height":11}},{"id":"b380a579-ce33-4e40-8856-8bf5631689d6","block_type":"box","text":"BlackRock International Fund","page_number":6,"box":{"x":554,"y":708,"width":203,"height":9}},{"id":"e3ead482-c083-4ffd-b4be-e89587668c21","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":739,"width":320,"height":11}},{"id":"80992a86-fd12-4b40-9f73-9a8279f1ed14","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":6,"box":{"x":520,"y":770,"width":283,"height":11}},{"id":"fd3b3c5c-211d-4acc-8bdc-76ac1236419f","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":6,"box":{"x":520,"y":801,"width":277,"height":11}},{"id":"2ed65432-34c3-4934-87ad-5a426c30d5c1","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":6,"box":{"x":554,"y":816,"width":304,"height":12}},{"id":"f6219d64-7235-47aa-af7c-467af61cbd80","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":832,"width":38,"height":9}},{"id":"a2729cb1-da9a-4c24-aa61-39ecf333a5bf","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":6,"box":{"x":554,"y":847,"width":298,"height":12}},{"id":"c94cdc8d-44ac-44d0-bcdf-004121238536","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":863,"width":38,"height":9}},{"id":"dc6f1f7b-40af-4dbf-93ab-8c992dd030ab","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":6,"box":{"x":554,"y":878,"width":305,"height":12}},{"id":"0e0a92f8-0602-408e-83f5-402826ad544f","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":894,"width":38,"height":9}},{"id":"6cd13ead-2908-4e39-925f-ec63d5959189","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":6,"box":{"x":554,"y":909,"width":298,"height":12}},{"id":"1333e6e1-1a49-4bc0-81db-90fc0e78ed86","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":6,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a38b4310-3f8e-46f2-a915-90ca4219dd9a","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":7,"box":{"x":150,"y":88,"width":234,"height":9}},{"id":"07cbf3fd-9b0e-478f-a2b8-c15121c0172e","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":7,"box":{"x":150,"y":103,"width":293,"height":12}},{"id":"eb418bcf-498c-49ba-a217-06cbbb56f93e","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":7,"box":{"x":150,"y":119,"width":264,"height":11}},{"id":"a81d5910-3f90-443f-b377-8bae82c72a1a","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":7,"box":{"x":150,"y":134,"width":273,"height":9}},{"id":"0a2e0b47-433c-4a42-9806-b2739d3fe90c","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":7,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"c740b81a-eaa0-4df3-87dc-0df09d6aee9b","block_type":"box","text":"Fund","page_number":7,"box":{"x":150,"y":165,"width":38,"height":9}},{"id":"d01d47fe-5b3e-4e70-a97a-17f2a5ed14c7","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":7,"box":{"x":150,"y":181,"width":281,"height":9}},{"id":"b7f2c6d6-4cf0-425e-8e67-e296b920e78d","block_type":"box","text":"BlackRock International V.I. Fund","page_number":7,"box":{"x":150,"y":196,"width":238,"height":9}},{"id":"79bd0eb7-2435-41e7-b686-96f6de2f67c5","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":7,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"6a99c2c8-ea22-4c6b-bf91-998a7e69a690","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":7,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"b5f970f3-d672-42eb-9b4e-a7402c067ca9","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":7,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"c01cef3e-5b1a-4163-9337-fccb60629197","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":7,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"099c72ed-dd9b-490f-bea0-b59f3714bdb2","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":7,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"dc4e36ef-7138-422d-8e73-12fa14c2c167","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":7,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"35760911-28f3-4916-8bed-2cbe99230e22","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":7,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"b9c2db3d-8f60-4310-8936-58b37620c53f","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":7,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"7a4f0a37-7d4b-4c53-b71a-b1420d817042","block_type":"box","text":"SAI-GLOBAL-1026SUP","page_number":7,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"b58196c2-1410-4084-b4a5-9c736f73b973","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":7,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"5865b1b4-9902-4ff6-97a7-39c53a123662","block_type":"box","text":"BLACKROCK FUNDS","page_number":8,"box":{"x":406,"y":87,"width":170,"height":10}},{"id":"58378fba-29f9-4c29-b64d-59b5cd265191","block_type":"box","text":"SM","page_number":8,"box":{"x":577,"y":87,"width":16,"height":6}},{"id":"77f326ec-32de-476e-8f87-b46ec163198e","block_type":"box","text":"Circle Reserve Fund","page_number":8,"box":{"x":431,"y":103,"width":142,"height":9}},{"id":"b52d8bac-b168-4946-8f12-256cfe5052a7","block_type":"box","text":"(the “Fund”)","page_number":8,"box":{"x":457,"y":119,"width":90,"height":11}},{"id":"3a0f4a0c-b186-48a7-a43c-f98fd206c77a","block_type":"box","text":"Supplement dated September 18, 2026 to the Summary Prospectus, Prospectus and Statement of Additional","page_number":8,"box":{"x":137,"y":150,"width":730,"height":11}},{"id":"f5e7630f-1490-42d2-89ae-19332e789b4d","block_type":"box","text":"Information of the Fund, each dated August 28, 2026, as supplemented to date","page_number":8,"box":{"x":235,"y":165,"width":533,"height":12}},{"id":"a353a3f1-5bb3-4a80-8cdb-a1c425b860f3","block_type":"box","text":"Effective September 18, 2026, the Fund’s Summary Prospectus, Prospectus and Statement of Additional","page_number":8,"box":{"x":116,"y":196,"width":751,"height":12}},{"id":"3ff1d33b-22aa-48a3-9eea-b6bac65df4f0","block_type":"box","text":"Information are amended as follows:","page_number":8,"box":{"x":116,"y":212,"width":269,"height":9}},{"id":"5633ccd0-5a27-4067-bde7-f76a8f47e547","block_type":"box","text":"The sections of the Summary Prospectus and Prospectus entitled “Principal Risks of Investing in the Fund","page_number":8,"box":{"x":116,"y":242,"width":767,"height":12}},{"id":"1a0fdd5b-5d8f-42e5-818f-6a5353a1bcb5","block_type":"box","text":"— Shareholder Purchase/Redemption Risk” and “Fund Overview — Principal Risks of Investing in the","page_number":8,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"c5f8f88f-5a44-4ea4-b688-92d9bc4e6c58","block_type":"box","text":"Fund — Shareholder Purchase/Redemption Risk” are hereby deleted in their entirety and replaced with","page_number":8,"box":{"x":116,"y":274,"width":753,"height":11}},{"id":"f7f9dc19-4141-4f86-b0c0-18211f3db456","block_type":"box","text":"the following:","page_number":8,"box":{"x":116,"y":289,"width":103,"height":12}},{"id":"0afb09df-37ec-4186-9bbb-6814d394db8c","block_type":"box","text":"Shareholder Purchase/Redemption Risk","page_number":8,"box":{"x":116,"y":320,"width":278,"height":12}},{"id":"75f74c78-3846-4f17-954a-fd022c078d5a","block_type":"box","text":"— Shares of the Fund are held by Circle Internet Financial, LLC,","page_number":8,"box":{"x":395,"y":320,"width":449,"height":12}},{"id":"0d6b090c-4064-4476-b85c-20b3a1a983c7","block_type":"box","text":"Circle Internet Financial Europe SAS, Circle Internet Trust Company, LLC and/or First National Digital","page_number":8,"box":{"x":116,"y":336,"width":709,"height":11}},{"id":"35b080d9-e761-49f9-8a8c-f883690d4fdb","block_type":"box","text":"Currency Bank, N.A. (collectively, “Circle”) as a portion of the reserves associated with Circle’s issuance of","page_number":8,"box":{"x":116,"y":351,"width":737,"height":12}},{"id":"17909fbd-4a72-4df5-91d6-8b6b6ad49466","block_type":"box","text":"stablecoins to customers. The assets of the Fund are expected to fluctuate depending on the creation (minting) of","page_number":8,"box":{"x":117,"y":367,"width":763,"height":11}},{"id":"e941fd2a-2b34-4143-be82-ea3848b834e8","block_type":"box","text":"additional stablecoins or the redemption (burning) of such coins. Stablecoins may face periods of uncertainty","page_number":8,"box":{"x":116,"y":382,"width":740,"height":12}},{"id":"8ccf6631-aa48-4808-ad61-8bed5ccfe75c","block_type":"box","text":"resulting in the potential for rapid requests by Circle for redemption of the Fund’s shares.","page_number":8,"box":{"x":116,"y":398,"width":607,"height":11}},{"id":"16a9983d-3fec-46ec-bcb8-ca665dfc8c50","block_type":"box","text":"The sections of the Summary Prospectus and Prospectus entitled “Purchase and Sale of Fund Shares” and","page_number":8,"box":{"x":116,"y":429,"width":766,"height":11}},{"id":"40e492ca-c367-4192-9d2c-779cab99453f","block_type":"box","text":"“Fund Overview — Purchase and Sale of Fund Shares” are hereby amended to delete the second","page_number":8,"box":{"x":116,"y":444,"width":699,"height":12}},{"id":"c38a2b4d-9589-40a5-ac68-ecdb3f9627c6","block_type":"box","text":"paragraph of each section in its entirety and replace it with the following:","page_number":8,"box":{"x":116,"y":460,"width":531,"height":11}},{"id":"9a30da0a-d15f-422b-a637-bc84057136c4","block_type":"box","text":"Shares are only available for purchase by Circle Internet Financial, LLC, Circle Internet Financial Europe SAS,","page_number":8,"box":{"x":116,"y":491,"width":757,"height":11}},{"id":"a9989f01-4205-4b38-b560-89efb753ffb8","block_type":"box","text":"Circle Internet Trust Company, LLC and First National Digital Currency Bank, N.A.","page_number":8,"box":{"x":116,"y":506,"width":576,"height":12}},{"id":"cc36c008-e465-42f0-b35e-705ff0a49727","block_type":"box","text":"The section of the Prospectus entitled “Details About the Fund — Investment Risks — Principal Risks of","page_number":8,"box":{"x":116,"y":537,"width":756,"height":12}},{"id":"08f579e4-33bf-4f91-93fb-ce78763c3ee9","block_type":"box","text":"Investing in the Fund — Shareholder Purchase/Redemption Risk” is hereby deleted in its entirety and","page_number":8,"box":{"x":116,"y":553,"width":737,"height":11}},{"id":"ec089b7a-36f0-49e8-880b-17dc807bda6d","block_type":"box","text":"replaced with the following:","page_number":8,"box":{"x":116,"y":568,"width":205,"height":12}},{"id":"6f85671c-1cbf-4499-9056-ac6afe812d7c","block_type":"box","text":"Shareholder Purchase/Redemption Risk","page_number":8,"box":{"x":116,"y":599,"width":278,"height":12}},{"id":"d4b47c6c-f66f-4daf-bc52-03b19ae411f1","block_type":"box","text":"— Shares of the Fund are held by Circle Internet Financial, LLC,","page_number":8,"box":{"x":395,"y":599,"width":449,"height":12}},{"id":"7599f8c4-671f-480a-a139-927a18db335e","block_type":"box","text":"Circle Internet Financial Europe SAS, Circle Internet Trust Company, LLC and/or First National Digital","page_number":8,"box":{"x":116,"y":615,"width":709,"height":11}},{"id":"c7c77d3f-17db-471c-b7bd-eebb583b3c53","block_type":"box","text":"Currency Bank, N.A. (collectively, “Circle”) as a portion of the reserves associated with Circle’s issuance of","page_number":8,"box":{"x":116,"y":630,"width":737,"height":12}},{"id":"1383c0da-bf55-43a2-936b-2b458da680d8","block_type":"box","text":"stablecoins to customers. The assets of the Fund are expected to fluctuate depending on the creation (minting) of","page_number":8,"box":{"x":117,"y":646,"width":763,"height":11}},{"id":"706d3e53-0fcd-4087-93e4-cdf9ce37641e","block_type":"box","text":"additional stablecoins or the redemption (burning) of such coins. Stablecoins may face periods of uncertainty","page_number":8,"box":{"x":116,"y":661,"width":735,"height":12}},{"id":"600c9331-2e3d-49f2-9d9e-5d28ab563734","block_type":"box","text":"resulting in the potential for rapid requests by Circle for redemption of the Fund’s shares.","page_number":8,"box":{"x":116,"y":677,"width":601,"height":11}},{"id":"3b17041e-060a-40fa-85df-ab060a1f8aa2","block_type":"box","text":"The section of the Prospectus entitled “Account Information — Details About the Share Class” is hereby","page_number":8,"box":{"x":116,"y":708,"width":750,"height":11}},{"id":"e0fb9eef-a9e4-4e54-b307-0e58ad929400","block_type":"box","text":"amended to delete the first row in the “Institutional Shares at a Glance” table in its entirety and replace it","page_number":8,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"40cb99ff-f44c-454f-b7ec-25a31265a39c","block_type":"box","text":"with the following:","page_number":8,"box":{"x":116,"y":739,"width":133,"height":11}},{"id":"ad2ea056-8a55-443b-ac3c-feb9db853756","block_type":"box","text":"Availability","page_number":8,"box":{"x":126,"y":770,"width":84,"height":11}},{"id":"e3fe7baa-928f-434f-b7e3-5a145dd3a668","block_type":"box","text":"Available only to Circle Internet Financial, LLC, Circle Internet Financial Europe SAS, Circle","page_number":8,"box":{"x":231,"y":770,"width":636,"height":11}},{"id":"5d2c6121-ca30-4ea9-8a70-dda0e6193341","block_type":"box","text":"Internet Trust Company, LLC and First National Digital Currency Bank, N.A.","page_number":8,"box":{"x":231,"y":785,"width":525,"height":12}},{"id":"0b0adeef-e0cd-496a-98da-155dd1fac547","block_type":"box","text":"The section of the Prospectus entitled “Account Information — How to Buy and Sell Shares” is hereby","page_number":8,"box":{"x":116,"y":821,"width":735,"height":12}},{"id":"f810992a-dc65-4539-80c4-604121e056bc","block_type":"box","text":"amended to delete the first paragraph in its entirety and replace it with the following:","page_number":8,"box":{"x":116,"y":837,"width":617,"height":11}},{"id":"0d362659-77d7-407e-be91-e004c77a928e","block_type":"box","text":"Shares are only available for purchase by Circle Internet Financial, LLC, Circle Internet Financial Europe SAS,","page_number":8,"box":{"x":116,"y":868,"width":757,"height":12}},{"id":"efa99768-f78b-4364-8e7d-2f5f79eb4e5b","block_type":"box","text":"Circle Internet Trust Company, LLC and First National Digital Currency Bank, N.A. (collectively, “Circle”).","page_number":8,"box":{"x":116,"y":883,"width":739,"height":12}},{"id":"8eed177d-e66c-4364-8a9f-d102644bf09f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":8,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"a63f2900-c742-4a5b-99df-04f98541f087","block_type":"box","text":"The section of the Statement of Additional Information entitled “Part II — Purchase of Shares —","page_number":9,"box":{"x":116,"y":87,"width":704,"height":10}},{"id":"a6776519-fd78-4c62-a156-5651e39e69b3","block_type":"box","text":"Purchase of Shares of Circle Reserve — Institutional Shares — Purchase of Shares” is hereby amended to","page_number":9,"box":{"x":116,"y":103,"width":765,"height":12}},{"id":"e2837a66-31b5-433f-bb82-e26a22cb9b14","block_type":"box","text":"delete the first paragraph in its entirety and replace it with the following:","page_number":9,"box":{"x":116,"y":118,"width":529,"height":12}},{"id":"3558d3df-9e26-4308-a966-7c8a022405e4","block_type":"box","text":"Circle Reserve offers Institutional Shares as described in the Fund’s Prospectus. The minimum investment for the","page_number":9,"box":{"x":116,"y":150,"width":771,"height":11}},{"id":"d87deea6-444e-4786-badf-6a21d2fdb9e2","block_type":"box","text":"initial purchase of shares is $2 billion. Shares are only available for purchase by Circle Internet Financial, LLC,","page_number":9,"box":{"x":116,"y":165,"width":757,"height":12}},{"id":"645be595-37cb-43aa-9481-fe8084e48df7","block_type":"box","text":"Circle Internet Financial Europe SAS, Circle Internet Trust Company, LLC and First National Digital Currency","page_number":9,"box":{"x":116,"y":181,"width":757,"height":11}},{"id":"1d2d3c4e-12fb-471c-97ba-015e0e6bf6d9","block_type":"box","text":"Bank, N.A.","page_number":9,"box":{"x":116,"y":196,"width":81,"height":11}},{"id":"dc40c5f3-efe0-41ef-b2fa-7c6d6b6fca02","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":9,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"6ccdd45c-2836-4b36-b9d4-7ee5c7edd5f7","block_type":"box","text":"PR2SAI-CR-0926SUP","page_number":9,"box":{"x":116,"y":258,"width":158,"height":9}},{"id":"3e674246-19b3-4772-8373-85f1ea6bed16","block_type":"box","text":"2","page_number":9,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"68c046d2-2f45-468b-b0c7-0ac8d2318c9d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":9,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d1220a8b-d5cf-4a2b-a3cc-fe23f100b8fc","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":10,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"cf4fd784-fb52-43cd-b734-d25f8cf480a3","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":10,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"6af0d558-7e04-46f1-bb16-6c011170e761","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":10,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"2d117e38-da68-4551-8926-37d0215e624e","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":10,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"6a9d6bca-da15-45f7-9b76-91cfc95e1a32","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":10,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"4a63cca7-9f44-481c-a3bc-2744304eb553","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":10,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"82e7953d-52e8-4b5b-8934-4777068462bc","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":10,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"ce8b952f-447a-41be-b692-e95817af623b","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":10,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"434176ee-24ea-4e31-924f-a7f56145079b","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":10,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"dbec0996-b70a-4548-8333-fbfe23482f5b","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":10,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"fcd550f4-2959-48a7-82b3-ad0306fc3d8c","block_type":"box","text":"BlackRock Funds","page_number":10,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"d5739ace-9f53-4a53-9871-15dcee19253f","block_type":"box","text":"SM","page_number":10,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"510c8721-c6df-473c-95a3-cc437b20e534","block_type":"box","text":"BlackRock Funds II","page_number":10,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"40908e95-dc6d-4a53-bb5e-f4f4cbe70342","block_type":"box","text":"BlackRock Funds III","page_number":10,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"986d9e97-cf69-4cac-8542-bd1297c30941","block_type":"box","text":"BlackRock Funds IV","page_number":10,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"1d3db50c-6665-4b37-979a-edb4e995c77c","block_type":"box","text":"BlackRock Funds V","page_number":10,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"835186d0-39f1-4e62-b6b5-e9ee49180c65","block_type":"box","text":"BlackRock Funds VI","page_number":10,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"8bbc0de8-9af1-405b-981e-1f65394ffad0","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":10,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"d1862b9e-e641-47c6-84e8-3e726d5356b8","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":10,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"da453321-ce33-4244-a9d2-8d05eed12ec1","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":10,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"b066575c-7e21-4ea5-8a17-4a431b906bc6","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":10,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"861abfe0-ba52-48f5-bd51-486c0951aaff","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":10,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"8356df75-5da1-4abc-865f-102269da4452","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":10,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"f5b8bfbb-d9bf-4978-957f-c52a05ef4462","block_type":"box","text":"BlackRock Liquidity Funds","page_number":10,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"080bad58-93c6-4c4a-8b06-b86c2fc221bf","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":10,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"30884554-e233-488e-829f-6fae44e2e9fe","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":10,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"1b2ff33a-ee13-4fe5-9a27-8c179166be61","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":10,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"b30ce1d9-023b-4cc5-9844-51a3bffc54bd","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":10,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"b406e587-3cf4-433b-b065-6ff0b4bc0787","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":10,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"3239250d-083f-4c7c-88c7-622c4e5c60d2","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":10,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"acab7e69-1e7b-46b6-94ef-e1e21a29a284","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":10,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"0501f8a0-d86a-4b32-93b3-3cebf2d9d5f1","block_type":"box","text":"BlackRock Series, Inc.","page_number":10,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"546017b8-a0f5-4531-9149-f0db3099bacd","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":10,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"8e1a84fa-12bc-4787-8260-14b6a25aa7a1","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":10,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"787fe8e9-e9a3-4da3-85d1-29759bd93c38","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":10,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"f1a7adf2-9b27-4dd1-a43b-dd4f533cfaf6","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":10,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"e4a82f49-6ab8-42b1-a692-3c930caaa390","block_type":"box","text":"Supplement dated September 11, 2026","page_number":10,"box":{"x":362,"y":382,"width":280,"height":12}},{"id":"40fe2903-4bf0-482e-8f2a-0fd3345266bf","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed in Appendix A (each, a","page_number":10,"box":{"x":137,"y":398,"width":729,"height":11}},{"id":"d615f092-b74b-4a40-8426-0c95c3600259","block_type":"box","text":"“Fund”), as amended from time to time.","page_number":10,"box":{"x":356,"y":413,"width":292,"height":11}},{"id":"834bd43c-60cc-4374-8bfd-aaf71d3c3b8a","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":10,"box":{"x":116,"y":444,"width":292,"height":9}},{"id":"dcdec399-0d98-4717-a69c-83458b101ae6","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":10,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"6cb87e04-e502-4b4e-928e-f89c1a090014","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":10,"box":{"x":116,"y":491,"width":721,"height":11}},{"id":"b08d4c09-5dab-4ca2-ad63-5bc9264f7396","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":10,"box":{"x":116,"y":506,"width":695,"height":12}},{"id":"bcaf3f51-6668-4289-853e-07328a3e2307","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":10,"box":{"x":116,"y":522,"width":734,"height":11}},{"id":"2009eb88-9916-46f8-8540-f9875e4b84ba","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":10,"box":{"x":116,"y":537,"width":712,"height":12}},{"id":"52775a5d-f03e-4067-ad95-64acfa0d2494","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":10,"box":{"x":116,"y":553,"width":771,"height":11}},{"id":"89776334-21a7-40ac-b9df-a115d996c6b4","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":10,"box":{"x":116,"y":568,"width":557,"height":12}},{"id":"3882b388-afa9-4895-b46f-31cc240765dc","block_type":"box","text":"&Partners","page_number":10,"box":{"x":116,"y":599,"width":72,"height":9}},{"id":"f51b992b-9d79-4dab-af1c-4258f9ed2568","block_type":"box","text":"AccuTech Systems Corporation","page_number":10,"box":{"x":116,"y":615,"width":219,"height":11}},{"id":"6cf7cc9f-4abe-46e1-9695-3607bdcb0ca9","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":10,"box":{"x":116,"y":630,"width":173,"height":11}},{"id":"65213797-12fd-4500-aa9d-0ebcff082410","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":10,"box":{"x":116,"y":646,"width":215,"height":11}},{"id":"e0830b39-8989-475a-bc40-5f7948aff7c7","block_type":"box","text":"Advisor Group, Inc.","page_number":10,"box":{"x":116,"y":661,"width":134,"height":12}},{"id":"08458bc3-753d-4b2b-915a-6dcfc1d3cdf5","block_type":"box","text":"AE Wealth Management, LLC","page_number":10,"box":{"x":116,"y":677,"width":207,"height":11}},{"id":"8521800d-7b33-45c1-8b4e-a9b5c68e27ad","block_type":"box","text":"Alight Solutions LLC","page_number":10,"box":{"x":116,"y":692,"width":146,"height":12}},{"id":"1caac767-e68c-4a5d-babe-9ab18c6810a0","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":10,"box":{"x":116,"y":708,"width":250,"height":10}},{"id":"bd9f2ef4-3270-43ac-b677-31596b500452","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":10,"box":{"x":116,"y":723,"width":314,"height":12}},{"id":"60057226-7f44-43e5-828a-b1905b458ff7","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":10,"box":{"x":116,"y":739,"width":345,"height":11}},{"id":"c171a4d4-b26e-44ac-a748-a4f1bfb5d162","block_type":"box","text":"Altruist Financial LLC","page_number":10,"box":{"x":116,"y":754,"width":154,"height":9}},{"id":"56c06dd1-2bf0-440e-9e0c-0ae326e04f13","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":10,"box":{"x":116,"y":770,"width":313,"height":11}},{"id":"a76a8f8c-97c7-4663-8363-d186dfcefcd8","block_type":"box","text":"American General Life Insurance Company","page_number":10,"box":{"x":116,"y":785,"width":295,"height":12}},{"id":"e97fee05-df2a-4a88-a075-d1b8317d9d6a","block_type":"box","text":"American United Life Insurance Company","page_number":10,"box":{"x":116,"y":801,"width":288,"height":11}},{"id":"88702e21-fbfc-488f-b6a1-bd9556ac573f","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":10,"box":{"x":116,"y":816,"width":292,"height":12}},{"id":"d2e916e8-7135-41a3-bc47-2c7312f83248","block_type":"box","text":"Anthem Securities LLC","page_number":10,"box":{"x":116,"y":832,"width":165,"height":9}},{"id":"cf52320d-aaee-439d-ad48-b55a0b5856b0","block_type":"box","text":"Argent Institutional Trust Company","page_number":10,"box":{"x":116,"y":847,"width":246,"height":12}},{"id":"b38cf1cc-0059-4d44-ace0-82c3cd53772d","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":10,"box":{"x":116,"y":863,"width":263,"height":10}},{"id":"e23c0e12-d825-409e-acec-041778b318d7","block_type":"box","text":"Ascensus, Inc.","page_number":10,"box":{"x":116,"y":878,"width":102,"height":11}},{"id":"2afebb96-bffb-4e80-85af-2851d8fc1f33","block_type":"box","text":"Atomic Brokerage LLC","page_number":10,"box":{"x":116,"y":894,"width":165,"height":11}},{"id":"69b3e6df-cdae-473c-9f89-84a0c9a6ae07","block_type":"box","text":"Avantax Investment Services, LLC","page_number":10,"box":{"x":116,"y":909,"width":237,"height":11}},{"id":"88e5a36a-82ad-4054-ab53-61ffd762c2f2","block_type":"box","text":"Bancroft Capital LLC","page_number":10,"box":{"x":520,"y":599,"width":152,"height":12}},{"id":"83922f41-2bac-4908-a35f-a79fa9885ca3","block_type":"box","text":"Bank of America, N.A.","page_number":10,"box":{"x":520,"y":615,"width":161,"height":10}},{"id":"a8aedb61-6b47-4249-a140-d9dc7b3a2420","block_type":"box","text":"Bank of New York Mellon","page_number":10,"box":{"x":520,"y":630,"width":185,"height":9}},{"id":"63d8f836-7e5f-4248-a6d7-ec62071894d8","block_type":"box","text":"Barclays Capital Inc.","page_number":10,"box":{"x":520,"y":646,"width":146,"height":11}},{"id":"3454d97a-a783-4059-ac39-dca6abfb6112","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":10,"box":{"x":520,"y":661,"width":290,"height":11}},{"id":"7a2baf77-38ef-4069-8353-099ff1f2b73e","block_type":"box","text":"Benefit Trust Company","page_number":10,"box":{"x":520,"y":677,"width":158,"height":11}},{"id":"d068ea22-9703-4b44-8ca7-9b8da8b56801","block_type":"box","text":"Beta Capital Securities LLC","page_number":10,"box":{"x":520,"y":692,"width":190,"height":12}},{"id":"1f9d14b3-1305-44a8-9f39-07478e19e656","block_type":"box","text":"bfinance US Ltd.","page_number":10,"box":{"x":520,"y":708,"width":114,"height":9}},{"id":"ce9d3850-8ac4-49df-9f69-cf7ba4193c31","block_type":"box","text":"BlackRock Advisors, LLC","page_number":10,"box":{"x":520,"y":723,"width":179,"height":11}},{"id":"6d76aeb5-04fe-4e38-b136-54e454606b2e","block_type":"box","text":"BMO Capital Markets Corp.","page_number":10,"box":{"x":520,"y":739,"width":191,"height":11}},{"id":"ea0c372b-658a-44ca-acb2-a0a86e7b4c65","block_type":"box","text":"BNP Paribas","page_number":10,"box":{"x":520,"y":754,"width":85,"height":9}},{"id":"f11fc103-17d7-45db-afec-cf89c8c78abc","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":10,"box":{"x":520,"y":770,"width":311,"height":9}},{"id":"99620e0d-ce58-41e4-96c8-aa7df124a942","block_type":"box","text":"BNY Mellon, N.A.","page_number":10,"box":{"x":520,"y":785,"width":128,"height":11}},{"id":"28f72402-8395-4db4-8640-88716ad59d7e","block_type":"box","text":"BofA Securities, Inc.","page_number":10,"box":{"x":520,"y":801,"width":141,"height":10}},{"id":"53918ea9-eba3-49ad-ad95-425b75e5b543","block_type":"box","text":"BOKF, N.A.","page_number":10,"box":{"x":520,"y":816,"width":84,"height":11}},{"id":"e728429c-7bda-4688-9e34-283b666cd1e1","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":10,"box":{"x":520,"y":832,"width":258,"height":11}},{"id":"8acd2608-f2d0-47de-aabd-a21b1eab28da","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":10,"box":{"x":520,"y":847,"width":305,"height":12}},{"id":"1038fc07-cc5d-4a3c-9573-473265eee115","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":10,"box":{"x":520,"y":863,"width":327,"height":11}},{"id":"3d83bbb7-998c-4dc3-ae38-5a4f34cdb5cd","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":10,"box":{"x":520,"y":878,"width":226,"height":9}},{"id":"e628925a-7641-4bd7-b902-0409c845f3f4","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":10,"box":{"x":520,"y":894,"width":210,"height":11}},{"id":"8359a71a-7e6a-40aa-a4ac-e13281cdb4c7","block_type":"box","text":"Capital One, N.A.","page_number":10,"box":{"x":520,"y":909,"width":121,"height":12}},{"id":"7869debf-0cc2-4260-a00b-39ebaa11de44","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":10,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"72be3c86-d077-4450-ba35-4e45657ff9c1","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":11,"box":{"x":116,"y":88,"width":212,"height":9}},{"id":"8b6ce493-d92c-4360-b881-ca473a285e56","block_type":"box","text":"Cetera Advisors LLC","page_number":11,"box":{"x":116,"y":103,"width":149,"height":9}},{"id":"5e47d00c-6c6c-499f-a136-2665c156dc29","block_type":"box","text":"Cetera Financial Group","page_number":11,"box":{"x":116,"y":119,"width":162,"height":11}},{"id":"1bc58ac5-c600-4d7b-87cc-996bf9a1b83c","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":11,"box":{"x":116,"y":134,"width":227,"height":12}},{"id":"1f1311cd-b08e-4106-9ca6-76e7bc21cdd4","block_type":"box","text":"Cetera Investment Services LLC","page_number":11,"box":{"x":116,"y":150,"width":224,"height":9}},{"id":"8b75de4b-5890-444f-8ec8-48ac6fe95c46","block_type":"box","text":"CF Secured, LLC","page_number":11,"box":{"x":116,"y":165,"width":123,"height":11}},{"id":"c3831f0c-32d1-4c7f-abe4-11c64746fe50","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":11,"box":{"x":116,"y":181,"width":192,"height":10}},{"id":"9c3606cc-2b5a-4d3f-9c37-1500ef33996e","block_type":"box","text":"Charles Schwab Trust Bank","page_number":11,"box":{"x":116,"y":196,"width":192,"height":9}},{"id":"e9687fa8-a86c-49ea-8441-fb1e6dd9a89e","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":11,"box":{"x":116,"y":212,"width":238,"height":11}},{"id":"2f34a449-eb5b-4cd7-aaac-61a83ae321e6","block_type":"box","text":"CIM Investment Management, Inc.","page_number":11,"box":{"x":116,"y":227,"width":241,"height":12}},{"id":"cd1266f0-b73f-4b56-a8f8-c7018550053e","block_type":"box","text":"Citco Securities, LLC","page_number":11,"box":{"x":116,"y":243,"width":151,"height":10}},{"id":"ffe79a7b-bd6b-4e7a-a386-f76ef3e988a6","block_type":"box","text":"CitiBank, National Association","page_number":11,"box":{"x":116,"y":258,"width":215,"height":11}},{"id":"17071f77-1638-4f24-af79-a69dbe9acba9","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":11,"box":{"x":116,"y":274,"width":212,"height":11}},{"id":"856d8939-6d31-4755-a7f1-e92e206d3deb","block_type":"box","text":"Citizens Bank","page_number":11,"box":{"x":116,"y":289,"width":99,"height":9}},{"id":"6ccdc319-e11f-47ee-a45b-60eba12a38c1","block_type":"box","text":"Citizens Business Bank","page_number":11,"box":{"x":116,"y":305,"width":163,"height":9}},{"id":"ec786845-e570-4724-8489-4cac6de456dc","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":11,"box":{"x":116,"y":320,"width":231,"height":12}},{"id":"fdbd6d91-fa9a-468d-8699-cad39d903793","block_type":"box","text":"CMFG Life Insurance Company","page_number":11,"box":{"x":116,"y":336,"width":223,"height":11}},{"id":"0a580d58-ef2e-439a-b913-3e3ce79b481d","block_type":"box","text":"Comerica Bank","page_number":11,"box":{"x":116,"y":351,"width":109,"height":9}},{"id":"200ec197-22d1-434f-8f54-3618fb3584ba","block_type":"box","text":"Commonwealth Financial Network","page_number":11,"box":{"x":116,"y":367,"width":242,"height":9}},{"id":"ab7f7718-114d-4e5a-a045-15d4ce5c6be4","block_type":"box","text":"Computershare Trust Company","page_number":11,"box":{"x":116,"y":382,"width":216,"height":12}},{"id":"b9d4b85d-a761-40ae-80dd-9c26f4ac2e5a","block_type":"box","text":"Conduent HR Services, LLC","page_number":11,"box":{"x":116,"y":398,"width":198,"height":10}},{"id":"281a0087-1dec-4730-9308-2d2173f2b51f","block_type":"box","text":"Delaware Life Insurance Company","page_number":11,"box":{"x":116,"y":413,"width":240,"height":12}},{"id":"e0a8e1ec-ff16-48c5-ba3c-3e4226f85ba5","block_type":"box","text":"Delaware Trust Company","page_number":11,"box":{"x":116,"y":429,"width":178,"height":11}},{"id":"cfd5d943-0300-4790-924f-47796151c988","block_type":"box","text":"Deutsche Bank AG","page_number":11,"box":{"x":116,"y":444,"width":135,"height":9}},{"id":"0719f0f7-4af3-4a11-91b1-c078acc71e6c","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":11,"box":{"x":116,"y":460,"width":285,"height":11}},{"id":"b3d8fc4c-6d9b-4d68-8f8d-19df10ca0c97","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":11,"box":{"x":116,"y":475,"width":232,"height":12}},{"id":"be12e3c0-5472-4e8f-a9a8-b74c5b3eb0a0","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":11,"box":{"x":116,"y":491,"width":328,"height":10}},{"id":"500880d2-479c-4cde-a0be-5f7b9bac2b67","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":11,"box":{"x":116,"y":506,"width":223,"height":12}},{"id":"f41a8f6b-31bb-4859-b83d-27f2a00f2211","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":11,"box":{"x":116,"y":522,"width":200,"height":10}},{"id":"5b69bfcd-c2b0-4574-b62a-de2b69e38d8a","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":11,"box":{"x":116,"y":537,"width":298,"height":12}},{"id":"923b9466-1a91-48ee-95dc-49e971fe39c1","block_type":"box","text":"Company","page_number":11,"box":{"x":116,"y":553,"width":69,"height":11}},{"id":"907d0eb2-92f9-4569-8a13-20357cdbef34","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":11,"box":{"x":116,"y":568,"width":349,"height":12}},{"id":"b6ce3a10-0dd9-47ae-9923-a9a867493782","block_type":"box","text":"Empower Financial Services, Inc.","page_number":11,"box":{"x":116,"y":584,"width":232,"height":11}},{"id":"f500ca0a-0a00-4b6d-a770-e7680d7d2fa8","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":11,"box":{"x":116,"y":599,"width":336,"height":12}},{"id":"da102555-aad9-4b17-bbb4-a2430cd56797","block_type":"box","text":"New York","page_number":11,"box":{"x":116,"y":615,"width":74,"height":9}},{"id":"60e5ab1d-451e-43c0-848a-3a24f069cebb","block_type":"box","text":"Empower Plan Services, LLC","page_number":11,"box":{"x":116,"y":630,"width":205,"height":12}},{"id":"8d0ce68a-3c90-4825-8cde-0a833747b20a","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":11,"box":{"x":116,"y":646,"width":238,"height":11}},{"id":"16a39813-dc49-4577-9166-c10c4096bcc8","block_type":"box","text":"Equitable Advisors, LLC","page_number":11,"box":{"x":116,"y":661,"width":169,"height":12}},{"id":"dede1b34-e53c-4f4b-b8d5-a5389c144866","block_type":"box","text":"Equitable Life Insurance Company","page_number":11,"box":{"x":116,"y":677,"width":236,"height":11}},{"id":"11356983-b023-44e1-a9b5-0bd9e632a08a","block_type":"box","text":"E*trade Savings Bank","page_number":11,"box":{"x":116,"y":692,"width":150,"height":12}},{"id":"a8ea39de-2f1a-4aa7-b825-53749c7a091e","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":11,"box":{"x":116,"y":708,"width":262,"height":11}},{"id":"7c9736bf-9032-4863-9e72-bf3957a0d110","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":11,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"d0c960ae-85a1-48a1-a58f-6356bca1b8e7","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":11,"box":{"x":116,"y":739,"width":301,"height":11}},{"id":"243b56f2-77ba-43d0-8875-66b5fd7bc2f1","block_type":"box","text":"Company, Inc.","page_number":11,"box":{"x":116,"y":754,"width":98,"height":12}},{"id":"3e4b8363-6888-486e-8ad7-abcbe9e52440","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":11,"box":{"x":116,"y":770,"width":309,"height":11}},{"id":"db333b84-adf2-4915-8c8e-ced6a54b20f0","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":11,"box":{"x":116,"y":785,"width":178,"height":11}},{"id":"94deeef6-8d23-4c11-a82e-0d2cefbbdbb0","block_type":"box","text":"First Allied Securities, Inc.","page_number":11,"box":{"x":116,"y":801,"width":181,"height":10}},{"id":"0ba91449-cd21-40c5-88c4-92bf773194ee","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":11,"box":{"x":116,"y":816,"width":269,"height":12}},{"id":"88c9ddb7-cfbf-4b1e-9025-e3c39b741fc7","block_type":"box","text":"First Hawaiian Bank","page_number":11,"box":{"x":116,"y":832,"width":143,"height":9}},{"id":"630584c3-845c-4a8a-b940-f28f66f50a68","block_type":"box","text":"First Republic Bank","page_number":11,"box":{"x":116,"y":847,"width":140,"height":12}},{"id":"90eab7c8-7b34-4a02-b212-9d4a895061fe","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":11,"box":{"x":116,"y":863,"width":339,"height":11}},{"id":"02286f9e-0641-40d7-b8a3-7a6c52e2d372","block_type":"box","text":"Company of New York","page_number":11,"box":{"x":116,"y":878,"width":162,"height":12}},{"id":"00f8ffbf-7496-4638-b62e-ea83c518e2e5","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":11,"box":{"x":520,"y":88,"width":348,"height":11}},{"id":"f99a6544-925b-4b30-94e7-243dc4040bad","block_type":"box","text":"New York","page_number":11,"box":{"x":520,"y":103,"width":74,"height":9}},{"id":"dbd930c0-fbf1-404d-9e62-6498d7443bb5","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":11,"box":{"x":520,"y":119,"width":262,"height":11}},{"id":"49ef0fa5-d3e2-4ea1-bd03-2e794c541757","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":11,"box":{"x":520,"y":134,"width":288,"height":12}},{"id":"dd6d7517-82d3-4134-99d9-341e72e0c3a5","block_type":"box","text":"FNEX Capital, LLC","page_number":11,"box":{"x":520,"y":150,"width":141,"height":11}},{"id":"d828634c-9bde-4faa-a95c-85664e8cbe4a","block_type":"box","text":"Forethought Life Insurance Company","page_number":11,"box":{"x":520,"y":165,"width":258,"height":12}},{"id":"4fdec09a-eb7c-46ca-95ee-27fd6deddcdb","block_type":"box","text":"FSC Securities Corporation","page_number":11,"box":{"x":520,"y":181,"width":190,"height":11}},{"id":"faff3eb4-2700-4b49-9f00-c44135b3c31b","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":11,"box":{"x":520,"y":196,"width":331,"height":12}},{"id":"e23c66d7-b8e5-4e88-9e1c-f7eace6a03c9","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":11,"box":{"x":520,"y":212,"width":336,"height":11}},{"id":"acae0593-4b1a-430e-99b4-73a5b7fd438c","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":11,"box":{"x":520,"y":227,"width":233,"height":11}},{"id":"398a9d8d-7961-4465-b8c9-051526dd88f8","block_type":"box","text":"Goldman Sachs & Co.","page_number":11,"box":{"x":520,"y":243,"width":156,"height":9}},{"id":"3d7af5c5-133e-47ab-baec-a7d503cd7248","block_type":"box","text":"Great Pacific Securities, LLC","page_number":11,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"8c43223b-12f7-4220-a355-34678850cc8e","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":11,"box":{"x":520,"y":274,"width":275,"height":11}},{"id":"af31078e-9dd2-4ab4-8d3c-15d53da017cc","block_type":"box","text":"Hancock Whitney Bank","page_number":11,"box":{"x":520,"y":289,"width":166,"height":12}},{"id":"bd7b57c8-ac85-47e4-9dca-d1abe11b3c17","block_type":"box","text":"Hartford Funds Management Company","page_number":11,"box":{"x":520,"y":305,"width":269,"height":11}},{"id":"883ec9bf-b4bf-4346-a787-49f4525c1e45","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":11,"box":{"x":520,"y":320,"width":322,"height":12}},{"id":"7126163c-2399-4b17-b5e7-40792e32ba12","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":11,"box":{"x":520,"y":336,"width":203,"height":10}},{"id":"3a512543-ff15-41c9-adc5-cc96860e3133","block_type":"box","text":"Hightower Securities, Inc.","page_number":11,"box":{"x":520,"y":351,"width":181,"height":12}},{"id":"d07c780f-05b7-45f8-9cf6-26d902b305db","block_type":"box","text":"Hilltop Securities Inc.","page_number":11,"box":{"x":520,"y":367,"width":152,"height":11}},{"id":"25545d19-fda1-4c40-a73f-32ded1396273","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":11,"box":{"x":520,"y":382,"width":166,"height":11}},{"id":"dc6e77c3-94bc-4e86-b102-c441e5299cef","block_type":"box","text":"Huntington Securities, Inc.","page_number":11,"box":{"x":520,"y":398,"width":186,"height":11}},{"id":"9afa1648-3432-4311-8662-02e03ec6a83f","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":11,"box":{"x":520,"y":413,"width":249,"height":11}},{"id":"f17f0296-e8b7-4cb9-8f34-ab6524aaa828","block_type":"box","text":"Integrity Life Insurance Company","page_number":11,"box":{"x":520,"y":429,"width":234,"height":11}},{"id":"8f857f97-f2e3-490a-b9b1-436584be393d","block_type":"box","text":"Interactive Brokers, LLC","page_number":11,"box":{"x":520,"y":444,"width":174,"height":11}},{"id":"f439d01e-a488-4716-a29b-1841e8de968e","block_type":"box","text":"Investment Trust of California","page_number":11,"box":{"x":520,"y":460,"width":209,"height":9}},{"id":"33177bb3-2726-488f-8afe-dbeb38283180","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":11,"box":{"x":520,"y":475,"width":287,"height":12}},{"id":"bc225535-5291-4e82-88bb-7afb617c187e","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":11,"box":{"x":520,"y":491,"width":193,"height":11}},{"id":"b8c3f876-6136-471f-9686-102cc693ed9c","block_type":"box","text":"Jefferies LLC","page_number":11,"box":{"x":520,"y":506,"width":97,"height":9}},{"id":"f1c9c71a-d942-41d0-a54c-a04c99320f4f","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":11,"box":{"x":520,"y":522,"width":300,"height":11}},{"id":"f0e397b6-fc71-4166-8a21-d8d82778df7c","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":11,"box":{"x":520,"y":537,"width":318,"height":12}},{"id":"c3419138-1c1f-423a-bffe-ecf373345a38","block_type":"box","text":"New York","page_number":11,"box":{"x":520,"y":553,"width":74,"height":9}},{"id":"4bbcf04a-ec57-43ae-86fa-6ad90891da74","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":11,"box":{"x":520,"y":568,"width":333,"height":12}},{"id":"d6aef018-3a67-43a9-9807-03d20a519ad6","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":11,"box":{"x":520,"y":584,"width":365,"height":11}},{"id":"d89b1eee-7627-457e-bce1-222a46b7a907","block_type":"box","text":"John Hancock Trust Company","page_number":11,"box":{"x":520,"y":599,"width":209,"height":12}},{"id":"15485f30-0d98-4468-b538-1f83d02bd3f3","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":11,"box":{"x":520,"y":615,"width":199,"height":11}},{"id":"5836429e-984e-4b96-b3c8-c7a345692084","block_type":"box","text":"Kestra Investment Services, LLC","page_number":11,"box":{"x":520,"y":630,"width":229,"height":11}},{"id":"d84b8146-fa92-4cdb-9382-c95da9ee2d0e","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":11,"box":{"x":520,"y":646,"width":274,"height":11}},{"id":"0c916196-d803-47c4-87ba-f8bb7b248ea2","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":11,"box":{"x":520,"y":661,"width":275,"height":12}},{"id":"f63d5a4b-f3c1-4ffb-830e-c1044a88de35","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":11,"box":{"x":520,"y":677,"width":324,"height":11}},{"id":"57d89a79-6cd9-41e7-9fa9-75393e1c2ec4","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":11,"box":{"x":520,"y":692,"width":286,"height":12}},{"id":"a9a769aa-22f0-4eb5-a597-e8a9152dacc0","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":11,"box":{"x":520,"y":708,"width":228,"height":9}},{"id":"dbba0d9a-14ff-43c1-acc4-a123e723e5f1","block_type":"box","text":"Lombard International Life Assurance Company","page_number":11,"box":{"x":520,"y":723,"width":328,"height":12}},{"id":"1fa3c080-283a-40be-92c4-54c32dd0bab1","block_type":"box","text":"LPL Financial LLC","page_number":11,"box":{"x":520,"y":739,"width":132,"height":9}},{"id":"2dca6020-4abd-4b8f-804b-20d4adaf3dad","block_type":"box","text":"M&T Securities Inc.","page_number":11,"box":{"x":520,"y":754,"width":138,"height":9}},{"id":"1ae35e3f-b61c-4863-a297-5024ddbe7dd4","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":11,"box":{"x":520,"y":770,"width":291,"height":11}},{"id":"b80bf43d-256e-4594-806d-50790af8630d","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":11,"box":{"x":520,"y":785,"width":321,"height":12}},{"id":"269c44da-7e95-45a6-9ded-fd2226712dcf","block_type":"box","text":"Members Life Insurance Company","page_number":11,"box":{"x":520,"y":801,"width":235,"height":11}},{"id":"137d0d0b-af0f-401a-83e2-bf9d919e6628","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":11,"box":{"x":520,"y":816,"width":353,"height":12}},{"id":"b9f6a301-1994-4d0d-a9e0-9f2330415c6f","block_type":"box","text":"Metavante Corporation","page_number":11,"box":{"x":520,"y":832,"width":161,"height":11}},{"id":"e7858a35-3f1e-45bf-8fc6-63859524184b","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":11,"box":{"x":520,"y":847,"width":264,"height":12}},{"id":"01abd137-21a4-4425-8a27-2b1c90977766","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":11,"box":{"x":520,"y":863,"width":332,"height":11}},{"id":"07f3a1e6-f9f1-4798-b6ea-c22b93e7a72a","block_type":"box","text":"Midland Life Insurance Company","page_number":11,"box":{"x":520,"y":878,"width":233,"height":12}},{"id":"10037b66-0d73-45ab-a335-a098f514a5f5","block_type":"box","text":"2","page_number":11,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"316d6509-33c3-49f3-8201-561f2b8b5763","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":11,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3b9f0b3b-bd86-48c9-9bf9-bc8f04a839e5","block_type":"box","text":"Minnesota Life Insurance Company","page_number":12,"box":{"x":116,"y":88,"width":247,"height":11}},{"id":"cd68c685-734c-461a-b224-d2a33e1a33b6","block_type":"box","text":"Mischler Financial Group","page_number":12,"box":{"x":116,"y":103,"width":178,"height":12}},{"id":"15f7d4a5-6b90-4713-9b4d-c39e9a620dbf","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":12,"box":{"x":116,"y":119,"width":195,"height":9}},{"id":"c87283ab-c940-454d-946e-c747a9f7d9a4","block_type":"box","text":"MML Distributors, LLC","page_number":12,"box":{"x":116,"y":134,"width":169,"height":11}},{"id":"996590ec-928a-4a09-80f5-6c478e898dae","block_type":"box","text":"MML Investors Services, LLC","page_number":12,"box":{"x":116,"y":150,"width":212,"height":10}},{"id":"c2de2023-d8a8-4133-930a-f07c4a8019d3","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":12,"box":{"x":116,"y":165,"width":193,"height":12}},{"id":"092284eb-e654-4ef7-9238-31c7222ce486","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":12,"box":{"x":116,"y":181,"width":232,"height":11}},{"id":"f58a4c9c-d6fb-4d94-bced-b5385a24b2f0","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":12,"box":{"x":116,"y":196,"width":245,"height":12}},{"id":"47c4b5ef-e662-4ad0-a188-b3901777ab30","block_type":"box","text":"MUFG Union Bank, National Association","page_number":12,"box":{"x":116,"y":212,"width":289,"height":10}},{"id":"858f5373-52a2-4470-9a18-0cac7ad1ee31","block_type":"box","text":"Nassau Life Insurance Company","page_number":12,"box":{"x":116,"y":227,"width":224,"height":12}},{"id":"93955280-65ec-43d3-b401-17e5e15fe3a7","block_type":"box","text":"National Financial Services LLC","page_number":12,"box":{"x":116,"y":243,"width":226,"height":9}},{"id":"2295d050-f34f-4b5a-8980-d64c2a7bac5d","block_type":"box","text":"National Integrity Life Insurance Company","page_number":12,"box":{"x":116,"y":258,"width":296,"height":12}},{"id":"7c560f16-8d88-4daa-83e5-1b1aee6ee90c","block_type":"box","text":"National Life Insurance Company","page_number":12,"box":{"x":116,"y":274,"width":234,"height":11}},{"id":"d3872d77-0e39-4bb8-ac71-3b6c75b63984","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":12,"box":{"x":116,"y":289,"width":245,"height":11}},{"id":"c1c19822-5c12-4b2a-a56d-2a9e584eb035","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":12,"box":{"x":116,"y":305,"width":242,"height":9}},{"id":"06dc7837-7868-49df-9762-11d079b32b98","block_type":"box","text":"Nationwide Retirement Solutions","page_number":12,"box":{"x":116,"y":320,"width":230,"height":9}},{"id":"ab34f1da-e103-48cc-9d60-20c767a3582d","block_type":"box","text":"NCB Federal Savings Bank","page_number":12,"box":{"x":116,"y":336,"width":191,"height":11}},{"id":"9e3d175f-05ae-4bce-b1a7-9771134dfeb1","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":12,"box":{"x":116,"y":351,"width":288,"height":12}},{"id":"be9bcbf4-8cfa-4027-b4d7-2b88aad42ab1","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":12,"box":{"x":116,"y":367,"width":350,"height":11}},{"id":"8b511589-6f6b-4c6b-9dec-2aee21094989","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":12,"box":{"x":116,"y":382,"width":237,"height":12}},{"id":"aac35a07-b8ac-4f75-900a-ab3d1921501b","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":12,"box":{"x":116,"y":398,"width":249,"height":11}},{"id":"5dbb47ba-0b5d-420d-be35-497ac9604e1a","block_type":"box","text":"Northern Trust Company","page_number":12,"box":{"x":116,"y":413,"width":174,"height":12}},{"id":"b8f91c83-0cde-4c7b-be3e-ef80f820e26f","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":12,"box":{"x":116,"y":429,"width":329,"height":10}},{"id":"f42706aa-cb4a-4d7b-a356-6b097b33bf4d","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":12,"box":{"x":116,"y":444,"width":320,"height":12}},{"id":"13d001ce-9db9-463f-8b9d-f02c30796c64","block_type":"box","text":"NYLife Distributors LLC","page_number":12,"box":{"x":116,"y":460,"width":177,"height":9}},{"id":"f870be2f-df12-490c-bcc3-76313e9e7962","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":12,"box":{"x":116,"y":475,"width":175,"height":12}},{"id":"7d1d666c-4ccb-4086-8d61-ac0b0432f180","block_type":"box","text":"Orion Advisor Services, LLC","page_number":12,"box":{"x":116,"y":491,"width":203,"height":10}},{"id":"671ab20d-f7db-4b79-ab20-cd1c4ca4b46d","block_type":"box","text":"Osaic Wealth, Inc.","page_number":12,"box":{"x":116,"y":506,"width":129,"height":11}},{"id":"3d4e8619-e392-45e7-b855-3eb5ebd16dc4","block_type":"box","text":"Pacific Life & Annuity Company","page_number":12,"box":{"x":116,"y":522,"width":230,"height":11}},{"id":"5abbdc54-6c00-4b87-acdd-ffddffe1071c","block_type":"box","text":"Pacific Life Insurance Company","page_number":12,"box":{"x":116,"y":537,"width":223,"height":12}},{"id":"e264f5f0-2ea4-4227-8a53-704a9655c2ce","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":12,"box":{"x":116,"y":553,"width":221,"height":10}},{"id":"87e21828-effc-4b03-92a5-cb529cc5ecfe","block_type":"box","text":"Park Avenue Securities LLC","page_number":12,"box":{"x":116,"y":568,"width":198,"height":9}},{"id":"bb3315b0-6720-46a9-9cc1-f9a48a097a0d","block_type":"box","text":"Penserra Securities LLC","page_number":12,"box":{"x":116,"y":584,"width":169,"height":9}},{"id":"d4642d21-fba4-4ef5-9a5b-e163227bbb3f","block_type":"box","text":"Pershing LLC","page_number":12,"box":{"x":116,"y":599,"width":99,"height":12}},{"id":"80efad55-2f06-4867-8f1f-20662ad2951f","block_type":"box","text":"PFPC Inc.","page_number":12,"box":{"x":116,"y":615,"width":73,"height":9}},{"id":"b2e69b27-09b9-49a9-9ed3-e581d6653dc2","block_type":"box","text":"Piper Jaffray & Co.","page_number":12,"box":{"x":116,"y":630,"width":136,"height":12}},{"id":"8499cd72-9c3f-4f95-8cd2-835bd9946a52","block_type":"box","text":"PNC Bank, National Association","page_number":12,"box":{"x":116,"y":646,"width":226,"height":10}},{"id":"69d6aac4-8700-49d6-9380-f30d67d10233","block_type":"box","text":"PNC Capital Markets LLC","page_number":12,"box":{"x":116,"y":661,"width":180,"height":12}},{"id":"d9b3e87e-794b-42d5-aaad-a2246d78d51a","block_type":"box","text":"PNC Investments LLC","page_number":12,"box":{"x":116,"y":677,"width":154,"height":9}},{"id":"e24547a5-aff0-455f-85c3-3fb71ef4a604","block_type":"box","text":"Principal Bank","page_number":12,"box":{"x":116,"y":692,"width":100,"height":12}},{"id":"c3b8caac-508d-4d34-a65f-a132499cf1fc","block_type":"box","text":"Principal Life Insurance Company","page_number":12,"box":{"x":116,"y":708,"width":232,"height":11}},{"id":"dbd2b512-7421-4ab0-97fe-202354929ddc","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":12,"box":{"x":116,"y":723,"width":327,"height":12}},{"id":"7127947a-05c8-4ecf-af79-8e99f8ec493f","block_type":"box","text":"Protective Life Insurance Company","page_number":12,"box":{"x":116,"y":739,"width":239,"height":11}},{"id":"2cc31757-1323-43f2-91f6-295349e12f5c","block_type":"box","text":"Pruco Life Insurance Company","page_number":12,"box":{"x":116,"y":754,"width":210,"height":12}},{"id":"f2385fca-8ce1-4f2e-b42d-8c068ff69ac2","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":12,"box":{"x":116,"y":770,"width":311,"height":11}},{"id":"25a1db9c-8d5a-434d-aedb-f5fad3294bb7","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":12,"box":{"x":116,"y":785,"width":257,"height":11}},{"id":"5a63d621-d6a3-493e-aafb-b3b7dff65341","block_type":"box","text":"Prudential Insurance Company of America","page_number":12,"box":{"x":116,"y":801,"width":289,"height":11}},{"id":"aca9338a-5cee-4802-918f-5a6ccf620c98","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":12,"box":{"x":116,"y":816,"width":237,"height":12}},{"id":"5fffda3d-54f7-414e-a6aa-8e27aadaa3d9","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":12,"box":{"x":116,"y":832,"width":277,"height":11}},{"id":"b27d0b15-ad73-4f1b-9509-dbbee5067c44","block_type":"box","text":"RBC Capital Markets, LLC","page_number":12,"box":{"x":116,"y":847,"width":190,"height":12}},{"id":"50525df9-0705-41eb-a264-537d251ac05b","block_type":"box","text":"Regions Bank","page_number":12,"box":{"x":116,"y":863,"width":99,"height":11}},{"id":"8d941f26-bd08-4399-a2cc-7add7af3ba14","block_type":"box","text":"Reliance Trust Company","page_number":12,"box":{"x":116,"y":878,"width":172,"height":12}},{"id":"e7885021-51d3-41d7-ac89-6865406ebed6","block_type":"box","text":"Reliastar Life Insurance Company","page_number":12,"box":{"x":520,"y":88,"width":236,"height":11}},{"id":"587e4a95-8213-44f7-879b-5dc14de50310","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":12,"box":{"x":520,"y":103,"width":329,"height":12}},{"id":"d02761d5-3858-4c5b-91dc-f7bb991a3574","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":12,"box":{"x":520,"y":119,"width":207,"height":10}},{"id":"7b0a2bde-7873-4539-ad4b-d731b88dcfb7","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":12,"box":{"x":520,"y":134,"width":311,"height":9}},{"id":"5ee46d46-31e3-4674-a066-16c36b0f5f58","block_type":"box","text":"RiverSource Life Insurance Company","page_number":12,"box":{"x":520,"y":150,"width":260,"height":11}},{"id":"33a60c84-a56e-4c2f-842b-ad3d1795dce3","block_type":"box","text":"SagePoint Financial, Inc.","page_number":12,"box":{"x":520,"y":165,"width":173,"height":12}},{"id":"7b3d1692-dc14-4653-97d1-144069a6b77e","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":12,"box":{"x":520,"y":181,"width":252,"height":10}},{"id":"67295306-bb7c-4f96-9940-2b3a34dce792","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":12,"box":{"x":520,"y":196,"width":212,"height":12}},{"id":"18810f21-2617-458b-b368-5924efc677b9","block_type":"box","text":"Santander Bank, N.A.","page_number":12,"box":{"x":520,"y":212,"width":152,"height":10}},{"id":"21780738-a606-4abd-8d98-803cb0a71e42","block_type":"box","text":"Saturna Trust Company","page_number":12,"box":{"x":520,"y":227,"width":165,"height":12}},{"id":"98289149-dec2-4014-a307-c5863ac59a50","block_type":"box","text":"Securities America, Inc.","page_number":12,"box":{"x":520,"y":243,"width":167,"height":10}},{"id":"8127239c-2aac-4acc-a329-97948f24baf9","block_type":"box","text":"Securities Finance Trust Company","page_number":12,"box":{"x":520,"y":258,"width":238,"height":12}},{"id":"44564ccb-09b3-4dec-bf20-eb6f8a85e88b","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":12,"box":{"x":520,"y":274,"width":286,"height":11}},{"id":"8cf6b741-5016-4f32-9096-a85ab8557db4","block_type":"box","text":"Security Financial Resources, Inc.","page_number":12,"box":{"x":520,"y":289,"width":235,"height":12}},{"id":"7f7ddf9e-21b9-4ff8-92dd-d6e8c49e979f","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":12,"box":{"x":520,"y":305,"width":304,"height":11}},{"id":"03729c38-f97d-4d56-b8a6-03a295febec4","block_type":"box","text":"SEI Private Trust Company","page_number":12,"box":{"x":520,"y":320,"width":191,"height":12}},{"id":"028727b8-3f5d-40ca-ab40-1c073f730631","block_type":"box","text":"SG Americas Securities, LLC","page_number":12,"box":{"x":520,"y":336,"width":205,"height":10}},{"id":"f4c7a573-fd0e-4684-9838-d2aae9ff8b0c","block_type":"box","text":"Silicon Valley Bank","page_number":12,"box":{"x":520,"y":351,"width":141,"height":12}},{"id":"fcd109aa-4c83-4ea9-a008-1dd9b24416d7","block_type":"box","text":"Standard Insurance Company","page_number":12,"box":{"x":520,"y":367,"width":203,"height":11}},{"id":"957148cc-b22f-484f-acca-bbd513dbc315","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":12,"box":{"x":520,"y":382,"width":347,"height":12}},{"id":"cb3ed7eb-32aa-46d0-bf41-c01148ad3d1c","block_type":"box","text":"State Farm Life Insurance Company","page_number":12,"box":{"x":520,"y":398,"width":249,"height":11}},{"id":"9265f0c2-249d-4c1b-9792-e1f5a131dc73","block_type":"box","text":"State Farm VP Management Corp.","page_number":12,"box":{"x":520,"y":413,"width":237,"height":12}},{"id":"867cdd96-8a30-441b-94c2-2ac7a15579e0","block_type":"box","text":"State Street Bank and Trust Company","page_number":12,"box":{"x":520,"y":429,"width":259,"height":11}},{"id":"dfdf3a20-5234-460f-bf14-9963b73d15bb","block_type":"box","text":"State Street Global Markets, LLC","page_number":12,"box":{"x":520,"y":444,"width":231,"height":11}},{"id":"ea21ca4c-9953-4bd8-b178-cc4f908e06a7","block_type":"box","text":"Stern Brothers & Co.","page_number":12,"box":{"x":520,"y":460,"width":147,"height":9}},{"id":"93e4ce01-632b-462a-bf40-60ce48b348c9","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":12,"box":{"x":520,"y":475,"width":290,"height":12}},{"id":"a423dc4a-7aee-4de2-b904-9f54f77fbb31","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":12,"box":{"x":520,"y":491,"width":227,"height":11}},{"id":"537194ba-717c-46a0-b93c-af5942dbaaa1","block_type":"box","text":"SVB Asset Management","page_number":12,"box":{"x":520,"y":506,"width":170,"height":12}},{"id":"a30ec45a-3fda-4d1f-ae99-907a500747b8","block_type":"box","text":"Symetra Life Insurance Company","page_number":12,"box":{"x":520,"y":522,"width":232,"height":11}},{"id":"5ec24e83-79c7-464f-a75a-1fe605f20e92","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":12,"box":{"x":520,"y":537,"width":200,"height":12}},{"id":"a51deb0a-17fe-48f7-80eb-f3a4662243c6","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":12,"box":{"x":520,"y":553,"width":310,"height":10}},{"id":"cbd00f4e-0fda-4607-b6ec-7cb52e1592f7","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":12,"box":{"x":520,"y":568,"width":319,"height":12}},{"id":"cbfad764-ed59-4a0a-b8b9-edeb4550b161","block_type":"box","text":"Company","page_number":12,"box":{"x":520,"y":584,"width":69,"height":11}},{"id":"0b191cc9-170e-47df-b7c9-d29f9a95ea7b","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":12,"box":{"x":520,"y":599,"width":301,"height":12}},{"id":"a6f0a1b0-790c-44b6-87d7-463d56214784","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":12,"box":{"x":520,"y":615,"width":204,"height":11}},{"id":"ce18276d-7ce5-4982-9c39-65ea8054efe9","block_type":"box","text":"TD Ameritrade, Inc.","page_number":12,"box":{"x":520,"y":630,"width":141,"height":11}},{"id":"f322c5bb-351f-464e-89e6-9690c1181093","block_type":"box","text":"TD Prime Services (US) LLC","page_number":12,"box":{"x":520,"y":646,"width":205,"height":11}},{"id":"48552fb1-28f7-4de3-9ae7-35c51fcd6de6","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":12,"box":{"x":520,"y":661,"width":321,"height":12}},{"id":"f30faecd-dde4-4857-92e8-93fa1f5559d0","block_type":"box","text":"America","page_number":12,"box":{"x":520,"y":677,"width":58,"height":9}},{"id":"e93e848f-ac2b-4d61-b77f-215a0e1daa6f","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":12,"box":{"x":520,"y":692,"width":216,"height":12}},{"id":"7726d763-e9e8-4f82-822e-a7d4e412eb23","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":12,"box":{"x":520,"y":708,"width":330,"height":11}},{"id":"02d939c0-6071-47ff-b2db-de4bec79fbb0","block_type":"box","text":"Transamerica Life Insurance Company","page_number":12,"box":{"x":520,"y":723,"width":263,"height":12}},{"id":"9a940039-8101-474b-817a-24ccf67109ff","block_type":"box","text":"Treasury Brokerage","page_number":12,"box":{"x":520,"y":739,"width":134,"height":11}},{"id":"dfdcd4a2-1933-4b19-abf3-464b08faac96","block_type":"box","text":"Triad Advisors, LLC","page_number":12,"box":{"x":520,"y":754,"width":141,"height":11}},{"id":"9f99c717-084a-46ca-a6b6-c44ef14a550c","block_type":"box","text":"Truist Bank","page_number":12,"box":{"x":520,"y":770,"width":80,"height":9}},{"id":"5c3c10c2-5695-4968-8de1-bff52781be68","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":12,"box":{"x":520,"y":785,"width":210,"height":12}},{"id":"b3b15f7d-b432-47ce-a6f8-126d6f507748","block_type":"box","text":"U.S. Bank, National Association","page_number":12,"box":{"x":520,"y":801,"width":219,"height":10}},{"id":"37781f46-77d6-4d33-8cc6-169c284ded32","block_type":"box","text":"UBATCO & Co.","page_number":12,"box":{"x":520,"y":816,"width":113,"height":9}},{"id":"40eb4715-6e6e-4812-b607-e819cedc21ec","block_type":"box","text":"UBS Financial Services, Inc.","page_number":12,"box":{"x":520,"y":832,"width":199,"height":10}},{"id":"cb9a3523-aa92-495e-97a4-5b080f168c60","block_type":"box","text":"UBS Securities LLC","page_number":12,"box":{"x":520,"y":847,"width":143,"height":9}},{"id":"266286b4-1dba-45c7-a256-80b19b2e8336","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":12,"box":{"x":520,"y":863,"width":205,"height":10}},{"id":"dcb282bc-9a21-4a6d-a4f9-5516fbb0ef41","block_type":"box","text":"UMB Bank, National Association","page_number":12,"box":{"x":520,"y":878,"width":232,"height":11}},{"id":"7b0654e9-08f0-454d-8a5b-304af643d2f4","block_type":"box","text":"3","page_number":12,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"05ad3f9f-6201-4cba-9c31-f65d6d8efa0f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":12,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"bf5983fc-757e-46c2-81cf-a0d7658abb57","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":13,"box":{"x":116,"y":88,"width":360,"height":11}},{"id":"419a722a-294f-4b3a-a781-5a21a9068ee1","block_type":"box","text":"New York","page_number":13,"box":{"x":116,"y":103,"width":74,"height":9}},{"id":"f6acbd36-7e85-4a7e-8015-57de102ef461","block_type":"box","text":"VALIC Retirement Services Company","page_number":13,"box":{"x":116,"y":119,"width":265,"height":11}},{"id":"c569834a-c393-473b-bcb8-bb40a1317d5b","block_type":"box","text":"Vanguard Group, Inc.","page_number":13,"box":{"x":116,"y":134,"width":152,"height":12}},{"id":"3ea2d587-bc65-4144-8f2b-05661db42008","block_type":"box","text":"Vanguard Marketing Corporation","page_number":13,"box":{"x":116,"y":150,"width":230,"height":11}},{"id":"d94dccfe-318c-4322-9ee6-bf9d631da994","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":13,"box":{"x":116,"y":165,"width":207,"height":12}},{"id":"af568bb7-d67e-4350-8248-977efd840c46","block_type":"box","text":"Voya Financial Partners, LLC","page_number":13,"box":{"x":116,"y":181,"width":207,"height":11}},{"id":"53601956-eddd-4698-9504-a091c4ae6fad","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":13,"box":{"x":116,"y":196,"width":262,"height":12}},{"id":"8d671bc4-58a5-4e7f-b938-36b22b3815a1","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":13,"box":{"x":116,"y":212,"width":268,"height":11}},{"id":"79653809-15e5-4fb2-9a6d-d403e1f93bef","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":13,"box":{"x":116,"y":227,"width":245,"height":12}},{"id":"7c7626b4-fef4-4e4c-b91a-b89399fd2f19","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":13,"box":{"x":116,"y":243,"width":347,"height":11}},{"id":"70acc59b-0ca6-4e87-aeed-78b1cb5f350d","block_type":"box","text":"Waddell & Reed, Inc.","page_number":13,"box":{"x":520,"y":88,"width":151,"height":10}},{"id":"10f64b8a-81ec-4b57-9ce7-5f5e8fe83e36","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":13,"box":{"x":520,"y":103,"width":192,"height":12}},{"id":"eaab884b-fe65-46f1-82ed-460c81ee8b47","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":13,"box":{"x":520,"y":119,"width":322,"height":11}},{"id":"fa8421a7-2bfb-4d16-8aa5-a3995532981a","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":13,"box":{"x":520,"y":134,"width":168,"height":12}},{"id":"4e17957b-85ba-4bb5-a958-2380b89025e8","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":13,"box":{"x":520,"y":150,"width":251,"height":11}},{"id":"cf641704-88bb-4570-828c-f9d373a20663","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":13,"box":{"x":520,"y":165,"width":213,"height":12}},{"id":"2e39c9af-9951-44be-84c9-446ae6e9d386","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":13,"box":{"x":520,"y":181,"width":198,"height":11}},{"id":"46a0df68-4961-4ebf-b1ae-0dcd62d0d1a2","block_type":"box","text":"Wilmington Trust, National Association","page_number":13,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"e45c5278-9409-432a-a791-12bfa017493d","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":13,"box":{"x":520,"y":212,"width":238,"height":11}},{"id":"7b4ce766-25e6-454f-972a-71f4b774a738","block_type":"box","text":"ZB, National Association","page_number":13,"box":{"x":520,"y":227,"width":176,"height":11}},{"id":"414de4f3-95a6-433f-a2df-da75f910ab43","block_type":"box","text":"4","page_number":13,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"8a66d2c6-b95d-4714-b0de-be203afbfde2","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":13,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"9ec7ee56-b331-476d-bdee-d4d56e7c15e2","block_type":"box","text":"Appendix A","page_number":14,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"1a3d7be9-5e63-4988-a36c-6d57c1f88639","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":14,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"0609f041-0d18-424e-9614-525321b475c9","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":14,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"c61d42f2-3091-4d08-8d11-8fa331f5f371","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":14,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"6693bfe6-eace-49c4-bc43-12ab05d5624f","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":14,"box":{"x":133,"y":196,"width":267,"height":9}},{"id":"fdb2bd52-9ba0-4104-bdd6-a4b3281a7430","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":14,"box":{"x":133,"y":212,"width":305,"height":11}},{"id":"872e31d2-66a4-4edc-9074-060acb768ec6","block_type":"box","text":"BATS: High Income Municipal Series","page_number":14,"box":{"x":133,"y":227,"width":263,"height":12}},{"id":"4d7b210e-adb5-4b05-ab6a-f0de28d9ca03","block_type":"box","text":"BATS: High Income Taxable Series","page_number":14,"box":{"x":133,"y":243,"width":248,"height":11}},{"id":"98aaa036-41c8-448d-9059-12bc7f241662","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":14,"box":{"x":133,"y":258,"width":256,"height":12}},{"id":"dc5fc26d-9818-4f06-a066-8e3709e7f17f","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":14,"box":{"x":133,"y":274,"width":235,"height":11}},{"id":"036222b0-bf4f-4c8a-b302-e1fc0bad5ec7","block_type":"box","text":"BATS: Short Duration Taxable Total Return Series","page_number":14,"box":{"x":133,"y":289,"width":350,"height":9}},{"id":"bc7d64d3-285a-4d21-be18-3f4fce0b6504","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":14,"box":{"x":133,"y":305,"width":307,"height":11}},{"id":"bf346f6a-23d7-4c98-b624-3b90af1b0fd7","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":14,"box":{"x":116,"y":336,"width":232,"height":11}},{"id":"9778786f-257c-4c69-a63c-8a4d8d7097a9","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":14,"box":{"x":116,"y":367,"width":203,"height":11}},{"id":"5e3c8533-4a19-446e-be3b-7d169e99825c","block_type":"box","text":"BlackRock Total Return Fund","page_number":14,"box":{"x":133,"y":382,"width":207,"height":9}},{"id":"ec972dff-b90f-4559-b98c-bb130ef12db4","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":14,"box":{"x":116,"y":413,"width":331,"height":12}},{"id":"90fed2be-e863-40e8-8944-178b4afabdf2","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":14,"box":{"x":133,"y":429,"width":322,"height":11}},{"id":"5e57d19a-08ae-4e8e-8640-c60a0134cae4","block_type":"box","text":"Fund","page_number":14,"box":{"x":133,"y":444,"width":38,"height":9}},{"id":"88f0a9f0-8d1f-4f32-b33c-373b721909f5","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":14,"box":{"x":116,"y":475,"width":317,"height":12}},{"id":"39fc434a-6089-428b-ba4d-7ac5600f0243","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":14,"box":{"x":116,"y":506,"width":301,"height":12}},{"id":"aec43f1a-7f7c-44cb-86a7-74fd01228b8a","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":14,"box":{"x":116,"y":537,"width":248,"height":12}},{"id":"48f3511f-f8a7-4e36-8514-d7c5c840470c","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":14,"box":{"x":116,"y":568,"width":332,"height":9}},{"id":"c88e988e-ee7d-400b-884c-84bdedd6448d","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":14,"box":{"x":133,"y":584,"width":278,"height":9}},{"id":"b32915e2-98c1-48e2-a011-9809b60fad7f","block_type":"box","text":"BlackRock Funds","page_number":14,"box":{"x":116,"y":615,"width":127,"height":9}},{"id":"dd902218-5f0f-49f4-9683-454f4e8efc02","block_type":"box","text":"SM","page_number":14,"box":{"x":244,"y":614,"width":15,"height":6}},{"id":"28274a0f-b53d-4817-8c49-d6b509a8689a","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":14,"box":{"x":133,"y":630,"width":325,"height":12}},{"id":"26bdb469-5997-41d0-8764-254fa3b6483f","block_type":"box","text":"BlackRock Advantage International Fund","page_number":14,"box":{"x":133,"y":646,"width":285,"height":11}},{"id":"a9a4eb4c-2e12-4c63-9fc8-83ea043fa635","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":14,"box":{"x":133,"y":661,"width":321,"height":12}},{"id":"7be3485a-b5ae-4eea-905c-8096d778f889","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":14,"box":{"x":133,"y":677,"width":302,"height":11}},{"id":"4cfbbe4a-f6db-4d58-b05f-3869a93db17e","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":14,"box":{"x":133,"y":692,"width":321,"height":12}},{"id":"2d3ea91c-abca-4fae-be36-ce9a4d654863","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":14,"box":{"x":133,"y":708,"width":271,"height":11}},{"id":"a4f80c82-2a89-4c04-9eb3-ad55e2871ee4","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":14,"box":{"x":133,"y":723,"width":269,"height":12}},{"id":"8faaa0ce-19c1-4815-9214-59938e90d150","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":14,"box":{"x":133,"y":739,"width":288,"height":11}},{"id":"28522a1a-ad9e-40ec-8178-b0ff590419dc","block_type":"box","text":"Reserve Vehicle","page_number":14,"box":{"x":133,"y":754,"width":110,"height":9}},{"id":"0e47e02b-cd3a-4d32-a0b8-ce251fa9e50f","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":14,"box":{"x":133,"y":770,"width":294,"height":11}},{"id":"6b328839-8804-45d4-b98f-451ea52cee09","block_type":"box","text":"Markets Fund","page_number":14,"box":{"x":133,"y":785,"width":93,"height":9}},{"id":"e368d8d2-4665-4626-b13b-fc66e8eb5d88","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":14,"box":{"x":133,"y":801,"width":309,"height":11}},{"id":"41f2ee90-a4ec-4879-8937-a0816529af8d","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":14,"box":{"x":133,"y":816,"width":263,"height":12}},{"id":"2b456000-3a95-46eb-becf-ac7451d6a525","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":14,"box":{"x":133,"y":832,"width":213,"height":11}},{"id":"32f3b5ef-69a3-43a6-9ee9-6e76c11849cf","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":14,"box":{"x":133,"y":847,"width":324,"height":12}},{"id":"66b9b3c8-4561-4cd2-ac83-50c0b76db8bd","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":14,"box":{"x":133,"y":863,"width":288,"height":11}},{"id":"415e8d35-98c0-446d-a841-2c4e1bec02ae","block_type":"box","text":"Portfolio","page_number":14,"box":{"x":133,"y":878,"width":64,"height":9}},{"id":"18b7adf8-19ac-4e8b-ab9b-1160194b3d0d","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":14,"box":{"x":537,"y":119,"width":259,"height":11}},{"id":"10938ff3-d887-4c38-b374-cfe22514f405","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":14,"box":{"x":537,"y":134,"width":313,"height":12}},{"id":"7ef40070-b1d2-4d72-8653-10cebf2cc413","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":14,"box":{"x":537,"y":150,"width":269,"height":9}},{"id":"af1b7344-967f-414f-bd84-985603b74bc0","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":14,"box":{"x":537,"y":165,"width":241,"height":12}},{"id":"674e30ab-c4a5-4529-bcd3-59a7c693c115","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":14,"box":{"x":537,"y":181,"width":287,"height":11}},{"id":"6538703e-c7e4-47b6-96af-757ddc00851a","block_type":"box","text":"Emerging Markets Equity Fund","page_number":14,"box":{"x":537,"y":196,"width":218,"height":12}},{"id":"3534911a-9a15-4367-bb3f-f07c952d824f","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":14,"box":{"x":537,"y":212,"width":330,"height":11}},{"id":"9cdec84f-5e32-426d-a613-5677856d71c7","block_type":"box","text":"Cap Core Fund","page_number":14,"box":{"x":537,"y":227,"width":107,"height":12}},{"id":"5e4296f9-c8d0-4882-81e9-c9eb187a9088","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":14,"box":{"x":537,"y":243,"width":273,"height":11}},{"id":"5b762c52-b169-47fd-839c-4f4c20ca33de","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":14,"box":{"x":537,"y":258,"width":299,"height":12}},{"id":"fcced821-6f40-412b-83aa-528b3d38c7e9","block_type":"box","text":"BlackRock Wealth Liquid Environmentally Aware","page_number":14,"box":{"x":537,"y":274,"width":347,"height":11}},{"id":"19b9afb5-2c30-4144-a53f-604a0e8b7ece","block_type":"box","text":"Fund","page_number":14,"box":{"x":537,"y":289,"width":38,"height":9}},{"id":"8120edc6-e7f3-4076-856c-3de7cb40782a","block_type":"box","text":"Circle Reserve Fund","page_number":14,"box":{"x":537,"y":305,"width":142,"height":9}},{"id":"058bf1f0-56bd-49a1-82f1-f990c2c4cb28","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":14,"box":{"x":537,"y":320,"width":293,"height":12}},{"id":"803afb26-02c0-49d0-9224-98c6a5934087","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":14,"box":{"x":537,"y":336,"width":280,"height":9}},{"id":"46068ea0-b5bd-481e-976c-88e773fc68f6","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":14,"box":{"x":537,"y":351,"width":322,"height":12}},{"id":"0e6c6682-752a-471c-89dc-782f18ac4c21","block_type":"box","text":"Fund","page_number":14,"box":{"x":537,"y":367,"width":38,"height":9}},{"id":"71668f55-b0c1-463e-99b4-bf4b0c2e78d1","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":14,"box":{"x":537,"y":382,"width":249,"height":12}},{"id":"50cf4ac3-1fcc-4e1c-94ad-f1ed69ba366b","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":14,"box":{"x":537,"y":398,"width":254,"height":11}},{"id":"0338dae2-1e01-46f3-a50c-28df3c17c515","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":14,"box":{"x":537,"y":413,"width":298,"height":12}},{"id":"4da2a84c-cb56-4c48-b54c-d707cb670739","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":14,"box":{"x":537,"y":429,"width":297,"height":9}},{"id":"df718f12-50fa-4699-b07a-9eeb2f4fe3fe","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":14,"box":{"x":537,"y":444,"width":304,"height":9}},{"id":"8a2820b8-792b-4559-9a5c-41f4079d98f1","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index Fund","page_number":14,"box":{"x":537,"y":460,"width":346,"height":9}},{"id":"64232f2f-ce55-48f2-ac17-fdb81dcdddd1","block_type":"box","text":"iShares U.S. Intermediate Government Bond Index","page_number":14,"box":{"x":537,"y":475,"width":349,"height":9}},{"id":"85ed63cc-4d1a-436b-aded-a6bd0c184044","block_type":"box","text":"Fund","page_number":14,"box":{"x":537,"y":491,"width":38,"height":9}},{"id":"601bb849-f80f-421c-bb0e-e559f0864019","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":14,"box":{"x":537,"y":506,"width":296,"height":12}},{"id":"b2d72ed2-f8dc-44f7-befb-091112b8fa6a","block_type":"box","text":"iShares U.S. Long Government Bond Index Fund","page_number":14,"box":{"x":537,"y":522,"width":338,"height":11}},{"id":"ed540d36-023d-49c5-9d76-fbf3b8e193a9","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":14,"box":{"x":537,"y":537,"width":290,"height":9}},{"id":"27b70adc-6bec-4d34-8015-f6564768fff7","block_type":"box","text":"BlackRock Funds II","page_number":14,"box":{"x":520,"y":568,"width":149,"height":9}},{"id":"7f9b7231-6eaa-4b26-8647-82be65816efa","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":14,"box":{"x":537,"y":584,"width":284,"height":11}},{"id":"028facab-2ef3-4ac9-8c1a-112b602836f0","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":14,"box":{"x":537,"y":599,"width":284,"height":12}},{"id":"1619071c-b48e-4251-adc2-0db95d981ef8","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":14,"box":{"x":537,"y":615,"width":284,"height":11}},{"id":"4bdc92c7-9078-4442-94f9-40ceb5c76e20","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":14,"box":{"x":537,"y":630,"width":284,"height":12}},{"id":"a381bb47-0af0-4378-8fda-aa5b41d66991","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":14,"box":{"x":537,"y":646,"width":301,"height":11}},{"id":"2b1defab-de21-43a4-b734-d26652bbb214","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":14,"box":{"x":537,"y":661,"width":255,"height":9}},{"id":"51b673fc-e63c-4060-9553-a9272c1392f8","block_type":"box","text":"BlackRock Managed Income Fund","page_number":14,"box":{"x":537,"y":677,"width":235,"height":11}},{"id":"91876bb4-4938-461f-b28e-d0acd44055db","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":14,"box":{"x":537,"y":692,"width":278,"height":9}},{"id":"030980dd-fae3-42a8-8d4c-9c114ebcb1f6","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":14,"box":{"x":537,"y":708,"width":285,"height":9}},{"id":"a0acbdb2-327c-4477-9853-bce8852f56b0","block_type":"box","text":"BlackRock Funds III","page_number":14,"box":{"x":520,"y":739,"width":151,"height":9}},{"id":"c30d2f0e-f287-48af-a54e-3e65871f39ed","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":14,"box":{"x":537,"y":754,"width":248,"height":9}},{"id":"31ace1d9-a5db-40fb-88c9-da4a13697250","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":14,"box":{"x":537,"y":770,"width":226,"height":11}},{"id":"ac930a2e-bb98-4ab3-abf2-52602c7daa4c","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":14,"box":{"x":537,"y":785,"width":288,"height":12}},{"id":"ef1edd66-e73f-4f9f-b672-b6b200192534","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":14,"box":{"x":537,"y":801,"width":291,"height":9}},{"id":"43bae385-26e0-4e3e-9014-023748eb9d2b","block_type":"box","text":"BlackRock LifePath","page_number":14,"box":{"x":537,"y":816,"width":136,"height":9}},{"id":"eb6819e3-ea08-472b-af0c-e160aeeab5da","block_type":"box","text":"®","page_number":14,"box":{"x":674,"y":815,"width":9,"height":7}},{"id":"c6f63224-b620-4f2f-b38e-401843047606","block_type":"box","text":"Dynamic Retirement Fund","page_number":14,"box":{"x":688,"y":816,"width":179,"height":12}},{"id":"afe24c4b-a1af-4dcc-ba01-9b890c089dd0","block_type":"box","text":"BlackRock LifePath","page_number":14,"box":{"x":537,"y":832,"width":136,"height":9}},{"id":"b2761154-5235-4b18-9217-2797d09998af","block_type":"box","text":"®","page_number":14,"box":{"x":674,"y":831,"width":9,"height":6}},{"id":"91cd92e7-62b1-4d67-9e0e-f24648cfd36d","block_type":"box","text":"Dynamic 2030 Fund","page_number":14,"box":{"x":683,"y":832,"width":147,"height":11}},{"id":"1f3423ff-fd5a-485a-ab7a-72a43b7688f8","block_type":"box","text":"BlackRock LifePath","page_number":14,"box":{"x":537,"y":847,"width":136,"height":9}},{"id":"829e6fe6-8ea6-4b42-b2ca-4081940b8a30","block_type":"box","text":"®","page_number":14,"box":{"x":674,"y":846,"width":9,"height":7}},{"id":"1bf1563d-758d-434e-9fb7-eff9bc66a5a1","block_type":"box","text":"Dynamic 2035 Fund","page_number":14,"box":{"x":683,"y":847,"width":147,"height":12}},{"id":"2bcbff91-fd45-47a3-9d89-3722403a7c9c","block_type":"box","text":"BlackRock LifePath","page_number":14,"box":{"x":537,"y":863,"width":136,"height":9}},{"id":"89b7e613-b5d8-43c0-8305-6012db50e06a","block_type":"box","text":"®","page_number":14,"box":{"x":674,"y":862,"width":9,"height":6}},{"id":"1a7e2d0c-ac7a-436f-95a5-dc28ace1058f","block_type":"box","text":"Dynamic 2040 Fund","page_number":14,"box":{"x":683,"y":863,"width":147,"height":11}},{"id":"a6ff2bf6-63ca-4b64-8123-0f27ec7e9370","block_type":"box","text":"BlackRock LifePath","page_number":14,"box":{"x":537,"y":878,"width":136,"height":9}},{"id":"abc765cf-5339-4ac3-b6a6-d9fb2829f894","block_type":"box","text":"®","page_number":14,"box":{"x":674,"y":877,"width":9,"height":7}},{"id":"84914f3b-143d-4e74-b7e6-0383f556a3d6","block_type":"box","text":"Dynamic 2045 Fund","page_number":14,"box":{"x":683,"y":878,"width":147,"height":12}},{"id":"95c94407-0ba5-4cf5-b7dc-c0dc9bb27db3","block_type":"box","text":"5","page_number":14,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"713699df-07f2-4250-98d4-0d15560b3c25","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":14,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"196603ca-c8ac-4cfd-8b7a-429964378097","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":88,"width":136,"height":9}},{"id":"16fc5d6e-6f64-4b66-bfd3-4dcad0e344d5","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":87,"width":9,"height":6}},{"id":"dde992da-d5e5-4946-ac5f-f88313a51181","block_type":"box","text":"Dynamic 2050 Fund","page_number":15,"box":{"x":279,"y":88,"width":147,"height":11}},{"id":"68e69edc-0479-4e5a-b172-637eeeb92fa8","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":103,"width":136,"height":9}},{"id":"68afa73a-430b-4273-a3cd-2f9d08308f46","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":102,"width":9,"height":7}},{"id":"0e043ab6-52f8-4114-b743-672977501d32","block_type":"box","text":"Dynamic 2055 Fund","page_number":15,"box":{"x":279,"y":103,"width":147,"height":12}},{"id":"adea2e4c-b403-4a64-a13d-5c0344592eb0","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":119,"width":136,"height":9}},{"id":"2d0f9f3c-8f0d-4cd9-bfeb-39bef4e182fe","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":118,"width":9,"height":6}},{"id":"1d6545e5-f014-4774-af45-f191295fea2f","block_type":"box","text":"Dynamic 2060 Fund","page_number":15,"box":{"x":279,"y":119,"width":147,"height":11}},{"id":"4409264f-8a47-4eb5-8d3a-3c2145f3d75f","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":134,"width":136,"height":9}},{"id":"0f2dfdad-f1d9-41bf-b013-a3807863d184","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":133,"width":9,"height":7}},{"id":"f574d7f4-94d3-4d05-9ab3-63a1d8214c05","block_type":"box","text":"Dynamic 2065 Fund","page_number":15,"box":{"x":279,"y":134,"width":147,"height":12}},{"id":"53c6a249-29a9-4796-8af5-228fd25d773b","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":150,"width":136,"height":9}},{"id":"61245e8c-9bc0-4f96-98f8-f9a019c1616b","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":149,"width":9,"height":6}},{"id":"3e4c9559-a97f-42e4-b784-18d0df90aa56","block_type":"box","text":"Dynamic 2070 Fund","page_number":15,"box":{"x":279,"y":150,"width":147,"height":11}},{"id":"c89d2c6f-2b14-4ec5-9a16-253c27555e16","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":165,"width":136,"height":9}},{"id":"965b3946-62c6-47bd-80a6-00384ea9ce22","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":164,"width":9,"height":7}},{"id":"8f94cdb9-8c21-4ab5-8c11-07c85932b290","block_type":"box","text":"ESG Index Retirement Fund","page_number":15,"box":{"x":279,"y":165,"width":201,"height":9}},{"id":"10d7b817-1e6c-4939-8f92-4d122bb61844","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":181,"width":136,"height":9}},{"id":"b8e1f2b3-c2e1-43cb-bf23-ece3ad8e102d","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":180,"width":9,"height":6}},{"id":"c3e230b8-cc00-4b47-9550-92afc2438d75","block_type":"box","text":"ESG Index 2030 Fund","page_number":15,"box":{"x":279,"y":181,"width":160,"height":9}},{"id":"846dccd0-b1e7-46f6-b19b-c855ef84b36f","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":196,"width":136,"height":9}},{"id":"14e4de19-cd38-412e-997d-7c6227ea65f3","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":195,"width":9,"height":7}},{"id":"ee821587-1be9-4e96-8a33-85b1d6d1ab7a","block_type":"box","text":"ESG Index 2035 Fund","page_number":15,"box":{"x":279,"y":196,"width":160,"height":9}},{"id":"bccd9baf-bc99-4c53-83c9-ad011e78bc75","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":212,"width":136,"height":9}},{"id":"2417f748-bab4-44dc-b6bc-9bc51ec3b7b8","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":211,"width":9,"height":6}},{"id":"87479577-30d5-41ac-a916-22d237385fa7","block_type":"box","text":"ESG Index 2040 Fund","page_number":15,"box":{"x":279,"y":212,"width":160,"height":9}},{"id":"5aa75b70-5e8d-47eb-b2d9-0c00672580ab","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":227,"width":136,"height":9}},{"id":"8c99aaa4-0ebb-4eca-a490-58d3c9a14b26","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":226,"width":9,"height":7}},{"id":"6134650a-0096-4044-837a-5332c10bbf64","block_type":"box","text":"ESG Index 2045 Fund","page_number":15,"box":{"x":279,"y":227,"width":160,"height":9}},{"id":"3af5dae8-9586-4834-806f-85939f986b6c","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":243,"width":136,"height":9}},{"id":"41a44c68-8b43-43e9-baa8-018fe1b5f65b","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":242,"width":9,"height":6}},{"id":"fc2c1f0d-1c8a-47aa-9b34-95abce717f14","block_type":"box","text":"ESG Index 2050 Fund","page_number":15,"box":{"x":279,"y":243,"width":160,"height":9}},{"id":"fe4a5de8-a153-491f-b247-23bc22967a90","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":258,"width":136,"height":9}},{"id":"122f716c-5396-4320-b8b9-4094076cec89","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":257,"width":9,"height":7}},{"id":"8e4643d7-98ad-452a-aecb-49e846e70a5a","block_type":"box","text":"ESG Index 2055 Fund","page_number":15,"box":{"x":279,"y":258,"width":160,"height":9}},{"id":"537a6c16-be0d-49e3-82c2-1ce69d7c354c","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":274,"width":136,"height":9}},{"id":"89c702db-c0a0-46f0-bafe-994cba44988b","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":273,"width":9,"height":6}},{"id":"3e4131ae-610a-4c0a-a217-e6d4441f60bb","block_type":"box","text":"ESG Index 2060 Fund","page_number":15,"box":{"x":279,"y":274,"width":160,"height":9}},{"id":"ddc4054e-57ca-400c-a020-8cfbe273623f","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":289,"width":136,"height":9}},{"id":"6264d1a1-dd09-4862-8c8a-2376ea6eef19","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":288,"width":9,"height":7}},{"id":"fdf8c514-e063-4e3c-8c99-844172d39672","block_type":"box","text":"ESG Index 2065 Fund","page_number":15,"box":{"x":279,"y":289,"width":160,"height":9}},{"id":"d138f410-e585-4f4e-a08d-425f2e85d4e8","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":305,"width":136,"height":9}},{"id":"2876c14c-69e9-4fd5-91d7-ce449ee11a3c","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":304,"width":9,"height":6}},{"id":"9ac20fe8-34c5-4924-83f0-17b838593241","block_type":"box","text":"ESG Index 2070 Fund","page_number":15,"box":{"x":279,"y":305,"width":160,"height":9}},{"id":"2890acf3-a35b-407b-b119-ac9953a4b2f1","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":320,"width":136,"height":9}},{"id":"f9f15213-1f6b-46f3-8ade-7077ee35ca29","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":319,"width":9,"height":7}},{"id":"20bedbb4-9292-4d7c-a22d-bfc45ce19568","block_type":"box","text":"Index Retirement Fund","page_number":15,"box":{"x":279,"y":320,"width":165,"height":9}},{"id":"107eec4a-9c32-4e76-a5d9-976eabcb6f58","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":336,"width":136,"height":9}},{"id":"2e792a10-e892-4ddc-8279-7a40b4c24be6","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":335,"width":9,"height":6}},{"id":"31b2e636-8d28-41f3-a7f9-e8f257148c8e","block_type":"box","text":"Index 2030 Fund","page_number":15,"box":{"x":279,"y":336,"width":124,"height":9}},{"id":"542091bd-424a-4d11-b0f0-e46891e64781","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":351,"width":136,"height":9}},{"id":"b868cf18-de81-4db3-9af6-6e92ec6d271f","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":350,"width":9,"height":7}},{"id":"c6008a3e-d5d2-4c96-b0ee-38446a5efd38","block_type":"box","text":"Index 2035 Fund","page_number":15,"box":{"x":279,"y":351,"width":124,"height":9}},{"id":"5948e86c-646f-4ac6-98f9-ec0b370331df","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":367,"width":136,"height":9}},{"id":"55bdae36-9315-456e-9c98-db293f25180d","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":366,"width":9,"height":6}},{"id":"8bcb77e2-6312-4f54-afd0-895278baf782","block_type":"box","text":"Index 2040 Fund","page_number":15,"box":{"x":279,"y":367,"width":124,"height":9}},{"id":"a6019648-3a78-4cec-9c3f-53400b8901f6","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":382,"width":136,"height":9}},{"id":"f64b7d58-65a6-4d5b-92f9-0edca47e0ebb","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":381,"width":9,"height":7}},{"id":"74be031c-fca7-4128-a108-d618476c2852","block_type":"box","text":"Index 2045 Fund","page_number":15,"box":{"x":279,"y":382,"width":124,"height":9}},{"id":"d735e887-5774-42ef-8a79-f176e88c373e","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":398,"width":136,"height":9}},{"id":"39668d49-24b9-4419-b349-3b74965b82d5","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":397,"width":9,"height":6}},{"id":"e0374284-d75b-4234-bd65-bad7501b1ef0","block_type":"box","text":"Index 2050 Fund","page_number":15,"box":{"x":279,"y":398,"width":124,"height":9}},{"id":"4eb3e488-2825-4eb2-bcf0-e7bc0ccf7766","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":413,"width":136,"height":9}},{"id":"69a6a90e-0e85-4539-8a3c-961e90133325","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":412,"width":9,"height":7}},{"id":"f7b0acb1-2ce4-4b03-af71-a178984d89ab","block_type":"box","text":"Index 2055 Fund","page_number":15,"box":{"x":279,"y":413,"width":124,"height":9}},{"id":"2993f044-fbb9-4802-bc4b-ceff53ce1b96","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":429,"width":136,"height":9}},{"id":"1fe6b2d4-a030-497c-a853-3b515a172dc9","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":428,"width":9,"height":6}},{"id":"612b71ec-9e5a-415f-9c6c-93a34c9998cd","block_type":"box","text":"Index 2060 Fund","page_number":15,"box":{"x":279,"y":429,"width":124,"height":9}},{"id":"bc05fb58-1028-4812-a00f-4f9d1ac580f6","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":444,"width":136,"height":9}},{"id":"e9b7e011-302f-4fa7-9a09-8456fb3ff0d6","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":443,"width":9,"height":7}},{"id":"a4693030-cea4-42cd-a65b-bcd303364b2f","block_type":"box","text":"Index 2065 Fund","page_number":15,"box":{"x":279,"y":444,"width":124,"height":9}},{"id":"b911fc77-afaf-4dc4-aad7-f162036b2262","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":133,"y":460,"width":136,"height":9}},{"id":"97c029c2-c22d-4b94-9b5d-a9bbca3ad95a","block_type":"box","text":"®","page_number":15,"box":{"x":270,"y":459,"width":9,"height":6}},{"id":"1bbdab6d-3821-46bc-ab49-faed9aac7d61","block_type":"box","text":"Index 2070 Fund","page_number":15,"box":{"x":279,"y":460,"width":124,"height":9}},{"id":"21ad7284-2092-46ff-aed6-b1520ef59671","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":15,"box":{"x":133,"y":475,"width":310,"height":9}},{"id":"e0aaaba8-e59e-4989-8895-80ac9cea6ce0","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":15,"box":{"x":133,"y":491,"width":303,"height":11}},{"id":"56960551-7b54-499d-a803-d8f167b3b71e","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":15,"box":{"x":133,"y":506,"width":200,"height":9}},{"id":"00d1a1d4-9fbf-4144-8da0-9e83f71113c8","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":15,"box":{"x":133,"y":522,"width":284,"height":11}},{"id":"b7d1f3b6-4148-4d63-b659-1f2ea75303c1","block_type":"box","text":"BlackRock Funds IV","page_number":15,"box":{"x":116,"y":553,"width":154,"height":9}},{"id":"20c74a14-e778-4a52-8523-30851a231b4f","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":15,"box":{"x":133,"y":568,"width":269,"height":9}},{"id":"154619eb-11e2-4264-9f84-826e457210aa","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":15,"box":{"x":133,"y":584,"width":299,"height":11}},{"id":"5aa5e91e-2da7-4e23-afa2-2f6d6b54b8d1","block_type":"box","text":"BlackRock Funds V","page_number":15,"box":{"x":116,"y":615,"width":148,"height":9}},{"id":"9faedddd-b4ca-4d8e-80f4-7b948d8f8ad4","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":15,"box":{"x":133,"y":630,"width":220,"height":9}},{"id":"d859e2fb-f326-4a0f-a54c-fce3e90a65c6","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":15,"box":{"x":133,"y":646,"width":293,"height":11}},{"id":"4eace3c8-1af8-4ab2-a707-382161fef31d","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":15,"box":{"x":133,"y":661,"width":217,"height":12}},{"id":"45ca5846-436a-4f68-a6ac-78c2465f293a","block_type":"box","text":"BlackRock Income Fund","page_number":15,"box":{"x":133,"y":677,"width":168,"height":9}},{"id":"d8eed9ea-66a2-430b-a42d-59c01cf4e667","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":15,"box":{"x":133,"y":692,"width":309,"height":9}},{"id":"cd4e440a-378f-4e97-a106-47d0f0634104","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":15,"box":{"x":133,"y":708,"width":278,"height":9}},{"id":"d8673fb9-79e8-4d68-b9bc-2cb2b1b2c16a","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":15,"box":{"x":133,"y":723,"width":289,"height":12}},{"id":"a217100d-df7c-43f0-9b83-a750e73bfb1d","block_type":"box","text":"Portfolio","page_number":15,"box":{"x":133,"y":739,"width":59,"height":9}},{"id":"67591826-1241-4b90-ac3f-aad3eeeb4ec0","block_type":"box","text":"BlackRock Funds VI","page_number":15,"box":{"x":116,"y":770,"width":150,"height":9}},{"id":"c0442cd2-5ea4-4fc4-ae93-80a84cc37ba6","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":15,"box":{"x":133,"y":785,"width":309,"height":12}},{"id":"f4814cba-6b5c-45b9-91f5-b294e97a44f2","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":15,"box":{"x":116,"y":816,"width":287,"height":11}},{"id":"1f61c769-4fa5-4c26-844c-fa5d788cd534","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":15,"box":{"x":116,"y":847,"width":213,"height":11}},{"id":"773f5a56-25bd-4de4-9bef-ae7d6734eb4b","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":15,"box":{"x":133,"y":863,"width":317,"height":9}},{"id":"5658865c-6f70-47a2-a93a-e8e3d7def26b","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":15,"box":{"x":133,"y":878,"width":303,"height":12}},{"id":"668d674f-16d9-4bfa-9c00-18486bd55f30","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":15,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"c6ff73e9-8418-406a-9ee5-c53ba517a06a","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":15,"box":{"x":520,"y":118,"width":349,"height":12}},{"id":"a950b2bc-26a0-4215-9aad-bbec6411e9ca","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":15,"box":{"x":520,"y":149,"width":335,"height":12}},{"id":"e590ae5d-6fce-4566-88eb-3ae159764436","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":15,"box":{"x":520,"y":180,"width":296,"height":12}},{"id":"63f6720e-1adf-4ce1-8add-242464b373a2","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":15,"box":{"x":537,"y":196,"width":306,"height":12}},{"id":"ab19192e-f8c5-45b7-88f6-03e2aa35f3bc","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":15,"box":{"x":537,"y":212,"width":314,"height":11}},{"id":"e336a455-d8b7-4d23-857e-cb5e274f59d9","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":15,"box":{"x":537,"y":227,"width":261,"height":12}},{"id":"a3784d04-cbb2-4c4f-9c0e-709ec9e5eb5f","block_type":"box","text":"BlackRock Liquidity Funds","page_number":15,"box":{"x":520,"y":258,"width":203,"height":12}},{"id":"153fd3bd-2ea5-450d-914f-16b2d169651f","block_type":"box","text":"FedFund","page_number":15,"box":{"x":537,"y":274,"width":64,"height":9}},{"id":"c0257cab-7bbf-4fac-84d3-ae33b94fc073","block_type":"box","text":"MuniCash","page_number":15,"box":{"x":537,"y":289,"width":74,"height":9}},{"id":"97b9f395-8430-4a91-b3b0-f69ab0f19bc3","block_type":"box","text":"TempCash","page_number":15,"box":{"x":537,"y":305,"width":77,"height":11}},{"id":"4aa6f64a-ada8-4386-9780-c06875dfca8d","block_type":"box","text":"BlackRock Select Treasury Based Liquidity Fund","page_number":15,"box":{"x":537,"y":320,"width":339,"height":12}},{"id":"ac1234c6-697b-4180-ad6c-4185da198f4e","block_type":"box","text":"T-Fund","page_number":15,"box":{"x":537,"y":336,"width":54,"height":9}},{"id":"acf8fe1d-053a-46c7-841b-51b5a2319d2a","block_type":"box","text":"Treasury Trust Fund","page_number":15,"box":{"x":537,"y":351,"width":142,"height":12}},{"id":"8e74f972-96a4-455a-93fe-93259897c83b","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":15,"box":{"x":520,"y":382,"width":282,"height":12}},{"id":"01073219-f4b9-44dc-a739-6bded8ecb7fe","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":15,"box":{"x":537,"y":398,"width":227,"height":11}},{"id":"e3a1ce14-4b55-4fbc-9614-9d8b490a37ff","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":15,"box":{"x":520,"y":429,"width":339,"height":11}},{"id":"ac7116b0-b382-4495-b955-7ed83bf490f3","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":15,"box":{"x":537,"y":444,"width":314,"height":12}},{"id":"13ca58e3-d524-448d-bce2-ce4fddc3ae7c","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":15,"box":{"x":537,"y":460,"width":324,"height":11}},{"id":"79fd1554-f43f-49c6-bacf-4bdcb2225b90","block_type":"box","text":"Fund","page_number":15,"box":{"x":537,"y":475,"width":38,"height":9}},{"id":"c3f394af-b9f7-4aab-97c8-d0b3d122ed03","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":15,"box":{"x":537,"y":491,"width":326,"height":11}},{"id":"e8014cfa-fd28-4dba-995a-13acee1100a2","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":15,"box":{"x":520,"y":522,"width":282,"height":11}},{"id":"7c7625cd-5bd0-4b38-9e6f-55bd07e4f124","block_type":"box","text":"BlackRock National Municipal Fund","page_number":15,"box":{"x":537,"y":537,"width":253,"height":12}},{"id":"aa672688-4c03-4629-b0e3-376c3f73e1ce","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":15,"box":{"x":537,"y":553,"width":263,"height":9}},{"id":"5d28cd80-0dab-471a-9faf-6bdc903ca876","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":15,"box":{"x":520,"y":584,"width":252,"height":11}},{"id":"bbb274ac-0f7b-442b-9465-7eaef7f79f72","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":15,"box":{"x":537,"y":599,"width":313,"height":12}},{"id":"7260aa52-2c76-4218-a86e-03b669db842c","block_type":"box","text":"Fund","page_number":15,"box":{"x":537,"y":615,"width":38,"height":9}},{"id":"3379e94b-c183-486f-b38a-e4e462bb7c9d","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":15,"box":{"x":520,"y":646,"width":264,"height":9}},{"id":"67fc12fa-c072-4d80-8b7d-51b1231b4de5","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":15,"box":{"x":520,"y":677,"width":203,"height":11}},{"id":"b291fe51-47dd-4e74-b86d-8d591aaebc05","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":15,"box":{"x":537,"y":692,"width":327,"height":12}},{"id":"ed90bdd8-ce2a-4f12-b84d-2245825d688e","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":15,"box":{"x":537,"y":708,"width":205,"height":9}},{"id":"12e121ae-65d7-4507-8958-56b9d575c2a4","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":15,"box":{"x":537,"y":723,"width":283,"height":12}},{"id":"18ffa257-2882-44a6-9906-91bb078d91b1","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":15,"box":{"x":537,"y":739,"width":263,"height":9}},{"id":"62bade0c-e9c1-4d1e-92ef-618393976935","block_type":"box","text":"BlackRock Government Money Market Portfolio","page_number":15,"box":{"x":537,"y":754,"width":331,"height":12}},{"id":"438500e9-9bcc-4837-b41d-9f986e890ffe","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":15,"box":{"x":520,"y":785,"width":221,"height":11}},{"id":"d140ba51-0433-4b41-82dd-350e1b973821","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":15,"box":{"x":537,"y":801,"width":217,"height":11}},{"id":"4cc33c11-26da-479a-a974-911db7874c22","block_type":"box","text":"BlackRock Series, Inc.","page_number":15,"box":{"x":520,"y":832,"width":166,"height":11}},{"id":"6caefc61-12de-4242-a693-44dce46d3a4a","block_type":"box","text":"BlackRock International Fund","page_number":15,"box":{"x":537,"y":847,"width":208,"height":9}},{"id":"691270f1-dc4f-4479-a570-96155167e2b0","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":15,"box":{"x":520,"y":878,"width":325,"height":12}},{"id":"718a5fa6-42c8-4757-9188-ce3446f5d8ac","block_type":"box","text":"6","page_number":15,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"afaf76b7-e124-4055-b5ac-d3c508f7592a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":15,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"e418289b-49d3-4172-b530-99089687956c","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":16,"box":{"x":116,"y":87,"width":288,"height":12}},{"id":"bf960063-9e76-45f4-97f3-4a1d3ff571c6","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":16,"box":{"x":116,"y":118,"width":282,"height":12}},{"id":"fdc572db-e409-4df2-ac20-22e01dcce744","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I. Fund","page_number":16,"box":{"x":133,"y":134,"width":348,"height":12}},{"id":"0daf7a26-390a-43f7-81f0-3d574b50a9f1","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I. Fund","page_number":16,"box":{"x":133,"y":150,"width":337,"height":11}},{"id":"26a151a9-52e9-4d15-9d3f-45ac95db91a0","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I. Fund","page_number":16,"box":{"x":133,"y":165,"width":344,"height":12}},{"id":"815e332e-cb84-4519-b7ac-529e8859c9d5","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":16,"box":{"x":133,"y":181,"width":303,"height":11}},{"id":"c73991e5-9828-494b-8a99-4528e963a484","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":16,"box":{"x":133,"y":196,"width":234,"height":9}},{"id":"0e274f08-af8c-41cb-9358-1bf802425696","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":16,"box":{"x":133,"y":212,"width":293,"height":11}},{"id":"817d4f1d-38e4-4318-9690-facaaa8512de","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":16,"box":{"x":133,"y":227,"width":264,"height":12}},{"id":"71a4b10c-0ae4-49f3-b329-27839f9952dd","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":16,"box":{"x":133,"y":243,"width":273,"height":9}},{"id":"e05ef404-1a50-4c28-bc73-630f79e0ac33","block_type":"box","text":"BlackRock Government Money Market V.I. Fund","page_number":16,"box":{"x":537,"y":88,"width":341,"height":11}},{"id":"c275e0ef-9c5c-445a-bed6-5f3297ed7926","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":16,"box":{"x":537,"y":103,"width":281,"height":9}},{"id":"1328ce5b-8203-4003-ab22-1300f193f03b","block_type":"box","text":"BlackRock International V.I. Fund","page_number":16,"box":{"x":537,"y":119,"width":238,"height":9}},{"id":"b4e41c39-086a-4f54-bb91-207ebdb80bac","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":16,"box":{"x":537,"y":134,"width":323,"height":12}},{"id":"b1a4bc4b-1a41-466e-8654-83e8ce97960e","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":16,"box":{"x":537,"y":150,"width":284,"height":11}},{"id":"5fe010c0-7094-4a0d-a7d9-5c456a01344f","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":16,"box":{"x":537,"y":165,"width":256,"height":9}},{"id":"8430710a-f1bd-4dc2-90fe-6f3a98923065","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":16,"box":{"x":537,"y":181,"width":265,"height":11}},{"id":"e1bdac64-62f7-4e72-a587-019b1389d1c1","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":16,"box":{"x":520,"y":211,"width":299,"height":12}},{"id":"cc665674-9863-4deb-b6f3-ecf24e661d5d","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":16,"box":{"x":537,"y":227,"width":227,"height":12}},{"id":"afb0925a-1920-494e-8e41-45712a95f4ee","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":16,"box":{"x":537,"y":243,"width":238,"height":9}},{"id":"eca100b1-4928-4973-8ce8-3167364ff5e4","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":16,"box":{"x":267,"y":274,"width":470,"height":11}},{"id":"e72fe560-fded-42f0-b3d7-68f5533bef54","block_type":"box","text":"SAI-GLOBAL-0926SUP","page_number":16,"box":{"x":116,"y":305,"width":175,"height":9}},{"id":"f64d5fa4-4f83-4149-a76e-02dc3daa32e0","block_type":"box","text":"7","page_number":16,"box":{"x":496,"y":910,"width":7,"height":8}},{"id":"3b945dbd-30f4-4c41-8890-ee2553b6d5a8","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":16,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"b1ff301f-6c70-4a28-b32a-2b44842a6daf","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":17,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"8375dfe5-3a2f-4740-b63b-12931250eb2e","block_type":"box","text":"BlackRock Funds","page_number":17,"box":{"x":371,"y":120,"width":216,"height":14}},{"id":"517d817c-89fa-4979-8789-606bd4c00c4a","block_type":"box","text":"SM","page_number":17,"box":{"x":589,"y":120,"width":19,"height":7}},{"id":"1bf77285-78e0-4374-83c5-f539bc8c22a1","block_type":"box","text":"Circle Reserve Fund","page_number":17,"box":{"x":363,"y":142,"width":252,"height":15}},{"id":"9fa74e42-c5f7-4c63-bcc3-e20fe4363423","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7450","page_number":17,"box":{"x":118,"y":176,"width":743,"height":14}},{"id":"bed0b1b1-977a-41d1-9a8b-bd7f8aa31fa6","block_type":"box","text":"This Statement of Additional Information of Circle Reserve Fund (the “Fund”), a series of BlackRock","page_number":17,"box":{"x":101,"y":229,"width":755,"height":11}},{"id":"2a3fcac3-7d1c-4ca9-8600-193244c722d0","block_type":"box","text":"Funds","page_number":17,"box":{"x":70,"y":243,"width":46,"height":9}},{"id":"97295f11-78c0-487f-a85a-5699d0fa6020","block_type":"box","text":"SM","page_number":17,"box":{"x":117,"y":244,"width":12,"height":4}},{"id":"eec96184-ef62-4a83-96bb-67f3f9ee0a74","block_type":"box","text":"(the “Trust”), is not a prospectus and should be read in conjunction with the prospectus of the Fund,","page_number":17,"box":{"x":134,"y":243,"width":761,"height":12}},{"id":"c8ae3e7e-121e-4c6d-9ba1-18cac2f099ba","block_type":"box","text":"dated August 28, 2026, as it may be amended or supplemented from time to time (the “Prospectus”), which","page_number":17,"box":{"x":69,"y":256,"width":815,"height":12}},{"id":"d61342c5-9676-4076-b3d0-1e7047a9fc38","block_type":"box","text":"has been filed with the Securities and Exchange Commission (the “Commission” or the “SEC”) and can be","page_number":17,"box":{"x":70,"y":270,"width":802,"height":12}},{"id":"d014ed59-ae24-4202-b9c5-a03147775f16","block_type":"box","text":"obtained, without charge, by calling (800) 441-7450 or by writing to the Fund at the above address. Part I of","page_number":17,"box":{"x":69,"y":283,"width":821,"height":12}},{"id":"60f744d9-b809-4941-a924-49c17de3ccca","block_type":"box","text":"this Statement of Additional Information and the portions of Part II of this Statement of Additional","page_number":17,"box":{"x":69,"y":297,"width":746,"height":11}},{"id":"ae9dbeea-e310-411b-9cb5-22f47c0a0e02","block_type":"box","text":"Information that relate to the Fund have been incorporated by reference into the Fund’s Prospectus. The","page_number":17,"box":{"x":70,"y":310,"width":793,"height":12}},{"id":"cf5e6cb7-d068-4436-b5cc-a854843c0e4d","block_type":"box","text":"portions of Part II of this Statement of Additional Information that do not relate to the Fund do not form a part","page_number":17,"box":{"x":70,"y":324,"width":835,"height":11}},{"id":"91c16ad2-5481-4a24-82b9-929b382a5f82","block_type":"box","text":"of the Fund’s Statement of Additional Information, have not been incorporated by reference into the Fund’s","page_number":17,"box":{"x":69,"y":337,"width":815,"height":12}},{"id":"5d8ede1e-4c7c-4dc3-8eba-023dfde5a169","block_type":"box","text":"Prospectus and should not be relied upon by investors in the Fund. The audited financial statements of the","page_number":17,"box":{"x":70,"y":351,"width":813,"height":12}},{"id":"350422a1-9440-4ea3-b6d9-d00e28c6cb2e","block_type":"box","text":"Fund are incorporated into this Statement of Additional Information by reference to the Fund’s Annual","page_number":17,"box":{"x":70,"y":364,"width":777,"height":12}},{"id":"ccb67a38-9efe-41bc-95a5-c752dd28a64a","block_type":"box","text":"Financial Statements and Additional Information for the fiscal year ended April 30, 2026, as filed with the SEC","page_number":17,"box":{"x":70,"y":378,"width":837,"height":12}},{"id":"7a80d28d-dfa8-457a-a939-26ab4d7aa281","block_type":"box","text":"on Form N-CSR (the “2026 Annual Financial Statements”). You may request a copy of the 2026 Annual","page_number":17,"box":{"x":69,"y":391,"width":781,"height":12}},{"id":"36e85319-f7cb-4328-8229-422a3f818ebf","block_type":"box","text":"Financial Statements at no charge by calling (800) 441-7450 between 8:00 a.m. and 6:00 p.m. Eastern time","page_number":17,"box":{"x":70,"y":405,"width":820,"height":12}},{"id":"39b15b1c-19e1-4f1a-ae22-296a0ce5cddb","block_type":"box","text":"on any business day.","page_number":17,"box":{"x":69,"y":419,"width":157,"height":11}},{"id":"29930fa9-c64d-4274-9e12-43686be463bb","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":17,"box":{"x":103,"y":435,"width":786,"height":12}},{"id":"80242c10-3c89-4417-90c0-a35c1eeaa531","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":17,"box":{"x":69,"y":449,"width":772,"height":12}},{"id":"1a4e4270-f3a3-4725-993a-ee74b6d4257c","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":17,"box":{"x":70,"y":463,"width":804,"height":11}},{"id":"f4bf70a1-c090-4b4a-8f8c-e51285dc719b","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":17,"box":{"x":67,"y":476,"width":819,"height":12}},{"id":"ba495387-908d-4da5-b683-8b3312d886f3","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":17,"box":{"x":70,"y":490,"width":378,"height":11}},{"id":"ace245bb-e819-4e78-a369-a288f1bd53b6","block_type":"box","text":"Class","page_number":17,"box":{"x":69,"y":516,"width":31,"height":7}},{"id":"8ef9220d-6e01-44f6-92b6-26758ba19ef2","block_type":"box","text":"Ticker Symbol","page_number":17,"box":{"x":827,"y":516,"width":82,"height":9}},{"id":"8ae44d8b-4020-4bf9-8089-a355bba755e6","block_type":"box","text":"Institutional Shares","page_number":17,"box":{"x":70,"y":534,"width":137,"height":9}},{"id":"e321d720-af79-4728-9275-a4d74feb9145","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USDXX","page_number":17,"box":{"x":216,"y":534,"width":677,"height":9}},{"id":"a0545ff1-0673-4bc0-ada0-22e03a0fd7fb","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":17,"box":{"x":260,"y":589,"width":460,"height":19}},{"id":"30faa8a7-f358-4630-b82e-1008720cd18e","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":17,"box":{"x":222,"y":611,"width":536,"height":18}},{"id":"b26d48bf-81ce-4478-8746-872263f2880a","block_type":"box","text":"The date of this Statement of Additional Information is August 28, 2026.","page_number":17,"box":{"x":214,"y":671,"width":550,"height":12}},{"id":"6cfbd7ac-6334-4b49-b602-19985af755b6","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":17,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"48566924-c3c9-4ceb-87d6-387aeb075a9a","block_type":"box","text":"TABLE OF CONTENTS","page_number":18,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"43249865-c9f0-4f20-98d1-1bec3f813031","block_type":"box","text":"Page","page_number":18,"box":{"x":879,"y":73,"width":28,"height":9}},{"id":"41cd3909-5274-4205-9051-439eef9faecc","block_type":"box","text":"PART I","page_number":18,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"e1501506-b353-4c4c-9207-ab8548f95cf0","block_type":"box","text":"Investment Objective and Policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":18,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"9e5a1dec-247b-4f9b-bcf1-24c2f0f0e7b2","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-3","page_number":18,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"a797e134-9153-4189-86ef-dcc3883c744a","block_type":"box","text":"Information on Trustees and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":18,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"187e0c65-b31d-48c7-96c5-06b33e02d866","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . .","page_number":18,"box":{"x":70,"y":158,"width":454,"height":11}},{"id":"03d885ec-63e4-4770-828f-49aad1cc45e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-16","page_number":18,"box":{"x":531,"y":158,"width":378,"height":8}},{"id":"a44869b6-389a-4f59-a747-ca6604dbeb90","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . . . .","page_number":18,"box":{"x":69,"y":174,"width":464,"height":11}},{"id":"0fd7d448-b3c2-451f-888c-f8698f8ffbf2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-17","page_number":18,"box":{"x":539,"y":174,"width":369,"height":9}},{"id":"0a79abe8-ba4f-44f4-b80c-fe6b9f64af59","block_type":"box","text":"Yield Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-17","page_number":18,"box":{"x":68,"y":190,"width":840,"height":9}},{"id":"56880a14-bb90-4992-895b-009df4979b10","block_type":"box","text":"Por tfolio Transactions .","page_number":18,"box":{"x":69,"y":206,"width":162,"height":10}},{"id":"e55f2f54-78ae-4ee6-bea6-0e7d44970ba9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":18,"box":{"x":237,"y":207,"width":672,"height":9}},{"id":"abe680cf-4d0d-4fd2-b1b1-345878dda29c","block_type":"box","text":"Additional Information . .","page_number":18,"box":{"x":68,"y":223,"width":171,"height":9}},{"id":"5ab87b56-fb7e-450c-8b82-d608b2b81bfc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18","page_number":18,"box":{"x":245,"y":223,"width":664,"height":9}},{"id":"4c725715-a163-4ea3-9099-88d16d809e4b","block_type":"box","text":"Financial Statements. .","page_number":18,"box":{"x":70,"y":239,"width":161,"height":9}},{"id":"8484cac8-cecb-4691-b3bf-66e6c4dec6bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":18,"box":{"x":237,"y":239,"width":672,"height":9}},{"id":"526c4ee0-98a4-46d5-93b4-c35139efd5e4","block_type":"box","text":"PART II","page_number":18,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"065f42b0-e129-4ee3-adba-dd873ef6b7bc","block_type":"box","text":"Investment Risks and Considerations . . . . . . . . . . . . . . . . . . . . . . .","page_number":18,"box":{"x":70,"y":287,"width":454,"height":9}},{"id":"750320d3-54d0-4e91-92dc-75f5f3bce64b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":18,"box":{"x":531,"y":287,"width":378,"height":9}},{"id":"3887c1ef-61dc-4aaf-8eba-af32c14527e8","block_type":"box","text":"Management and Other Service Arrangements. . . . . . . . . . . . . . . . . .","page_number":18,"box":{"x":70,"y":304,"width":471,"height":11}},{"id":"1ffb082d-171d-43d1-98f1-d9c8af633a40","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-26","page_number":18,"box":{"x":547,"y":304,"width":362,"height":9}},{"id":"3b218d10-5012-4c7a-a789-1b65e5c02606","block_type":"box","text":"Purchase of Shares","page_number":18,"box":{"x":69,"y":320,"width":139,"height":9}},{"id":"88800c75-7d11-4004-9428-9182c503032e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-41","page_number":18,"box":{"x":213,"y":320,"width":696,"height":9}},{"id":"600d1d88-c8aa-4851-9c5b-5f9ebfacec88","block_type":"box","text":"Redemption of Shares","page_number":18,"box":{"x":70,"y":336,"width":157,"height":11}},{"id":"46c2fbb9-27c3-47e3-ada3-d7d42a20bcc3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-60","page_number":18,"box":{"x":237,"y":336,"width":672,"height":9}},{"id":"24a24609-7fde-4700-8673-0acf6dee0b3e","block_type":"box","text":"Determination of Net Asset Value . . . . . . .","page_number":18,"box":{"x":70,"y":353,"width":291,"height":9}},{"id":"239097a7-e929-43f3-a4fb-572f801bc67e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-65","page_number":18,"box":{"x":368,"y":353,"width":541,"height":9}},{"id":"46ec933a-ae19-426a-adba-6693ec231d8c","block_type":"box","text":"Yield Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-66","page_number":18,"box":{"x":68,"y":369,"width":841,"height":9}},{"id":"e65ca94a-c874-4ba0-8624-86139f02d8f5","block_type":"box","text":"Por tfolio Transactions .","page_number":18,"box":{"x":69,"y":385,"width":162,"height":9}},{"id":"1e814525-94c3-4416-8482-8ce69bcabca8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-67","page_number":18,"box":{"x":237,"y":386,"width":671,"height":8}},{"id":"d6db0f8f-4550-4f11-a7b9-a9722fe15caf","block_type":"box","text":"Dividends and Taxes","page_number":18,"box":{"x":70,"y":402,"width":143,"height":9}},{"id":"63c0fa93-1ae1-4428-88d8-5df44b7003c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-68","page_number":18,"box":{"x":221,"y":402,"width":688,"height":9}},{"id":"35656d33-0a8e-419c-8bb3-c974a4099b45","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . .","page_number":18,"box":{"x":69,"y":418,"width":309,"height":11}},{"id":"af429f6b-e034-4156-9a5c-c7a37b63fcf4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-71","page_number":18,"box":{"x":384,"y":418,"width":525,"height":9}},{"id":"5abe66be-e788-45bb-b3df-7a82f5d7f541","block_type":"box","text":"General Information . .","page_number":18,"box":{"x":69,"y":435,"width":154,"height":9}},{"id":"2c92845a-4ef7-496c-b5ae-7f683c20ab0a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-72","page_number":18,"box":{"x":229,"y":435,"width":680,"height":8}},{"id":"ab4e23d5-05cf-4302-b8ea-86aff054c783","block_type":"box","text":"Appendix A — Description of Bond Ratings .","page_number":18,"box":{"x":68,"y":451,"width":310,"height":11}},{"id":"0d873dc3-f4b2-4f37-94c2-1f752b29bf4b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":18,"box":{"x":384,"y":451,"width":525,"height":9}},{"id":"d0088662-2d6c-435b-9ce0-f9cb6646d98b","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . .","page_number":18,"box":{"x":68,"y":468,"width":293,"height":11}},{"id":"0a0d9736-989f-43f4-80d5-6c6763a83e8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":18,"box":{"x":368,"y":468,"width":541,"height":8}},{"id":"c2b38f3b-72ff-4d1c-8515-417bf3b538df","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":18,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"72571a3f-5cef-4bf0-abff-b05b65ca7a9c","block_type":"box","text":"PART I: INFORMATION ABOUT CIRCLE RESERVE FUND","page_number":19,"box":{"x":290,"y":45,"width":398,"height":9}},{"id":"de75f7ee-4d1c-4f98-a046-feaf72341740","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about Circle Reserve Fund","page_number":19,"box":{"x":102,"y":67,"width":753,"height":11}},{"id":"267bf0df-198a-4ce8-8e36-ec7c91e92548","block_type":"box","text":"(“Circle Reserve” or the “Fund”), a series of BlackRock Funds","page_number":19,"box":{"x":69,"y":82,"width":440,"height":11}},{"id":"4efcbb5d-df01-48b5-bcb3-d2f0c575e2ad","block_type":"box","text":"SM","page_number":19,"box":{"x":510,"y":83,"width":11,"height":4}},{"id":"acf402ec-88cd-4baf-b204-00e0e2064d77","block_type":"box","text":"(the “Trust”). It includes information about the","page_number":19,"box":{"x":527,"y":82,"width":329,"height":11}},{"id":"80efc84c-5b3a-4e6f-adac-3f5c533594df","block_type":"box","text":"Trust’s Board of Trustees (the “Board”), the advisory and management services provided to and the management","page_number":19,"box":{"x":68,"y":98,"width":813,"height":11}},{"id":"1f791fc6-51cd-46dd-a7be-e42d08d604f1","block_type":"box","text":"fees applicable to the Fund and information about other fees applicable to and services provided to the Fund. This","page_number":19,"box":{"x":68,"y":113,"width":817,"height":11}},{"id":"6e57330f-bdce-43c0-87af-271f1513ff65","block_type":"box","text":"Par t I of this SAI should be read in conjunction with the Fund’s Prospectus and those por tions of Par t II of this SAI","page_number":19,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"2f4bc530-2134-4e5a-85c7-cbf772b188f0","block_type":"box","text":"that per tain to the Fund.","page_number":19,"box":{"x":68,"y":143,"width":173,"height":11}},{"id":"d357977f-934a-4fd4-a723-757cdad9f0ea","block_type":"box","text":"The Fund is a government money market fund under Rule 2a-7 under the Investment Company Act of 1940, as","page_number":19,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"39bdc016-3a09-46fa-bfb4-8da03a8e4b57","block_type":"box","text":"amended (the “Investment Company Act”).","page_number":19,"box":{"x":69,"y":181,"width":303,"height":11}},{"id":"6a0e38dd-1e9f-4ae9-a199-7675b9fcb0ef","block_type":"box","text":"I. Investment Objective and Policies","page_number":19,"box":{"x":69,"y":211,"width":262,"height":11}},{"id":"cebb6950-018e-4f74-8c5b-88648c30fea6","block_type":"box","text":"Please see the section “Details About the Fund—How the Fund Invests” in the Fund’s Prospectus for information","page_number":19,"box":{"x":102,"y":234,"width":805,"height":11}},{"id":"236f79ce-743c-4c18-9d49-abef2eba22cd","block_type":"box","text":"about the Fund’s investment objective and policies.","page_number":19,"box":{"x":69,"y":249,"width":365,"height":11}},{"id":"a8290709-e146-4793-a90c-7fef6e1c3de5","block_type":"box","text":"The Fund’s manager is BlackRock Advisors, LLC (“BlackRock” or the “Manager”).","page_number":19,"box":{"x":101,"y":272,"width":577,"height":11}},{"id":"bd099dd1-4741-4001-92ff-deccf3e54559","block_type":"box","text":"All securities acquired by the Fund will be determined at the time of purchase by BlackRock to be “Eligible","page_number":19,"box":{"x":101,"y":294,"width":755,"height":11}},{"id":"4ef93abd-0ac2-47a3-8a45-d1cb7e6ec4b5","block_type":"box","text":"Securities” as defined by the Commission. An “Eligible Security” is a security:","page_number":19,"box":{"x":69,"y":309,"width":553,"height":11}},{"id":"abad47c2-696b-441d-ba84-de646491df45","block_type":"box","text":"1. With a remaining maturity of 397 calendar days or less (with cer tain exceptions) that BlackRock determines","page_number":19,"box":{"x":102,"y":332,"width":787,"height":11}},{"id":"7a5ff0e4-d6ed-4d2a-901f-f6e2a7f6ed8e","block_type":"box","text":"presents minimal credit risks to the Fund after considering cer tain factors, which must include an analysis of the","page_number":19,"box":{"x":70,"y":347,"width":803,"height":11}},{"id":"2472e0e5-8bdc-4aae-8d3a-6e67ab16afe3","block_type":"box","text":"capacity of the security’s issuer or guarantor to meet its financial obligations, which analysis must include, to the","page_number":19,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"9b337987-34b9-406c-8ba2-82bf29f4f3e1","block_type":"box","text":"extent appropriate, consideration of the following factors with respect to the security’s issuer or guarantor:","page_number":19,"box":{"x":69,"y":377,"width":758,"height":12}},{"id":"22684c16-3e1b-4910-b7a7-3829a9fc5905","block_type":"box","text":"•","page_number":19,"box":{"x":102,"y":400,"width":6,"height":5}},{"id":"8fac1bf1-d8bc-4615-bb08-e9261836a1d4","block_type":"box","text":"Financial condition;","page_number":19,"box":{"x":135,"y":398,"width":134,"height":10}},{"id":"aed5c718-8678-4e2f-b7f2-7a04965a2709","block_type":"box","text":"•","page_number":19,"box":{"x":102,"y":420,"width":6,"height":5}},{"id":"cdf03e8b-0a54-42fc-ab12-e9f1c8512478","block_type":"box","text":"Sources of liquidity;","page_number":19,"box":{"x":134,"y":418,"width":139,"height":11}},{"id":"dc660aa4-9d5e-40a4-8fe4-5611254d1c97","block_type":"box","text":"•","page_number":19,"box":{"x":102,"y":441,"width":6,"height":4}},{"id":"566dbead-c29b-4f1a-a589-29d1385ac3ac","block_type":"box","text":"Ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt","page_number":19,"box":{"x":134,"y":438,"width":760,"height":11}},{"id":"b000ad5f-a7e8-41ac-ba12-350134cc0ae4","block_type":"box","text":"in a highly adverse situation; and","page_number":19,"box":{"x":135,"y":453,"width":233,"height":11}},{"id":"b0779199-307a-4bc5-90e9-c0f0be595dd9","block_type":"box","text":"•","page_number":19,"box":{"x":102,"y":476,"width":6,"height":4}},{"id":"10339464-169d-44e0-9ba9-caacb75e7c00","block_type":"box","text":"Strength of the issuer’s or guarantor’s industry within the economy and relative to economic trends, and","page_number":19,"box":{"x":134,"y":473,"width":744,"height":11}},{"id":"f2713d53-74ef-401b-9617-92eb72472f98","block_type":"box","text":"issuer’s or guarantor’s competitive position within its industry;","page_number":19,"box":{"x":135,"y":488,"width":444,"height":11}},{"id":"acbfcef8-519c-4b46-a174-7142742103b3","block_type":"box","text":"2. That is issued by a registered investment company that is a money market fund; or","page_number":19,"box":{"x":102,"y":511,"width":611,"height":11}},{"id":"86d517ea-b3fe-40c3-9603-a60751c925c4","block_type":"box","text":"3. That is issued or guaranteed as to principal or interest by the U.S. Government or any of its agencies or","page_number":19,"box":{"x":102,"y":533,"width":759,"height":12}},{"id":"5c8b5f71-8566-4467-9e7c-f75e52196009","block_type":"box","text":"instrumentalities.","page_number":19,"box":{"x":70,"y":549,"width":122,"height":9}},{"id":"58b751ac-c378-4204-ac4e-1daec55c31f8","block_type":"box","text":"Set for th below is a listing of some of the types of investments and investment strategies that the Fund may","page_number":19,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"ece31ec6-faa0-4fdf-950f-d80924d7f2c3","block_type":"box","text":"use, and the risks and considerations associated with those investments and investment strategies. Please see Par t","page_number":19,"box":{"x":69,"y":587,"width":837,"height":11}},{"id":"1077c776-606e-4192-9b33-118dbcd33c39","block_type":"box","text":"II of this SAI for fur ther information on these investments and investment strategies. Information contained in Par t II","page_number":19,"box":{"x":70,"y":601,"width":828,"height":12}},{"id":"696fefe5-df5d-439c-aa73-fd7537b31945","block_type":"box","text":"about the risks and considerations associated with investments and/or investment strategies applies only to the","page_number":19,"box":{"x":69,"y":617,"width":805,"height":11}},{"id":"5458ad52-0e5e-42f2-a551-20fa7487b2fd","block_type":"box","text":"extent the Fund makes each type of investment or uses each investment strategy. Also set for th below is a listing of","page_number":19,"box":{"x":69,"y":632,"width":830,"height":11}},{"id":"9515445c-623a-4a52-b9c2-3b631d88f80a","block_type":"box","text":"the proxy voting policy and related guidelines applicable to the Fund. Please see “Proxy Voting Policies and","page_number":19,"box":{"x":68,"y":647,"width":760,"height":11}},{"id":"574ee0c3-0933-498c-924b-5d3f23cef81f","block_type":"box","text":"Procedures” in Par t II of this SAI for fur ther information about these policies. A copy of each policy is included in","page_number":19,"box":{"x":69,"y":662,"width":801,"height":11}},{"id":"9da4091d-7fe8-4f9b-9cd8-e3a7680691f1","block_type":"box","text":"Appendix B.","page_number":19,"box":{"x":68,"y":677,"width":83,"height":11}},{"id":"aa3c9a65-da82-4537-a262-71c906b90e12","block_type":"box","text":"Information that does not apply to the Fund does not form a par t of the Fund’s SAI and should not be relied on","page_number":19,"box":{"x":102,"y":700,"width":789,"height":11}},{"id":"976f917d-3049-4e56-a89a-d485277abd27","block_type":"box","text":"by investors in the Fund. Only information that is clearly identified as applicable to the Fund is considered to form a","page_number":19,"box":{"x":69,"y":715,"width":822,"height":11}},{"id":"62162821-6e53-4775-9859-b6d246c7b99e","block_type":"box","text":"par t of the Fund’s SAI.","page_number":19,"box":{"x":70,"y":730,"width":158,"height":11}},{"id":"ea74f939-e13b-489e-8698-e4e37b5dabc9","block_type":"box","text":"Circle Reserve","page_number":19,"box":{"x":804,"y":759,"width":85,"height":7}},{"id":"7e7ba853-6668-4259-b35e-991ae661dfe0","block_type":"box","text":"Fund","page_number":19,"box":{"x":833,"y":769,"width":27,"height":7}},{"id":"3b3d0a79-fdb7-48eb-9d79-dabe445ac744","block_type":"box","text":"Bank Money Instruments","page_number":19,"box":{"x":74,"y":788,"width":158,"height":10}},{"id":"f48136ba-bdb8-46ee-adde-98eaacfc584e","block_type":"box","text":"Blockchain","page_number":19,"box":{"x":74,"y":809,"width":67,"height":7}},{"id":"e9576c38-efe1-481d-9e2e-3c9649bff4c3","block_type":"box","text":"Use of Blockchain","page_number":19,"box":{"x":83,"y":828,"width":113,"height":9}},{"id":"85ab72b7-dcda-4d1a-8e21-5c9400dbdde9","block_type":"box","text":"Blockchain Technology","page_number":19,"box":{"x":83,"y":849,"width":143,"height":10}},{"id":"de988846-4b5e-4e4f-ae94-b8068a446f79","block_type":"box","text":"Blockchain Networks","page_number":19,"box":{"x":83,"y":869,"width":132,"height":8}},{"id":"458744c6-cf34-40e6-ab23-f06947196bf0","block_type":"box","text":"Blockchain Network Suitability","page_number":19,"box":{"x":83,"y":889,"width":192,"height":10}},{"id":"ef038d5f-a817-4f34-8c8c-bc509077f6d6","block_type":"box","text":"I-1","page_number":19,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"6f9405ec-f060-4f21-bec1-2879174d21f6","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":19,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"79951b6d-4de9-43dc-821f-4e2c6b0c7de6","block_type":"box","text":"Circle Reserve","page_number":20,"box":{"x":804,"y":50,"width":85,"height":7}},{"id":"2a6d1020-8956-428f-9ba5-28ffde492186","block_type":"box","text":"Fund","page_number":20,"box":{"x":833,"y":60,"width":27,"height":7}},{"id":"418eacb1-f4bd-4525-a96e-e2652bb2ff14","block_type":"box","text":"Blockchain Regulation","page_number":20,"box":{"x":83,"y":79,"width":140,"height":10}},{"id":"d4d6d5e0-5c2b-462b-9a67-407dc9641d39","block_type":"box","text":"Stablecoin Regulatory Risk","page_number":20,"box":{"x":83,"y":99,"width":171,"height":10}},{"id":"9a3a0a54-5943-4df9-9caa-072a6116bf3b","block_type":"box","text":"Commercial Paper and Other Shor t Term Obligations","page_number":20,"box":{"x":73,"y":119,"width":335,"height":10}},{"id":"f9d5c8f1-ade6-4f17-95b6-accab7d5c4a6","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":20,"box":{"x":74,"y":139,"width":371,"height":11}},{"id":"ad957db7-4042-45f2-a40e-0cc6056bfae1","block_type":"box","text":"Foreign Bank Money Instruments","page_number":20,"box":{"x":74,"y":160,"width":209,"height":10}},{"id":"ebd1affe-9680-4e4d-90f4-9d003fd2e876","block_type":"box","text":"Foreign Shor t Term Debt Instruments","page_number":20,"box":{"x":74,"y":180,"width":236,"height":10}},{"id":"31f3be99-cafc-4220-9c89-45a4f243fa2b","block_type":"box","text":"Forward Commitments","page_number":20,"box":{"x":74,"y":200,"width":143,"height":8}},{"id":"1c8545ca-7395-4f6d-9413-00504d501601","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":200,"width":7,"height":8}},{"id":"d16ab4dc-0ab6-4928-93e9-fac36dd9ae89","block_type":"box","text":"Illiquid Investments","page_number":20,"box":{"x":74,"y":220,"width":122,"height":10}},{"id":"74024400-66b6-48d6-89bf-064beae96c88","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":220,"width":7,"height":8}},{"id":"e3df72c9-4f64-4b05-af10-d570c088b510","block_type":"box","text":"Inflation Risk","page_number":20,"box":{"x":74,"y":240,"width":82,"height":8}},{"id":"bcfea4d9-4817-489e-a26c-190086a1807c","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":240,"width":7,"height":8}},{"id":"3072d9e2-5117-4a05-8837-453849d0da3f","block_type":"box","text":"Investment in Other Investment Companies","page_number":20,"box":{"x":74,"y":260,"width":276,"height":10}},{"id":"1a7a7e96-6b93-429d-9d4e-88bd430993f8","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":261,"width":7,"height":7}},{"id":"3f326536-ca16-47fb-9f0e-1d7ddb002da6","block_type":"box","text":"Issuer Insolvency Risk","page_number":20,"box":{"x":74,"y":281,"width":141,"height":10}},{"id":"2d377ee9-ad7a-4812-bf46-6c3afda4143c","block_type":"box","text":"Market Risks/Recent Market Events","page_number":20,"box":{"x":74,"y":301,"width":230,"height":10}},{"id":"904aab00-58d4-4b65-8001-b5ba74cce523","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":301,"width":7,"height":8}},{"id":"6c5e0070-c15f-4ae8-88fc-c03d8f24f3b4","block_type":"box","text":"Municipal Investments","page_number":20,"box":{"x":74,"y":321,"width":142,"height":10}},{"id":"85159e3b-4ad2-4f30-9aac-061427a0733b","block_type":"box","text":"Municipal Securities","page_number":20,"box":{"x":83,"y":341,"width":128,"height":10}},{"id":"58453c85-de02-4729-95da-8be67bad73c8","block_type":"box","text":"Municipal Securities — Derivative Products","page_number":20,"box":{"x":83,"y":361,"width":275,"height":10}},{"id":"77cec7c9-4e24-4135-8aa6-ebc319188a74","block_type":"box","text":"Municipal Notes","page_number":20,"box":{"x":83,"y":381,"width":102,"height":10}},{"id":"b69900ed-c602-4421-9d6e-fb3ae8afc4f4","block_type":"box","text":"Municipal Commercial Paper","page_number":20,"box":{"x":83,"y":402,"width":182,"height":9}},{"id":"dab11f68-697b-409d-bd81-d9a163e44026","block_type":"box","text":"Municipal Lease Obligations","page_number":20,"box":{"x":83,"y":422,"width":179,"height":10}},{"id":"6cc9a81b-6137-4b1c-894f-66f8850ec77d","block_type":"box","text":"Municipal Securities — Shor t-Term Maturity Standards","page_number":20,"box":{"x":83,"y":442,"width":348,"height":10}},{"id":"5fe51796-e191-48b3-a27b-776ef876a6e8","block_type":"box","text":"Municipal Securities — Quality Standards","page_number":20,"box":{"x":83,"y":462,"width":265,"height":10}},{"id":"e109be01-de43-4654-ae59-e243efa2f575","block_type":"box","text":"Municipal Securities — Other Factors","page_number":20,"box":{"x":83,"y":482,"width":238,"height":10}},{"id":"210b4eb2-b0d5-4110-a454-0d751e12eb6a","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”)","page_number":20,"box":{"x":82,"y":502,"width":289,"height":10}},{"id":"486589a2-b52c-42ea-a238-86d67efec1ee","block_type":"box","text":"Negative Interest Rate Scenarios","page_number":20,"box":{"x":74,"y":522,"width":209,"height":11}},{"id":"5ffcfd50-a6a7-48e0-b300-dc816d5087f6","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":523,"width":7,"height":7}},{"id":"fec2d572-4f42-4353-822c-83deed6d2a9a","block_type":"box","text":"Operational and Technology Risks","page_number":20,"box":{"x":73,"y":543,"width":214,"height":10}},{"id":"ddebc05c-85fe-4d17-9d42-cc674fc5e1d6","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":543,"width":7,"height":8}},{"id":"dbbda65a-052e-4907-a3b4-44954515a44a","block_type":"box","text":"Proxy Voting Policies","page_number":20,"box":{"x":73,"y":563,"width":129,"height":10}},{"id":"0295564d-cd2b-4ec6-9fa2-f7eb1db540b8","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":563,"width":7,"height":8}},{"id":"0eeacdee-ae07-4178-925e-f20e27f2cf00","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy X","page_number":20,"box":{"x":83,"y":583,"width":767,"height":10}},{"id":"5da9d4ca-c881-47da-987e-039c8b27175d","block_type":"box","text":"BlackRock Active Investment Stewardship Climate and Decarbonization Stewardship Guidelines","page_number":20,"box":{"x":93,"y":603,"width":610,"height":10}},{"id":"78fe2371-534e-494d-8397-6d40fb3f934f","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":20,"box":{"x":83,"y":623,"width":233,"height":10}},{"id":"0effbe65-c6da-44a7-8b3f-30076de0c967","block_type":"box","text":"BlackRock Investment Stewardship Climate and Decarbonization Stewardship Guidelines","page_number":20,"box":{"x":93,"y":643,"width":567,"height":10}},{"id":"da19aacc-e846-4fbc-86e0-9b9dcc9e1479","block_type":"box","text":"Purchase of Securities with Fixed Price “Puts”","page_number":20,"box":{"x":73,"y":663,"width":292,"height":9}},{"id":"78b7491b-50b3-40bd-af37-75dde7be8267","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts X","page_number":20,"box":{"x":74,"y":684,"width":776,"height":10}},{"id":"d957507d-f393-43e3-b22a-80df0b79c079","block_type":"box","text":"Reverse Repurchase Agreements","page_number":20,"box":{"x":74,"y":704,"width":211,"height":10}},{"id":"228965df-b14f-4b2d-9786-968a4d74bd72","block_type":"box","text":"Rule 2a-7 Requirements","page_number":20,"box":{"x":74,"y":724,"width":153,"height":10}},{"id":"7acfcf34-ef7d-4dad-9c6b-bdee17ce3d5c","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":724,"width":7,"height":8}},{"id":"630413a0-464a-4a49-a3d0-dae3146700bd","block_type":"box","text":"Securities Lending","page_number":20,"box":{"x":73,"y":744,"width":118,"height":10}},{"id":"f2323928-f3a3-44a7-9095-048c4abe84b1","block_type":"box","text":"Structured Notes","page_number":20,"box":{"x":73,"y":764,"width":108,"height":8}},{"id":"8efeb506-47c0-486b-a3d9-8b2603e32a1c","block_type":"box","text":"Taxable Money Market Securities","page_number":20,"box":{"x":73,"y":785,"width":210,"height":9}},{"id":"0abfd74a-6434-4239-80d1-49f64b3e5eb7","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":785,"width":7,"height":7}},{"id":"8a0726c9-9e3b-4dbd-adaa-645e607d8a46","block_type":"box","text":"U.S. Government Obligations","page_number":20,"box":{"x":74,"y":805,"width":183,"height":10}},{"id":"551ba391-9587-495c-9845-781a761fd9ce","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":805,"width":7,"height":8}},{"id":"b6a291da-3061-4ca0-956c-68876487b7e0","block_type":"box","text":"Variable and Floating Rate Instruments","page_number":20,"box":{"x":72,"y":825,"width":248,"height":10}},{"id":"7d71118f-beee-4d15-865e-f78b807fec22","block_type":"box","text":"X","page_number":20,"box":{"x":843,"y":825,"width":7,"height":8}},{"id":"295ed5b6-d131-480f-9090-0cce67247d85","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments X","page_number":20,"box":{"x":73,"y":845,"width":777,"height":10}},{"id":"ff8b8dac-f29a-4916-9838-684711a455a5","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":20,"box":{"x":102,"y":869,"width":246,"height":11}},{"id":"b16fc66d-fea9-49d3-831a-09e6751cec34","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":20,"box":{"x":355,"y":869,"width":530,"height":11}},{"id":"ac674193-123a-47c3-b5c0-319aad55f8c9","block_type":"box","text":"registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either","page_number":20,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"64de2396-c883-4782-91c4-d01218ddd4ca","block_type":"box","text":"(i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options","page_number":20,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"d4864336-a05e-42aa-97d6-4548f4045393","block_type":"box","text":"I-2","page_number":20,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d46816fb-e010-4cf9-8699-f23aa70d1558","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":20,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"31e09f23-8edd-45ba-abf6-7e70721fa208","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments.","page_number":21,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"9c00b397-b0ae-44c1-b021-a0f873718011","block_type":"box","text":"To the extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market","page_number":21,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"25d10192-1dd5-4942-b2bb-1a9de6dd68a9","block_type":"box","text":"itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, BlackRock has claimed an","page_number":21,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"c44297ae-cd48-49c0-9ef6-fd453dc60580","block_type":"box","text":"exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”)","page_number":21,"box":{"x":69,"y":90,"width":796,"height":11}},{"id":"fbcae428-7c20-4f62-8814-a450ef51707c","block_type":"box","text":"pursuant to Rule 4.5 under the CEA. BlackRock is not, therefore, subject to registration or regulation as a","page_number":21,"box":{"x":70,"y":105,"width":751,"height":11}},{"id":"c6fe1b92-c244-4d0a-b9f9-c51331aa160d","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Fund.","page_number":21,"box":{"x":70,"y":120,"width":461,"height":11}},{"id":"001b4df8-31db-4648-aed8-3ffd23d5cdce","block_type":"box","text":"II. Investment Restrictions","page_number":21,"box":{"x":69,"y":151,"width":194,"height":8}},{"id":"ce391ae8-4ff8-4846-80cc-420d95257618","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":21,"box":{"x":101,"y":173,"width":800,"height":11}},{"id":"4df6bd42-6ffc-4429-b8df-1d1a1bac83f7","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":21,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"48039716-0e0e-40e2-8a2f-c0bf1118ee8d","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":21,"box":{"x":69,"y":203,"width":809,"height":12}},{"id":"c7e1436a-5b29-4617-b119-a6d6cff943c8","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":21,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"1a563232-ff88-468c-9ada-c19ed9c0abd0","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":21,"box":{"x":69,"y":234,"width":608,"height":11}},{"id":"aaf64eae-7f40-4c48-8e88-11c35180c01d","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":21,"box":{"x":102,"y":256,"width":485,"height":11}},{"id":"b30c68be-eefc-40a2-8c3d-9fafe379b145","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":21,"box":{"x":135,"y":277,"width":770,"height":11}},{"id":"b97b40a6-8472-4a81-8d00-11493773a354","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":21,"box":{"x":134,"y":297,"width":529,"height":11}},{"id":"4b75151e-bfda-46d2-86b3-67f5a1aeb4e7","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":21,"box":{"x":134,"y":317,"width":694,"height":11}},{"id":"c81ca6b3-9003-4956-8601-43c1ac6b88dc","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":21,"box":{"x":134,"y":337,"width":774,"height":11}},{"id":"ee905b59-3d1a-4b2b-9ace-614eec7a626d","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":21,"box":{"x":134,"y":352,"width":736,"height":11}},{"id":"3b8c67ad-b10e-44a0-beab-febd9dceab49","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":21,"box":{"x":135,"y":367,"width":775,"height":11}},{"id":"bc61da64-9d0c-49ae-b62d-96a4df49006a","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":21,"box":{"x":135,"y":382,"width":666,"height":11}},{"id":"c6349b5e-a96e-4faa-bcd0-4e76ce174f4b","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":21,"box":{"x":134,"y":402,"width":746,"height":12}},{"id":"cbb26a69-eae1-47ac-bd0b-7a73fbc815b2","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":21,"box":{"x":135,"y":418,"width":626,"height":11}},{"id":"73b3ed0f-fff2-45a3-8a60-0501b221294f","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":21,"box":{"x":134,"y":438,"width":757,"height":11}},{"id":"03c33bc7-cce3-4944-97f9-7216d92a8373","block_type":"box","text":"Act.","page_number":21,"box":{"x":134,"y":453,"width":25,"height":9}},{"id":"d9f5b16f-8040-4a6d-9df2-5c9100dd3d75","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":21,"box":{"x":135,"y":473,"width":506,"height":11}},{"id":"127f9f42-5773-4d46-b128-4c8cef135022","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":21,"box":{"x":134,"y":493,"width":729,"height":11}},{"id":"458485ff-5864-4eba-871a-1d7850aae28d","block_type":"box","text":"Investment Company Act.","page_number":21,"box":{"x":135,"y":508,"width":178,"height":11}},{"id":"e6903d78-533d-4d25-8b49-e2233d4c1570","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":21,"box":{"x":102,"y":531,"width":494,"height":11}},{"id":"7602f865-319d-4588-a18a-49579179117f","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":21,"box":{"x":101,"y":554,"width":799,"height":11}},{"id":"f198c5eb-9130-4c24-b3bf-370b7beaeeb6","block_type":"box","text":"subject to change without shareholder approval.","page_number":21,"box":{"x":69,"y":569,"width":341,"height":11}},{"id":"31288b52-d595-4222-adce-486e35684f73","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":21,"box":{"x":101,"y":591,"width":796,"height":12}},{"id":"22268722-4c52-4d5a-89b8-2cbb4be92a93","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":21,"box":{"x":68,"y":606,"width":811,"height":12}},{"id":"96ae128b-9d42-47dc-81f7-ad690cc6b768","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":21,"box":{"x":68,"y":622,"width":833,"height":11}},{"id":"8bb3053c-74c7-42c1-90d4-335d809c819f","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":21,"box":{"x":68,"y":637,"width":836,"height":11}},{"id":"0ea8479d-fb94-4012-9c63-ce57bc0d5b6f","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":21,"box":{"x":69,"y":652,"width":815,"height":11}},{"id":"8147bbd4-5e57-4d65-9a42-f12602d8a2e3","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":21,"box":{"x":70,"y":667,"width":813,"height":11}},{"id":"0ce8fce3-f1ce-4a0d-8e4a-5d66863ab981","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":21,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"a0b6b2e6-713f-4ca4-871c-12d8727449e7","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":21,"box":{"x":69,"y":697,"width":809,"height":12}},{"id":"87243204-b343-4039-a0fb-fa825b8b895a","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":21,"box":{"x":69,"y":712,"width":772,"height":12}},{"id":"51118dc4-ac77-4f2f-93ce-36705d6414b7","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":21,"box":{"x":69,"y":727,"width":824,"height":12}},{"id":"cb41f4ef-0e59-4c0b-afa1-0e95d3e0f34d","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":21,"box":{"x":67,"y":743,"width":829,"height":11}},{"id":"d6d63431-aa06-49f2-a5b7-ec898a7053ab","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":21,"box":{"x":69,"y":758,"width":805,"height":11}},{"id":"c5a4d2c1-64dc-4b10-9c26-2d0cdcb0ad6c","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":21,"box":{"x":69,"y":773,"width":840,"height":11}},{"id":"b8d91dad-e232-48f7-b93a-f673f1d0d5d5","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":21,"box":{"x":69,"y":788,"width":803,"height":11}},{"id":"b5395817-acd9-47c9-a7f2-0f0cedde61b7","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":21,"box":{"x":70,"y":803,"width":807,"height":11}},{"id":"7fa085b8-a572-4152-8c9d-e8f747ebd727","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":21,"box":{"x":70,"y":818,"width":438,"height":11}},{"id":"7d0e3606-03b4-440e-a982-79559ea633ce","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":21,"box":{"x":101,"y":841,"width":750,"height":11}},{"id":"0c477f24-41bb-44ac-b675-7874360f5d61","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":21,"box":{"x":69,"y":856,"width":827,"height":11}},{"id":"b15e16ac-215d-4ba7-a3b5-1558548004b3","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":21,"box":{"x":68,"y":871,"width":781,"height":11}},{"id":"67734661-9188-43dc-bc5d-972378e1161b","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":21,"box":{"x":70,"y":886,"width":815,"height":12}},{"id":"70e31924-54ec-4b82-ba27-f13754c07587","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":21,"box":{"x":68,"y":901,"width":825,"height":12}},{"id":"9a92d73a-686d-4f3b-93b9-576b5921f8b1","block_type":"box","text":"I-3","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8f0d586e-e146-4001-b366-70869710e5bb","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":21,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ad0a114e-95eb-46df-bef0-ac2c02b660e0","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":22,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"26d0a791-1d97-4804-aeb8-3857b4578205","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. The","page_number":22,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"640f692e-3d97-4fec-a657-af9b5cbf9e53","block_type":"box","text":"policy in (2) above will be interpreted to permit the Fund to engage in trading practices and investments that may be","page_number":22,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"d4b8b94e-a9c2-48a6-ab22-6bf8c441604c","block_type":"box","text":"considered to be borrowing or to involve leverage to the extent permitted by the Investment Company Act. Shor t-term","page_number":22,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"145c0b54-a84a-4ae7-92fc-19e3dca7e3ab","block_type":"box","text":"credits necessary for the settlement of securities transactions and arrangements with respect to securities lending","page_number":22,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"bbfee24a-5e1f-48fb-9cbf-d7edffc640ca","block_type":"box","text":"will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are","page_number":22,"box":{"x":68,"y":120,"width":835,"height":12}},{"id":"d7e55f22-228f-4866-8117-6d0df5e3703d","block_type":"box","text":"not considered to be borrowings are not subject to the policy. The Fund does not currently intend to borrow for","page_number":22,"box":{"x":69,"y":135,"width":786,"height":12}},{"id":"b959c96c-c497-497d-b845-08293c32cf00","block_type":"box","text":"investment purposes.","page_number":22,"box":{"x":70,"y":151,"width":151,"height":10}},{"id":"e2d02124-2a6b-46a6-98e4-1f7d6e62d4dc","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":22,"box":{"x":101,"y":173,"width":788,"height":11}},{"id":"cc388a5f-ef4a-4051-b03b-1d63e08d3a1f","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":22,"box":{"x":68,"y":188,"width":840,"height":12}},{"id":"e3743a24-d256-445a-928f-af94ce0d61ae","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have underwriting","page_number":22,"box":{"x":70,"y":203,"width":808,"height":12}},{"id":"7ded302b-e15b-48d1-846d-b6cdd45a6bff","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":22,"box":{"x":69,"y":218,"width":811,"height":12}},{"id":"8f0e2603-0405-489a-a843-4abb54b187a8","block_type":"box","text":"amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in issuers where","page_number":22,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"3a5844aa-933e-4e13-a3c9-eb0c654855bf","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A","page_number":22,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"bae70b96-4879-429a-869c-2fc72f2ca8ce","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":22,"box":{"x":68,"y":264,"width":826,"height":11}},{"id":"d72592f0-9891-46a3-92d2-371c166eaa8a","block_type":"box","text":"an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that","page_number":22,"box":{"x":69,"y":279,"width":822,"height":11}},{"id":"e369492e-a3a6-4af6-b2db-475f1a349a16","block_type":"box","text":"the application of the Securities Act provisions described above would cause the Fund to be engaged in the business","page_number":22,"box":{"x":68,"y":294,"width":835,"height":11}},{"id":"767f18d4-25fc-4147-8c2d-ca35e0400427","block_type":"box","text":"of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in transactions","page_number":22,"box":{"x":69,"y":309,"width":793,"height":11}},{"id":"ebca91ad-642c-4096-9c4b-4a08adbf241a","block_type":"box","text":"involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be considered to","page_number":22,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"e6026069-86e6-4350-beda-224f42c396ab","block_type":"box","text":"be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent","page_number":22,"box":{"x":69,"y":340,"width":781,"height":11}},{"id":"b630602f-a09c-4de9-ab5b-3832bff329b5","block_type":"box","text":"permitted by applicable law.","page_number":22,"box":{"x":70,"y":355,"width":195,"height":11}},{"id":"8dc81057-b9a4-48e0-a22d-b03e068c3af1","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":22,"box":{"x":101,"y":377,"width":778,"height":12}},{"id":"7f626b3a-8a97-45aa-8a1a-92803d3aab57","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":22,"box":{"x":69,"y":392,"width":759,"height":12}},{"id":"48b6ee5e-1fb1-4a5a-bdb3-5ca63b45d666","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":22,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"0bd7dddc-c446-436f-b104-a38a62fc49a1","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":22,"box":{"x":69,"y":423,"width":784,"height":11}},{"id":"6e75705e-884b-4bda-9cf9-3bb2795d702b","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":22,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"b286ce6e-0480-43c0-99b4-a9753c79ced3","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":22,"box":{"x":70,"y":453,"width":803,"height":11}},{"id":"0f5e146e-973a-42e1-9f47-ce6e64bf1fca","block_type":"box","text":"loans.","page_number":22,"box":{"x":70,"y":468,"width":40,"height":9}},{"id":"b8f34797-46c5-4086-9a8b-0117ee6e1a87","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. Pursuant to Rule 2a-7","page_number":22,"box":{"x":101,"y":491,"width":789,"height":11}},{"id":"888bc5cc-95d7-4867-98dc-76ffcc7fe605","block_type":"box","text":"under the Investment Company Act, a money market fund that satisfies the applicable diversification requirements of","page_number":22,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"91299549-08d0-4045-a15b-a3d3b6c64a01","block_type":"box","text":"Rule 2a-7 shall be deemed to have satisfied the diversification requirements of the Investment Company Act and the","page_number":22,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"2fbd103a-0dfa-4fa2-9d37-af52276871da","block_type":"box","text":"rules adopted thereunder. Pursuant to Rule 2a-7 under the Investment Company Act, the Fund will generally limit its","page_number":22,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"238f0969-30ef-4588-b95a-46547d1099b9","block_type":"box","text":"purchases of any one issuer’s securities (other than U.S. Government obligations and repurchase agreements","page_number":22,"box":{"x":70,"y":551,"width":785,"height":11}},{"id":"82520fb3-8152-4833-884c-b0e060db1e1c","block_type":"box","text":"collateralized by such securities) to 5% of the Fund’s total assets, except that up to 25% of its total assets may be","page_number":22,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"4778017a-d482-4b22-8874-1dc041367c57","block_type":"box","text":"invested in securities of one issuer for a period of up to three business days; provided that the Fund may not invest","page_number":22,"box":{"x":70,"y":581,"width":824,"height":11}},{"id":"39be3eef-60ec-4e2b-8ee3-08237ac72f1a","block_type":"box","text":"in the securities of more than one issuer in accordance with the foregoing exception at any one time. Additionally,","page_number":22,"box":{"x":70,"y":596,"width":807,"height":12}},{"id":"7ec48f15-ad57-485b-ad19-a34a390f5406","block_type":"box","text":"pursuant to Rule 2a-7, the Fund will generally not invest more than 10% of its total assets in securities issued by or","page_number":22,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"7dd807f8-cbe0-47a0-8d8c-4456f9321a3b","block_type":"box","text":"subject to demand features or guarantees from the institution that issued the demand feature or guarantee. Under","page_number":22,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"4459db76-6bf8-49de-8eeb-6e0e8f27f64b","block_type":"box","text":"the Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":22,"box":{"x":68,"y":642,"width":804,"height":11}},{"id":"a254a5db-69a0-4d8b-9450-216465f448b3","block_type":"box","text":"shareholder approval (including class approval by preferred shareholders, if any).","page_number":22,"box":{"x":69,"y":657,"width":575,"height":11}},{"id":"dd49bbac-7c25-42dd-a73a-482fb2baac86","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":22,"box":{"x":102,"y":680,"width":768,"height":11}},{"id":"7a54f5cc-3e7c-420d-9bdb-20a35e3be8bc","block_type":"box","text":"approval, the Fund may not:","page_number":22,"box":{"x":69,"y":695,"width":197,"height":11}},{"id":"ed20c0b9-ae40-4fa7-be03-aaf04f6af256","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":22,"box":{"x":134,"y":715,"width":742,"height":11}},{"id":"3b76c6de-b2e1-4e19-8a32-66cba31d1380","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":22,"box":{"x":134,"y":730,"width":760,"height":11}},{"id":"e1c6bab6-34c9-4174-8022-05cc35c9aa49","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund","page_number":22,"box":{"x":135,"y":745,"width":759,"height":11}},{"id":"c3719ac4-6c31-4cd8-80bc-3536760d874f","block_type":"box","text":"of funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares","page_number":22,"box":{"x":134,"y":760,"width":751,"height":12}},{"id":"de4430b0-9c32-4c02-b08f-b54c91df0702","block_type":"box","text":"are purchased by another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":22,"box":{"x":134,"y":775,"width":767,"height":12}},{"id":"9ac87812-bfc8-4653-b593-e1565b9b2610","block_type":"box","text":"Section 12(d)(1).","page_number":22,"box":{"x":134,"y":791,"width":119,"height":10}},{"id":"7c6db9e8-43ba-4420-a110-a58a89146d1b","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":22,"box":{"x":134,"y":811,"width":765,"height":11}},{"id":"c695fc4b-cb35-49e9-a6d2-a9988be161d9","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":22,"box":{"x":135,"y":826,"width":509,"height":11}},{"id":"04dce8a9-7fb2-425a-9380-61576552eecc","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":22,"box":{"x":102,"y":849,"width":771,"height":10}},{"id":"658975a2-6fec-4c08-a320-ab068b8568bc","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":22,"box":{"x":69,"y":863,"width":822,"height":12}},{"id":"60d8db27-a50f-4456-8515-925893ea2cfb","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in cer tain","page_number":22,"box":{"x":68,"y":879,"width":803,"height":11}},{"id":"5e4a6a1b-52cc-4ab7-bb18-16ab89f26494","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":22,"box":{"x":69,"y":894,"width":835,"height":11}},{"id":"4fbaab17-42d5-4ebc-8c02-c9e3a2ccc8bc","block_type":"box","text":"I-4","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5e641912-5f91-462c-8115-495f5128687d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":22,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"130eaa0a-aa72-4ae6-9b2b-2a135b56f6bc","block_type":"box","text":"require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell or close out the","page_number":23,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"eb6f0c5f-cb76-416a-8618-88c5ac127efc","block_type":"box","text":"investment without undue market or tax consequences.","page_number":23,"box":{"x":70,"y":60,"width":393,"height":11}},{"id":"5e173469-9abe-43b1-881e-884e0f0038c1","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":90,"width":290,"height":9}},{"id":"2cb376f3-4d87-4557-847c-3eda998299db","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":113,"width":788,"height":11}},{"id":"f0bef3c0-4e9f-4132-b416-dd260166afd6","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":128,"width":779,"height":11}},{"id":"e6b03477-bcf8-4efa-bbad-198a349e96b8","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"066f1aa9-74be-49a6-9e70-291c2c67fc44","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":158,"width":793,"height":11}},{"id":"7e47b70d-89d8-4bfc-8fbb-f816a1c230e2","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":173,"width":822,"height":11}},{"id":"a8e8dada-d935-4cd1-b4a9-392fce826658","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":23,"box":{"x":68,"y":188,"width":837,"height":12}},{"id":"57138bf6-0c54-4e79-9bf5-b74878ead212","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":203,"width":335,"height":11}},{"id":"390d6033-2e4d-4797-a93c-51fc73e65e4f","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":23,"box":{"x":101,"y":226,"width":769,"height":11}},{"id":"8b74dd08-f393-4d92-b1be-744f6080c7da","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":23,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"35a37773-580f-4f8c-8a20-9928c06ccdad","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":23,"box":{"x":70,"y":256,"width":821,"height":12}},{"id":"9ef2c7d1-deec-40f9-8462-f7eb6c7d0dc8","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":23,"box":{"x":69,"y":271,"width":835,"height":12}},{"id":"f703005e-0e6d-43cb-9e4b-d781f7008c02","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":23,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"870a5853-b8d0-4839-a02a-4de9e321d7ca","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":23,"box":{"x":68,"y":302,"width":789,"height":11}},{"id":"7a3f4043-7c5e-4137-888f-f3c3ea93e83a","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":23,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"d83f266e-71d0-4511-bf5a-444988aa8148","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":23,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"01f78f27-d4a6-4f5e-8989-18c237e3c4f3","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":23,"box":{"x":70,"y":347,"width":794,"height":11}},{"id":"c81c4cdb-8bb2-40a9-b2cb-9599f2f9f4dd","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":23,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"abf1b874-6e56-4eb2-bf28-a03d8f7d5c77","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":23,"box":{"x":69,"y":377,"width":831,"height":12}},{"id":"79f8a536-4ed1-469b-a461-d60f250e45aa","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":23,"box":{"x":70,"y":392,"width":811,"height":12}},{"id":"36b76445-dc77-48f9-85e6-bdfccf5d2cf9","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":23,"box":{"x":68,"y":407,"width":809,"height":11}},{"id":"6ef14697-3cb7-4fcc-870e-551bbe00c5d6","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":23,"box":{"x":69,"y":423,"width":825,"height":11}},{"id":"93be2caf-6a4b-472c-94d7-77b94c6d471c","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":23,"box":{"x":69,"y":438,"width":441,"height":11}},{"id":"70840b55-6bf9-4ea0-a27f-0c05a2290f6b","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":23,"box":{"x":101,"y":460,"width":777,"height":12}},{"id":"d54fc263-2f2a-4705-9654-31d7da13e7e3","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":23,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"cc60eb6c-a0ed-42a9-a84b-8ec88b219835","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":23,"box":{"x":68,"y":491,"width":820,"height":11}},{"id":"3d3e6593-e6a1-4af7-990c-4f53c5cac05c","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":23,"box":{"x":70,"y":506,"width":812,"height":11}},{"id":"5ebed361-b4bc-447c-8fc2-5c3b089dd2fb","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":23,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"2a526554-5929-4089-b597-052b6f19cb0d","block_type":"box","text":"the operations of the Fund.","page_number":23,"box":{"x":68,"y":536,"width":192,"height":11}},{"id":"808bfeac-630b-4db1-b379-610284d2ea8a","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":23,"box":{"x":102,"y":559,"width":785,"height":11}},{"id":"f7b2f29d-547a-4a08-86d4-e10874ba8618","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":23,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"d646fc08-9230-4bf4-84d6-86dce9537c8a","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":23,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"1efff3ea-5eee-481d-9739-15483204ac3f","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":23,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"f822fb58-9af9-40b3-b29b-7ec4df16d4e7","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":23,"box":{"x":70,"y":619,"width":811,"height":11}},{"id":"96f2ac29-a4c2-4efe-b329-e9c2d0ff7b9d","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":23,"box":{"x":70,"y":634,"width":767,"height":12}},{"id":"7bdd7dc0-170d-41b4-9712-cb7f6b758d26","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":23,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"7e4538ea-f849-44ad-a627-b45e68026cf9","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":23,"box":{"x":70,"y":664,"width":803,"height":12}},{"id":"3b1b682e-a804-42b5-a30a-e4c526f888d8","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":23,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"320d7776-55ba-422c-a147-9b9468507b96","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":23,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"e029902f-a2d6-4c0b-b126-cc12de9a7cf8","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":23,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"5c67df6e-8039-4462-ae5b-ae41f215beb8","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":23,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"407bc7b8-6410-4edf-8092-ab2892800043","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":23,"box":{"x":68,"y":740,"width":818,"height":11}},{"id":"dd5c0ae0-1984-48dd-8caf-fe9d0f02f2b2","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":23,"box":{"x":70,"y":755,"width":759,"height":11}},{"id":"44058fcd-2255-4846-bfb8-db94ddfb1371","block_type":"box","text":"per forming their oversight responsibilities.","page_number":23,"box":{"x":70,"y":770,"width":299,"height":12}},{"id":"c29aea1c-b132-4bff-ba75-f2d79e0d842e","block_type":"box","text":"Audit Committee.","page_number":23,"box":{"x":101,"y":793,"width":122,"height":9}},{"id":"e2701478-b36e-481a-8194-95b6588becad","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":23,"box":{"x":229,"y":793,"width":673,"height":11}},{"id":"1580ebf5-f9ff-4872-8a4c-ab722b220618","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":23,"box":{"x":68,"y":808,"width":831,"height":11}},{"id":"aed84b8c-2893-425f-84fd-3684a489aef3","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":23,"box":{"x":68,"y":823,"width":820,"height":11}},{"id":"7c1766e5-f828-4c6f-9357-6892a660b05a","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":23,"box":{"x":68,"y":838,"width":823,"height":12}},{"id":"415984ab-e0a1-44f7-8bbf-3a87056ffae9","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":23,"box":{"x":69,"y":854,"width":830,"height":11}},{"id":"3c78f281-0da8-4172-b28e-aff3e062445d","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":23,"box":{"x":70,"y":869,"width":825,"height":11}},{"id":"8846f3c1-3821-4f98-a3a4-b56fdf3602ef","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":23,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"943c4c47-7a16-419c-a3df-9f2532f1d439","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":23,"box":{"x":68,"y":899,"width":781,"height":11}},{"id":"6fa58285-4abc-4c28-9958-1711f940a181","block_type":"box","text":"I-5","page_number":23,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d6054b67-44dd-4298-a1e7-13bf3fc7d115","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":23,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5c89f518-9716-4c95-826d-908c79de6d89","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":24,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"6a526926-b33d-42b8-8025-f1e86b8e0d13","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":24,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"782983b2-0a80-467a-99e0-d8e59c38c065","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":75,"width":825,"height":11}},{"id":"80acca0b-efa0-4bea-b00d-52b22d5e80b4","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"0fcebd93-d3fb-4619-90d9-37cc0eae0dbd","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":105,"width":815,"height":11}},{"id":"f84c27ed-a4ab-463a-9e7b-596454ca7b00","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":24,"box":{"x":69,"y":120,"width":774,"height":12}},{"id":"58c2f7d0-de3a-42f4-8e4a-d7f520b0ceda","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":135,"width":815,"height":12}},{"id":"995be29b-40c9-48b5-b164-342cda8fef6b","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":24,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"9bdd0e6c-bac1-4106-b3af-3f05682c932f","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":24,"box":{"x":69,"y":166,"width":812,"height":11}},{"id":"9088f898-95dd-4fe8-818f-fdd272882816","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":181,"width":576,"height":11}},{"id":"31e3514f-eafb-440b-ac45-7f6e72ac33fb","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":203,"width":286,"height":12}},{"id":"e3c55e61-cfde-4a82-9fd8-038ec087542f","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":203,"width":464,"height":12}},{"id":"f406399f-1172-4725-a220-3e116f3be3b8","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":24,"box":{"x":70,"y":219,"width":838,"height":11}},{"id":"6b9f996d-2e77-49e1-9c01-7e4259a885f0","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":24,"box":{"x":70,"y":234,"width":784,"height":11}},{"id":"ddc1615e-99a7-40f0-990c-ab4396811c46","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":24,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"17abebc5-aa38-4581-a0d5-faa3c1426ff0","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":24,"box":{"x":69,"y":264,"width":829,"height":11}},{"id":"885d11db-eee8-4f6d-9ddb-a101c130ae48","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":24,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"39b4644d-269c-4e13-a8b0-2bdcc1a44508","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":24,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"bb62fecc-f321-43a1-a25e-006841329a94","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":24,"box":{"x":69,"y":309,"width":838,"height":11}},{"id":"44b6d3e2-8867-445e-8168-75731f1c2908","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":24,"box":{"x":69,"y":324,"width":800,"height":11}},{"id":"8a30d7a2-c446-491a-8418-22fc14042e72","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":24,"box":{"x":70,"y":339,"width":813,"height":11}},{"id":"e8594c2a-14b6-49ba-a8a0-72628809ec69","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":24,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"55cc94f2-a96f-45b6-ae8e-b6443d0dfa5e","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":24,"box":{"x":68,"y":370,"width":804,"height":11}},{"id":"3f0c11ca-7ed1-4cd9-869a-95ecf05b51ff","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and","page_number":24,"box":{"x":69,"y":385,"width":832,"height":11}},{"id":"fce9ec49-5d0f-49c6-8202-b26b6f28a9a7","block_type":"box","text":"Restated Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for","page_number":24,"box":{"x":70,"y":400,"width":801,"height":11}},{"id":"c172d13f-9dc0-45ec-b10e-a9190e425316","block_type":"box","text":"election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice","page_number":24,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"89327513-60d8-41d8-a506-0752d653e9a2","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and","page_number":24,"box":{"x":70,"y":430,"width":776,"height":11}},{"id":"20700ab1-b7f1-4bb0-8135-685d42ed09dd","block_type":"box","text":"received at the principal executive offices of the Trust not later than the close of business on the fifth day following","page_number":24,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"b3a68724-4465-4ddc-8456-51c08a26cbb4","block_type":"box","text":"the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was","page_number":24,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"93c723f2-7632-4ff2-9416-ddb2fae20301","block_type":"box","text":"made, whichever first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain","page_number":24,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"c6254a08-9ac1-4245-8420-447f9f12a9c3","block_type":"box","text":"information about the shareholder and the nominee, as well as cer tain other information, including a written consent","page_number":24,"box":{"x":70,"y":491,"width":832,"height":11}},{"id":"d8d02c1e-faaa-448c-85b8-e82a3987db11","block_type":"box","text":"of the proposed nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board","page_number":24,"box":{"x":69,"y":506,"width":811,"height":11}},{"id":"e92f8506-319b-4b74-ab37-a7fe6ea2edd4","block_type":"box","text":"has adopted a written char ter for the Governance Committee. During the fiscal year ended April 30, 2026, the","page_number":24,"box":{"x":69,"y":521,"width":785,"height":11}},{"id":"88563c56-bcab-4299-b79f-85bbe0774569","block_type":"box","text":"Governance Committee met eleven times.","page_number":24,"box":{"x":69,"y":536,"width":297,"height":9}},{"id":"c0f6f6ea-63c5-4ef5-a518-c3bf11370fb5","block_type":"box","text":"Compliance Committee.","page_number":24,"box":{"x":102,"y":559,"width":168,"height":11}},{"id":"60d34f05-90f2-478f-87cd-de170aa81d3e","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":24,"box":{"x":276,"y":559,"width":629,"height":11}},{"id":"43b13b3b-836b-41b0-b1b1-03b6f2294972","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":24,"box":{"x":68,"y":574,"width":828,"height":11}},{"id":"7cffc0cd-46e2-4f91-a719-6a131cb4c741","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":24,"box":{"x":68,"y":589,"width":771,"height":11}},{"id":"617598cf-4eba-4a43-a60a-dd088362af9a","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":24,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"5f3103ac-1e08-4ab8-9f3a-59d47f379bd2","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":24,"box":{"x":70,"y":619,"width":754,"height":11}},{"id":"ea992efc-7efe-472e-bcd5-5f93c86715b2","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":24,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"74343335-d377-4596-8598-593d85f6e1dc","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":24,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"0c5d37ec-7bb1-439b-85c2-da4f8d8cf0ae","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":24,"box":{"x":69,"y":665,"width":785,"height":11}},{"id":"8ef23292-3f9e-4a62-8d2a-a7884f132fb5","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":24,"box":{"x":69,"y":680,"width":811,"height":11}},{"id":"a0634156-bb39-446b-9ce8-da6cb6e04140","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":24,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"15df7cc8-a2a1-4546-b810-bad02270e787","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":24,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"ec0e89cc-ce3f-44a7-98d5-02cefae18567","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":24,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"8099ba36-4d60-46cb-ad73-b435365b3f11","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":24,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"50faea00-64a0-44ff-8a39-9401c2b57f8a","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":24,"box":{"x":68,"y":755,"width":504,"height":11}},{"id":"3a69a8b8-8134-4e12-aa0e-b839c6328301","block_type":"box","text":"Per formance Oversight Committee.","page_number":24,"box":{"x":102,"y":778,"width":248,"height":11}},{"id":"ce71b245-8333-415c-883d-a3eed5acb556","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":24,"box":{"x":356,"y":778,"width":531,"height":11}},{"id":"0ca1db12-720c-4f1e-b33f-f9e31c214dfc","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":24,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"b894f02a-42a9-462e-b345-226f611792af","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":24,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"3c67bc69-b02c-4681-a078-61d4d7622a37","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":24,"box":{"x":68,"y":823,"width":832,"height":12}},{"id":"77f94699-a9b0-4f0a-9bee-ee732338f154","block_type":"box","text":"upon per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":24,"box":{"x":69,"y":838,"width":816,"height":11}},{"id":"c840e1f5-24ad-4d77-ad12-2c66253641d6","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":24,"box":{"x":69,"y":853,"width":782,"height":12}},{"id":"cb814e93-dd86-4577-b2ef-9c274b7f37b4","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":24,"box":{"x":70,"y":869,"width":829,"height":11}},{"id":"cf885063-a40a-438d-b8fe-7830d025256f","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":24,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"869f5f32-5f90-4c8e-b460-eea2a8a03458","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":24,"box":{"x":69,"y":899,"width":803,"height":11}},{"id":"5b80d997-cf8a-4d38-9f71-a393b0620038","block_type":"box","text":"I-6","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d03c2a64-e128-481a-9b6e-9a3fae73ff04","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":24,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"14f58df7-9f81-4b1e-a237-d266770b874e","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":25,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"a7fe6fa8-f53e-481c-a6ec-cdf7bc1eabbc","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":25,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"a0e57651-7e9b-4478-a177-9d74e16eb127","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":25,"box":{"x":69,"y":75,"width":757,"height":11}},{"id":"0e582cca-ceec-4279-840f-a7071d9f7190","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":25,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"e40f5094-ea76-4b23-a920-caa38dadf917","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":25,"box":{"x":68,"y":105,"width":800,"height":11}},{"id":"4bccce20-6eba-45d5-830d-6c0a3729e923","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":25,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"e3c09988-1918-4994-8c34-888ec492928e","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":25,"box":{"x":69,"y":135,"width":838,"height":12}},{"id":"4ad6aac2-4555-4ee9-96b7-c2a49118f55f","block_type":"box","text":"ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":150,"width":546,"height":12}},{"id":"8fdd93c2-1474-4677-8246-2b0337b3a776","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":173,"width":186,"height":11}},{"id":"bdb61f23-1bb3-4145-91c4-fa27ea7e01a1","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":173,"width":598,"height":11}},{"id":"c2210a01-72f0-458a-ae9f-fe44855f8510","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":188,"width":817,"height":11}},{"id":"03b36a48-2fb3-4d18-8494-a8c6e09f8179","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":25,"box":{"x":69,"y":203,"width":795,"height":11}},{"id":"a33bb20c-e1d1-476a-a3ac-7be1d967c42d","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"4cc70f09-29c0-4002-8a89-0b0fd9b05195","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":25,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"56b89516-68e5-4631-ac27-81950efd2178","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":25,"box":{"x":68,"y":249,"width":816,"height":11}},{"id":"7d172a88-8fa6-4b55-b530-d6e12227468f","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":25,"box":{"x":68,"y":264,"width":577,"height":11}},{"id":"f2e6e76e-7db0-4596-b8ba-1066c2c5ec87","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":25,"box":{"x":101,"y":286,"width":771,"height":12}},{"id":"7bfa9f00-aa02-4112-bcda-5f48e4c72396","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":25,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"246a56a5-0824-4920-b5bf-3df0db630aac","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":25,"box":{"x":69,"y":317,"width":830,"height":11}},{"id":"a02da9fc-8141-4d87-857c-8c24da07bc58","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":25,"box":{"x":69,"y":332,"width":825,"height":11}},{"id":"d00aca04-f1ce-4f49-83ac-9aecac1ceef0","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":25,"box":{"x":70,"y":347,"width":807,"height":11}},{"id":"8aa7b4a0-b7d2-4ec7-ba90-b28e5b2d92c3","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":25,"box":{"x":70,"y":362,"width":787,"height":11}},{"id":"678c4991-b983-4d91-bc9e-6a172deef8a9","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":25,"box":{"x":69,"y":377,"width":805,"height":11}},{"id":"9523011a-a7f0-4eba-8e25-5f4d1bd6dfa9","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":25,"box":{"x":68,"y":392,"width":794,"height":12}},{"id":"fc477234-d2c5-4b5e-a64f-96791ee7ab17","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":25,"box":{"x":68,"y":408,"width":829,"height":11}},{"id":"b8c91a12-9740-43c3-8b77-3a6eded5906b","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":25,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"0fa19f99-1186-4cb6-8b98-b13cd3530746","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":25,"box":{"x":69,"y":438,"width":771,"height":11}},{"id":"e3bc4128-0590-4bbb-a9f6-8bccc62b68f2","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":25,"box":{"x":69,"y":453,"width":473,"height":11}},{"id":"af5177ca-63b1-4f9e-9e11-90ccffad88b0","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":25,"box":{"x":102,"y":475,"width":792,"height":12}},{"id":"77a3ef8a-cb9e-4a9d-a02a-6d93c4cde837","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":25,"box":{"x":69,"y":491,"width":807,"height":11}},{"id":"5bab77b2-e666-41c7-8db5-a05d0808abb7","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":25,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"b0c811cf-66f2-48e8-8cfd-a2e729fe982e","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":25,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"7b4605ff-7431-4ac7-ae45-36dd7075eb8d","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":25,"box":{"x":70,"y":536,"width":685,"height":11}},{"id":"c1c92857-87da-4f43-9866-97f8cea0a7ba","block_type":"box","text":"ad hoc","page_number":25,"box":{"x":762,"y":536,"width":47,"height":9}},{"id":"b4fd43ea-7eb1-4df6-b095-6f52093293c9","block_type":"box","text":"committees","page_number":25,"box":{"x":814,"y":536,"width":82,"height":9}},{"id":"4d522496-3bac-4a89-b59e-863d6c37f8cf","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":25,"box":{"x":68,"y":551,"width":395,"height":11}},{"id":"77b776a2-0521-4926-89c8-80e1a664fecb","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":25,"box":{"x":101,"y":574,"width":751,"height":11}},{"id":"c90a940d-cb7f-428e-9ef7-f4bf039393dc","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":25,"box":{"x":69,"y":589,"width":492,"height":11}},{"id":"625e81f0-56c4-4d29-90f6-c38cc64c7d3c","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":25,"box":{"x":68,"y":617,"width":409,"height":9}},{"id":"f2ecb042-72c4-4a8a-b9c6-0af641621405","block_type":"box","text":"Independent Trustees","page_number":25,"box":{"x":70,"y":634,"width":154,"height":11}},{"id":"ec517647-b36e-425d-9dc8-9d3a3bae93b2","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":25,"box":{"x":69,"y":649,"width":781,"height":11}},{"id":"fcfb8aad-2a4f-486d-87e5-5c87cf162946","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":25,"box":{"x":265,"y":664,"width":604,"height":11}},{"id":"09232afa-648d-418d-9380-a2d1f246692d","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":25,"box":{"x":265,"y":679,"width":623,"height":11}},{"id":"075a405e-b761-4559-94c1-be9ca061a4b0","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":25,"box":{"x":265,"y":694,"width":637,"height":11}},{"id":"de145149-8966-4298-941b-02171351efbc","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":25,"box":{"x":265,"y":709,"width":631,"height":11}},{"id":"c2dbe1f6-0606-4165-9a37-f8c6b5781cd0","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":25,"box":{"x":264,"y":724,"width":626,"height":11}},{"id":"d51c365d-632e-4c28-a1dd-7350340f5106","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":25,"box":{"x":265,"y":739,"width":639,"height":11}},{"id":"7b8d034f-9a64-40ed-b0b6-5244ecb10248","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":25,"box":{"x":264,"y":755,"width":637,"height":11}},{"id":"86fb250a-4728-40d1-be4f-2a23df534984","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":25,"box":{"x":265,"y":770,"width":586,"height":11}},{"id":"1b3565dc-895e-4bda-a3be-4509da14382e","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":25,"box":{"x":265,"y":785,"width":640,"height":11}},{"id":"8d26a4af-760e-4ec2-8ed3-fa69affd7b3a","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":25,"box":{"x":265,"y":800,"width":389,"height":11}},{"id":"795a11d4-c370-4aa2-ad28-f91845bcfd8b","block_type":"box","text":"I-7","page_number":25,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"8d0b052d-053a-456c-a9d2-118943a4e3b4","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":25,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8abca7c5-0e85-48da-8661-dad7c4169942","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"12e3b703-6c06-4582-b9dc-1c1b6df87a08","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":26,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"d8008ef7-1b79-422d-82f0-ca9334ef27e5","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"cf2769b2-f66f-4f08-92ee-b49fecec776b","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"eeb82b0d-2443-4b86-a065-2a3bce5d8e89","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"1ddaeb3d-f096-4705-9b8c-599e0d2fea14","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"6aae7975-e4b8-44d5-83d7-3ab04369e918","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"e79f7605-951e-46af-8fc9-17cc937b946a","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"1f0b4f8f-10b7-4a3d-b226-546e19183e04","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"92ec4d81-2a62-4f94-910a-757fdbcb5d87","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"8f2b1896-bdca-43c1-b9aa-4897de559153","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"82cf5276-4ba2-4923-93e5-5c7580ab90c7","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"933c2f1e-6ef0-4f06-98a3-50c7244da4e0","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"5aa7e7d2-61b7-423d-b791-37891bacd749","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"d7daff74-df15-4638-b82f-eb1737471158","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":26,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"e2b65a7d-ad31-49e2-a81f-fc7b80078b99","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":26,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"6445f591-a382-4bed-8120-f6825ff7609c","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":26,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"56bc8859-a86e-4d65-a9b2-a3f02a7c9401","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":26,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"18335811-5f2e-4a94-82dc-a3d106c91db5","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":26,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"9c4f5ac9-0e45-46d4-a18b-7fb25135abe2","block_type":"box","text":"perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"d8c53fcc-0205-4c3a-978d-7c6839230e33","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":26,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"35e1f1a7-722a-4bbe-b6e3-92cf46a1d7ea","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":26,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"12a17845-e43d-40c9-b3b3-250b512a7eb7","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":26,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"13360c2c-cfe4-41f8-a4fc-174a299ed221","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":26,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"5b01fd4a-2051-44b3-815e-da6eb0a673d1","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":26,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"f2ce8c82-819f-49b9-9bcb-0932892042a4","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":26,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"9fed991a-22d8-4995-a037-799680b3d881","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":26,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"06fbb788-06d7-47de-aa13-919d7e529221","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":26,"box":{"x":69,"y":481,"width":777,"height":11}},{"id":"4128d942-bd48-47ed-94d3-cc133557d2d9","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":26,"box":{"x":265,"y":496,"width":613,"height":12}},{"id":"4236c0e2-f481-42a4-9802-44c66e04b80c","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":26,"box":{"x":265,"y":511,"width":563,"height":12}},{"id":"a9bcf42d-a482-410c-909b-02c6fdafffc0","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":26,"box":{"x":265,"y":527,"width":607,"height":11}},{"id":"39ddbfdb-3c83-49c4-ba10-558aa476dd0b","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":26,"box":{"x":265,"y":542,"width":638,"height":11}},{"id":"1b44d27b-cc06-4f80-905b-50f892f1fca4","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":26,"box":{"x":265,"y":557,"width":626,"height":11}},{"id":"22357a24-cb9b-484c-8ea9-ac1366d0da99","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":26,"box":{"x":265,"y":572,"width":563,"height":11}},{"id":"42cd8eaf-dda0-49b8-9c52-6bdcf1bb40a2","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":26,"box":{"x":265,"y":587,"width":625,"height":11}},{"id":"8253f877-47e3-40e5-9bda-47a70d1f5435","block_type":"box","text":"Independent Trustee.","page_number":26,"box":{"x":265,"y":602,"width":149,"height":11}},{"id":"83394620-fe7d-4a6a-97e6-11600fa9b8fb","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":26,"box":{"x":70,"y":625,"width":806,"height":11}},{"id":"75dec4ac-0eca-43dc-983a-88f751459007","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":26,"box":{"x":264,"y":640,"width":584,"height":11}},{"id":"a3d7dc96-65c2-4fb5-9a59-621c7f953772","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":26,"box":{"x":265,"y":655,"width":622,"height":11}},{"id":"a5ced796-c8bd-4674-8105-3d7c18286068","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":26,"box":{"x":265,"y":670,"width":638,"height":11}},{"id":"818087bf-10f3-4839-8d93-17d98eb5f727","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":26,"box":{"x":265,"y":685,"width":570,"height":12}},{"id":"8d84a25c-88b7-4535-8e16-693a5a8aaa69","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":26,"box":{"x":265,"y":700,"width":642,"height":12}},{"id":"43d9fc98-4c94-4725-b011-41b6434f8a70","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":26,"box":{"x":265,"y":716,"width":626,"height":11}},{"id":"3adc3df0-f34e-40af-924e-069571b134db","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":26,"box":{"x":265,"y":731,"width":630,"height":11}},{"id":"6a774aa3-d037-470c-bb3c-b10143cb9882","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":26,"box":{"x":265,"y":746,"width":602,"height":11}},{"id":"ef94a25b-fac3-49a7-9b36-3f7f09136c9d","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":26,"box":{"x":264,"y":761,"width":643,"height":11}},{"id":"203ecef0-47e9-4aff-8d33-2580eb515e86","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":26,"box":{"x":264,"y":776,"width":639,"height":11}},{"id":"b0ae7077-f187-41c9-8248-39b1613703ec","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":26,"box":{"x":264,"y":791,"width":641,"height":11}},{"id":"95201e8b-4d00-4740-af07-b9ef96f74e05","block_type":"box","text":"applicable Commission rules.","page_number":26,"box":{"x":265,"y":806,"width":208,"height":11}},{"id":"bc2d733a-944c-45f6-9dfd-38919f8f86db","block_type":"box","text":"I-8","page_number":26,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"36827a6e-9746-409a-ae9c-03bd0e78783a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":26,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8df9ad00-a655-40b6-9a57-85b4070a1a8e","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"bb51e70c-5c01-480e-9b39-22d1e753b7f8","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":65,"width":769,"height":12}},{"id":"403567e5-acd0-497c-aa4f-4124627efc08","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":27,"box":{"x":265,"y":81,"width":621,"height":11}},{"id":"dd5b6a49-7abc-4eec-ba75-a7a29462f2cb","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":96,"width":599,"height":11}},{"id":"dd91afba-f12b-469e-861c-f5dd90f33637","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":111,"width":641,"height":11}},{"id":"cf40143d-8c38-4274-8fa8-717d00a9f9aa","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":126,"width":602,"height":11}},{"id":"96e8cfd1-dd93-4a4b-8e46-1d649d51a17a","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":141,"width":617,"height":11}},{"id":"6de21a98-6fd7-48da-88ba-ebd264471af2","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":156,"width":629,"height":11}},{"id":"73c56b86-7a65-4531-9098-f6850efdaf8c","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":171,"width":628,"height":11}},{"id":"20773de2-ae26-4e99-923a-a33a41cf4186","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":187,"width":251,"height":10}},{"id":"e5e09d7a-27b7-4195-91c5-fa1ffad30c28","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":209,"width":764,"height":11}},{"id":"f77c908a-a71d-43ba-a82e-f12c2d4b4b04","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":224,"width":642,"height":11}},{"id":"d05df969-0dd6-401e-ac5b-cd67bc469000","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":27,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"3416567f-4c6d-4586-bdaa-69df090c40f7","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":254,"width":603,"height":12}},{"id":"b9002aaf-a11a-4580-882d-5f3f742c28f2","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":269,"width":629,"height":12}},{"id":"16d6b66b-205a-4793-bd59-46a9b44ad903","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":292,"width":804,"height":11}},{"id":"3882c947-a0fd-445a-a616-49b0e8530a90","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":27,"box":{"x":265,"y":307,"width":552,"height":11}},{"id":"2632e448-4de6-4dba-9458-c5852ef2d9c4","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":27,"box":{"x":265,"y":322,"width":636,"height":12}},{"id":"75088af9-cf0e-4872-b21a-a95d3986eae1","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":27,"box":{"x":265,"y":338,"width":639,"height":11}},{"id":"666c96e0-a192-49a5-a80e-d77499bc7b41","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":27,"box":{"x":265,"y":353,"width":576,"height":11}},{"id":"603f50fa-ebd5-4eb2-bce3-5d4b1f500667","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":27,"box":{"x":265,"y":368,"width":626,"height":11}},{"id":"2d04a1f7-64b5-44b3-8811-c035c9c126b9","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":27,"box":{"x":265,"y":383,"width":592,"height":11}},{"id":"749f26d4-2d37-4a9f-8363-de9b60605bf5","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":27,"box":{"x":265,"y":398,"width":629,"height":11}},{"id":"d22cee6c-af73-49ef-81b7-1909a4543464","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":27,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"1b210ad2-94ac-479a-a381-9969f503a95d","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":27,"box":{"x":264,"y":428,"width":608,"height":12}},{"id":"5495199d-e7fc-4c27-8287-2df89baad998","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":27,"box":{"x":265,"y":443,"width":575,"height":12}},{"id":"223604e7-4001-441d-abd2-8df887c426c1","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":27,"box":{"x":264,"y":459,"width":591,"height":11}},{"id":"7fd1881b-3569-4986-bf74-ac8485c0e2ba","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":27,"box":{"x":265,"y":474,"width":627,"height":11}},{"id":"ce224c31-d637-4f2c-84b6-a2521a8352cc","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":27,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"7ef0b3ed-4b9f-4958-a528-5f590794c38a","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":27,"box":{"x":265,"y":504,"width":607,"height":11}},{"id":"958700bd-83f4-4517-82b8-2bafc5729a0b","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":27,"box":{"x":265,"y":519,"width":615,"height":11}},{"id":"564d3e93-beaf-40c6-95d0-3f979562f9fd","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":27,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"bed894de-5b90-409c-b402-5c4cbcbf1901","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":27,"box":{"x":265,"y":549,"width":635,"height":11}},{"id":"e51f4cbf-2e9b-4457-95b5-577950d4be87","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":27,"box":{"x":265,"y":564,"width":642,"height":12}},{"id":"ad19b04f-8855-47e3-a475-21bba625b174","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":27,"box":{"x":265,"y":580,"width":627,"height":11}},{"id":"d90c65bb-5aed-441b-8455-e970ba4cd522","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":27,"box":{"x":265,"y":595,"width":628,"height":11}},{"id":"0b0d499b-e1e4-4ed3-b255-6c090607016e","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":27,"box":{"x":265,"y":610,"width":460,"height":11}},{"id":"e9325767-5b9f-4df8-a152-99a0c1cf1646","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":27,"box":{"x":70,"y":632,"width":818,"height":12}},{"id":"b823aec2-db79-4a3c-b052-5302a8519402","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":27,"box":{"x":264,"y":647,"width":603,"height":12}},{"id":"5f260baa-fca6-4800-ba36-b9b88ceda04f","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":27,"box":{"x":265,"y":663,"width":606,"height":11}},{"id":"5a59a88d-060c-40fc-800c-3fbc4385ccb8","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":27,"box":{"x":265,"y":678,"width":608,"height":9}},{"id":"1e8dc17d-be7a-4c93-9efe-ffcec94e47fc","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":27,"box":{"x":265,"y":693,"width":626,"height":11}},{"id":"c970ffc7-3441-42fe-be7e-73857422106e","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":27,"box":{"x":265,"y":708,"width":591,"height":11}},{"id":"1d5d3885-dbb0-4819-ae49-7d6d9de94385","block_type":"box","text":"various private and non-profit boards.","page_number":27,"box":{"x":264,"y":723,"width":265,"height":11}},{"id":"e2bb481b-463c-4f9b-a03f-16736ec5a21f","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":27,"box":{"x":70,"y":746,"width":833,"height":11}},{"id":"15a66c95-d918-4835-8f22-a91e3057ea02","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":27,"box":{"x":265,"y":761,"width":638,"height":11}},{"id":"5f3cc694-7b68-400e-9122-2ece14c519d1","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":27,"box":{"x":265,"y":776,"width":608,"height":11}},{"id":"ed0dbb49-8090-456e-916e-cf40f7b9deaa","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":27,"box":{"x":264,"y":791,"width":645,"height":11}},{"id":"e93aadb9-15a6-4f80-ba83-1b8e16f2d009","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":27,"box":{"x":264,"y":806,"width":639,"height":9}},{"id":"8a027097-9cf4-455e-8ffb-ac5f474c6140","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":27,"box":{"x":264,"y":821,"width":573,"height":12}},{"id":"c72fa634-1c7d-4c26-820d-17e391572176","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":27,"box":{"x":265,"y":836,"width":625,"height":12}},{"id":"6fa22083-636f-4de2-9f8e-d45f7c95ec65","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":27,"box":{"x":265,"y":852,"width":610,"height":11}},{"id":"5d53d08e-0fde-43e8-b270-f1f0d50e05b2","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":27,"box":{"x":265,"y":867,"width":642,"height":11}},{"id":"48e949f6-822d-431f-a239-45a3b01ae363","block_type":"box","text":"and fiduciary governance. Mr. Stern also served as consultant to the Independent","page_number":27,"box":{"x":265,"y":882,"width":583,"height":11}},{"id":"a16af08f-150f-465d-bfcd-7fe34eaefec3","block_type":"box","text":"Trustees prior to becoming an Independent Trustee.","page_number":27,"box":{"x":264,"y":897,"width":369,"height":11}},{"id":"1ac68f8f-4e82-46f0-8852-db74c54a03ac","block_type":"box","text":"I-9","page_number":27,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"554fc36a-1432-445d-8a31-cb03bc44cd13","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":27,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4a4a8f14-53d3-4a69-8d70-5d6f02a7b4ab","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"2ace969e-09f8-4804-9c63-b8700f3b888d","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":65,"width":807,"height":12}},{"id":"062928a9-801b-4ebf-aaff-d7fcbc826bc4","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":81,"width":641,"height":11}},{"id":"30fbaa62-c8db-453f-b0ea-afcb8fd10871","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":96,"width":618,"height":11}},{"id":"5cd44889-41bf-4965-be95-5249d171983d","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":111,"width":594,"height":11}},{"id":"d2194151-5cc1-4975-a43d-82075f3d1990","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":28,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"ff434000-3a39-4f5c-a94a-fa72c1349c6b","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":28,"box":{"x":265,"y":141,"width":575,"height":11}},{"id":"f4284405-0610-4255-8c9a-c460730a72d9","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":156,"width":131,"height":9}},{"id":"eaf5e6bd-b6f7-4cf8-8ccf-70d22102930b","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":28,"box":{"x":69,"y":179,"width":808,"height":11}},{"id":"b0166332-259a-495d-8ba5-22b632b0f915","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":28,"box":{"x":265,"y":194,"width":630,"height":11}},{"id":"d2e05e29-9d02-4f49-b50b-00ec529d9499","block_type":"box","text":"Management, LP / Steel Par tners Japan Asset Management, LP from 1998 to 2015, an","page_number":28,"box":{"x":265,"y":209,"width":627,"height":11}},{"id":"aaa81a40-bbc2-4288-aa4f-ae064feaea50","block_type":"box","text":"investment manager that specialized in long/shor t non-U.S. equity investments, and was","page_number":28,"box":{"x":265,"y":224,"width":632,"height":11}},{"id":"aea46308-0049-441b-80e7-a83440b5f33d","block_type":"box","text":"an owner and General Par tner of Neon Liber ty Capital Management, LLC from 2003 to","page_number":28,"box":{"x":265,"y":239,"width":615,"height":12}},{"id":"34346940-b70d-4c31-b044-6e46d6ecfdc2","block_type":"box","text":"2023, a firm focusing on long/shor t equities in global emerging and frontier markets.","page_number":28,"box":{"x":265,"y":254,"width":608,"height":12}},{"id":"e4d9bcf9-0ebc-4bf1-ac78-ef44626dcaab","block_type":"box","text":"These positions have provided her with insight and perspective on the markets and the","page_number":28,"box":{"x":264,"y":270,"width":620,"height":11}},{"id":"4ac96ef2-9ff9-4598-aa96-a978065d32d3","block_type":"box","text":"economy. Ms. Walton has been determined by the Audit Committee to be an audit","page_number":28,"box":{"x":265,"y":285,"width":584,"height":11}},{"id":"2fcc69ae-004d-4279-82d3-4013ec4b5cc3","block_type":"box","text":"committee financial exper t, as such term is defined in the applicable Commission rules.","page_number":28,"box":{"x":264,"y":300,"width":629,"height":11}},{"id":"04f07e54-4279-49c1-8472-881af4998943","block_type":"box","text":"Interested Trustees","page_number":28,"box":{"x":70,"y":323,"width":138,"height":8}},{"id":"d3dd170e-44b1-4752-a885-03c11496a607","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":28,"box":{"x":70,"y":338,"width":823,"height":11}},{"id":"4d97757e-5df9-4902-a84a-550cf5c4e1aa","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":28,"box":{"x":264,"y":353,"width":593,"height":11}},{"id":"091d2358-10f6-468a-8e29-1e996dc3307f","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":28,"box":{"x":265,"y":368,"width":629,"height":11}},{"id":"d0a52b1b-bf83-4dde-8a77-12d4188b84be","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":28,"box":{"x":265,"y":383,"width":639,"height":11}},{"id":"3ff7dac2-f35a-4a7c-8c7b-5d1591ffc6bb","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":28,"box":{"x":265,"y":398,"width":617,"height":11}},{"id":"778bf0fa-962b-4362-91c0-355af113e1bd","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":28,"box":{"x":264,"y":413,"width":634,"height":11}},{"id":"0e5da687-a27e-4b05-abc6-4ea057417a52","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":28,"box":{"x":265,"y":428,"width":624,"height":11}},{"id":"7825b0a4-a37c-4da8-ab22-834313548b28","block_type":"box","text":"and iShares","page_number":28,"box":{"x":265,"y":443,"width":84,"height":9}},{"id":"c9f9e865-0c3d-4a45-9872-a089a97d7666","block_type":"box","text":"®","page_number":28,"box":{"x":350,"y":444,"width":6,"height":4}},{"id":"4661cda0-9aa5-47e3-b6b9-59177e9a627f","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":28,"box":{"x":362,"y":443,"width":478,"height":11}},{"id":"b4e6ecce-3078-440a-a4be-7039b57f0316","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":28,"box":{"x":265,"y":459,"width":585,"height":11}},{"id":"a5d9dfb1-5737-4e1b-ae8a-e9bb97897c44","block_type":"box","text":"Strategic Par tner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":28,"box":{"x":265,"y":474,"width":620,"height":11}},{"id":"318a6a29-924c-4dc1-ac97-ef2f8f722861","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":28,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"ae47fe0f-7ba9-41c4-96ee-60c6b02124b7","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Senior Managing Director of BlackRock, Inc. since","page_number":28,"box":{"x":69,"y":511,"width":800,"height":12}},{"id":"f024c40b-25f4-4232-ba8e-f7e7885fc3e8","block_type":"box","text":"2026, as Managing Director of BlackRock, Inc. from 2009 to 2025, as the Head of","page_number":28,"box":{"x":265,"y":526,"width":593,"height":12}},{"id":"abc26434-6b0a-4c2e-acb3-da5b549764b2","block_type":"box","text":"BlackRock Global Business Operations Services since 2009, and as President and Chief","page_number":28,"box":{"x":265,"y":542,"width":633,"height":11}},{"id":"38cd4c56-6560-4e8d-b009-d50e1b4de17e","block_type":"box","text":"Executive Officer of the BlackRock-advised Funds provides him with a strong","page_number":28,"box":{"x":265,"y":557,"width":542,"height":11}},{"id":"0b281a01-dc12-4f47-b3df-02a11435bc81","block_type":"box","text":"understanding of the BlackRock-advised Funds, their operations, and the business and","page_number":28,"box":{"x":265,"y":572,"width":617,"height":11}},{"id":"5f4e817b-5c97-4955-ac02-0e8a9fad5844","block_type":"box","text":"regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position as","page_number":28,"box":{"x":265,"y":587,"width":620,"height":11}},{"id":"dafd3a8b-9269-4fdd-b053-9a58bcbed8cd","block_type":"box","text":"Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":28,"box":{"x":265,"y":602,"width":616,"height":11}},{"id":"f5afd385-b19c-4648-b792-27d9b598f302","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":28,"box":{"x":265,"y":617,"width":639,"height":12}},{"id":"d071607c-3b9e-4246-a92f-242f179fed3a","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":28,"box":{"x":265,"y":632,"width":603,"height":9}},{"id":"24aa06aa-ef9c-49d5-ba91-1d1061184a63","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":28,"box":{"x":265,"y":647,"width":582,"height":12}},{"id":"a943072c-09c3-4ffd-a94e-0803ac5f6814","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":28,"box":{"x":265,"y":663,"width":632,"height":11}},{"id":"eb3775f0-9f3c-497d-a8bf-85b7b55ef28c","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of","page_number":28,"box":{"x":264,"y":678,"width":572,"height":11}},{"id":"c3704dce-cc01-41c3-8935-4a9c638f09ca","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":28,"box":{"x":265,"y":693,"width":294,"height":9}},{"id":"1e09bdde-0f26-4009-9103-f6d1b469a3e9","block_type":"box","text":"I-10","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0fd7e62f-f467-4e44-8763-d817f297fe2f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":28,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ddef3560-58a3-4b3f-94e4-079f9a54ca40","block_type":"box","text":"Biographical Information","page_number":29,"box":{"x":69,"y":45,"width":178,"height":11}},{"id":"f45e28cd-6d53-4f1b-98d2-1f890a7c5bb1","block_type":"box","text":"Cer tain biographical and other information relating to the Trustees of the Trust is set for th below, including their","page_number":29,"box":{"x":102,"y":67,"width":798,"height":12}},{"id":"f240a6ca-f3b6-4115-a13e-929cd0a18648","block_type":"box","text":"address and year of bir th, principal occupations for at least the last five years, length of time served, total number of","page_number":29,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"085578c9-04db-483f-b50b-d79ba03ae206","block_type":"box","text":"registered investment companies and investment por tfolios overseen in the BlackRock-advised Funds and any","page_number":29,"box":{"x":69,"y":98,"width":785,"height":11}},{"id":"eef62ad3-480e-43d3-a32b-809eb66c24b8","block_type":"box","text":"currently held public company and other investment company directorships.","page_number":29,"box":{"x":69,"y":113,"width":536,"height":11}},{"id":"867a485f-6f58-4dbf-a1ce-7f7df237483b","block_type":"box","text":"Name","page_number":29,"box":{"x":131,"y":241,"width":32,"height":7}},{"id":"10b661f4-ef9a-417e-acdd-86df0eeca817","block_type":"box","text":"and Year of Birth","page_number":29,"box":{"x":93,"y":251,"width":97,"height":7}},{"id":"61b7c3f3-ee05-48f0-aa41-5faf6d5c036c","block_type":"box","text":"1,2","page_number":29,"box":{"x":191,"y":251,"width":9,"height":4}},{"id":"ef4678d6-e007-4cae-9435-69861445dedc","block_type":"box","text":"Position(s)","page_number":29,"box":{"x":252,"y":220,"width":62,"height":9}},{"id":"abf1c1ce-9d8c-4633-a3ce-b20969fb2506","block_type":"box","text":"Held","page_number":29,"box":{"x":271,"y":231,"width":25,"height":7}},{"id":"45187459-0484-467d-997c-112a3024341d","block_type":"box","text":"(Length of","page_number":29,"box":{"x":254,"y":240,"width":60,"height":9}},{"id":"8ad1c477-06c8-4745-8c6e-283f08df6aac","block_type":"box","text":"Service)","page_number":29,"box":{"x":257,"y":251,"width":48,"height":8}},{"id":"93f9d53f-ebc0-4910-b021-710016f0195e","block_type":"box","text":"3","page_number":29,"box":{"x":306,"y":251,"width":3,"height":3}},{"id":"0b83206a-33ec-47e2-a0ee-46bd8e719bef","block_type":"box","text":"Principal Occupation(s)","page_number":29,"box":{"x":411,"y":241,"width":136,"height":8}},{"id":"ab5d3c27-6b88-4990-b9e7-2b8fb401925c","block_type":"box","text":"During Past Five Years","page_number":29,"box":{"x":414,"y":251,"width":130,"height":8}},{"id":"3721f517-8a5d-4bea-8146-783504c531d3","block_type":"box","text":"Number of","page_number":29,"box":{"x":665,"y":140,"width":59,"height":7}},{"id":"5f6872f3-764f-4557-9a6a-1f481782cfa8","block_type":"box","text":"BlackRock","page_number":29,"box":{"x":662,"y":150,"width":66,"height":7}},{"id":"16bc3a4d-fae9-472d-a14d-c1df3d47ee86","block_type":"box","text":"Advised","page_number":29,"box":{"x":672,"y":160,"width":45,"height":7}},{"id":"09f59bda-e59f-493b-b816-d36b40f13e11","block_type":"box","text":"Registered","page_number":29,"box":{"x":663,"y":170,"width":62,"height":9}},{"id":"71c83ad4-5591-44b7-882f-ee0d24b48a28","block_type":"box","text":"Investment","page_number":29,"box":{"x":662,"y":180,"width":65,"height":7}},{"id":"f92596d9-2114-44d0-9c7d-b0a05b8999b5","block_type":"box","text":"Companies","page_number":29,"box":{"x":663,"y":190,"width":63,"height":9}},{"id":"9fc65ba3-5ddd-4c44-8076-70906f8e5abe","block_type":"box","text":"(“RICs”)","page_number":29,"box":{"x":670,"y":200,"width":48,"height":9}},{"id":"40407d7f-4aef-43c9-9660-5bdb01dcff54","block_type":"box","text":"Consisting of","page_number":29,"box":{"x":656,"y":210,"width":77,"height":9}},{"id":"76bd3f47-d53c-41bc-a8e1-6b41315a6dab","block_type":"box","text":"Investment","page_number":29,"box":{"x":662,"y":220,"width":65,"height":7}},{"id":"58310c6d-fa48-4d96-a9ec-942b370cb7fb","block_type":"box","text":"Portfolios","page_number":29,"box":{"x":667,"y":230,"width":55,"height":8}},{"id":"05cea352-98c7-4b6d-9624-e86597c32f9d","block_type":"box","text":"(“Portfolios”)","page_number":29,"box":{"x":655,"y":240,"width":78,"height":9}},{"id":"4fee2394-6370-47cb-ac4d-8312b2ffddaf","block_type":"box","text":"Overseen","page_number":29,"box":{"x":668,"y":251,"width":53,"height":7}},{"id":"21bae806-5cf9-4510-97de-f7da52d1cc3c","block_type":"box","text":"Public","page_number":29,"box":{"x":824,"y":180,"width":35,"height":7}},{"id":"24d59db0-f5d2-46b4-817b-2bca9b89e78d","block_type":"box","text":"Company","page_number":29,"box":{"x":815,"y":190,"width":53,"height":9}},{"id":"21e5d039-626a-41ec-bb0c-fa7d618f2915","block_type":"box","text":"and Other","page_number":29,"box":{"x":813,"y":200,"width":57,"height":7}},{"id":"c5671362-26d3-4461-9b2b-a022cde7d7ce","block_type":"box","text":"Investment","page_number":29,"box":{"x":809,"y":210,"width":64,"height":7}},{"id":"8c9debf5-3a6d-4c0b-a5ce-af9b9d724549","block_type":"box","text":"Company","page_number":29,"box":{"x":815,"y":220,"width":53,"height":9}},{"id":"d6df6b9d-80aa-406b-a76a-e7701889c1c2","block_type":"box","text":"Directorships","page_number":29,"box":{"x":803,"y":230,"width":77,"height":9}},{"id":"a533856d-34ec-4c7f-b8d5-90f1ee9770a5","block_type":"box","text":"Held During","page_number":29,"box":{"x":808,"y":241,"width":67,"height":8}},{"id":"69482749-8a45-4db1-b433-28e897eb9b25","block_type":"box","text":"Past Five Years","page_number":29,"box":{"x":797,"y":251,"width":88,"height":7}},{"id":"66aac7b9-97d4-4b87-a1e2-6231b63cab24","block_type":"box","text":"Independent Trustees","page_number":29,"box":{"x":70,"y":265,"width":138,"height":10}},{"id":"6e082908-0b69-49a4-a142-9fe943dc2366","block_type":"box","text":"Mark Stalnecker","page_number":29,"box":{"x":69,"y":282,"width":98,"height":8}},{"id":"43465695-f9a4-4df9-8b31-47991ee1f956","block_type":"box","text":"1951","page_number":29,"box":{"x":69,"y":298,"width":33,"height":8}},{"id":"46660098-8a28-493c-9cf2-0bcb0828b1e6","block_type":"box","text":"Chair of the","page_number":29,"box":{"x":235,"y":282,"width":69,"height":8}},{"id":"bb4e51a7-f42e-4ee9-8c69-bfbce5c1d7ff","block_type":"box","text":"Board (Since","page_number":29,"box":{"x":236,"y":294,"width":76,"height":10}},{"id":"1815723d-5295-477f-a6bb-863597713264","block_type":"box","text":"2019) and","page_number":29,"box":{"x":235,"y":306,"width":63,"height":10}},{"id":"f7b5cdd2-e4af-4da7-9531-66a3961aaa74","block_type":"box","text":"Trustee (Since","page_number":29,"box":{"x":235,"y":318,"width":86,"height":10}},{"id":"c1def297-fde0-44cd-a01e-e741e96637b9","block_type":"box","text":"2015)","page_number":29,"box":{"x":235,"y":330,"width":37,"height":10}},{"id":"fd237a08-0f9d-421e-b26c-108d38b0ba87","block_type":"box","text":"Chief Investment Officer, University of","page_number":29,"box":{"x":343,"y":282,"width":226,"height":10}},{"id":"df248e3e-0f86-4402-9270-09ed7f394bd8","block_type":"box","text":"Delaware from 1999 to 2013; Trustee and","page_number":29,"box":{"x":343,"y":294,"width":257,"height":10}},{"id":"9cfaadd9-9b6f-485a-ad8d-541dbaf7fe80","block_type":"box","text":"Chair of the Finance and Investment","page_number":29,"box":{"x":343,"y":306,"width":217,"height":8}},{"id":"8169d85f-3c12-468d-b605-60dab0dd1fd0","block_type":"box","text":"Committees, Winterthur Museum and","page_number":29,"box":{"x":343,"y":318,"width":227,"height":10}},{"id":"bc128977-6662-494c-afd2-8fe939f29b21","block_type":"box","text":"Country Estate from 2005 to 2016; Member","page_number":29,"box":{"x":343,"y":330,"width":270,"height":10}},{"id":"1cbe818b-c3da-4635-82c5-4d7b8defd07f","block_type":"box","text":"of the Investment Committee, Delaware","page_number":29,"box":{"x":343,"y":342,"width":239,"height":10}},{"id":"1ef9244e-0d31-4133-8004-80eab173920f","block_type":"box","text":"Public Employees’ Retirement System from","page_number":29,"box":{"x":343,"y":354,"width":259,"height":10}},{"id":"81016b7b-1e1b-44d3-a80d-3bdcf57dc12b","block_type":"box","text":"2002 to 2024; Member of the Investment","page_number":29,"box":{"x":343,"y":366,"width":254,"height":10}},{"id":"e4b670ba-136c-4e1e-be70-dbad9e3bd204","block_type":"box","text":"Committee, Christiana Care Health System","page_number":29,"box":{"x":343,"y":378,"width":258,"height":10}},{"id":"2048fb9f-dc53-45a3-aff0-1a1d610cf8ba","block_type":"box","text":"from 2009 to 2017; Member of the","page_number":29,"box":{"x":342,"y":390,"width":215,"height":10}},{"id":"c2fdacb3-a6d3-4d23-a468-b339d46d3542","block_type":"box","text":"Investment Committee, Delaware Community","page_number":29,"box":{"x":343,"y":402,"width":273,"height":10}},{"id":"46b5d584-6baf-487d-8748-0a5685325fdb","block_type":"box","text":"Foundation from 2013 to 2014; Director and","page_number":29,"box":{"x":343,"y":414,"width":269,"height":9}},{"id":"4a5edbfb-ef53-4dce-9684-fed52fc8ba12","block_type":"box","text":"Chair of the Audit Committee, SEI Private","page_number":29,"box":{"x":343,"y":426,"width":246,"height":9}},{"id":"521a0aaf-41f0-4469-ae7e-6d7c35bb9c34","block_type":"box","text":"Trust Co. from 2001 to 2014.","page_number":29,"box":{"x":342,"y":438,"width":180,"height":8}},{"id":"15eee629-cf3f-48b7-84d5-12e3cc5e46e0","block_type":"box","text":"26 RICs consisting of","page_number":29,"box":{"x":627,"y":282,"width":129,"height":11}},{"id":"0114e636-593c-4b07-a558-4a616139d89d","block_type":"box","text":"171 Portfolios","page_number":29,"box":{"x":627,"y":294,"width":85,"height":8}},{"id":"283c57f7-9405-461b-b805-68f3a404c69d","block_type":"box","text":"None","page_number":29,"box":{"x":774,"y":283,"width":30,"height":7}},{"id":"e45ea7f1-9b58-438d-b790-047d708f90b9","block_type":"box","text":"Christopher J. Ailman","page_number":29,"box":{"x":69,"y":456,"width":126,"height":9}},{"id":"1c720af9-dbe5-4b7e-89b4-d20aa59236bd","block_type":"box","text":"1958","page_number":29,"box":{"x":69,"y":471,"width":33,"height":8}},{"id":"8a0382ab-cf83-4435-9759-111a95fbe3f6","block_type":"box","text":"Trustee","page_number":29,"box":{"x":235,"y":456,"width":45,"height":8}},{"id":"6453e3db-1c8f-4475-be32-f3acde6e599c","block_type":"box","text":"(Since 2024)","page_number":29,"box":{"x":235,"y":468,"width":78,"height":10}},{"id":"9db30f17-0ff7-47c1-aa44-f80c2324ede6","block_type":"box","text":"Principal, Ailman Advisers, since 2024; Chief","page_number":29,"box":{"x":343,"y":456,"width":270,"height":9}},{"id":"eb4454b0-b0c2-427a-b4e0-7d47a84e2347","block_type":"box","text":"Investment Officer, California State Teachers","page_number":29,"box":{"x":343,"y":468,"width":268,"height":9}},{"id":"8753e0b9-b8da-440f-b366-70755135ad8d","block_type":"box","text":"Retirement System (CalSTRS) from 2000 to","page_number":29,"box":{"x":343,"y":480,"width":264,"height":10}},{"id":"321bf61f-4412-4b98-8473-e9e9b0140281","block_type":"box","text":"2024.","page_number":29,"box":{"x":343,"y":492,"width":36,"height":8}},{"id":"640fbb12-6ace-45e5-af42-ff08cd4c7460","block_type":"box","text":"26 RICs consisting of","page_number":29,"box":{"x":627,"y":456,"width":129,"height":10}},{"id":"8febdb53-c114-4aa3-b637-51e236e4eb66","block_type":"box","text":"171 Portfolios","page_number":29,"box":{"x":627,"y":468,"width":85,"height":8}},{"id":"a3e7b119-9ee0-402f-957e-69d3ade8c9df","block_type":"box","text":"None","page_number":29,"box":{"x":774,"y":456,"width":30,"height":8}},{"id":"f81b970d-2a2b-4b4d-984d-9865f601afd6","block_type":"box","text":"Susan J. Carter","page_number":29,"box":{"x":69,"y":509,"width":93,"height":8}},{"id":"9974b9a2-1b54-491b-8e8e-198b0faf852b","block_type":"box","text":"1956","page_number":29,"box":{"x":69,"y":525,"width":33,"height":8}},{"id":"85958262-4ae1-4ef5-8797-c90328f4f8be","block_type":"box","text":"Trustee","page_number":29,"box":{"x":235,"y":509,"width":45,"height":8}},{"id":"cbffd8a1-012a-41fc-ac82-246603faad6d","block_type":"box","text":"(Since 2016)","page_number":29,"box":{"x":235,"y":521,"width":78,"height":10}},{"id":"9cfbea7e-5543-4c42-aeaa-bf41d44fc648","block_type":"box","text":"Trustee, Financial Accounting Foundation","page_number":29,"box":{"x":342,"y":509,"width":246,"height":10}},{"id":"751b4151-6e8a-4465-a438-784427db1c78","block_type":"box","text":"from 2017 to 2021; Advisory Board","page_number":29,"box":{"x":342,"y":521,"width":217,"height":10}},{"id":"603b75ae-abe8-4b56-88ad-1da678bb14c1","block_type":"box","text":"Member, Center for Private Equity and","page_number":29,"box":{"x":343,"y":533,"width":227,"height":10}},{"id":"9e59c612-2960-4422-bbb4-982bd315a0c4","block_type":"box","text":"Entrepreneurship at Tuck School of Business","page_number":29,"box":{"x":343,"y":545,"width":270,"height":10}},{"id":"225d5150-670e-4707-a4a6-6410236e7a32","block_type":"box","text":"from 1997 to 2021; Director, Pacific Pension","page_number":29,"box":{"x":342,"y":557,"width":272,"height":9}},{"id":"cf75c468-bc50-4169-a8ba-2e386a1812b0","block_type":"box","text":"Institute from 2014 to 2018; Senior Advisor,","page_number":29,"box":{"x":343,"y":569,"width":267,"height":9}},{"id":"2a56d26f-4786-4d9b-87b6-e891270a2f9d","block_type":"box","text":"CCI (investment adviser) in 2015; Chief","page_number":29,"box":{"x":343,"y":581,"width":238,"height":10}},{"id":"04aa796a-fd94-41b4-9cae-1ed6d9c96741","block_type":"box","text":"Executive Officer, CCI from 2013 to 2014;","page_number":29,"box":{"x":343,"y":593,"width":253,"height":9}},{"id":"bdf8efda-86c9-4256-8d80-f1c994e5231b","block_type":"box","text":"President & Chief Executive Officer, CCI from","page_number":29,"box":{"x":343,"y":605,"width":268,"height":9}},{"id":"9ecdc778-04b0-41ce-8d93-584b429dab6d","block_type":"box","text":"1997 to 2013; Advisory Board Member,","page_number":29,"box":{"x":343,"y":617,"width":241,"height":10}},{"id":"d3c7fcf6-e2b4-429c-bbc5-3a5ed0bf5ad9","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and","page_number":29,"box":{"x":343,"y":629,"width":245,"height":8}},{"id":"62c7a6e1-f1d9-45d8-adf0-d81bcc370b22","block_type":"box","text":"Board Member thereof from 2018 to 2022;","page_number":29,"box":{"x":343,"y":641,"width":262,"height":9}},{"id":"662f5d1f-5e8a-4179-a9c0-a686bcb0a78a","block_type":"box","text":"Advisory Board Member, Bridges Fund","page_number":29,"box":{"x":342,"y":653,"width":230,"height":10}},{"id":"fc7642f2-8cd9-43f7-9a20-94125454df09","block_type":"box","text":"Management from 2016 to 2018;","page_number":29,"box":{"x":343,"y":665,"width":204,"height":10}},{"id":"2d1d3e61-c61d-41b8-b2c9-a2b510c2b30d","block_type":"box","text":"Practitioner Advisory Board Member, PCRI","page_number":29,"box":{"x":343,"y":677,"width":251,"height":10}},{"id":"632afd2c-a8bb-4143-9fcd-c3d42cec8a1c","block_type":"box","text":"from 2017 to 2024; Lecturer in the Practice","page_number":29,"box":{"x":342,"y":689,"width":265,"height":9}},{"id":"df099722-2789-4441-b2b3-7dae3526863c","block_type":"box","text":"of Management, Yale School of Management","page_number":29,"box":{"x":343,"y":701,"width":271,"height":10}},{"id":"79c75b43-93a1-45c9-92c0-134f1742e977","block_type":"box","text":"from 2019 to 2025; Advisor to Finance","page_number":29,"box":{"x":342,"y":713,"width":236,"height":9}},{"id":"45cd91a7-3fa3-4c60-969e-be1b568f1f58","block_type":"box","text":"Committee, Altman Foundation from 2020 to","page_number":29,"box":{"x":343,"y":725,"width":271,"height":9}},{"id":"2967e6c4-9c35-44d9-a1a9-6f7001ff4153","block_type":"box","text":"2024; Investment Committee Member,","page_number":29,"box":{"x":343,"y":737,"width":234,"height":9}},{"id":"dc25d3c4-1f52-4b50-9833-1c04b9fa1739","block_type":"box","text":"Tostan since 2021; Member of the","page_number":29,"box":{"x":342,"y":749,"width":210,"height":9}},{"id":"f2c982bd-fdbc-43c7-b9a9-044c9b9fb4f5","block_type":"box","text":"President’s Counsel, Commonfund since","page_number":29,"box":{"x":343,"y":760,"width":245,"height":10}},{"id":"5864c2b1-d398-40ed-9af0-60d3130bd3a9","block_type":"box","text":"2023.","page_number":29,"box":{"x":343,"y":773,"width":36,"height":8}},{"id":"99227cc4-db86-411d-9877-696413c8d773","block_type":"box","text":"26 RICs consisting of","page_number":29,"box":{"x":627,"y":509,"width":129,"height":10}},{"id":"c7092ea2-ad9f-4686-9d81-0747f37ec0b4","block_type":"box","text":"171 Portfolios","page_number":29,"box":{"x":627,"y":521,"width":85,"height":8}},{"id":"67c3ecad-6026-431c-9630-91d70242359a","block_type":"box","text":"None","page_number":29,"box":{"x":774,"y":509,"width":30,"height":8}},{"id":"76a95254-7fcc-4b94-8a3b-5dcfdad84c15","block_type":"box","text":"Collette Chilton","page_number":29,"box":{"x":69,"y":790,"width":90,"height":8}},{"id":"a8fd5b11-b358-4e2f-af69-ba279211432a","block_type":"box","text":"1958","page_number":29,"box":{"x":69,"y":806,"width":33,"height":8}},{"id":"36c71554-4ac1-4f99-8be0-e0d57e9a0086","block_type":"box","text":"Trustee","page_number":29,"box":{"x":235,"y":790,"width":45,"height":8}},{"id":"b7d11bb6-defc-4602-aab3-f1afd480a4b5","block_type":"box","text":"(Since 2015)","page_number":29,"box":{"x":235,"y":802,"width":78,"height":10}},{"id":"7c702e94-c4b2-4beb-92fa-fe8ce28d79f7","block_type":"box","text":"Trustee, UC Berkeley Foundation Board since","page_number":29,"box":{"x":342,"y":790,"width":273,"height":10}},{"id":"b788b2e9-0a1d-4a10-b42a-ece92240c8cb","block_type":"box","text":"2024; Committee member, Oxford University","page_number":29,"box":{"x":343,"y":802,"width":269,"height":10}},{"id":"2faea86c-25d8-4eb0-a7c0-8f1154214f9a","block_type":"box","text":"Endowment Management since 2024;","page_number":29,"box":{"x":343,"y":814,"width":230,"height":10}},{"id":"42552ee3-41f7-4803-ad54-dfb166c4473c","block_type":"box","text":"Senior advisor, Insignia since 2024; Chief","page_number":29,"box":{"x":343,"y":826,"width":252,"height":10}},{"id":"3aaf671a-807a-428d-9e69-57846c58f23f","block_type":"box","text":"Investment Officer, Williams College from","page_number":29,"box":{"x":343,"y":838,"width":247,"height":10}},{"id":"205d93af-9e7e-41b6-8bdb-f19c47ea98e6","block_type":"box","text":"2006 to 2023; Chief Investment Officer,","page_number":29,"box":{"x":343,"y":850,"width":242,"height":9}},{"id":"a03c5739-ea8e-4b47-bdb9-da5daefd2bd3","block_type":"box","text":"Lucent Asset Management Corporation from","page_number":29,"box":{"x":343,"y":862,"width":266,"height":10}},{"id":"c6c83394-6ad6-4be4-b713-2b35fad90fa4","block_type":"box","text":"1998 to 2006; Director, Boys and Girls Club","page_number":29,"box":{"x":343,"y":874,"width":266,"height":10}},{"id":"9384a677-4b5f-48a5-903a-e499426b6961","block_type":"box","text":"of Boston since 2017; Director, B1 Capital","page_number":29,"box":{"x":343,"y":886,"width":255,"height":10}},{"id":"03387c80-1c58-41fd-82f5-fe71c34f4ef5","block_type":"box","text":"since 2018.","page_number":29,"box":{"x":343,"y":898,"width":72,"height":8}},{"id":"fb40f349-4826-4166-9c71-f3ec9d8bbb49","block_type":"box","text":"26 RICs consisting of","page_number":29,"box":{"x":627,"y":790,"width":129,"height":10}},{"id":"36a6817a-6dd5-4d3b-98a4-f197aad54b2a","block_type":"box","text":"171 Portfolios","page_number":29,"box":{"x":627,"y":802,"width":85,"height":8}},{"id":"8b036d0a-c5e0-4a3a-af1f-5acafe3e04bc","block_type":"box","text":"None","page_number":29,"box":{"x":774,"y":790,"width":30,"height":8}},{"id":"6b0617f6-b782-4347-afcb-59b714eff166","block_type":"box","text":"I-11","page_number":29,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0e550b0d-3332-4c04-bb96-da2648031b57","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":29,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f9eb7deb-ad2b-4feb-9f30-8fd115193cf3","block_type":"box","text":"Name","page_number":30,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"cd9da067-fd99-4099-ae0a-3121cfb3b1d8","block_type":"box","text":"and Year of Birth","page_number":30,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"fb735b3a-de11-4194-8455-a40ff225b9b3","block_type":"box","text":"1,2","page_number":30,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"d9013a1f-4321-4448-bd97-b47784d74306","block_type":"box","text":"Position(s)","page_number":30,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"6a09162d-1628-4858-97af-1377b94432a4","block_type":"box","text":"Held","page_number":30,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"284e1fc7-38b7-426b-b425-9d8b04e0990a","block_type":"box","text":"(Length of","page_number":30,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"18fa604b-f912-4c37-8be6-1be4738acf75","block_type":"box","text":"Service)","page_number":30,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"1c236ae1-c2f4-41c0-8238-ae983f8aa6bf","block_type":"box","text":"3","page_number":30,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"707b07a0-0000-42b5-9a47-e47ce3810be9","block_type":"box","text":"Principal Occupation(s)","page_number":30,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"458130b7-0e9f-43f2-a06d-4b3f0d613a00","block_type":"box","text":"During Past Five Years","page_number":30,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"dd729871-ff02-4922-a340-015dfdf03100","block_type":"box","text":"Number of","page_number":30,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"a6788be5-140c-4ae8-b01e-60a133ea931d","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"2c5e1c9a-d537-4b76-bb8c-ee0f65dd8718","block_type":"box","text":"Advised","page_number":30,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"aefaa0e4-a1ff-4df5-9bb6-a669d53204f8","block_type":"box","text":"Registered","page_number":30,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"03734ed1-981c-4e3e-883e-85f269bfdb0b","block_type":"box","text":"Investment","page_number":30,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"a5099d61-3b28-4449-8ca3-d6bdcde186bf","block_type":"box","text":"Companies","page_number":30,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"11c19cd7-c1d9-471c-aee1-14e5738cc997","block_type":"box","text":"(“RICs”)","page_number":30,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"f3de599e-e9f3-4fbd-b5e0-30fed4e73207","block_type":"box","text":"Consisting of","page_number":30,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"581d6a58-8fcb-465d-b28a-553e394a47a5","block_type":"box","text":"Investment","page_number":30,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"4fb23345-0498-4b96-9cf3-5269e8ea81d5","block_type":"box","text":"Portfolios","page_number":30,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"7d4eaf36-37ac-4f95-abce-24700d4ee1a0","block_type":"box","text":"(“Portfolios”)","page_number":30,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"c8919ac0-d626-414d-8946-697a2ac92922","block_type":"box","text":"Overseen","page_number":30,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"ec07a030-9969-46da-b413-ea46aa1b133d","block_type":"box","text":"Public","page_number":30,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"33cc7772-c5ff-4b61-bf08-b03eb90b6156","block_type":"box","text":"Company","page_number":30,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"c4c07f1b-f1e7-463d-87fe-00bb48208376","block_type":"box","text":"and Other","page_number":30,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"50598628-ef03-410e-812e-fbb2f7253ce8","block_type":"box","text":"Investment","page_number":30,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"5ae558bd-5f70-48cd-9c8f-39180ffe779e","block_type":"box","text":"Company","page_number":30,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"482671b0-f286-4345-ac30-6d9d30f6ac2f","block_type":"box","text":"Directorships","page_number":30,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"67cc50c3-2d68-4299-af82-3600831af346","block_type":"box","text":"Held During","page_number":30,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"b9e83168-7260-45cb-98f3-49b47c4c4986","block_type":"box","text":"Past Five Years","page_number":30,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"714a50b1-ae8a-47a7-88e9-54b39421bdc0","block_type":"box","text":"Neil A. Cotty","page_number":30,"box":{"x":69,"y":174,"width":73,"height":10}},{"id":"f3d84e01-57a4-4bcb-81cf-a63688139b2d","block_type":"box","text":"1954","page_number":30,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"34dd541c-45a5-4c84-ad1a-39180c94739b","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":174,"width":45,"height":8}},{"id":"37d7ae5f-a3b5-4d96-afb7-3c9778f0b16c","block_type":"box","text":"(Since 2016)","page_number":30,"box":{"x":235,"y":186,"width":78,"height":10}},{"id":"5324c5c4-5a01-466c-9463-3969e83e264f","block_type":"box","text":"Bank of America Corporation from 1996 to","page_number":30,"box":{"x":343,"y":174,"width":256,"height":10}},{"id":"a0672233-4f5a-49be-bd2c-93a19d50f304","block_type":"box","text":"2015, serving in various senior finance","page_number":30,"box":{"x":343,"y":186,"width":235,"height":10}},{"id":"6cab5ac7-e5ef-4681-97e2-c1499f0a6649","block_type":"box","text":"leadership roles, including Chief Accounting","page_number":30,"box":{"x":343,"y":198,"width":261,"height":10}},{"id":"bfbd752e-6d1c-410b-984b-22981a258c7c","block_type":"box","text":"Officer from 2009 to 2015, Chief Financial","page_number":30,"box":{"x":343,"y":210,"width":256,"height":9}},{"id":"f2063d2f-1611-4f79-b5cf-571eabb7f722","block_type":"box","text":"Officer of Global Banking, Markets and","page_number":30,"box":{"x":343,"y":222,"width":232,"height":10}},{"id":"6720543b-d9fd-4e5e-b048-12146c3028af","block_type":"box","text":"Wealth Management from 2008 to 2009,","page_number":30,"box":{"x":342,"y":234,"width":251,"height":10}},{"id":"4db78f3d-2d11-46a0-9483-30ff5f619b9a","block_type":"box","text":"Chief Accounting Officer from 2004 to 2008,","page_number":30,"box":{"x":343,"y":246,"width":269,"height":10}},{"id":"83c9cc76-21f9-4d8b-b88b-6524eb12f305","block_type":"box","text":"Chief Financial Officer of Consumer Bank","page_number":30,"box":{"x":343,"y":258,"width":247,"height":8}},{"id":"90dc9c44-046f-46c1-8e3b-133e4a6c2b86","block_type":"box","text":"from 2003 to 2004, Chief Financial Officer of","page_number":30,"box":{"x":342,"y":270,"width":274,"height":9}},{"id":"df38ffcf-4a70-44be-90b2-095a305ee58a","block_type":"box","text":"Global Corporate Investment Bank from","page_number":30,"box":{"x":343,"y":282,"width":237,"height":10}},{"id":"ded92728-dbe0-4486-9a0a-66638d68de4e","block_type":"box","text":"1999 to 2002.","page_number":30,"box":{"x":343,"y":294,"width":89,"height":8}},{"id":"1a19c012-ab46-4196-9efb-73d564fe8559","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"5658f1f0-ac8a-42ee-aed0-c4b862584f45","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"25cb7636-30a8-43d5-b898-a3c366e0b837","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"7113157f-f7fc-4f8a-8be6-b9c68401eea3","block_type":"box","text":"Jeffrey Jarczyk4","page_number":30,"box":{"x":69,"y":311,"width":86,"height":10}},{"id":"a63032fb-e7b1-4986-9769-eebeb319eea2","block_type":"box","text":"k4","page_number":30,"box":{"x":155,"y":311,"width":4,"height":4}},{"id":"21a83adc-8a40-498c-9c65-e0c4775dc17d","block_type":"box","text":"1964","page_number":30,"box":{"x":69,"y":327,"width":33,"height":8}},{"id":"b3ed2842-e76c-469e-a02f-e19bd06295a4","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":312,"width":45,"height":7}},{"id":"229d29f9-dfea-4cf4-bd4b-1d23f149da23","block_type":"box","text":"(Since 2026)","page_number":30,"box":{"x":235,"y":323,"width":78,"height":10}},{"id":"445f8003-f885-4504-8b32-2b1f4126f676","block_type":"box","text":"Director, The Friends of the Public Garden","page_number":30,"box":{"x":343,"y":311,"width":249,"height":10}},{"id":"5fe84758-e8fe-42cb-bc5b-b4e89717de10","block_type":"box","text":"since 2021; Executive Vice President, Chief","page_number":30,"box":{"x":343,"y":323,"width":263,"height":10}},{"id":"e85e9edd-8d76-4eca-beaf-effcf8748621","block_type":"box","text":"Auditor, Fidelity Investments from 2016 to","page_number":30,"box":{"x":342,"y":335,"width":253,"height":10}},{"id":"a3319063-1ccc-40e2-9219-070eb58db357","block_type":"box","text":"2021; Executive Vice President, Chief","page_number":30,"box":{"x":343,"y":347,"width":227,"height":10}},{"id":"6d2ed53e-b177-46ff-be91-53bd1282af75","block_type":"box","text":"Accounting Officer, Fidelity Investments from","page_number":30,"box":{"x":342,"y":359,"width":267,"height":10}},{"id":"38d97cb6-6390-4488-b3b4-5a064730b753","block_type":"box","text":"2007 to 2016.","page_number":30,"box":{"x":343,"y":371,"width":89,"height":8}},{"id":"8666ad1f-40f7-4e53-b611-545783894720","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":311,"width":129,"height":11}},{"id":"d734409b-f1a8-4f8c-9888-d9ccb9e0f971","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":323,"width":85,"height":8}},{"id":"0fc263b7-ab71-484c-976e-43742c8f19ab","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":312,"width":30,"height":7}},{"id":"3a309c30-fc6f-4d94-9aca-bdead84c7212","block_type":"box","text":"Henry R. Keizer","page_number":30,"box":{"x":69,"y":389,"width":93,"height":10}},{"id":"6201f457-9eee-4d18-a168-30dea108d6ca","block_type":"box","text":"1956","page_number":30,"box":{"x":69,"y":405,"width":33,"height":8}},{"id":"830c03aa-37f9-4278-b4fe-aa0eee1fbc0e","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":389,"width":45,"height":8}},{"id":"2435c6ff-3f58-461f-a849-f65a22df7675","block_type":"box","text":"(Since 2019)","page_number":30,"box":{"x":235,"y":401,"width":78,"height":10}},{"id":"e49c76b2-f0f9-4d1a-9a6a-0a41013180a4","block_type":"box","text":"Director, Park Indemnity Ltd. (captive insurer)","page_number":30,"box":{"x":343,"y":389,"width":269,"height":10}},{"id":"70e6745e-9886-43c5-93df-c59a4ca8440d","block_type":"box","text":"from 2010 to 2022.","page_number":30,"box":{"x":342,"y":401,"width":122,"height":8}},{"id":"c697d142-a3b7-4c2b-8cc3-9bfd1b54ea9e","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":389,"width":129,"height":10}},{"id":"e7614abb-5aa5-450a-bf7c-fdd337710622","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":401,"width":85,"height":8}},{"id":"c4c99f00-bcc2-4901-b300-8938bed08fed","block_type":"box","text":"GrafTech International","page_number":30,"box":{"x":773,"y":389,"width":131,"height":8}},{"id":"7df3b7a9-3e55-4f9c-9100-70bdb3dd2786","block_type":"box","text":"Ltd. (materials","page_number":30,"box":{"x":774,"y":401,"width":85,"height":10}},{"id":"3c2000f1-8d9b-4a8b-a52a-2573538fd7ac","block_type":"box","text":"manufacturing);","page_number":30,"box":{"x":774,"y":413,"width":92,"height":10}},{"id":"b376a2ca-c87a-436b-aa5a-a57e4503f5ff","block_type":"box","text":"Sealed Air Corp.","page_number":30,"box":{"x":773,"y":425,"width":96,"height":10}},{"id":"76384fee-3606-4f4d-8f54-973157700f8c","block_type":"box","text":"(packaging); Hertz","page_number":30,"box":{"x":773,"y":437,"width":109,"height":10}},{"id":"7b74ccfb-5490-4eea-8293-4d5b8bf9d202","block_type":"box","text":"Global Holdings (car","page_number":30,"box":{"x":773,"y":449,"width":121,"height":10}},{"id":"aca93af4-455d-4cd1-854c-d93b7ef48d1d","block_type":"box","text":"rental) from 2015 to","page_number":30,"box":{"x":774,"y":461,"width":122,"height":10}},{"id":"d2d88d7c-79a9-43d0-814c-7e4e32daddf0","block_type":"box","text":"2021.","page_number":30,"box":{"x":773,"y":473,"width":36,"height":8}},{"id":"73609ec2-6caa-4ebf-8d17-c4245775d036","block_type":"box","text":"Cynthia A. Montgomery","page_number":30,"box":{"x":69,"y":490,"width":140,"height":10}},{"id":"cf81e218-f639-4233-9c0b-f9078f59eeed","block_type":"box","text":"1952","page_number":30,"box":{"x":69,"y":506,"width":32,"height":8}},{"id":"a78ae4e8-af96-419b-872a-79e4eda4636f","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":490,"width":45,"height":8}},{"id":"b889c3dc-09fb-4ef9-a3b3-e25e5b1f5cd4","block_type":"box","text":"(Since 2007)","page_number":30,"box":{"x":235,"y":502,"width":78,"height":10}},{"id":"c816da5c-0afa-4322-b11a-1acedd601ca5","block_type":"box","text":"Professor, Harvard Business School since","page_number":30,"box":{"x":343,"y":490,"width":253,"height":10}},{"id":"0cb710a3-b95f-4496-b743-b8005c0dca2d","block_type":"box","text":"1989.","page_number":30,"box":{"x":343,"y":502,"width":36,"height":8}},{"id":"6212e3c9-a28e-4ff4-aa1c-ba2a69e33c19","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":490,"width":129,"height":10}},{"id":"99310f51-65c6-424f-a5dd-64c2258cb49b","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":502,"width":85,"height":8}},{"id":"e1eab794-446a-4dc9-9be8-2cc6d4abfef9","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":490,"width":30,"height":8}},{"id":"7269af99-7a7e-44bd-9fcc-c36cb1dd02e6","block_type":"box","text":"Donald C. Opatrny","page_number":30,"box":{"x":70,"y":524,"width":108,"height":10}},{"id":"a41ca662-09e2-40e7-8e19-5b9c921554a2","block_type":"box","text":"1952","page_number":30,"box":{"x":69,"y":539,"width":32,"height":8}},{"id":"8e363e2e-04ce-48a7-a183-61e060f62a87","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":524,"width":45,"height":8}},{"id":"07d84884-c656-47b8-bf14-33eaba27560c","block_type":"box","text":"(Since 2019)","page_number":30,"box":{"x":235,"y":536,"width":78,"height":10}},{"id":"faae6168-6b2b-4547-a108-26c8eb3f78a8","block_type":"box","text":"Chair of the Board of Phoenix Art Museum","page_number":30,"box":{"x":343,"y":524,"width":253,"height":8}},{"id":"5f2d2214-1dbb-4150-876b-a3f633d9c296","block_type":"box","text":"since 2022 and Trustee thereof since 2018;","page_number":30,"box":{"x":343,"y":536,"width":268,"height":9}},{"id":"2c3128bd-7701-455b-885d-8ced29f26ea2","block_type":"box","text":"Chair of the Investment Committee of The","page_number":30,"box":{"x":343,"y":548,"width":251,"height":8}},{"id":"dcfabfcc-f2f3-488e-a930-884734cee4d4","block_type":"box","text":"Arizona Community Foundation since 2022","page_number":30,"box":{"x":342,"y":560,"width":259,"height":10}},{"id":"71f0194a-c260-4084-92fe-d77cee419a8d","block_type":"box","text":"and Trustee thereof since 2020; Director,","page_number":30,"box":{"x":343,"y":571,"width":249,"height":10}},{"id":"614f8d95-d44e-4d7e-9773-dcc56950e1d7","block_type":"box","text":"Athena Capital Advisors LLC (investment","page_number":30,"box":{"x":342,"y":584,"width":244,"height":9}},{"id":"9dc6393b-c1c8-4879-9c83-9b4b49dbe72f","block_type":"box","text":"management firm) from 2013 to 2020;","page_number":30,"box":{"x":343,"y":595,"width":236,"height":11}},{"id":"4d470487-5704-49dd-9afa-50a579a0a009","block_type":"box","text":"Trustee, Vice Chair, Member of the Executive","page_number":30,"box":{"x":342,"y":607,"width":270,"height":10}},{"id":"748f5694-e38f-4352-ab4e-92a493ffbad5","block_type":"box","text":"Committee and Chair of the Investment","page_number":30,"box":{"x":343,"y":619,"width":237,"height":8}},{"id":"08231e93-6b92-47e3-b755-2e3b24c54041","block_type":"box","text":"Committee, Cornell University from 2004 to","page_number":30,"box":{"x":343,"y":631,"width":262,"height":10}},{"id":"a034fb6f-b23a-4c37-9bbe-3d6dcaf1ed05","block_type":"box","text":"2019; Member of Affordable Housing Supply","page_number":30,"box":{"x":343,"y":643,"width":270,"height":10}},{"id":"e42e55d6-81a5-478e-aa85-ec7414c7e5a9","block_type":"box","text":"Board of Jackson, Wyoming from 2017 to","page_number":30,"box":{"x":343,"y":655,"width":251,"height":10}},{"id":"d3abe2ec-e425-473e-b568-90313fa9689b","block_type":"box","text":"2022; Member, Investment Funds","page_number":30,"box":{"x":343,"y":667,"width":205,"height":10}},{"id":"4c371482-987a-4318-9a26-69c0927f2807","block_type":"box","text":"Committee, State of Wyoming from 2017 to","page_number":30,"box":{"x":343,"y":679,"width":264,"height":10}},{"id":"e9875cde-1d63-49e2-a691-e81da11a297f","block_type":"box","text":"2023; Member of the Investment","page_number":30,"box":{"x":343,"y":691,"width":201,"height":10}},{"id":"51f45b09-9b54-475b-a305-32b0f213f412","block_type":"box","text":"Committee, Mellon Foundation from 2009 to","page_number":30,"box":{"x":343,"y":703,"width":269,"height":10}},{"id":"e349747a-3ba7-4c58-b3e2-268533a851ae","block_type":"box","text":"2015; President, Trustee and Member of the","page_number":30,"box":{"x":343,"y":715,"width":270,"height":10}},{"id":"18f43289-2e1b-442c-b1d5-fcbde95be743","block_type":"box","text":"Investment Committee, The Aldrich","page_number":30,"box":{"x":343,"y":727,"width":210,"height":10}},{"id":"808ffba3-f315-473f-b099-2cec10589313","block_type":"box","text":"Contemporary Art Museum from 2007 to","page_number":30,"box":{"x":343,"y":739,"width":248,"height":10}},{"id":"726db9cc-5a05-4eea-a11c-2aaed6d19414","block_type":"box","text":"2014; Trustee and Chair of the Investment","page_number":30,"box":{"x":343,"y":751,"width":258,"height":9}},{"id":"7a03c26a-1940-4f51-8c55-eb3f5525fb8b","block_type":"box","text":"Committee, Community Foundation of","page_number":30,"box":{"x":343,"y":763,"width":228,"height":10}},{"id":"69e290db-bba0-4925-94a6-e2461a8aaf7a","block_type":"box","text":"Jackson Hole since 2014.","page_number":30,"box":{"x":342,"y":775,"width":157,"height":8}},{"id":"8cd016d1-539d-4903-891a-e8c67183aed4","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":524,"width":129,"height":10}},{"id":"0c2410a7-c994-470c-9d49-066c49d734f3","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":536,"width":85,"height":8}},{"id":"89440f05-c3f5-4314-aba8-c738729894c2","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":524,"width":30,"height":8}},{"id":"bb14a061-8372-4110-b81e-ae8d0ea8a5de","block_type":"box","text":"Lori Richards","page_number":30,"box":{"x":69,"y":793,"width":78,"height":8}},{"id":"474135f3-d262-4a15-9330-696068be6e70","block_type":"box","text":"1960","page_number":30,"box":{"x":69,"y":808,"width":33,"height":8}},{"id":"1c9057f2-8b17-4dda-a3ea-0dd0736be253","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":793,"width":45,"height":8}},{"id":"e9f43e31-7873-44d7-bbd0-d3e1149ab00b","block_type":"box","text":"(Since 2024)","page_number":30,"box":{"x":235,"y":805,"width":78,"height":10}},{"id":"42b7ca0d-207e-4675-a642-ae41a853be2a","block_type":"box","text":"President and Trustee, SEC Historical Society","page_number":30,"box":{"x":343,"y":793,"width":273,"height":10}},{"id":"c9c25bab-3098-435e-aeaa-cba8388d39e0","block_type":"box","text":"since 2018; Trustee, Garrett College","page_number":30,"box":{"x":343,"y":805,"width":220,"height":10}},{"id":"657dc5be-0921-488e-bfd0-b35963279975","block_type":"box","text":"Foundation since 2019; Member, Vice-Chair","page_number":30,"box":{"x":343,"y":817,"width":264,"height":9}},{"id":"41f47b9f-7c40-42dc-80f8-8e6a3ff0f4dc","block_type":"box","text":"or Chair of FINRA National Adjudicatory","page_number":30,"box":{"x":343,"y":828,"width":233,"height":11}},{"id":"45df4a3e-4c97-47d6-994a-ecb78cc166ec","block_type":"box","text":"Council from 2019 to 2022; Director,","page_number":30,"box":{"x":343,"y":840,"width":223,"height":10}},{"id":"6ab71072-0427-41f7-8bc7-309ae1ca6386","block_type":"box","text":"PharmaCann, Inc. from 2021 to 2024;","page_number":30,"box":{"x":343,"y":852,"width":232,"height":10}},{"id":"ddd39cf7-5b75-4cd0-a877-504d4c448742","block_type":"box","text":"Director, Wahed Invest from 2022 to 2024.","page_number":30,"box":{"x":343,"y":864,"width":260,"height":10}},{"id":"7df39dd9-da6b-4222-a01d-df4afa03137d","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":793,"width":129,"height":10}},{"id":"8fa24dde-3997-45da-989f-45659b912b61","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":805,"width":85,"height":8}},{"id":"f9f64f8d-64d6-4a6a-98aa-d86e27d30646","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":793,"width":30,"height":8}},{"id":"d1ccf989-df59-4c99-b564-834731c3c8f9","block_type":"box","text":"Marc D. Stern","page_number":30,"box":{"x":69,"y":882,"width":83,"height":8}},{"id":"ab60b5d2-de3f-490a-9b10-2f73432217fd","block_type":"box","text":"4","page_number":30,"box":{"x":153,"y":882,"width":4,"height":4}},{"id":"d2f88a9c-108f-4fcd-8fd5-82f2059cc495","block_type":"box","text":"1962","page_number":30,"box":{"x":69,"y":898,"width":32,"height":8}},{"id":"e49d34fb-4737-4df7-92c3-a7eb612b36ae","block_type":"box","text":"Trustee","page_number":30,"box":{"x":235,"y":882,"width":45,"height":8}},{"id":"3d7ac659-a8d8-4ba3-95cf-3f3efd0ccb1a","block_type":"box","text":"(Since 2026)","page_number":30,"box":{"x":235,"y":894,"width":78,"height":10}},{"id":"3d1d82ac-1d77-4f34-a886-62cc3dfc3377","block_type":"box","text":"Chief Executive Officer and Director,","page_number":30,"box":{"x":343,"y":882,"width":214,"height":10}},{"id":"2109ba26-0ded-4e2e-81fb-55e4f15b26fb","block_type":"box","text":"Bessemer Trust from 2013 to 2026.","page_number":30,"box":{"x":343,"y":894,"width":221,"height":8}},{"id":"7cef704f-2e27-42a8-802a-5fab77dd0958","block_type":"box","text":"26 RICs consisting of","page_number":30,"box":{"x":627,"y":882,"width":129,"height":10}},{"id":"d5258821-19c1-442c-923b-f333efd8e05e","block_type":"box","text":"171 Portfolios","page_number":30,"box":{"x":627,"y":894,"width":85,"height":8}},{"id":"309666b2-5f42-421f-9312-d9db7d33566d","block_type":"box","text":"None","page_number":30,"box":{"x":774,"y":882,"width":30,"height":8}},{"id":"3fba34c1-6f0c-469e-8c1c-5fa851b2e282","block_type":"box","text":"I-12","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d52fed50-2eea-4abb-b522-3b64be4bebee","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":30,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"185f78e6-47a7-419d-abb5-5805dc7385e7","block_type":"box","text":"Name","page_number":31,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"223481cb-134a-4d08-b76d-aa5f540751f9","block_type":"box","text":"and Year of Birth","page_number":31,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"c7960ee2-9428-4998-877c-55b0519d5e11","block_type":"box","text":"1,2","page_number":31,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"2e927eb1-57e8-4059-bbe9-96c613828486","block_type":"box","text":"Position(s)","page_number":31,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"88d257a7-422d-4cd8-9688-c41dac196b8a","block_type":"box","text":"Held","page_number":31,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"45f80165-3622-4159-84a7-3d6c03c014bb","block_type":"box","text":"(Length of","page_number":31,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"08a36fe3-e872-478f-b799-6b5878b0ebd2","block_type":"box","text":"Service)","page_number":31,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"f0fc58ea-45b5-44b1-b5f8-39c04f7064f1","block_type":"box","text":"3","page_number":31,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"a44000ce-7c6c-452e-aa9a-eb9e7ac0aa9d","block_type":"box","text":"Principal Occupation(s)","page_number":31,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"09eb45fc-0129-4c53-944f-f95bfbcded9e","block_type":"box","text":"During Past Five Years","page_number":31,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"fd3a9ada-3e4e-492a-8a2a-d574b47fac2b","block_type":"box","text":"Number of","page_number":31,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"241d19fb-cf60-4cb9-89c3-6da9a4260cfd","block_type":"box","text":"BlackRock","page_number":31,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"006c5ec1-0dac-4dee-9f8b-1827326487d5","block_type":"box","text":"Advised","page_number":31,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"d1798061-81a2-4ccd-9e07-e2cdd113059c","block_type":"box","text":"Registered","page_number":31,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"09b509fc-0655-49e8-983e-f6ed4b19d1db","block_type":"box","text":"Investment","page_number":31,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"4b89f3b8-38a0-46df-a3b2-5069d80bfcdf","block_type":"box","text":"Companies","page_number":31,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"37e41564-c275-4cff-9596-a72a844bf6c3","block_type":"box","text":"(“RICs”)","page_number":31,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"e9f5de2f-1a5a-40ce-8ebb-f1ac49850efd","block_type":"box","text":"Consisting of","page_number":31,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"be4a38f2-86f9-4671-959a-8b4df7e9a70b","block_type":"box","text":"Investment","page_number":31,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"e2e046fb-ba42-4911-a044-58868992ae79","block_type":"box","text":"Portfolios","page_number":31,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"b955b95b-d265-476a-9945-d3cb8c0e7802","block_type":"box","text":"(“Portfolios”)","page_number":31,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"1ad57e01-d9fd-4205-9bf3-ba3761390864","block_type":"box","text":"Overseen","page_number":31,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"7b41a8fc-efbc-46ac-9166-deb935b0f3d2","block_type":"box","text":"Public","page_number":31,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"5e956c9c-4cd0-4b7b-884c-f06090b86b1f","block_type":"box","text":"Company","page_number":31,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"d7ee7bdc-a045-48f5-ac17-e4d709924d47","block_type":"box","text":"and Other","page_number":31,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"5427dc9e-f3a2-4ded-aa1f-554eb34cc46e","block_type":"box","text":"Investment","page_number":31,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"d0557843-1dcd-4ba4-a666-418a175fbf6b","block_type":"box","text":"Company","page_number":31,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"3a6357be-643c-4696-a57d-c853ce46dbb1","block_type":"box","text":"Directorships","page_number":31,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"c5094419-8361-4513-878b-5ebcf0b4a912","block_type":"box","text":"Held During","page_number":31,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"a2222db1-92e9-4889-87bc-6b22c31c6e49","block_type":"box","text":"Past Five Years","page_number":31,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"5425cab5-7be9-439f-9685-a508fb70b564","block_type":"box","text":"Kenneth L. Urish","page_number":31,"box":{"x":70,"y":174,"width":98,"height":8}},{"id":"abc4294a-8848-4cbe-aec5-0e5d40aa95a6","block_type":"box","text":"1951","page_number":31,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"ae34fc4c-8bc9-4549-bab7-b61044ededd0","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":174,"width":45,"height":8}},{"id":"74cc5fdf-7252-442e-ba0e-50c4b1ccf990","block_type":"box","text":"(Since 2007)","page_number":31,"box":{"x":235,"y":186,"width":78,"height":10}},{"id":"59994e6b-d292-4237-bb24-bd6a715ff8cf","block_type":"box","text":"Managing Partner, Urish Popeck & Co., LLC","page_number":31,"box":{"x":343,"y":174,"width":261,"height":10}},{"id":"1b544880-cfd2-468f-8c5a-72b30f08e642","block_type":"box","text":"(certified public accountants and","page_number":31,"box":{"x":343,"y":186,"width":196,"height":10}},{"id":"1564f86d-0366-4231-ad43-e0fae366b910","block_type":"box","text":"consultants) since 1976; Past-Chairman of","page_number":31,"box":{"x":343,"y":198,"width":259,"height":10}},{"id":"89ac2941-cc48-4ca0-ad22-df89e7211ba5","block_type":"box","text":"the Professional Ethics Committee of the","page_number":31,"box":{"x":342,"y":210,"width":247,"height":8}},{"id":"1afc0255-b590-4e5d-b354-6969601ba83a","block_type":"box","text":"Pennsylvania Institute of Certified Public","page_number":31,"box":{"x":343,"y":222,"width":241,"height":10}},{"id":"0c47ac58-78c2-4f07-b8d1-235681452f58","block_type":"box","text":"Accountants and Committee Member thereof","page_number":31,"box":{"x":342,"y":234,"width":273,"height":8}},{"id":"4615167c-a989-4abe-aa28-435ed88c7dd9","block_type":"box","text":"since 2007; Member of External Advisory","page_number":31,"box":{"x":343,"y":246,"width":250,"height":10}},{"id":"8b9772a9-e1f7-44ea-a166-791f229282ba","block_type":"box","text":"Board, The Pennsylvania State University","page_number":31,"box":{"x":343,"y":258,"width":246,"height":10}},{"id":"232835ac-594d-4ffb-a197-d0c0e04f1d02","block_type":"box","text":"Accounting Department since 2001,","page_number":31,"box":{"x":342,"y":270,"width":219,"height":10}},{"id":"80995350-2d50-4240-973e-d038cde12aee","block_type":"box","text":"Emeritus since 2022; Principal, UP Strategic","page_number":31,"box":{"x":343,"y":282,"width":267,"height":10}},{"id":"d81d8a32-688c-4fd8-a7aa-b507ea1dca88","block_type":"box","text":"Wealth Investment Advisors, LLC since","page_number":31,"box":{"x":342,"y":294,"width":233,"height":9}},{"id":"83240b9a-cc8d-41d5-a01d-d95cc7c20dda","block_type":"box","text":"2013; Trustee, The Holy Family Institute from","page_number":31,"box":{"x":343,"y":306,"width":272,"height":10}},{"id":"cbff9cc4-e219-41b4-9501-caf0e16c224e","block_type":"box","text":"2001 to 2010; President and Trustee,","page_number":31,"box":{"x":343,"y":318,"width":230,"height":9}},{"id":"7f1dc737-2395-4440-a1bf-88e96ec62726","block_type":"box","text":"Pittsburgh Catholic Publishing Associates","page_number":31,"box":{"x":343,"y":330,"width":248,"height":10}},{"id":"9c41c4ec-1dc7-442e-a99d-4955e9c2df66","block_type":"box","text":"from 2003 to 2008; Director, Inter-Tel from","page_number":31,"box":{"x":342,"y":342,"width":259,"height":9}},{"id":"3ebce8ca-40e2-4d63-a0ea-995f8899bd77","block_type":"box","text":"2006 to 2007; Member, Advisory Board,","page_number":31,"box":{"x":343,"y":354,"width":245,"height":10}},{"id":"1eb9a3f3-7d8c-4765-8266-d1993177d78a","block_type":"box","text":"ESG Competent Boards since 2020.","page_number":31,"box":{"x":343,"y":366,"width":219,"height":9}},{"id":"c00c497e-bc91-440f-b1ae-6da269aab488","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"5fe186a6-e2f4-4b35-b7d2-885b116e2244","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"afe65e33-fd84-475b-a2a8-d4f1aa17e7c3","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"a8793685-abbf-4a45-b4bd-f9dd420ea048","block_type":"box","text":"Claire A. Walton","page_number":31,"box":{"x":69,"y":383,"width":94,"height":8}},{"id":"16e5f490-00b5-4eae-942b-1cff7724e695","block_type":"box","text":"1957","page_number":31,"box":{"x":69,"y":399,"width":32,"height":8}},{"id":"5d46ab1d-642d-4254-bbb6-dea472dcce7c","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":383,"width":45,"height":8}},{"id":"3e4b502b-c2f7-4b78-8eee-2fb266629096","block_type":"box","text":"(Since 2016)","page_number":31,"box":{"x":235,"y":395,"width":78,"height":10}},{"id":"29a06ab3-54a0-4a52-a6bb-a34fe7d4cfd3","block_type":"box","text":"Director/Treasurer, Reading Community Trust","page_number":31,"box":{"x":343,"y":383,"width":273,"height":10}},{"id":"685040ce-5287-4274-b9a7-fceec7292ecb","block_type":"box","text":"since 2024; Advisory Board Member,","page_number":31,"box":{"x":343,"y":395,"width":224,"height":10}},{"id":"b1874123-542a-449e-bdd5-d087705e1d8b","block_type":"box","text":"Grossman School of Business at the","page_number":31,"box":{"x":343,"y":407,"width":221,"height":8}},{"id":"ff765655-911d-41f8-9899-26eb04f0d7ea","block_type":"box","text":"University of Vermont since 2023; Advisory","page_number":31,"box":{"x":343,"y":419,"width":259,"height":10}},{"id":"09c7e805-ce2f-4820-9b6c-4898517e17a8","block_type":"box","text":"Board Member, Scientific Financial Systems","page_number":31,"box":{"x":343,"y":431,"width":264,"height":10}},{"id":"5796792f-c805-460e-9c54-81f38939772f","block_type":"box","text":"from 2022 to 2025; General Partner of Neon","page_number":31,"box":{"x":342,"y":443,"width":273,"height":9}},{"id":"a86ed011-f67b-443b-9d46-f382555a5428","block_type":"box","text":"Liberty Capital Management, LLC from 2003","page_number":31,"box":{"x":343,"y":455,"width":269,"height":10}},{"id":"f81a89d3-2157-4659-b382-19fde4d77db4","block_type":"box","text":"to 2023; Chief Operating Officer and Chief","page_number":31,"box":{"x":342,"y":467,"width":256,"height":10}},{"id":"fff89f10-d3b7-46b0-aa50-e9246e91e3ea","block_type":"box","text":"Financial Officer of Liberty Square Asset","page_number":31,"box":{"x":343,"y":479,"width":241,"height":10}},{"id":"5085d86d-8569-43c6-9cfb-d8cb4db68c68","block_type":"box","text":"Management, LP / Steel Partners Japan","page_number":31,"box":{"x":343,"y":491,"width":242,"height":10}},{"id":"ff25ccc6-ae65-4992-a625-4c8ca862e713","block_type":"box","text":"Asset Management, LP from 1998 to 2015;","page_number":31,"box":{"x":342,"y":503,"width":266,"height":10}},{"id":"719b6fcd-b2cd-42c5-adf2-411968b6f008","block_type":"box","text":"Director, Boston Hedge Fund Group from","page_number":31,"box":{"x":343,"y":515,"width":244,"height":10}},{"id":"5da1ab09-356a-459f-bc07-a2038ed13b87","block_type":"box","text":"2009 to 2018; Director, Massachusetts","page_number":31,"box":{"x":343,"y":527,"width":242,"height":9}},{"id":"80cd5b82-852f-4cc7-ad33-792a9872aab1","block_type":"box","text":"Council on Economic Education from 2013","page_number":31,"box":{"x":343,"y":539,"width":257,"height":8}},{"id":"97ce3d1c-c981-4f22-9fb7-7fa8cb2d8372","block_type":"box","text":"to 2015.","page_number":31,"box":{"x":342,"y":551,"width":53,"height":8}},{"id":"8294ac93-e4f1-4f20-9150-7df0ee63f741","block_type":"box","text":"26 RICs consisting of","page_number":31,"box":{"x":627,"y":383,"width":129,"height":10}},{"id":"12fcb765-ac11-42f3-8f9e-b2b7902d5498","block_type":"box","text":"171 Portfolios","page_number":31,"box":{"x":627,"y":395,"width":85,"height":8}},{"id":"0ab21d6c-2dd7-48d7-844d-ac06ea66351b","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":383,"width":30,"height":8}},{"id":"b8c6e076-ddfc-4132-aee3-0da573ae3d1f","block_type":"box","text":"Interested Trustees","page_number":31,"box":{"x":70,"y":569,"width":124,"height":7}},{"id":"a7dcc7e5-cb70-4b40-a568-28c3200976f1","block_type":"box","text":"5","page_number":31,"box":{"x":194,"y":565,"width":4,"height":4}},{"id":"5599e9b6-6f60-40a1-b716-0e98b51d6abb","block_type":"box","text":"Robert Fairbairn","page_number":31,"box":{"x":69,"y":586,"width":96,"height":8}},{"id":"d822eef7-fdee-4aa7-a91c-9475eea85404","block_type":"box","text":"1965","page_number":31,"box":{"x":69,"y":602,"width":33,"height":8}},{"id":"e086b91e-224a-4c18-9d46-cd5527527d68","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":586,"width":45,"height":8}},{"id":"f6163072-de3b-41ea-a46e-f5817a3b78f1","block_type":"box","text":"(Since 2018)","page_number":31,"box":{"x":235,"y":598,"width":78,"height":10}},{"id":"30596d5e-c1ad-45bd-aa52-f961a8aeed4e","block_type":"box","text":"Vice Chairman of BlackRock, Inc. since","page_number":31,"box":{"x":342,"y":586,"width":235,"height":9}},{"id":"ae4e00b3-0742-468d-afd3-81e8093ad1e0","block_type":"box","text":"2019; Member of BlackRock’s Global","page_number":31,"box":{"x":343,"y":598,"width":225,"height":9}},{"id":"f126737f-1ef1-49fc-8ef8-994c782adf95","block_type":"box","text":"Operating Committee; Co-Chair of","page_number":31,"box":{"x":343,"y":610,"width":202,"height":10}},{"id":"d223882c-2402-413a-b6e2-b12e1b967e5f","block_type":"box","text":"BlackRock’s Human Capital Committee;","page_number":31,"box":{"x":343,"y":622,"width":240,"height":10}},{"id":"eea8deb9-6793-409d-b16b-491fa48a6682","block_type":"box","text":"Senior Managing Director of BlackRock, Inc.","page_number":31,"box":{"x":343,"y":634,"width":262,"height":10}},{"id":"d88c9806-44b0-4d8f-a989-5e7e1634c8d4","block_type":"box","text":"from 2010 to 2019; oversaw BlackRock’s","page_number":31,"box":{"x":342,"y":646,"width":254,"height":9}},{"id":"994935e6-716d-4381-bbda-699638396ffe","block_type":"box","text":"Strategic Partner Program and Strategic","page_number":31,"box":{"x":343,"y":658,"width":239,"height":10}},{"id":"e103c2f0-720e-4267-9963-f9ae2d4c3f30","block_type":"box","text":"Product Management Group from 2012 to","page_number":31,"box":{"x":343,"y":670,"width":254,"height":10}},{"id":"1d3b46a8-42ac-4259-941e-11f30e073806","block_type":"box","text":"2019; Member of the Board of Managers of","page_number":31,"box":{"x":343,"y":682,"width":265,"height":10}},{"id":"addb5212-ebd7-4d29-9ea9-5f9aeea2956e","block_type":"box","text":"BlackRock Investments, LLC from 2011 to","page_number":31,"box":{"x":343,"y":694,"width":255,"height":9}},{"id":"e11676e5-ef9e-4372-a0a6-e6e791bb54e1","block_type":"box","text":"2018; Global Head of BlackRock’s Retail","page_number":31,"box":{"x":343,"y":706,"width":245,"height":9}},{"id":"03871498-287f-4f33-9908-11b12979ce49","block_type":"box","text":"and iShares","page_number":31,"box":{"x":343,"y":718,"width":72,"height":8}},{"id":"25a4f3fa-059f-4421-8a39-90fb96539004","block_type":"box","text":"®","page_number":31,"box":{"x":415,"y":718,"width":5,"height":4}},{"id":"4adb8f1b-02c9-4329-af43-ac77919ca25b","block_type":"box","text":"businesses from 2012 to","page_number":31,"box":{"x":425,"y":718,"width":153,"height":8}},{"id":"10c184e6-6941-46e3-b7b3-f62288321da8","block_type":"box","text":"2016.","page_number":31,"box":{"x":343,"y":730,"width":36,"height":8}},{"id":"78484e2a-52a4-4aab-944e-3028c85f3ba1","block_type":"box","text":"76 RICs consisting of","page_number":31,"box":{"x":627,"y":586,"width":129,"height":10}},{"id":"cb25989e-f18b-4708-a457-e745f1367edf","block_type":"box","text":"254 Portfolios","page_number":31,"box":{"x":627,"y":598,"width":85,"height":8}},{"id":"ac25f802-f411-48f9-bc57-1e44d04fc1ba","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":586,"width":30,"height":8}},{"id":"f30a1994-1c3c-4349-ba3c-faa38b74b494","block_type":"box","text":"John M. Perlowski","page_number":31,"box":{"x":69,"y":747,"width":107,"height":8}},{"id":"7a9a90c4-55f2-4c74-912f-e4fafcb30f2b","block_type":"box","text":"6","page_number":31,"box":{"x":177,"y":747,"width":4,"height":4}},{"id":"2d0a54e4-06da-4bee-bf1c-c468da8d40db","block_type":"box","text":"1964","page_number":31,"box":{"x":69,"y":763,"width":33,"height":8}},{"id":"5a9809b8-7403-4d83-89d4-908d6deffacd","block_type":"box","text":"Trustee","page_number":31,"box":{"x":235,"y":747,"width":45,"height":8}},{"id":"c43ba481-0196-442c-92f1-ca29dd4f00cc","block_type":"box","text":"(Since 2015)","page_number":31,"box":{"x":235,"y":759,"width":78,"height":10}},{"id":"10df0158-afc2-4a3b-ab4c-741c93e2926d","block_type":"box","text":"President","page_number":31,"box":{"x":236,"y":771,"width":56,"height":8}},{"id":"97edff12-4273-44fe-8566-c9b2a2afbb10","block_type":"box","text":"and Chief","page_number":31,"box":{"x":235,"y":783,"width":58,"height":8}},{"id":"160d85e9-8b90-48a0-b8a9-20404bc7fa9a","block_type":"box","text":"Executive","page_number":31,"box":{"x":236,"y":795,"width":55,"height":8}},{"id":"62dcb021-61e0-46d5-b4cd-06151a418f79","block_type":"box","text":"Officer","page_number":31,"box":{"x":235,"y":807,"width":40,"height":8}},{"id":"9ad97575-5672-47de-bec8-6e1d0d28a169","block_type":"box","text":"(Since 2010)","page_number":31,"box":{"x":235,"y":819,"width":78,"height":10}},{"id":"466ef8ea-3075-4bb4-a6b9-0e58782e5644","block_type":"box","text":"Senior Managing Director of BlackRock, Inc.","page_number":31,"box":{"x":343,"y":747,"width":262,"height":10}},{"id":"1a50e921-1028-4535-9143-6a6dddc96fc7","block_type":"box","text":"since 2026; Managing Director of BlackRock,","page_number":31,"box":{"x":343,"y":759,"width":272,"height":10}},{"id":"c371d677-d0a8-4b47-baf5-6b6a2a9c1566","block_type":"box","text":"Inc. from 2009 to 2025; Member of","page_number":31,"box":{"x":343,"y":771,"width":218,"height":10}},{"id":"aa47df9b-ed41-494b-b142-4630a7bc298d","block_type":"box","text":"BlackRock’s Global Executive Committee","page_number":31,"box":{"x":343,"y":783,"width":246,"height":8}},{"id":"ef489ee0-48b3-4081-aeda-ca690b695125","block_type":"box","text":"since 2025; Head of BlackRock Global","page_number":31,"box":{"x":343,"y":795,"width":232,"height":10}},{"id":"c0005356-299d-4f0f-b258-991c781be37e","block_type":"box","text":"Business Operations Services since 2009;","page_number":31,"box":{"x":343,"y":807,"width":258,"height":10}},{"id":"ccdf8482-b1e7-4d00-bc0a-6fad76516715","block_type":"box","text":"Advisory Director of Family Resource Network","page_number":31,"box":{"x":342,"y":819,"width":274,"height":10}},{"id":"b99b6c2a-0071-476a-8c8d-4003fff859ed","block_type":"box","text":"(charitable foundation) since 2009.","page_number":31,"box":{"x":343,"y":831,"width":211,"height":10}},{"id":"f7f0f82c-3bfd-48b7-b10b-78d3e09484fb","block_type":"box","text":"78 RICs consisting of","page_number":31,"box":{"x":627,"y":747,"width":129,"height":10}},{"id":"2300a4e6-41a2-4ba5-a927-ebdfce6f296f","block_type":"box","text":"256 Portfolios","page_number":31,"box":{"x":627,"y":759,"width":85,"height":8}},{"id":"7cadf1e5-1cef-44eb-a834-40f6105ce9b2","block_type":"box","text":"None","page_number":31,"box":{"x":774,"y":747,"width":30,"height":8}},{"id":"850c707c-858c-4295-96e1-77b909401a59","block_type":"box","text":"1","page_number":31,"box":{"x":69,"y":855,"width":3,"height":3}},{"id":"bbe9b54a-cb60-4612-aebc-60c9a14fba3d","block_type":"box","text":"The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":31,"box":{"x":93,"y":855,"width":563,"height":8}},{"id":"5bcf40e8-ff16-40a9-87f5-06ad47be0617","block_type":"box","text":"2","page_number":31,"box":{"x":69,"y":867,"width":3,"height":4}},{"id":"981d2b9b-27db-4562-b49d-79c7d8c038c2","block_type":"box","text":"Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The","page_number":31,"box":{"x":94,"y":867,"width":801,"height":9}},{"id":"5265a8dc-642c-41cc-b16b-bd748cb1ec30","block_type":"box","text":"Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.","page_number":31,"box":{"x":94,"y":877,"width":614,"height":9}},{"id":"98f708ab-c786-4482-8ca0-1938332a76f6","block_type":"box","text":"3","page_number":31,"box":{"x":69,"y":890,"width":3,"height":4}},{"id":"8f53e13a-f22f-4602-b694-16eb7910d2ed","block_type":"box","text":"Following the combination of MLIM and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were","page_number":31,"box":{"x":94,"y":890,"width":804,"height":9}},{"id":"2e35098c-8fb8-4c8d-b253-8808ae28a2ad","block_type":"box","text":"realigned and consolidated into three new fund boards in 2007. Fur thermore, effective January 1, 2019, three BlackRock Fund Complexes","page_number":31,"box":{"x":94,"y":900,"width":792,"height":9}},{"id":"dcdb5f55-8f53-48f2-8e13-b8245d396b25","block_type":"box","text":"were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the char t shows the year that each Independent","page_number":31,"box":{"x":93,"y":910,"width":799,"height":9}},{"id":"f7a882ac-8c34-4633-b2fc-223c24602c3e","block_type":"box","text":"I-13","page_number":31,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"048e6b37-4e3e-488b-9457-1dada24f7f09","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":31,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"97160b30-7a10-4f73-8cfb-5abb03fbd2a8","block_type":"box","text":"Trustee joined the Board, cer tain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM","page_number":32,"box":{"x":93,"y":45,"width":802,"height":9}},{"id":"4e1a20bc-a443-4023-8116-93f0309c2f15","block_type":"box","text":"funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Henry R. Keizer, 2016; Donald C. Opatrny,","page_number":32,"box":{"x":93,"y":55,"width":814,"height":9}},{"id":"c3d11c06-5f99-46f1-9651-45ada373b23c","block_type":"box","text":"2015.","page_number":32,"box":{"x":93,"y":65,"width":34,"height":8}},{"id":"0150a3a4-a3c0-4c48-b6a9-d6c915b8b81b","block_type":"box","text":"4","page_number":32,"box":{"x":68,"y":78,"width":4,"height":4}},{"id":"a89420e6-5873-405d-b44e-9f2e32bb51be","block_type":"box","text":"Mr. Jarczyk and Mr. Stern were each appointed as Trustees of the Trust effective July 1, 2026. Previously, each served as a consultant to the","page_number":32,"box":{"x":94,"y":78,"width":807,"height":9}},{"id":"dc19c372-7d78-4b1f-af6d-ccacc59140ec","block_type":"box","text":"Independent Trustees from April 1, 2026 to July 1, 2026.","page_number":32,"box":{"x":94,"y":88,"width":326,"height":9}},{"id":"2dfb2db9-aa6e-4584-ada9-7c700815aa2f","block_type":"box","text":"5","page_number":32,"box":{"x":69,"y":101,"width":3,"height":3}},{"id":"4136686b-3428-4873-9962-426492cc6a31","block_type":"box","text":"Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Investment Company Act, of the Trust based on their positions","page_number":32,"box":{"x":94,"y":101,"width":814,"height":9}},{"id":"fe05af24-65a9-4219-8150-b1da9e37c812","block_type":"box","text":"with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.","page_number":32,"box":{"x":93,"y":111,"width":772,"height":8}},{"id":"084df9ca-5da7-4bca-b20c-55296e9004b5","block_type":"box","text":"6","page_number":32,"box":{"x":69,"y":123,"width":3,"height":4}},{"id":"e63d0a4f-6285-4224-aec4-b3302fe76891","block_type":"box","text":"Mr. Perlowski is also a trustee of the BlackRock HPS Credit Strategies Fund and BlackRock Private Investments Fund.","page_number":32,"box":{"x":94,"y":123,"width":669,"height":9}},{"id":"03c885e1-ad38-4d2b-8295-4eb0bb351db8","block_type":"box","text":"Cer tain biographical and other information relating to the officers of the Trust who are not Trustees is set for th","page_number":32,"box":{"x":102,"y":144,"width":787,"height":11}},{"id":"f91389fc-1c00-4fbf-997c-d41138e0cdb7","block_type":"box","text":"below, including their address and year of bir th, principal occupations for at least the last five years and length of","page_number":32,"box":{"x":69,"y":159,"width":808,"height":12}},{"id":"19b325d3-e125-4b31-950d-271bd5a29eef","block_type":"box","text":"time served.","page_number":32,"box":{"x":68,"y":175,"width":89,"height":8}},{"id":"7df96864-b0aa-4dc4-b8dd-6a1e2177dd4f","block_type":"box","text":"Name","page_number":32,"box":{"x":160,"y":203,"width":32,"height":7}},{"id":"eea77e62-800c-4483-98fa-865a9d96f146","block_type":"box","text":"and Year of Birth","page_number":32,"box":{"x":122,"y":213,"width":97,"height":7}},{"id":"adca272a-afe3-424e-88ac-9133f2a15c1f","block_type":"box","text":"1,2","page_number":32,"box":{"x":220,"y":213,"width":10,"height":4}},{"id":"ec8a18ba-ca34-4431-aeaf-4bcce5e433d7","block_type":"box","text":"Position(s) Held","page_number":32,"box":{"x":335,"y":203,"width":93,"height":8}},{"id":"fe577bdc-bad2-41cd-bd00-61d71d5e0257","block_type":"box","text":"(Length of Service)","page_number":32,"box":{"x":326,"y":213,"width":110,"height":9}},{"id":"f7e44af2-01d1-4499-83fb-dd57bdbe49d9","block_type":"box","text":"Principal Occupation(s)","page_number":32,"box":{"x":626,"y":203,"width":136,"height":8}},{"id":"ff9c7260-4797-48b3-896d-4d8022e985f3","block_type":"box","text":"During Past Five Years","page_number":32,"box":{"x":629,"y":213,"width":131,"height":9}},{"id":"0d1f8972-d7e5-4a10-aa16-7559a82c7e20","block_type":"box","text":"Officers Who Are Not Trustees","page_number":32,"box":{"x":69,"y":227,"width":194,"height":8}},{"id":"b50c1ee6-c951-4ca9-84c8-9f2c7b589d65","block_type":"box","text":"Roland Villacorta","page_number":32,"box":{"x":69,"y":245,"width":101,"height":8}},{"id":"c53b5c8a-6043-4777-b1fa-6f95d2473270","block_type":"box","text":"1971","page_number":32,"box":{"x":69,"y":260,"width":33,"height":8}},{"id":"7d0c9f2d-03f1-4d22-9d00-ee8d86711329","block_type":"box","text":"Vice President","page_number":32,"box":{"x":293,"y":245,"width":87,"height":8}},{"id":"88e41b90-9802-4971-9f4a-92a52091ae7a","block_type":"box","text":"(Since 2022)","page_number":32,"box":{"x":294,"y":257,"width":78,"height":9}},{"id":"a2315a25-5392-4a20-aca8-de35c1a745ab","block_type":"box","text":"Senior Managing Director of BlackRock, Inc. since 2026; Managing","page_number":32,"box":{"x":480,"y":245,"width":404,"height":10}},{"id":"2429397a-8566-46e4-a451-ee238ecc0a5e","block_type":"box","text":"Director of BlackRock, Inc. from 2002 to 2025; Head of Global Cash","page_number":32,"box":{"x":480,"y":257,"width":412,"height":9}},{"id":"fbc5ccf0-c084-4874-ad47-6e921fcea98b","block_type":"box","text":"Management and Head of Securities Lending within BlackRock’s","page_number":32,"box":{"x":480,"y":268,"width":388,"height":11}},{"id":"c4fff15b-f107-4780-8cf0-fdf64c112a89","block_type":"box","text":"Global Markets Group since 2022; Member of BlackRock’s Global","page_number":32,"box":{"x":480,"y":280,"width":397,"height":10}},{"id":"7d0c20d5-886e-4c25-bdd6-478df9189c46","block_type":"box","text":"Operating Committee since 2016 and Human Capital Committee since","page_number":32,"box":{"x":480,"y":293,"width":426,"height":10}},{"id":"bfaf6a21-b9ba-4982-a753-c29bf8b857e5","block_type":"box","text":"2023.","page_number":32,"box":{"x":480,"y":305,"width":36,"height":8}},{"id":"5b8fe147-03cb-4bba-923a-cd1b9921d91d","block_type":"box","text":"Jennifer McGovern","page_number":32,"box":{"x":69,"y":322,"width":110,"height":8}},{"id":"31e6f9aa-7318-4ad8-8ec9-13f412dce0b2","block_type":"box","text":"1977","page_number":32,"box":{"x":69,"y":338,"width":32,"height":8}},{"id":"8ced1582-f69c-4395-becd-ea319ccfe320","block_type":"box","text":"Vice President","page_number":32,"box":{"x":293,"y":322,"width":87,"height":8}},{"id":"72b9b9fb-058f-469e-a0d0-dcc7a00094cd","block_type":"box","text":"(Since 2014)","page_number":32,"box":{"x":294,"y":334,"width":78,"height":10}},{"id":"eac471d3-11ab-46b8-9f3c-564f6b6de335","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2016.","page_number":32,"box":{"x":480,"y":322,"width":297,"height":10}},{"id":"37db8412-fdf2-4023-8217-30bb3694ec65","block_type":"box","text":"Trent Walker","page_number":32,"box":{"x":68,"y":356,"width":75,"height":8}},{"id":"341b7149-733f-4216-b772-a81dc73e7e35","block_type":"box","text":"1974","page_number":32,"box":{"x":69,"y":371,"width":33,"height":8}},{"id":"a8f74275-499d-4d3c-af0a-a97bdb3219a2","block_type":"box","text":"Chief","page_number":32,"box":{"x":294,"y":355,"width":31,"height":9}},{"id":"97b87a50-b36f-4189-97e1-848ea762a403","block_type":"box","text":"Financial","page_number":32,"box":{"x":294,"y":368,"width":51,"height":8}},{"id":"851b0dd5-3d2e-4b68-b935-b01552275dda","block_type":"box","text":"Officer","page_number":32,"box":{"x":294,"y":379,"width":40,"height":8}},{"id":"c1a70468-6bcc-4282-9137-4e26fbff4f02","block_type":"box","text":"(Since 2021)","page_number":32,"box":{"x":294,"y":391,"width":78,"height":10}},{"id":"ae32357c-fe51-4e0f-8896-16c7753dd98a","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019.","page_number":32,"box":{"x":480,"y":355,"width":297,"height":11}},{"id":"eb5dbffd-25d6-45a0-8329-cf090e3aa986","block_type":"box","text":"Jay M. Fife","page_number":32,"box":{"x":69,"y":409,"width":63,"height":10}},{"id":"727c0eb8-83ea-44f1-86f1-e1343bbec01f","block_type":"box","text":"1970","page_number":32,"box":{"x":69,"y":425,"width":33,"height":8}},{"id":"86b5b284-c8e6-463a-9cb7-de74d3bae6f9","block_type":"box","text":"Treasurer","page_number":32,"box":{"x":293,"y":409,"width":58,"height":8}},{"id":"3e6a7e7a-d459-43e1-b050-de154bacf60a","block_type":"box","text":"(Since 2007)","page_number":32,"box":{"x":294,"y":421,"width":78,"height":10}},{"id":"03e55ba5-5137-4746-8f5f-c38175648dd3","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2007.","page_number":32,"box":{"x":480,"y":409,"width":297,"height":10}},{"id":"842550da-8f72-451a-82b9-8af000051532","block_type":"box","text":"Charles Park","page_number":32,"box":{"x":69,"y":442,"width":76,"height":8}},{"id":"74106a87-396b-42cc-b5cc-0b42180f8296","block_type":"box","text":"3","page_number":32,"box":{"x":145,"y":442,"width":4,"height":4}},{"id":"870bf485-04ca-4628-b52b-879cf68319c2","block_type":"box","text":"1967","page_number":32,"box":{"x":69,"y":458,"width":32,"height":8}},{"id":"9b5ffe7b-1e48-4d7e-828b-88eb3d2926be","block_type":"box","text":"Chief Compliance Officer","page_number":32,"box":{"x":294,"y":442,"width":149,"height":10}},{"id":"ff8b2e30-f726-454f-83ec-2ba84a91971a","block_type":"box","text":"(Since 2026; and from","page_number":32,"box":{"x":294,"y":454,"width":136,"height":10}},{"id":"bddc49ee-fae4-40aa-b7a4-b2cd2f22b51e","block_type":"box","text":"2014-2023)","page_number":32,"box":{"x":294,"y":466,"width":73,"height":10}},{"id":"67254602-14a0-4015-b5ad-9438be01860c","block_type":"box","text":"Managing Director of BlackRock, Inc. (since 2006); Chief Compliance","page_number":32,"box":{"x":480,"y":442,"width":415,"height":11}},{"id":"edc62187-f629-43ca-b8be-96bcf987da5e","block_type":"box","text":"Officer of BlackRock Advisors, LLC (since 2014) and BlackRock Fund","page_number":32,"box":{"x":480,"y":454,"width":414,"height":10}},{"id":"41a55297-0e56-4e43-a528-be5ab0e13f8f","block_type":"box","text":"Advisors (since 2006); Chief Compliance Officer of the iShares","page_number":32,"box":{"x":479,"y":466,"width":378,"height":10}},{"id":"2bd10076-02a0-4835-86cd-f0528f76fa1e","block_type":"box","text":"Complex (since 2026 and 2006-2023); Chief Compliance Officer of","page_number":32,"box":{"x":480,"y":478,"width":407,"height":10}},{"id":"5fc02c60-f4ec-4a81-93a2-11ba0fc8861e","block_type":"box","text":"the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income","page_number":32,"box":{"x":479,"y":490,"width":411,"height":10}},{"id":"8ea264c1-c247-48aa-bab0-709d3358a7fd","block_type":"box","text":"Complex (since 2026 and 2014-2023).","page_number":32,"box":{"x":480,"y":502,"width":236,"height":10}},{"id":"28d28faf-5c7d-4c43-abf3-e409efe686c3","block_type":"box","text":"Lisa Belle","page_number":32,"box":{"x":69,"y":520,"width":58,"height":8}},{"id":"91532bd9-7c7f-4df3-8bd3-fbd9d5f1d51f","block_type":"box","text":"1968","page_number":32,"box":{"x":69,"y":536,"width":33,"height":8}},{"id":"09924e33-8486-46ed-bcda-9d6b9f2e6ab9","block_type":"box","text":"Anti-Money","page_number":32,"box":{"x":293,"y":520,"width":66,"height":10}},{"id":"a90916c6-7777-4525-a963-01520c42bc87","block_type":"box","text":"Laundering","page_number":32,"box":{"x":294,"y":532,"width":66,"height":10}},{"id":"78e90d7b-bb8d-4ef8-bf8d-bbb0967b64ec","block_type":"box","text":"Compliance","page_number":32,"box":{"x":294,"y":544,"width":70,"height":10}},{"id":"80175772-3bff-494d-8827-9ef21600a8f2","block_type":"box","text":"Officer","page_number":32,"box":{"x":294,"y":556,"width":40,"height":8}},{"id":"7ad1bf45-19ab-4170-9840-92fc26cf5fc8","block_type":"box","text":"(Since 2019)","page_number":32,"box":{"x":294,"y":568,"width":78,"height":10}},{"id":"8d167ca7-9233-4855-baf9-51b673449db1","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019.","page_number":32,"box":{"x":480,"y":520,"width":297,"height":10}},{"id":"caa2d280-a7a5-4717-9a04-a173b0117039","block_type":"box","text":"Janey Ahn","page_number":32,"box":{"x":69,"y":586,"width":59,"height":9}},{"id":"63dc591a-5e51-47d3-83de-5d9d338f95fc","block_type":"box","text":"1975","page_number":32,"box":{"x":69,"y":601,"width":33,"height":8}},{"id":"87c6674a-1750-4180-8570-630f2fe9802c","block_type":"box","text":"Secretary","page_number":32,"box":{"x":294,"y":585,"width":58,"height":10}},{"id":"dfc96a8f-0345-4934-ba9f-cd7cc235070b","block_type":"box","text":"(Since 2019)","page_number":32,"box":{"x":294,"y":597,"width":78,"height":10}},{"id":"beb84e55-d85a-41a5-bc68-aca226876b87","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018.","page_number":32,"box":{"x":480,"y":585,"width":297,"height":11}},{"id":"b95663ee-3686-48cd-b557-71df23fdc0a6","block_type":"box","text":"1","page_number":32,"box":{"x":69,"y":625,"width":3,"height":3}},{"id":"ca0d08c5-29e5-49a3-b430-903be651d444","block_type":"box","text":"The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":32,"box":{"x":93,"y":625,"width":559,"height":8}},{"id":"09878b30-3922-44e4-b32d-103cdc133f9d","block_type":"box","text":"2","page_number":32,"box":{"x":69,"y":637,"width":3,"height":4}},{"id":"8518d167-2c23-4fa8-aa9a-515c9acdcd7f","block_type":"box","text":"Officers of the Trust serve at the pleasure of the Board.","page_number":32,"box":{"x":93,"y":637,"width":318,"height":9}},{"id":"2d17a29f-5408-4be2-ad3a-06d204aa6589","block_type":"box","text":"3","page_number":32,"box":{"x":69,"y":650,"width":3,"height":4}},{"id":"6be6883e-be9f-4eaf-867b-52d043c172da","block_type":"box","text":"Effective August 1, 2026, Charles Park succeeded Aaron Wasserman as Chief Compliance Officer.","page_number":32,"box":{"x":94,"y":650,"width":560,"height":9}},{"id":"2e8adbd9-88a8-42e6-8529-58c70dcbdeb0","block_type":"box","text":"Share Ownership","page_number":32,"box":{"x":68,"y":678,"width":123,"height":11}},{"id":"9bed0951-3a1b-4e55-9eab-facb2b0392b5","block_type":"box","text":"Information relating to each Trustee’s share ownership in the Fund and in all BlackRock-advised Funds that are","page_number":32,"box":{"x":102,"y":701,"width":790,"height":11}},{"id":"8e968e8e-8680-4225-b47e-ed21d91d853a","block_type":"box","text":"currently overseen by the respective Trustee (“Supervised Funds”) as of December 31, 2025, except as otherwise","page_number":32,"box":{"x":69,"y":716,"width":817,"height":11}},{"id":"62b9428d-d3f5-4dfb-b76c-7e66d9df50cd","block_type":"box","text":"noted, is set for th in the char t below. Amounts shown may include shares as to which a Trustee has indirect","page_number":32,"box":{"x":69,"y":731,"width":774,"height":11}},{"id":"f7ba494c-91b0-465b-8b54-9a883179165e","block_type":"box","text":"beneficial ownership, such as through par ticipation in cer tain family accounts, 529 college savings plan interests, or","page_number":32,"box":{"x":69,"y":746,"width":833,"height":12}},{"id":"49fe7f86-5489-4009-bf4a-accd9b724faf","block_type":"box","text":"similar arrangements where the Trustee has beneficial economic interest but not a direct ownership interest.","page_number":32,"box":{"x":69,"y":761,"width":776,"height":12}},{"id":"fd438997-4a9f-45b7-b750-6b9bd92074c3","block_type":"box","text":"Name","page_number":32,"box":{"x":69,"y":820,"width":32,"height":7}},{"id":"457eea8b-76a7-4df6-ae73-92d718606e33","block_type":"box","text":"Dollar","page_number":32,"box":{"x":708,"y":790,"width":33,"height":7}},{"id":"c8ce35ff-bbd3-4750-aef5-1bda37405742","block_type":"box","text":"Range of Equity","page_number":32,"box":{"x":679,"y":800,"width":91,"height":9}},{"id":"0363cbdb-5a79-4ff3-b287-bd50f84d2b85","block_type":"box","text":"Securities in","page_number":32,"box":{"x":688,"y":810,"width":72,"height":7}},{"id":"6cabe7a2-494e-4079-b6ae-39d240a8e2e2","block_type":"box","text":"the Fund","page_number":32,"box":{"x":698,"y":820,"width":51,"height":7}},{"id":"dc775ef1-9104-420c-8e00-47b56a557c84","block_type":"box","text":"Aggregate Dollar","page_number":32,"box":{"x":805,"y":790,"width":99,"height":9}},{"id":"7e186f7e-c520-49ca-b772-c4c56fa7f0c5","block_type":"box","text":"Range of Equity","page_number":32,"box":{"x":809,"y":800,"width":91,"height":9}},{"id":"47bb1030-37b1-4bcb-9cb2-fc844413de6a","block_type":"box","text":"Securities in","page_number":32,"box":{"x":818,"y":810,"width":72,"height":7}},{"id":"c88ac15a-d0af-4ce4-a290-7fe1e02257ec","block_type":"box","text":"Supervised Funds","page_number":32,"box":{"x":803,"y":820,"width":102,"height":9}},{"id":"b6eaa5e2-f485-4a70-aa79-825b788639a7","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":838,"width":154,"height":11}},{"id":"79beabdc-1fd8-4566-8606-d56f80259704","block_type":"box","text":"....................................................","page_number":32,"box":{"x":230,"y":845,"width":417,"height":2}},{"id":"636e4c3e-a12e-444e-a093-c988d2d7b3fc","block_type":"box","text":"Christopher J. Ailman","page_number":32,"box":{"x":69,"y":853,"width":149,"height":11}},{"id":"f713a13f-070e-48e7-9707-bc919c03a3b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":32,"box":{"x":230,"y":853,"width":601,"height":9}},{"id":"41b84f62-8506-430d-aa03-1b2e04df2344","block_type":"box","text":"$100,000","page_number":32,"box":{"x":837,"y":852,"width":72,"height":11}},{"id":"02035182-6db3-4643-bd76-f4e2941446ff","block_type":"box","text":"Susan J. Car ter . . .","page_number":32,"box":{"x":69,"y":868,"width":138,"height":9}},{"id":"7e56829e-16da-4827-a35a-3c3283406d48","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":32,"box":{"x":213,"y":868,"width":618,"height":9}},{"id":"169882f7-0b2d-43d3-93a0-32e415c07257","block_type":"box","text":"$100,000","page_number":32,"box":{"x":837,"y":867,"width":72,"height":11}},{"id":"33dc789b-f2af-467d-8689-ee4f61ff939e","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":32,"box":{"x":69,"y":883,"width":762,"height":9}},{"id":"556ce3d6-7aec-4aa3-90fa-e481dc2e2f24","block_type":"box","text":"$100,000","page_number":32,"box":{"x":837,"y":882,"width":72,"height":12}},{"id":"b21a1bc9-e0fa-4952-b8d8-9bcd43993d98","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":32,"box":{"x":70,"y":898,"width":761,"height":11}},{"id":"f68311fb-6f79-4d23-9c39-a1f3a71a863e","block_type":"box","text":"$100,000","page_number":32,"box":{"x":837,"y":898,"width":72,"height":11}},{"id":"7388c8f5-2591-4265-b954-e95fc1830eed","block_type":"box","text":"I-14","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"773c897b-ae60-473e-a922-f9aca6a67c36","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":32,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"95574879-2bc3-4a9c-b7d4-304d51be04e3","block_type":"box","text":"Name","page_number":33,"box":{"x":69,"y":79,"width":32,"height":7}},{"id":"26eacf44-d6a8-4907-b58a-56e5f5b60660","block_type":"box","text":"Dollar","page_number":33,"box":{"x":708,"y":49,"width":33,"height":7}},{"id":"c2cf3312-6cf5-417f-90c5-cbab73b74364","block_type":"box","text":"Range of Equity","page_number":33,"box":{"x":679,"y":59,"width":91,"height":9}},{"id":"41379248-784a-4c86-9320-4a287f5d8151","block_type":"box","text":"Securities in","page_number":33,"box":{"x":688,"y":69,"width":72,"height":7}},{"id":"8f2bc51e-41d6-47be-95c5-fa6efd72a11c","block_type":"box","text":"the Fund","page_number":33,"box":{"x":698,"y":79,"width":51,"height":7}},{"id":"2e9bc565-c514-421f-897a-5c31a870551f","block_type":"box","text":"Aggregate Dollar","page_number":33,"box":{"x":805,"y":49,"width":99,"height":9}},{"id":"0c21bee5-63eb-4734-9cf1-c299bd0aee29","block_type":"box","text":"Range of Equity","page_number":33,"box":{"x":809,"y":59,"width":91,"height":9}},{"id":"207e044d-85de-4c18-8342-df83cafa0bed","block_type":"box","text":"Securities in","page_number":33,"box":{"x":818,"y":69,"width":72,"height":7}},{"id":"11c92119-e70e-44bc-a7eb-6423899f8558","block_type":"box","text":"Supervised Funds","page_number":33,"box":{"x":803,"y":79,"width":102,"height":9}},{"id":"f48fc620-8307-4f7b-ae0b-bb0d2e11de3b","block_type":"box","text":"Jeffrey Jarczyk","page_number":33,"box":{"x":69,"y":97,"width":102,"height":11}},{"id":"3303b0cb-7907-4d41-87e7-a51285571bbc","block_type":"box","text":"*","page_number":33,"box":{"x":172,"y":97,"width":3,"height":3}},{"id":"3b72f151-d6cd-45c9-8a67-8ed01c09a4f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":33,"box":{"x":181,"y":97,"width":691,"height":9}},{"id":"3a3b222e-e5ee-44d7-a657-7199045cc2c0","block_type":"box","text":"Henry R. Keizer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":70,"y":112,"width":761,"height":11}},{"id":"4e479f49-98d1-4b02-8f2a-b2d2d67bca43","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":111,"width":72,"height":12}},{"id":"0137251c-d3d5-400c-8052-ba9f6e000dae","block_type":"box","text":"Cynthia A. Montgomery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":69,"y":127,"width":762,"height":11}},{"id":"633e4735-58ff-47ea-965d-c83fed3dd42b","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":126,"width":72,"height":12}},{"id":"1be1f2c4-4389-4d12-a916-b005f00731d3","block_type":"box","text":"Donald C. Opatrny . . .","page_number":33,"box":{"x":70,"y":142,"width":153,"height":11}},{"id":"b47df453-83d7-4704-bc55-c75a206af220","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":230,"y":142,"width":601,"height":9}},{"id":"7d05e4b0-1a5c-422c-af84-3f7abed7d1fb","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":142,"width":72,"height":11}},{"id":"c8cd5cd9-d8e3-495b-afdf-21ad2935a7b1","block_type":"box","text":"Lori Richards .","page_number":33,"box":{"x":70,"y":158,"width":104,"height":8}},{"id":"c49deca2-f265-44f4-b3ea-2ad432ed1487","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":33,"box":{"x":181,"y":158,"width":691,"height":8}},{"id":"8985bd45-532a-4b56-8992-cd105c322390","block_type":"box","text":"Mark Stalnecker . . .","page_number":33,"box":{"x":70,"y":173,"width":137,"height":9}},{"id":"5acd9f3b-f6f9-4a2c-9026-ca1ef03168d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":213,"y":173,"width":618,"height":9}},{"id":"6177676f-81a8-4418-87f3-eb60f2a47a5b","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":172,"width":72,"height":11}},{"id":"059802f2-94d4-42c3-97dc-89bb94077b02","block_type":"box","text":"Marc D. Stern","page_number":33,"box":{"x":70,"y":188,"width":97,"height":9}},{"id":"cf8f4b69-2849-4030-a221-b665a8307991","block_type":"box","text":"*","page_number":33,"box":{"x":169,"y":188,"width":3,"height":3}},{"id":"e678ca3f-904b-4da6-86c7-d047c382a789","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None","page_number":33,"box":{"x":181,"y":188,"width":691,"height":9}},{"id":"c8e8cdea-7948-475f-9798-04baa52bc460","block_type":"box","text":"Kenneth L. Urish","page_number":33,"box":{"x":70,"y":203,"width":116,"height":9}},{"id":"ec39613c-fe2f-4e73-bec6-d8087ae8a48a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":197,"y":203,"width":634,"height":9}},{"id":"03d10a46-9b3c-4989-8ea7-db6b9bc619ac","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":202,"width":72,"height":11}},{"id":"16a952df-44c4-4f6b-8177-2588c24e5812","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":69,"y":218,"width":762,"height":9}},{"id":"e7ff79cd-e4f1-4ddf-88f2-d9eac18bb070","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":217,"width":72,"height":11}},{"id":"5f663eaf-fd47-49f3-8603-474fb721c0a4","block_type":"box","text":"Interested Trustees","page_number":33,"box":{"x":70,"y":233,"width":138,"height":9}},{"id":"27b9e74a-42c2-4baf-a6a7-60fcd4ca56ee","block_type":"box","text":"......................................................","page_number":33,"box":{"x":213,"y":240,"width":434,"height":2}},{"id":"58ab3571-e9e3-4565-b90c-b3f3005ba847","block_type":"box","text":"Rober t Fairbairn . . .","page_number":33,"box":{"x":70,"y":248,"width":137,"height":9}},{"id":"7e9e9441-ca31-4857-892f-cbf40c775b9b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":213,"y":248,"width":618,"height":9}},{"id":"7986956c-dc7b-478e-9faa-0c0608e9b980","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":247,"width":72,"height":12}},{"id":"3c5c2bdb-322b-489b-9f16-671042d5885e","block_type":"box","text":"John M. Perlowski . .","page_number":33,"box":{"x":69,"y":263,"width":146,"height":9}},{"id":"8e130d1a-3607-4f54-ba87-d47af035ac05","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":33,"box":{"x":221,"y":263,"width":610,"height":9}},{"id":"4987a2ae-bf5e-4059-b6c9-77c6fa9ba6f9","block_type":"box","text":"$100,000","page_number":33,"box":{"x":837,"y":263,"width":72,"height":11}},{"id":"13f35b82-d5c8-46f3-8c58-6394e3f80117","block_type":"box","text":"* Information is provided as of April 1, 2026, the date Mr. Jarczyk and Mr. Stern first served as consultants to the Independent Trustees.","page_number":33,"box":{"x":70,"y":288,"width":782,"height":9}},{"id":"24075d68-4a7b-48d8-9194-c286d268fe77","block_type":"box","text":"As of August 5, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned","page_number":33,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"35b101e1-83d5-4de0-a85e-5d4139ac2871","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025 (and,","page_number":33,"box":{"x":69,"y":324,"width":809,"height":11}},{"id":"72e2e0d4-8eef-4d60-bb7c-b9bfc0eae4df","block_type":"box","text":"with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026), none of the Independent Trustees of the Trust or their","page_number":33,"box":{"x":68,"y":339,"width":836,"height":11}},{"id":"9c30b3e1-c87b-4019-be68-bc9277fce659","block_type":"box","text":"immediate family members owned beneficially or of record any securities of the Fund’s investment adviser, principal","page_number":33,"box":{"x":70,"y":354,"width":824,"height":11}},{"id":"445cd3a8-4175-4e46-9518-b8da4544219c","block_type":"box","text":"underwriter, or any person directly or indirectly controlling, controlled by, or under common control with such entities.","page_number":33,"box":{"x":69,"y":369,"width":830,"height":11}},{"id":"d7d1320c-feac-48e0-8718-bffdb50674c9","block_type":"box","text":"Compensation of Trustees","page_number":33,"box":{"x":69,"y":399,"width":190,"height":11}},{"id":"0fcb61ab-993e-417c-9db9-aa3ae7da6c60","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":33,"box":{"x":102,"y":421,"width":791,"height":12}},{"id":"4d1d46a2-38c0-4c2a-aaff-7972ae7ae9a8","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":33,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"2825001a-8558-4a66-bbd8-b9e8ec423c58","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":33,"box":{"x":70,"y":452,"width":838,"height":11}},{"id":"9d58ea12-429b-490f-b239-97f531fd4c21","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":33,"box":{"x":69,"y":467,"width":807,"height":12}},{"id":"537972ac-4fc1-494d-9119-3f12f4e7e111","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":33,"box":{"x":69,"y":482,"width":791,"height":12}},{"id":"4e2b36fc-c583-4f8e-b5e2-7bff30f5ff1f","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":33,"box":{"x":68,"y":498,"width":786,"height":11}},{"id":"e0a8e539-7955-48b1-93ea-c112a478fcd6","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":33,"box":{"x":69,"y":513,"width":769,"height":11}},{"id":"412fe0dd-3f0e-4cb2-b756-09bc624d95bd","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":33,"box":{"x":69,"y":528,"width":778,"height":11}},{"id":"e154a827-6196-4ef7-8b50-efe362fcee3f","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":33,"box":{"x":69,"y":542,"width":689,"height":12}},{"id":"b9690d78-e90d-4113-9491-0dd9dc26fa17","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Fund, for the","page_number":33,"box":{"x":101,"y":566,"width":776,"height":11}},{"id":"52f9755e-ef91-4390-bfda-1740c6b815db","block_type":"box","text":"fiscal year ended April 30, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for","page_number":33,"box":{"x":68,"y":581,"width":816,"height":11}},{"id":"9dd207d8-9156-48bc-9615-a0178186a3f1","block_type":"box","text":"the calendar year ended December 31, 2025.","page_number":33,"box":{"x":68,"y":596,"width":326,"height":11}},{"id":"514bdc73-02cb-4c2f-a77d-1d7570182311","block_type":"box","text":"Name","page_number":33,"box":{"x":69,"y":665,"width":32,"height":7}},{"id":"4215df2a-899e-4363-94c4-3d6b8ace6097","block_type":"box","text":"Compensation","page_number":33,"box":{"x":559,"y":654,"width":82,"height":9}},{"id":"74f6039f-bba0-41bd-aa18-42101b033973","block_type":"box","text":"from the Fund","page_number":33,"box":{"x":559,"y":664,"width":81,"height":8}},{"id":"3dd3a4b4-721d-4488-9899-18b2614355b7","block_type":"box","text":"Estimated Annual","page_number":33,"box":{"x":672,"y":644,"width":101,"height":7}},{"id":"0b37f9c7-a4ac-4276-8456-7270eb699048","block_type":"box","text":"Benefits upon","page_number":33,"box":{"x":683,"y":654,"width":79,"height":9}},{"id":"2f781ddc-25f1-485b-bd4a-220ce1588196","block_type":"box","text":"Retirement","page_number":33,"box":{"x":691,"y":664,"width":64,"height":8}},{"id":"9b2030b9-f64c-490e-b3cc-dd41f61eda77","block_type":"box","text":"Aggregate","page_number":33,"box":{"x":826,"y":624,"width":61,"height":9}},{"id":"1ff58b80-3d4f-4a24-b342-0798e1beabaf","block_type":"box","text":"Compensation","page_number":33,"box":{"x":815,"y":634,"width":82,"height":9}},{"id":"6f6dab6b-d9ab-404d-a1e4-cf68433d2596","block_type":"box","text":"from the Fund and","page_number":33,"box":{"x":803,"y":644,"width":106,"height":7}},{"id":"42d0ae50-848d-4c9c-a782-86da46a0ea3a","block_type":"box","text":"Other BlackRock","page_number":33,"box":{"x":806,"y":654,"width":102,"height":7}},{"id":"1b2f5108-372d-47df-b8b4-8ae094c80eea","block_type":"box","text":"Advised Funds","page_number":33,"box":{"x":812,"y":664,"width":84,"height":8}},{"id":"dc7cff0b-2afa-4578-8811-ad1bdf1cb63e","block_type":"box","text":"1","page_number":33,"box":{"x":897,"y":665,"width":3,"height":3}},{"id":"938bb3e0-d9d2-49ce-b660-4a0d96754d2e","block_type":"box","text":"Independent Trustees","page_number":33,"box":{"x":70,"y":682,"width":154,"height":11}},{"id":"33fa8f53-5be1-4725-b743-88e01075ca08","block_type":"box","text":"Christopher J. Ailman","page_number":33,"box":{"x":79,"y":697,"width":149,"height":11}},{"id":"6f5079f2-afbf-47ae-a12f-d2181f8811d3","block_type":"box","text":".....................................","page_number":33,"box":{"x":232,"y":705,"width":295,"height":1}},{"id":"72713bc8-1414-4f25-b006-4981f9ab4f1b","block_type":"box","text":"$21,672 None $445,000","page_number":33,"box":{"x":574,"y":697,"width":323,"height":11}},{"id":"8d8fb37d-1b60-44c1-86b5-0c5d516bc64f","block_type":"box","text":"Susan J. Car ter","page_number":33,"box":{"x":79,"y":712,"width":110,"height":9}},{"id":"1e51b907-39dd-4c6f-803e-6818f7468122","block_type":"box","text":"..........................................","page_number":33,"box":{"x":191,"y":720,"width":336,"height":1}},{"id":"d9b1b01c-b7f0-4d2e-91e2-ef9dc0c65ca1","block_type":"box","text":"$21,672 None $445,000","page_number":33,"box":{"x":574,"y":712,"width":323,"height":11}},{"id":"e07d2c6f-db3c-491e-8cc0-235942c90c17","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":728,"width":448,"height":8}},{"id":"aad8acd5-fa44-4556-8c40-a50b261aedc4","block_type":"box","text":"$21,672 None $445,000","page_number":33,"box":{"x":574,"y":727,"width":323,"height":11}},{"id":"0da0a118-391d-457a-a620-51cfb2ad2687","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":743,"width":448,"height":11}},{"id":"1a5a64ac-061d-465e-9f5d-06eab2c32e18","block_type":"box","text":"$23,367 None $467,500","page_number":33,"box":{"x":574,"y":742,"width":323,"height":11}},{"id":"27c78f78-cfb2-4efc-8bbe-c89a2073949e","block_type":"box","text":"Jeffrey Jarczyk","page_number":33,"box":{"x":78,"y":758,"width":102,"height":11}},{"id":"d09027b3-d0dd-43bf-b8fb-3876beb8a876","block_type":"box","text":"2","page_number":33,"box":{"x":180,"y":758,"width":4,"height":4}},{"id":"873b9d62-b8b1-4ec4-ba6d-c3e32ea23033","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,589 None","page_number":33,"box":{"x":191,"y":757,"width":554,"height":11}},{"id":"269710cd-f6a7-46f8-b7c5-bbd7aef78884","block_type":"box","text":"None","page_number":33,"box":{"x":844,"y":758,"width":35,"height":9}},{"id":"4f7fd9ff-eda2-4a25-b507-81c77f954161","block_type":"box","text":"Henry R. Keizer","page_number":33,"box":{"x":79,"y":773,"width":109,"height":11}},{"id":"afcc8839-5908-48b7-9500-955103aad864","block_type":"box","text":"3","page_number":33,"box":{"x":189,"y":773,"width":4,"height":5}},{"id":"eda5e60d-932b-4278-843f-5aeb53f01709","block_type":"box","text":".........................................","page_number":33,"box":{"x":199,"y":780,"width":328,"height":2}},{"id":"618a30e2-0498-47e6-8f94-6bbbff78fec8","block_type":"box","text":"$25,118 None $490,000","page_number":33,"box":{"x":574,"y":772,"width":323,"height":11}},{"id":"dc50b2eb-c201-4d6b-b1d7-fdfb6a3d5406","block_type":"box","text":"Cynthia A. Montgomery","page_number":33,"box":{"x":79,"y":788,"width":164,"height":11}},{"id":"521d7bbd-f1d7-41c6-a444-c314c42a4d1f","block_type":"box","text":"4","page_number":33,"box":{"x":244,"y":788,"width":4,"height":5}},{"id":"fb7e4b44-f02d-40d2-8a8b-23b991f9d353","block_type":"box","text":"..................................","page_number":33,"box":{"x":257,"y":795,"width":270,"height":2}},{"id":"c746186e-c84f-41ad-8aa3-7ef6840cccc0","block_type":"box","text":"$24,350 None $490,000","page_number":33,"box":{"x":574,"y":787,"width":323,"height":11}},{"id":"c4470aed-23df-4fe6-a3bd-2f3a087e9e43","block_type":"box","text":"Donald C. Opatrny","page_number":33,"box":{"x":79,"y":803,"width":129,"height":11}},{"id":"55dc347f-cb42-4891-b056-a9b92fdb1401","block_type":"box","text":"5","page_number":33,"box":{"x":208,"y":804,"width":4,"height":4}},{"id":"0f3986e9-8713-48e4-8a7b-8e7f924c0fe1","block_type":"box","text":".......................................","page_number":33,"box":{"x":216,"y":811,"width":311,"height":1}},{"id":"b03169b9-41cb-4b17-8150-667eae8c1e33","block_type":"box","text":"$24,350 None $490,000","page_number":33,"box":{"x":574,"y":802,"width":323,"height":12}},{"id":"141f366d-7089-4b52-932b-93921360c68a","block_type":"box","text":"Lori Richards","page_number":33,"box":{"x":79,"y":818,"width":91,"height":9}},{"id":"e4d21ba9-84f1-4dff-8431-b538f0cbbbe2","block_type":"box","text":"............................................","page_number":33,"box":{"x":175,"y":826,"width":352,"height":1}},{"id":"67e6690c-9f4e-4c5b-8432-63e756b1f524","block_type":"box","text":"$21,672 None $445,000","page_number":33,"box":{"x":574,"y":818,"width":323,"height":11}},{"id":"c5176347-db44-41e5-a526-d772267967ff","block_type":"box","text":"Mark Stalnecker","page_number":33,"box":{"x":79,"y":833,"width":115,"height":9}},{"id":"eb4bfae7-9bf1-431f-a9f1-085e7aa845bf","block_type":"box","text":"6","page_number":33,"box":{"x":194,"y":834,"width":5,"height":4}},{"id":"671f09aa-00c4-485a-b7db-a5cab78765bf","block_type":"box","text":"........................................","page_number":33,"box":{"x":208,"y":841,"width":319,"height":1}},{"id":"d3619e7b-f3eb-487f-b32f-26f2c762149e","block_type":"box","text":"$30,598 None $595,000","page_number":33,"box":{"x":574,"y":833,"width":323,"height":11}},{"id":"3d9a2278-856e-441b-a06c-640bb74cbbc8","block_type":"box","text":"Marc D. Stern","page_number":33,"box":{"x":79,"y":849,"width":96,"height":8}},{"id":"3361555a-8b58-415d-8a95-eba3e1df229c","block_type":"box","text":"2","page_number":33,"box":{"x":176,"y":849,"width":4,"height":4}},{"id":"d7edaa05-b5ed-4917-b753-bcd58ac8d8f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,589 None","page_number":33,"box":{"x":191,"y":848,"width":554,"height":11}},{"id":"890c6fc1-f743-468a-82d2-a542cb089805","block_type":"box","text":"None","page_number":33,"box":{"x":844,"y":849,"width":35,"height":8}},{"id":"091d0301-6405-4fd3-9de8-57c83efc4e33","block_type":"box","text":"Kenneth L. Urish. .","page_number":33,"box":{"x":79,"y":864,"width":130,"height":9}},{"id":"86deab40-d384-4d61-8db8-904ef1a57cb1","block_type":"box","text":".......................................","page_number":33,"box":{"x":216,"y":871,"width":311,"height":1}},{"id":"6b3f37ab-3f77-47e6-9a7e-5939c6edf4dd","block_type":"box","text":"$21,672 None $445,000","page_number":33,"box":{"x":574,"y":863,"width":323,"height":11}},{"id":"a0ec576f-ab05-4c75-a081-a85c3f7afb7c","block_type":"box","text":"Claire A. Walton","page_number":33,"box":{"x":79,"y":879,"width":111,"height":9}},{"id":"13e4271d-f99f-44f8-b1ce-4e7f4561cd9b","block_type":"box","text":"7","page_number":33,"box":{"x":192,"y":879,"width":3,"height":4}},{"id":"845f5565-fb8e-4c61-910f-0802fbea51a0","block_type":"box","text":".........................................","page_number":33,"box":{"x":199,"y":886,"width":328,"height":2}},{"id":"b609b856-eae2-473c-b171-aacbf43fa191","block_type":"box","text":"$24,350 None $490,000","page_number":33,"box":{"x":574,"y":878,"width":323,"height":11}},{"id":"b7152aca-410f-408d-9b9a-0e765d16b957","block_type":"box","text":"Interested Trustees","page_number":33,"box":{"x":70,"y":894,"width":138,"height":9}},{"id":"f6dce61b-81bc-4e62-a90d-8385749c8ef7","block_type":"box","text":"I-15","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ab77263c-b011-4baf-bd13-e043e6b050d1","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":33,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e578d5eb-782d-40ba-9f2c-7ef57bc70720","block_type":"box","text":"Name","page_number":34,"box":{"x":69,"y":89,"width":32,"height":7}},{"id":"ae65d45d-0e90-4da3-bef4-fce8bbe6fd3a","block_type":"box","text":"Compensation","page_number":34,"box":{"x":559,"y":79,"width":82,"height":9}},{"id":"3df05c32-56b9-4a7f-b09c-954f4e058ac4","block_type":"box","text":"from the Fund","page_number":34,"box":{"x":559,"y":89,"width":81,"height":7}},{"id":"9018b7ef-98ed-47d0-940b-8dcda1569d45","block_type":"box","text":"Estimated Annual","page_number":34,"box":{"x":672,"y":69,"width":101,"height":7}},{"id":"00f524cc-647f-4f77-b1ea-d6614f26bd98","block_type":"box","text":"Benefits upon","page_number":34,"box":{"x":683,"y":79,"width":79,"height":9}},{"id":"f7118890-2c10-491f-9026-9156413bf1d4","block_type":"box","text":"Retirement","page_number":34,"box":{"x":691,"y":89,"width":64,"height":7}},{"id":"d4bf343b-4df9-4047-88e5-6b88c79f3718","block_type":"box","text":"Aggregate","page_number":34,"box":{"x":826,"y":49,"width":61,"height":9}},{"id":"e42346f3-0e93-4362-8365-3a04c300c08c","block_type":"box","text":"Compensation","page_number":34,"box":{"x":815,"y":59,"width":82,"height":9}},{"id":"f27bb6f3-9cf9-43ed-bed9-8043698b52ee","block_type":"box","text":"from the Fund and","page_number":34,"box":{"x":803,"y":69,"width":106,"height":7}},{"id":"0d469409-a2d2-4d4b-a96b-5d49293da018","block_type":"box","text":"Other BlackRock","page_number":34,"box":{"x":806,"y":79,"width":102,"height":7}},{"id":"06c6bc34-ce31-43fa-8ed4-7baed18028b1","block_type":"box","text":"Advised Funds","page_number":34,"box":{"x":812,"y":89,"width":84,"height":7}},{"id":"e7ed044b-dd7a-464f-ba14-36d8cedd12c3","block_type":"box","text":"1","page_number":34,"box":{"x":897,"y":89,"width":3,"height":4}},{"id":"ea89eca4-5bef-49cf-8c56-fa1a24909f51","block_type":"box","text":"Rober t Fairbairn . .","page_number":34,"box":{"x":79,"y":107,"width":130,"height":9}},{"id":"66f5682a-a8d5-4b6e-8829-245f5c10f08d","block_type":"box","text":".......................................","page_number":34,"box":{"x":216,"y":114,"width":311,"height":2}},{"id":"3d35e577-0908-4020-9d14-ceda41f63971","block_type":"box","text":"None None None","page_number":34,"box":{"x":587,"y":107,"width":292,"height":9}},{"id":"e49b5f05-7945-4abb-a29d-47f6d047de0a","block_type":"box","text":"John M. Perlowski . .","page_number":34,"box":{"x":78,"y":122,"width":148,"height":9}},{"id":"8fda76ef-0c08-47ea-b31d-20f7f36b9b89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None","page_number":34,"box":{"x":232,"y":122,"width":647,"height":9}},{"id":"66bf2822-9256-4e66-abdf-78fdfca7f6f6","block_type":"box","text":"1","page_number":34,"box":{"x":69,"y":147,"width":3,"height":3}},{"id":"3bf240c6-5d05-4551-89f0-246c326bc908","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":34,"box":{"x":94,"y":147,"width":786,"height":9}},{"id":"c18c265e-65cd-4192-a13b-9f9448888b64","block_type":"box","text":"page I-11.","page_number":34,"box":{"x":94,"y":157,"width":55,"height":9}},{"id":"646b10df-7a14-4017-b935-d06a666ded91","block_type":"box","text":"2","page_number":34,"box":{"x":69,"y":169,"width":3,"height":4}},{"id":"cae256e2-46e1-443a-a040-563c1606d160","block_type":"box","text":"Compensation includes $1,589 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":34,"box":{"x":93,"y":169,"width":735,"height":9}},{"id":"5ec67616-b7ff-42aa-ba9e-da2527d744f4","block_type":"box","text":"3","page_number":34,"box":{"x":69,"y":182,"width":3,"height":4}},{"id":"8d99a196-e892-4dd3-9a78-0e58cb53bd98","block_type":"box","text":"Chair of the Audit Committee.","page_number":34,"box":{"x":93,"y":182,"width":168,"height":7}},{"id":"c5a2d233-e784-4a77-8526-d318e08b17b0","block_type":"box","text":"4","page_number":34,"box":{"x":68,"y":195,"width":4,"height":3}},{"id":"3de777e9-66ab-4242-8181-2333808daf74","block_type":"box","text":"Chair of the Governance Committee.","page_number":34,"box":{"x":93,"y":194,"width":206,"height":8}},{"id":"8c27262b-4d31-4c77-be75-ab306514be72","block_type":"box","text":"5","page_number":34,"box":{"x":69,"y":207,"width":3,"height":4}},{"id":"a461b126-b030-4b99-8c37-05217ad4dbba","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":34,"box":{"x":93,"y":207,"width":269,"height":9}},{"id":"1119ce55-1493-40a0-b890-28285e60355c","block_type":"box","text":"6","page_number":34,"box":{"x":69,"y":220,"width":3,"height":3}},{"id":"18cee1ba-2bf9-404c-a428-8e643827c378","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":34,"box":{"x":93,"y":220,"width":352,"height":8}},{"id":"07597464-c16b-4c46-ac41-d4461894f462","block_type":"box","text":"7","page_number":34,"box":{"x":69,"y":232,"width":3,"height":4}},{"id":"6628ec0f-0dd1-4207-95da-638e63eeb4ce","block_type":"box","text":"Chair of the Compliance Committee.","page_number":34,"box":{"x":93,"y":232,"width":205,"height":9}},{"id":"238ad4f1-e9f9-4442-8173-6ea8702ebc51","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":34,"box":{"x":69,"y":261,"width":432,"height":11}},{"id":"d80b2ac1-569a-4a41-9cb7-ec22334ee608","block_type":"box","text":"Management Agreement","page_number":34,"box":{"x":69,"y":291,"width":180,"height":11}},{"id":"53a1e403-8532-48a2-b841-c0137a1b566c","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":34,"box":{"x":101,"y":314,"width":805,"height":11}},{"id":"8d8e7337-ba94-4675-930a-5a63f421d1bb","block_type":"box","text":"which BlackRock provides the Fund with investment advisory services (the “Management Agreement”).","page_number":34,"box":{"x":68,"y":329,"width":733,"height":11}},{"id":"50458e48-5e93-44c5-8e49-1b0180b55bf1","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":34,"box":{"x":102,"y":351,"width":784,"height":12}},{"id":"a9ec867c-fbd8-4891-9b9a-a398acd0ef4d","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":34,"box":{"x":70,"y":366,"width":834,"height":12}},{"id":"00b8c37d-3939-4be2-823c-c3436437bab6","block_type":"box","text":"to per form investment advisory services with respect to the Fund. In addition, the Manager may delegate cer tain of","page_number":34,"box":{"x":68,"y":382,"width":825,"height":11}},{"id":"dc385eb3-4ea8-4c40-85f9-2bad1f3c5bef","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":34,"box":{"x":70,"y":397,"width":801,"height":11}},{"id":"2156654f-92be-455d-826d-1a864220a3e9","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":34,"box":{"x":70,"y":412,"width":827,"height":11}},{"id":"1217d0f4-8485-48e4-ba76-ed290c344ede","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":34,"box":{"x":69,"y":427,"width":486,"height":11}},{"id":"9ed5d179-b64e-4c87-853b-851c2b67e62b","block_type":"box","text":"The table below sets for th information about the total management fees accrued by the Trust, on behalf of the","page_number":34,"box":{"x":101,"y":450,"width":789,"height":11}},{"id":"4d73edfb-7fb9-4f5e-8c0a-56ac1dd37a00","block_type":"box","text":"Fund, to BlackRock, and the amounts waived and/or reimbursed, for the periods shown.","page_number":34,"box":{"x":70,"y":465,"width":626,"height":11}},{"id":"39bca42b-b2dd-429b-8e61-4ed279526685","block_type":"box","text":"Fees Accrued to","page_number":34,"box":{"x":557,"y":493,"width":94,"height":7}},{"id":"4fbbc899-cd91-449a-9a42-4d36d6afe79f","block_type":"box","text":"BlackRock","page_number":34,"box":{"x":573,"y":503,"width":62,"height":7}},{"id":"75006318-57b2-4f18-8fd3-29d48d6ee0c8","block_type":"box","text":"Fees Waived by","page_number":34,"box":{"x":686,"y":493,"width":90,"height":9}},{"id":"3485881d-f4ed-4abc-ac9e-891ad114c484","block_type":"box","text":"BlackRock","page_number":34,"box":{"x":700,"y":503,"width":63,"height":7}},{"id":"4e9abc4e-7f4e-4d71-8744-83d1f459704b","block_type":"box","text":"Fees Reimbursed","page_number":34,"box":{"x":810,"y":493,"width":99,"height":7}},{"id":"d35e78b8-bc26-4fa8-b17b-ea03ae42909a","block_type":"box","text":"by BlackRock","page_number":34,"box":{"x":820,"y":503,"width":80,"height":9}},{"id":"e808c844-6551-45c9-aaaf-1c12e9fcd854","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . $88,001,080 $57,146,636 $ 0","page_number":34,"box":{"x":70,"y":520,"width":820,"height":12}},{"id":"43e160fa-8f61-4bd9-8fe8-91692ea10c03","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . $55,260,917 $35,474,550 $68,659","page_number":34,"box":{"x":70,"y":535,"width":820,"height":12}},{"id":"f3ca326d-f23e-4ef6-9b78-45033d4e8b5d","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . $38,616,607 $28,059,392 $ 0","page_number":34,"box":{"x":70,"y":550,"width":820,"height":12}},{"id":"3b29c580-24c8-4f65-851d-469fc378ad9b","block_type":"box","text":"Administration Agreement","page_number":34,"box":{"x":68,"y":583,"width":191,"height":11}},{"id":"157b0508-bc6f-4927-9314-12cb61ca28b8","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":34,"box":{"x":102,"y":606,"width":711,"height":10}},{"id":"d8d382f8-eec0-4375-bd19-2858d8876ca4","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":34,"box":{"x":69,"y":620,"width":838,"height":12}},{"id":"fdc44969-2258-49af-88a5-1e8b5c265482","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":34,"box":{"x":68,"y":635,"width":830,"height":12}},{"id":"f7ea7b1a-f75c-44f1-bed2-9ed09d0abf2e","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":34,"box":{"x":70,"y":651,"width":813,"height":11}},{"id":"e37a3ea7-2d89-40d0-9fb0-3db459d4765a","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":34,"box":{"x":69,"y":666,"width":837,"height":11}},{"id":"ea9d53a0-a244-4b9d-b509-bd1692d8382d","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":34,"box":{"x":68,"y":681,"width":836,"height":11}},{"id":"188eb265-30b8-4e7b-948f-97fb3691d486","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":34,"box":{"x":68,"y":696,"width":785,"height":11}},{"id":"68af32e2-446c-42e9-8193-122ce0bada16","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":34,"box":{"x":69,"y":711,"width":765,"height":11}},{"id":"c313d8f8-e365-484c-aa7b-03dff7acd80d","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":34,"box":{"x":70,"y":726,"width":819,"height":11}},{"id":"f895caf8-ff48-4743-998b-71b8944c2e1f","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":34,"box":{"x":69,"y":741,"width":818,"height":12}},{"id":"af5d2d43-3558-4c1b-a988-73d4cd7e89e1","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":34,"box":{"x":68,"y":756,"width":840,"height":12}},{"id":"22c7ecce-44af-46d9-a456-bb784e199fbb","block_type":"box","text":"reimburse the Fund for expenses.","page_number":34,"box":{"x":69,"y":772,"width":238,"height":11}},{"id":"ad880759-e0da-467d-b2dc-c9fd0d79abd7","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":34,"box":{"x":102,"y":794,"width":802,"height":12}},{"id":"4b65ceb9-ff8e-4b64-9b00-36cf3357e89c","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":34,"box":{"x":69,"y":809,"width":830,"height":12}},{"id":"febe1f8e-bbe8-474e-8e8e-16410bf02694","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":34,"box":{"x":69,"y":824,"width":788,"height":12}},{"id":"a99bca21-0b51-4034-af92-1c6057907d24","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":34,"box":{"x":69,"y":839,"width":785,"height":12}},{"id":"7ff4ad76-f118-4da0-a236-e8d1c7fbda4b","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":34,"box":{"x":69,"y":854,"width":816,"height":12}},{"id":"7066726b-48cc-4ce9-9fcb-27a716ce0979","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.0200% of average daily net assets allocated to each class of","page_number":34,"box":{"x":69,"y":869,"width":815,"height":12}},{"id":"25c3268b-9d16-4661-bebf-ea5b4b13b0e5","block_type":"box","text":"shares of the Fund.","page_number":34,"box":{"x":69,"y":885,"width":137,"height":9}},{"id":"f9ddd91d-1919-4765-a962-65f47868df63","block_type":"box","text":"I-16","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7be4e234-e812-40ae-9b8b-5b955fd44986","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":34,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"10d82c44-13ac-448c-bacd-5435ca52c32c","block_type":"box","text":"The Trust, on behalf of the Fund, accrued the Administrator administration fees, and the Administrator waived","page_number":35,"box":{"x":101,"y":45,"width":781,"height":10}},{"id":"48f310ba-dcac-4753-b048-ff66408e2e14","block_type":"box","text":"administration fees, as follows for the period set for th below.","page_number":35,"box":{"x":69,"y":60,"width":434,"height":11}},{"id":"8a7c0756-5b1e-4ce0-ba87-57f2d989aa39","block_type":"box","text":"Fees Accrued to","page_number":35,"box":{"x":680,"y":88,"width":94,"height":7}},{"id":"6bd69877-1e56-4eb5-9158-9b674390bf1b","block_type":"box","text":"the Administrator","page_number":35,"box":{"x":676,"y":98,"width":102,"height":7}},{"id":"0c486832-0f6d-4ebb-9301-0975c606913d","block_type":"box","text":"Fees Waived by","page_number":35,"box":{"x":814,"y":88,"width":90,"height":9}},{"id":"75035864-fa40-4229-9e7c-b9d2be06e189","block_type":"box","text":"the Administrator","page_number":35,"box":{"x":807,"y":98,"width":102,"height":7}},{"id":"6e46f322-aaf6-4f8b-80e0-25ff8ed38244","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":35,"box":{"x":70,"y":116,"width":232,"height":11}},{"id":"881a060d-540d-4307-886d-9c2927890ebc","block_type":"box","text":"..........................................","page_number":35,"box":{"x":309,"y":123,"width":336,"height":2}},{"id":"b5de7e8e-b7bc-4d65-a9e1-036051f7fc2e","block_type":"box","text":"$31,474,454 $12,384,782","page_number":35,"box":{"x":679,"y":115,"width":227,"height":11}},{"id":"6abd64d9-dac6-48c0-a121-1415414d5994","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":35,"box":{"x":70,"y":131,"width":232,"height":11}},{"id":"a977c82d-8edd-4c31-afda-ae5a8a83ca3a","block_type":"box","text":"..........................................","page_number":35,"box":{"x":309,"y":138,"width":336,"height":2}},{"id":"8da65a08-3bc1-4c5c-adfa-0e05a9d4bb14","block_type":"box","text":"$19,001,670 $ 7,621,261","page_number":35,"box":{"x":679,"y":130,"width":228,"height":11}},{"id":"c266f4c4-150d-44c6-911a-add870d7f37a","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":35,"box":{"x":70,"y":146,"width":232,"height":11}},{"id":"40ec2f84-2fdc-4574-841c-c288fa84d21d","block_type":"box","text":"..........................................","page_number":35,"box":{"x":309,"y":154,"width":336,"height":1}},{"id":"5f0ca3ba-3180-4b87-a95c-9ca14b733dd0","block_type":"box","text":"$12,875,574 $ 4,945,213","page_number":35,"box":{"x":679,"y":145,"width":228,"height":12}},{"id":"b978918e-bf97-4cd8-8e4d-054139487803","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":35,"box":{"x":101,"y":170,"width":708,"height":11}},{"id":"11929ca4-164c-4049-99b8-db574f585c7d","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":35,"box":{"x":69,"y":185,"width":838,"height":11}},{"id":"8321e370-e597-4f0d-a6a6-2eab5b37a921","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":35,"box":{"x":68,"y":200,"width":800,"height":12}},{"id":"c8e50e6f-2981-4084-9334-2be0be080b17","block_type":"box","text":"shares of the Trust.","page_number":35,"box":{"x":69,"y":215,"width":138,"height":9}},{"id":"f68d0d2e-517d-4466-a2ae-352d784b4914","block_type":"box","text":"Accounting Services","page_number":35,"box":{"x":68,"y":246,"width":150,"height":11}},{"id":"99b966e5-49e9-4428-8129-024e02059085","block_type":"box","text":"The Bank of New York Mellon (“BNY Mellon”) serves as the accounting services provider for the Fund. BNY","page_number":35,"box":{"x":101,"y":268,"width":762,"height":12}},{"id":"b97a5f60-1541-4423-bbe8-c662cf3c6daf","block_type":"box","text":"Mellon records investment, capital share and income and expense activities; verifies and transmits trade tickets;","page_number":35,"box":{"x":70,"y":283,"width":804,"height":11}},{"id":"97ebd31e-e5b2-49a5-bf36-f351369f5c1f","block_type":"box","text":"maintains accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Fund’s","page_number":35,"box":{"x":69,"y":298,"width":761,"height":12}},{"id":"35ba5b01-2d17-47de-8925-be6efe158c70","block_type":"box","text":"custodian; repor ts cash balances to BlackRock; prepares cer tain financial statements; calculates expenses, gains,","page_number":35,"box":{"x":69,"y":314,"width":821,"height":11}},{"id":"8f468b9c-e75b-4e79-bb33-ddda657975dc","block_type":"box","text":"losses and income; controls disbursements; works with independent pricing sources; and computes and repor ts net","page_number":35,"box":{"x":70,"y":329,"width":829,"height":11}},{"id":"aae8923e-6f9b-4820-b3b4-e54b2c99649a","block_type":"box","text":"asset value. In connection with its accounting services, BNY Mellon also provides cer tain administration services.","page_number":35,"box":{"x":69,"y":344,"width":812,"height":11}},{"id":"9473bf64-90d5-4f13-a1fd-b448e845133b","block_type":"box","text":"The table below shows the amount accrued by the Fund to BNY Mellon for accounting services for the periods","page_number":35,"box":{"x":101,"y":366,"width":783,"height":12}},{"id":"26e241cb-2d1a-4d72-84c0-41231230ed1e","block_type":"box","text":"shown:","page_number":35,"box":{"x":69,"y":382,"width":48,"height":9}},{"id":"7279bf0c-93bf-494f-a4aa-cecbd2680ec5","block_type":"box","text":"Fees Accrued","page_number":35,"box":{"x":828,"y":410,"width":79,"height":7}},{"id":"10e8e069-b72f-441d-94f7-c24d7b97946e","block_type":"box","text":"to BNY Mellon","page_number":35,"box":{"x":825,"y":420,"width":84,"height":7}},{"id":"2cc0acb6-36ae-4a59-a7dc-f71a549ea60a","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . .","page_number":35,"box":{"x":70,"y":438,"width":284,"height":11}},{"id":"cd4d3b90-2155-4ae4-9abd-708df21c1504","block_type":"box","text":"......................................................","page_number":35,"box":{"x":361,"y":445,"width":434,"height":2}},{"id":"43fb6065-198b-486a-af5f-f84eb185bdd9","block_type":"box","text":"$936,859","page_number":35,"box":{"x":832,"y":437,"width":71,"height":11}},{"id":"41b07c01-b992-4e7f-be8c-02afba477cce","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . .","page_number":35,"box":{"x":70,"y":453,"width":284,"height":11}},{"id":"6e5647b8-8134-4ac2-a5bf-bc6a4e8c84c9","block_type":"box","text":"......................................................","page_number":35,"box":{"x":361,"y":460,"width":434,"height":2}},{"id":"898b4abe-93e6-4a09-a8b6-5b3e56ce9753","block_type":"box","text":"$562,676","page_number":35,"box":{"x":832,"y":452,"width":71,"height":11}},{"id":"69b86058-f09e-4dc6-81d3-a8319cd12bf8","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . .","page_number":35,"box":{"x":70,"y":468,"width":284,"height":11}},{"id":"3c7c7f46-aa76-4982-974f-37211c76d12d","block_type":"box","text":"......................................................","page_number":35,"box":{"x":361,"y":475,"width":434,"height":2}},{"id":"efe1e589-beab-4ad5-bb19-071c4d84b11d","block_type":"box","text":"$378,939","page_number":35,"box":{"x":832,"y":467,"width":71,"height":11}},{"id":"b83a9c5f-13ef-4910-9542-e6d595a7fecc","block_type":"box","text":"Custodian","page_number":35,"box":{"x":69,"y":500,"width":72,"height":8}},{"id":"d675aca4-d3ba-4ec5-8a7d-cea9c92167da","block_type":"box","text":"BNY Mellon, which has its principal place of business at 240 Greenwich Street, New York, NY 10286, also","page_number":35,"box":{"x":102,"y":522,"width":758,"height":11}},{"id":"6f64df23-cbc5-4743-8c9e-22ec7929c91d","block_type":"box","text":"serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities, maintains a","page_number":35,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"7de8fb02-6b25-4bfc-b948-fd7bc45c9e6b","block_type":"box","text":"custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase","page_number":35,"box":{"x":69,"y":552,"width":815,"height":12}},{"id":"d9a252da-f396-40ac-892d-523b0a325338","block_type":"box","text":"and upon sale or maturity, and collects and receives all income and other payments and distributions on account of","page_number":35,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"9547be7b-dba9-45d8-9724-6d11385ba955","block_type":"box","text":"the assets of the Fund.","page_number":35,"box":{"x":68,"y":583,"width":165,"height":9}},{"id":"0bc3d45b-7dc0-4a69-90c3-53fa56302074","block_type":"box","text":"Transfer Agent","page_number":35,"box":{"x":68,"y":613,"width":107,"height":11}},{"id":"6cf2e856-d8a7-4c3f-a00c-242d036e11e6","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":35,"box":{"x":102,"y":635,"width":764,"height":12}},{"id":"33c8a685-389e-4f90-93e1-3eacff81634d","block_type":"box","text":"Westborough, MA 01581, serves as transfer agent and dividend disbursing agent for the Fund.","page_number":35,"box":{"x":68,"y":651,"width":677,"height":11}},{"id":"e6134614-7ad9-4187-b215-331387905b37","block_type":"box","text":"V. Computation of Offering Price Per Share","page_number":35,"box":{"x":68,"y":681,"width":311,"height":11}},{"id":"1c0a9d72-c477-4e11-a3b9-2a79179492c9","block_type":"box","text":"The offering price for the Fund’s share classes is equal to the share class’ net asset value computed by dividing","page_number":35,"box":{"x":101,"y":703,"width":803,"height":12}},{"id":"19e7702f-e8e1-498c-b186-35c70cc8d3d2","block_type":"box","text":"the value of the share class’ net assets by the number of shares of that share class outstanding. For more","page_number":35,"box":{"x":68,"y":719,"width":764,"height":11}},{"id":"adb72627-cf8b-4a93-a96d-65a8e0d250d2","block_type":"box","text":"information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Determination of Net","page_number":35,"box":{"x":70,"y":734,"width":826,"height":11}},{"id":"8c6faeee-814c-41d5-a8d3-876fa484936b","block_type":"box","text":"Asset Value” in Par t II of this SAI.","page_number":35,"box":{"x":68,"y":749,"width":238,"height":9}},{"id":"0600d1cf-b44f-4f6e-89a5-fa8d3c483fe1","block_type":"box","text":"VI. Yield Information","page_number":35,"box":{"x":68,"y":779,"width":148,"height":9}},{"id":"e476d6bf-ac8a-4257-947a-06276191d040","block_type":"box","text":"The yield on the Fund’s shares normally will fluctuate on a daily basis. Therefore, the yield for any given past","page_number":35,"box":{"x":101,"y":802,"width":774,"height":11}},{"id":"b0a7436f-9ae6-4e5a-830e-3c1a28ea3f8a","block_type":"box","text":"period is not an indication or representation by the Fund of future yields or rates of return on its shares. The yield is","page_number":35,"box":{"x":70,"y":817,"width":825,"height":11}},{"id":"1e6c9f84-2774-4ead-a307-b6821f882e47","block_type":"box","text":"affected by such factors as changes in interest rates on the Fund’s por tfolio securities, average por tfolio maturity,","page_number":35,"box":{"x":69,"y":832,"width":814,"height":11}},{"id":"96fa89cc-26d6-4682-a92f-7157a1e1d432","block_type":"box","text":"the types and quality of por tfolio securities held and operating expenses. The yield on Fund shares for various","page_number":35,"box":{"x":68,"y":847,"width":784,"height":11}},{"id":"7b5c61a6-8445-4b90-b172-64bd51099a33","block_type":"box","text":"reasons may not be comparable to the yield on bank deposits, shares of other money market funds or other","page_number":35,"box":{"x":69,"y":862,"width":771,"height":11}},{"id":"a686f256-e73b-448c-8f76-629490c95d4e","block_type":"box","text":"investments.","page_number":35,"box":{"x":70,"y":878,"width":89,"height":8}},{"id":"07043f9e-9b2d-4595-870e-abf483a51054","block_type":"box","text":"The yield on the Fund’s Institutional Shares for the seven-day period ended April 30, 2026 was 3.60%.","page_number":35,"box":{"x":101,"y":900,"width":731,"height":11}},{"id":"dd9ed048-997b-4dc6-ba31-06571e42ccfa","block_type":"box","text":"I-17","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5d35eb51-edf0-454e-8ade-80835ff431be","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":35,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c5143a01-f8a3-49ba-ab58-e7a7385892bf","block_type":"box","text":"VII. Portfolio Transactions","page_number":36,"box":{"x":68,"y":45,"width":190,"height":9}},{"id":"63bc398c-7c5a-4b7f-8891-3644ec598abe","block_type":"box","text":"See “Por tfolio Transactions” in Par t II of this SAI for more information.","page_number":36,"box":{"x":102,"y":67,"width":501,"height":9}},{"id":"9a97681e-76de-409c-a595-1816ff528707","block_type":"box","text":"The value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers (as defined in Rule","page_number":36,"box":{"x":101,"y":90,"width":796,"height":11}},{"id":"a7addccc-11a2-4fcf-b979-4862392f118e","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents if any por tion of such holdings were purchased during the","page_number":36,"box":{"x":70,"y":105,"width":829,"height":11}},{"id":"1a7c32a7-cd0a-4edc-8b4a-3099094a21c1","block_type":"box","text":"fiscal year ended April 30, 2026 is as follows:","page_number":36,"box":{"x":68,"y":120,"width":328,"height":11}},{"id":"74ad00bd-e011-4604-9c7a-9f0f4aa3ae84","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":36,"box":{"x":69,"y":149,"width":840,"height":8}},{"id":"0711f4b9-5c2f-49c3-bb91-3818187bf557","block_type":"box","text":"CitiGroup Global Markets Inc..","page_number":36,"box":{"x":69,"y":166,"width":213,"height":11}},{"id":"4e8838d1-3dca-4e90-b301-b0c3ccb074b5","block_type":"box","text":"................................... D","page_number":36,"box":{"x":288,"y":166,"width":374,"height":9}},{"id":"107fe6fc-edc9-4784-8e98-962f2b90ff24","block_type":"box","text":"$12,100,000","page_number":36,"box":{"x":780,"y":166,"width":96,"height":11}},{"id":"b4ea0529-be99-4060-af53-1ebb27c00674","block_type":"box","text":"Goldman Sachs & Co. LLC . .","page_number":36,"box":{"x":69,"y":181,"width":205,"height":9}},{"id":"10699200-cb1e-431d-950f-1b14203127c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 9,","page_number":36,"box":{"x":280,"y":181,"width":532,"height":11}},{"id":"09e28f5d-83ad-4f8c-9f71-b173f468abb5","block_type":"box","text":"840,000","page_number":36,"box":{"x":814,"y":181,"width":62,"height":11}},{"id":"1fe67728-b8ff-4da4-9315-eb7c9abbfc51","block_type":"box","text":"Wells Fargo Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":68,"y":197,"width":450,"height":11}},{"id":"fd453e18-280c-4ff6-ae2c-a2e6983f556d","block_type":"box","text":". . . . . . D $ 8,238,000","page_number":36,"box":{"x":525,"y":196,"width":351,"height":11}},{"id":"75d2e5bf-4f1b-4bf4-a0c8-63db209d16db","block_type":"box","text":"BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":212,"width":440,"height":11}},{"id":"76b6265e-76f5-49d5-b79c-fb485726cd23","block_type":"box","text":". . . . . . . D $ 7,","page_number":36,"box":{"x":516,"y":211,"width":296,"height":11}},{"id":"9552fb9a-db5e-4341-bf66-5b2e231b8829","block_type":"box","text":"100,000","page_number":36,"box":{"x":815,"y":212,"width":61,"height":10}},{"id":"f7958e81-9127-423e-9e8b-0a4ef824e7c4","block_type":"box","text":"Barclays Capital, Inc.","page_number":36,"box":{"x":70,"y":227,"width":147,"height":11}},{"id":"8b446178-0525-401a-9cd1-4bfdb320cb6d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 6,","page_number":36,"box":{"x":223,"y":226,"width":589,"height":11}},{"id":"a768e8d4-a147-4250-af06-fb62f16ab869","block_type":"box","text":"000,000","page_number":36,"box":{"x":814,"y":227,"width":62,"height":10}},{"id":"fafc38db-9076-46a3-9644-560c279e2263","block_type":"box","text":"J.P. Morgan Securities LLC . . . . . . . . .","page_number":36,"box":{"x":69,"y":242,"width":262,"height":11}},{"id":"855eb35b-2ef7-45b7-941f-fff667d1ab23","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 3,","page_number":36,"box":{"x":337,"y":241,"width":475,"height":11}},{"id":"e020644c-28f7-4186-ab48-013563d87876","block_type":"box","text":"000,000","page_number":36,"box":{"x":814,"y":242,"width":62,"height":10}},{"id":"f1ac290f-c2e7-4950-bcbe-235dad88814f","block_type":"box","text":"Deutsche Bank Securities, Inc. . . . . . .","page_number":36,"box":{"x":70,"y":257,"width":269,"height":10}},{"id":"a53bea08-bd18-41fc-a7a5-14f959ad9c93","block_type":"box","text":"............................ D $","page_number":36,"box":{"x":345,"y":256,"width":443,"height":11}},{"id":"fc0d906b-ec72-4fbc-b1b4-80e75e99e624","block_type":"box","text":"465,000","page_number":36,"box":{"x":814,"y":257,"width":62,"height":10}},{"id":"4ca3df51-0973-4c7a-a7f5-cf4ad6cba768","block_type":"box","text":"Nomura Securities International, Inc . . .","page_number":36,"box":{"x":70,"y":272,"width":277,"height":11}},{"id":"55f7dfbc-16cc-4f40-88c1-b5e70085798f","block_type":"box","text":"........................... D $","page_number":36,"box":{"x":353,"y":271,"width":435,"height":11}},{"id":"1304d6f9-7572-400d-83c1-204b87205108","block_type":"box","text":"250,000","page_number":36,"box":{"x":814,"y":272,"width":62,"height":11}},{"id":"753be1cd-1c1a-4c1e-8e3e-87880deec301","block_type":"box","text":"Credit Agricole Securities (USA) Inc. . . . . . .","page_number":36,"box":{"x":69,"y":287,"width":302,"height":11}},{"id":"ab5414cf-3568-4372-a14c-319aa0302b1d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . D $ 5,000","page_number":36,"box":{"x":378,"y":286,"width":498,"height":12}},{"id":"e872b83e-bcc1-4ae4-928d-9bd5ba1b52f8","block_type":"box","text":"VIII. Additional Information","page_number":36,"box":{"x":68,"y":319,"width":195,"height":9}},{"id":"b200b979-ca90-40a6-b88f-8fb4e4efa371","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":36,"box":{"x":102,"y":341,"width":352,"height":11}},{"id":"1849c35b-6958-4039-b8bb-8eada7f95902","block_type":"box","text":"Deloitte & Touche LLP, with offices at 115 Federal Street,","page_number":36,"box":{"x":461,"y":341,"width":408,"height":11}},{"id":"e3a114da-39a0-4a3d-b80f-a7db7d02f685","block_type":"box","text":"Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":36,"box":{"x":70,"y":356,"width":717,"height":12}},{"id":"8e3a8033-9b26-4ad8-844d-a8f08652e232","block_type":"box","text":"Counsel.","page_number":36,"box":{"x":101,"y":379,"width":62,"height":9}},{"id":"06705618-6b17-4308-9fbd-1517a75b7c85","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":36,"box":{"x":170,"y":379,"width":736,"height":11}},{"id":"00691c86-39ea-4f04-8fad-793f56cd8bb5","block_type":"box","text":"the Fund’s counsel.","page_number":36,"box":{"x":68,"y":394,"width":139,"height":9}},{"id":"1e45e779-893b-40bf-bca9-d425506f2e31","block_type":"box","text":"The Trust","page_number":36,"box":{"x":68,"y":425,"width":69,"height":8}},{"id":"233f4916-ad0a-4d7c-a12d-ecfa8ce1b065","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":36,"box":{"x":101,"y":447,"width":807,"height":11}},{"id":"f65fea7e-46ef-43bf-af0d-e9060fa0e1f7","block_type":"box","text":"Investment Company Act as an open-end, management investment company. Effective January 31, 1998, the Trust","page_number":36,"box":{"x":70,"y":462,"width":821,"height":12}},{"id":"95564f0b-a4a6-4796-8c79-1aaf9051df25","block_type":"box","text":"changed its name from Compass Capital Funds","page_number":36,"box":{"x":69,"y":477,"width":337,"height":12}},{"id":"53d66234-fcc1-454d-bebb-b2cb920c7754","block_type":"box","text":"SM","page_number":36,"box":{"x":407,"y":478,"width":11,"height":4}},{"id":"b023a4bc-90cd-4dc4-8afb-57be8369b8a6","block_type":"box","text":"to BlackRock Funds","page_number":36,"box":{"x":423,"y":478,"width":140,"height":8}},{"id":"e3039e1e-98b3-42b6-b98a-6f849384906a","block_type":"box","text":"SM","page_number":36,"box":{"x":564,"y":478,"width":11,"height":4}},{"id":"16ded679-ac8b-44c3-88a8-38fbd7cd258d","block_type":"box","text":". The Trust is authorized to issue an unlimited","page_number":36,"box":{"x":577,"y":478,"width":325,"height":8}},{"id":"1ff7c3a8-e1db-4418-bb4b-27d022c198ab","block_type":"box","text":"number of shares of beneficial interest with a par value of $0.001 per share, which may be divided into different","page_number":36,"box":{"x":69,"y":492,"width":803,"height":12}},{"id":"b9b5833a-f786-42c3-ab7a-e303ae260d00","block_type":"box","text":"series and classes.","page_number":36,"box":{"x":69,"y":508,"width":137,"height":9}},{"id":"c9ed77c2-bfa4-4141-80b0-d4810a46ea02","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":36,"box":{"x":102,"y":530,"width":734,"height":11}},{"id":"636a4642-1667-44ba-811f-303480e1c3f9","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":36,"box":{"x":70,"y":545,"width":822,"height":12}},{"id":"593550e8-200e-4e7b-aa9e-565ebcbf023e","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":36,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"d95707ce-0b69-4d56-a994-25558288e4fa","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":36,"box":{"x":69,"y":576,"width":794,"height":11}},{"id":"a8b512d6-a4c7-4ca3-9d32-4d3666f74332","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":36,"box":{"x":69,"y":591,"width":824,"height":11}},{"id":"f686cbd0-f615-4023-8d24-1da56090c982","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":36,"box":{"x":70,"y":606,"width":804,"height":11}},{"id":"897eee41-999d-41ff-8815-43976c4b0281","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":36,"box":{"x":69,"y":621,"width":830,"height":11}},{"id":"a2b9513e-27df-4894-bedb-85cb0cc077c1","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":36,"box":{"x":68,"y":636,"width":807,"height":11}},{"id":"f80244ae-c8fb-451a-87d1-9ea87aa7ffd7","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":36,"box":{"x":69,"y":651,"width":719,"height":12}},{"id":"1e3f378c-cec9-42ae-af0c-8dd3abdcb6c9","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":36,"box":{"x":101,"y":674,"width":777,"height":11}},{"id":"ec114998-852c-4c5f-aba2-2f4da9676ba5","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":36,"box":{"x":70,"y":689,"width":828,"height":11}},{"id":"98dfe71b-0ef9-472a-91f1-546c0bc80fbe","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":36,"box":{"x":69,"y":704,"width":827,"height":11}},{"id":"29dc26d3-44b7-4372-a104-4dde927b6e53","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":36,"box":{"x":70,"y":719,"width":762,"height":11}},{"id":"da93ae83-fad8-42d1-8a90-0f9e8836c45e","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":36,"box":{"x":70,"y":734,"width":836,"height":12}},{"id":"2f946e55-f636-4938-b507-cb9619087f99","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":36,"box":{"x":69,"y":749,"width":567,"height":12}},{"id":"c60e9932-e48c-4c9a-b479-ee95da89b2a5","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":36,"box":{"x":101,"y":772,"width":792,"height":11}},{"id":"7245bd92-57df-448e-8f47-dcbbd836d860","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":36,"box":{"x":69,"y":787,"width":825,"height":11}},{"id":"35526ada-6bf9-4da2-8c9e-78ca19955582","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":36,"box":{"x":70,"y":802,"width":824,"height":12}},{"id":"3c755612-f3a8-4454-8edb-d529582cfb5d","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":36,"box":{"x":68,"y":818,"width":811,"height":11}},{"id":"304d6b82-1264-4554-a0ba-b334ad329667","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":36,"box":{"x":68,"y":833,"width":315,"height":9}},{"id":"ec37c5d4-cf3b-49c3-921d-13419bfc5ea1","block_type":"box","text":"I-18","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d6ee34e7-7850-4ab6-b406-6d9c6572c703","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":36,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ca943e11-aa7c-4ce7-b2d9-0c76ad731ea5","block_type":"box","text":"Principal Shareholders","page_number":37,"box":{"x":69,"y":45,"width":162,"height":11}},{"id":"dfbf066e-dc77-4a3f-ae50-6ea7d05e2f08","block_type":"box","text":"To the knowledge of the Trust, the following entities owned of record or beneficially 5% or more of a class of the","page_number":37,"box":{"x":101,"y":67,"width":797,"height":12}},{"id":"0c79077e-e3d7-4639-afc6-8475bb756fee","block_type":"box","text":"Fund’s shares as of August 3, 2026:","page_number":37,"box":{"x":70,"y":82,"width":261,"height":12}},{"id":"77ff2655-0fa9-43fb-96ff-3e58e5d440d5","block_type":"box","text":"Name","page_number":37,"box":{"x":69,"y":111,"width":32,"height":7}},{"id":"06bd35f5-a331-483a-a623-59e14fe7b822","block_type":"box","text":"Address Percentage Class","page_number":37,"box":{"x":553,"y":111,"width":302,"height":9}},{"id":"a5d45292-f638-448a-9a45-6fe572aee534","block_type":"box","text":"Circle Internet Financial, LLC One Lincoln Street","page_number":37,"box":{"x":69,"y":129,"width":573,"height":10}},{"id":"329861ea-6c94-4738-a244-271d9512392d","block_type":"box","text":"Suite 31-113","page_number":37,"box":{"x":530,"y":144,"width":93,"height":9}},{"id":"71e3a70f-0a98-42b6-af50-6fa0edff25f1","block_type":"box","text":"Boston, MA 02111","page_number":37,"box":{"x":509,"y":159,"width":135,"height":10}},{"id":"6ec9a399-4f00-40e1-b433-efd8b6add9d9","block_type":"box","text":"100% Institutional Shares","page_number":37,"box":{"x":688,"y":129,"width":221,"height":8}},{"id":"0d5c3d84-4ad0-40d5-9b9f-ec5852c8f148","block_type":"box","text":"IX. Financial Statements","page_number":37,"box":{"x":69,"y":190,"width":179,"height":9}},{"id":"c0dcb701-d0ee-4972-a79b-a1d35dfaf6a6","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":37,"box":{"x":101,"y":213,"width":726,"height":11}},{"id":"2beb5607-c84e-4fe1-a64d-dd14855b9b00","block_type":"box","text":"Statements and Additional Information for the fiscal year ended April 30, 2026, as filed with the SEC on Form N-CSR","page_number":37,"box":{"x":69,"y":228,"width":831,"height":11}},{"id":"49cf2768-a19c-4c00-b117-fd4fb968e0da","block_type":"box","text":"(the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2026","page_number":37,"box":{"x":69,"y":243,"width":800,"height":11}},{"id":"d793fdc1-2aa9-496e-ad80-25ab05837dda","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":37,"box":{"x":68,"y":258,"width":833,"height":11}},{"id":"48fa22cc-261a-415f-bddb-05c093c70856","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":37,"box":{"x":69,"y":273,"width":839,"height":11}},{"id":"d9954fdb-4fe8-4f5e-9b0a-d667c43c4a02","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":37,"box":{"x":68,"y":288,"width":790,"height":12}},{"id":"56bd76ed-ec6b-4866-bc0e-0f115b788b43","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":37,"box":{"x":69,"y":303,"width":815,"height":12}},{"id":"ba99b432-850c-4453-b404-b082f8569a56","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":37,"box":{"x":69,"y":319,"width":785,"height":11}},{"id":"bba2d59d-a6c1-494a-ab6e-96a72ca4c348","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":37,"box":{"x":69,"y":334,"width":836,"height":11}},{"id":"8a753bbd-fe0e-4b7f-bba7-bbdcc5a8239c","block_type":"box","text":"I-19","page_number":37,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"9bde69a1-ca6c-4f37-a4bc-01fe52c6d301","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":37,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e53b620c-84fd-4149-a740-72ce1ea6d10d","block_type":"box","text":"PART II","page_number":38,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"2ce7f373-69d2-46e5-ab6e-f6e90ef5dc78","block_type":"box","text":"Par t II of this Statement of Additional Information (“SAI”) contains information about the following funds:","page_number":38,"box":{"x":102,"y":67,"width":744,"height":12}},{"id":"34868d2c-a5b6-4494-961b-5165b6274cef","block_type":"box","text":"BlackRock Government Money Market Por tfolio, a series of BlackRock Series Fund, Inc.; BlackRock Government","page_number":38,"box":{"x":70,"y":82,"width":798,"height":12}},{"id":"c68dc317-f489-45a3-a421-60f567a5d200","block_type":"box","text":"Money Market V.I. Fund, a series of BlackRock Variable Series Funds, Inc.; BlackRock Wealth Liquid Environmentally","page_number":38,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"c1320954-f392-4f4c-96c4-f2c3ed3be1f4","block_type":"box","text":"Aware Fund (“WeLEAF”), Circle Reserve Fund (“Circle Reserve”) and BlackRock Daily Reinvestment Stablecoin","page_number":38,"box":{"x":68,"y":113,"width":784,"height":11}},{"id":"a1fe1732-8fb5-491e-b7d7-a0c725e742e3","block_type":"box","text":"Reserve Vehicle (“BRSRV”), each a series of BlackRock Funds","page_number":38,"box":{"x":70,"y":128,"width":442,"height":11}},{"id":"b952cba0-a548-41be-b434-4fef8c30160a","block_type":"box","text":"SM","page_number":38,"box":{"x":513,"y":128,"width":11,"height":5}},{"id":"66c0e1e7-d24d-4e44-b178-c96b5c1f18d3","block_type":"box","text":"(the “Trust”); and BlackRock Summit Cash Reserves","page_number":38,"box":{"x":530,"y":128,"width":375,"height":11}},{"id":"06c9b69f-d06f-4d8d-a46d-b2ad6b6cab4c","block_type":"box","text":"Fund (“Summit Cash Reserves”), a series of BlackRock Financial Institutions Series Trust (“FIST”).","page_number":38,"box":{"x":70,"y":143,"width":701,"height":11}},{"id":"bdfcc36a-9cfc-477d-bc74-ceec94995bbd","block_type":"box","text":"Throughout this SAI, each of the above listed funds may be referred to as a “Fund” or collectively as the","page_number":38,"box":{"x":101,"y":166,"width":743,"height":11}},{"id":"68e55980-0072-4985-ba12-72f8f5838dac","block_type":"box","text":"“Funds.”","page_number":38,"box":{"x":70,"y":181,"width":59,"height":9}},{"id":"6ee57559-49b3-4ee8-8a7d-66aab34e604a","block_type":"box","text":"Each Fund is organized as a Massachusetts business trust, with the exception of BlackRock Series Fund, Inc.","page_number":38,"box":{"x":102,"y":203,"width":781,"height":12}},{"id":"879a7318-a1e8-4278-9d42-6d282cc8c71d","block_type":"box","text":"and BlackRock Variable Series Funds, Inc., which are Maryland corporations. For ease and clarity of presentation,","page_number":38,"box":{"x":69,"y":218,"width":807,"height":12}},{"id":"41f5d4f6-487e-4a13-a7ec-71ba8657abb3","block_type":"box","text":"common shares of beneficial interest are referred to herein as “shares,” the trustees or directors of each Fund are","page_number":38,"box":{"x":69,"y":234,"width":822,"height":10}},{"id":"6f783afd-489b-4c49-82c2-00035958f720","block_type":"box","text":"referred to herein as “Trustees” and the boards of trustees/directors of each Fund are referred to as the “Board of","page_number":38,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"7d9cb1fd-5b08-4d51-bc4e-3ef7e55e8b78","block_type":"box","text":"Trustees” or the “Board.” BlackRock Advisors, LLC is the manager of each Fund and is referred to as “BlackRock” or","page_number":38,"box":{"x":68,"y":264,"width":835,"height":11}},{"id":"3b42e5cc-ca8f-49b5-8282-c346d0cbb9c2","block_type":"box","text":"the “Manager,” and the management agreement applicable to each Fund is referred to as the “Management","page_number":38,"box":{"x":68,"y":279,"width":774,"height":11}},{"id":"c7f565dc-b09f-49ca-9a31-500427e80110","block_type":"box","text":"Agreement.” The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company","page_number":38,"box":{"x":68,"y":294,"width":826,"height":11}},{"id":"58a6d783-2ddf-4fab-aa19-28a8e0dc29aa","block_type":"box","text":"Act.” The Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities Exchange","page_number":38,"box":{"x":68,"y":309,"width":833,"height":11}},{"id":"1b193d74-1bab-42b2-97bc-2e6ddc53fdb7","block_type":"box","text":"Act of 1934, as amended, is referred to herein as the “Exchange Act.” The Securities and Exchange Commission is","page_number":38,"box":{"x":68,"y":324,"width":824,"height":12}},{"id":"cb3943af-982a-4cee-a184-ad8e958f299f","block_type":"box","text":"referred to herein as the “Commission” or the “SEC.”","page_number":38,"box":{"x":69,"y":339,"width":381,"height":9}},{"id":"bb7a3fe4-5db4-4481-b32a-f0773abfb39b","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":38,"box":{"x":102,"y":362,"width":783,"height":11}},{"id":"d4a7bd70-7122-466f-ae75-fb91421b9229","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to the Funds.","page_number":38,"box":{"x":68,"y":377,"width":838,"height":11}},{"id":"a84fc953-3e84-49b8-92a4-7165528a1082","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":38,"box":{"x":314,"y":407,"width":351,"height":9}},{"id":"d37fa01a-5ed1-4b6b-87bf-245ab87d90d8","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":38,"box":{"x":102,"y":429,"width":805,"height":12}},{"id":"b4b4afc2-e54b-48ac-9e03-c006903f818f","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":38,"box":{"x":69,"y":445,"width":765,"height":11}},{"id":"0ef98240-59a5-413e-b86b-d85ab1838ef1","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":38,"box":{"x":69,"y":460,"width":811,"height":11}},{"id":"10c86f3a-19fb-4314-bdff-d9488c5d90bd","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” as applicable, section of Par t","page_number":38,"box":{"x":70,"y":475,"width":832,"height":11}},{"id":"251b124d-f27b-4244-b419-c72ad981d78e","block_type":"box","text":"I of this SAI for fur ther information about each Fund’s investment policies and risks. Information contained in this","page_number":38,"box":{"x":70,"y":490,"width":808,"height":11}},{"id":"e524fd90-e4f9-4870-a166-8f0d381d9591","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":38,"box":{"x":69,"y":505,"width":791,"height":11}},{"id":"4bafeea9-0200-485a-8c82-d8ddf5b3b862","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":38,"box":{"x":69,"y":520,"width":805,"height":12}},{"id":"4603fbbe-e341-4f94-adea-1a0bc6992c6c","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":38,"box":{"x":69,"y":535,"width":835,"height":12}},{"id":"ed66bc1a-c9d0-4e52-88fc-85ac1bb2eed5","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied upon by investors in that Covered Fund.","page_number":38,"box":{"x":69,"y":550,"width":703,"height":12}},{"id":"485d0914-db13-43eb-a57c-30db111e77e1","block_type":"box","text":"Only information that is clearly identified as applicable to a Covered Fund is considered to form a par t of that","page_number":38,"box":{"x":102,"y":573,"width":777,"height":11}},{"id":"d867d26a-f5c0-4092-96a2-0373200b0a2e","block_type":"box","text":"Covered Fund’s SAI.","page_number":38,"box":{"x":69,"y":588,"width":141,"height":9}},{"id":"f3796fb1-9004-4218-8ae5-a1cc5e9e4512","block_type":"box","text":"Bank Money Instruments.","page_number":38,"box":{"x":102,"y":611,"width":186,"height":11}},{"id":"bb086e9a-61ec-4969-a0af-32e2bd335fde","block_type":"box","text":"Cer tain Funds may invest in U.S. dollar-denominated obligations of U.S. and foreign","page_number":38,"box":{"x":295,"y":611,"width":594,"height":11}},{"id":"b163d406-2389-4411-8ca6-7bf2cf2fddea","block_type":"box","text":"depository institutions, including commercial and savings banks, savings and loan associations, and other","page_number":38,"box":{"x":69,"y":626,"width":760,"height":11}},{"id":"a5e6c862-9216-47e2-ad8c-56ffaac9c0c1","block_type":"box","text":"institutions. Such obligations include but are not limited to cer tificates of deposit, bankers’ acceptances, time","page_number":38,"box":{"x":70,"y":641,"width":785,"height":11}},{"id":"e6aeea44-90ad-427c-a973-4278f2fcb95b","block_type":"box","text":"deposits, bank notes and deposit notes. For example, the obligations may be issued by (i) U.S. or foreign depository","page_number":38,"box":{"x":69,"y":656,"width":831,"height":12}},{"id":"9a457956-58da-4a9d-b07c-047dc5038194","block_type":"box","text":"institutions, (ii) foreign branches or subsidiaries of U.S. depository institutions (“Eurodollar” obligations), (iii) U.S.","page_number":38,"box":{"x":70,"y":671,"width":807,"height":12}},{"id":"72f4062e-c3a4-4f07-8a86-22725141eef6","block_type":"box","text":"branches or subsidiaries of foreign depository institutions (“Yankeedollar” obligations) or (iv) foreign branches or","page_number":38,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"5579dac5-b329-4c28-8f55-5f9c5f31a7df","block_type":"box","text":"subsidiaries of foreign depository institutions. Eurodollar and Yankeedollar obligations and obligations of branches or","page_number":38,"box":{"x":69,"y":702,"width":834,"height":11}},{"id":"1dc8a11c-f33a-4c49-94d3-bb813bee625e","block_type":"box","text":"subsidiaries of foreign depository institutions may be general obligations of the parent bank or may be limited to the","page_number":38,"box":{"x":69,"y":717,"width":829,"height":11}},{"id":"1df4c590-bbec-42a5-b6f4-af2e18d7e494","block_type":"box","text":"issuing branch or subsidiary by the terms of the specific obligations or by government regulation. Investments in","page_number":38,"box":{"x":70,"y":732,"width":799,"height":11}},{"id":"80369cef-898c-4c09-9e97-cbd44ae688d2","block_type":"box","text":"obligations of foreign depository institutions and their foreign branches and subsidiaries will only be made if","page_number":38,"box":{"x":69,"y":747,"width":771,"height":11}},{"id":"6e2297ad-3c28-4fd2-b94e-3eadf1bebe64","block_type":"box","text":"determined to be of comparable quality to other investments permissible for each Fund. No Fund will invest more","page_number":38,"box":{"x":69,"y":762,"width":806,"height":11}},{"id":"fd59ba3a-718a-4a27-a014-b6991598b4a3","block_type":"box","text":"than 25% of its total assets (taken at market value at the time of each investment) in obligations of foreign","page_number":38,"box":{"x":68,"y":777,"width":764,"height":12}},{"id":"ae94ea74-3574-4388-8429-0887b921039c","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries or in obligations of foreign branches or","page_number":38,"box":{"x":69,"y":792,"width":754,"height":12}},{"id":"9e7c92d6-8f88-4a73-aca9-0fe2b781e97d","block_type":"box","text":"subsidiaries of U.S. depository institutions that are not backed by the U.S. parent. The Funds treat bank money","page_number":38,"box":{"x":69,"y":807,"width":795,"height":12}},{"id":"c625879e-4c00-4ad4-b357-4017bb42e718","block_type":"box","text":"instruments issued by U.S. branches or subsidiaries of foreign banks as obligations issued by domestic banks (not","page_number":38,"box":{"x":70,"y":823,"width":821,"height":11}},{"id":"07a6ac7f-c76a-4812-a499-6a81242a44c3","block_type":"box","text":"subject to the 25% limitation) if the branch or subsidiary is subject to the same bank regulation as U.S. banks.","page_number":38,"box":{"x":69,"y":838,"width":789,"height":11}},{"id":"9f73b409-a9d2-4d9e-9201-2793e0ae6f0c","block_type":"box","text":"Eurodollar and Yankeedollar obligations, as well as other obligations of foreign depository institutions and shor t","page_number":38,"box":{"x":102,"y":860,"width":796,"height":12}},{"id":"c94887cb-fd45-4f0a-ae38-f5715988e68a","block_type":"box","text":"term obligations issued by other foreign entities, may involve additional investment risks, including adverse political","page_number":38,"box":{"x":68,"y":875,"width":824,"height":12}},{"id":"03155482-7abe-4020-8fb9-a08999273f46","block_type":"box","text":"and economic developments, the possible imposition of withholding taxes on interest income payable on such","page_number":38,"box":{"x":69,"y":891,"width":785,"height":11}},{"id":"b9f11642-8889-4f47-974c-42073a49dd52","block_type":"box","text":"obligations, the possible seizure or nationalization of foreign deposits and the possible establishment of exchange","page_number":38,"box":{"x":69,"y":906,"width":816,"height":11}},{"id":"f76a0046-c965-4437-b4e2-db67ef9cc8de","block_type":"box","text":"II-1","page_number":38,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"30094c89-0d49-4b03-88c5-0c03e86e156d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":38,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"50acb919-2f5d-4a68-9ba4-00c4e979cd69","block_type":"box","text":"controls or other foreign governmental laws or restrictions that might adversely affect the repayment of principal and","page_number":39,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"fa81db35-cc5d-4ba4-8848-2c841a4a0ee4","block_type":"box","text":"the payment of interest. The issuers of such obligations may not be subject to U.S. regulatory requirements. Foreign","page_number":39,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"71e4a5a7-aaca-4b8b-aa3d-023629fec94d","block_type":"box","text":"branches or subsidiaries of U.S. banks may be subject to less stringent reserve requirements than U.S. banks. U.S.","page_number":39,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"b287f125-83d6-4867-9336-ab57ae54905e","block_type":"box","text":"branches or subsidiaries of foreign banks are subject to the reserve requirements of the states in which they are","page_number":39,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"a977b9f2-4955-44e1-b557-011691b3de72","block_type":"box","text":"located. There may be less publicly available information about a U.S. branch or subsidiary of a foreign bank or other","page_number":39,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"bf1b78a6-445f-4cef-b788-b815a5fd4457","block_type":"box","text":"issuer than about a U.S. bank or other issuer, and such entities may not be subject to the same accounting, auditing","page_number":39,"box":{"x":70,"y":120,"width":833,"height":12}},{"id":"3e2bc179-72b5-449d-b163-989cd37d8881","block_type":"box","text":"and financial record keeping standards and requirements as U.S. issuers. Evidence of ownership of Eurodollar and","page_number":39,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"ef020e1c-db41-41e7-9bca-6755b17e38e3","block_type":"box","text":"foreign obligations may be held outside the United States, and the Funds may be subject to the risks associated with","page_number":39,"box":{"x":68,"y":150,"width":836,"height":12}},{"id":"1d4cdc3e-6e84-4ebc-aeab-04acc22472d7","block_type":"box","text":"the holding of such proper ty overseas. Eurodollar and foreign obligations of the Funds held overseas will be held by","page_number":39,"box":{"x":68,"y":166,"width":824,"height":11}},{"id":"77b70843-94b9-4c38-a031-8049321cd209","block_type":"box","text":"foreign branches of each Fund’s custodian or by other U.S. or foreign banks under subcustodian arrangements","page_number":39,"box":{"x":68,"y":181,"width":790,"height":11}},{"id":"a1ee85e0-4fc5-46e9-9bb8-a2b090362dd8","block_type":"box","text":"complying with the requirements of the Investment Company Act.","page_number":39,"box":{"x":69,"y":196,"width":462,"height":11}},{"id":"031fb502-922f-40b9-8e1b-78c3a2ec2b8a","block_type":"box","text":"The Manager will carefully consider the above factors in making investments in Eurodollar obligations,","page_number":39,"box":{"x":101,"y":218,"width":724,"height":12}},{"id":"a393992e-2a58-4d2f-81a9-74880db8fe52","block_type":"box","text":"Yankeedollar obligations of foreign depository institutions and other foreign shor t term obligations, and will not","page_number":39,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"cb915632-0d2d-47a3-9100-56c0efdaf6ef","block_type":"box","text":"knowingly purchase obligations that, at the time of purchase, are subject to exchange controls or withholding taxes.","page_number":39,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"6d66f799-a922-4afd-885a-d6035d90a1d0","block_type":"box","text":"Generally, a Fund will limit its Yankeedollar investments to obligations of banks organized in Canada, France,","page_number":39,"box":{"x":69,"y":264,"width":773,"height":11}},{"id":"b176abfd-da92-47bf-8256-b851fa928fdf","block_type":"box","text":"Germany, Japan, the Netherlands, Switzerland, the United Kingdom or other industrialized nations.","page_number":39,"box":{"x":69,"y":279,"width":699,"height":11}},{"id":"76934e2d-3633-4907-84f5-8e1a4fbe77ab","block_type":"box","text":"Bank money instruments in which cer tain Funds invest must be issued by depository institutions with total","page_number":39,"box":{"x":102,"y":302,"width":759,"height":11}},{"id":"8e5e0fb3-e34f-4aee-8cba-1ad334a8469a","block_type":"box","text":"assets of at least $1 billion, except that such Funds may invest in cer tificates of deposit of smaller institutions if","page_number":39,"box":{"x":69,"y":316,"width":807,"height":12}},{"id":"b1fd7ed7-2864-4bff-a06a-8b01e324a0a7","block_type":"box","text":"such cer tificates of deposit are Federally insured and if, as a result of such purchase, no more than 10% of total","page_number":39,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"d3917975-3c4e-4d05-add7-fba8b17d7b71","block_type":"box","text":"assets (taken at market value), are invested in such cer tificates of deposit.","page_number":39,"box":{"x":69,"y":347,"width":537,"height":11}},{"id":"825082f4-8afe-4e24-85ed-f6b2b63a1f24","block_type":"box","text":"Blockchain.","page_number":39,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"323873e4-741b-4a53-a8ad-571be2a5349b","block_type":"box","text":"This Blockchain section, including all subsections hereunder, applies solely to BlackRock Daily","page_number":39,"box":{"x":192,"y":370,"width":673,"height":11}},{"id":"08c64153-af7a-473b-8186-a45dbb0c3362","block_type":"box","text":"Reinvestment Stablecoin Reserve Vehicle and does not apply to any other Fund as of the date of this SAI. This","page_number":39,"box":{"x":70,"y":385,"width":786,"height":11}},{"id":"70617df4-0c06-493d-9524-69383c74c528","block_type":"box","text":"discussion of blockchain-related features and risks is intended to provide a high-level overview tailored to the Fund’s","page_number":39,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"d29d975b-032d-4489-b938-b2431de70ace","block_type":"box","text":"current operations and suppor ted networks and does not purpor t to be a complete or exhaustive description of all","page_number":39,"box":{"x":69,"y":415,"width":813,"height":11}},{"id":"6784f6ca-a7f3-4a33-b64d-7c979b095495","block_type":"box","text":"risks, developments or considerations associated with distributed ledger technology, blockchain networks, smar t","page_number":39,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"de56a7bf-b0fe-4efa-9177-51d61e30ff3d","block_type":"box","text":"contracts, or digital wallets. New or unanticipated regulatory, operational, technological, or market risks may emerge","page_number":39,"box":{"x":69,"y":446,"width":830,"height":11}},{"id":"5f3851ab-6fec-4df3-a487-c9bf8716c29c","block_type":"box","text":"over time, and the applicability or materiality of any risk may vary based on the blockchain network used, wallet or","page_number":39,"box":{"x":69,"y":460,"width":812,"height":12}},{"id":"9fd3d653-3ec9-45da-9f24-f6337b60f413","block_type":"box","text":"custody configuration, and future changes to the Fund’s operations. Investors should review the Fund’s Prospectus","page_number":39,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"6018cd16-76f1-4f4d-943e-cc59e8536bca","block_type":"box","text":"and this SAI in their entirety and consult their own legal, tax and technology advisers regarding the risks of","page_number":39,"box":{"x":69,"y":491,"width":759,"height":11}},{"id":"3344bfdd-66b4-44ec-92f4-e0ff2b8958fd","block_type":"box","text":"transacting in OnChain Shares.","page_number":39,"box":{"x":68,"y":506,"width":221,"height":11}},{"id":"318cc584-d80a-4ae3-826c-ae6820fe13dc","block_type":"box","text":"Use of Blockchain","page_number":39,"box":{"x":102,"y":528,"width":132,"height":9}},{"id":"0cab7b7d-f81f-4d14-b96a-2ed9a7ca4e49","block_type":"box","text":".","page_number":39,"box":{"x":234,"y":535,"width":3,"height":2}},{"id":"11e01c93-7cd1-47f1-91cf-085d73f1c258","block_type":"box","text":"The Fund’s transfer agent maintains the official record of ownership of OnChain Shares on","page_number":39,"box":{"x":243,"y":528,"width":645,"height":12}},{"id":"ac972743-6a26-4fcf-a34c-3fbc5b27e384","block_type":"box","text":"the public blockchains that are used by the Fund’s investors. In par ticular, the Fund’s transfer agent utilizes a","page_number":39,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"61d640e4-df08-4f82-a65b-ca36e09df206","block_type":"box","text":"permissioned system that operates in connection with multiple public, permissionless blockchains. As of the date of","page_number":39,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"af25409a-ecaa-4dae-a275-dac3b8b8fe79","block_type":"box","text":"this SAI, these public blockchains include Ethereum, Tempo, and Solana and in the future may include other","page_number":39,"box":{"x":68,"y":574,"width":772,"height":11}},{"id":"dc589024-7e34-4836-a889-bd4a19511ff9","block_type":"box","text":"suppor ted networks, subject to eligibility and other requirements that the Fund or the Fund’s transfer agent may","page_number":39,"box":{"x":69,"y":589,"width":798,"height":11}},{"id":"3974dc20-fd9d-48eb-9268-0247ce779537","block_type":"box","text":"impose. The Board has delegated to BlackRock the authority to select the blockchain networks on which the Fund’s","page_number":39,"box":{"x":70,"y":604,"width":822,"height":11}},{"id":"153ba857-e5da-42e9-88d7-7bef8059cc13","block_type":"box","text":"OnChain Shares will be offered and sold. OnChain Shares will be digitally represented on such blockchains using","page_number":39,"box":{"x":69,"y":619,"width":805,"height":11}},{"id":"a611560a-69e0-4a47-acee-732eece24fbb","block_type":"box","text":"token standards that vary by blockchain. Such blockchain records, together with an off-chain register associating","page_number":39,"box":{"x":68,"y":634,"width":806,"height":12}},{"id":"1eba939f-da4a-451a-b312-c63ec01cc985","block_type":"box","text":"wallet addresses with shareholder personal identifying information, will constitute the official shareholder register of","page_number":39,"box":{"x":68,"y":649,"width":831,"height":12}},{"id":"9db1b1ed-1ef9-4b1a-b255-af9d9624b881","block_type":"box","text":"the Fund and, in the absence of a technical failure of either of these systems, conclusively govern the record","page_number":39,"box":{"x":68,"y":664,"width":776,"height":12}},{"id":"318560ff-4a0f-4345-8b7f-5f495454473b","block_type":"box","text":"ownership of OnChain Shares.","page_number":39,"box":{"x":69,"y":680,"width":214,"height":11}},{"id":"3fbd27bb-3e66-413c-9c9a-3eb1d21c0efe","block_type":"box","text":"A blockchain is a distributed ledger that digitally records transactions in a verifiable way using cryptography, with","page_number":39,"box":{"x":101,"y":702,"width":800,"height":12}},{"id":"41fb6d61-559d-4eef-8406-da44e9b2eae3","block_type":"box","text":"records designed to be immutable (i.e., extremely difficult to alter once confirmed). A distributed ledger is a database","page_number":39,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"312f8c93-abf1-4775-86d5-dd264d080967","block_type":"box","text":"in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a","page_number":39,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"b0d28530-8c8f-4e1f-85e9-9638d87fff53","block_type":"box","text":"par ticular form so that only those for whom it is intended can read and process it. Transactions on the blockchain are","page_number":39,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"e6d2335a-275e-4ad3-91c2-9835644f1bb0","block_type":"box","text":"verified and authenticated by computers on the network (referred to as “nodes” or “validators”) that receive,","page_number":39,"box":{"x":68,"y":763,"width":773,"height":11}},{"id":"93bcfdcf-0470-4f9a-b347-74f1465a5b7e","block_type":"box","text":"propagate, verify, and execute transactions. The process of authenticating a transaction before it is recorded ensures","page_number":39,"box":{"x":70,"y":778,"width":837,"height":11}},{"id":"efe72906-8649-44c2-84a4-85983805f7e1","block_type":"box","text":"that only valid and authorized transactions are recorded on the blockchain in collections of transactions called","page_number":39,"box":{"x":68,"y":793,"width":785,"height":11}},{"id":"f5e504f5-25b8-4b64-b8e6-9e82684eeb5a","block_type":"box","text":"“blocks.” Blockchain networks are based upon software source code that establishes and governs their respective","page_number":39,"box":{"x":70,"y":808,"width":817,"height":11}},{"id":"eb8dc2f8-39ad-4c2e-aeeb-0a2c21a58237","block_type":"box","text":"cryptographic systems for verifying transactions. The Fund’s transfer agent maintains controls to correct errors in the","page_number":39,"box":{"x":69,"y":823,"width":835,"height":12}},{"id":"04e5e861-a0a3-42ed-ba20-6bda5c3547b7","block_type":"box","text":"share registry or remediate unauthorized transactions. In the event such a correction were warranted, the Fund’s","page_number":39,"box":{"x":69,"y":839,"width":805,"height":11}},{"id":"2e00ba05-7c97-4723-8a4a-ec394abc5510","block_type":"box","text":"transfer agent would make the correction by adding an appropriate instruction to another subsequent block on the","page_number":39,"box":{"x":68,"y":853,"width":815,"height":12}},{"id":"9aabef95-64df-4f7c-aeeb-c7a337ee3264","block_type":"box","text":"applicable blockchain (","page_number":39,"box":{"x":69,"y":869,"width":161,"height":11}},{"id":"6178d30b-9253-4c06-856b-c428e326e422","block_type":"box","text":"i.e","page_number":39,"box":{"x":232,"y":869,"width":17,"height":9}},{"id":"ac33818b-8807-408b-b2e9-f535cb4fe081","block_type":"box","text":"., the prior activity on the blockchain would not be deleted, although the blockchain would be","page_number":39,"box":{"x":250,"y":869,"width":659,"height":11}},{"id":"8acdb85b-10db-43b6-95d7-9b0136981f91","block_type":"box","text":"updated with the correct transactional history).","page_number":39,"box":{"x":69,"y":884,"width":333,"height":11}},{"id":"767662f2-a023-4773-b247-a9acc9a03761","block_type":"box","text":"II-2","page_number":39,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"19e64092-12c5-4719-ad5d-756ed4caef8e","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":39,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8a4bebab-9a3d-42d6-9e1f-a03768c5d778","block_type":"box","text":"In order to facilitate the use of blockchain technology, each investor will use a “blockchain wallet,” which is a","page_number":40,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"e7b0497f-3ced-48b9-a83f-89c19b4764be","block_type":"box","text":"software application (but can also be a hardware device or managed by an institutional custody solution) that stores","page_number":40,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"62a63898-560a-4c92-9272-83529fcc3732","block_type":"box","text":"a user’s “private key” for related digital assets and is used to facilitate the transfer of assets on a par ticular","page_number":40,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"0f56904d-7512-439d-9870-a2166c764860","block_type":"box","text":"blockchain. A “private key” is one of two numbers in a cryptographic “key pair.” A key pair consists of a “public key”","page_number":40,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"6c4a216a-dc71-442a-9de1-592bd9c8009f","block_type":"box","text":"and its corresponding private key, both of which are lengthy alphanumeric codes, where the public key is","page_number":40,"box":{"x":69,"y":105,"width":744,"height":11}},{"id":"844ee05e-0429-4477-bdc9-34fbb933a55f","block_type":"box","text":"mathematically derived from the private key. The private key is used by the owner of a blockchain wallet to send (i.e.,","page_number":40,"box":{"x":69,"y":120,"width":832,"height":11}},{"id":"dd6afd95-4038-49fb-8fec-24fd88108af4","block_type":"box","text":"digitally sign and authenticate) instructions to the blockchain to update the ownership records of the digital assets","page_number":40,"box":{"x":69,"y":135,"width":816,"height":12}},{"id":"4f27a47d-6b1a-4d27-b383-b4bf30e82399","block_type":"box","text":"and is private to the wallet owner. The public key is, as the name implies, public and allows other wallets on the","page_number":40,"box":{"x":69,"y":151,"width":798,"height":11}},{"id":"8817d253-741e-422c-9a15-39bc79c79471","block_type":"box","text":"applicable blockchain to transfer digital assets to a wallet’s public key address when permitted. The blockchain will","page_number":40,"box":{"x":69,"y":166,"width":820,"height":11}},{"id":"1bce6e78-1d47-4157-8c2c-8f9932997619","block_type":"box","text":"record transaction data, including wallet addresses and digital signatures, but does not record the private key","page_number":40,"box":{"x":69,"y":181,"width":783,"height":11}},{"id":"47eb317b-1640-4366-8da5-1a955c44d4e6","block_type":"box","text":"information. Each investor is responsible for their own blockchain wallet, including the security and maintenance of","page_number":40,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"de4d4847-5046-4be6-8762-5cbf722ac7ee","block_type":"box","text":"the investor’s private key. Neither the Fund nor the Fund’s transfer agent is responsible for any investor’s blockchain","page_number":40,"box":{"x":68,"y":211,"width":832,"height":11}},{"id":"b37cc336-b7f7-49f4-9b87-6a79b56e29cc","block_type":"box","text":"wallet or the maintenance, security, or safekeeping of any investor’s private key.","page_number":40,"box":{"x":68,"y":226,"width":571,"height":11}},{"id":"5cc0be2b-1852-44e4-81eb-f09c1b6d7c9d","block_type":"box","text":"The Fund’s transfer agent utilizes a permissioned system that operates in connection with public,","page_number":40,"box":{"x":101,"y":249,"width":694,"height":11}},{"id":"fd163a6c-936d-4afc-a6c9-3d5668778c8e","block_type":"box","text":"permissionless blockchains. The permissioned system is established through a combination of policies, procedures,","page_number":40,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"ad9b44e4-6bc6-476e-8937-7ca2fd4a96b8","block_type":"box","text":"and technological controls which collectively seek to ensure that the blockchain operates as an integrated","page_number":40,"box":{"x":69,"y":279,"width":754,"height":11}},{"id":"5fd05954-dc19-48f4-8e6f-48e2e259c78c","block_type":"box","text":"recordkeeping mechanism under the oversight of the Fund’s transfer agent. To create and maintain this permissioned","page_number":40,"box":{"x":69,"y":294,"width":838,"height":11}},{"id":"51637282-f7e0-47e3-a99c-13c1a81f501b","block_type":"box","text":"structure on public blockchains, the Fund’s transfer agent registers and associates each blockchain wallet with","page_number":40,"box":{"x":69,"y":309,"width":792,"height":11}},{"id":"820fec58-d93b-4a4a-a916-d6fa0bcad6cb","block_type":"box","text":"relevant personal identifying information which is maintained in an off-chain registry (i.e., a separate database that is","page_number":40,"box":{"x":69,"y":324,"width":837,"height":12}},{"id":"bc1ddf7e-590a-4573-b86d-69a2fe067cbf","block_type":"box","text":"not available to the public and is used, among other purposes, to satisfy anti-money laundering regulations).","page_number":40,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"96e8ebc0-badc-4c6f-854e-6eb2aa4fdef8","block_type":"box","text":"Permission to hold OnChain Shares is granted only to registered wallets, sometimes referred to as “whitelisting”,","page_number":40,"box":{"x":69,"y":355,"width":808,"height":11}},{"id":"1948b332-7d04-41cc-8757-a1cbfea034d0","block_type":"box","text":"thereby restricting the ability to transact in tokenized OnChain Shares to pre-approved potential shareholders.","page_number":40,"box":{"x":68,"y":370,"width":780,"height":11}},{"id":"856684ca-309d-4a99-8cba-5765a96b43ac","block_type":"box","text":"Protocols referred to as “smar t contracts” are used as par t of the operational framework that the Fund’s","page_number":40,"box":{"x":102,"y":392,"width":748,"height":11}},{"id":"e181e533-8882-4849-b84b-9dc79eeb913f","block_type":"box","text":"transfer agent uses to enforce compliance with the Fund’s policies and procedures, as applicable. Smar t contracts","page_number":40,"box":{"x":68,"y":407,"width":821,"height":12}},{"id":"be282877-991b-4fbb-966e-d6dd41dbcecb","block_type":"box","text":"are self-executing computer code that effectuate actions based upon predetermined conditions. Specifically, smar t","page_number":40,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"dde57b47-ef6b-4eec-8a06-ead35519b6b4","block_type":"box","text":"contracts have been developed to suppor t functions such as “minting” (creating a new token balance) and “burning”","page_number":40,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"574e6a48-5880-4c8d-8dc1-7226b31be237","block_type":"box","text":"(removing a token balance from circulation), as well as restrictions to prevent unauthorized interaction with the token","page_number":40,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"a13565c2-e333-4f21-9c8b-08e328a8989f","block_type":"box","text":"balances (e.g., transfers of token balances to unapproved addresses) and the ability to claw back tokens under","page_number":40,"box":{"x":69,"y":468,"width":795,"height":11}},{"id":"ac6dd48f-4e61-4da7-9a9f-3cd7f1242fd2","block_type":"box","text":"cer tain circumstances. In this manner, this permissioned system is intended to prevent transactions in token","page_number":40,"box":{"x":69,"y":483,"width":779,"height":11}},{"id":"cb5e1d0e-9633-4d8e-9843-50655945a8c4","block_type":"box","text":"balances by or with unknown persons or unknown blockchain addresses, even if the underlying blockchain network is","page_number":40,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"ccb48438-ce4c-47ec-8c22-822fcee1702a","block_type":"box","text":"permissionless.","page_number":40,"box":{"x":70,"y":514,"width":110,"height":10}},{"id":"4781a905-c46a-44cd-a8d1-ca73015ac890","block_type":"box","text":"Different blockchain networks rely on distinct methods to validate and finalize transactions. Some networks,","page_number":40,"box":{"x":102,"y":536,"width":770,"height":11}},{"id":"b5a8a545-4f87-4117-9b88-319bae68842e","block_type":"box","text":"such as Ethereum and Solana, utilize a broad, permissionless set of independent validators that par ticipate in an","page_number":40,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"924914cc-f9a1-432e-be28-f6ae0b5c2cab","block_type":"box","text":"open validation process designed to confirm transactions without reliance on a central authority. On such networks,","page_number":40,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"fd3d4df9-f7a3-4108-9c8c-17a0a4c1e80d","block_type":"box","text":"transactions may be included in a proposed block and recorded on the blockchain relatively quickly, but they are not","page_number":40,"box":{"x":68,"y":582,"width":827,"height":10}},{"id":"ab3a4cf1-6fc2-4e95-a5a0-65c8103fa3bd","block_type":"box","text":"necessarily immediately final. Instead, finality is reached after sufficient validator par ticipation and consensus under","page_number":40,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"23b73768-0f8c-411c-a772-33b43cd39b2b","block_type":"box","text":"the network’s specific rules, which may occur within seconds or may require additional time depending on network","page_number":40,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"d7dd7e98-429e-4499-956d-d42b91f3e5c7","block_type":"box","text":"conditions, validator par ticipation, and the applicable finality or commitment standard. These systems typically rely","page_number":40,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"956be4ae-ef61-4d0d-88e1-d96e3c621295","block_type":"box","text":"on economic incentive mechanisms, such as staking and penalties for dishonest behavior, to encourage honest","page_number":40,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"2423b5af-6393-4c9a-8c22-e5561efadee9","block_type":"box","text":"par ticipation and maintain security among a decentralized and trust-minimized set of par ticipants. Both Ethereum","page_number":40,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"00028692-ff9e-4e0c-8b77-b0d13718fd92","block_type":"box","text":"and Solana utilize proof-of-stake-based systems, although their specific implementations and suppor ting mechanisms","page_number":40,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"6cef6293-eace-4b15-a7c5-d0d083b92af9","block_type":"box","text":"differ.","page_number":40,"box":{"x":69,"y":687,"width":40,"height":9}},{"id":"de049115-0252-41bf-8f5a-1cbde123de73","block_type":"box","text":"Other networks, such as Tempo (as of the date of this SAI), may rely on a more limited, permissioned group of","page_number":40,"box":{"x":102,"y":710,"width":787,"height":11}},{"id":"be652291-ca28-4dcb-9f91-269cc5850959","block_type":"box","text":"institutional validators operating pursuant to defined governance and validation rules. These networks currently utilize","page_number":40,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"6b777ada-51be-4dec-a9b9-c511f425fc16","block_type":"box","text":"Byzantine Fault Tolerant consensus mechanisms, under which approved validators vote to validate and finalize blocks","page_number":40,"box":{"x":70,"y":740,"width":835,"height":11}},{"id":"67a84104-995d-467d-8770-07e4d2e84b54","block_type":"box","text":"of transactions once a required validator threshold has confirmed their validity. These designs may provide","page_number":40,"box":{"x":69,"y":755,"width":759,"height":11}},{"id":"6beabea0-3407-4e74-a1eb-86597fcfc95e","block_type":"box","text":"deterministic finality once the required validator threshold is met, rather than relying on broader validator","page_number":40,"box":{"x":69,"y":770,"width":748,"height":12}},{"id":"4a16be03-4124-415e-92e3-84da1008cab2","block_type":"box","text":"par ticipation and additional protocol-specific finality or commitment processes used by permissionless networks such","page_number":40,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"1b079a04-80a6-4d0e-bd9c-0690e10ede6b","block_type":"box","text":"as Ethereum and Solana. Because validator identities are known and subject to governance frameworks, these","page_number":40,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"573d3980-00ba-4726-9be0-4a8d60c951bf","block_type":"box","text":"systems may place less reliance on open economic incentive mechanisms, at the protocol level, although such","page_number":40,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"41ec2bb7-a994-4911-b8cb-ef585225fca4","block_type":"box","text":"incentives may be introduced as validator sets expand or as networks seek to fur ther align par ticipant behavior with","page_number":40,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"085f8574-8a96-4126-94b3-952436c0b47f","block_type":"box","text":"system integrity. These designs are intended to provide transaction finality and operational resilience while","page_number":40,"box":{"x":69,"y":846,"width":760,"height":11}},{"id":"5948c41d-0dd1-4234-a9f5-87131b1def4b","block_type":"box","text":"emphasizing predictability, oversight, and institutional par ticipation. The specific validation method used by any","page_number":40,"box":{"x":69,"y":861,"width":792,"height":11}},{"id":"e716d485-03f7-45fc-b652-89560c9d1289","block_type":"box","text":"suppor ted network may evolve over time, and the Fund does not control or operate the underlying blockchain","page_number":40,"box":{"x":69,"y":876,"width":774,"height":11}},{"id":"6602b5db-e893-42a0-8f92-38083bdae4c3","block_type":"box","text":"networks, nor is it responsible in any way for them. Before investing in OnChain Shares on a par ticular blockchain, an","page_number":40,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"916aef00-4ef2-4a0f-bf12-e1f4e2470b8d","block_type":"box","text":"II-3","page_number":40,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4198e839-6aa6-4b14-9e4c-95aa8102072f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":40,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2d2472cf-7f66-4fb4-bf64-697d7358d394","block_type":"box","text":"investor should review all aspects of the applicable blockchain, including the validation method, consensus","page_number":41,"box":{"x":70,"y":45,"width":762,"height":11}},{"id":"66e6b05c-eb02-4316-ba9e-39d3076cc49b","block_type":"box","text":"mechanisms, governance structure, and security model of such blockchain.","page_number":41,"box":{"x":69,"y":60,"width":537,"height":11}},{"id":"5fcbbf2a-ce7c-42a8-a0af-920099e44dfe","block_type":"box","text":"The maintenance of the records of OnChain Shares on the blockchain will not affect the Fund’s investments in","page_number":41,"box":{"x":101,"y":82,"width":807,"height":9}},{"id":"e5a5e38e-9563-48e2-abfa-3fd6c132d16a","block_type":"box","text":"securities; the Fund will continue to invest in accordance with the requirements in Rule 2a-7 under the 1940 Act","page_number":41,"box":{"x":68,"y":98,"width":827,"height":11}},{"id":"da9d4f1b-143c-42e3-b4cf-2f1ea9c49be1","block_type":"box","text":"and the terms of this SAI. The Fund will not invest in any digital assets, including any virtual currencies.","page_number":41,"box":{"x":69,"y":113,"width":761,"height":11}},{"id":"de0e7429-1809-4a9b-a03e-751923bd0ca1","block_type":"box","text":"Information Available via the Blockchain","page_number":41,"box":{"x":102,"y":135,"width":281,"height":9}},{"id":"72a24f21-f355-4da3-b6e7-4e8f413b078f","block_type":"box","text":"Information recorded on a public blockchain will be available to the public and will store the complete transaction","page_number":41,"box":{"x":102,"y":158,"width":805,"height":11}},{"id":"b19fc4ea-34b5-40ca-9b03-9fa2b67bc4a2","block_type":"box","text":"history of token balances beginning with their issuance on the blockchain. As a result, robust and transparent data,","page_number":41,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"1f52508b-2cbe-4cd0-bdcb-4543c9a9c07b","block_type":"box","text":"other than shareholder identifying information, will be publicly available through one or more “blockchain explorer”","page_number":41,"box":{"x":69,"y":188,"width":812,"height":12}},{"id":"c3cd6083-02a4-40c2-8298-7d7a436d5b3f","block_type":"box","text":"tools capable of displaying activity on the applicable blockchain. Accordingly, OnChain Shares’ issuance, redemption","page_number":41,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"64f403db-0bde-46c8-9501-29417994c0a2","block_type":"box","text":"and transfer data (but not a shareholder’s identifying information) will be exposed to the public. The identifying","page_number":41,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"5c8cc79b-0299-43f6-8793-d44e629cbcfc","block_type":"box","text":"information necessary to associate a given token balance with the record owner of an OnChain Share will be","page_number":41,"box":{"x":70,"y":234,"width":772,"height":11}},{"id":"1df21598-72bf-45d1-aafb-4d2f39e2a72c","block_type":"box","text":"maintained in one or more off-chain databases that are not available to the public. However, if there are data security","page_number":41,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"dcdb0660-e2e7-4c2e-b18b-88d04f377a50","block_type":"box","text":"breaches resulting in theft of the information necessary to link identity with the token balances, the stolen","page_number":41,"box":{"x":69,"y":264,"width":758,"height":11}},{"id":"22fca197-898d-4a19-96e7-dd8aa125a842","block_type":"box","text":"information could be used to determine a shareholder’s identity and complete investing history in OnChain Shares.","page_number":41,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"4296c5c0-0f7d-481a-a23d-51fd36de7def","block_type":"box","text":"In the event of a conflict between the transaction history on the blockchain and the records maintained by the","page_number":41,"box":{"x":102,"y":302,"width":783,"height":11}},{"id":"97469480-7b30-43bc-b33f-709818fc4704","block_type":"box","text":"Fund’s transfer agent, the Fund’s transfer agent shall update its records as necessary to align with the blockchain","page_number":41,"box":{"x":70,"y":317,"width":814,"height":11}},{"id":"e87ffaf5-830f-41eb-99cd-7c784edb5dd2","block_type":"box","text":"records, to the extent practicable, except where the transaction is determined by the Fund’s transfer agent to be","page_number":41,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"895e1e27-78fd-4141-bc79-6e9e84c41938","block_type":"box","text":"erroneous or to violate applicable law, regulation, or the Fund’s policies and procedures (including transfer","page_number":41,"box":{"x":69,"y":347,"width":759,"height":11}},{"id":"ad525cd0-05b1-4f8a-8f0c-9845d5ba3bf7","block_type":"box","text":"restrictions), in which case the Fund’s transfer agent will use commercially reasonable effor ts to remediate its","page_number":41,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"211184b6-a400-46e6-9e13-650d6e5d84f4","block_type":"box","text":"records accordingly. Conflicts may arise due to, among other things, a chain outage (i.e., the blockchain becomes","page_number":41,"box":{"x":69,"y":377,"width":809,"height":12}},{"id":"377cbcd8-ecee-4ffa-86ba-1261bb5915b7","block_type":"box","text":"unavailable or unreliable), a bug resulting in erroneous minting or burning of Tokens, a reversal of a previously","page_number":41,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"90b11444-9139-4e63-987c-41018d1aa0d3","block_type":"box","text":"finalized transaction (which would represent a fundamental compromise of the network’s security guarantees), or a","page_number":41,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"368ed8ab-4887-47da-a4a8-9e75ed42adb7","block_type":"box","text":"blockchain fork resulting in two competing chains. Typically, the Fund’s transfer agent will reconcile its records with","page_number":41,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"9001f7fd-1eb2-4f27-a5fe-53b73a45e0cc","block_type":"box","text":"blockchain transactions on at least a daily basis.","page_number":41,"box":{"x":69,"y":438,"width":347,"height":11}},{"id":"c157fd27-5bed-4a48-beea-3dc3da7b6d0b","block_type":"box","text":"Blockchain Fees, Functionality, and Transaction Processing","page_number":41,"box":{"x":102,"y":461,"width":418,"height":11}},{"id":"43ceaed2-04c2-4856-b8fe-4577549decba","block_type":"box","text":"Public blockchain networks require the payment of cer tain transaction fees to execute a transaction on the","page_number":41,"box":{"x":102,"y":483,"width":760,"height":11}},{"id":"2c007ab5-116e-418e-8ed7-74019c84947a","block_type":"box","text":"applicable network. These fees are typically paid in the native digital asset for the operation of the blockchain","page_number":41,"box":{"x":69,"y":498,"width":780,"height":11}},{"id":"f33938cf-dea5-4aa4-9f15-c7c74b4b07ab","block_type":"box","text":"network (such as, on the Ethereum blockchain, for example, in the form of “ether,” the native digital asset for the","page_number":41,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"73c5daf1-5750-4408-9aaa-818c83a5c129","block_type":"box","text":"operation of Ethereum) but may also include other eligible digital assets depending on network design. These","page_number":41,"box":{"x":69,"y":528,"width":779,"height":12}},{"id":"bc5f974b-3bc4-4d34-8c9f-daac792852b8","block_type":"box","text":"transaction fees (sometimes called “gas fees”) are paid to execute a transaction. Gas measures the amount of","page_number":41,"box":{"x":68,"y":543,"width":798,"height":12}},{"id":"51cfa939-9f98-4ee3-b6c3-81b6b2b641e9","block_type":"box","text":"computational effor t that it will take to execute a given transaction. The amount of gas required to execute a","page_number":41,"box":{"x":69,"y":559,"width":774,"height":11}},{"id":"0a9a7873-b718-4d6e-b531-8172e85cef1a","block_type":"box","text":"transaction will vary from transaction to transaction depending on, among other things, the complexity or size of a","page_number":41,"box":{"x":68,"y":574,"width":812,"height":11}},{"id":"3574e008-6e97-4409-893b-286bdf44a3e8","block_type":"box","text":"par ticular transaction and the congestion on the relevant blockchain. Congestion on the blockchain may be due to","page_number":41,"box":{"x":70,"y":589,"width":811,"height":11}},{"id":"e53776ab-4f8c-489c-a7a5-3aaf22b97064","block_type":"box","text":"increased transactions involving smar t contracts that are unrelated to OnChain Shares, and the Fund cannot control","page_number":41,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"677eeffd-8e3b-455b-a172-ead4ad122a91","block_type":"box","text":"such congestion.","page_number":41,"box":{"x":69,"y":619,"width":119,"height":11}},{"id":"ad7edcc2-3adf-428d-988f-6ddd24d3302c","block_type":"box","text":"Delays in transaction processing have occurred on the blockchain networks. Such a delay may occur because of,","page_number":41,"box":{"x":102,"y":642,"width":802,"height":11}},{"id":"f8f062a2-4f44-4bc6-9ddb-100460dcc3fd","block_type":"box","text":"among other things, the inability of nodes to reach consensus on transactions or upgrades or changes to the","page_number":41,"box":{"x":69,"y":657,"width":776,"height":11}},{"id":"81832d32-d35d-4c1b-9433-577265ebe54c","block_type":"box","text":"applicable blockchain protocol. During a network delay, recording transactions in OnChain Shares on the blockchain","page_number":41,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"c380064f-436f-4de5-bb45-d652e37d6c82","block_type":"box","text":"will not be possible and as such may cause discrepancies between the blockchain record and the backup off-chain","page_number":41,"box":{"x":68,"y":687,"width":819,"height":11}},{"id":"6f5df128-f6bf-4a87-ab38-36eeab92db38","block_type":"box","text":"record maintained by the Fund’s transfer agent. Should such a delay occur for an extended period of time, the Fund","page_number":41,"box":{"x":69,"y":702,"width":822,"height":12}},{"id":"b2a4cf38-286d-4cd3-b98e-bcfa2f100125","block_type":"box","text":"could choose to effect transactions with shareholders manually (i.e., in book-entry form) or to provide shareholders","page_number":41,"box":{"x":69,"y":717,"width":821,"height":12}},{"id":"1407152c-7831-4521-83fd-49e798057dc4","block_type":"box","text":"with a means to submit transaction requests on a different network approved for use by the Fund, in each case until","page_number":41,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"67d6c093-f4ad-489f-bcdc-39f0b8eb68b7","block_type":"box","text":"such time as the network has resumed normal operation. In such circumstances, depending on the action taken by","page_number":41,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"58c4d79d-d426-44ff-af1e-226007640f3d","block_type":"box","text":"the Fund in response to these events, dividends declared during such period may not be reinvested in additional","page_number":41,"box":{"x":68,"y":763,"width":801,"height":11}},{"id":"4af4a4d7-cd9c-4e1c-9de9-38f60120d8a3","block_type":"box","text":"OnChain Shares and may instead be paid to affected shareholders in cash until shareholders are otherwise notified","page_number":41,"box":{"x":69,"y":778,"width":826,"height":11}},{"id":"73b0df78-ad8d-49ab-a603-12dd1fc21ac9","block_type":"box","text":"by the Fund or the Fund’s transfer agent that dividend reinvestment has resumed. Notwithstanding any pause, delay,","page_number":41,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"fcb04605-e5c2-41ef-b690-8d0d939ed210","block_type":"box","text":"or freeze affecting a blockchain network, the Fund’s transfer agent will continue to receive, validate, and process","page_number":41,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"33259549-498a-4582-a306-794b004c7d3e","block_type":"box","text":"redemption requests off-chain in good order. Shareholders’ ability to redeem OnChain Shares is not conditioned upon","page_number":41,"box":{"x":69,"y":823,"width":838,"height":12}},{"id":"ffc6524a-6700-4a2c-830a-e03a3225c59c","block_type":"box","text":"the availability or operability of any blockchain network, and the Fund’s transfer agent will process all redemption","page_number":41,"box":{"x":68,"y":838,"width":804,"height":12}},{"id":"d4753b95-cd4f-493d-b1fa-85cf8f17aae7","block_type":"box","text":"requests that are received in good order regardless of the status of any suppor ted blockchain.","page_number":41,"box":{"x":69,"y":853,"width":673,"height":12}},{"id":"d1a726ec-aa17-42d9-9036-aa41e12786d3","block_type":"box","text":"The Fund or Blackrock may choose to re-evaluate the suitability of a par ticular blockchain network for use by the","page_number":41,"box":{"x":101,"y":876,"width":799,"height":11}},{"id":"d0d4546b-5741-4366-8d08-c513159004ac","block_type":"box","text":"Fund in the event of future or recurring delays, technical malfunctions or for other reasons. In the event the Fund","page_number":41,"box":{"x":70,"y":891,"width":801,"height":12}},{"id":"1c87f889-6059-45d9-b77f-b0008ecbed9c","block_type":"box","text":"discontinues use of a blockchain network, the Fund will suspend new OnChain Share subscriptions through such","page_number":41,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"4a768674-ead8-4597-aeb1-36ca679d1b12","block_type":"box","text":"II-4","page_number":41,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f6643919-8ba3-45b0-be41-089dd3be746e","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":41,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c2ed0a1a-7844-440f-a330-a4bccca18e9e","block_type":"box","text":"network and may take such additional actions as it deems appropriate with respect to any OnChain Shares deployed","page_number":42,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"f1993401-71f3-4626-9907-0433392824f0","block_type":"box","text":"on the network, including, without limitation and where applicable law and blockchain architecture permit, processing","page_number":42,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"2513e198-611a-428e-91d4-acd3a57b17b9","block_type":"box","text":"redemptions of such OnChain Shares manually or initiating the redemption of OnChain Shares deployed on affected","page_number":42,"box":{"x":69,"y":75,"width":825,"height":11}},{"id":"ff829b18-24e0-4afa-9a72-df95e0f82f5a","block_type":"box","text":"blockchain.","page_number":42,"box":{"x":69,"y":90,"width":78,"height":9}},{"id":"0c82aeef-3681-46e6-9f84-1af2dee11c9a","block_type":"box","text":"Peer-to-Peer Transfers","page_number":42,"box":{"x":102,"y":113,"width":154,"height":9}},{"id":"95621e53-73c0-4a03-8ab0-f253617a3b76","block_type":"box","text":"OnChain Shares may be transferred in peer-to-peer transactions from one shareholder wallet to another current","page_number":42,"box":{"x":102,"y":135,"width":793,"height":11}},{"id":"fb70648a-73bb-48fc-8bf1-f5b7cedbf1d9","block_type":"box","text":"shareholder wallet within any approved blockchain network. A record of completed peer-to-peer transactions is","page_number":42,"box":{"x":69,"y":150,"width":783,"height":12}},{"id":"5483a626-a164-43be-9c8c-258920416da0","block_type":"box","text":"recorded by the Transfer Agent’s blockchain-integrated recordkeeping system due to it being viewable on the","page_number":42,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"3eafe9e7-dff0-429e-84fd-a1850a36776e","block_type":"box","text":"blockchain. Before transferring OnChain Shares, you (as the transferor) and the potential transferee must each have","page_number":42,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"9ba68845-71df-44f7-95c8-ebd983d85895","block_type":"box","text":"an active, permissioned (i.e., “whitelisted”) wallet registered with the Fund’s transfer agent.","page_number":42,"box":{"x":69,"y":196,"width":654,"height":11}},{"id":"1311287f-07f3-4b98-85af-4a3cc0cf91b2","block_type":"box","text":"The Fund imposes no minimum number of OnChain Shares required to effect a transfer. The relevant blockchain","page_number":42,"box":{"x":101,"y":218,"width":800,"height":11}},{"id":"375f649e-461f-447e-8d3b-3c448e41be9d","block_type":"box","text":"will, however, generally impose a minimum fractional token size, which, in practice will place limits on the minimum","page_number":42,"box":{"x":68,"y":234,"width":820,"height":11}},{"id":"ca0f744a-23fa-4c19-9943-6bfa7e685940","block_type":"box","text":"number of OnChain Shares that can be transferred in a peer-to-peer transaction. OnChain Shares will be coded such","page_number":42,"box":{"x":69,"y":249,"width":828,"height":11}},{"id":"52ba116f-b891-4559-b954-bba2ef56972b","block_type":"box","text":"that they can only be transferred to wallets that previously have been whitelisted by the Fund’s transfer agent. Peer","page_number":42,"box":{"x":68,"y":264,"width":826,"height":11}},{"id":"63c77320-fb7d-4c6c-932b-9b64f6818ad3","block_type":"box","text":"to-peer transfers of OnChain Shares can occur at any time on any given day, including outside of the Fund’s normal","page_number":42,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"e8a63114-8a1a-4b6b-98a9-875db60442d1","block_type":"box","text":"business hours. Such transfers are deemed complete upon confirmation of the transaction on the applicable","page_number":42,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"dfcc18e4-29bb-438f-8dae-5c52f7a9485b","block_type":"box","text":"blockchain. A transferee will become a registered owner of OnChain Shares at the time such OnChain Shares are","page_number":42,"box":{"x":69,"y":309,"width":806,"height":11}},{"id":"38bffc69-c45c-4e0c-abcc-32e8e2084264","block_type":"box","text":"transferred to their wallet, which may occur intra-day or on days or at times when the Fund is closed for business.","page_number":42,"box":{"x":68,"y":324,"width":810,"height":11}},{"id":"28eb98f1-a361-4b97-ae24-ab11a2dd9e41","block_type":"box","text":"Dividend eligibility with respect to transferred OnChain Shares will be determined in accordance with the Fund’s","page_number":42,"box":{"x":70,"y":339,"width":793,"height":12}},{"id":"1e51163e-8306-45ab-9491-a71b33555a85","block_type":"box","text":"prospectus. For more information on dividend eligibility related to peer-to-peer transfers of OnChain Shares,","page_number":42,"box":{"x":70,"y":355,"width":763,"height":11}},{"id":"73601037-9263-41f4-8d05-2917b725200c","block_type":"box","text":"shareholders should consult the “Dividends, Distributions, and Taxes” section of the Fund’s prospectus.","page_number":42,"box":{"x":69,"y":370,"width":743,"height":11}},{"id":"83e06b35-af46-4d7a-bdb4-2f4e9a02e9be","block_type":"box","text":"The Fund has no ability to control or monitor the price at which peer-to-peer transfers of OnChain Shares occur,","page_number":42,"box":{"x":101,"y":392,"width":789,"height":12}},{"id":"b4cfd543-10d3-4dea-b2dc-5f9bf4c7a5bd","block_type":"box","text":"and such transfers may be executed at prices that differ from the Fund’s then-current NAV. You should consult your","page_number":42,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"979cc5fb-a22a-4362-9d06-491c509ffb8a","block_type":"box","text":"own tax advisor regarding your par ticular circumstances, and about any federal, state, local and foreign tax","page_number":42,"box":{"x":69,"y":423,"width":762,"height":11}},{"id":"da1f41d9-b28a-4fce-bb56-783cd4c4c272","block_type":"box","text":"consequences in connection with the transfer of OnChain Shares. The Fund’s transfer agent cannot ensure the","page_number":42,"box":{"x":69,"y":438,"width":790,"height":11}},{"id":"b6210784-85bf-40a2-84eb-caaa6b6afdd2","block_type":"box","text":"reliability of peer-to-peer transfers of OnChain Shares.","page_number":42,"box":{"x":69,"y":453,"width":382,"height":11}},{"id":"e21ad2e0-354e-441d-8df3-bba0975459e7","block_type":"box","text":"To the extent investors or potential investors engage in","page_number":42,"box":{"x":457,"y":453,"width":405,"height":11}},{"id":"75974bfd-60b0-4952-943a-15fd41cad4ac","block_type":"box","text":"transfers between each other at a price other than NAV, such transfers may, in certain circumstances, have legal","page_number":42,"box":{"x":68,"y":468,"width":827,"height":11}},{"id":"c4388016-ea85-4249-b781-b9b635df6f6e","block_type":"box","text":"implications for those persons under the federal securities laws or otherwise. Neither the Prospectus nor this SAI","page_number":42,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"b3d655b1-5f31-4cbb-8c8e-404d8f4a5c75","block_type":"box","text":"designates any person as authorized to consummate transactions in OnChain Shares. In addition, as of the date of","page_number":42,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"581e16f3-b301-4da8-8a53-4aef44ba8354","block_type":"box","text":"this SAI, no person other than the Distributor is authorized by the Fund to act as a dealer in OnChain Shares and","page_number":42,"box":{"x":68,"y":513,"width":822,"height":11}},{"id":"817f628b-cedf-4d3b-aa97-6b6e5717ff81","block_type":"box","text":"no person is permitted to so act without the express written authorization of the Fund.","page_number":42,"box":{"x":69,"y":528,"width":633,"height":11}},{"id":"3078a29c-2300-4da0-bc7c-6ca998c8f5b1","block_type":"box","text":"Neither the Fund nor the transfer agent can ensure the reliability of any transfer of other assets negotiated in","page_number":42,"box":{"x":102,"y":551,"width":777,"height":11}},{"id":"fec31619-3380-4ab5-bdd3-883d4d2b78c5","block_type":"box","text":"connection with peer-to-peer transfers.","page_number":42,"box":{"x":69,"y":566,"width":272,"height":11}},{"id":"9dfc66c1-f1aa-4ac2-a31a-b6f76195a45b","block_type":"box","text":"Digital Wallet Security","page_number":42,"box":{"x":102,"y":589,"width":154,"height":11}},{"id":"f6fae31a-66e1-4f85-b1d2-2cc86bb80d7b","block_type":"box","text":"An investor in OnChain Shares or its third-par ty wallet custodian is responsible for securing the investor’s own","page_number":42,"box":{"x":101,"y":612,"width":784,"height":11}},{"id":"523f0889-8095-4d65-a71b-ef1688d4acac","block_type":"box","text":"private key against loss or theft. Although the Fund’s transfer agent maintains controls to correct errors or","page_number":42,"box":{"x":70,"y":627,"width":757,"height":11}},{"id":"11ce3e72-746a-4bd9-b506-770d9db11997","block_type":"box","text":"unauthorized transactions when an investor loses its own private key (or it is stolen), such intervention may require","page_number":42,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"5c30285c-88a1-4691-91d5-e8ecc3d6df86","block_type":"box","text":"information collection and operational tasks to accomplish and may render the investor’s token balances unavailable","page_number":42,"box":{"x":70,"y":657,"width":833,"height":11}},{"id":"2700d490-7769-4656-9af5-8d84a2690fa5","block_type":"box","text":"while these activities take place. The immediacy with which an investor notifies the Fund’s transfer agent of the loss","page_number":42,"box":{"x":68,"y":672,"width":830,"height":11}},{"id":"cffda3be-84cc-4981-b1ac-466ae5bbbb33","block_type":"box","text":"or theft of a private key has a direct bearing on the time required by the Fund to per form corrections. The Fund,","page_number":42,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"3d021d4f-85ed-4c1c-8618-79f6b03b1d38","block_type":"box","text":"however, has sole discretion in determining if, and under what circumstances, it will per form any such corrections.","page_number":42,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"ff2e0df6-e5b9-4f4d-b51c-8bda208ee3f0","block_type":"box","text":"The Fund is not obligated to make any such corrections, and its decision in this regard, including any action or","page_number":42,"box":{"x":68,"y":718,"width":787,"height":11}},{"id":"d603665d-f120-4e46-9e47-34d2d29e1e94","block_type":"box","text":"inaction taken by the Fund, is dispositive. For additional information on procedures in the event of a lost or stolen","page_number":42,"box":{"x":70,"y":732,"width":809,"height":12}},{"id":"3b2b33b8-c314-4429-8f0e-76db3c85a1c7","block_type":"box","text":"private key and potential corrective measures taken by the Fund or the Fund’s transfer agent, investors should","page_number":42,"box":{"x":70,"y":748,"width":786,"height":11}},{"id":"3b72aaaf-a31d-48f3-888f-faf6e0dd694c","block_type":"box","text":"consult the Fund’s prospectus.","page_number":42,"box":{"x":69,"y":763,"width":219,"height":11}},{"id":"ca8c0ad0-d23b-4cea-9b6b-f4858fd23d90","block_type":"box","text":"Investors in OnChain Shares can mitigate the risk associated with a lost or stolen private key for their investor","page_number":42,"box":{"x":102,"y":785,"width":789,"height":12}},{"id":"b37cc467-1930-4822-8403-a80d4ae36178","block_type":"box","text":"managed wallet by:","page_number":42,"box":{"x":69,"y":801,"width":135,"height":11}},{"id":"dfcef67d-48af-4605-8ae6-cc43a40acc0f","block_type":"box","text":"•","page_number":42,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"ae8bc4fb-0623-46c0-bf50-500e0bd4c2ef","block_type":"box","text":"Using a “multi-sig configuration” where multiple private keys are required to sign an instruction from the wallet;","page_number":42,"box":{"x":102,"y":821,"width":790,"height":11}},{"id":"b89b02b8-a457-44bf-a985-f52e0188c0c3","block_type":"box","text":"•","page_number":42,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"54f7aa40-c9f0-40be-b669-3cfbe0a54e10","block_type":"box","text":"Using a backup recovery phrase, secured in a safe place, or other two-factor authentication method;","page_number":42,"box":{"x":102,"y":841,"width":713,"height":11}},{"id":"2a566f09-107a-4201-8f4b-bca376a50701","block_type":"box","text":"•","page_number":42,"box":{"x":69,"y":864,"width":6,"height":4}},{"id":"ac8e1969-7822-4079-8be7-526356070be7","block_type":"box","text":"Physically securing storage for investor-managed wallet devices that are implemented in hardware;","page_number":42,"box":{"x":102,"y":861,"width":700,"height":11}},{"id":"ad5a26e5-1e28-4642-8d4b-5b10f71c50bf","block_type":"box","text":"•","page_number":42,"box":{"x":69,"y":884,"width":6,"height":5}},{"id":"72bff19a-b505-41d6-9614-17ea1fa6ae96","block_type":"box","text":"Using PINs or other equivalent per-transaction authentication methods if suppor ted by the investor-managed","page_number":42,"box":{"x":102,"y":881,"width":769,"height":11}},{"id":"d47e0c51-9234-4aa0-959e-cdada7677b3b","block_type":"box","text":"wallet solution; and/or","page_number":42,"box":{"x":101,"y":897,"width":162,"height":10}},{"id":"38f99f1e-9098-4f28-bffc-75dddf4c7898","block_type":"box","text":"II-5","page_number":42,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"76f741fd-4efc-4070-8d89-a470cf10482d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":42,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"75bd4a3f-6af3-4f0b-95a0-fc1f7720d11f","block_type":"box","text":"•","page_number":43,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"7a77188d-6851-4b1a-8b27-0d789969b75f","block_type":"box","text":"Being aware of phishing and social manipulation techniques commonly used to extract sensitive information from","page_number":43,"box":{"x":102,"y":45,"width":806,"height":11}},{"id":"226a0dca-340a-40a7-a739-9e17e6ee878e","block_type":"box","text":"you via written or verbal communication.","page_number":43,"box":{"x":101,"y":60,"width":285,"height":11}},{"id":"0557bc2f-5e96-4608-9938-e983f04e364a","block_type":"box","text":"Blockchain Technology.","page_number":43,"box":{"x":102,"y":83,"width":168,"height":11}},{"id":"f978bb85-2c93-47b4-b3b0-1868ff52b9bc","block_type":"box","text":"y.","page_number":43,"box":{"x":270,"y":89,"width":2,"height":2}},{"id":"385648ec-499d-44e6-8063-76fce58697e5","block_type":"box","text":"Blockchain technology is a relatively new and evolving technology which operates as a","page_number":43,"box":{"x":280,"y":83,"width":610,"height":11}},{"id":"33794a60-5c1f-42c7-9b68-5abaa6aa1073","block_type":"box","text":"distributed ledger. Blockchain systems could be vulnerable to fraud, par ticularly if a significant por tion of network","page_number":43,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"7505e763-2c78-47e0-96f4-8ab2d8981ece","block_type":"box","text":"validators colluded to defraud the rest. Access to a given blockchain requires an individualized private key, which, if","page_number":43,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"c6d21040-6d3b-4783-810f-75cdc5583d95","block_type":"box","text":"compromised, could result in loss due to theft, destruction or inaccessibility. Regulation of blockchain technology is","page_number":43,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"073b8208-e879-49a8-be0b-3f90bb241712","block_type":"box","text":"evolving and may vary significantly across jurisdictions. Any future regulatory developments could affect the viability","page_number":43,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"aed641c5-9c51-4a50-9865-6faf934bed89","block_type":"box","text":"and expansion of the use of blockchain technology.","page_number":43,"box":{"x":69,"y":158,"width":363,"height":11}},{"id":"c0f298cf-b509-452a-8913-70bfa5d87dc4","block_type":"box","text":"Because blockchain technology systems may operate across many national boundaries and regulatory","page_number":43,"box":{"x":102,"y":181,"width":729,"height":11}},{"id":"59916607-95e8-471e-865a-9c1c2abd5e5d","block_type":"box","text":"jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.","page_number":43,"box":{"x":67,"y":196,"width":803,"height":11}},{"id":"f070b65b-c041-40d5-882a-995c47df129a","block_type":"box","text":"Blockchain technology is not a product or service that provides identifiable revenue for companies that implement, or","page_number":43,"box":{"x":70,"y":211,"width":835,"height":11}},{"id":"2988e6e4-bdb4-41dd-a56a-71e3574421d9","block_type":"box","text":"otherwise use it. Currently, blockchain technology is commonly used for the recording of transactions in digital","page_number":43,"box":{"x":69,"y":226,"width":785,"height":11}},{"id":"5ebd0eba-748a-4f9d-908d-ef9521b14fff","block_type":"box","text":"currency, which may be extremely speculative and volatile. Problems in digital currency markets could have a wider","page_number":43,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"c2583467-671e-46b7-8bae-094aa72bef2e","block_type":"box","text":"effect on companies associated with blockchain technology. Blockchain technology also may never be implemented","page_number":43,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"fd20d8b3-37ba-4e0d-b0c6-9b55b5ea96a2","block_type":"box","text":"to a scale that provides identifiable economic benefit. There are currently a number of competing blockchain","page_number":43,"box":{"x":68,"y":271,"width":772,"height":12}},{"id":"3eeca140-b4d8-4020-9567-269716b594cc","block_type":"box","text":"platforms with competing intellectual proper ty claims. The uncer tainty inherent in these competing technologies could","page_number":43,"box":{"x":70,"y":286,"width":839,"height":12}},{"id":"d84b2f63-1c55-4179-874c-f281c0bea95d","block_type":"box","text":"cause companies to use alternatives to blockchain. Finally, because digital assets registered on a blockchain do not","page_number":43,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"77d14410-1816-4ca4-b89d-0cbfba96495f","block_type":"box","text":"have a standardized exchange, like a stock market, there is less liquidity for such assets and greater possibility of","page_number":43,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"2808a19d-9c30-4d39-9e02-b29d3daa23ca","block_type":"box","text":"fraud or manipulation.","page_number":43,"box":{"x":68,"y":332,"width":156,"height":11}},{"id":"998bdcf5-ee3c-4c47-990b-73bc5a4bf37d","block_type":"box","text":"There are risks associated with the issuance, redemption, transfer, custody and record keeping of OnChain","page_number":43,"box":{"x":101,"y":355,"width":763,"height":11}},{"id":"0fb34d9f-fbbd-4c06-98ad-0ea2dc8bddd0","block_type":"box","text":"Shares maintained and recorded primarily on a blockchain. For example, shares that are issued using blockchain","page_number":43,"box":{"x":69,"y":370,"width":805,"height":11}},{"id":"01e85609-ed8c-4cc5-9eb7-a8d3d55e13ee","block_type":"box","text":"technology would be subject to the following risks, among others:","page_number":43,"box":{"x":68,"y":385,"width":465,"height":11}},{"id":"1c17094c-4e41-40cf-8c18-a1c149ae4b4e","block_type":"box","text":"1. Delays in processing of shareholder transactions on the blockchain, which may be due to network-wide","page_number":43,"box":{"x":135,"y":407,"width":750,"height":12}},{"id":"2f527a38-12d0-4171-96c8-ba2c75d08c8d","block_type":"box","text":"outages;","page_number":43,"box":{"x":102,"y":423,"width":59,"height":11}},{"id":"e4cf8ea9-ae3b-49dd-a76f-b3bab723e768","block_type":"box","text":"2. A rapidly-evolving regulatory landscape in the United States and in other countries, which might result in","page_number":43,"box":{"x":134,"y":445,"width":759,"height":12}},{"id":"8577435b-0260-42d4-8be6-8c6e91074b1b","block_type":"box","text":"security, privacy or other regulatory concerns that could require changes to the way transactions in the shares","page_number":43,"box":{"x":102,"y":461,"width":783,"height":11}},{"id":"693a9e74-3034-4a4c-a38b-34cb46868277","block_type":"box","text":"are recorded;","page_number":43,"box":{"x":102,"y":476,"width":93,"height":10}},{"id":"401e83fa-6b30-4413-be8c-5ed16b4ba905","block_type":"box","text":"3. The possibility of undiscovered technical flaws in an underlying technology, including in the process by","page_number":43,"box":{"x":134,"y":498,"width":746,"height":11}},{"id":"305417d5-218b-40fb-80ac-6813116619bf","block_type":"box","text":"which transactions are recorded to a blockchain, or by which the validity of a copy of such blockchain can be","page_number":43,"box":{"x":101,"y":513,"width":772,"height":11}},{"id":"b71706ef-99c9-4287-9366-376cb8b7832c","block_type":"box","text":"proven;","page_number":43,"box":{"x":102,"y":531,"width":50,"height":8}},{"id":"7b3cccdd-e8a0-4e5d-8f1f-4c6e9da697af","block_type":"box","text":"4. The possibility that cryptographic or other security measures that authenticate prior transactions for a","page_number":43,"box":{"x":134,"y":551,"width":745,"height":11}},{"id":"704e0811-ff50-4719-ae13-51b28cc96b34","block_type":"box","text":"blockchain could be compromised, or “hacked,” which could allow an attacker to inter fere with the integrity of","page_number":43,"box":{"x":102,"y":566,"width":782,"height":11}},{"id":"4b623149-39e1-41cb-abd4-62915e3873f8","block_type":"box","text":"the blockchain and thereby disrupt the ability to corroborate definitive transactions recorded on the blockchain;","page_number":43,"box":{"x":101,"y":581,"width":791,"height":11}},{"id":"e20d1626-65c5-4dc5-a05a-5ca1edc3b130","block_type":"box","text":"5. The possibility that new technologies, software changes, or service disruptions that inhibit access to a","page_number":43,"box":{"x":134,"y":604,"width":751,"height":11}},{"id":"07034085-c91a-4458-9f93-be5971e6fb7f","block_type":"box","text":"blockchain;","page_number":43,"box":{"x":102,"y":619,"width":78,"height":11}},{"id":"f649aa3e-584b-48e1-b489-bcda05de843f","block_type":"box","text":"6. The volatility of transaction fees, par ticularly during periods of network congestion, could make the cost","page_number":43,"box":{"x":134,"y":642,"width":758,"height":11}},{"id":"e2ada357-40f6-47fd-ad73-0b2a4bc0f33c","block_type":"box","text":"of operating the Fund’s blockchain-integrated system less predictable; and","page_number":43,"box":{"x":102,"y":657,"width":530,"height":11}},{"id":"731b3234-68a6-4934-abd2-7c7f4ccf28f6","block_type":"box","text":"7. The possibility that a breach to one blockchain could cause investors, and the public generally, to lose","page_number":43,"box":{"x":135,"y":680,"width":747,"height":11}},{"id":"668240ca-5ae2-4d76-810d-b8b21bb273be","block_type":"box","text":"trust in blockchain technology and increase reluctance to issue and invest in assets recorded on blockchains.","page_number":43,"box":{"x":101,"y":695,"width":783,"height":11}},{"id":"b5f1e11e-b36f-4578-8b02-7a1d5c888b24","block_type":"box","text":"In addition, blockchain technology risk can carry with it additional sub-risks, including: Fork Risk and Network","page_number":43,"box":{"x":102,"y":718,"width":775,"height":11}},{"id":"6b09df1c-27ce-44c2-896c-8ba13ce42d02","block_type":"box","text":"Attack Risk. The following discussion describes these risks in the context of the blockchain architectures expected to","page_number":43,"box":{"x":68,"y":732,"width":836,"height":12}},{"id":"f47b9c39-13aa-49cf-b75d-6cadc63f19c6","block_type":"box","text":"be utilized by the Fund. For illustrative purposes only, the below discussion refers in places to features specific to","page_number":43,"box":{"x":69,"y":748,"width":809,"height":11}},{"id":"622d1c2b-2490-4aa0-816d-a6c6d46c01b4","block_type":"box","text":"Ethereum, which operates as a proof-of-stake network as of the date of this SAI. These features, and the related","page_number":43,"box":{"x":70,"y":763,"width":801,"height":11}},{"id":"0e2e96c3-14be-4251-ab53-e45d5828a7b0","block_type":"box","text":"risks, will vary among different proof-of-stake blockchains and will differ with respect to blockchains that operate by","page_number":43,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"cb160c7d-f430-463b-83f0-54d8c823ccff","block_type":"box","text":"other consensus mechanisms, such as those that employ a permissioned set of validators. The Fund expects","page_number":43,"box":{"x":69,"y":793,"width":782,"height":11}},{"id":"321c4afe-98bb-4d35-8d8e-c869e446652d","block_type":"box","text":"OnChain Shares to be deployed on multiple blockchains with different consensus architectures.","page_number":43,"box":{"x":69,"y":808,"width":681,"height":11}},{"id":"50616149-57ff-48c6-b537-40ae91f2834d","block_type":"box","text":"Fork Risk","page_number":43,"box":{"x":102,"y":831,"width":64,"height":9}},{"id":"fed3f97b-fa8a-4aed-8b63-350a36a7b507","block_type":"box","text":"Blockchain software is generally open-source. Any user can download the software, modify it and then propose","page_number":43,"box":{"x":102,"y":853,"width":787,"height":12}},{"id":"43f1cae9-6ff1-45bf-932e-5c0bcbab6b24","block_type":"box","text":"that the network adopt the modification. In practice, modifications to blockchain networks are typically introduced","page_number":43,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"68089b10-7d32-49a1-9134-6911e3f52d8a","block_type":"box","text":"II-6","page_number":43,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"06e094c4-6b9e-4eff-962c-3f2cd630ab06","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":43,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6aebdfc2-b8de-42c6-9c35-db3da1de09c1","block_type":"box","text":"through a structured governance process, including formal improvement proposals, community review, developer","page_number":44,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"131a44a3-fada-4d81-a09c-329abba97923","block_type":"box","text":"consensus-building, and extensive testing on development and test networks before deployment on the main","page_number":44,"box":{"x":69,"y":60,"width":775,"height":11}},{"id":"cfb10e7b-37ae-4d0b-ad38-456a5b450cde","block_type":"box","text":"network.","page_number":44,"box":{"x":69,"y":75,"width":58,"height":9}},{"id":"f2a699ef-dc50-4502-ac18-54afa1e2e1d7","block_type":"box","text":"When a modification is introduced and a substantial majority of users and validators consent to the modification,","page_number":44,"box":{"x":101,"y":98,"width":805,"height":11}},{"id":"f0fa0561-cc68-420d-9b38-f40df449cef9","block_type":"box","text":"the change typically is implemented and the blockchain network remains uninterrupted. Most protocol upgrades on","page_number":44,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"3482eb8d-8891-43a9-9913-dd513d27de78","block_type":"box","text":"Ethereum, for example, are implemented as planned network-wide upgrades (commonly referred to as “hard forks”)","page_number":44,"box":{"x":70,"y":128,"width":822,"height":11}},{"id":"26158082-c1af-4ae1-9389-1dd737d7374b","block_type":"box","text":"in which the entire community upgrades together and the prior version of the network is effectively abandoned.","page_number":44,"box":{"x":70,"y":143,"width":787,"height":11}},{"id":"eab0334f-0d6d-426d-8679-f80ac8e922ce","block_type":"box","text":"However, if less than a substantial majority of users and validators consent to a proposed modification, and the","page_number":44,"box":{"x":102,"y":166,"width":796,"height":11}},{"id":"be2b4f91-1253-4c89-a62c-956f4dd795c8","block_type":"box","text":"modification is not compatible with the software prior to its modification, the consequence could be what is known as","page_number":44,"box":{"x":69,"y":181,"width":837,"height":11}},{"id":"3a69b7e6-a117-4986-a0a0-59297168ff2c","block_type":"box","text":"a contentious “fork” (i.e., “split”) of the blockchain network (and the blockchain), with one version running the pre","page_number":44,"box":{"x":69,"y":196,"width":815,"height":11}},{"id":"0a792006-0c89-4fba-ad4f-5691acb9e01a","block_type":"box","text":"modified software and the other running the modified software. The effect of such a fork would be the existence of","page_number":44,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"f6d1ec30-7381-4c36-99fc-395278f0b05b","block_type":"box","text":"two (or more) versions of the blockchain network running in parallel, but with each version’s native asset lacking","page_number":44,"box":{"x":68,"y":226,"width":801,"height":11}},{"id":"cbce69c7-d684-4d54-aeda-1b730deb6f98","block_type":"box","text":"interchangeability. For example, while such contentious forks have historically been rare on Ethereum, a notable","page_number":44,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"2e62c1e5-b21f-4839-b388-db6b5e9e2b25","block_type":"box","text":"example occurred in 2016 when the Ethereum network split into Ethereum and Ethereum Classic. Additionally, a fork","page_number":44,"box":{"x":69,"y":256,"width":832,"height":11}},{"id":"523ac4a4-3bad-46ba-ab2d-346bec68393b","block_type":"box","text":"could be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible","page_number":44,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"20e75bee-5001-47e3-969e-a9f5109ced51","block_type":"box","text":"software users run.","page_number":44,"box":{"x":69,"y":286,"width":137,"height":10}},{"id":"214ddd3b-c71a-4e85-8141-ab18f663bd9d","block_type":"box","text":"Cer tain blockchains operate under proof-of-stake-based consensus mechanisms. Under proof-of-stake, validators","page_number":44,"box":{"x":102,"y":309,"width":804,"height":11}},{"id":"11a18be1-7eb9-4b37-9fd2-34908751cf69","block_type":"box","text":"are required to stake or receive delegations of a specified minimum amount of the blockchain’s native digital asset","page_number":44,"box":{"x":69,"y":324,"width":822,"height":12}},{"id":"da993ba9-d4b1-450f-a2b4-097f6ad46b6b","block_type":"box","text":"as collateral to par ticipate in block proposal and attestation. The proof-of-stake mechanism typically includes a","page_number":44,"box":{"x":69,"y":339,"width":790,"height":12}},{"id":"6a1145f4-92c4-43d8-a8cc-e4e599243da6","block_type":"box","text":"finality process under which blocks are considered final once they receive the required supermajority suppor t from","page_number":44,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"a02b3b8d-3abe-46ab-8345-99e50800da84","block_type":"box","text":"validators. Once finalized, a block generally cannot be rever ted without significant disruption to the network and,","page_number":44,"box":{"x":68,"y":370,"width":801,"height":11}},{"id":"0a54e9f8-a79b-4a86-a679-51888fefe1a9","block_type":"box","text":"depending on the applicable protocol, without the attacking validators for feiting a substantial por tion of staked native","page_number":44,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"5162e498-e94e-4c27-b6af-5537205b7761","block_type":"box","text":"tokens through a penalty mechanism known as “slashing.” Slashing or other validator penalty mechanisms may also","page_number":44,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"bc96b645-fe41-4bef-a049-db00bff1f461","block_type":"box","text":"penalize validators who engage in other protocol violations, such as proposing conflicting blocks. These economic","page_number":44,"box":{"x":70,"y":415,"width":809,"height":11}},{"id":"925f4c0b-d07b-4a6a-a88d-75d118162b09","block_type":"box","text":"penalties serve as a significant deterrent against validators suppor ting a competing chain in a fork scenario,","page_number":44,"box":{"x":70,"y":430,"width":773,"height":11}},{"id":"e0873ab0-6ada-41ef-956a-b3b3d112bc9f","block_type":"box","text":"although the availability, operation and scope of such penalties or mechanisms may differ among proof-of-stake","page_number":44,"box":{"x":69,"y":445,"width":795,"height":12}},{"id":"5dc962e9-fb9c-462d-944e-10b18345c0b7","block_type":"box","text":"blockchains.","page_number":44,"box":{"x":69,"y":461,"width":87,"height":8}},{"id":"da354b9d-f209-40d7-ae9b-fa6af7f13e6b","block_type":"box","text":"Notwithstanding these deterrents, the proof-of-stake consensus mechanism introduces cer tain risks that are","page_number":44,"box":{"x":102,"y":483,"width":775,"height":11}},{"id":"f8bf50a4-130b-424c-94b6-9b01abdf85f4","block_type":"box","text":"distinct from those present under a proof-of-work system. These include, but are not limited to, the theoretical","page_number":44,"box":{"x":69,"y":498,"width":784,"height":11}},{"id":"d255e63d-d99b-461f-b3fc-32d5ebf5778f","block_type":"box","text":"“nothing at stake” problem (in which validators could attempt to validate on multiple competing chains","page_number":44,"box":{"x":70,"y":514,"width":729,"height":11}},{"id":"51a6523c-b483-4723-b3f6-1198ea0a1385","block_type":"box","text":"simultaneously because proof-of-stake does not require the expenditure of computational resources), as well as","page_number":44,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"614b3022-4768-41d2-acc8-361ab45e6afb","block_type":"box","text":"cer tain attack vectors specific to proof-of-stake, such as block withholding. Although slashing or other validator","page_number":44,"box":{"x":69,"y":543,"width":790,"height":12}},{"id":"9efefa74-3c0a-4538-80e9-ad13f699ceb9","block_type":"box","text":"penalty mechanisms are designed to mitigate these risks, no assurance can be given that such mitigation will be","page_number":44,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"91a46455-e89c-4d47-b4ac-3a1c43f1ed39","block_type":"box","text":"effective under all circumstances.","page_number":44,"box":{"x":69,"y":574,"width":240,"height":9}},{"id":"9e5eb963-fcd0-4c0d-9135-342d34182590","block_type":"box","text":"A protocol modification may also be implemented as a “soft fork,” which is a backward-compatible change that","page_number":44,"box":{"x":101,"y":596,"width":791,"height":12}},{"id":"48c1b377-a939-4613-8715-88b91a55db54","block_type":"box","text":"does not result in a split of the blockchain network. Unlike a hard fork, a soft fork tightens or adds rules to the","page_number":44,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"8f124f12-5c4a-47be-97e6-703022889244","block_type":"box","text":"protocol such that non-upgraded nodes continue to recognize new blocks as valid. While soft forks generally do not","page_number":44,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"25f56d96-70dc-4d16-97df-bfe9627cce4c","block_type":"box","text":"carry the same risk of a chain split, they may still introduce changes that affect the functionality or features available","page_number":44,"box":{"x":69,"y":642,"width":836,"height":11}},{"id":"97d528b3-702b-4585-aa36-3036107a9908","block_type":"box","text":"on the network.","page_number":44,"box":{"x":69,"y":657,"width":109,"height":9}},{"id":"94f63289-7601-4afd-a992-23769dca3439","block_type":"box","text":"If a contentious fork occurs, the original blockchain and the forked blockchain could potentially compete with","page_number":44,"box":{"x":102,"y":680,"width":773,"height":11}},{"id":"f0e69da0-caa6-42bd-acb2-4da37c203e9c","block_type":"box","text":"each other for users, validators, and other par ticipants, leading to a loss of these for the original blockchain. Such","page_number":44,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"72ef3003-f3f1-4225-96c9-85bffcb47235","block_type":"box","text":"competition could reduce the security, functionality, and value of the network on which the Fund’s shares are issued.","page_number":44,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"046a8014-8436-4b48-b96e-b02eff629a65","block_type":"box","text":"In an instance where a fork occurs on a blockchain on which OnChain Shares are deployed, the Fund and the Fund’s","page_number":44,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"ece526ac-6aca-4060-be16-794368163a5e","block_type":"box","text":"transfer agent will determine OnChain Share ownership based on immediately prior available information and will","page_number":44,"box":{"x":68,"y":740,"width":804,"height":11}},{"id":"d097545e-3407-4850-b2c6-f42c03f68138","block_type":"box","text":"announce on the Fund’s transfer agent’s fund-specific website which version of the blockchain on which OnChain","page_number":44,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"d0b0e5df-76e1-4436-88fb-36bb2d9f1e14","block_type":"box","text":"Shares are deployed. During this time, the Fund may choose to freeze blockchain activity in OnChain Shares and","page_number":44,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"74c7d842-eab5-430a-af45-dfa858e2edb1","block_type":"box","text":"effect transactions with shareholders manually (i.e., in book-entry form) until such time as the fork is resolved or the","page_number":44,"box":{"x":69,"y":785,"width":831,"height":12}},{"id":"2a4c12a7-348e-4486-9e09-00f1fe56d65b","block_type":"box","text":"network otherwise has resumed normal operations. Dividends declared during such period will not be reinvested in","page_number":44,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"b3ee0641-2417-4aca-9fae-8681709d14a1","block_type":"box","text":"additional OnChain Shares and will instead be paid to affected shareholders in cash until shareholders are otherwise","page_number":44,"box":{"x":69,"y":816,"width":837,"height":11}},{"id":"15eec1f0-a809-4adf-8029-d8f3dac0f1a5","block_type":"box","text":"notified by the Fund or the Fund’s transfer agent that dividend reinvestment has resumed. Tokens existing on any","page_number":44,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"9dad395c-c290-47fe-815d-b50520bed34c","block_type":"box","text":"non-designated fork will not constitute valid OnChain Shares and will have no claim on the Fund’s assets.","page_number":44,"box":{"x":69,"y":846,"width":750,"height":11}},{"id":"187f98a8-dba0-4a3a-b287-2ba71305701b","block_type":"box","text":"Network Attack Risk","page_number":44,"box":{"x":102,"y":869,"width":141,"height":9}},{"id":"07d247a6-3360-4b87-9adb-fd3a9ee98373","block_type":"box","text":"Proof-of-stake-based blockchain networks rely on validators that stake a network’s native digital asset in order to","page_number":44,"box":{"x":102,"y":891,"width":802,"height":12}},{"id":"59cc8d22-a819-4e73-8a3e-350073aadfe7","block_type":"box","text":"par ticipate in transaction validation and block production. If a malicious actor, whether individually or as par t of a","page_number":44,"box":{"x":70,"y":906,"width":805,"height":12}},{"id":"85d34050-e0c2-484c-a751-e615c434d2ed","block_type":"box","text":"II-7","page_number":44,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b1cefaa5-0451-4585-aa24-0a872cdb5ff4","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":44,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7f0f9d30-7db2-405b-9970-79bc1b2afb93","block_type":"box","text":"coordinated group, were to obtain control over a significant por tion of the total staked assets on a blockchain, that","page_number":45,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"524bda67-352b-4fbe-bb1a-ae0c21903338","block_type":"box","text":"actor could disrupt the operation of the network. Depending on the extent of such control, this could include delaying","page_number":45,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"3012c6ca-991d-4955-a4ff-762d552c65ea","block_type":"box","text":"or preventing transaction confirmation, censoring transactions, influencing the ordering of transactions, or, in more","page_number":45,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"c3ebd5a5-12c6-4685-858e-707fc0382e6d","block_type":"box","text":"extreme circumstances, causing inconsistent views of the blockchain or other failures of the network’s consensus","page_number":45,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"6fa6afc5-32fe-4264-be25-08eaaa587d60","block_type":"box","text":"process. The specific mechanics and thresholds at which such disruptions may occur vary across blockchain","page_number":45,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"b8956fd6-6d97-4d4d-a2da-f8a2b647fe62","block_type":"box","text":"networks.","page_number":45,"box":{"x":69,"y":120,"width":67,"height":9}},{"id":"ba839dc6-a859-4d25-9ebd-5d5891e14522","block_type":"box","text":"For example, on blockchain networks such as Ethereum and Solana, which utilize proof-of-stake-based","page_number":45,"box":{"x":102,"y":143,"width":726,"height":11}},{"id":"938c79f5-1c50-4303-a57e-721d9ad3aac6","block_type":"box","text":"consensus mechanisms (with Solana also incorporating Proof of History), consensus is generally achieved through","page_number":45,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"3f8db95f-2f80-4f86-9496-11a4908151a4","block_type":"box","text":"the par ticipation of a supermajority of validators. These mechanisms are designed to mitigate the risk of coordinated","page_number":45,"box":{"x":68,"y":173,"width":835,"height":11}},{"id":"ff9272aa-44c5-4fa0-bf68-d4a16c220d18","block_type":"box","text":"attacks; however, there can be no assurance that such protections will be effective in all circumstances. On","page_number":45,"box":{"x":69,"y":188,"width":769,"height":11}},{"id":"094a5877-8d45-4eae-ae6a-0b4a69e5f507","block_type":"box","text":"blockchains that instead rely on a relatively small set of validators, such as Tempo as of the date hereof, the risk of","page_number":45,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"c3389e66-9998-46ea-b8f7-1c3033097ccb","block_type":"box","text":"coordinated attacks may also exist. This risk may be mitigated to some extent if the validators are vetted institutional","page_number":45,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"d8996df7-557b-454d-8db4-133127e9e780","block_type":"box","text":"actors or ensuring that validators operate under defined governance frameworks with compliance obligations.","page_number":45,"box":{"x":69,"y":234,"width":777,"height":11}},{"id":"b2a17421-944a-48fa-8697-e6fa76497c8b","block_type":"box","text":"Proof-of-stake-based consensus mechanisms typically incorporate economic incentive structures intended to","page_number":45,"box":{"x":102,"y":256,"width":771,"height":11}},{"id":"edd674e6-b57b-4a76-98ba-55e8cdc7f007","block_type":"box","text":"discourage malicious behavior by validators. For example, cer tain blockchain protocols include penalty mechanisms","page_number":45,"box":{"x":69,"y":272,"width":824,"height":11}},{"id":"d959ffca-c4e8-4378-98f2-6017561bd7eb","block_type":"box","text":"(“slashing”) under which validators that engage in provably malicious behavior may for feit a por tion of their staked","page_number":45,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"ad859c93-3368-4019-99e8-14cf1ad24909","block_type":"box","text":"assets or be removed from the validator set. Other blockchain networks may rely on a combination of protocol rules,","page_number":45,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"e7f5100c-9e57-40aa-8447-07c0be595306","block_type":"box","text":"validator per formance requirements, governance processes, and market-based delegation to impose consequences","page_number":45,"box":{"x":68,"y":317,"width":827,"height":11}},{"id":"037a8914-ff93-4278-9562-7bfe34118884","block_type":"box","text":"on underper forming or malicious validators. These mechanisms are intended to make cer tain attacks economically","page_number":45,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"783340dd-a285-4848-9130-7560ca90fee1","block_type":"box","text":"unattractive, as validators risk loss of stake, reputation, or future par ticipation in the network.","page_number":45,"box":{"x":69,"y":347,"width":669,"height":11}},{"id":"f2a93679-3488-4d50-8452-f48598560872","block_type":"box","text":"Notwithstanding these design features, there can be no assurance that such mechanisms will prevent","page_number":45,"box":{"x":102,"y":370,"width":728,"height":11}},{"id":"75a53ab2-4eae-45ff-ad01-78d9fe365762","block_type":"box","text":"coordinated or malicious activity. In cer tain circumstances, if a sufficiently large por tion of validator stake were to act","page_number":45,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"f43ca287-8287-405e-bd09-f4860fdaa7b1","block_type":"box","text":"in concer t, a blockchain’s consensus process could be disrupted, including through transaction censorship, delays in","page_number":45,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"bd874da1-f9fa-4dd5-b754-01ad3d287ea5","block_type":"box","text":"confirmation, or inconsistent views of the ledger. In addition, in response to a significant network disruption or attack,","page_number":45,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"297e4a3d-847a-4598-86e6-ac796b641e04","block_type":"box","text":"par ticipants in a blockchain network may seek to coordinate responses outside of formal protocol rules, including","page_number":45,"box":{"x":70,"y":430,"width":811,"height":11}},{"id":"197772d2-598f-4bc2-8bf4-3b355b437483","block_type":"box","text":"through changes to network software, although such actions are uncer tain and may not be effective or uniformly","page_number":45,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"c4a8152d-9d50-4877-9727-f5bfe708a1c0","block_type":"box","text":"adopted.","page_number":45,"box":{"x":69,"y":461,"width":61,"height":10}},{"id":"c5a99a12-c936-4742-89cb-4946f5fb0f14","block_type":"box","text":"Additionally, for relatively nascent stage blockchain networks, the full range of potential failure modes, including","page_number":45,"box":{"x":101,"y":483,"width":796,"height":11}},{"id":"431977a3-22a8-4d44-8793-c2ca93e7196c","block_type":"box","text":"fork-related risks, may not be as well understood or as extensively tested as in more mature networks such as","page_number":45,"box":{"x":68,"y":498,"width":789,"height":11}},{"id":"064f0598-4354-45ea-82bd-6135e9f8a588","block_type":"box","text":"Ethereum. As a result, there may be uncer tainty regarding how these systems would behave under adverse or","page_number":45,"box":{"x":70,"y":514,"width":782,"height":11}},{"id":"ca33f51c-23f0-454d-a79e-4829aba6ce4c","block_type":"box","text":"unexpected conditions, including validator disagreement or network par tition events. Fur thermore, the consensus","page_number":45,"box":{"x":69,"y":529,"width":809,"height":11}},{"id":"2f5a2cc8-fa63-417c-bf0b-06ef437640ea","block_type":"box","text":"mechanisms for these networks may evolve over time as the networks mature, which could introduce new or different","page_number":45,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"550b8017-ed04-4ed8-875d-61622dd085ea","block_type":"box","text":"risk considerations.","page_number":45,"box":{"x":69,"y":559,"width":138,"height":9}},{"id":"b2052750-9990-4cab-be5a-484f5f141bc8","block_type":"box","text":"Before investing in OnChain Shares on a par ticular blockchain, an investor should carefully consider the risks of","page_number":45,"box":{"x":102,"y":581,"width":798,"height":12}},{"id":"de62e4b5-04b6-4c39-9cc4-815e06cf55f9","block_type":"box","text":"using such blockchain network and should conduct their own assessment of the suitability of such network for","page_number":45,"box":{"x":69,"y":596,"width":786,"height":12}},{"id":"519e7e3a-a42e-4f30-b536-f7ea0ed68f7f","block_type":"box","text":"making their investment in the Fund.","page_number":45,"box":{"x":69,"y":612,"width":259,"height":11}},{"id":"2f51a904-22e8-4e48-a645-a3dc44b04978","block_type":"box","text":"Blockchain Networks","page_number":45,"box":{"x":102,"y":634,"width":155,"height":9}},{"id":"02b84176-b7fc-4859-ad4c-73b245f63979","block_type":"box","text":".","page_number":45,"box":{"x":258,"y":641,"width":2,"height":2}},{"id":"6f42c4d9-482f-404d-b73c-c894f22797c4","block_type":"box","text":"The suitability of the blockchain networks (and underlying blockchain ledgers) approved","page_number":45,"box":{"x":266,"y":634,"width":619,"height":12}},{"id":"8521e459-7bc1-4174-ac80-ee164ba2ad36","block_type":"box","text":"for use by the Fund could decline due to a variety of causes, adversely affecting the functionality of the OnChain","page_number":45,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"5e8fefdf-c672-4f84-a32e-cf6027f2b952","block_type":"box","text":"Shares and an investment in the Fund. Blockchain networks are based on software protocols that govern the peer-to","page_number":45,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"c6e97fb3-3f71-48a6-b371-197808ce9e99","block_type":"box","text":"peer interactions between computers connected to these networks. The suitability of a network for the blockchain","page_number":45,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"98512c83-123a-495b-8730-d9b92c3dd814","block_type":"box","text":"based functionality provided in connection with OnChain Shares depends upon a variety of factors, including, but not","page_number":45,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"2ad50dfc-9cbf-428b-b78d-2cb00157c5f1","block_type":"box","text":"limited to:","page_number":45,"box":{"x":70,"y":710,"width":69,"height":9}},{"id":"3fb0a2f1-c366-4d1e-9c5c-29b1a0019f6b","block_type":"box","text":"1. The effectiveness of the informal groups of (often uncompensated) developers contributing to the","page_number":45,"box":{"x":135,"y":732,"width":713,"height":12}},{"id":"621e5714-3931-434b-b318-274ba99f265e","block_type":"box","text":"protocols that underlie the network;","page_number":45,"box":{"x":102,"y":748,"width":252,"height":11}},{"id":"9d394785-93ae-430a-a77f-eb956505691f","block_type":"box","text":"2. Effectiveness of the validators and the network’s consensus mechanisms to secure the network against","page_number":45,"box":{"x":134,"y":770,"width":764,"height":12}},{"id":"0d910a36-58ba-426f-bb36-978f67a44067","block_type":"box","text":"confirmation of invalid transactions;","page_number":45,"box":{"x":101,"y":785,"width":254,"height":11}},{"id":"85fc0e1f-6732-4096-8f36-f7823a4e8409","block_type":"box","text":"3. The continued par ticipation of a number of sufficient validators;","page_number":45,"box":{"x":134,"y":808,"width":473,"height":11}},{"id":"2c872ece-0053-4741-9b23-2a0c430fee48","block_type":"box","text":"4. The lack of collusion among validators;","page_number":45,"box":{"x":134,"y":831,"width":295,"height":11}},{"id":"b294380d-a932-429d-9a5b-9b6415248983","block_type":"box","text":"5. Disputes among the developers or validators of the network;","page_number":45,"box":{"x":134,"y":853,"width":449,"height":12}},{"id":"a0b8eb30-3d6c-44c3-ae7d-4d9e6482c5c2","block_type":"box","text":"6. Changes in the consensus or validation scheme that underlies the network;","page_number":45,"box":{"x":134,"y":876,"width":557,"height":11}},{"id":"5158abae-99f2-4913-8514-b42cc06d6eb2","block_type":"box","text":"7. The failure of cybersecurity controls or security breaches of the network;","page_number":45,"box":{"x":135,"y":899,"width":532,"height":11}},{"id":"7fc5eedb-1743-4fde-bb2f-fbeebf16e7b0","block_type":"box","text":"II-8","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ac32f01c-2906-4566-ba6e-f7efb1054efc","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":45,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9e4f3f5b-59c5-418b-a8fd-e175d826db56","block_type":"box","text":"8. The inability of validators to reach consensus and the consequential halting of transaction verification on","page_number":46,"box":{"x":134,"y":45,"width":765,"height":11}},{"id":"ae555c55-8608-47f1-84b9-f0db0ee19a80","block_type":"box","text":"the network;","page_number":46,"box":{"x":101,"y":60,"width":87,"height":10}},{"id":"9e84a382-3528-49b0-b893-ba70a96aef6c","block_type":"box","text":"9. The existence of undiscovered technical flaws in the network;","page_number":46,"box":{"x":134,"y":82,"width":455,"height":11}},{"id":"5fb6c436-0563-4853-8fe9-21ac5b47c0b0","block_type":"box","text":"10. The development of new or existing hardware or software tools or mechanisms that could negatively","page_number":46,"box":{"x":135,"y":105,"width":741,"height":11}},{"id":"6cec965f-d465-4cde-af25-9c5dc08cced0","block_type":"box","text":"impact the functionality of the network or related infrastructure;","page_number":46,"box":{"x":102,"y":120,"width":450,"height":11}},{"id":"b1017073-05ae-4040-bed1-c20a7090448c","block_type":"box","text":"11. The price or volatility of the blockchain asset associated with the respective network;","page_number":46,"box":{"x":135,"y":143,"width":632,"height":11}},{"id":"47568eab-2e9a-4a13-a778-767322958972","block_type":"box","text":"12. The cost of “gas” fees to use the network;","page_number":46,"box":{"x":135,"y":166,"width":330,"height":11}},{"id":"fad7dc28-ec7e-4d13-9e15-3c430837c837","block_type":"box","text":"13. Intellectual proper ty rights-based or other claims against the network’s par ticipants;","page_number":46,"box":{"x":135,"y":188,"width":627,"height":12}},{"id":"c83cc37d-0b73-4f7c-b57f-db194832365c","block_type":"box","text":"14. The continued adoption of the network; and","page_number":46,"box":{"x":135,"y":211,"width":337,"height":11}},{"id":"b1980f65-e205-4327-a056-dd796f2eabdc","block_type":"box","text":"15. The maturity of the software development kit used in connection with the network.","page_number":46,"box":{"x":135,"y":234,"width":612,"height":11}},{"id":"afd02d6c-a519-4454-ad15-cfab123f724d","block_type":"box","text":"Unfavorable developments or characteristics of any of the above or other circumstances could adversely affect","page_number":46,"box":{"x":102,"y":256,"width":788,"height":11}},{"id":"a932309b-3863-407a-8375-283ab740deb3","block_type":"box","text":"the Fund’s operations or the functionality of OnChain Shares. Fur thermore, a blockchain record stores the complete","page_number":46,"box":{"x":68,"y":271,"width":827,"height":12}},{"id":"a8d6135f-6189-4e71-8114-c3ced79adcf5","block_type":"box","text":"transaction history from issuance of OnChain Shares. As a result, robust and transparent data, other than","page_number":46,"box":{"x":68,"y":286,"width":758,"height":12}},{"id":"b414a14c-b468-420a-8666-3b414f073a66","block_type":"box","text":"shareholder personal identifying information, will be publicly available via the published blockchain and tools such as","page_number":46,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"3e70054c-d094-4626-8351-579fadbcf761","block_type":"box","text":"block explorers. Such transaction data is secured by cryptography and only a public-key-derived wallet address (and","page_number":46,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"80832e67-484d-4dd7-b826-4bd1554afbd4","block_type":"box","text":"not a shareholder’s personal identifying information) will be exposed to the public on the blockchain. The personal","page_number":46,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"56a5a059-4c78-4307-ac27-f03e4c0b8c21","block_type":"box","text":"identifying information necessary to associate a public key representing a given block of OnChain Shares with the","page_number":46,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"d8f8acf3-86fc-40fa-9878-c4f39026a5e8","block_type":"box","text":"record owner of those OnChain Shares will be maintained by the Fund’s transfer agent and will not be available to the","page_number":46,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"5bc06279-c227-414a-ac9e-b5a93bcad559","block_type":"box","text":"public. However, if there are data security breaches with respect to such database(s) resulting in theft of the","page_number":46,"box":{"x":70,"y":377,"width":772,"height":12}},{"id":"6f738651-0f0a-4d47-bf0e-7c2e23dc8018","block_type":"box","text":"information necessary to link personal identity with the public key and related OnChain Share transactions, the stolen","page_number":46,"box":{"x":70,"y":392,"width":838,"height":12}},{"id":"1aee9c45-b492-4083-a7c2-109035ff61da","block_type":"box","text":"information could be used to determine a shareholder’s identity and complete transaction history in OnChain Shares.","page_number":46,"box":{"x":70,"y":407,"width":835,"height":12}},{"id":"77701bbf-55a7-4396-a120-be69db1bd9da","block_type":"box","text":"Concerns over these privacy issues may limit adoption of public-ledger blockchain technology, reducing the","page_number":46,"box":{"x":102,"y":430,"width":758,"height":11}},{"id":"26f7fdbb-4814-4886-aca3-fb759461381a","block_type":"box","text":"potential market acceptance for OnChain Shares and the size of the Fund.","page_number":46,"box":{"x":70,"y":445,"width":526,"height":11}},{"id":"5e598de7-3308-43be-8933-e9fa61a9d78a","block_type":"box","text":"Blockchain Network Suitability.","page_number":46,"box":{"x":102,"y":468,"width":226,"height":11}},{"id":"ad7678c3-e577-4e2f-8078-98a88834e4d8","block_type":"box","text":"y.","page_number":46,"box":{"x":328,"y":475,"width":2,"height":2}},{"id":"892aa14d-019f-44e3-9764-74363d64c213","block_type":"box","text":"The Board has delegated to BlackRock the authority to evaluate and select the","page_number":46,"box":{"x":336,"y":468,"width":561,"height":11}},{"id":"47acb951-63aa-4d09-88db-f4f3772c01bd","block_type":"box","text":"blockchain networks on which the Fund’s OnChain Shares will be offered and sold. The Board does not review or","page_number":46,"box":{"x":69,"y":483,"width":803,"height":9}},{"id":"923102ce-9b40-4128-89e7-2f7782f1bd18","block_type":"box","text":"approve individual blockchain networks. In exercising this delegated authority, BlackRock conducts multi-layered","page_number":46,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"99ac91fc-3080-4747-998e-2fe437fda227","block_type":"box","text":"technical and operational due diligence prior to suppor ting the Fund’s OnChain Shares on any blockchain network.","page_number":46,"box":{"x":68,"y":513,"width":813,"height":12}},{"id":"0deda1e6-6e17-4d88-b40b-3f78a88d2f7f","block_type":"box","text":"BlackRock’s review process is suppor ted by the Fund’s transfer agent, which assists in blockchain diligence as","page_number":46,"box":{"x":70,"y":528,"width":792,"height":12}},{"id":"c8175169-6ce8-41cb-a6b0-d3cdf3a8d97e","block_type":"box","text":"detailed below.","page_number":46,"box":{"x":69,"y":544,"width":105,"height":9}},{"id":"11e66804-ebcc-41b7-a920-b09d3de1b662","block_type":"box","text":"Although neither the Fund, BlackRock, nor the Fund’s transfer agent endorses or recommends any par ticular","page_number":46,"box":{"x":101,"y":566,"width":774,"height":11}},{"id":"ee334002-255e-452a-8f20-61da216a0894","block_type":"box","text":"blockchain, and an investor should independently assess any blockchain for their own purposes and use cases, the","page_number":46,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"00a5b6af-5931-47ed-96ab-73bbafc129bb","block_type":"box","text":"Fund’s transfer agent will nonetheless review information related to a blockchain in relation to allowing a blockchain","page_number":46,"box":{"x":70,"y":596,"width":825,"height":12}},{"id":"59d36060-0bd6-4701-8b1c-c655e3fb8571","block_type":"box","text":"to be used to suppor t OnChain Shares, including the following:","page_number":46,"box":{"x":68,"y":612,"width":447,"height":11}},{"id":"8cf4036f-c7d1-4d6f-bf22-dbb2a938ba97","block_type":"box","text":"•","page_number":46,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"d422f1fe-2f37-4392-a5e0-fe45215ac4b0","block_type":"box","text":"Operational Integrity and Scalability: Each suppor ted blockchain should generally demonstrate consistent","page_number":46,"box":{"x":102,"y":632,"width":748,"height":11}},{"id":"303dd52f-0bfb-4d26-9cff-538673e35613","block_type":"box","text":"per formance and adequate scalability.","page_number":46,"box":{"x":102,"y":647,"width":271,"height":11}},{"id":"843f52aa-2ffd-4e2a-92a9-74ab46453996","block_type":"box","text":"•","page_number":46,"box":{"x":69,"y":670,"width":6,"height":4}},{"id":"bf480117-8b62-4337-bc15-bfbe739ca7b0","block_type":"box","text":"Transaction Costs: Each suppor ted blockchain should have reasonably understandable transaction fees.","page_number":46,"box":{"x":101,"y":667,"width":744,"height":11}},{"id":"e23e8cca-1dc5-4aad-bfdd-77b21f183185","block_type":"box","text":"•","page_number":46,"box":{"x":69,"y":690,"width":6,"height":5}},{"id":"3a707924-977a-43ff-b50e-548880bd6af4","block_type":"box","text":"Permissioning Compatibility: Each suppor ted blockchain should be able to suppor t the Fund’s transfer agent’s","page_number":46,"box":{"x":102,"y":687,"width":786,"height":11}},{"id":"6022f610-4472-4005-9f7e-6605af9d488a","block_type":"box","text":"permissioned framework on public, permissionless blockchains in seeking to ensure that only pre-approved","page_number":46,"box":{"x":102,"y":702,"width":764,"height":12}},{"id":"18c6acb9-c940-446d-86ee-d4dccfa9f528","block_type":"box","text":"wallets can par ticipate in transactions involving OnChain Shares.","page_number":46,"box":{"x":101,"y":718,"width":462,"height":11}},{"id":"db0ef111-9ebd-40ea-9882-ec0747f3b532","block_type":"box","text":"•","page_number":46,"box":{"x":69,"y":740,"width":6,"height":5}},{"id":"8e5748e0-6dc9-46e6-bb1d-7987b0e9dfa4","block_type":"box","text":"Burning and Minting Process: If an investor wishes to move between two suppor ted blockchains, the investor will","page_number":46,"box":{"x":102,"y":738,"width":804,"height":11}},{"id":"64cf1b8d-ee50-4ca8-a0be-a0d0b858df27","block_type":"box","text":"need to contact the transfer agent to communicate their intent. The process is manual and is only suppor ted","page_number":46,"box":{"x":102,"y":753,"width":775,"height":11}},{"id":"83df705d-05d9-4f97-a79a-835ba6d4ce5c","block_type":"box","text":"during business days and operating hours. Each of the suppor ted blockchains should be able to suppor t the","page_number":46,"box":{"x":101,"y":768,"width":773,"height":11}},{"id":"27d51217-932d-49ef-93ba-d61ca79bb0a6","block_type":"box","text":"Fund’s transfer agent’s management of a burning and minting process. This process involves reducing the","page_number":46,"box":{"x":102,"y":783,"width":758,"height":11}},{"id":"92623c72-fe9e-4081-ab68-868c9df188af","block_type":"box","text":"balance of OnChain Shares on the originating blockchain to zero by recording a “burning” transaction and then","page_number":46,"box":{"x":102,"y":798,"width":786,"height":11}},{"id":"61a2d597-dbf0-4833-9e99-05dd7922d79b","block_type":"box","text":"minting an equivalent number of OnChain Shares on the destination blockchain. This controlled burning and","page_number":46,"box":{"x":102,"y":813,"width":766,"height":11}},{"id":"393203e7-9280-453d-9815-8e7fbd9effdd","block_type":"box","text":"minting process seeks to ensure that the movement of OnChain Shares between blockchains does not result in","page_number":46,"box":{"x":102,"y":828,"width":795,"height":12}},{"id":"d2857b21-d37b-4a2a-b359-e4561132a567","block_type":"box","text":"any dilution or duplication of OnChain Shares.","page_number":46,"box":{"x":102,"y":843,"width":324,"height":12}},{"id":"a2d3ae82-eb9c-4243-ad9d-5af2df4ffaad","block_type":"box","text":"Investors should note that they may experience materially different service levels on different blockchains and","page_number":46,"box":{"x":102,"y":866,"width":786,"height":11}},{"id":"cc4d9547-14b9-4af1-8f76-863262e829e8","block_type":"box","text":"are encouraged to select the blockchain that best suits their investment objectives, risk tolerance, and operational","page_number":46,"box":{"x":69,"y":881,"width":817,"height":11}},{"id":"64913dc1-b448-4759-9d03-a769382eb328","block_type":"box","text":"requirements.","page_number":46,"box":{"x":69,"y":897,"width":97,"height":10}},{"id":"36f200d1-e37b-483b-b818-bbc8c5c534a8","block_type":"box","text":"II-9","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"33806b90-8b91-4e64-8b1c-1b2d2b63d5df","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":46,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"82abc302-71ca-4fc6-9ecd-46fca24fcdf7","block_type":"box","text":"Blockchain Regulation","page_number":47,"box":{"x":102,"y":45,"width":164,"height":11}},{"id":"3acd84d3-578b-4b03-b342-b7bd8d43b14b","block_type":"box","text":".","page_number":47,"box":{"x":267,"y":52,"width":2,"height":2}},{"id":"9d2b7c29-1685-4994-8cbe-28f15cf6b051","block_type":"box","text":"Regulation of digital assets (such as OnChain Shares), blockchain technologies and","page_number":47,"box":{"x":277,"y":45,"width":595,"height":11}},{"id":"cec14560-706f-406a-a3f8-51a2be520acd","block_type":"box","text":"digital asset platforms is currently developing and likely to rapidly evolve, varies significantly among international,","page_number":47,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"fa9fc010-c339-475f-8c47-10002d444b14","block_type":"box","text":"federal, state and local jurisdictions and is subject to significant uncer tainty. Various legislative and executive bodies","page_number":47,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"6fe5f5f7-8fe7-431a-9133-47290f9fe81d","block_type":"box","text":"in the United States and in other countries are currently considering, or may in the future consider, laws, regulations,","page_number":47,"box":{"x":70,"y":90,"width":832,"height":11}},{"id":"beb55f5e-22ab-4945-997d-c03ee026d919","block_type":"box","text":"guidance, or other actions, which may severely impact the Fund, and thus the Fund’s shareholders. Failure by the","page_number":47,"box":{"x":68,"y":105,"width":809,"height":11}},{"id":"826647de-3149-4693-86cc-5b641c43306e","block_type":"box","text":"Fund or any Fund service provider to comply with any laws, rules or regulations, some of which may not exist yet or","page_number":47,"box":{"x":70,"y":120,"width":818,"height":12}},{"id":"071383f2-17da-4c24-9463-2f3c47ffb37f","block_type":"box","text":"are subject to interpretation and may be subject to change, could result in a variety of adverse consequences to the","page_number":47,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"36e067db-ab34-4db9-830b-4b36e7ad93c7","block_type":"box","text":"Fund (and thus to the Fund’s shareholders), including civil penalties and fines. New or changing laws and regulations","page_number":47,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"6c127a78-c6ba-4a1b-97f5-ba581fda3b10","block_type":"box","text":"or interpretations of existing laws and regulations may adversely impact the Fund’s ability to issue and redeem","page_number":47,"box":{"x":69,"y":166,"width":789,"height":11}},{"id":"574059d1-3e39-43b7-b003-a853fbf5edf9","block_type":"box","text":"OnChain Shares or otherwise make distributions on OnChain Shares, the secondary market liquidity and market price","page_number":47,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"fe33a79d-27ff-4c9e-92f2-89a5eb8518ab","block_type":"box","text":"of OnChain Shares, shareholders’ ability to access or otherwise utilize an exchange or platform for trading of OnChain","page_number":47,"box":{"x":69,"y":196,"width":840,"height":11}},{"id":"24b0cd14-87a3-4339-82da-57c76d1c7567","block_type":"box","text":"Shares (should such a platform or exchange exist in the future and such activity be permitted by the Fund) and the","page_number":47,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"798f2117-8697-4382-814b-a7611a3c163d","block_type":"box","text":"structure, rights and transferability of OnChain Shares (should shareholders be permitted to transfer or exchange","page_number":47,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"f32f2de4-bd16-4b77-9bd1-93937ab37a99","block_type":"box","text":"OnChain Shares in the future). Therefore, there can be no assurance that any new or continuing regulatory scrutiny or","page_number":47,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"371f04e2-34fe-4a85-bc61-b2121cd8f07a","block_type":"box","text":"initiatives will not have an adverse impact on OnChain Shares or impede the Fund’s current or future activities. In","page_number":47,"box":{"x":70,"y":256,"width":807,"height":11}},{"id":"6bff6c7f-f039-4246-9aeb-b312e391fd88","block_type":"box","text":"addition, because of the differences between the way OnChain Shares are issued and recorded as compared to","page_number":47,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"020fd7d2-8779-4400-af78-9da14a948e4e","block_type":"box","text":"shares in a traditional mutual fund, there is a risk that issues that might easily be resolved by existing law if","page_number":47,"box":{"x":69,"y":286,"width":772,"height":12}},{"id":"58f20b84-2290-42e3-8564-aa8b91c03ffb","block_type":"box","text":"traditional methods were involved may not be easily resolved for OnChain Shares. The treatment of OnChain Shares","page_number":47,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"75416a39-3452-40a6-9176-816fcb03c7a5","block_type":"box","text":"(and cer tain other forms of tokenized shares) under applicable state law, including the Uniform Commercial Code","page_number":47,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"53c417a8-990f-4d4f-b767-fe3a3c0894ea","block_type":"box","text":"(“UCC”), is uncer tain. The occurrence of any related issue or dispute could have a material adverse effect on the","page_number":47,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"806f0665-8c49-4bf9-8630-2c0ae01c0f7d","block_type":"box","text":"Fund’s current or future business or OnChain Shares. Blockchain networks currently face an uncer tain regulatory","page_number":47,"box":{"x":70,"y":347,"width":805,"height":11}},{"id":"877f3ebb-5999-4cd8-8ac7-63878fbcdd89","block_type":"box","text":"landscape in not only the United States but also in many foreign jurisdictions such as the European Union and China.","page_number":47,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"fc61dec3-920a-4e76-8cd3-9fc8411ba0c7","block_type":"box","text":"Various foreign jurisdictions may, in the near future, adopt laws, regulations or directives that affect a blockchain","page_number":47,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"4303b3a1-dc3e-4125-843b-78f20bb3d249","block_type":"box","text":"network and its users, developers and service providers that fall within such jurisdictions’ regulatory scope. Such","page_number":47,"box":{"x":69,"y":392,"width":807,"height":12}},{"id":"6319e29d-30d7-4cd2-aa0e-bd4047a77112","block_type":"box","text":"laws, regulations or directives may conflict with those of the United States or may directly and negatively impact the","page_number":47,"box":{"x":70,"y":407,"width":824,"height":12}},{"id":"853642dc-25ef-4868-83fe-e2355c4bfeb8","block_type":"box","text":"Fund and its service providers. The effect of any future regulatory change is impossible to predict, but such change","page_number":47,"box":{"x":70,"y":423,"width":821,"height":11}},{"id":"93fbda6f-af02-4b1a-8958-f08152e0a762","block_type":"box","text":"could be substantial and adverse to the shareholders, the Fund and the Fund’s service providers.","page_number":47,"box":{"x":69,"y":438,"width":695,"height":11}},{"id":"68f1c5ff-4245-41ec-abf1-52286b92ce53","block_type":"box","text":"Stablecoin Regulatory Risk.","page_number":47,"box":{"x":101,"y":460,"width":203,"height":12}},{"id":"d08477db-e346-4f63-928c-1b3eecdef3d3","block_type":"box","text":"The Fund intends to operate such that its OnChain Shares will be “eligible reserve","page_number":47,"box":{"x":310,"y":460,"width":586,"height":12}},{"id":"374775e3-1323-4dbd-a82f-71af6c3be2c9","block_type":"box","text":"assets” for payment stablecoin issuers under the GENIUS Act. The Fund’s status as an eligible reserve asset under","page_number":47,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"dff6a9e0-eca2-41f6-bafc-ed7682ed09f9","block_type":"box","text":"the GENIUS Act is a product of its structure as a government money market fund operating in accordance with Rule","page_number":47,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"e3864ae7-ba9c-47c3-ab78-ae684bef60e5","block_type":"box","text":"2a-7 under the 1940 Act and investing exclusively in Treasury Instruments with a maturity of 93 days or less and","page_number":47,"box":{"x":69,"y":506,"width":804,"height":11}},{"id":"f7279462-498a-4752-ae05-8badc02b8c12","block_type":"box","text":"overnight repurchase agreements secured by such instruments. If the GENIUS Act or regulations adopted thereunder","page_number":47,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"aa7abc0e-3efb-49cd-b54a-2a40f8258bf5","block_type":"box","text":"were to impose requirements with which the Fund cannot comply — for example, by limiting the types of permitted","page_number":47,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"4225ce2c-817c-48b6-b7e7-e1fd580174ba","block_type":"box","text":"reserve assets in a manner that excludes shares of money market funds or by imposing operational or structural","page_number":47,"box":{"x":69,"y":551,"width":804,"height":11}},{"id":"60092084-0799-4868-bd87-312f9f8099b2","block_type":"box","text":"conditions that the Fund is unable to satisfy — payment stablecoin issuers that hold OnChain Shares as reserve","page_number":47,"box":{"x":69,"y":566,"width":804,"height":11}},{"id":"c099b246-37f7-4efa-a890-3f8b97f0d3c5","block_type":"box","text":"assets could be required to redeem their holdings in the Fund in order to maintain compliance with applicable law.","page_number":47,"box":{"x":69,"y":582,"width":813,"height":11}},{"id":"71fd5150-b8f6-4f13-aa61-a06e4cb44fbc","block_type":"box","text":"Such large-scale redemptions could adversely affect the Fund’s liquidity and net assets. In addition, under rules","page_number":47,"box":{"x":69,"y":596,"width":798,"height":12}},{"id":"acd3196c-7de0-4c00-98df-5f901d43ceb1","block_type":"box","text":"adopted or proposed by the Office of the Comptroller of the Currency (OCC), there may be limits on the percentage of","page_number":47,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"bdc2e643-7a09-4d3c-9c7a-59304501ec41","block_type":"box","text":"a stablecoin issuer’s total reserve assets that may be held in any single investment product, which could limit the","page_number":47,"box":{"x":69,"y":627,"width":813,"height":11}},{"id":"ec50a381-75aa-4ee8-a66f-c0462627a5f8","block_type":"box","text":"growth of the Fund. Additionally, various other aspects of the GENIUS Act remain unclear and subject to","page_number":47,"box":{"x":68,"y":642,"width":737,"height":11}},{"id":"705fae3b-86a7-4eb2-b670-75c12de1b195","block_type":"box","text":"interpretation, and federal regulators, including the OCC and the U.S. Depar tment of the Treasury, are developing","page_number":47,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"8702e67f-6dd0-4daa-9c51-10c8b018848f","block_type":"box","text":"implementing standards that have not been finalized as of the date of this Prospectus. Changes in, or new","page_number":47,"box":{"x":70,"y":672,"width":759,"height":11}},{"id":"40ecf2c7-46fd-445f-9ef6-ec16f0b0ed9a","block_type":"box","text":"interpretations of, the GENIUS Act or related rules could affect the types of instruments the Fund is permitted to hold","page_number":47,"box":{"x":70,"y":687,"width":836,"height":11}},{"id":"e81ac6d3-5a83-4d03-9ee6-3fd1bd2e745a","block_type":"box","text":"under that framework or the methods by which the Fund implements its investment strategy, including operational","page_number":47,"box":{"x":69,"y":702,"width":809,"height":12}},{"id":"025fbc28-6f3e-467d-9882-79418c9dd0ba","block_type":"box","text":"processes tied to its permissioned use of public blockchains for OnChain Shares. These developments could require","page_number":47,"box":{"x":70,"y":717,"width":831,"height":11}},{"id":"ab41bc61-9b1f-41a8-8ddd-46c3c5c8b659","block_type":"box","text":"the Fund to adjust por tfolio holdings or modify operational practices and could adversely affect the Fund or its","page_number":47,"box":{"x":68,"y":732,"width":784,"height":12}},{"id":"0581ec07-f89f-4ac8-bfe5-2b4a53984040","block_type":"box","text":"shareholders.","page_number":47,"box":{"x":69,"y":748,"width":96,"height":9}},{"id":"41534825-d4d6-4ef1-a4be-39a8fa1f7c16","block_type":"box","text":"Commercial Paper and Other Short Term Obligations.","page_number":47,"box":{"x":101,"y":770,"width":386,"height":11}},{"id":"ad71116d-7f0a-44ce-83e9-9c4be6288e95","block_type":"box","text":"Commercial paper (including variable amount master","page_number":47,"box":{"x":494,"y":770,"width":376,"height":12}},{"id":"30813c6d-3e51-4a92-9605-f88706bca91a","block_type":"box","text":"demand notes and other variable rate securities, with or without forward features) refers to shor t term unsecured","page_number":47,"box":{"x":69,"y":785,"width":809,"height":11}},{"id":"fb766984-3585-49f9-b61a-c2b45ad620d6","block_type":"box","text":"promissory notes issued by corporations, par tnerships, trusts or other entities to finance shor t term credit needs","page_number":47,"box":{"x":70,"y":801,"width":810,"height":11}},{"id":"c88cf6c7-6b09-4a51-b1c0-62bfd99c5882","block_type":"box","text":"and non-conver tible debt securities (","page_number":47,"box":{"x":69,"y":816,"width":259,"height":11}},{"id":"5d7fd06c-804d-4326-88c6-80eee4c7d324","block_type":"box","text":"e.g.","page_number":47,"box":{"x":330,"y":817,"width":25,"height":10}},{"id":"a8db1a61-a2b0-464a-a19c-553cbedcad55","block_type":"box","text":", bonds and debentures) with no more than 397 days remaining to maturity","page_number":47,"box":{"x":357,"y":816,"width":536,"height":11}},{"id":"0aeea132-ab0b-4be3-99ad-bb377c6df08a","block_type":"box","text":"at the date of purchase. Shor t term obligations issued by trusts, corporations, par tnerships or other entities include","page_number":47,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"3fc1a786-66dd-41e6-88f2-0efa27b50167","block_type":"box","text":"mor tgage-related or asset-backed instruments, including pass-through cer tificates such as par ticipations in, or bonds","page_number":47,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"54b84941-8ed6-47f3-8018-3137906c0755","block_type":"box","text":"and notes backed by, pools of mor tgage, automobile, manufactured housing or other types of consumer loans; credit","page_number":47,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"bed8cb02-05d5-4675-bba1-fa194b3fe341","block_type":"box","text":"card or trade receivables or pools of mor tgage-backed or asset-backed securities. These structured financings will be","page_number":47,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"3cd9eaea-b8de-455c-b24d-b76b53218638","block_type":"box","text":"suppor ted by sufficient collateral and other credit enhancements, including letters of credit, insurance, reserve funds","page_number":47,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"ad92fd44-e71d-4ac6-90a6-58fa16f0d09b","block_type":"box","text":"and guarantees by third par ties, to enable such instruments to obtain a quality rating by a Nationally Recognized","page_number":47,"box":{"x":69,"y":907,"width":801,"height":11}},{"id":"80553e16-c157-46f6-a60a-a212cd46248b","block_type":"box","text":"II-10","page_number":47,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65dd1b34-b030-4a32-93f1-dbe1b9062479","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":47,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"feab3858-7460-4355-881b-854ba8b3b898","block_type":"box","text":"Statistical Rating Organization (“NRSRO”), if applicable. Some structured financings also use various types of swaps,","page_number":48,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"515082e2-8f85-4baa-aeb9-d8cc0c899601","block_type":"box","text":"among other things, to issue instruments that have interest rate, quality or maturity characteristics necessary or","page_number":48,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"4bc7cda5-af82-4fc6-9044-725c79698404","block_type":"box","text":"desirable for a Fund. These swaps may include so-called credit default swaps that might depend for payment not only","page_number":48,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"29a53fd7-b6c7-43c9-9e63-baf3f5c52c75","block_type":"box","text":"on the credit of a counterpar ty, but also on the obligations of another entity, the “reference entity.” Commercial paper","page_number":48,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"c19140af-d604-430a-935d-1e10e0fd96f5","block_type":"box","text":"is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income securities, commercial","page_number":48,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"c59da9b4-9884-4d23-8aa7-c068fd337bb3","block_type":"box","text":"paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will","page_number":48,"box":{"x":70,"y":120,"width":790,"height":11}},{"id":"834fa414-61d7-4dda-bf51-2722f92258f2","block_type":"box","text":"decline and vice versa. However, the shor t-term nature of a commercial paper investment generally makes it less","page_number":48,"box":{"x":69,"y":135,"width":806,"height":12}},{"id":"cbd55042-c1be-4803-b1a6-963a7dc6fba4","block_type":"box","text":"susceptible to volatility than many other fixed income securities because interest rate risk typically increases as","page_number":48,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"82bf1b4e-59db-4e36-b34a-29b7bfa6215b","block_type":"box","text":"maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because","page_number":48,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"f512d1be-0303-43b1-beb1-9e23e0249d5e","block_type":"box","text":"securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":48,"box":{"x":69,"y":181,"width":733,"height":11}},{"id":"43f80132-6296-43d8-8a97-8535863e0b2c","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration.","page_number":48,"box":{"x":102,"y":203,"width":431,"height":11}},{"id":"813e8283-f33f-4b92-a78b-e9f35fde9669","block_type":"box","text":"Although a Fund does not seek to implement a","page_number":48,"box":{"x":539,"y":204,"width":333,"height":11}},{"id":"f285fcb1-06a9-4aba-897e-f2880b9edddb","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in the Fund’s Prospectus, BlackRock will","page_number":48,"box":{"x":69,"y":218,"width":784,"height":12}},{"id":"f785112a-a55f-43f0-becd-7b93cf5019e5","block_type":"box","text":"consider ESG factors as par t of the credit research and investment process for a Fund. BlackRock views ESG","page_number":48,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"a0af51f6-70f3-4347-ba31-95fff1aa33bd","block_type":"box","text":"integration as the practice of incorporating financially material ESG data or information into investment processes","page_number":48,"box":{"x":70,"y":249,"width":809,"height":11}},{"id":"4c0fe8af-be4f-4393-b354-848d59492651","block_type":"box","text":"with the objective of enhancing risk-adjusted returns. All securities purchases by a Fund are selected from approved","page_number":48,"box":{"x":68,"y":264,"width":826,"height":11}},{"id":"72c883c2-268a-4d81-9795-3ca6670de8e7","block_type":"box","text":"lists maintained by BlackRock. All instruments on an approved list used by a Fund have met the minimal credit risk","page_number":48,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"9a51b720-9262-4fbe-bbbf-8d0f83428bbb","block_type":"box","text":"requirement of Rule 2a-7, if required. In reviewing instruments, BlackRock will consider the capacity of the issuer or","page_number":48,"box":{"x":69,"y":294,"width":825,"height":11}},{"id":"9325ddf6-f9c0-4653-a42b-6bb07b53162c","block_type":"box","text":"guarantor to meet its obligations. BlackRock considers ESG data within the total data available during its review. This","page_number":48,"box":{"x":68,"y":309,"width":835,"height":11}},{"id":"ff604a30-05b6-49e7-ad74-fcfe915382a8","block_type":"box","text":"may include third par ty research as well as considerations of proprietary BlackRock research across the ESG risks","page_number":48,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"bf34836c-c190-4be3-abff-0b6f53c37540","block_type":"box","text":"and oppor tunities regarding an issuer.","page_number":48,"box":{"x":69,"y":340,"width":271,"height":11}},{"id":"57075128-0c9f-4324-a1dd-942006f47f77","block_type":"box","text":"The ESG characteristics utilized in a Fund’s investment processes are anticipated to evolve over time and one or","page_number":48,"box":{"x":101,"y":362,"width":804,"height":11}},{"id":"2861fab6-cc7c-408d-bd3f-a5e11e6da035","block_type":"box","text":"more characteristics may not be relevant with respect to all issuers that are eligible for investment. Cer tain of these","page_number":48,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"8071439b-91b6-459b-acda-04165e4ba142","block_type":"box","text":"considerations may affect the Fund’s exposure to cer tain companies or industries. While BlackRock views ESG","page_number":48,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"01803bbc-f181-4054-bf26-97faa51d46da","block_type":"box","text":"considerations as having the potential to contribute to a Fund’s long-term per formance, there is no guarantee that","page_number":48,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"8f334fa9-ac76-4723-b14d-645473d3caa1","block_type":"box","text":"such results will be achieved.","page_number":48,"box":{"x":69,"y":423,"width":208,"height":9}},{"id":"90122e44-9d9c-4233-9408-ca27a42096e9","block_type":"box","text":"Foreign Bank Money Instruments.","page_number":48,"box":{"x":102,"y":445,"width":246,"height":11}},{"id":"4f350bbe-13cb-4bd8-8321-fce039c90392","block_type":"box","text":"Foreign bank money instruments refer to U.S. dollar-denominated obligations","page_number":48,"box":{"x":355,"y":445,"width":547,"height":12}},{"id":"22dae41c-c809-4e97-bbc8-0d26bcc85427","block_type":"box","text":"of foreign depository institutions and their foreign branches and subsidiaries, such as, but not limited to, cer tificates","page_number":48,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"bbb42a0c-cb02-4f20-888b-f3ca0e5b9116","block_type":"box","text":"of deposit, bankers’ acceptances, time deposits, bank notes and deposit notes. The obligations of such foreign","page_number":48,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"dfea1a35-a325-4c9c-8c7b-2f56a59f35a8","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries may be the general obligations of the parent bank","page_number":48,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"405352a7-eba6-4ff9-88d5-8279d09b6a28","block_type":"box","text":"or may be limited to the issuing branch or subsidiary by the terms of the specific obligation or by government","page_number":48,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"b2ede5ee-4db3-4e67-871b-d0b6cd82bacc","block_type":"box","text":"regulation. Such investments will only be made if determined to be of comparable quality to other investments","page_number":48,"box":{"x":69,"y":521,"width":786,"height":11}},{"id":"edb86275-a16c-47a8-8c0e-60007b4509aa","block_type":"box","text":"permissible for a Fund. A Fund will not invest more than 25% of its total assets (taken at market value at the time of","page_number":48,"box":{"x":70,"y":536,"width":830,"height":11}},{"id":"aa8e1cd3-c7e6-411c-a4b2-abf0af307285","block_type":"box","text":"each investment) in these obligations. Investments in foreign entities generally involve the same risks as those","page_number":48,"box":{"x":69,"y":551,"width":793,"height":11}},{"id":"6283c3fa-e6ea-438d-837d-f23af3c25f09","block_type":"box","text":"described above in connection with investments in Eurodollar and Yankeedollar obligations and obligations of foreign","page_number":48,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"2171bc40-0912-4af1-8dd2-9aef0371a49e","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries. See “Bank Money Instruments.”","page_number":48,"box":{"x":69,"y":581,"width":713,"height":12}},{"id":"e4cc1db6-62b0-4ec6-b945-3de393886875","block_type":"box","text":"Foreign Short Term Debt Instruments.","page_number":48,"box":{"x":102,"y":604,"width":275,"height":11}},{"id":"afe651c0-4c2f-4d7c-a972-7f51f1360412","block_type":"box","text":"Foreign shor t term debt instruments refer to U.S. dollar-denominated","page_number":48,"box":{"x":384,"y":604,"width":490,"height":11}},{"id":"ea59e6df-b77a-44f6-8518-b6f3972edd7a","block_type":"box","text":"commercial paper and other shor t term obligations issued by foreign entities. Such investments are subject to quality","page_number":48,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"0ecf7eb9-0cc2-4104-a60b-b83a86e3f43d","block_type":"box","text":"standards similar to those applicable to investments in comparable obligations of domestic issuers. These","page_number":48,"box":{"x":69,"y":634,"width":762,"height":12}},{"id":"d508e776-2c77-483a-b58f-f2d95bfabf52","block_type":"box","text":"investments generally involve the same risks as those described above in connection with investments in Eurodollar","page_number":48,"box":{"x":70,"y":650,"width":827,"height":11}},{"id":"76bb8489-0b87-417e-bffa-5791f8ce66a1","block_type":"box","text":"and Yankeedollar obligations and obligations of foreign depository institutions and their foreign branches and","page_number":48,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"0398f344-9853-425d-95a3-1db6c0c5fc5b","block_type":"box","text":"subsidiaries. See “Bank Money Instruments.”","page_number":48,"box":{"x":69,"y":680,"width":325,"height":11}},{"id":"cd8697b0-c632-4ba2-96cd-96fc276ad2f9","block_type":"box","text":"Forward Commitments.","page_number":48,"box":{"x":102,"y":702,"width":169,"height":9}},{"id":"8dd4e32b-cab1-401c-932b-9056743150b6","block_type":"box","text":"Cer tain Funds may purchase or sell money market securities on a forward commitment","page_number":48,"box":{"x":278,"y":702,"width":621,"height":11}},{"id":"91d52530-5474-4108-9c73-d853152ea108","block_type":"box","text":"basis at fixed purchase terms. The purchase or sale will be recorded on the date a Fund enters into the commitment,","page_number":48,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"1f3783c2-e398-4c65-9d69-bc6b151f0855","block_type":"box","text":"and the value of the security will thereafter be reflected in the calculation of the Fund’s NAV. The value of the security","page_number":48,"box":{"x":69,"y":732,"width":836,"height":12}},{"id":"9c880618-a704-4c80-9ff7-595d47e19baa","block_type":"box","text":"on the delivery date may be more or less than its purchase price. Although a Fund generally will enter into forward","page_number":48,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"539e48e6-0176-4e71-ab79-681e3e4ca86d","block_type":"box","text":"commitments with the intention of acquiring securities for its por tfolio, a Fund may dispose of a commitment prior to","page_number":48,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"212dec62-5c0c-4883-b0e1-63903d989582","block_type":"box","text":"settlement if the Manager deems it appropriate to do so.","page_number":48,"box":{"x":69,"y":778,"width":405,"height":11}},{"id":"6bce7976-0671-4d25-a872-5cb7dd72f2c8","block_type":"box","text":"There can be no assurance that a security purchased or sold through a forward commitment will be delivered.","page_number":48,"box":{"x":101,"y":801,"width":782,"height":11}},{"id":"97a301f7-58a3-4734-ae6b-93d049912764","block_type":"box","text":"The value of securities in these transactions on the delivery date may be more or less than a Fund’s purchase price.","page_number":48,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"f7bc7ea4-97a8-4ccb-a2a5-a4ebea23b7d1","block_type":"box","text":"The Fund may bear the risk of a decline in the value of the security in these transactions and may not benefit from","page_number":48,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"51b6a646-86b1-430b-9d68-e4473546fc3a","block_type":"box","text":"appreciation in the value of the security during the commitment period.","page_number":48,"box":{"x":69,"y":846,"width":504,"height":11}},{"id":"723acd82-019b-4e35-8dbc-24cbe77cb2fb","block_type":"box","text":"Illiquid Investments","page_number":48,"box":{"x":102,"y":869,"width":141,"height":11}},{"id":"bbc0ebe9-0a78-4a16-a11f-000d03c42474","block_type":"box","text":". No Fund will acquire any illiquid security (i.e., securities that cannot be sold or disposed of","page_number":48,"box":{"x":246,"y":869,"width":654,"height":11}},{"id":"11ba001d-269e-464f-b568-674df05d93e4","block_type":"box","text":"in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund) if,","page_number":48,"box":{"x":70,"y":884,"width":801,"height":11}},{"id":"dd5640d5-aa9e-46a8-bcec-8be70934722c","block_type":"box","text":"II-11","page_number":48,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a28ac79-00b9-4adc-b04e-f169e826e029","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":48,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"251554e6-d18a-4a3b-9148-2d09a20fe380","block_type":"box","text":"immediately following such purchase, more than 5% of the Fund’s total assets are invested in illiquid securities. The","page_number":49,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"e51afde4-3275-44c8-a81e-5f94fce979a3","block_type":"box","text":"Manager will monitor the liquidity of illiquid investments under the supervision of the Board.","page_number":49,"box":{"x":70,"y":60,"width":652,"height":11}},{"id":"7dc2c4ff-da2b-4650-b6d5-78ad8b4923f4","block_type":"box","text":"Inflation Risk.","page_number":49,"box":{"x":102,"y":82,"width":99,"height":9}},{"id":"08a481c9-d2ca-4dde-a2b2-d2b79bf86801","block_type":"box","text":"The Funds are subject to inflation risk. Inflation risk is the risk that the present value of assets or","page_number":49,"box":{"x":208,"y":82,"width":695,"height":12}},{"id":"81aeac09-91e6-4c8a-a9d7-fb11caccab18","block_type":"box","text":"income from investments will be less in the future as inflation decreases the value of money. As inflation increases,","page_number":49,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"af6974c3-48bb-4f14-8c73-191621328702","block_type":"box","text":"the present value of a Fund’s assets can decline as can the value of a Fund’s distributions. Inflation rates may","page_number":49,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"485d9534-66f0-440e-8ad5-45bf7cc7f9f9","block_type":"box","text":"change frequently and significantly due to a number of potential factors, including, among others, unexpected","page_number":49,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"1fea2543-9210-44a6-9876-c4c36a8b7d7d","block_type":"box","text":"economic shifts or changes in fiscal or monetary policies.","page_number":49,"box":{"x":69,"y":143,"width":410,"height":11}},{"id":"5e4bdd2b-c84e-4886-86b7-7501c7398950","block_type":"box","text":"Investment in Other Investment Companies.","page_number":49,"box":{"x":102,"y":166,"width":320,"height":11}},{"id":"0c84a434-7c0d-49dc-af36-f808e43fc67b","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":49,"box":{"x":429,"y":166,"width":402,"height":11}},{"id":"ed763068-5e8b-477e-9012-e747093c9177","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":49,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"08b1ff08-55bb-47ab-b6b1-73bcdf9c3290","block_type":"box","text":"market funds and exchange-traded funds (“ETFs”), which are typically open-end funds or unit investment trusts listed","page_number":49,"box":{"x":69,"y":196,"width":831,"height":11}},{"id":"9ede1623-d25b-4633-a25a-d0fea50fb4ff","block_type":"box","text":"on a stock exchange. Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to","page_number":49,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"8d539882-5b7a-4e8d-b18b-14ce9d327f5c","block_type":"box","text":"10% of its total assets in securities of other investment companies (measured at the time of such investment). In","page_number":49,"box":{"x":70,"y":226,"width":810,"height":11}},{"id":"7fee123b-b8dc-4936-b5d2-dec8ea77d507","block_type":"box","text":"addition, under Section 12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an","page_number":49,"box":{"x":69,"y":241,"width":760,"height":11}},{"id":"cb8fdfc7-42ea-41c9-80ad-3115661796ed","block_type":"box","text":"investment company if such acquisition would cause the Fund to own more than 3% of the total outstanding voting","page_number":49,"box":{"x":70,"y":256,"width":815,"height":12}},{"id":"9a9b98ab-9cb3-43ca-ad70-a9209f0ed930","block_type":"box","text":"stock of such investment company and a Fund may not invest in another investment company if such investment","page_number":49,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"3f1b4f29-5ad1-414d-95df-5f8bd36dd57d","block_type":"box","text":"would cause more than 5% of the value of the Fund’s total assets to be invested in securities of such investment","page_number":49,"box":{"x":68,"y":286,"width":809,"height":10}},{"id":"d9fe1109-f445-4b87-b026-c2e4c33cebad","block_type":"box","text":"company. (These limits do not restrict a feeder fund from investing all of its assets in shares of its master por tfolio.)","page_number":49,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"2d0e431b-f8fb-4bc8-afec-c38f7145fc60","block_type":"box","text":"In addition to the restrictions on investing in other investment companies discussed above, under Section","page_number":49,"box":{"x":70,"y":317,"width":753,"height":11}},{"id":"2512b92a-599d-431c-aefa-eb53ee4ac6ed","block_type":"box","text":"12(d)(1)(C) of the Investment Company Act a Fund may not invest in a registered closed-end investment company if","page_number":49,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"c00fcd5e-8c5b-4f31-9c54-7958eb6a81f8","block_type":"box","text":"such investment would cause the Fund and other BlackRock-advised investment companies to own more than 10% of","page_number":49,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"f3f51eb0-123f-4e42-9ba0-733b164af3ff","block_type":"box","text":"the total outstanding voting stock of such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the","page_number":49,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"0061bd0f-fcbf-4249-9c6f-dbea13a134f8","block_type":"box","text":"Investment Company Act, these percentage limitations do not apply to investments in affiliated investment","page_number":49,"box":{"x":70,"y":377,"width":760,"height":12}},{"id":"8b959df4-1218-4590-8582-ade0a6333c0b","block_type":"box","text":"companies, including ETFs, subject to cer tain conditions. In addition, a Fund may be able to rely on cer tain rules","page_number":49,"box":{"x":69,"y":393,"width":802,"height":11}},{"id":"0f69ce9a-e902-4fcb-96c7-f9b3151f5200","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment companies beyond","page_number":49,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"6b17c317-6698-4b9b-9aee-74a0528957d2","block_type":"box","text":"the statutory limits noted above, but subject to cer tain conditions.","page_number":49,"box":{"x":68,"y":423,"width":473,"height":11}},{"id":"1c199707-0ea2-45d9-b33e-46d61aacb341","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":49,"box":{"x":101,"y":446,"width":799,"height":10}},{"id":"1c859f47-f701-4275-b804-dbd69b03a21b","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":49,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"7041aeb4-f72e-4e70-9bdd-ffe7120718ae","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":49,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"0458d738-6b7a-41b2-9d1d-18d3a2ef3e84","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":49,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"19285d10-95b3-45d9-bc36-5ccc16b94483","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":49,"box":{"x":68,"y":513,"width":839,"height":12}},{"id":"fab428dc-6bc0-46bb-8a7d-49a24cc9217d","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":49,"box":{"x":68,"y":528,"width":806,"height":12}},{"id":"758c1dfb-1696-4d36-b3d4-4a723116bff4","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":49,"box":{"x":68,"y":544,"width":810,"height":10}},{"id":"1be4607b-3caa-416a-afea-7ad66f00b17b","block_type":"box","text":"loss.","page_number":49,"box":{"x":70,"y":559,"width":31,"height":9}},{"id":"76f350c4-9ebc-47e2-a922-8138ac4d3fa2","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":49,"box":{"x":102,"y":581,"width":758,"height":12}},{"id":"36393c78-a75b-4b06-ac22-f7201698515d","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":49,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"400463db-31bd-400f-ba34-e5a900d71b7b","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":49,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"7eacf173-6a5d-452a-b3d6-698da8b69d0c","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":49,"box":{"x":69,"y":627,"width":816,"height":11}},{"id":"57f7d3b9-608b-455c-81a3-7ffa1538a914","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":49,"box":{"x":69,"y":642,"width":768,"height":11}},{"id":"03d3544a-2a2f-4ceb-a314-0c28dce5bd4e","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":49,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"3db32972-1fea-42a5-bccd-1ac2ee815e1b","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":49,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"92d0f8c2-e090-484e-8925-04b8c15febf7","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":49,"box":{"x":68,"y":687,"width":804,"height":11}},{"id":"8215533f-5cc7-4522-af49-f7a0daba220e","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":49,"box":{"x":70,"y":702,"width":778,"height":11}},{"id":"43ea36e8-4fd5-4a08-a841-5f7175ecfbc3","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":49,"box":{"x":69,"y":717,"width":796,"height":12}},{"id":"1880bf0e-8e86-4cb7-ad84-7caa029a901b","block_type":"box","text":"assets.","page_number":49,"box":{"x":69,"y":733,"width":51,"height":9}},{"id":"bd58e0ab-210b-4604-ab25-97879d45e326","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":49,"box":{"x":101,"y":755,"width":776,"height":11}},{"id":"11284d99-ce3c-4456-9364-c9fef88081f3","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":49,"box":{"x":69,"y":770,"width":313,"height":11}},{"id":"617df028-9598-496f-81a6-7fee1d82f76f","block_type":"box","text":"e.g.","page_number":49,"box":{"x":384,"y":772,"width":24,"height":10}},{"id":"76a8607c-f7ef-4a61-95be-05d40fe41738","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":49,"box":{"x":411,"y":771,"width":491,"height":10}},{"id":"1ab3d06f-ae82-4e95-a6f7-7ed8b99efc71","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":49,"box":{"x":69,"y":785,"width":823,"height":12}},{"id":"1878fd06-f494-4271-b5f0-33ff5a334734","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":49,"box":{"x":69,"y":801,"width":472,"height":11}},{"id":"ac6f4f63-592f-40e0-a6a4-41bde732130f","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":49,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"80d3ad1e-ae82-4a8b-a9bc-bab6361ab632","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":49,"box":{"x":70,"y":838,"width":818,"height":12}},{"id":"71bd4dfd-f613-45d2-a745-57e99d5e8464","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":49,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"547decc1-9a44-42d0-bba3-ca3e45bced9d","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":49,"box":{"x":70,"y":869,"width":795,"height":11}},{"id":"cf4d48b1-529e-449c-ab1d-73dec7e49443","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":49,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"e4c07d6f-bdd0-49d5-86b8-a4b86da2a456","block_type":"box","text":"countries.","page_number":49,"box":{"x":69,"y":899,"width":69,"height":9}},{"id":"d738f712-743b-4ca5-92d3-768ba4679118","block_type":"box","text":"II-12","page_number":49,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53ef2f07-44ed-40bc-8501-a5cc19684f2b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":49,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b088310f-b252-4106-b515-883dd0384050","block_type":"box","text":"Issuer Insolvency Risk.","page_number":50,"box":{"x":102,"y":45,"width":166,"height":11}},{"id":"7500ce8a-6c06-44af-9861-4b5c0485a92a","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":50,"box":{"x":275,"y":45,"width":631,"height":11}},{"id":"60087211-4225-4acc-aa7e-b6e3a88bae4e","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":50,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"5261f507-fe52-473d-8a7c-bd0f7edea98f","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":50,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"ac2d243a-04ed-4a36-b922-ac9549a8fc2c","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":50,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"8a07e894-46bd-4b20-b0a8-bee4676166c2","block_type":"box","text":"issuer uncer tain.","page_number":50,"box":{"x":70,"y":105,"width":118,"height":9}},{"id":"590f7628-2bca-4f43-869f-30d838414fe1","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":50,"box":{"x":102,"y":128,"width":788,"height":11}},{"id":"02003beb-8f0f-4a44-856e-74e5cef999a7","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":50,"box":{"x":68,"y":143,"width":827,"height":11}},{"id":"719dfbb9-bf4c-46b9-be8a-c508bf2487d4","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":50,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"67c648a5-df75-41e3-a6ee-c3803cdeae9a","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":50,"box":{"x":69,"y":173,"width":829,"height":11}},{"id":"1503e426-e4b1-47ab-8953-9f4cd0e792a6","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":50,"box":{"x":70,"y":188,"width":797,"height":12}},{"id":"646d6f77-7e82-4777-bc2e-518b577da487","block_type":"box","text":"eventually be satisfied.","page_number":50,"box":{"x":69,"y":203,"width":162,"height":12}},{"id":"902aaf10-09c9-496e-a67e-69b579c29959","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":50,"box":{"x":102,"y":226,"width":805,"height":11}},{"id":"4c8042e5-526b-4488-a929-b84561a31ee9","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":50,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"f08b17ae-e201-4302-9c3e-f81756aa970e","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":50,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"a8070712-acfb-4fbe-bbb2-37f1cf5675cd","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":50,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"20de0c76-3d7c-4003-89e8-b0da6b648baf","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":50,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"90a294d8-77a4-415a-9292-16aa4034dc45","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":50,"box":{"x":70,"y":302,"width":805,"height":11}},{"id":"f6de6d91-bc26-415a-87c8-afbf9aaa6f6c","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":50,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"de96dc3f-5ec3-4b7d-a9f2-c494042c7210","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":50,"box":{"x":70,"y":332,"width":828,"height":11}},{"id":"4cf742f8-182e-4f39-910f-7e8115d41f34","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":50,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"dd840c70-543c-4eca-9bcb-21d4558b90f4","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":50,"box":{"x":70,"y":362,"width":820,"height":11}},{"id":"ec733900-f25a-4808-ab29-4d2a69b489fe","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":50,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"214700d6-2e5e-4695-91cd-6c8f4b97576e","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":50,"box":{"x":68,"y":393,"width":788,"height":11}},{"id":"14fe3d7d-bf02-46ab-a351-77be18fcb796","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":50,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"3d617048-19cd-42ef-a4fd-b67ea13557e3","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":50,"box":{"x":69,"y":423,"width":809,"height":11}},{"id":"9d59b3cd-99bc-4ed9-8b6a-ae388bbf174c","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":50,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"e244c68c-72bc-462d-bfdf-c1f3b6ba3366","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":50,"box":{"x":69,"y":453,"width":741,"height":11}},{"id":"36646cac-eaad-47f3-99c6-93c534840917","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":50,"box":{"x":101,"y":476,"width":780,"height":11}},{"id":"27c92794-a197-46b9-8e46-7fb91ff4bb91","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":50,"box":{"x":68,"y":491,"width":807,"height":11}},{"id":"5c52ccab-1d02-4df4-a847-a18963ccffd5","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":50,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"8666dc59-257d-4734-9a22-83a10b204795","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":50,"box":{"x":68,"y":521,"width":814,"height":11}},{"id":"a66b2835-b0fe-4180-b59f-d17cc5c6784e","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":50,"box":{"x":70,"y":536,"width":439,"height":11}},{"id":"1c46f254-4ccb-4b70-83b4-189b6cd7aec9","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":50,"box":{"x":102,"y":559,"width":806,"height":11}},{"id":"f3d9586d-a767-4bc4-8a1c-aa181f5514a7","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":50,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"e75b51fd-5997-4afd-b0e7-30f25a27f619","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":50,"box":{"x":69,"y":589,"width":767,"height":11}},{"id":"d0d341f0-677e-40c4-a7d5-d18e52de3592","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":50,"box":{"x":69,"y":604,"width":771,"height":11}},{"id":"842055c8-ba56-4680-a2ca-95b5b61664f2","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":50,"box":{"x":70,"y":619,"width":823,"height":11}},{"id":"45b38c94-0e41-43b9-8c8a-fe0b10216ca3","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":50,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"e885ffae-4ef3-46d0-9ef6-e3bcfce93572","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":50,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"e5372d25-15f3-47cf-ba09-714ec4ae9840","block_type":"box","text":"that assumed generally by an investor.","page_number":50,"box":{"x":68,"y":665,"width":274,"height":11}},{"id":"f6d0db88-d838-465f-8e03-d0b316bf6fb0","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":50,"box":{"x":102,"y":687,"width":275,"height":11}},{"id":"165b4a7f-7ede-429f-b866-0c1f94032b45","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":50,"box":{"x":383,"y":687,"width":466,"height":11}},{"id":"060424fa-62e8-4087-ad7d-d4ed7c29d493","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":50,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"1391f218-2c8d-4371-805c-421bbd835869","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":50,"box":{"x":68,"y":717,"width":837,"height":12}},{"id":"0c219d7d-59e9-49c5-9649-b2b8a4b09420","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":50,"box":{"x":69,"y":732,"width":795,"height":12}},{"id":"b8ca4199-1601-4840-8035-ed6fa1b00ba1","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":50,"box":{"x":68,"y":748,"width":796,"height":11}},{"id":"151a20a0-e497-4e85-a923-f26412b842f8","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":50,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"e649532c-817c-4971-8d51-50a7aa5c88db","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":50,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"ede70e7f-1c93-4765-93bc-6b5e8f11d709","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":50,"box":{"x":68,"y":793,"width":807,"height":11}},{"id":"db682baf-1f6f-4e6c-ac64-6bbc030ac609","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":50,"box":{"x":70,"y":808,"width":822,"height":11}},{"id":"f8a9d544-5092-4437-82b0-7e9ab44f2302","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":50,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"6a95f73c-bf9d-48b4-874d-5062a5a559f4","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair a","page_number":50,"box":{"x":69,"y":838,"width":790,"height":11}},{"id":"fa1a867b-47fd-45a0-8433-b18d0fd7ff1d","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":50,"box":{"x":70,"y":853,"width":787,"height":12}},{"id":"c7e58bed-10f7-43e0-9700-645cd42ba8d0","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":50,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"4b1ee906-8131-464e-8486-2215970c448c","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":50,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"5d30027d-a4c7-49ca-90ed-f7da18aa4492","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":50,"box":{"x":69,"y":899,"width":832,"height":11}},{"id":"79c8da85-b11f-41b7-b867-31b36db9d6d0","block_type":"box","text":"II-13","page_number":50,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e18e6830-6795-4e38-b569-f01ac2749840","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":50,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"02c2e6ce-7343-432a-84ab-090f023d062e","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":51,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"0ae8ce7d-99ac-4dc5-9285-9909ed8f3350","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":51,"box":{"x":69,"y":60,"width":776,"height":11}},{"id":"3c570391-6d0e-44ee-9589-6a58e0132290","block_type":"box","text":"conditions.","page_number":51,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"10b294de-5782-4059-9065-998699b9c286","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":51,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"15ee55d9-b9a4-4be6-bd16-bfcd6e808bc5","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":51,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"1e457913-2174-473d-89d8-523da3ddf898","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":51,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"e1d3b5b9-80ac-4108-aead-e27b2849e60d","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":51,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"907b83b6-41b0-48b2-85ec-275f55235e5f","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":51,"box":{"x":69,"y":158,"width":799,"height":11}},{"id":"43fc9d5f-340c-4aa3-a487-9c20704edd5a","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":51,"box":{"x":69,"y":173,"width":751,"height":11}},{"id":"cbbe366f-f686-4db1-ba0c-1da9ab346d1c","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":51,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"67f8f202-2a30-4f60-920d-00d5ea5dbbbd","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":51,"box":{"x":69,"y":203,"width":831,"height":12}},{"id":"d5b90981-61d4-4161-8eb0-f4f829857b00","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":51,"box":{"x":69,"y":219,"width":810,"height":11}},{"id":"452bdc9d-ee52-47d4-8cce-db84b8b29cd6","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":51,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"f3620bf5-da26-4842-8cf0-1c33e1f0ad5c","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":51,"box":{"x":69,"y":249,"width":775,"height":11}},{"id":"63bf312a-b0bd-49f5-9ff6-2da6c00fb435","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":51,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"a37a7323-0681-465a-93f1-e25185f9e974","block_type":"box","text":"affected by such events.","page_number":51,"box":{"x":69,"y":279,"width":173,"height":11}},{"id":"379362bd-1be8-45e6-8f83-5a269f9910eb","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of a Fund or the instruments in which a","page_number":51,"box":{"x":102,"y":302,"width":795,"height":11}},{"id":"a8ff7b18-a0f9-47ce-aabe-cc249ccb2a3f","block_type":"box","text":"Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation or","page_number":51,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"5ef13074-248b-4e98-838b-cbdeef6d5e14","block_type":"box","text":"other governmental actions could limit or preclude a Fund’s abilities to achieve its investment objectives or otherwise","page_number":51,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"2fb7878c-76d6-4f83-9a85-f6cd9405345f","block_type":"box","text":"adversely impact an investment in a Fund. Recent policy initiatives under taken by the U.S. government have the","page_number":51,"box":{"x":69,"y":347,"width":797,"height":11}},{"id":"36ab854d-fa50-43d2-8155-73134d54871d","block_type":"box","text":"potential to impact international relations, trade agreements and the overall regulatory environment in ways that","page_number":51,"box":{"x":70,"y":362,"width":800,"height":11}},{"id":"a4a19732-d865-42f7-acf0-5a1b6a0462a9","block_type":"box","text":"could create uncer tainty and instability in domestic and global markets and could adversely affect the investment","page_number":51,"box":{"x":69,"y":377,"width":809,"height":12}},{"id":"880b0fcc-9358-4b1f-9f4f-22b336aa73d3","block_type":"box","text":"per formance of a Fund. In par ticular, actions taken by the U.S. government in respect of international trade relations","page_number":51,"box":{"x":70,"y":392,"width":831,"height":12}},{"id":"d989345d-0942-4f4f-b50e-10e6c9549699","block_type":"box","text":"could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced foreign","page_number":51,"box":{"x":69,"y":407,"width":765,"height":12}},{"id":"487e3953-9eae-4f09-b389-d25e19ca62d9","block_type":"box","text":"investment, and instability in regions where a Fund invests. Political and diplomatic events within the United States,","page_number":51,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"517707a7-6287-41c2-b721-0398631ce2b3","block_type":"box","text":"including a contentious domestic political environment, changes in political par ty control of one or more branches of","page_number":51,"box":{"x":70,"y":438,"width":828,"height":11}},{"id":"9c3d726d-6cd8-4c69-ac58-1f9410a7d162","block_type":"box","text":"the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction","page_number":51,"box":{"x":68,"y":453,"width":819,"height":11}},{"id":"a422b311-cbf0-4a12-87bc-257f88586906","block_type":"box","text":"plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the U.S.","page_number":51,"box":{"x":70,"y":468,"width":780,"height":11}},{"id":"9c250aa6-37e8-426b-8a0c-34eb806100f0","block_type":"box","text":"Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":51,"box":{"x":69,"y":483,"width":781,"height":11}},{"id":"ef7277f4-2d4d-4a48-afa0-12a1e761a8c2","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":51,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"26804a1d-f818-4365-acce-2ff0f5535198","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":51,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"f11fa6da-6b8f-4ed6-baa5-d501eb479af5","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":51,"box":{"x":69,"y":528,"width":836,"height":12}},{"id":"7ae2af89-c713-4ac2-813b-3f0f293035ae","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":51,"box":{"x":69,"y":544,"width":820,"height":11}},{"id":"13520c56-3422-4823-868c-92b5774112c4","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":51,"box":{"x":69,"y":559,"width":785,"height":11}},{"id":"e3da000c-ec1c-4856-9b9f-9182081f3e93","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":51,"box":{"x":70,"y":574,"width":832,"height":11}},{"id":"05440de2-af08-4395-8f41-5e579abcae33","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":51,"box":{"x":68,"y":589,"width":799,"height":11}},{"id":"feb5af84-ef8c-43c0-9b10-418a174f0d94","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":51,"box":{"x":69,"y":604,"width":802,"height":11}},{"id":"da007638-8726-465d-b344-7e7e44d1de11","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund’s investments.","page_number":51,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"076c69bf-8c57-4cfd-a7c9-f5538344f055","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":51,"box":{"x":101,"y":642,"width":802,"height":11}},{"id":"efe423eb-b511-4dd6-9547-429bae04cc87","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":51,"box":{"x":68,"y":657,"width":796,"height":11}},{"id":"aa63f350-affa-431c-b00c-abbdabdb4495","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":51,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"03101966-51cd-4f37-a462-72784ac86070","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":51,"box":{"x":70,"y":687,"width":813,"height":11}},{"id":"04dd7efe-49fd-4233-a185-764ae65c0239","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":51,"box":{"x":68,"y":702,"width":812,"height":12}},{"id":"88d6505e-c245-441d-bf4f-f9ed22314b8a","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":51,"box":{"x":69,"y":718,"width":771,"height":11}},{"id":"2c32c791-9515-4e5a-b443-0be763d99089","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":51,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"4079220f-71e6-4d2d-ae17-7d6d9b3618e0","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":51,"box":{"x":69,"y":748,"width":646,"height":11}},{"id":"08cb87b8-de07-495e-befa-5aa5e0437e51","block_type":"box","text":"Legal and Regulatory Risks.","page_number":51,"box":{"x":102,"y":771,"width":197,"height":11}},{"id":"4bf0cec8-e667-4d15-8025-13bf3d9cc80a","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":51,"box":{"x":305,"y":770,"width":583,"height":12}},{"id":"05714c13-b8d7-45d7-ae3b-f4e459b16d8b","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":51,"box":{"x":67,"y":785,"width":819,"height":12}},{"id":"8e0c977a-861e-4b8d-9404-2beeeff66db7","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":51,"box":{"x":69,"y":801,"width":820,"height":11}},{"id":"89c9b471-e021-46bf-9fbe-ae8e459f5961","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":51,"box":{"x":68,"y":816,"width":781,"height":11}},{"id":"97e6be77-131e-400d-b472-b3730eda6103","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":51,"box":{"x":69,"y":831,"width":763,"height":11}},{"id":"d2693d1b-f596-4850-a76e-4661db75fb2a","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":51,"box":{"x":70,"y":846,"width":838,"height":11}},{"id":"18626d57-25de-4838-b847-e99e267ed0cf","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":51,"box":{"x":69,"y":861,"width":781,"height":11}},{"id":"dca957d5-f1f1-45cd-b7e6-493c046c2444","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":51,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"b662a37c-b426-4986-8650-312eb67396fd","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":51,"box":{"x":69,"y":891,"width":807,"height":12}},{"id":"fa38f661-a258-4575-ae30-e193f54b9f7f","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":51,"box":{"x":69,"y":907,"width":666,"height":11}},{"id":"16d03a73-647e-44fc-876d-d9045ec05afb","block_type":"box","text":"II-14","page_number":51,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"194a8a61-caaf-4394-b1d2-a44cd2206dfa","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":51,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01776bd0-2321-4b20-92b8-417fb743b76f","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":52,"box":{"x":103,"y":45,"width":198,"height":11}},{"id":"e8208938-b99c-43cc-8fe0-62170a1a79dc","block_type":"box","text":".","page_number":52,"box":{"x":302,"y":52,"width":3,"height":2}},{"id":"6a34d76b-87f4-4293-a619-22cb30265ed3","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":52,"box":{"x":312,"y":45,"width":593,"height":11}},{"id":"eae073cf-cdb9-4c36-9b63-2a53d7099978","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":52,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"09a4fe91-5e86-4475-be72-2a27733b5943","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":52,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"75e6a2f1-6d61-4a18-b92d-a8000cae8d11","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":52,"box":{"x":70,"y":90,"width":827,"height":11}},{"id":"9b63186d-720d-41b9-a179-8b5601c3f534","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":52,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"a144154a-9f90-4282-8304-9652d52197f9","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":52,"box":{"x":70,"y":120,"width":821,"height":12}},{"id":"38a49cc6-70b5-4f1f-9890-00b452a83212","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time. Global trade disruption, significant","page_number":52,"box":{"x":69,"y":135,"width":810,"height":12}},{"id":"9fbae6c0-8fed-4c61-a7f1-339300c1ace4","block_type":"box","text":"introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy","page_number":52,"box":{"x":70,"y":150,"width":832,"height":12}},{"id":"1646d54a-e52f-4959-9432-5ee16dc96f5a","block_type":"box","text":"resulting therefrom, could adversely affect the financial per formance of a Fund and its investments. Trade policy may","page_number":52,"box":{"x":69,"y":166,"width":835,"height":11}},{"id":"1eef291a-7ba7-4eb0-a83d-89e21088eca1","block_type":"box","text":"be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other","page_number":52,"box":{"x":69,"y":181,"width":787,"height":11}},{"id":"6aa7bac5-cc6f-44d1-a519-432bca3a03d1","block_type":"box","text":"adverse effects on international markets, international trade agreements, and/or other existing cross-border","page_number":52,"box":{"x":69,"y":196,"width":774,"height":11}},{"id":"0526b103-8057-4da3-97e3-07311cd63f43","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade","page_number":52,"box":{"x":69,"y":211,"width":775,"height":11}},{"id":"cd16c67a-ce44-4e73-8a27-73fd6f6cf8a4","block_type":"box","text":"disputes escalate globally, there could be additional significant impacts on the sectors or industries in which a Fund","page_number":52,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"969dc1ef-cadc-4e8d-920b-01aab22cf08e","block_type":"box","text":"invests and other adverse impacts on a Fund’s overall per formance.","page_number":52,"box":{"x":70,"y":241,"width":484,"height":11}},{"id":"d1a80fb5-d57e-4e38-baf4-a88978962c2b","block_type":"box","text":"Municipal Investments","page_number":52,"box":{"x":102,"y":264,"width":164,"height":11}},{"id":"b723b400-e985-4a66-acb4-24f4a3900aa9","block_type":"box","text":"Municipal Securities.","page_number":52,"box":{"x":102,"y":287,"width":152,"height":11}},{"id":"93b24732-4f54-48ee-a4bf-73e49d992277","block_type":"box","text":"Cer tain Funds invest in shor t term municipal obligations issued by or on behalf of the","page_number":52,"box":{"x":261,"y":286,"width":609,"height":12}},{"id":"095b2f57-b625-48ef-8b6a-a35ced85997e","block_type":"box","text":"states, their political subdivisions, agencies and instrumentalities and obligations of other qualifying issuers, such as","page_number":52,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"aca621b9-9a04-4206-9f00-d9c81cda0290","block_type":"box","text":"issuers located in Puer to Rico, the U.S. Virgin Islands and Guam, the interest on which (and/or, in the case of","page_number":52,"box":{"x":70,"y":317,"width":785,"height":11}},{"id":"7da6c628-4494-42a5-a13f-45d354e2ec83","block_type":"box","text":"proper ty taxes, the value of which) is excludable, in the opinion of bond counsel to the issuer, from gross income for","page_number":52,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"ab56f394-92ec-45d2-97bc-677478298509","block_type":"box","text":"purposes of Federal income taxes and the applicable state’s income taxes (“State Taxes”). Obligations that pay","page_number":52,"box":{"x":70,"y":347,"width":795,"height":11}},{"id":"e6e122f9-5abe-47fb-917f-ae4d8f9b864e","block_type":"box","text":"interest that is excludable from gross income for Federal income tax purposes are referred to herein as “Municipal","page_number":52,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"3ce092e1-d1c9-405e-b52c-71f58187543f","block_type":"box","text":"Securities,” and obligations that pay interest that is excludable from gross income for Federal income tax purposes","page_number":52,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"f6006891-6d69-4b5e-a3a8-9f9f94bdbd8e","block_type":"box","text":"and are exempt from the applicable State Taxes are referred to as “State Municipal Securities.” Unless otherwise","page_number":52,"box":{"x":69,"y":392,"width":812,"height":11}},{"id":"17156964-5662-4eb5-83e5-664e50c8499b","block_type":"box","text":"indicated, references to Municipal Securities shall be deemed to include State Municipal Securities.","page_number":52,"box":{"x":70,"y":407,"width":711,"height":11}},{"id":"8682919b-cfb4-481c-a960-e0b4d37c4257","block_type":"box","text":"Municipal Securities include debt obligations issued to obtain funds for various public purposes, including","page_number":52,"box":{"x":102,"y":430,"width":753,"height":11}},{"id":"7260841a-2505-4541-9263-4beeb6852472","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":52,"box":{"x":69,"y":445,"width":824,"height":12}},{"id":"1a637da9-f5c5-41a3-b594-b2f372b5590d","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":52,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"ff9ad505-521f-49b3-8247-e6fbef83cd38","block_type":"box","text":"by or on behalf of public authorities to finance various facilities operated for private profit. Such obligations are","page_number":52,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"d3dcd131-1882-484f-afd0-d205f197b381","block_type":"box","text":"included within the term Municipal Securities if the interest paid thereon is excludable from gross income for Federal","page_number":52,"box":{"x":70,"y":491,"width":830,"height":11}},{"id":"1a1e312f-5850-4047-ad8e-0a7ecbb82a17","block_type":"box","text":"income tax purposes.","page_number":52,"box":{"x":70,"y":506,"width":150,"height":11}},{"id":"2e84a647-b72f-4049-ba53-7f31867d35d2","block_type":"box","text":"The two principal classifications of Municipal Securities are “general obligation” bonds and “revenue” or “special","page_number":52,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"b5462d75-4b81-40f4-b029-2aa9cc30d51c","block_type":"box","text":"obligation” bonds. General obligation bonds are secured by the issuer’s pledge of its faith, credit and taxing power","page_number":52,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"dbdff84b-6862-4371-b50d-6e530d109a89","block_type":"box","text":"for the repayment of principal and the payment of interest. Revenue or special obligation bonds are payable only from","page_number":52,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"cf5bf974-65f6-4af7-b087-8b79c5099054","block_type":"box","text":"the revenues derived from a par ticular facility or class of facilities or, in some cases, from the proceeds of a special","page_number":52,"box":{"x":68,"y":574,"width":827,"height":11}},{"id":"4cf53f7a-ebac-4431-9bf0-2fd8ed320e46","block_type":"box","text":"excise tax or other specific revenue source such as from the user of the facility being financed. Private activity bonds","page_number":52,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"85000af0-f583-4df9-ac47-d1721eb76432","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law) are in most cases revenue bonds and do not generally","page_number":52,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"5d8a08d5-f830-494c-8206-ba65c453e39a","block_type":"box","text":"constitute the pledge of the credit or taxing power of the issuer of such bonds. The repayment of the principal and","page_number":52,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"1509c5e7-1457-40c7-bf22-0ee8462f38ed","block_type":"box","text":"the payment of interest on such private activity bonds depends solely on the ability of the user of the facilities","page_number":52,"box":{"x":68,"y":634,"width":784,"height":11}},{"id":"38c5aeeb-d09c-4f02-96db-7bf935472dd6","block_type":"box","text":"financed by the bonds to meet its financial obligation and the pledge, if any, of real and personal proper ty so","page_number":52,"box":{"x":68,"y":649,"width":776,"height":12}},{"id":"3e6e5891-03d3-4dba-bd45-d482b6070dd5","block_type":"box","text":"financed as security for such payment. In addition, private activity bonds may pay interest that is subject to the","page_number":52,"box":{"x":68,"y":664,"width":791,"height":12}},{"id":"5711d006-9795-4448-98b8-085c77ad04ed","block_type":"box","text":"Federal alternative minimum tax. A Fund’s por tfolio may include “moral obligation” bonds, which are normally issued","page_number":52,"box":{"x":70,"y":680,"width":829,"height":11}},{"id":"e0e3d03c-fcd7-4096-bcb1-560ef7cf8aae","block_type":"box","text":"by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its debt service","page_number":52,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"fded330e-461f-43ca-b3af-92e74e710448","block_type":"box","text":"obligations from current revenues, it may draw on a reserve fund, the restoration of which is a moral commitment but","page_number":52,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"44640f45-e9c8-407a-bb03-2dae4acfc50b","block_type":"box","text":"not a legal obligation of a state or municipality.","page_number":52,"box":{"x":69,"y":725,"width":332,"height":11}},{"id":"ac9ee603-6e8f-44ba-9986-ceec4a6ccc9b","block_type":"box","text":"Yields on Municipal Securities are dependent on a variety of factors, including the general condition of the money","page_number":52,"box":{"x":101,"y":748,"width":808,"height":11}},{"id":"5935b6ce-1801-4dbb-a3d7-9ecec0b679f3","block_type":"box","text":"market and of the municipal bond market, the size of a par ticular offering, the maturity of the obligation, and the","page_number":52,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"089806c1-194e-4537-a9ab-065d76906227","block_type":"box","text":"rating of the issuer. The ability of a Fund to achieve its investment objective is also dependent on the continuing","page_number":52,"box":{"x":69,"y":778,"width":799,"height":11}},{"id":"31b5b354-f2b7-4d6a-8287-bfbbc336cf78","block_type":"box","text":"ability of the issuers of the Municipal Securities in which the Fund invests to meet their obligations for the payment of","page_number":52,"box":{"x":69,"y":793,"width":840,"height":11}},{"id":"a8873874-b1c2-44f0-b2ab-4758457abbad","block_type":"box","text":"interest and the repayment of principal when due. There are variations in the risks involved in holding Municipal","page_number":52,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"ae9dbb53-93a3-41cf-8c3f-1583f1a39836","block_type":"box","text":"Securities, both within a par ticular classification and between classifications, depending on numerous factors.","page_number":52,"box":{"x":69,"y":823,"width":786,"height":12}},{"id":"7a5734cf-1669-4780-b559-d66c4c765222","block_type":"box","text":"Fur thermore, the rights of holders of Municipal Securities and the obligations of the issuers of such Municipal","page_number":52,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"5bcc0c19-21f5-4b2c-b9a0-4d1780442ef6","block_type":"box","text":"Securities may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the","page_number":52,"box":{"x":69,"y":853,"width":806,"height":12}},{"id":"c5996a8e-2814-4277-b954-3ff7ac507dac","block_type":"box","text":"rights of creditors generally, and such laws, if any, which may be enacted by Congress or state legislatures affecting","page_number":52,"box":{"x":69,"y":869,"width":827,"height":11}},{"id":"6c35ec3a-0528-4d98-ba6d-7934b76870f8","block_type":"box","text":"specifically the rights of holders of Municipal Securities.","page_number":52,"box":{"x":69,"y":884,"width":397,"height":11}},{"id":"c78c6995-edf4-461a-be27-966a860a9169","block_type":"box","text":"II-15","page_number":52,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac661df0-c225-48b2-9188-fcc9ee34c34c","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":52,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42fe7eda-8cf4-4958-8ebe-91e3d2093dbb","block_type":"box","text":"A Fund’s ability to distribute dividends exempt from Federal income tax will depend on the exclusion from gross","page_number":53,"box":{"x":101,"y":45,"width":793,"height":11}},{"id":"7fe52bd6-5d2d-4fe4-84af-a6735a6f3bb0","block_type":"box","text":"income of the interest income that it receives on the Municipal Securities in which it invests. A Fund will only","page_number":53,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"16053621-50c6-4112-96d3-75eb59ff70d8","block_type":"box","text":"purchase a Municipal Security if it is accompanied by an opinion of counsel to the issuer, which is delivered on the","page_number":53,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"1039a712-80bd-469b-b924-d1e4d31121ae","block_type":"box","text":"date of issuance of that security, that interest on such securities is excludable from gross income for Federal income","page_number":53,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"b5780032-a88d-4fb1-b649-27ecae54fcb0","block_type":"box","text":"tax purposes (the “tax exemption opinion”).","page_number":53,"box":{"x":68,"y":105,"width":310,"height":11}},{"id":"76988890-09c3-4660-a086-59ad84feeb84","block_type":"box","text":"Events occurring after the date of issuance of the Municipal Securities, however, may cause the interest on such","page_number":53,"box":{"x":102,"y":128,"width":803,"height":11}},{"id":"430aa1e1-3312-4c9e-bcaa-fec0a46bfa39","block_type":"box","text":"securities to be includable in gross income for Federal income tax purposes. For example, the Internal Revenue Code","page_number":53,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"f83dd80c-e5fc-4355-a855-a2efb4d4db53","block_type":"box","text":"of 1986, as amended (the “Code”) establishes cer tain requirements, such as restrictions as to the investment of the","page_number":53,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"89e9f546-0ac7-49c1-aed5-0881ebd480d5","block_type":"box","text":"proceeds of the issue, limitations as to the use of proceeds of such issue and the proper ty financed by such","page_number":53,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"2f2697e0-8253-4d77-9684-ae3038c45f8e","block_type":"box","text":"proceeds, and the payment of cer tain excess earnings to the Federal government, that must be met after the","page_number":53,"box":{"x":70,"y":188,"width":778,"height":12}},{"id":"8c48464c-b496-442c-abae-461318e4552e","block_type":"box","text":"issuance of the Municipal Securities for interest on such securities to remain excludable from gross income for","page_number":53,"box":{"x":70,"y":203,"width":792,"height":12}},{"id":"da5ca400-0301-4ae3-be4a-287a957cea15","block_type":"box","text":"Federal income tax purposes. The issuers and the conduit borrowers of the Municipal Securities generally covenant","page_number":53,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"2921203e-a438-4e20-b911-68324ee408a5","block_type":"box","text":"to comply with such requirements and the tax exemption opinion generally assumes continuing compliance with such","page_number":53,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"7bc8cf2d-bf06-4329-bf3f-bc464773ced3","block_type":"box","text":"requirements. Failure to comply with these continuing requirements, however, may cause the interest on such","page_number":53,"box":{"x":69,"y":249,"width":782,"height":11}},{"id":"a288c2db-ec21-4c39-8b95-dfc260d14517","block_type":"box","text":"Municipal Securities to be includable in gross income for Federal income tax purposes retroactive to their date of","page_number":53,"box":{"x":70,"y":264,"width":805,"height":11}},{"id":"971412b5-e55a-47ae-81bd-e7e498e1f070","block_type":"box","text":"issue.","page_number":53,"box":{"x":70,"y":279,"width":40,"height":9}},{"id":"c1eca922-1928-467e-87eb-5e7b701769b7","block_type":"box","text":"In addition, the Internal Revenue Service (“IRS”) has an ongoing enforcement program that involves the audit of","page_number":53,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"2d327800-5493-4f3d-9282-42e19d0edb56","block_type":"box","text":"tax exempt bonds to determine whether an issue of bonds satisfies all of the requirements that must be met for","page_number":53,"box":{"x":68,"y":317,"width":803,"height":11}},{"id":"54803b13-0a5c-4e9f-981e-43c87c13189c","block_type":"box","text":"interest on such bonds to be excludable from gross income for Federal income tax purposes. From time to time,","page_number":53,"box":{"x":70,"y":332,"width":797,"height":11}},{"id":"94ef0417-a992-4072-a5af-ffc8fbc29519","block_type":"box","text":"some of the Municipal Securities held by a Fund may be the subject of such an audit by the IRS, and the IRS may","page_number":53,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"cbe9038a-5636-420d-adb4-01aacf2b1898","block_type":"box","text":"determine that the interest on such securities is includable in gross income for Federal income tax purposes either","page_number":53,"box":{"x":69,"y":362,"width":820,"height":11}},{"id":"0cc5c68d-240e-493c-8353-fd2e23ada1e2","block_type":"box","text":"because the IRS has taken a legal position adverse to the conclusion reached by the counsel to the issuer in the tax","page_number":53,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"c83f9919-7c89-40a6-8ad4-f2a84d1e8b60","block_type":"box","text":"exemption opinion or as a result of an action taken or not taken after the date of issue of such obligation.","page_number":53,"box":{"x":69,"y":392,"width":754,"height":12}},{"id":"b37de2e3-71fe-43aa-aaf7-ae31781406be","block_type":"box","text":"If interest paid on a Municipal Security in which a Fund invests is determined to be taxable subsequent to the","page_number":53,"box":{"x":102,"y":415,"width":780,"height":11}},{"id":"62fe31bc-c2ed-44f2-a611-4081b8ae802e","block_type":"box","text":"Fund’s acquisition of such security, the IRS may demand that such Fund pay taxes on the affected interest income","page_number":53,"box":{"x":70,"y":430,"width":816,"height":11}},{"id":"e50ac9ac-3f15-4186-847a-cf6b1b2bfd90","block_type":"box","text":"and, if the Fund agrees to do so, its yield could be adversely affected. If the interest paid on any Municipal Security","page_number":53,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"93647923-242e-42c4-b8ec-d596b602e55d","block_type":"box","text":"held by a Fund is determined to be taxable, such Fund will dispose of the security as soon as practicable. A","page_number":53,"box":{"x":69,"y":460,"width":767,"height":12}},{"id":"10b89e65-67e9-4bc0-85e6-4956027fe049","block_type":"box","text":"determination that interest on a security held by a Fund is includable in gross income for Federal or state income tax","page_number":53,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"845cc1ff-1b38-4df2-98fc-c8f5a771aa3e","block_type":"box","text":"purposes retroactively to its date of issue may, likewise, cause a por tion of prior distributions received by","page_number":53,"box":{"x":70,"y":491,"width":751,"height":11}},{"id":"ec712068-0429-4980-b0e9-b3f8fa2b3844","block_type":"box","text":"shareholders to be taxable to those shareholders in the year of receipt.","page_number":53,"box":{"x":69,"y":506,"width":508,"height":11}},{"id":"2c59ba4f-9771-4513-bf82-585e45196121","block_type":"box","text":"From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating","page_number":53,"box":{"x":102,"y":528,"width":797,"height":12}},{"id":"b21c181b-f74b-4986-98ac-cdd1add85475","block_type":"box","text":"the Federal income tax exclusion for interest on Municipal Securities. Similar proposals may be introduced in the","page_number":53,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"8875751f-2966-4163-b3a8-3090ef4a94cb","block_type":"box","text":"future. If such a proposal were enacted, the ability of each Fund to pay “exempt-interest dividends” would be affected","page_number":53,"box":{"x":68,"y":559,"width":839,"height":11}},{"id":"9724be6f-50c4-4e0c-938a-ca04471ff0f5","block_type":"box","text":"adversely and the Fund would re-evaluate its investment objectives and policies and consider changes in structure.","page_number":53,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"893114d4-be7d-4d71-8a8b-64d900da9933","block_type":"box","text":"See “Dividends and Taxes — Taxes.”","page_number":53,"box":{"x":69,"y":589,"width":262,"height":9}},{"id":"6e5a7bb6-3b85-4522-b597-d457343e3eb9","block_type":"box","text":"Municipal Securities — Derivative Products.","page_number":53,"box":{"x":102,"y":612,"width":322,"height":11}},{"id":"b89881a5-1cf7-487b-ac5e-26437be7ca6b","block_type":"box","text":"Derivative Products are typically structured by a bank, broker","page_number":53,"box":{"x":431,"y":612,"width":435,"height":11}},{"id":"7e99e5e5-728f-4a33-bab5-8bc340a43441","block_type":"box","text":"dealer or other financial institution. A Derivative Product generally consists of a trust or par tnership through which a","page_number":53,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"8b9aceb7-283c-4839-bfcf-bf19c4a28c34","block_type":"box","text":"Fund holds an interest in one or more underlying bonds coupled with a right to sell (“put”) the Fund’s interest in the","page_number":53,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"19a533ae-1108-438f-b167-9753b152882d","block_type":"box","text":"underlying bonds at par plus accrued interest to a financial institution (a “Liquidity Provider”). Typically, a Derivative","page_number":53,"box":{"x":69,"y":657,"width":820,"height":11}},{"id":"3cb9bed9-c5ec-4a2c-af8e-a487b2f872a7","block_type":"box","text":"Product is structured as a trust or par tnership that provides for pass-through tax-exempt income. There are currently","page_number":53,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"8218a979-31bb-432c-b8e8-72d01e364c7a","block_type":"box","text":"three principal types of derivative structures: (1) “Tender Option Bonds,” which are instruments that grant the holder","page_number":53,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"a429e2d3-3fc0-4f0b-afed-36c6a0a37e43","block_type":"box","text":"thereof the right to put an underlying bond at par plus accrued interest at specified intervals to a Liquidity Provider;","page_number":53,"box":{"x":68,"y":702,"width":820,"height":12}},{"id":"9f55a069-13dc-4880-8def-6dac70be8dd1","block_type":"box","text":"(2) “Swap Products,” in which the trust or par tnership swaps the payments due on an underlying bond with a swap","page_number":53,"box":{"x":69,"y":718,"width":818,"height":11}},{"id":"bcbaa8be-67a6-429c-bc47-d6dd3f0aa028","block_type":"box","text":"counterpar ty who agrees to pay a floating municipal money market interest rate; and (3) “Par tnerships,” which","page_number":53,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"7b787e23-82df-4a7b-ac40-f469d45bba12","block_type":"box","text":"allocate to the par tners por tions of income, expenses, capital gains and losses associated with holding an underlying","page_number":53,"box":{"x":69,"y":748,"width":840,"height":11}},{"id":"dec24ca5-ef65-4788-9f00-d5bab408f399","block_type":"box","text":"bond in accordance with a governing agreement. A Fund may also invest in other forms of shor t term Derivative","page_number":53,"box":{"x":69,"y":763,"width":793,"height":11}},{"id":"0d36295a-683d-41f7-b1d8-8ec37d8522f4","block_type":"box","text":"Products eligible for investment by money market funds.","page_number":53,"box":{"x":69,"y":778,"width":399,"height":11}},{"id":"39522139-849b-490d-a904-1e929f2f02d8","block_type":"box","text":"Investments in Derivative Products raise cer tain tax, legal, regulatory and accounting issues that may not be","page_number":53,"box":{"x":102,"y":801,"width":773,"height":11}},{"id":"c00b331b-27c5-4401-9630-c7d4f4486696","block_type":"box","text":"presented by investments in municipal bonds. There is some risk that cer tain issues could be resolved in a manner","page_number":53,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"a65e9ebf-7475-4402-b67d-c1060b2e3690","block_type":"box","text":"that could adversely impact the per formance of a Fund. For example, the tax-exempt treatment of the interest paid to","page_number":53,"box":{"x":68,"y":831,"width":836,"height":11}},{"id":"d0d7a4c9-3d96-48c9-b1cb-bb0538a01d8b","block_type":"box","text":"holders of Derivative Products is premised on the legal conclusion that the holders of such Derivative Products have","page_number":53,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"12d5fe7b-6ea7-4746-b9bd-edf065d9af21","block_type":"box","text":"an ownership interest in the underlying bonds. Were the IRS or any state taxing authority to issue an adverse ruling or","page_number":53,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"5f6908cb-9158-4050-b712-b3d9321884a2","block_type":"box","text":"take an adverse position with respect to the taxation of Derivative Products, there is a risk that the interest paid on","page_number":53,"box":{"x":68,"y":876,"width":822,"height":11}},{"id":"7d3193b8-b3af-4347-b9a2-0d5e0bea8ffd","block_type":"box","text":"such Derivative Products or, in the case of proper ty taxes, the value of such Fund to the extent represented by such","page_number":53,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"849ae0fc-3da2-4577-bb78-f1962858cbb9","block_type":"box","text":"Derivative Products, would be deemed taxable at the Federal and/or state level. Before purchasing a Derivative","page_number":53,"box":{"x":70,"y":906,"width":791,"height":12}},{"id":"40650991-739b-4b2b-8dd1-d5da05b0221b","block_type":"box","text":"II-16","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b4f17816-7acd-4d07-97e0-1f39e473daae","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":53,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f6c25d21-64ca-4912-9ad3-e7895ebb0b4f","block_type":"box","text":"Product, the Manager is required by the Funds’ procedures to conclude that the tax-exempt security and the","page_number":54,"box":{"x":69,"y":45,"width":768,"height":11}},{"id":"76a6a14d-5030-4362-8dc2-ed6de1065107","block_type":"box","text":"suppor ting shor t-term obligation involve minimal credit risks and are Eligible Securities under the Funds’ Rule 2a-7","page_number":54,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"5e595cf8-643d-49d4-b238-f4576f4418b6","block_type":"box","text":"procedures. In evaluating the creditwor thiness of the entity obligated to purchase the tax-exempt security, the","page_number":54,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"f79b2ae8-5a45-49ad-a08e-671ff31c3394","block_type":"box","text":"Manager will review periodically the entity’s relevant financial information.","page_number":54,"box":{"x":70,"y":90,"width":522,"height":11}},{"id":"52349169-290d-4c03-b81a-5005cebad8ca","block_type":"box","text":"Municipal Notes.","page_number":54,"box":{"x":102,"y":113,"width":122,"height":11}},{"id":"6fcb9b8a-5bf0-4ced-b93d-0d19cc18fdc5","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim","page_number":54,"box":{"x":231,"y":113,"width":612,"height":11}},{"id":"990d66e4-a7a4-4538-9de0-506b7313372b","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated","page_number":54,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"b34bea0c-40b4-4f4d-884e-c68d9d09c835","block_type":"box","text":"proceeds, the note may not be fully repaid and a Fund may lose money.","page_number":54,"box":{"x":70,"y":143,"width":507,"height":11}},{"id":"385c1e38-7fc1-4009-a867-56e1eeb97534","block_type":"box","text":"Municipal Commercial Paper.","page_number":54,"box":{"x":102,"y":166,"width":212,"height":11}},{"id":"37130935-74ca-4107-a0d9-91544313c047","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t term","page_number":54,"box":{"x":320,"y":166,"width":588,"height":11}},{"id":"1c7c1882-2593-4ace-a72b-7dacd389414a","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":54,"box":{"x":68,"y":181,"width":767,"height":11}},{"id":"f9ff77d2-f0f2-4962-a23b-904fe9294424","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors are paid out of the assets, if any, that","page_number":54,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"b583d011-4aee-488e-8bf4-822c7133bcb1","block_type":"box","text":"remain.","page_number":54,"box":{"x":69,"y":211,"width":52,"height":9}},{"id":"2dd35873-dca7-43a2-8e77-27f7aa5223d4","block_type":"box","text":"Municipal Lease Obligations.","page_number":54,"box":{"x":102,"y":234,"width":209,"height":11}},{"id":"d07d7951-a876-41be-8168-b1a7463b6ad9","block_type":"box","text":"Also included within the general category of State Municipal Securities are","page_number":54,"box":{"x":317,"y":234,"width":530,"height":11}},{"id":"a4fdb634-99c0-40ed-8b20-004d92edb0a4","block_type":"box","text":"Cer tificates of Par ticipation (“COPs”) issued by governmental authorities or entities to finance the acquisition or","page_number":54,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"19441be8-1676-46d9-9df0-879a71e13cee","block_type":"box","text":"construction of equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment","page_number":54,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"bafa8ef7-9e7a-4fb6-ac9a-b89551dc093f","block_type":"box","text":"purchase contract or a conditional sales contract (hereinafter collectively called “lease obligations”) relating to such","page_number":54,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"229ad4b5-d9c1-4583-9fe9-a51541c3bfba","block_type":"box","text":"equipment, land or facilities. Although lease obligations do not constitute general obligations of the issuer for which","page_number":54,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"6a717803-cc82-462b-a962-13d8e5b2d2b7","block_type":"box","text":"the issuer’s unlimited taxing power is pledged, a lease obligation is frequently backed by the issuer’s covenant to","page_number":54,"box":{"x":68,"y":309,"width":810,"height":11}},{"id":"37bda538-bb9f-4582-b762-7731a40809a8","block_type":"box","text":"budget for, appropriate and make the payments due under the lease obligation. However, cer tain lease obligations","page_number":54,"box":{"x":69,"y":324,"width":816,"height":12}},{"id":"6bc93cf1-8153-4b14-a921-08e5fdf95995","block_type":"box","text":"contain “non-appropriation” clauses that provide that the issuer has no obligation to make lease or installment","page_number":54,"box":{"x":69,"y":340,"width":791,"height":11}},{"id":"be56b5dc-682c-4fee-898b-4609fc06037e","block_type":"box","text":"purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although “non","page_number":54,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"046b6fda-abfa-4c87-bb31-f7a1d9a2e751","block_type":"box","text":"appropriation” lease obligations are secured by the leased proper ty, disposition of the proper ty in the event of","page_number":54,"box":{"x":69,"y":370,"width":787,"height":11}},{"id":"f588ccc4-5777-4770-b058-86cf2b0155da","block_type":"box","text":"foreclosure might prove difficult. The securities represent a type of financing that has not yet developed the depth of","page_number":54,"box":{"x":68,"y":385,"width":833,"height":11}},{"id":"e0281673-2c41-457f-929f-d5cdb855616c","block_type":"box","text":"marketability associated with more conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":54,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"68a0d5b4-5d8e-4b51-8db0-cca1f7de7c20","block_type":"box","text":"Municipal Securities — Short-Term Maturity Standards.","page_number":54,"box":{"x":102,"y":423,"width":404,"height":11}},{"id":"7083c8a6-0440-4cd9-a4d6-292999a4c8e5","block_type":"box","text":"All of the investments of a Fund in Municipal Securities","page_number":54,"box":{"x":511,"y":423,"width":393,"height":11}},{"id":"32809ff8-eb9b-4378-8fd9-6033937c2e1e","block_type":"box","text":"will be in securities with remaining maturities of 397 days or less. The dollar-weighted average maturity of each","page_number":54,"box":{"x":68,"y":438,"width":793,"height":11}},{"id":"0f47dbab-4ab0-4216-916c-130e1797f4b9","block_type":"box","text":"Fund’s por tfolio will be 60 days or less. For purposes of this investment policy, an obligation will be treated as having","page_number":54,"box":{"x":70,"y":453,"width":836,"height":11}},{"id":"995c4ceb-7c2c-4faa-bb45-539044593fb2","block_type":"box","text":"a maturity earlier than its stated maturity date if such obligation has technical features that, in the judgment of the","page_number":54,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"0819a928-8592-4720-bbaf-1deb84c89e0a","block_type":"box","text":"Manager, will result in the obligation being valued in the market as though it has such earlier maturity.","page_number":54,"box":{"x":70,"y":483,"width":725,"height":11}},{"id":"cd58aab6-76bc-4595-8bbf-da31d4a2ff14","block_type":"box","text":"The maturities of Variable Rate Demand Obligations (“VRDOs”) are deemed to be the longer of (i) the notice","page_number":54,"box":{"x":101,"y":506,"width":768,"height":11}},{"id":"5e3ab1f2-ea7a-420f-ad48-19932cd92c9e","block_type":"box","text":"period required before a Fund is entitled to receive payment of the principal amount of the VRDOs on demand or","page_number":54,"box":{"x":70,"y":521,"width":799,"height":11}},{"id":"3bc744a1-af5a-4c15-9042-1c8986941e61","block_type":"box","text":"(ii) the period remaining until the VRDO’s next interest rate adjustment. If not redeemed by a Fund through the","page_number":54,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"a732b18d-21e6-4c75-b1c9-19bf8846c29b","block_type":"box","text":"demand feature, VRDOs mature on a specified date, which may range up to 30 years from the date of issuance. See","page_number":54,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"b805fb93-6928-45f2-9de1-c94e79ccd833","block_type":"box","text":"“VRDOs” below.","page_number":54,"box":{"x":70,"y":566,"width":111,"height":9}},{"id":"a1f8938c-0cec-4be1-bf7e-523f2ea5c318","block_type":"box","text":"Municipal Securities — Quality Standards.","page_number":54,"box":{"x":102,"y":589,"width":308,"height":11}},{"id":"36a67a56-2357-4d0b-a020-c7ae6ad5ae99","block_type":"box","text":"A Fund’s por tfolio investments in municipal notes and shor t term","page_number":54,"box":{"x":416,"y":589,"width":465,"height":11}},{"id":"a960b78e-b338-45d0-af41-f6585c6b779c","block_type":"box","text":"tax-exempt commercial paper will be limited to those obligations that are (i) secured by a pledge of the full faith and","page_number":54,"box":{"x":68,"y":604,"width":826,"height":11}},{"id":"6d000818-df41-4279-bb5f-70b635f50e2e","block_type":"box","text":"credit of the United States or (ii) otherwise are determined by the Manager to present minimal credit risks to the","page_number":54,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"3c378f4a-ab3c-4a03-b96f-4bb5df05718f","block_type":"box","text":"Fund. A Fund’s investments in municipal bonds will be in securities that have been determined by the Manager to","page_number":54,"box":{"x":70,"y":634,"width":808,"height":12}},{"id":"00f285c3-84f0-473b-a490-f81b3259cb4b","block_type":"box","text":"present minimal credit risks to the Fund. In addition, cer tain Funds may require that por tfolio investments (or their","page_number":54,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"322232bf-cf13-49a3-8f66-5dc073d6b1f5","block_type":"box","text":"issuers) receive minimum credit ratings from one or more NRSROs, or if not rated, are determined by the Manager to","page_number":54,"box":{"x":70,"y":664,"width":833,"height":12}},{"id":"4eb3cc2e-34b7-4133-92e6-13efbedb1cee","block_type":"box","text":"be of comparable quality to securities that have received such rating(s). Cer tain tax-exempt obligations (primarily","page_number":54,"box":{"x":69,"y":680,"width":802,"height":11}},{"id":"963bb6e8-3d55-44f0-95c7-dcb065b31539","block_type":"box","text":"VRDOs) may be entitled to the benefit of letters of credit or similar credit enhancements issued by financial","page_number":54,"box":{"x":68,"y":695,"width":765,"height":11}},{"id":"a04211d6-792c-4c84-946a-b854628be9ba","block_type":"box","text":"institutions. In such instances, in assessing the quality of such instruments, the Trustees and the Manager will take","page_number":54,"box":{"x":70,"y":710,"width":828,"height":11}},{"id":"9ae37262-8a2d-421a-bbdd-e4f5eb42a651","block_type":"box","text":"into account not only the creditwor thiness of the issuers, but also the creditwor thiness and type of obligation of the","page_number":54,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"266a4d9b-18b8-4d65-95d2-6861bd658dd3","block_type":"box","text":"financial institution. The type of obligation of the financial institution concerns, for example, whether the letter of","page_number":54,"box":{"x":68,"y":740,"width":804,"height":11}},{"id":"a2cb1d78-a061-4e5d-89b2-521d759a683c","block_type":"box","text":"credit or similar credit enhancement being issued is conditional or unconditional. For a description of debt ratings,","page_number":54,"box":{"x":69,"y":755,"width":812,"height":11}},{"id":"27a710db-a93e-4b6c-bce4-33ae6275e5c9","block_type":"box","text":"see Appendix A — “Description of Bond Ratings.”","page_number":54,"box":{"x":69,"y":770,"width":352,"height":12}},{"id":"a55574cf-c9bb-480d-ab50-0d1747f71f70","block_type":"box","text":"Cer tain Funds may not invest in any security issued by a depository institution unless such institution is","page_number":54,"box":{"x":102,"y":793,"width":741,"height":11}},{"id":"bca463c0-319d-40ac-8bf4-60222346ee18","block_type":"box","text":"organized and operating in the United States, has total assets of at least $1 billion and is federally insured. While","page_number":54,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"4ea6278c-84ea-4c4b-ac13-14126d07df4f","block_type":"box","text":"the types of money market securities in which the Funds invest generally are considered to have low principal risk,","page_number":54,"box":{"x":68,"y":823,"width":814,"height":12}},{"id":"180a8dd9-b88b-4520-b600-4364cb5444d5","block_type":"box","text":"such securities are not completely risk free. There is a risk of the failure of issuers or credit enhancers to meet their","page_number":54,"box":{"x":69,"y":838,"width":831,"height":11}},{"id":"8de9e73a-b15e-4581-ae6c-6fae6344eb5e","block_type":"box","text":"principal and interest obligations. With respect to repurchase agreements and purchase and sale contracts, there is","page_number":54,"box":{"x":70,"y":854,"width":827,"height":11}},{"id":"96348f3e-b45c-47ea-baa3-5e1e7a0181bb","block_type":"box","text":"also the risk of the failure of the par ties involved to repurchase at the agreed-upon price, in which event each Fund","page_number":54,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"110fb7b1-6462-4aaa-9acb-cbe85dbc5eda","block_type":"box","text":"may suffer time delays and incur costs or possible losses in connection with such transactions.","page_number":54,"box":{"x":69,"y":884,"width":681,"height":11}},{"id":"aece1421-d497-4f18-a762-5aa4b58f2bc7","block_type":"box","text":"II-17","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3b8eb13-f564-43fe-bc2c-329a260d4958","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":54,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1e19d92c-942c-4734-9af3-83bb0823de45","block_type":"box","text":"Municipal Securities — Other Factors.","page_number":55,"box":{"x":102,"y":45,"width":279,"height":11}},{"id":"704b2021-c58b-41f2-a4a4-427ff8d91fc7","block_type":"box","text":"Management of the Funds will endeavor to be as fully invested as","page_number":55,"box":{"x":387,"y":45,"width":467,"height":11}},{"id":"5ea6b9d3-237d-4eee-956f-75d1d21d9724","block_type":"box","text":"reasonably practicable in order to maximize the yield on each Fund’s por tfolio. Not all shor t term municipal securities","page_number":55,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"f97d8307-5ae1-4f36-9daf-0d6b53d387f7","block_type":"box","text":"trade on the basis of same day settlements and, accordingly, a por tfolio of such securities cannot be managed on a","page_number":55,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"73326d42-78ab-4c19-b096-eac4554e76b3","block_type":"box","text":"daily basis with the same flexibility as a por tfolio of money market securities, which can be bought and sold on a","page_number":55,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"7d8534f0-c408-44f4-bd41-e0296e14fcdb","block_type":"box","text":"same day basis. There may be times when a Fund has uninvested cash resulting from an influx of cash due to large","page_number":55,"box":{"x":69,"y":105,"width":825,"height":11}},{"id":"172f569b-80da-412e-806d-746e5aadfb9f","block_type":"box","text":"purchases of shares or the maturing of por tfolio securities. A Fund also may be required to maintain cash reserves","page_number":55,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"a9374d2c-e7aa-4686-99de-4acafa8cf2bd","block_type":"box","text":"or incur temporary bank borrowings to make redemption payments, which are made on the same day the redemption","page_number":55,"box":{"x":69,"y":136,"width":834,"height":11}},{"id":"7e0d38f6-a60c-4a31-9951-c7b0c0a3c3a7","block_type":"box","text":"request is received. Such inability to be invested fully would lower the yield on such Fund’s por tfolio.","page_number":55,"box":{"x":69,"y":150,"width":714,"height":12}},{"id":"9d627c7b-1d1e-457f-b7b0-8db5e589420f","block_type":"box","text":"Because cer tain Funds may at times invest a substantial por tion of their assets in Municipal Securities secured","page_number":55,"box":{"x":102,"y":173,"width":797,"height":11}},{"id":"35f4a3f0-9ab8-4331-b4bf-a949223f3331","block_type":"box","text":"by bank letters of credit or guarantees, an investment in a Fund should be made with an understanding of the","page_number":55,"box":{"x":69,"y":188,"width":781,"height":12}},{"id":"b15f99ce-8e02-4cd0-936d-e5519efb3c6d","block_type":"box","text":"characteristics of the banking industry and the risks that such an investment in such credit enhanced securities may","page_number":55,"box":{"x":69,"y":203,"width":833,"height":12}},{"id":"4e2cdb4d-c3d8-4555-9ac8-de9afa3f70c2","block_type":"box","text":"entail. Banks are subject to extensive governmental regulations that may limit both the amounts and types of loans","page_number":55,"box":{"x":69,"y":218,"width":823,"height":12}},{"id":"db17bf44-40e8-4e88-aeae-900910d7a4f9","block_type":"box","text":"and other financial commitments that may be made and interest rates and fees that may be charged. The profitability","page_number":55,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"d945cb41-e341-467e-9e95-7409f8203f48","block_type":"box","text":"of the banking industry is largely dependent on the availability and cost of capital funds for the purpose of financing","page_number":55,"box":{"x":69,"y":249,"width":825,"height":11}},{"id":"831509e4-72c3-413d-b7a8-cb6bb58fb81f","block_type":"box","text":"lending operations under prevailing money market conditions. Fur thermore, general economic conditions play an","page_number":55,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"2fa14c67-6a2d-4dab-bdcd-5297571c4975","block_type":"box","text":"impor tant par t in the operations of this industry and exposure to credit losses arising from possible financial","page_number":55,"box":{"x":70,"y":279,"width":775,"height":11}},{"id":"623bc2f1-817d-4365-9f51-0fefdbece6f7","block_type":"box","text":"difficulties of borrowers might affect a bank’s ability to meet its obligations under a letter of credit.","page_number":55,"box":{"x":69,"y":294,"width":705,"height":11}},{"id":"8449f3bc-b844-42ba-9a91-2e52d4ea6ad9","block_type":"box","text":"Changes to the Code may limit the types and volume of securities qualifying for the Federal income tax","page_number":55,"box":{"x":102,"y":317,"width":731,"height":11}},{"id":"90be0d7e-b6e9-4bf4-b71b-41a022465d02","block_type":"box","text":"exemption of interest; this may affect the availability of Municipal Securities for investment by the Funds, which","page_number":55,"box":{"x":69,"y":332,"width":794,"height":11}},{"id":"8434b645-7edd-42e3-a5e6-5e8d07e73a2c","block_type":"box","text":"could, in turn, have a negative impact on the yield of the por tfolios. A Fund reserves the right to suspend or","page_number":55,"box":{"x":69,"y":347,"width":768,"height":11}},{"id":"b6930985-c9dc-4798-89db-d08e63fbb983","block_type":"box","text":"otherwise limit sales of its shares if, as a result of difficulties in acquiring por tfolio securities or otherwise, it is","page_number":55,"box":{"x":69,"y":362,"width":796,"height":11}},{"id":"2f9b4650-bdd4-4d96-ad0f-b54ce935acea","block_type":"box","text":"determined that it is not in the interests of the Fund’s shareholders to issue additional shares.","page_number":55,"box":{"x":69,"y":377,"width":677,"height":9}},{"id":"47d63d58-12eb-4b5a-9348-ab2275e7c77b","block_type":"box","text":"VRDOs.","page_number":55,"box":{"x":103,"y":400,"width":52,"height":9}},{"id":"19dce73a-2876-4e69-b4d1-db5d2cdd8cd3","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or variable interest rate adjustment formula","page_number":55,"box":{"x":161,"y":400,"width":717,"height":11}},{"id":"e65d944a-3227-4f27-8cf3-bf8d490a3f11","block_type":"box","text":"and right of demand on the par t of the holder thereof to receive payment of the unpaid balance plus accrued interest","page_number":55,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"4f27d884-35b0-4795-a5e6-26e355227180","block_type":"box","text":"upon a shor t notice period not to exceed seven days. There is, however, the possibility that because of default or","page_number":55,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"f9ca0d24-88ad-4b8c-b8de-4313f972ab6a","block_type":"box","text":"insolvency the demand feature of VRDOs may not be honored. The interest rates are adjustable at periodic intervals","page_number":55,"box":{"x":70,"y":445,"width":826,"height":11}},{"id":"e3ff7338-2bb4-4fc4-af53-db260f2057a0","block_type":"box","text":"to some prevailing market rate of the VRDOs at approximately the par value of the VRDOs on the adjustment date.","page_number":55,"box":{"x":68,"y":460,"width":815,"height":12}},{"id":"bedda8b2-544f-435d-9574-e023779b680a","block_type":"box","text":"The adjustment may be based upon the Securities Industry and Financial Markets Association (“SIFMA”) Municipal","page_number":55,"box":{"x":68,"y":476,"width":817,"height":11}},{"id":"6d298ba3-1c63-4c24-ab7e-eba5ed89b600","block_type":"box","text":"Swap Index or some other appropriate interest rate adjustment index. Each Fund may invest in all types of tax-exempt","page_number":55,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"9c50ef05-3b03-45b5-9a35-0e6688415c35","block_type":"box","text":"instruments currently outstanding or to be issued in the future that satisfy its shor t term maturity and quality","page_number":55,"box":{"x":70,"y":506,"width":776,"height":11}},{"id":"39b2a32e-4c05-4089-a32f-e155f002a895","block_type":"box","text":"standards.","page_number":55,"box":{"x":69,"y":521,"width":74,"height":9}},{"id":"ccb9aee4-adf2-4cef-8666-26a885a53c4d","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, the VRDOs are not comparable to fixed rate","page_number":55,"box":{"x":102,"y":543,"width":740,"height":12}},{"id":"4b9d9c73-fc25-44f3-9d00-6740dd7f4d82","block_type":"box","text":"securities. A Fund’s yield on VRDOs will decline and its shareholders will forego the oppor tunity for capital","page_number":55,"box":{"x":69,"y":559,"width":754,"height":11}},{"id":"838c0644-13c5-455e-a726-bcaf85584d4d","block_type":"box","text":"appreciation during periods when prevailing interest rates have declined. On the other hand, during periods where","page_number":55,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"97c1c729-f026-4e7e-8189-c0e57643ac0f","block_type":"box","text":"prevailing interest rates have increased, a Fund’s yield on VRDOs will increase and its shareholders will have a","page_number":55,"box":{"x":70,"y":589,"width":789,"height":11}},{"id":"5f8f195b-76a0-4d54-a2ec-e8e799b41db6","block_type":"box","text":"reduced risk of capital depreciation.","page_number":55,"box":{"x":69,"y":604,"width":254,"height":11}},{"id":"4f61cda3-623a-43c3-bd2d-ad45413c1c02","block_type":"box","text":"Negative Interest Rate Scenarios.","page_number":55,"box":{"x":102,"y":627,"width":246,"height":11}},{"id":"29c04741-c27d-42eb-ac8c-dad7c6b29f56","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government","page_number":55,"box":{"x":355,"y":627,"width":554,"height":11}},{"id":"8531f319-1fa8-4121-b7e3-980ba4292dab","block_type":"box","text":"or retail money market fund to have a negative gross yield, the fund may account for the negative gross yield by","page_number":55,"box":{"x":69,"y":642,"width":795,"height":11}},{"id":"13ac0c8b-7f7e-4ef8-9c88-279c51a9b775","block_type":"box","text":"either using a floating NAV or a reverse distribution mechanism that seeks to maintain a stable net asset value of the","page_number":55,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"4736a2d7-a2cc-419b-8592-2312363d4a38","block_type":"box","text":"fund by cancelling shareholders’ shares in the amount of the negative gross yield. If a fund conver ts to a floating","page_number":55,"box":{"x":68,"y":672,"width":806,"height":11}},{"id":"8ee916f6-ae02-4f7c-a612-62bba606819b","block_type":"box","text":"NAV, any losses the fund experiences due to negative interest rates will be reflected in a declining NAV per share.","page_number":55,"box":{"x":70,"y":687,"width":807,"height":11}},{"id":"2bedad86-a924-4480-9c7c-464c7b8d5f17","block_type":"box","text":"Under a reverse distribution mechanism, shareholders in a fund would observe a stable share price but a declining","page_number":55,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"e7a54b89-ea2e-4382-ba43-b06a6dad8f4b","block_type":"box","text":"number of shares for their investment. This means that such an investor would lose money when the fund cancels","page_number":55,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"ee029eef-b32b-4aa1-b57c-c09d71bccec5","block_type":"box","text":"shares. In either situation, the Board will need to determine that the approach is in the best interests of the fund and","page_number":55,"box":{"x":69,"y":732,"width":838,"height":11}},{"id":"614e5a3f-2719-481c-a3cb-eeb54c2b39ef","block_type":"box","text":"will need to ensure shareholders are provided adequate disclosures around the consequences of the approach","page_number":55,"box":{"x":68,"y":748,"width":792,"height":11}},{"id":"6df0f0b9-5615-4889-94e9-878043548b44","block_type":"box","text":"chosen by the Board for the fund.","page_number":55,"box":{"x":69,"y":763,"width":237,"height":11}},{"id":"6b017324-77a3-47ac-9925-52d246f8f515","block_type":"box","text":"Operational and Technology Risks","page_number":55,"box":{"x":102,"y":786,"width":247,"height":11}},{"id":"9d64b484-3e9d-4942-b5fa-f4dbf5ddce42","block_type":"box","text":"— Each Fund and the entities with which it interacts directly or indirectly are","page_number":55,"box":{"x":353,"y":786,"width":542,"height":11}},{"id":"1f54edef-bb0f-4c05-833f-bb82f79ab0c5","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":55,"box":{"x":69,"y":801,"width":766,"height":11}},{"id":"43945e60-21bb-4bcc-a3ab-f3dc0ee0fad0","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":55,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"5ff795c2-8524-457d-ae71-eb91e9135c8f","block_type":"box","text":"learning (“AI”), which may result in losses for a Fund and its shareholders or impair a Fund’s operations. These","page_number":55,"box":{"x":70,"y":831,"width":792,"height":11}},{"id":"13e9618c-5852-4b9b-bcda-d3e20c5c0107","block_type":"box","text":"entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service providers (e.g., index","page_number":55,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"28694ef0-82f4-4462-b69d-7f00f35b7b53","block_type":"box","text":"and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterpar ties,","page_number":55,"box":{"x":69,"y":861,"width":813,"height":11}},{"id":"e546b57b-f422-4493-9227-0f06ce7aee56","block_type":"box","text":"market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and governmental","page_number":55,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"e044dc50-dc09-4f23-b730-da6f432869f6","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which a Fund invests could also result","page_number":55,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"82423749-1855-48dd-a935-e997cab1d568","block_type":"box","text":"II-18","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e723932-6480-4655-8958-4a8fb532abd1","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":55,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bc62431b-68ab-4831-80dc-41a01bf50a5d","block_type":"box","text":"in material adverse consequences for such issuers and may cause a Fund’s investments in such issuers to lose","page_number":56,"box":{"x":70,"y":45,"width":800,"height":11}},{"id":"ee6d0a81-387e-4766-bfa1-34f90b4485d4","block_type":"box","text":"value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":56,"box":{"x":68,"y":60,"width":677,"height":11}},{"id":"e19fdd60-1759-4429-8917-7fe7779c95d1","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a","page_number":56,"box":{"x":102,"y":82,"width":782,"height":12}},{"id":"38377642-46f9-4a16-87fc-368f8231a484","block_type":"box","text":"Fund invests, a Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access","page_number":56,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"3bff8f23-f264-4b73-81ad-e6cdcbd0e25b","block_type":"box","text":"to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":56,"box":{"x":68,"y":113,"width":829,"height":11}},{"id":"bd64f2d4-468a-49d5-be14-ea6d2f051294","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, par ticularly those","page_number":56,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"1bfdf7af-5bfc-4296-af5b-9b61f4a31f57","block_type":"box","text":"from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the","page_number":56,"box":{"x":68,"y":143,"width":776,"height":11}},{"id":"1254c6a0-3ffe-44a0-bf86-57d5bd453b34","block_type":"box","text":"following: financial losses; inter ference with a Fund’s ability to calculate its NAV; disclosure of confidential","page_number":56,"box":{"x":68,"y":158,"width":757,"height":11}},{"id":"922653a2-898d-455e-80e0-8859543427d7","block_type":"box","text":"information; impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or","page_number":56,"box":{"x":70,"y":173,"width":773,"height":11}},{"id":"915d0c4e-8d42-400a-ac87-9649b84e98ac","block_type":"box","text":"redemption orders; the inability of a Fund or its service providers to transact business; violations of applicable privacy","page_number":56,"box":{"x":69,"y":188,"width":841,"height":11}},{"id":"ce957b12-6a53-4495-bafd-50cd77840836","block_type":"box","text":"and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and","page_number":56,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"83a6593c-dedc-4e46-a86f-7f3cbc6a7cff","block_type":"box","text":"other legal and compliance expenses. Fur thermore, cybersecurity incidents may render records of a Fund, including","page_number":56,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"ce9b4072-4839-4474-bea7-fed567edbba3","block_type":"box","text":"records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to a","page_number":56,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"c4922bf8-37e2-45de-a9bf-58973722dce4","block_type":"box","text":"Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions","page_number":56,"box":{"x":70,"y":249,"width":838,"height":11}},{"id":"b249f910-4cdc-401b-9d3a-6dfd6cb6975f","block_type":"box","text":"and processing errors that threaten information and technology systems relied upon by a Fund or its service","page_number":56,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"fdbdee65-a97a-4930-a940-4ba8985865c3","block_type":"box","text":"providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business","page_number":56,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"52abbcc0-aad5-40c1-848e-de327bfb19ac","block_type":"box","text":"operations or impact critical data. Recent advances in AI technology pose risks to a Fund and its por tfolio","page_number":56,"box":{"x":69,"y":294,"width":752,"height":11}},{"id":"91931dbd-6da7-4f86-89ef-16b874d2c705","block_type":"box","text":"investments. These advancements could harm a Fund and its por tfolio investments by reducing the demand for both","page_number":56,"box":{"x":70,"y":309,"width":830,"height":11}},{"id":"2e9b6dce-aa50-4b39-9414-3eeb9959cff9","block_type":"box","text":"the technology and software offerings of the Fund’s por tfolio investments. Additionally, these advancements could","page_number":56,"box":{"x":68,"y":324,"width":815,"height":12}},{"id":"3382b6ee-2598-4551-ae0f-0fd4ac1c1412","block_type":"box","text":"significantly disrupt a Fund’s por tfolio investments and subject them to increased competition, which could have a","page_number":56,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"6ca7af1c-b933-461a-bdb1-9708d06e106c","block_type":"box","text":"material adverse effect on business, financial condition, and results of operations. AI technology advancements,","page_number":56,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"bc4d36d1-8505-497e-b3ce-2db24120c954","block_type":"box","text":"including efficiency improvements, without related increases in the adoption and development of such technologies,","page_number":56,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"db836965-d0ca-4c86-a07a-aaa2623474b7","block_type":"box","text":"could also negatively impact demand for, and the valuation of, digital infrastructure assets.","page_number":56,"box":{"x":69,"y":385,"width":647,"height":11}},{"id":"08bc8a06-06e2-4f6c-8cac-da7c44de1c80","block_type":"box","text":"Each Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":56,"box":{"x":102,"y":407,"width":763,"height":12}},{"id":"5db6b508-e49c-4c74-acb2-72ba07971c4d","block_type":"box","text":"providers or any counterpar ties, whether or not known to a Fund, also use AI technology in their business activities.","page_number":56,"box":{"x":70,"y":423,"width":821,"height":11}},{"id":"a0635b07-1587-494a-91e8-60631c63538d","block_type":"box","text":"Each Fund and its service providers may not be in a position to control the use of AI technology in third-par ty","page_number":56,"box":{"x":70,"y":438,"width":774,"height":11}},{"id":"f601e80c-5538-421a-b6db-0cd186f0251a","block_type":"box","text":"products or services.","page_number":56,"box":{"x":70,"y":453,"width":148,"height":11}},{"id":"3df47f96-6387-40e0-9fdd-70c623cc4512","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":56,"box":{"x":102,"y":475,"width":781,"height":12}},{"id":"34b794cc-9b0a-47c7-9c1b-dac55f1901bd","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":56,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"a2f4b490-20f3-4094-8693-118a0239605c","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":56,"box":{"x":69,"y":506,"width":383,"height":11}},{"id":"4c5e7f0a-4fe7-498b-b843-1561dc88c59c","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":56,"box":{"x":102,"y":528,"width":795,"height":12}},{"id":"94ef900d-3872-4d73-a44b-44a7be2c0539","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":56,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"6e0fbaf9-26be-48f2-9846-8d33487c53eb","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":56,"box":{"x":69,"y":559,"width":785,"height":11}},{"id":"aa0efa2b-7188-48fc-8e18-a83f05665240","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":56,"box":{"x":69,"y":574,"width":782,"height":11}},{"id":"ab09d770-f7f6-4c03-9b87-d930a75a075f","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":56,"box":{"x":69,"y":589,"width":787,"height":11}},{"id":"bd2b4ce6-53a6-458e-aa76-6f7163e2bda2","block_type":"box","text":"incomplete, erroneous, distor ted or misleading. Fur ther, AI tools may lack transparency as to how data is utilized and","page_number":56,"box":{"x":70,"y":604,"width":835,"height":11}},{"id":"4be61c5a-3482-49c8-8478-abeb5281d772","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":56,"box":{"x":69,"y":619,"width":773,"height":11}},{"id":"d9505349-506d-4b2b-9c3c-151745869349","block_type":"box","text":"infrastructures and applications. To the extent that a Fund or its por tfolio investments are exposed to the risks of AI","page_number":56,"box":{"x":70,"y":634,"width":825,"height":11}},{"id":"275fbd86-eabc-4e6d-a18f-2d154d5c8350","block_type":"box","text":"technology use, any such inaccuracies or errors could have adverse impacts on a Fund or its investments.","page_number":56,"box":{"x":68,"y":650,"width":756,"height":11}},{"id":"2286598d-d266-4fa5-b633-61cd4f120bf6","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":56,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"90e8992f-a5f2-4d92-92c3-e1eb5392be62","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":56,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"84903dee-769f-49cb-b30c-c2f5f090d0ba","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":56,"box":{"x":70,"y":702,"width":796,"height":11}},{"id":"fbabbeb8-8ea8-450a-98c3-d84c912f8f46","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":56,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"8a4d33e3-b48c-4518-b1e1-e8cdd620c8a1","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":56,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"349935ff-5c21-460a-b641-135c5244cd42","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":56,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"93f75818-9c41-4114-80ee-f6a4bc90f852","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":56,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"c8f1f664-aea8-45de-ab93-ec24795ebecb","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should a Fund, the","page_number":56,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"59a1fce5-2f98-4bd3-9f35-5f0e9ffb7a21","block_type":"box","text":"adviser, or a Fund’s por tfolio investments fail to comply.","page_number":56,"box":{"x":69,"y":793,"width":398,"height":11}},{"id":"ea6d1848-cbdb-403b-a238-0f4dec3c8f74","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":56,"box":{"x":101,"y":816,"width":797,"height":11}},{"id":"ec4c9b82-b181-4f7e-9b3f-5a1ca0f632f0","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":56,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"702c5b63-85a8-4f90-86db-869b20cfd942","block_type":"box","text":"future risks related thereto is not possible to predict, and a Fund may not be able to anticipate, prevent, mitigate, or","page_number":56,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"2d302948-2c9d-4614-a2e9-405f1103e3d4","block_type":"box","text":"remediate all of the potential risks, challenges, or impacts of such changes.","page_number":56,"box":{"x":69,"y":861,"width":542,"height":11}},{"id":"fd3def55-9459-4a69-a48a-7d8606d82e6a","block_type":"box","text":"While each Fund’s service providers are required to have appropriate operational, information security and","page_number":56,"box":{"x":101,"y":884,"width":758,"height":11}},{"id":"80978a51-3ca2-4c2e-8bb2-2f73adeebc46","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":56,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"f7f3cf47-94e9-4a8f-aee4-9569e26a3f03","block_type":"box","text":"II-19","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"568a92da-0e02-466f-b06a-081dbb67f839","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":56,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3d7eb49e-2861-462b-990a-743ad89bf7dd","block_type":"box","text":"a Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":57,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"2a7364b7-7e65-4928-b3a7-41b895fce8f5","block_type":"box","text":"Each Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":57,"box":{"x":70,"y":60,"width":762,"height":11}},{"id":"22dc9111-8c19-4ffe-9a34-d25b013f3f37","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":57,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"7e39c988-55de-44aa-a533-bd64d1b0f2ae","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect a Fund have not been identified or may","page_number":57,"box":{"x":70,"y":90,"width":832,"height":11}},{"id":"6b308c11-1ea1-4f6d-a3f5-2355de809ae7","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":57,"box":{"x":69,"y":105,"width":794,"height":11}},{"id":"ba5ebe9b-5bc9-4977-b378-31a181f2e580","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":57,"box":{"x":69,"y":120,"width":819,"height":11}},{"id":"cc0f5cda-c354-4783-bd72-d521501848e9","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. A Fund cannot control the","page_number":57,"box":{"x":69,"y":135,"width":775,"height":12}},{"id":"3871ed94-a22e-44e2-b1ea-6b5b3ae4bb37","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":57,"box":{"x":69,"y":150,"width":775,"height":12}},{"id":"1f3b6e5b-3ccc-4c1f-a8c9-084240063ac8","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect a Fund.","page_number":57,"box":{"x":69,"y":166,"width":495,"height":11}},{"id":"fb852848-a88e-4793-8ea0-4274971f759e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":57,"box":{"x":102,"y":188,"width":771,"height":12}},{"id":"b0511719-ffa8-4821-8a6c-ca22c882f017","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":57,"box":{"x":69,"y":204,"width":816,"height":11}},{"id":"8766084c-90c8-4e89-8fba-ac5ea5abf937","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":57,"box":{"x":69,"y":219,"width":778,"height":11}},{"id":"4e9fc537-faf0-4ae9-b810-d145d6b86d1d","block_type":"box","text":"resources to monitor and implement required changes.","page_number":57,"box":{"x":69,"y":234,"width":391,"height":11}},{"id":"bedfb28e-105c-4a16-b5dd-f0b727ce2dd9","block_type":"box","text":"Purchase of Securities with Fixed Price “Puts.”","page_number":57,"box":{"x":102,"y":256,"width":344,"height":9}},{"id":"437cc025-b635-4c4f-b5c8-eaabcdf8b567","block_type":"box","text":"Cer tain Funds have authority to purchase fixed rate Municipal","page_number":57,"box":{"x":453,"y":256,"width":437,"height":11}},{"id":"99b9df54-045f-4e02-a045-9b0eafef8513","block_type":"box","text":"Securities and, for a price, simultaneously acquire the right to sell such securities back to the seller at an agreed","page_number":57,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"5e938c0d-e789-47e8-8db9-4dc45a61316a","block_type":"box","text":"upon rate at any time during a stated period or on a cer tain date. Such a right is generally denoted as a fixed price","page_number":57,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"0d1830fc-0e97-4b9d-9db2-230f3d497779","block_type":"box","text":"put. Puts with respect to fixed rate instruments are to be distinguished from the demand or repurchase features of","page_number":57,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"1691c446-4572-42f4-872e-eaa9773703ca","block_type":"box","text":"VRDOs that enable cer tain Funds to dispose of such a security at a time when the market value of the security","page_number":57,"box":{"x":68,"y":317,"width":791,"height":11}},{"id":"e569be85-3e7e-4b3b-a7a8-f5333899b735","block_type":"box","text":"approximates its par value.","page_number":57,"box":{"x":69,"y":332,"width":192,"height":11}},{"id":"65d4c837-b696-4725-8f02-b6cef84b40d8","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":57,"box":{"x":102,"y":355,"width":431,"height":11}},{"id":"059e2c41-f182-44ba-a80d-ce4e68c44c03","block_type":"box","text":"Funds may invest in Taxable Securities (as defined","page_number":57,"box":{"x":541,"y":355,"width":357,"height":11}},{"id":"590f26aa-cc0e-44a9-8cc1-1f02157b6048","block_type":"box","text":"below, see “Taxable Money Market Securities”) pursuant to repurchase agreements. Repurchase agreements may be","page_number":57,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"fb2083ff-8a56-45ff-80bd-8b891f210339","block_type":"box","text":"entered into only with a member bank of the Federal Reserve System or primary dealer in U.S. Government securities","page_number":57,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"e6775776-6ad7-464a-8e1b-3af3a798c6b5","block_type":"box","text":"or an affiliate thereof that meets the creditwor thiness standards adopted by the Manager. Under such agreements,","page_number":57,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"eeae303f-67b7-4571-9cdb-14d1a0435944","block_type":"box","text":"the bank or primary dealer or an affiliate thereof agrees, upon entering into the contract, to repurchase the security","page_number":57,"box":{"x":68,"y":415,"width":825,"height":11}},{"id":"b0cf40c0-ae6d-49a8-969f-206d6ee7b5eb","block_type":"box","text":"at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. This","page_number":57,"box":{"x":69,"y":430,"width":789,"height":11}},{"id":"fe35c7f4-6d29-49fb-9b2b-955aaf1e8cd6","block_type":"box","text":"results in a fixed rate of return insulated from market fluctuations during such period. Repurchase agreements may","page_number":57,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"80c168a7-a25d-49d2-9b8c-bf325002e9ac","block_type":"box","text":"be construed to be collateralized loans by the purchaser to the seller secured by the securities transferred to the","page_number":57,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"e3c73d64-0a0a-4ebe-9611-a5f646038ed7","block_type":"box","text":"purchaser. In the case of a repurchase agreement, a Fund will require the seller to provide additional collateral if the","page_number":57,"box":{"x":70,"y":475,"width":829,"height":12}},{"id":"1eaad26d-bf79-4b28-89ae-d46036ba71dd","block_type":"box","text":"market value of the securities falls below the repurchase price at any time during the term of the repurchase","page_number":57,"box":{"x":69,"y":491,"width":774,"height":11}},{"id":"39207d31-a986-4311-a7b3-ad0a18554914","block_type":"box","text":"agreement. One common type of repurchase agreement a Fund may enter into is a “tri-par ty” repurchase agreement.","page_number":57,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"28eaaf7d-1555-4223-8ab3-1f06b66ce54f","block_type":"box","text":"In “tri-par ty” repurchase agreements, an unaffiliated third par ty custodian maintains accounts to hold collateral for","page_number":57,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"ea3bc602-d7e4-42fc-abad-c3ea28d6d49b","block_type":"box","text":"the Fund and its counterpar ties and, therefore, the Fund may be subject to the credit risk of those custodians. In any","page_number":57,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"c886c622-e9da-4d8b-b9f2-d2bef1a6f35b","block_type":"box","text":"repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash items and","page_number":57,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"a82c53c9-10e9-492e-85f4-264297315987","block_type":"box","text":"obligations issued by the U.S. Government or its agencies or instrumentalities. Collateral, however, is not limited to","page_number":57,"box":{"x":69,"y":566,"width":823,"height":11}},{"id":"ab0fc5da-d6bf-45aa-8325-a5a553e36141","block_type":"box","text":"the foregoing and may include, for example, obligations rated below the highest category by NRSROs, including","page_number":57,"box":{"x":68,"y":581,"width":792,"height":12}},{"id":"ecab645d-8133-4db0-833e-6191dafca281","block_type":"box","text":"collateral that may be below investment grade. Collateral for a repurchase agreement may also include securities that","page_number":57,"box":{"x":69,"y":596,"width":840,"height":12}},{"id":"8d34e5ce-f8e6-41fb-a628-f0471cdb4e8d","block_type":"box","text":"a Fund could not hold directly without the repurchase obligation. Irrespective of the type of collateral underlying the","page_number":57,"box":{"x":69,"y":612,"width":819,"height":11}},{"id":"ebfcd8d5-5040-4bad-9a07-4d4acd71739c","block_type":"box","text":"repurchase agreement, the Fund must determine that a repurchase obligation with a par ticular counterpar ty involves","page_number":57,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"1dd2ac27-06f3-4585-9356-a7df8c584bec","block_type":"box","text":"minimal credit risk to the Fund and otherwise satisfies any additional credit quality standards applicable to the Fund.","page_number":57,"box":{"x":69,"y":642,"width":832,"height":11}},{"id":"e5579b92-e6c7-4d81-94ac-6e36b1c9ab8d","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":57,"box":{"x":102,"y":664,"width":770,"height":12}},{"id":"a31af8a2-01c9-486b-8952-cc85084c30a7","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":57,"box":{"x":69,"y":680,"width":805,"height":11}},{"id":"9f7b9c96-993c-4f85-bfa7-6a3557b7086c","block_type":"box","text":"repurchase price. Therefore, a Fund may suffer time delays and incur costs or possible losses in connection with the","page_number":57,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"10743ff5-b4f5-40a2-bc0d-6ec8ec122db2","block_type":"box","text":"disposition of the collateral. In the event of a default under a repurchase agreement that is construed to be a","page_number":57,"box":{"x":69,"y":710,"width":780,"height":11}},{"id":"fd70892d-367a-4859-98be-8f2a8a4e9c15","block_type":"box","text":"collateralized loan, instead of the contractual fixed rate of return, the rate of return to a Fund will depend upon","page_number":57,"box":{"x":69,"y":725,"width":786,"height":11}},{"id":"4c1d2a5a-395b-4357-be06-473f576b5e36","block_type":"box","text":"intervening fluctuations of the market value of such security and the accrued interest on the security. In such event, a","page_number":57,"box":{"x":70,"y":740,"width":839,"height":11}},{"id":"d1a68f56-c079-45ca-bce0-ab61d40ea056","block_type":"box","text":"Fund would have rights against the seller for breach of contract with respect to any losses arising from market","page_number":57,"box":{"x":70,"y":755,"width":785,"height":11}},{"id":"d14a28d4-af96-444b-97f6-ff751922e246","block_type":"box","text":"fluctuations following the failure of the seller to per form. In general, for Federal income tax purposes, repurchase","page_number":57,"box":{"x":68,"y":770,"width":808,"height":12}},{"id":"9b297db6-debc-4ef1-b463-9ccfc99d28cb","block_type":"box","text":"agreements are treated as collateralized loans secured by the securities “sold.” Therefore, amounts earned under","page_number":57,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"ebe5995e-685c-44c1-9850-f0228d0756d5","block_type":"box","text":"such agreements, even if the underlying securities are tax-exempt securities, will not be considered tax-exempt","page_number":57,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"51278545-1bc2-4a8b-a12d-150bea9d1245","block_type":"box","text":"interest. From time to time, a Fund also may invest in money market securities pursuant to purchase and sale","page_number":57,"box":{"x":70,"y":816,"width":784,"height":11}},{"id":"244df203-3800-462a-8c4f-96bebcfd75b5","block_type":"box","text":"contracts. While purchase and sale contracts are similar to repurchase agreements, purchase and sale contracts are","page_number":57,"box":{"x":69,"y":831,"width":836,"height":11}},{"id":"c50ad38c-0bd2-48a3-abce-9cee3710b327","block_type":"box","text":"structured so as to be in substance more like a purchase and sale of the underlying security than is the case with","page_number":57,"box":{"x":69,"y":846,"width":812,"height":11}},{"id":"7142c19f-8acf-497f-8ea7-1b4aada57ad5","block_type":"box","text":"repurchase agreements and, with purchase and sale contracts, the purchaser receives any interest on the security","page_number":57,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"3a3c02ca-073f-464e-8767-f62aaadc2510","block_type":"box","text":"paid during the period of the contract.","page_number":57,"box":{"x":70,"y":876,"width":266,"height":11}},{"id":"f8a8a292-ddb8-4183-b7ad-1523791e6b9a","block_type":"box","text":"II-20","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e4d74086-8fbb-48af-9034-49ec42fe016b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":57,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"82a5b2f2-39cd-4c17-87c9-050c8b7e9e7d","block_type":"box","text":"Repurchase agreements pose cer tain risks for a Fund that utilizes them. Such risks are not unique to the Fund","page_number":58,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"c0be3d07-1cc2-4449-9647-a6b6082a8ff4","block_type":"box","text":"but are inherent in repurchase agreements. The Funds seek to minimize such risks but because of the inherent legal","page_number":58,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"30facaa9-1722-47b4-bee8-96444f2ee4d7","block_type":"box","text":"uncer tainties involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and","page_number":58,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"4df9c5ea-29da-4b7f-a498-7661f9840911","block_type":"box","text":"collateral with longer maturities may be subject to greater price fluctuations than higher quality collateral and","page_number":58,"box":{"x":69,"y":90,"width":775,"height":11}},{"id":"c37bcf2c-e4ca-46af-b3a8-a8464665d79c","block_type":"box","text":"collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower quality collateral","page_number":58,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"36a72245-fda1-4cfd-a5e9-70905d193b7f","block_type":"box","text":"may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and the amount of","page_number":58,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"57fb8c8c-4ede-4ff4-89a5-0a6d87504ee1","block_type":"box","text":"collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the status of an","page_number":58,"box":{"x":69,"y":135,"width":810,"height":12}},{"id":"bcf1694c-76db-442b-8c95-71dae4eae733","block_type":"box","text":"unsecured creditor of the counterpar ty (","page_number":58,"box":{"x":69,"y":150,"width":283,"height":12}},{"id":"a77d9640-9577-427c-9719-92934dd5e13a","block_type":"box","text":"i.e.","page_number":58,"box":{"x":354,"y":151,"width":20,"height":8}},{"id":"e000dcd1-19e9-480b-b3de-564f092cef79","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to","page_number":58,"box":{"x":377,"y":150,"width":522,"height":12}},{"id":"0f3e99ef-5e87-4ef7-be86-725b2dc5a3bf","block_type":"box","text":"its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to the amount of","page_number":58,"box":{"x":70,"y":166,"width":833,"height":11}},{"id":"7de9814c-413e-4b7f-b3fa-b64e5441c731","block_type":"box","text":"the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal and income","page_number":58,"box":{"x":68,"y":181,"width":799,"height":11}},{"id":"d894afac-44cd-418e-b734-3ab48f72d911","block_type":"box","text":"involved in the transaction.","page_number":58,"box":{"x":70,"y":196,"width":189,"height":9}},{"id":"f3e3c8bc-e088-4d9a-a230-e87ad464928e","block_type":"box","text":"Regulations adopted by global prudential regulators that require cer tain bank-regulated counterpar ties and","page_number":58,"box":{"x":102,"y":219,"width":758,"height":11}},{"id":"cb24ac0d-f4e2-4db9-836e-a0c2e76dad25","block_type":"box","text":"cer tain of their affiliates to include in cer tain financial contracts, including many repurchase agreements and","page_number":58,"box":{"x":69,"y":234,"width":775,"height":11}},{"id":"8eaf0f48-e1f3-4695-9915-a721fda7e9d3","block_type":"box","text":"purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate","page_number":58,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"ef54fdb9-9206-4bf3-bcc4-0b4f741ebcea","block_type":"box","text":"such agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the","page_number":58,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"91d21a4b-4bc0-4a76-b1db-2e6cbe5d4ab4","block_type":"box","text":"event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings.","page_number":58,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"35ea96dd-37d3-4bb4-8266-6a80b1707263","block_type":"box","text":"It is possible that these requirements, as well as potential additional government regulation and other developments","page_number":58,"box":{"x":70,"y":294,"width":832,"height":11}},{"id":"3e798e56-b695-40eb-b620-2cdbab955d0a","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and","page_number":58,"box":{"x":70,"y":309,"width":830,"height":11}},{"id":"e19cfce9-b16c-4525-8377-a840c4f27e49","block_type":"box","text":"sale contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":58,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"499190bb-0f33-4903-8f6e-92e2f6cd6d5f","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":58,"box":{"x":69,"y":340,"width":796,"height":11}},{"id":"c574bacb-4b00-475c-a68f-21a47dd6cab8","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":58,"box":{"x":69,"y":355,"width":834,"height":11}},{"id":"9e5080f7-33f6-456e-b262-4efd78446093","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":58,"box":{"x":68,"y":370,"width":824,"height":11}},{"id":"39fbf7e2-d51e-44e8-b3c0-1c28e8abd138","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":58,"box":{"x":69,"y":385,"width":279,"height":11}},{"id":"7fc8ca2d-2ea7-4cb4-a249-cbd7a4861683","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":58,"box":{"x":102,"y":408,"width":246,"height":11}},{"id":"1862886f-5e74-4245-acdb-01ffd7cf8204","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":58,"box":{"x":354,"y":408,"width":548,"height":11}},{"id":"abc8a853-fdb4-4d0c-8291-529b92ab2e3f","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":58,"box":{"x":68,"y":423,"width":830,"height":11}},{"id":"8469c438-1e00-4cde-9a33-79fc49b51ed4","block_type":"box","text":"to another par ty and agrees to repurchase them at a mutually agreed-upon date and price. Reverse repurchase","page_number":58,"box":{"x":68,"y":438,"width":793,"height":11}},{"id":"fc718c87-ca6b-41f8-b984-c2ac5a764831","block_type":"box","text":"agreements involve the risk that (i) the market value of the securities retained in lieu of sale by a Fund may decline","page_number":58,"box":{"x":69,"y":453,"width":820,"height":11}},{"id":"0154c278-1c7e-48d6-9de4-49c778ddb9c7","block_type":"box","text":"below the price of the securities the Fund has sold but is obligated to repurchase and (ii) the price of the securities","page_number":58,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"e20511b4-c4c7-4775-b554-85836072f623","block_type":"box","text":"sold may decline below the price at which the Fund is required to repurchase them. In addition, if the buyer of","page_number":58,"box":{"x":69,"y":483,"width":782,"height":11}},{"id":"339bf217-d368-49d5-8458-f3a1d369109c","block_type":"box","text":"securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee","page_number":58,"box":{"x":69,"y":498,"width":834,"height":11}},{"id":"25512c39-1bc3-4a36-8615-97eb303800de","block_type":"box","text":"or receiver may receive an extension of time to determine whether to enforce a Fund’s obligations to repurchase the","page_number":58,"box":{"x":69,"y":513,"width":829,"height":12}},{"id":"6fc9fd8e-9c13-462e-8dde-040b388135bb","block_type":"box","text":"securities and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted","page_number":58,"box":{"x":69,"y":528,"width":803,"height":12}},{"id":"75741955-f18b-4763-8fb9-bd794640bff9","block_type":"box","text":"pending such decision.","page_number":58,"box":{"x":70,"y":544,"width":161,"height":11}},{"id":"63b37c80-a71a-4c0b-9205-c1d807d49d93","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that require cer tain bank-regulated","page_number":58,"box":{"x":101,"y":566,"width":704,"height":11}},{"id":"63a8fcf2-cb27-43c0-a3f9-85f2d9d7965f","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":58,"box":{"x":69,"y":581,"width":768,"height":12}},{"id":"fa844f53-ea52-4d6b-8037-f836ad8547b1","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":58,"box":{"x":69,"y":596,"width":823,"height":12}},{"id":"f48f007c-f367-48d7-b87e-1843c3a778fe","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":58,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"2a4b9d38-9bab-48b6-ab53-1b710dfaf94c","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":58,"box":{"x":68,"y":627,"width":815,"height":11}},{"id":"6ff74e27-0681-4732-bc35-49ee305d4d7c","block_type":"box","text":"possible that these requirements, as well as potential additional government regulation and other developments in","page_number":58,"box":{"x":70,"y":642,"width":817,"height":11}},{"id":"68f15bd4-530c-4d6e-addb-b62f6baf8f7a","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":58,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"95d4788b-73f6-4345-86ec-8ef983426a4b","block_type":"box","text":"amounts to be received under such agreements. The SEC has also finalized rules that will require cer tain","page_number":58,"box":{"x":69,"y":672,"width":750,"height":11}},{"id":"e7f729ad-6a5b-40b5-a986-e69256c07357","block_type":"box","text":"transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Compliance","page_number":58,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"e885e098-5d05-4f4c-9272-4bb0bd4ad1c4","block_type":"box","text":"with these rules is expected to be required by the middle of 2027. Although the impact of these rules on the Funds is","page_number":58,"box":{"x":68,"y":702,"width":840,"height":12}},{"id":"109eca98-833b-4c09-ad8d-dabb230f18cc","block_type":"box","text":"difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely","page_number":58,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"bad8c2c5-a5a8-4317-a797-84314d92c8ad","block_type":"box","text":"affect a Fund’s per formance.","page_number":58,"box":{"x":69,"y":732,"width":207,"height":11}},{"id":"ed5c457b-b832-4e31-9fc9-7776ddc8f4a5","block_type":"box","text":"Rule 2a-7 Requirements.","page_number":58,"box":{"x":102,"y":755,"width":179,"height":11}},{"id":"14948154-5afb-4376-af61-b49c6f4eea2d","block_type":"box","text":"Rule 2a-7 under the Investment Company Act sets for th por tfolio maturity, liquidity,","page_number":58,"box":{"x":288,"y":755,"width":589,"height":11}},{"id":"bc62ff63-bf18-4351-b10d-7398da44ab63","block_type":"box","text":"diversification and quality requirements applicable to all money market funds.","page_number":58,"box":{"x":69,"y":770,"width":552,"height":11}},{"id":"2d8f281b-4f5b-42a5-8d93-43449069c2c7","block_type":"box","text":"Maturity.","page_number":58,"box":{"x":102,"y":793,"width":64,"height":11}},{"id":"e1bc0daa-6d80-421c-a3f5-3d3b345db86b","block_type":"box","text":"Each Fund is managed so that the dollar-weighted average maturity of all of its investments will be 60","page_number":58,"box":{"x":173,"y":793,"width":723,"height":11}},{"id":"8de828f9-572c-4153-9e80-5b07095ef4ce","block_type":"box","text":"days or less, and the dollar-weighted average life of all of its investments will be 120 days or less. In addition, the","page_number":58,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"38a42d4e-992f-49df-a068-b322947717d4","block_type":"box","text":"Funds will not acquire any instrument with a remaining maturity of greater than 397 days. The “dollar-weighted","page_number":58,"box":{"x":70,"y":823,"width":785,"height":12}},{"id":"80fbe3f7-4ff0-43b2-8a55-f2264ab30033","block_type":"box","text":"average maturity” of a Fund is the average amount of time until the issuers of the debt securities in the Fund’s","page_number":58,"box":{"x":69,"y":838,"width":790,"height":12}},{"id":"b531404c-c316-432a-b162-e9d548e5ea27","block_type":"box","text":"por tfolio must pay off the principal amount of the debt. “Dollar-weighted” means the larger the dollar value of a debt","page_number":58,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"34dfa132-2afa-4566-8f43-3c732d4bf03f","block_type":"box","text":"security based on its market value in a Fund, the more weight it gets in calculating this average. To calculate the","page_number":58,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"4bbba7b1-1f1f-438f-9bd4-eb1a32049656","block_type":"box","text":"dollar-weighted average maturity, the Fund may treat a variable or floating rate security under cer tain circumstances","page_number":58,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"1a7f6256-397d-48cb-b650-18b541537f96","block_type":"box","text":"as having a maturity equal to the time remaining to the security’s next interest rate reset date or the period","page_number":58,"box":{"x":69,"y":899,"width":765,"height":11}},{"id":"1c9f9169-1c11-4c55-b435-ab9358fe1f9c","block_type":"box","text":"II-21","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed2dbff6-dc98-4592-b756-433e1db78515","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":58,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"58bc2ac9-1b40-4238-8bab-a04dbc3867ec","block_type":"box","text":"remaining until the principal amount can be recovered through demand rather than the security’s actual maturity.","page_number":59,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"7d7e853a-b820-45bb-b761-17141c9c254f","block_type":"box","text":"“Dollar-weighted average life” of a Fund’s por tfolio is calculated without reference to the exceptions used in","page_number":59,"box":{"x":70,"y":60,"width":766,"height":11}},{"id":"5fd5311c-3fe5-46e6-b4da-4b5f931d0114","block_type":"box","text":"calculating the dollar-weighted average maturity for variable or floating rate securities regarding the use of interest","page_number":59,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"62c22514-88e3-4e44-af64-62fa51941826","block_type":"box","text":"rate reset dates.","page_number":59,"box":{"x":69,"y":90,"width":117,"height":9}},{"id":"3e6ce8e8-14de-446e-b009-2ffe5700692a","block_type":"box","text":"Liquidity.","page_number":59,"box":{"x":102,"y":113,"width":63,"height":11}},{"id":"e3e676e4-8ebf-4f87-b79b-1e60139bc9f3","block_type":"box","text":"Rule 2a-7 contains a “general liquidity requirement” that requires that each Fund hold securities that","page_number":59,"box":{"x":172,"y":113,"width":719,"height":11}},{"id":"577f6083-a126-4bcc-8759-cab523794bc5","block_type":"box","text":"are sufficiently liquid to meet reasonably foreseeable shareholder redemptions in light of its obligations under","page_number":59,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"d78380a1-842c-45d5-8a2b-519590f4b545","block_type":"box","text":"section 22(e) of the Investment Company Act, and any commitments the Fund has made to shareholders. To comply","page_number":59,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"626d390b-0e6b-4248-98ce-da63733dfd87","block_type":"box","text":"with this general liquidity requirement, each Fund’s adviser or sub-adviser must consider factors that could affect the","page_number":59,"box":{"x":68,"y":158,"width":835,"height":11}},{"id":"978f212d-6fd5-40cb-a2eb-af9e4d17934b","block_type":"box","text":"Fund’s liquidity needs, including characteristics of the Fund’s investors and their likely redemptions. Depending upon","page_number":59,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"1b7ed2c6-79b6-4762-af39-80a8b01895a6","block_type":"box","text":"the volatility of its cash flows (par ticularly shareholder redemptions), this provision may require a Fund to maintain","page_number":59,"box":{"x":68,"y":188,"width":816,"height":11}},{"id":"a4499d82-0b72-40be-8773-8676261c3ac8","block_type":"box","text":"greater liquidity than would be required by the daily and weekly minimum liquidity requirements discussed below. The","page_number":59,"box":{"x":68,"y":204,"width":833,"height":11}},{"id":"5c8db363-6658-416c-ae44-76819cc49ac5","block_type":"box","text":"Funds will not acquire any security other than daily liquid assets unless, immediately following such purchase, at","page_number":59,"box":{"x":70,"y":218,"width":802,"height":12}},{"id":"a47e1c23-b0a3-41ed-8033-9106de4e29a4","block_type":"box","text":"least 25% of its total assets would be invested in daily liquid assets. The Funds will not acquire any security other","page_number":59,"box":{"x":70,"y":234,"width":811,"height":11}},{"id":"832ea14a-1b2d-44ae-a3d2-d650cf0dc453","block_type":"box","text":"than weekly liquid assets unless, immediately following such purchase, at least 50% of its total assets would be","page_number":59,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"d262cca1-2490-4bc6-ad30-e69928b22d2b","block_type":"box","text":"invested in weekly liquid assets. “Daily Liquid Assets” include (i) cash; (ii) direct obligations of the U.S. Government;","page_number":59,"box":{"x":70,"y":264,"width":828,"height":11}},{"id":"30e0bed4-1629-46ff-a63f-806d0560dd19","block_type":"box","text":"(iii) securities that will mature, as determined without reference to the maturity shor tening provisions of Rule 2a-7","page_number":59,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"f9f1e2ae-86dd-48bf-9786-6fa4768fd61c","block_type":"box","text":"regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within one","page_number":59,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"46546b2d-94fb-4058-8ab8-d29f75cf4ff4","block_type":"box","text":"business day; and (iv) amounts receivable and due unconditionally within one business day on pending sales of","page_number":59,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"63dd7aeb-9d10-49c0-b198-f8c307380ca1","block_type":"box","text":"por tfolio securities. “Weekly Liquid Assets” include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S.","page_number":59,"box":{"x":70,"y":324,"width":813,"height":12}},{"id":"467bec10-16cb-4d1c-b8ae-94e782a55110","block_type":"box","text":"Government securities issued by a person controlled or supervised by and acting as an instrumentality of the U.S.","page_number":59,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"21e448c0-eb94-4b72-b8eb-f2777ab3db5c","block_type":"box","text":"Government pursuant to authority granted by the U.S. Congress, that are issued at a discount to the principal amount","page_number":59,"box":{"x":69,"y":355,"width":839,"height":11}},{"id":"bdf56ea3-ed3f-40a9-8eb5-8f6d491892d4","block_type":"box","text":"to be repaid at maturity without provision for the payment of interest and have a remaining maturity of 60 days or","page_number":59,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"9e3e999d-09ea-4c07-a842-f40ae0f6be10","block_type":"box","text":"less; (iv) securities that will mature, as determined without reference to the maturity shor tening provisions of Rule","page_number":59,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"52936805-87c2-4133-9d5a-efec1129323b","block_type":"box","text":"2a-7 regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within","page_number":59,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"2cf05877-6a2d-4a1f-88e4-070670d28af3","block_type":"box","text":"five business days; and (v) amounts receivable and due unconditionally within five business days on pending sales of","page_number":59,"box":{"x":68,"y":415,"width":837,"height":11}},{"id":"bacf3e6d-aa9e-454e-8123-2511581bfb36","block_type":"box","text":"por tfolio securities. No Fund will invest more than 5% of the value of its total assets in securities that are illiquid","page_number":59,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"f2026335-490a-4bd3-8815-56e8bfa70307","block_type":"box","text":"(","page_number":59,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"2439bca2-e0f8-40b7-a1c8-ff699a781aaa","block_type":"box","text":"i.e.","page_number":59,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"d1fefbb0-5622-4908-923e-7cc05913e429","block_type":"box","text":", securities that cannot be sold or disposed of in the ordinary course of business within seven days at","page_number":59,"box":{"x":97,"y":445,"width":728,"height":11}},{"id":"6c524941-e953-48bd-8663-1f95c19f3a0c","block_type":"box","text":"approximately the value ascribed to them by the Fund).","page_number":59,"box":{"x":69,"y":461,"width":389,"height":11}},{"id":"151f0f36-4c04-4714-b7af-f94282a15c66","block_type":"box","text":"Portfolio Diversification and Quality.","page_number":59,"box":{"x":102,"y":483,"width":260,"height":11}},{"id":"ee06fdf1-c5ce-47e2-bab0-d0955577d408","block_type":"box","text":"Immediately after the acquisition of any security, taxable money market","page_number":59,"box":{"x":369,"y":483,"width":507,"height":11}},{"id":"209b9e20-c60c-45c0-89b7-3bf0b3fb27bf","block_type":"box","text":"funds must not have invested more than: Five percent of its total assets in securities issued by the issuer of the","page_number":59,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"f3a1d977-05d8-44ea-8647-9fb7eb7c761b","block_type":"box","text":"security, provided, however, such a fund may invest up to twenty-five percent of its total assets in the securities of a","page_number":59,"box":{"x":69,"y":513,"width":827,"height":11}},{"id":"0a5c8824-33d2-4ddd-963d-7057682e4409","block_type":"box","text":"single issuer for a period of up to three business days after the acquisition thereof; provided, fur ther, that the fund","page_number":59,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"ab661ce0-fe8e-4d1f-b60b-a29c777dff6e","block_type":"box","text":"may not invest in the securities of more than one issuer in accordance with the foregoing proviso at any time; and ten","page_number":59,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"855e6437-cc66-46da-a457-27d0b13cc528","block_type":"box","text":"percent of its total assets in securities issued by or subject to demand features or guarantees from the institution","page_number":59,"box":{"x":70,"y":559,"width":812,"height":11}},{"id":"71ddeb49-e712-4efa-86e3-f5653a2c57fe","block_type":"box","text":"that issued the demand feature or guarantee.","page_number":59,"box":{"x":68,"y":574,"width":325,"height":11}},{"id":"a11346db-6119-4277-a906-b75efedd620e","block_type":"box","text":"Government Money Market Funds.","page_number":59,"box":{"x":102,"y":597,"width":250,"height":11}},{"id":"20514308-ccb0-4d9e-a59f-0abce6602c7e","block_type":"box","text":"A government money market fund invests at least 99.5% of its total assets","page_number":59,"box":{"x":358,"y":596,"width":535,"height":12}},{"id":"6a79513c-d0e8-445a-8950-c49e96fe44ac","block_type":"box","text":"in obligations of the U.S. Government, including obligations of the U.S. Treasury and federal agencies and","page_number":59,"box":{"x":70,"y":612,"width":753,"height":11}},{"id":"f181d4b1-3531-414d-aa6a-2155e60578b2","block_type":"box","text":"instrumentalities, as well as repurchase agreements collateralized by government securities. Under Rule 2a-7, a","page_number":59,"box":{"x":70,"y":627,"width":799,"height":11}},{"id":"a8fced18-edf1-4116-a4c3-0046588ad01c","block_type":"box","text":"government money market fund may, but is not required to, impose discretionary liquidity fees. The Board of Trustees","page_number":59,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"26fe3f87-f6ad-4bc5-8e85-2d9a0f334b7e","block_type":"box","text":"has determined that each Fund that is a government money market fund will not be subject to discretionary liquidity","page_number":59,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"fb0231bf-96cd-4b7e-8c8a-e4b8cda5d325","block_type":"box","text":"fees under Rule 2a-7.","page_number":59,"box":{"x":68,"y":672,"width":153,"height":9}},{"id":"465a645b-697d-48a9-8e1f-95f823ae38af","block_type":"box","text":"Retail Money Market Funds.","page_number":59,"box":{"x":102,"y":695,"width":206,"height":11}},{"id":"75c73daa-1284-4a3b-a1ef-f2adf97de857","block_type":"box","text":"A retail money market fund is a money market fund that has policies and","page_number":59,"box":{"x":313,"y":695,"width":519,"height":11}},{"id":"7271120d-817b-49ff-8342-e0bd89d4972e","block_type":"box","text":"procedures reasonably designed to limit all beneficial owners of the fund to natural persons. Under Rule 2a-7, a retail","page_number":59,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"100d74a4-7f85-4640-a251-977b8869eab5","block_type":"box","text":"money market fund is subject to the discretionary liquidity fees provisions; however, a retail money market fund is","page_number":59,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"8cc85b1b-9683-4128-a4f6-1461faa4785f","block_type":"box","text":"permitted to use the amor tized cost method of accounting or the penny rounding method, allowing a retail money","page_number":59,"box":{"x":70,"y":740,"width":807,"height":11}},{"id":"c034039d-3c8a-46a2-8dbc-a5b49c507896","block_type":"box","text":"market fund to maintain a stable NAV.","page_number":59,"box":{"x":69,"y":755,"width":268,"height":9}},{"id":"504e2a6c-563f-463a-8f28-2a3e57e3655f","block_type":"box","text":"Securities Lending.","page_number":59,"box":{"x":101,"y":778,"width":139,"height":11}},{"id":"d1cdb838-e7bc-4252-bbc2-2fc9eae536d7","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":59,"box":{"x":247,"y":778,"width":645,"height":11}},{"id":"804ac549-2ee6-4a01-9b16-b4e01cc60859","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":59,"box":{"x":69,"y":793,"width":825,"height":11}},{"id":"08482466-8116-4f73-ae6b-d52203d77178","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":59,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"f3d31b6d-0c0d-47a7-9c72-61c2c8ba192e","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":59,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"1e1dcb29-157c-4576-9dab-9cf151cbb3c2","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":59,"box":{"x":68,"y":838,"width":827,"height":12}},{"id":"f7b77c36-7d78-4419-8807-2b5221ffd651","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":59,"box":{"x":69,"y":853,"width":829,"height":12}},{"id":"f2218891-45d6-4156-a2a6-69f75f98638a","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":59,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"2a622e1e-0253-4a72-936f-eab6ffa1d47e","block_type":"box","text":"the securities were not on loan.","page_number":59,"box":{"x":68,"y":884,"width":225,"height":9}},{"id":"d57b427c-7095-4ffa-a055-73f5975b2c24","block_type":"box","text":"II-22","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c60f7a9a-79d6-493a-a603-24bcff0bd7b1","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":59,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c5aea0d2-dc1f-405b-b569-6a341f756bb3","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":60,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"f6ba9dce-fb2f-4c05-a1ac-07019fc76e6a","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":60,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"5b9568d0-b53b-4ea6-b904-fc6d4034f32a","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":60,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"45302d0c-916b-4a55-9946-7f8d3f2f2a72","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":60,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"fefb536a-f3a0-4706-a466-0aba35472334","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":60,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"7917b9d5-7e8e-413f-a031-73e8a95cad4d","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":60,"box":{"x":70,"y":120,"width":789,"height":12}},{"id":"aab172df-f419-421a-8d47-35ee01a6dae1","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":60,"box":{"x":70,"y":135,"width":643,"height":12}},{"id":"e694a218-d0af-4d96-9083-b86164596765","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (i.e., the risk of losses resulting","page_number":60,"box":{"x":102,"y":158,"width":791,"height":11}},{"id":"67bd4dcc-a43f-4398-842b-3563ab6675fd","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return","page_number":60,"box":{"x":68,"y":173,"width":833,"height":11}},{"id":"8fe59d8d-8cbc-468e-8991-76b3d210e2fc","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":60,"box":{"x":69,"y":188,"width":794,"height":12}},{"id":"36241b74-0c69-435b-90db-c0f1fe2623a6","block_type":"box","text":"i.e","page_number":60,"box":{"x":865,"y":188,"width":17,"height":9}},{"id":"81570328-cfbe-4f90-b7b1-7a93dd72a2a6","block_type":"box","text":".,","page_number":60,"box":{"x":883,"y":196,"width":7,"height":3}},{"id":"766d92ae-154a-4cd2-b5a9-1b501f511e56","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":60,"box":{"x":68,"y":203,"width":788,"height":12}},{"id":"64a05389-48a7-45b8-85c1-a474ece9048e","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":60,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"036c106e-0a02-4e4d-8adf-7f9f734e52c2","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":60,"box":{"x":69,"y":234,"width":822,"height":11}},{"id":"966e1b96-d9cc-437d-8ee5-99b1b89e0de7","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":60,"box":{"x":68,"y":249,"width":811,"height":11}},{"id":"6d50d1de-86d0-45d4-ba7e-a2df61600383","block_type":"box","text":"less or none at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":60,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"b93c240f-5516-4b61-94d7-a7b15b08783c","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":60,"box":{"x":69,"y":279,"width":790,"height":11}},{"id":"881e4359-be9c-4bde-93f7-e510f6f0e435","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":60,"box":{"x":70,"y":294,"width":820,"height":11}},{"id":"9f72fd56-be17-460a-98bd-d33a59c6ca8d","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":60,"box":{"x":70,"y":309,"width":805,"height":11}},{"id":"5741025a-b0a8-49ab-a559-579b83d9250c","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":60,"box":{"x":69,"y":324,"width":816,"height":12}},{"id":"c91b9f54-f450-44de-bed8-13744511f3ca","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":60,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"d5cbe9c8-477d-45e1-bd7d-9a1e224ba872","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":60,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"bdf49632-3999-4b6e-81c2-4b9b82fd45f2","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":60,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"ae49c66c-0368-4e7b-b388-1353d359e7c4","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":60,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"c02222d1-2174-46fb-b6c1-dc726ad7ba18","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":60,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"07e80468-c10e-474f-ac77-a565f1676dc3","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":60,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"a59fcdb8-d55f-491e-acaf-d8451cdde667","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":60,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"5f233d97-4ebc-4399-b94a-df9c6fffcca7","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":60,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"76b4245a-7fd8-4112-9cc6-8275b158d5a5","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":60,"box":{"x":69,"y":460,"width":823,"height":12}},{"id":"ff75a88d-c40f-4825-b38f-ca8c0837ab6d","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":60,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"066aa995-c644-4236-9314-41cc5ffd3a98","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":60,"box":{"x":69,"y":491,"width":812,"height":11}},{"id":"5b360c86-5afa-4764-8428-46279915544a","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":60,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"1469053e-f175-4bab-806e-430e9b4b98e0","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":60,"box":{"x":68,"y":521,"width":787,"height":11}},{"id":"963bb68a-1803-4d54-83a1-a48b62e40283","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":60,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"7bbf49f5-d92e-43de-8f38-a1cb5fcd9b0f","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":60,"box":{"x":70,"y":551,"width":809,"height":11}},{"id":"37f8ac3b-ce83-4746-80b7-164b5600d47d","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":60,"box":{"x":69,"y":566,"width":821,"height":11}},{"id":"ac6f22ab-cf32-4fe4-a791-2f4caac5a230","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":60,"box":{"x":69,"y":581,"width":731,"height":11}},{"id":"8e465807-c426-45d0-b6c1-8b7a7d52f25c","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":60,"box":{"x":102,"y":604,"width":800,"height":11}},{"id":"55d5f576-5718-4748-ab6e-2822ba4e9c3e","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":60,"box":{"x":68,"y":619,"width":802,"height":11}},{"id":"1bd94e9f-df0a-4ca2-9811-af5f3755609a","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":60,"box":{"x":69,"y":634,"width":783,"height":12}},{"id":"32a61cd7-9ac0-46e9-bb53-f73e7bb7de49","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":60,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"653a6895-ac01-482c-a476-a45bbb4b9297","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":60,"box":{"x":70,"y":664,"width":747,"height":12}},{"id":"b566721a-317c-40eb-8e8f-37348908eb85","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":60,"box":{"x":69,"y":680,"width":806,"height":11}},{"id":"42ace342-4bd1-4c40-be60-68c82168750b","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":60,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"d526707f-18b2-43e8-a4fc-87d134480032","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":60,"box":{"x":69,"y":710,"width":839,"height":11}},{"id":"1f3bb23d-89a6-439b-a49b-107c759fa62c","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":60,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"5339443d-b712-4931-8d32-016d884fdce7","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":60,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"9d4c4bd5-918d-4417-bf8c-0214d0e8d76e","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":60,"box":{"x":69,"y":755,"width":371,"height":11}},{"id":"3d07f501-0823-42b1-a3bf-581e7fc9c05f","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":60,"box":{"x":101,"y":778,"width":753,"height":11}},{"id":"fae8c6af-a2d2-41de-8398-8afdc3aaeeb1","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":60,"box":{"x":70,"y":793,"width":808,"height":11}},{"id":"4bb0d161-50b5-4742-b083-3cef7c81ce4a","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":60,"box":{"x":69,"y":808,"width":784,"height":11}},{"id":"7685dac5-8467-449a-9163-676928c730d2","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":60,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"e14213ee-0fe1-4150-8017-09f07d837ce0","block_type":"box","text":"the current expected compliance date.","page_number":60,"box":{"x":68,"y":839,"width":273,"height":10}},{"id":"36abe649-3938-4e21-a07f-d304c498c84b","block_type":"box","text":"Structured Notes.","page_number":60,"box":{"x":101,"y":861,"width":129,"height":9}},{"id":"10e495c8-4075-44a1-90dd-cc944aa93834","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":60,"box":{"x":237,"y":861,"width":650,"height":11}},{"id":"b48d3840-e922-4428-9b41-24d00a1e5316","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":60,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"28edfe4f-8474-4bfd-8d07-097fe5907818","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":60,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"86918de9-800d-4c2e-93e8-cd1920747b15","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":60,"box":{"x":70,"y":907,"width":821,"height":11}},{"id":"47fa4652-8f56-4487-a530-bd834c83faef","block_type":"box","text":"II-23","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fad40b51-f7f0-4bc1-9cb7-c6e52b9d7ad1","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":60,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e2705906-e536-4a80-ab3d-3e795bdf83f8","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":61,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"98d0a1f9-129d-48d5-92ce-94cd8bf030c7","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":61,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"75164bcc-efa1-4ad2-b735-ac8a0a8292e8","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":61,"box":{"x":70,"y":75,"width":813,"height":11}},{"id":"b3551867-f241-4e68-ae09-f71a34eabd5e","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":61,"box":{"x":68,"y":90,"width":673,"height":11}},{"id":"aad49c96-3bb5-4545-8c3e-503654f38ae2","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":61,"box":{"x":102,"y":113,"width":768,"height":11}},{"id":"18cb483b-4ac3-4561-8a8e-461d4f621a71","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":61,"box":{"x":70,"y":128,"width":821,"height":11}},{"id":"552cafc2-4e0b-473b-9792-70ec3a2a9f28","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":61,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"a7a9105f-992d-44f5-bbf1-5fd11edc0d4b","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":61,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"2e730c00-6109-4b86-83ae-24737057cc0c","block_type":"box","text":"the risk of loss.","page_number":61,"box":{"x":68,"y":173,"width":110,"height":9}},{"id":"031af07d-abc3-49f2-9e64-655fe52aeb59","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":61,"box":{"x":101,"y":196,"width":759,"height":11}},{"id":"0580f45c-e8fc-4780-a83a-b2226e60392a","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":61,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"01d67e87-96c9-4634-b145-ca7cd78aa384","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":61,"box":{"x":69,"y":226,"width":819,"height":11}},{"id":"9c408cef-81c6-441b-bf97-c2004ac7abe4","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":61,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"84b61615-bca5-42b6-8dac-33c2a0213167","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":61,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"9c6f09a4-b3e0-4f56-988d-c18dc94979d6","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":61,"box":{"x":70,"y":271,"width":618,"height":12}},{"id":"9eb951aa-50d9-47e7-af10-506f762c5fa6","block_type":"box","text":"Taxable Money Market Securities.","page_number":61,"box":{"x":101,"y":294,"width":249,"height":11}},{"id":"7f21db34-ad3e-4cc6-ab6c-0685417c7eba","block_type":"box","text":"Cer tain Funds may invest in a variety of taxable money market securities","page_number":61,"box":{"x":357,"y":294,"width":517,"height":11}},{"id":"a89ea036-7b8e-458a-82ab-7fae98acc16d","block_type":"box","text":"(“Taxable Securities”). The Taxable Securities in which cer tain Funds may invest consist of U.S. Government","page_number":61,"box":{"x":69,"y":309,"width":770,"height":11}},{"id":"5c47e602-8c17-4b74-8d09-5053a609c17b","block_type":"box","text":"securities, U.S. Government agency securities, domestic bank cer tificates of deposit and bankers’ acceptances,","page_number":61,"box":{"x":69,"y":324,"width":801,"height":12}},{"id":"98681e29-1231-40a2-93f0-387e15b04ba0","block_type":"box","text":"shor t term corporate debt securities such as commercial paper and repurchase agreements. These investments","page_number":61,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"582f0ab4-74e6-45f5-a43f-b312958c205b","block_type":"box","text":"must have a maturity not in excess of 397 days from the date of purchase.","page_number":61,"box":{"x":69,"y":355,"width":534,"height":11}},{"id":"1987d68b-7125-4704-bf20-77742d522917","block_type":"box","text":"The standards applicable to Taxable Securities in which cer tain Funds invest are essentially the same as those","page_number":61,"box":{"x":101,"y":377,"width":792,"height":11}},{"id":"36d07689-6c05-4523-b463-592edd8894f9","block_type":"box","text":"described above with respect to Municipal Securities. Cer tain Funds may not invest in any security issued by a","page_number":61,"box":{"x":69,"y":392,"width":787,"height":12}},{"id":"3b2b031b-c2f9-4dc3-879f-6c9c17598916","block_type":"box","text":"depository institution unless such institution is organized and operating in the United States, has total assets of at","page_number":61,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"d320da96-95b0-43d4-80e2-93942d8bd4df","block_type":"box","text":"least $1 billion and is federally insured. Taxable Securities in which the Funds invest will be determined by the","page_number":61,"box":{"x":70,"y":422,"width":784,"height":12}},{"id":"5e054ffc-9cd9-495e-b038-61c61c36d1f1","block_type":"box","text":"Manager to present minimal credit risks to the Fund, if required, and cer tain Funds may require that por tfolio","page_number":61,"box":{"x":70,"y":438,"width":776,"height":11}},{"id":"83861a9a-c3a6-4ff9-85af-03dd4b6ba520","block_type":"box","text":"investments (or their issuers) receive minimum credit ratings from one or more NRSROs, or if not rated, are","page_number":61,"box":{"x":70,"y":453,"width":766,"height":11}},{"id":"88092583-54a9-427c-b98f-3389f1a2079e","block_type":"box","text":"determined by the Manager to be of comparable quality to securities that have received such rating(s).","page_number":61,"box":{"x":69,"y":468,"width":729,"height":11}},{"id":"6fcba6ac-5629-4255-b589-115a71ec0ddb","block_type":"box","text":"U.S. Government Obligations.","page_number":61,"box":{"x":102,"y":491,"width":213,"height":11}},{"id":"1fb1847d-7873-4ead-b902-fc9c093008b8","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":61,"box":{"x":321,"y":491,"width":566,"height":11}},{"id":"748c9052-9f08-4ada-b44d-d581bb061355","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":61,"box":{"x":69,"y":506,"width":810,"height":11}},{"id":"d41d7fd3-f6f7-4bd1-8693-f89f773ffddd","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":61,"box":{"x":70,"y":521,"width":826,"height":11}},{"id":"d6a36172-d0a0-4991-83b5-526e92854c3d","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":61,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"1283ace8-c1b5-4631-a7b9-b89437c3c7e8","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":61,"box":{"x":70,"y":551,"width":798,"height":11}},{"id":"49527109-5909-46e8-9abc-0fa91712cddb","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":61,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"18a955e4-7133-43f0-a0b0-3dcc571eee0c","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":61,"box":{"x":69,"y":581,"width":809,"height":12}},{"id":"94bf9353-bf30-4744-871a-712032d96b89","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":61,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"2f714c29-bfd7-4fec-bdcf-f035949abcc3","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":61,"box":{"x":69,"y":612,"width":807,"height":11}},{"id":"095748e3-86f4-49c6-a57c-cc4d34e7dabf","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":61,"box":{"x":70,"y":627,"width":832,"height":11}},{"id":"abf3a952-e19e-4546-ab78-77bdc6e31648","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":61,"box":{"x":69,"y":642,"width":829,"height":11}},{"id":"b5adfe00-b5c4-4c76-a491-f89bc5a952ea","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":61,"box":{"x":69,"y":657,"width":716,"height":11}},{"id":"0c2163b2-2e8d-4ab0-9a7c-502da8b0c29a","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by cer tain Funds include U.S. Treasury","page_number":61,"box":{"x":102,"y":680,"width":789,"height":11}},{"id":"d8f49f33-fe85-4037-9bca-40809832b548","block_type":"box","text":"Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":61,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"7921651a-3bfa-4efe-8611-356b92010626","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, the Government National","page_number":61,"box":{"x":68,"y":710,"width":812,"height":11}},{"id":"2e243635-7aad-4b0d-a580-e6334b993fdf","block_type":"box","text":"Mor tgage Association (“Ginnie Mae”), the Federal National Mor tgage Association (“Fannie Mae”), Federal Financing","page_number":61,"box":{"x":70,"y":725,"width":823,"height":11}},{"id":"b85c2444-fb48-4881-bb93-8e0633127fdf","block_type":"box","text":"Bank, General Services Administration, The Co-operative Central Bank, Federal Home Loan Banks, the Federal Home","page_number":61,"box":{"x":70,"y":740,"width":831,"height":11}},{"id":"f4fd6afb-e6d8-4b9e-9dd0-87be1f7d893a","block_type":"box","text":"Loan Mor tgage Corporation (“Freddie Mac”), Farm Credit System and Tennessee Valley Authority. Cer tain Funds may","page_number":61,"box":{"x":70,"y":755,"width":828,"height":11}},{"id":"b7a28cb7-0a02-476e-bbf7-177d430ee294","block_type":"box","text":"also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and instrumentalities,","page_number":61,"box":{"x":69,"y":770,"width":826,"height":12}},{"id":"87810a54-24f0-4aaa-99d5-b74b18ab17e3","block_type":"box","text":"including such obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":61,"box":{"x":70,"y":785,"width":506,"height":12}},{"id":"02d1a935-da3b-467c-bc4e-e6db393d2668","block_type":"box","text":"To the extent consistent with their respective investment objectives, the Funds may invest in a variety of U.S.","page_number":61,"box":{"x":101,"y":808,"width":776,"height":11}},{"id":"5ad9a7ac-b3bf-4af8-a26a-1b9a5516f2e9","block_type":"box","text":"Treasury obligations and obligations issued by or guaranteed by the U.S. Government or its agencies,","page_number":61,"box":{"x":68,"y":823,"width":722,"height":12}},{"id":"d47ff14c-130d-450d-a86e-ecbdd1d2f06a","block_type":"box","text":"instrumentalities or U.S. Government sponsored enterprises. Treasury obligations may differ in their interest rates,","page_number":61,"box":{"x":70,"y":838,"width":818,"height":12}},{"id":"c2da83dd-eedf-4dfa-a011-07b473a446cd","block_type":"box","text":"maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":61,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"728b03fb-915a-4be9-836e-bede85067821","block_type":"box","text":"suppor ted by varying degrees of credit but generally are not backed by the full faith and credit of the U.S.","page_number":61,"box":{"x":69,"y":869,"width":749,"height":11}},{"id":"4125f7f6-b61d-435c-8519-d3013611a736","block_type":"box","text":"Government. No assurance can be given that the U.S. Government would provide financial suppor t to its agencies,","page_number":61,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"07c7b714-b551-4fc0-87bd-7be4c7a4e384","block_type":"box","text":"II-24","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6e6e213b-0b8e-4901-92fe-f0890c344d76","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":61,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"018cf42b-d02f-43f4-8ebe-31a5338bc44c","block_type":"box","text":"instrumentalities or U.S. Government sponsored enterprises if it were not obligated to do so by law. There is no","page_number":62,"box":{"x":70,"y":45,"width":794,"height":11}},{"id":"83c53ddd-5e22-4961-a5e2-e65709f89ee9","block_type":"box","text":"assurance that these commitments will be under taken or complied with in the future.","page_number":62,"box":{"x":69,"y":60,"width":607,"height":11}},{"id":"bb894ce1-50c5-45b8-829f-a5bcb4fc2e1f","block_type":"box","text":"In addition, cer tain Funds may invest in U.S. Treasury Floating Rate Notes (FRNs), which are two-year notes","page_number":62,"box":{"x":102,"y":83,"width":763,"height":11}},{"id":"dd6b9f72-8f56-4bda-b60e-59bf9b69d33b","block_type":"box","text":"issued by the U.S. Treasury. The interest rate of an FRN changes over the life of the FRN and is the sum of an index","page_number":62,"box":{"x":70,"y":98,"width":826,"height":11}},{"id":"a8509c52-afbb-4ab7-88d8-6a7839cee230","block_type":"box","text":"rate and a spread. The index rate of an FRN is tied to the highest accepted discount rate of the most recent 13-week","page_number":62,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"eb4cb1ad-f990-4213-9860-219458d32d67","block_type":"box","text":"Treasury bill and is re-set every week. The spread is a rate applied to the index rate. The spread stays the same for","page_number":62,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"6398b350-f190-4f35-8c2b-985acf62ebf5","block_type":"box","text":"the life of an FRN. The spread is determined at the auction where the FRN is first offered. The spread is the highest","page_number":62,"box":{"x":68,"y":143,"width":827,"height":11}},{"id":"d370ea4e-cb56-43fc-9987-91561cad367d","block_type":"box","text":"accepted discount margin in that auction. See also “Variable and Floating Rate Instruments” below.","page_number":62,"box":{"x":69,"y":158,"width":708,"height":11}},{"id":"e80fddee-0d1a-40c6-93a0-a4ff98af749f","block_type":"box","text":"Variable and Floating Rate Instruments.","page_number":62,"box":{"x":101,"y":181,"width":289,"height":11}},{"id":"20a0ace2-5d72-4cfc-acbf-27a4e35a1d6c","block_type":"box","text":"Cer tain Funds may purchase variable and floating rate instruments.","page_number":62,"box":{"x":397,"y":181,"width":480,"height":11}},{"id":"cb9fe866-ce7b-45ea-8c41-0d793323ecae","block_type":"box","text":"Variable and floating rate instruments are subject to the credit quality standards described in the Prospectus. In","page_number":62,"box":{"x":68,"y":196,"width":798,"height":11}},{"id":"baaad051-7052-4b10-839b-44299b8f3ba5","block_type":"box","text":"some cases, the Funds may require that the obligation to pay the principal of the instrument be backed by a letter of","page_number":62,"box":{"x":69,"y":211,"width":833,"height":11}},{"id":"0c2ab2ab-282c-47b5-9409-8671b993c131","block_type":"box","text":"credit or guarantee. Such instruments may carry stated maturities in excess of 397 days provided that the maturity","page_number":62,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"da5d52c2-799a-480d-b97e-62c2fe8011f7","block_type":"box","text":"shor tening provisions stated in Rule 2a-7 are satisfied. Although a par ticular variable or floating rate demand","page_number":62,"box":{"x":69,"y":241,"width":777,"height":11}},{"id":"3e3110dc-1eee-49c6-a798-a0858ed475dc","block_type":"box","text":"instrument may not be actively traded in a secondary market, in some cases, a Fund may be entitled to principal on","page_number":62,"box":{"x":70,"y":257,"width":824,"height":10}},{"id":"65ca5650-7cbf-481b-b0a9-a231a9a7b0d9","block_type":"box","text":"demand and may be able to resell such notes in the dealer market.","page_number":62,"box":{"x":69,"y":272,"width":479,"height":11}},{"id":"1c13fbc3-430c-4b29-9ea2-c7fac42728ca","block_type":"box","text":"Variable and floating rate instruments held by a Fund generally may have maturities of more than 397 days","page_number":62,"box":{"x":101,"y":294,"width":762,"height":11}},{"id":"9a210f4e-1fd7-4522-bfe9-6419777f3edf","block_type":"box","text":"provided: (i) they are subject to a demand feature entitling the Fund to the payment of principal and interest within","page_number":62,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"f652471a-4514-42b4-b268-6fdbd77f5a64","block_type":"box","text":"397 days of exercise, unless the instrument is issued or guaranteed by the U.S. Government or its agencies and/or","page_number":62,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"4c86b1af-b70c-49eb-b03f-7faa911c881b","block_type":"box","text":"instrumentalities, and (ii) the rate of interest on such instruments is adjusted at periodic intervals which may extend","page_number":62,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"fe6094f7-9ca8-4ffc-910a-59eaf2079bfd","block_type":"box","text":"up to 397 days.","page_number":62,"box":{"x":69,"y":355,"width":111,"height":11}},{"id":"202dcfd8-73f5-4745-93a0-85c71039184a","block_type":"box","text":"In determining a Fund’s weighted average por tfolio maturity and whether a long-term variable rate demand","page_number":62,"box":{"x":102,"y":377,"width":755,"height":12}},{"id":"8f0296f0-1add-45c9-bdbf-89afecf556b1","block_type":"box","text":"instrument has a remaining maturity of 397 days or less, the instrument will be deemed by a Fund to have a maturity","page_number":62,"box":{"x":70,"y":392,"width":835,"height":12}},{"id":"908a5893-b95b-4df0-ae10-60dde3c24444","block_type":"box","text":"equal to the longer of the period remaining until its next interest rate adjustment or the period remaining until the","page_number":62,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"815f705c-d1a1-404a-b58c-1a45c3440891","block_type":"box","text":"principal amount can be recovered through demand. In determining a Fund’s weighted average por tfolio maturity and","page_number":62,"box":{"x":70,"y":423,"width":830,"height":11}},{"id":"1ddc392c-8751-4f90-b408-c92ff77b80ad","block_type":"box","text":"whether a long-term floating rate demand instrument has a remaining maturity of 397 days or less, the instrument","page_number":62,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"55ee9e07-00dc-4c27-8a03-ed14450b407c","block_type":"box","text":"will be deemed by a Fund to have a maturity equal to the period remaining until the principal amount can be","page_number":62,"box":{"x":68,"y":453,"width":768,"height":11}},{"id":"192022ae-e38f-4479-96bd-ff6670a802fd","block_type":"box","text":"recovered through demand. In addition, a variable or floating rate instrument issued or guaranteed by the U.S.","page_number":62,"box":{"x":69,"y":468,"width":784,"height":11}},{"id":"9c76688e-9540-41d9-9058-d3ec178f831c","block_type":"box","text":"Government or its agencies and/or instrumentalities will be deemed by a Fund to have a maturity equal to the period","page_number":62,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"cc44ccb7-89e5-4063-92bf-ea4bc647ca9a","block_type":"box","text":"remaining until its next interest rate adjustment (in the case of a variable rate instrument) or one day (in the case of","page_number":62,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"1b77b79a-0710-4fa6-b6ad-a106d5ae005f","block_type":"box","text":"a floating rate instrument). Variable and floating rate notes are frequently rated by credit rating agencies, and their","page_number":62,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"dedf7ddc-bff9-44b3-bc5e-90f028c82547","block_type":"box","text":"issuers must satisfy the Fund’s quality and maturity requirements. If an issuer of such a note were to default on its","page_number":62,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"d046f419-4161-4b00-bcc8-b3821f053485","block_type":"box","text":"payment obligation, the Fund might be unable to dispose of the note because of the absence of an active secondary","page_number":62,"box":{"x":70,"y":543,"width":830,"height":12}},{"id":"d7ff4445-f84b-415a-8256-bafdbb95af09","block_type":"box","text":"market and might, for this or other reasons, suffer a loss.","page_number":62,"box":{"x":69,"y":559,"width":411,"height":11}},{"id":"378e58ae-3922-4767-bde7-040d1c792909","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":62,"box":{"x":101,"y":581,"width":586,"height":11}},{"id":"9404da61-dbd4-4999-9f32-43899359abdc","block_type":"box","text":"A Fund may purchase or sell","page_number":62,"box":{"x":694,"y":582,"width":200,"height":10}},{"id":"fcc572be-c919-4935-bf8d-1ff82e2286d4","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":62,"box":{"x":69,"y":597,"width":795,"height":11}},{"id":"062c7622-521e-4689-ae4c-06a944169543","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a “TBA” (to be announced) basis). These","page_number":62,"box":{"x":69,"y":612,"width":792,"height":11}},{"id":"82ddb8e4-7cae-4c16-944b-47dfceb78878","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":62,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"706c2832-07ba-4c02-842c-f3448b2cadad","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":62,"box":{"x":68,"y":642,"width":807,"height":11}},{"id":"31dfa58d-6a01-420e-9305-47b497389b60","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":62,"box":{"x":70,"y":657,"width":430,"height":11}},{"id":"92eafbd3-905b-49a7-9583-1a60b7778efd","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":62,"box":{"x":102,"y":680,"width":750,"height":11}},{"id":"9bc97de7-e2e8-4d66-93ee-294c88335240","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":62,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"fb3f13dd-930a-4eb1-98fc-c8b66ed14e3b","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":62,"box":{"x":69,"y":710,"width":587,"height":11}},{"id":"46c9c4d5-575f-4ef7-bbde-90166c255c9e","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":62,"box":{"x":101,"y":733,"width":780,"height":11}},{"id":"86549758-37bd-44a6-90dc-9d15cfae8f76","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":62,"box":{"x":70,"y":748,"width":823,"height":11}},{"id":"1e39aa2f-58ee-47c6-89b8-1e14d1b55998","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":62,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"12808c22-61c6-4582-9d42-e3a6d3f78b46","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":62,"box":{"x":68,"y":778,"width":839,"height":11}},{"id":"a66a8c70-48a9-4fd5-80a0-5432b8400e5b","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":62,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"da05e43f-35bc-4d37-9827-62f95066beb1","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":62,"box":{"x":102,"y":816,"width":776,"height":11}},{"id":"6b3c44af-431a-4712-bb0b-8821e2153997","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":62,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"b6017158-4382-4858-8e0a-976731f10e9e","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":62,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"20005d11-4963-427f-9095-a3adc1bf0ba9","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":62,"box":{"x":101,"y":869,"width":784,"height":11}},{"id":"f1cbb05f-3a68-41b4-9ef0-cb4a897df22c","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":62,"box":{"x":69,"y":884,"width":772,"height":11}},{"id":"e4fb927d-9418-46bf-9a9d-93d4c23aa0da","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":62,"box":{"x":69,"y":899,"width":434,"height":11}},{"id":"a1f076da-9e57-4857-ac62-6cd94bd3a042","block_type":"box","text":"II-25","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8913085-b398-432b-a2eb-da61311f7186","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":62,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1a12c46e-8433-4b6a-91d5-89ff75e250e2","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":63,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"3dbe4bff-f4d5-4e70-850a-9f2d6e2f2d84","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":63,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"425e829a-5ea1-410e-8956-5af7f429d441","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":63,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"977566ea-b014-4ca5-8000-a76ffa771472","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":63,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"becf2f17-6e9b-491d-97a2-b83775b447b2","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":63,"box":{"x":102,"y":113,"width":743,"height":11}},{"id":"e395b5ff-92dc-42c9-aebc-aab091a4aff2","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":63,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"fd353047-3d96-4269-90d5-590fd0e6d110","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":63,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"28ea9dea-b242-481f-95f2-138ca5370b37","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":63,"box":{"x":69,"y":158,"width":798,"height":11}},{"id":"112a8ffa-8fbf-4a05-8d8b-50b0b5d535b8","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":63,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"cc38e9e8-7435-4935-8743-0d4d1181b2eb","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":63,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"5ec1b6d4-e303-4949-80a7-443fd7f4f102","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":63,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"e1481ee7-01a6-4a39-babc-cffba0d10f5a","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":63,"box":{"x":68,"y":219,"width":812,"height":11}},{"id":"398266c8-5557-4c41-bb0f-eeff32ff7103","block_type":"box","text":"agreements.","page_number":63,"box":{"x":69,"y":234,"width":87,"height":11}},{"id":"5ecb44ea-fed2-4640-9435-0f7bb2bca2b4","block_type":"box","text":"Diversification Status","page_number":63,"box":{"x":69,"y":264,"width":156,"height":9}},{"id":"bd36982d-f644-4f6b-8fab-5afbf51716e7","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to continue to qualify as a regulated","page_number":63,"box":{"x":102,"y":286,"width":728,"height":12}},{"id":"e2fecb43-12dc-4ffa-8abf-5cfd715d6f42","block_type":"box","text":"investment company under the Code. To qualify, among other requirements, each Fund will limit its investments so","page_number":63,"box":{"x":70,"y":302,"width":815,"height":11}},{"id":"abd194bc-6c46-4a08-9ac6-ea084887f8b1","block_type":"box","text":"that at the close of each quar ter of the taxable year (i) at least 50% of the market value of each Fund’s total assets","page_number":63,"box":{"x":68,"y":317,"width":826,"height":11}},{"id":"c3a36d95-ffc1-4aba-b70a-cbbb8e95dd3c","block_type":"box","text":"is represented by cash, securities of other regulated investment companies, U.S. Government securities and other","page_number":63,"box":{"x":70,"y":332,"width":817,"height":11}},{"id":"3e71af26-232e-4f41-83db-d274d232b5c7","block_type":"box","text":"securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the","page_number":63,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"1cd1036b-90f8-4ce0-8fe7-1068babce34e","block_type":"box","text":"Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer and (ii) not more than","page_number":63,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"72675a9b-a873-4f6b-ba81-b2684516f74a","block_type":"box","text":"25% of the value of its assets is invested in the securities (other than U.S. Government securities or securities of","page_number":63,"box":{"x":69,"y":377,"width":811,"height":11}},{"id":"4c274533-7b8d-495c-a835-ce09241912ca","block_type":"box","text":"other regulated investment companies) of any one issuer, any two or more issuers that the Fund controls and that","page_number":63,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"3e9bc8ce-f3d8-40b0-b5e8-0bddd0b06bb6","block_type":"box","text":"are determined to be engaged in the same or similar trades or businesses or related trades or businesses or in the","page_number":63,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"b7f92111-a4d7-436e-90ac-4c2d3b1d891f","block_type":"box","text":"securities of one or more qualified publicly traded par tnerships (","page_number":63,"box":{"x":69,"y":423,"width":457,"height":11}},{"id":"b5707f35-47b5-4656-80b6-174ba05a8caa","block_type":"box","text":"i.e.","page_number":63,"box":{"x":528,"y":423,"width":20,"height":9}},{"id":"37e7c4cf-563d-4320-874c-498a44cb1d18","block_type":"box","text":", par tnerships that are traded on an established","page_number":63,"box":{"x":551,"y":423,"width":342,"height":11}},{"id":"f403cf8d-f841-44a1-b3d1-3722bb378654","block_type":"box","text":"securities market or tradable on a secondary market, other than par tnerships that derive 90% of their income from","page_number":63,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"64887a22-e13e-4e62-b303-bf66097c9ec4","block_type":"box","text":"interest, dividends, capital gains, and other traditional permitted mutual fund income). See “Dividends and Taxes —","page_number":63,"box":{"x":70,"y":453,"width":826,"height":11}},{"id":"484bbd97-c611-41ca-80ad-d6ab90082e3b","block_type":"box","text":"Taxes.”","page_number":63,"box":{"x":68,"y":468,"width":51,"height":9}},{"id":"89540b8b-ad4d-4b70-ad2a-a9b2ff7f0b85","block_type":"box","text":"Each Fund has elected to be classified as “diversified” under the Investment Company Act. Each Fund must also","page_number":63,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"2cf0bc2c-a7ce-4e63-96c8-4ce159103063","block_type":"box","text":"satisfy the diversification requirements set for th in Rule 2a-7.","page_number":63,"box":{"x":69,"y":506,"width":438,"height":11}},{"id":"f424b712-8ba2-4c81-8373-927d751232b6","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":63,"box":{"x":268,"y":535,"width":442,"height":10}},{"id":"3815d7a4-68cb-4079-bde3-76e6c8a66033","block_type":"box","text":"Trustees and Officers","page_number":63,"box":{"x":68,"y":566,"width":156,"height":9}},{"id":"b4d56a43-ad6a-4186-a4f3-08c4e7cf3c11","block_type":"box","text":"See “Information on Directors and Officers, ‘— Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":63,"box":{"x":102,"y":588,"width":738,"height":12}},{"id":"3a2fec52-f6a4-4470-85a1-de166c3fa6de","block_type":"box","text":"Compensation of Directors’ ” or “Information on Trustees and Officers, ‘— Biographical Information,’ ‘— Share","page_number":63,"box":{"x":69,"y":603,"width":793,"height":12}},{"id":"31b6a407-5263-452c-b63c-ad771c2d0421","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":63,"box":{"x":69,"y":618,"width":795,"height":12}},{"id":"8f843986-1438-4414-8664-20a1f24c7b92","block_type":"box","text":"cer tain other information relating to the Trustees and officers of your Fund, including Trustees’ compensation.","page_number":63,"box":{"x":69,"y":634,"width":784,"height":11}},{"id":"6564578b-0b07-4ba4-b9f5-4643ff7624dc","block_type":"box","text":"Management Arrangements","page_number":63,"box":{"x":69,"y":664,"width":202,"height":11}},{"id":"dd352e66-6927-47ac-bc3c-82a4c6872f9d","block_type":"box","text":"Management Services.","page_number":63,"box":{"x":102,"y":687,"width":166,"height":11}},{"id":"5ce3735e-21f6-42a5-a65c-5354cb6b1447","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":63,"box":{"x":274,"y":687,"width":615,"height":11}},{"id":"ec422676-84b1-45a0-afc0-fc570a4cba6e","block_type":"box","text":"Subject to the supervision of the Board of Trustees, the Manager is responsible for the actual management of a","page_number":63,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"83e0d8e3-9afe-4b4a-9219-3f89e553d719","block_type":"box","text":"Fund’s por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant","page_number":63,"box":{"x":70,"y":717,"width":807,"height":11}},{"id":"c4888d17-0c2e-42f7-92f3-7ca2a4643db2","block_type":"box","text":"sources. The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The","page_number":63,"box":{"x":69,"y":732,"width":829,"height":11}},{"id":"ed362b36-ec88-4de5-8a2a-6c04c406becc","block_type":"box","text":"Manager per forms cer tain of the other administrative services and provides all the office space, facilities, equipment","page_number":63,"box":{"x":70,"y":747,"width":837,"height":11}},{"id":"3de93837-852d-4717-b22b-403d77d7a8f3","block_type":"box","text":"and necessary personnel for management of each Fund.","page_number":63,"box":{"x":69,"y":762,"width":401,"height":11}},{"id":"22f74b16-5214-4727-8add-afffc64ef247","block_type":"box","text":"The Manager has been granted relief from the SEC that permits the Manager, subject to Board approval, to hire,","page_number":63,"box":{"x":101,"y":785,"width":800,"height":11}},{"id":"1b707767-2f8d-4872-8941-35afe6c81f08","block_type":"box","text":"terminate and replace subadvisers for BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, and to amend sub","page_number":63,"box":{"x":68,"y":800,"width":834,"height":11}},{"id":"972a135f-7a0e-4c01-a9f2-393c2ced846f","block_type":"box","text":"advisory agreements between the Manager and sub-advisers with respect to the Fund without obtaining shareholder","page_number":63,"box":{"x":69,"y":815,"width":827,"height":11}},{"id":"bbb0eaed-ed68-4697-8ad6-5a8d21c905ed","block_type":"box","text":"approval. If a new sub-adviser is retained for the Fund or a sub- advisory agreement is materially amended,","page_number":63,"box":{"x":69,"y":830,"width":761,"height":11}},{"id":"100d4ba5-bb13-473e-8df8-c6bbf15976bc","block_type":"box","text":"shareholders will receive notice of such action. The relief does not extend to any increase in the advisory fee paid by","page_number":63,"box":{"x":69,"y":845,"width":833,"height":11}},{"id":"c851e174-a542-45cb-9b92-e7703bcf1b89","block_type":"box","text":"the Fund to the Manager; any such increase would be subject to the approval of Fund shareholders.","page_number":63,"box":{"x":68,"y":860,"width":711,"height":12}},{"id":"4a6d6312-ddc5-4fe5-8a47-022956731529","block_type":"box","text":"Management Fee.","page_number":63,"box":{"x":102,"y":883,"width":130,"height":11}},{"id":"79675499-8f21-4f17-9331-fc8614cea8c9","block_type":"box","text":"Each Fund has entered into a management agreement with the Manager pursuant to which","page_number":63,"box":{"x":239,"y":883,"width":646,"height":11}},{"id":"90f2ca4e-8473-4d2a-98aa-10e8e9343108","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":63,"box":{"x":68,"y":898,"width":841,"height":11}},{"id":"40680a2f-d231-4ffb-ae5d-1176aeb697b8","block_type":"box","text":"II-26","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e398cc88-4759-4315-98ea-e44dc04f3b2b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":63,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"29d5cf6c-2633-41bd-8e5b-22c13ae35c30","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":64,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"d85947f3-f736-46fe-b3b9-f11e21df9157","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":64,"box":{"x":68,"y":60,"width":746,"height":11}},{"id":"52e285d6-0cbe-4612-a252-fef850b4583d","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":64,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"78e91967-a91a-4087-8216-3785724f89d6","block_type":"box","text":"Each Management Agreement obligates the Manager to provide investment advisory services and to pay, or cause an","page_number":64,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"22003e97-0db1-4f76-9ff4-f2a2704aa212","block_type":"box","text":"affiliate to pay, for maintaining its staff and personnel and to provide office space, facilities and necessary personnel","page_number":64,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"391631fc-5261-4d49-9872-5c93256e2545","block_type":"box","text":"for the Fund. Each Manager is also obligated to pay, or cause an affiliate to pay, the fees of all officers and Trustees","page_number":64,"box":{"x":68,"y":120,"width":832,"height":12}},{"id":"519d5f14-e6f7-4656-9d30-c307ddacabbc","block_type":"box","text":"of the Fund who are affiliated persons of the Manager or any affiliate.","page_number":64,"box":{"x":69,"y":135,"width":495,"height":12}},{"id":"c0a5f1cb-36a2-4846-9582-a9320014137c","block_type":"box","text":"For Funds that do not have an administration agreement with the Manager, each Management Agreement","page_number":64,"box":{"x":102,"y":158,"width":751,"height":11}},{"id":"6cb3b0cb-d9a6-4cd5-809e-ffa3febbfaa6","block_type":"box","text":"obligates the Manager to provide management services and to pay all compensation of and furnish office space for","page_number":64,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"22f6506e-a5fb-4feb-a4a5-70e39c183d6d","block_type":"box","text":"officers and employees of a Fund connected with investment and economic research, trading and investment","page_number":64,"box":{"x":69,"y":188,"width":778,"height":12}},{"id":"0fa0f1f7-45fb-42a9-ba67-31dc08169166","block_type":"box","text":"management of the Fund, as well as the fees of all Trustees of the Fund who are interested persons of the Fund.","page_number":64,"box":{"x":69,"y":203,"width":805,"height":12}},{"id":"eddf91ab-8a09-47d5-a286-cffd471dddda","block_type":"box","text":"Each Fund pays all other expenses incurred in the operation of that Fund, including among other things: taxes;","page_number":64,"box":{"x":70,"y":218,"width":784,"height":12}},{"id":"3aeac196-d3bc-4062-a09a-ae4445227f46","block_type":"box","text":"expenses for legal and auditing services; costs of preparing, printing and mailing proxies, shareholder repor ts,","page_number":64,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"20e6d810-41aa-4ceb-8ce7-dc62b437941d","block_type":"box","text":"prospectuses and statements of additional information, except to the extent paid by BlackRock Investments, LLC (the","page_number":64,"box":{"x":70,"y":249,"width":838,"height":11}},{"id":"e6143c8e-3802-4606-88ce-14520cad1c82","block_type":"box","text":"“Distributor” or “BRIL”), charges of the custodian and sub-custodian, and the transfer agent; expenses of redemption","page_number":64,"box":{"x":70,"y":264,"width":836,"height":11}},{"id":"3dea4c54-99f2-4f0f-8d3a-5c0e11782086","block_type":"box","text":"of shares; Commission fees; expenses of registering the shares under Federal, state or foreign laws; fees and","page_number":64,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"0d0c470e-ca37-4535-a281-f5470ef48a60","block_type":"box","text":"expenses of Trustees who are not interested persons of a Fund as defined in the Investment Company Act;","page_number":64,"box":{"x":69,"y":294,"width":763,"height":11}},{"id":"3956cd56-ebf5-41d3-9e4a-dc648f58031e","block_type":"box","text":"accounting and pricing costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation","page_number":64,"box":{"x":69,"y":309,"width":824,"height":11}},{"id":"5c94c2eb-f8f8-4626-8faa-fd0acbb2435c","block_type":"box","text":"and other extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Cer tain","page_number":64,"box":{"x":69,"y":324,"width":776,"height":12}},{"id":"6d914611-fbf7-41c6-bf1d-75eabfd72cea","block_type":"box","text":"accounting services are provided to each Fund by The Bank of New York Mellon (“BNYM”), State Street Bank and","page_number":64,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"d331c238-434e-4371-941d-704d4b9baa87","block_type":"box","text":"Trust Company (“State Street”) or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between BNYM,","page_number":64,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"a861b036-920d-4b7f-8dc7-0fad9fbba148","block_type":"box","text":"State Street or JPM, as applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager","page_number":64,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"3df151ff-48e2-48e7-988c-029e849f8999","block_type":"box","text":"provides cer tain accounting services to cer tain Funds and each such Fund pays the Manager a fee for such services.","page_number":64,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"458f082e-4b87-48fd-ac8f-bd7cc35d9b5d","block_type":"box","text":"The Distributor pays cer tain promotional expenses of cer tain Funds incurred in connection with the offering of shares","page_number":64,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"ccc290dc-f657-4ab7-98c1-3f8978cb6948","block_type":"box","text":"of such Funds. Cer tain expenses are financed by each Fund pursuant to distribution plans in compliance with Rule","page_number":64,"box":{"x":69,"y":415,"width":815,"height":11}},{"id":"52767a84-9854-4f6d-b134-91eaf17c848a","block_type":"box","text":"12b-1 under the Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing","page_number":64,"box":{"x":70,"y":430,"width":808,"height":11}},{"id":"cff6bd9b-b06f-4cae-bb86-5302d59f0d55","block_type":"box","text":"Plans.”","page_number":64,"box":{"x":69,"y":446,"width":49,"height":8}},{"id":"07dfb961-c8a2-4186-b532-dc8a92f57bda","block_type":"box","text":"Organization of the Manager.","page_number":64,"box":{"x":101,"y":468,"width":210,"height":11}},{"id":"02e74ab3-10be-4df8-ba70-72c5121cdb03","block_type":"box","text":"The Manager, BlackRock Advisors, LLC, is a Delaware limited liability company and","page_number":64,"box":{"x":317,"y":468,"width":588,"height":11}},{"id":"5746146a-4fbe-4cf4-9651-0e038b2a595f","block_type":"box","text":"an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":64,"box":{"x":69,"y":483,"width":399,"height":11}},{"id":"f1f12b4d-d6de-4594-96f6-4a4e2ae82ef6","block_type":"box","text":"Duration and Termination.","page_number":64,"box":{"x":102,"y":506,"width":186,"height":9}},{"id":"4bf59904-ce38-4f87-90fc-8cd7583c21df","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement will","page_number":64,"box":{"x":296,"y":506,"width":570,"height":11}},{"id":"89367dda-7e60-474a-b2ef-2bd11645aebd","block_type":"box","text":"remain in effect from year to year if approved annually (a) by the Trustees or by a vote of a majority of the outstanding","page_number":64,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"5378946d-1969-4101-b6bf-dab7abbd8a26","block_type":"box","text":"voting securities of the Fund and (b) by a majority of the Trustees who are not par ties to such agreement or","page_number":64,"box":{"x":68,"y":536,"width":767,"height":11}},{"id":"0dee9635-bff6-4a47-8273-74adbb526e0f","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. The Management Agreements are","page_number":64,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"67264f32-c648-4482-ba28-b33ab4eb99cf","block_type":"box","text":"not assignable and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto","page_number":64,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"0c3b415f-32a9-4d4c-a97d-3e3be306bb7c","block_type":"box","text":"or by the vote of the shareholders of the Fund.","page_number":64,"box":{"x":69,"y":581,"width":330,"height":11}},{"id":"398b6c0e-7802-4f61-a0b0-8c6fedd9118a","block_type":"box","text":"Other Service Arrangements","page_number":64,"box":{"x":69,"y":612,"width":205,"height":11}},{"id":"43080c2e-6bb7-404e-ab18-370951f7505a","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":64,"box":{"x":101,"y":634,"width":350,"height":9}},{"id":"bca98efb-5930-473c-9385-f8eafd16e9a5","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":64,"box":{"x":457,"y":634,"width":440,"height":12}},{"id":"10a0f4a3-a755-42e6-a07c-cda922556596","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":64,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"33dca160-0823-4993-997d-a924b1090bc6","block_type":"box","text":"SAI (each, an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":64,"box":{"x":69,"y":665,"width":813,"height":11}},{"id":"683a60d8-7fbf-4b5e-923e-0d2210eb216b","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":64,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"9691e79c-c2e4-4d9d-a327-92b4dfffa9f2","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":64,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"75658447-0d9d-4cd4-8080-617c52944dba","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":64,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"aa07f60c-8c95-4f11-a3ff-9685e9574638","block_type":"box","text":"that Fund’s SAI.","page_number":64,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"da3eda9a-f83a-416e-8d86-63af9fce9921","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":64,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"39d65005-a06f-46c9-9bf3-3a1e96beaf4e","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":64,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"51256610-80df-4cfe-ba84-90b115995e68","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":64,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"60976de0-9219-4672-80ef-5081a3a2fdda","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Trustees of the Fund who are affiliated","page_number":64,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"3821528e-7c98-4b41-b30c-476ef26a9146","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":64,"box":{"x":70,"y":808,"width":362,"height":11}},{"id":"804b5f1c-b388-43fe-bb7e-3eecb7769120","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":64,"box":{"x":102,"y":831,"width":401,"height":11}},{"id":"51abc84b-a9fb-4298-a53d-9ddc0801f3fa","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":64,"box":{"x":511,"y":831,"width":364,"height":10}},{"id":"f57032a6-3038-435c-8b8c-4b138c5ada23","block_type":"box","text":"Administration Agreement with BlackRock will continue from year to year if approved annually (a) by the Board of","page_number":64,"box":{"x":68,"y":846,"width":800,"height":11}},{"id":"1fda715e-3f7a-4468-99d9-ad839a5382f9","block_type":"box","text":"Trustees of each applicable Fund or by a vote of a majority of the outstanding voting securities of such Fund and","page_number":64,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"ca78a5ca-2e3a-4c96-9926-6b1e41bf49ae","block_type":"box","text":"(b) by a majority of the Trustees of the Fund who are not par ties to such contract or interested persons (as defined in","page_number":64,"box":{"x":69,"y":876,"width":836,"height":11}},{"id":"deb1dd69-8d68-4379-9cf6-436830ce8245","block_type":"box","text":"the Investment Company Act) of any such par ty. Such contract is not assignable and may be terminated without","page_number":64,"box":{"x":68,"y":891,"width":797,"height":12}},{"id":"cab44eda-e85c-4146-8f79-afb3f0e3d1fe","block_type":"box","text":"penalty on written notice at the option of either par ty thereto or by the vote of the shareholders of the Fund.","page_number":64,"box":{"x":70,"y":906,"width":766,"height":12}},{"id":"7141c4fd-f924-4c44-8c34-6d3f6bf93d24","block_type":"box","text":"II-27","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a7a993ff-2b8c-4b23-b11d-1d83f74d8efd","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":64,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"88e1f2e4-de31-46e4-94df-a9f489a81b6b","block_type":"box","text":"Transfer Agency Services.","page_number":65,"box":{"x":101,"y":45,"width":189,"height":11}},{"id":"0720961d-3838-4a9d-a9a3-99ab8c2a75e9","block_type":"box","text":"Each Fund has entered into an agreement with a transfer agent identified in the","page_number":65,"box":{"x":297,"y":45,"width":566,"height":11}},{"id":"b8f6f81b-19e4-4625-b274-5eef73125993","block_type":"box","text":"Fund’s Prospectus and Par t I of the Fund’s SAI, pursuant to which the transfer agent is responsible for the issuance,","page_number":65,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"01cf9e9a-0f6f-456a-840e-2fce206c171e","block_type":"box","text":"transfer, and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays a fee","page_number":65,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"f708a84b-6aec-46ba-aac2-aab928ff6982","block_type":"box","text":"for these services.","page_number":65,"box":{"x":68,"y":90,"width":133,"height":9}},{"id":"5c37bc25-a95b-4dc0-a7f9-8fd258b41de9","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements, ‘— Transfer Agent’ or ‘— Transfer Agency","page_number":65,"box":{"x":102,"y":113,"width":745,"height":11}},{"id":"3e612566-ee2a-44dd-b43b-1d8ed4e46dc2","block_type":"box","text":"Agreement’ ” or “Management and Advisory Arrangements — Transfer Agency and Shareholders’ Administrative","page_number":65,"box":{"x":68,"y":128,"width":798,"height":11}},{"id":"66f113d2-5f04-4476-930a-f25a7d17bbbd","block_type":"box","text":"Services,” as applicable, in Par t I of each Fund’s SAI.","page_number":65,"box":{"x":69,"y":143,"width":381,"height":11}},{"id":"ac197dad-9c4d-497a-9a10-a37e9153d03e","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":65,"box":{"x":102,"y":166,"width":352,"height":11}},{"id":"d2d8408e-5404-40f0-807b-f544b8b2b7ce","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":65,"box":{"x":460,"y":166,"width":441,"height":10}},{"id":"8ac07b54-2ed9-4d22-afa7-9153780652bd","block_type":"box","text":"non-interested Trustees of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":65,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"d1c3c8e4-9401-487f-bdb3-9383a7e30f41","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I,","page_number":65,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"c0faf08e-4b05-4d79-9774-c96420d4e702","block_type":"box","text":"Section IX “Additional Information” of each Fund’s SAI for information on your Fund’s independent registered public","page_number":65,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"c841cb50-4bd5-4246-bb15-b9a695c75081","block_type":"box","text":"accounting firm.","page_number":65,"box":{"x":69,"y":226,"width":112,"height":11}},{"id":"7b2bdffa-5a2e-440b-bcb3-a23eb20cea3c","block_type":"box","text":"Custodian Services.","page_number":65,"box":{"x":101,"y":249,"width":144,"height":9}},{"id":"68bc8660-6333-4f79-bcfb-a71507d22e5d","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":65,"box":{"x":252,"y":249,"width":653,"height":11}},{"id":"a4d23204-859f-4129-a974-c2d8897a4722","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":65,"box":{"x":70,"y":264,"width":820,"height":11}},{"id":"3f6db46d-2e49-48b5-9ba2-8e67025398d0","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":65,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"c8a41e1e-7bb7-45c7-acf4-df2effa09da8","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":65,"box":{"x":68,"y":294,"width":802,"height":11}},{"id":"3798fb10-f46d-420e-9233-6292baaa8b80","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":65,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"b3ec47a0-195a-44e0-ac29-25f918bef113","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":65,"box":{"x":69,"y":324,"width":792,"height":11}},{"id":"5d34c39a-575a-4725-896f-e9b85b3786bc","block_type":"box","text":"cer tain assets.","page_number":65,"box":{"x":69,"y":340,"width":106,"height":8}},{"id":"07b83ea1-07ca-4178-922d-753f86fb9303","block_type":"box","text":"Accounting Services.","page_number":65,"box":{"x":101,"y":362,"width":154,"height":11}},{"id":"0ff7daa6-20dc-418a-ab7c-8a335997131a","block_type":"box","text":"Each Fund has entered into an agreement with BNYM, State Street or JPM, pursuant to","page_number":65,"box":{"x":262,"y":362,"width":620,"height":11}},{"id":"c45aedde-ae06-4ef8-b00c-d51adf05f952","block_type":"box","text":"which BNYM, State Street or JPM provides cer tain accounting and administrative services to the Fund. Each Fund","page_number":65,"box":{"x":68,"y":377,"width":810,"height":12}},{"id":"c6797dfa-e244-42db-be36-1ad4b28ea59b","block_type":"box","text":"pays a fee for these services.","page_number":65,"box":{"x":70,"y":392,"width":210,"height":12}},{"id":"1c53166b-a599-4709-bdf0-5e589c9ec1ce","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":65,"box":{"x":102,"y":415,"width":771,"height":11}},{"id":"7f1b623c-1ac4-4d02-b85e-1010b905a902","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":65,"box":{"x":68,"y":430,"width":810,"height":11}},{"id":"6d3f1ad7-4ea5-4766-abd6-d5c424916180","block_type":"box","text":"amounts paid by your Fund to BNYM, State Street or JPM, the Manager and/or the Administrator for the periods","page_number":65,"box":{"x":69,"y":445,"width":797,"height":12}},{"id":"f7b3ed65-171a-4ab5-91d0-5ee46a16639d","block_type":"box","text":"indicated.","page_number":65,"box":{"x":70,"y":461,"width":67,"height":8}},{"id":"8cd2966c-526c-4b83-adda-e246eaedbe8e","block_type":"box","text":"Distribution Expenses.","page_number":65,"box":{"x":102,"y":483,"width":162,"height":11}},{"id":"bb5b89f8-094d-4ff2-b363-04bd65447434","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":65,"box":{"x":271,"y":483,"width":614,"height":11}},{"id":"f2071ac0-5cf4-4605-9c71-2a946bb45770","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":65,"box":{"x":68,"y":498,"width":807,"height":11}},{"id":"ec40ff6a-ee00-4af3-a5c3-e9673675cc56","block_type":"box","text":"Agreements obligate the Distributor to pay cer tain expenses in connection with the offering of each class of shares of","page_number":65,"box":{"x":68,"y":513,"width":842,"height":12}},{"id":"514cd4fe-f719-4803-a568-dcf051e4f932","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic repor ts have been prepared,","page_number":65,"box":{"x":68,"y":528,"width":813,"height":11}},{"id":"a64880a9-a0f1-41d7-82d2-309865fa0b3b","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":65,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"7b7c917d-1c26-4898-aadb-9406c443c3c9","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":65,"box":{"x":70,"y":559,"width":799,"height":11}},{"id":"86be82d6-6102-440a-bfba-35a1dc662a72","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":65,"box":{"x":70,"y":574,"width":788,"height":11}},{"id":"b160b604-b636-457b-8882-ad2bf4491cfe","block_type":"box","text":"termination provisions as the Management Agreement described above. See “Information on Sales Charges and","page_number":65,"box":{"x":68,"y":589,"width":803,"height":11}},{"id":"0bc89283-72bc-4b85-9895-a953bd3f4f64","block_type":"box","text":"Distribution Related Expenses” or “Information on Distribution Related Expenses,” as applicable, in Par t I of each","page_number":65,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"377a62d0-4878-481d-a112-a4202254f039","block_type":"box","text":"Fund’s SAI for information on the fees paid by your Fund for the periods indicated.","page_number":65,"box":{"x":70,"y":619,"width":582,"height":11}},{"id":"b34c6d4c-d2e0-4675-b887-460ed5cd9f02","block_type":"box","text":"Disclosure of Portfolio Holdings","page_number":65,"box":{"x":69,"y":649,"width":229,"height":11}},{"id":"597aef24-1b44-43b1-8fa3-446abed59643","block_type":"box","text":"The Board of Trustees of each Fund and the Board of Directors of the Manager have each approved Por tfolio","page_number":65,"box":{"x":101,"y":672,"width":774,"height":11}},{"id":"b53fc6bb-ca19-4281-96ab-3cb435593a17","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":65,"box":{"x":70,"y":687,"width":788,"height":11}},{"id":"409ca918-d495-455e-8cd1-8660ba9bf243","block_type":"box","text":"por tfolio securities, as applicable, and other por tfolio information. The purpose of the Policy is to ensure that","page_number":65,"box":{"x":70,"y":702,"width":778,"height":11}},{"id":"1551233e-94a6-4d9d-8e4b-5b1e71663939","block_type":"box","text":"(i) shareholders and prospective shareholders of the Funds have equal access to por tfolio holdings and","page_number":65,"box":{"x":69,"y":717,"width":737,"height":12}},{"id":"c67a44a3-1be7-48aa-be97-49e8e791ab6f","block_type":"box","text":"characteristics and (ii) third par ties (such as consultants, intermediaries and third-par ty data providers) have access","page_number":65,"box":{"x":69,"y":733,"width":829,"height":11}},{"id":"8ac76c2c-815e-4cb1-a5ed-de31841aae20","block_type":"box","text":"to such information no earlier or more frequently than shareholders and prospective shareholders.","page_number":65,"box":{"x":68,"y":748,"width":701,"height":11}},{"id":"94c81302-7ff0-4a83-a006-3b2f0bcfb0cf","block_type":"box","text":"Pursuant to the Policy, each Fund and the Manager may, under cer tain circumstances as set for th below, make","page_number":65,"box":{"x":102,"y":770,"width":791,"height":12}},{"id":"b47f47db-eaf9-47ce-8b5e-28fbb7eaf765","block_type":"box","text":"selective disclosure with respect to a Fund’s Por tfolio Characteristics (as defined below) and Por tfolio Holdings (as","page_number":65,"box":{"x":69,"y":785,"width":819,"height":12}},{"id":"f8c4d898-9937-4c92-9e48-0ac3f11436e9","block_type":"box","text":"defined below). The Board of Trustees of each Fund and the Board of Directors of the Manager have each approved","page_number":65,"box":{"x":69,"y":801,"width":821,"height":11}},{"id":"d38ad837-7109-432c-ab00-1d67059b867c","block_type":"box","text":"the adoption by the Fund of the Policy, and employees of the Manager are responsible for adherence to the Policy.","page_number":65,"box":{"x":68,"y":816,"width":813,"height":11}},{"id":"63d66650-3b7a-4a12-845e-5fe37cddcae1","block_type":"box","text":"The Board of Trustees provides ongoing oversight of the Fund’s and Manager’s compliance with the Policy.","page_number":65,"box":{"x":68,"y":831,"width":758,"height":11}},{"id":"2ab3a37a-9972-4bc5-8e86-7dc00adb1a86","block_type":"box","text":"Notwithstanding the above, there is no assurance that the Policy will protect the Funds from the potential misuse of","page_number":65,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"26701bfe-e351-4290-9fb6-abb5b7f1e2b5","block_type":"box","text":"holdings information by an individual or firms in possession of that information.","page_number":65,"box":{"x":69,"y":861,"width":565,"height":11}},{"id":"fbb22661-1f2c-4b3d-90f0-edf4c24b166c","block_type":"box","text":"Disclosure of material non-public information (“Confidential Information”) about a Fund’s Por tfolio Holdings and/","page_number":65,"box":{"x":102,"y":884,"width":802,"height":11}},{"id":"b83f40a9-4f7d-40bf-8c9e-0c999b2ab491","block_type":"box","text":"or Por tfolio Characteristics is prohibited, except as provided in the Policy.","page_number":65,"box":{"x":69,"y":899,"width":520,"height":11}},{"id":"51be1df9-1c51-4260-993c-7928fd89a726","block_type":"box","text":"II-28","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b2bfb12-7b7e-47b2-8c08-a93506c40846","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":65,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5fc14230-28a8-415c-8cd5-87bba770df22","block_type":"box","text":"Confidential Information relating to a Fund may not be distributed to persons not employed by BlackRock unless","page_number":66,"box":{"x":102,"y":45,"width":797,"height":11}},{"id":"72d0c756-943c-4862-bbc2-51d31d1a46ab","block_type":"box","text":"the Fund has a legitimate business purpose for doing so and confidentiality obligations are in effect, as appropriate.","page_number":66,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"83452ecb-8ea7-4af7-953e-63dc6487c320","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"37da7f69-cac0-4ad2-ad8b-4b9bdd4377db","block_type":"box","text":"Por tfolio Holdings","page_number":66,"box":{"x":102,"y":80,"width":126,"height":11}},{"id":"5326b59f-398e-40b5-9c98-3b26f7e89e15","block_type":"box","text":": “Por tfolio Holdings” are a Fund’s por tfolio securities and other instruments, and include, but","page_number":66,"box":{"x":229,"y":80,"width":671,"height":11}},{"id":"af22e1c7-16cc-4524-bd73-76eebfc810e3","block_type":"box","text":"are not limited to:","page_number":66,"box":{"x":102,"y":95,"width":125,"height":9}},{"id":"5c4c6507-06ad-40b9-a3bb-7adf04bcf18a","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":118,"width":6,"height":5}},{"id":"6fa5b3ff-abf8-4415-862d-0ac457816b04","block_type":"box","text":"for equity securities, information such as issuer name, CUSIP, ticker symbol, total shares and market value;","page_number":66,"box":{"x":134,"y":115,"width":768,"height":11}},{"id":"c661013c-b3a4-417e-ba86-a8cf1c34cc7a","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":138,"width":6,"height":5}},{"id":"c77e9c68-0327-43de-a485-f61a5a17a066","block_type":"box","text":"for fixed income securities, information such as issuer name, CUSIP, ticker symbol, coupon, maturity,","page_number":66,"box":{"x":134,"y":135,"width":720,"height":11}},{"id":"f7d0cb30-6cd2-417d-af8b-f2b87f680601","block_type":"box","text":"current face value, market value, yield, WAL, WAM, duration and convexity;","page_number":66,"box":{"x":134,"y":150,"width":529,"height":12}},{"id":"de7ad664-bd9e-41bc-a950-da36772a1d9c","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"718f4295-a8d2-48a1-87b9-978375d51bd9","block_type":"box","text":"for all securities, information such as quantity, SEDOL and market price as of a specific date;","page_number":66,"box":{"x":134,"y":171,"width":664,"height":11}},{"id":"2aec5ba9-6b8f-4542-84dd-6fb5ec327d70","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"8298fe63-d5ee-4a0b-a35d-c35c2875a514","block_type":"box","text":"for derivatives, indicative data including, but not limited to, pay leg, receive leg, notional amount, reset","page_number":66,"box":{"x":134,"y":191,"width":731,"height":11}},{"id":"38ab09b4-a9db-4670-8329-285516bf32a4","block_type":"box","text":"frequency and trade counterpar ty; and","page_number":66,"box":{"x":134,"y":206,"width":271,"height":11}},{"id":"53ef1871-bd80-481e-8d96-a59c65ad927e","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"4364701e-0c74-49d2-a0e4-4d3c7a8e9b11","block_type":"box","text":"for trading strategies, specific por tfolio holdings, including the number of shares held, weightings of","page_number":66,"box":{"x":134,"y":226,"width":712,"height":11}},{"id":"9a780e9e-a715-4da5-9e8f-5990af5b70ac","block_type":"box","text":"par ticular holdings, trading details, pending or recent transactions and por tfolio management plans to","page_number":66,"box":{"x":135,"y":241,"width":726,"height":11}},{"id":"a6aa1446-bc99-45e3-80b2-b4d509faf375","block_type":"box","text":"purchase or sell par ticular securities or allocation within par ticular sectors.","page_number":66,"box":{"x":135,"y":257,"width":533,"height":10}},{"id":"73bb34b6-d170-4359-b2e1-ed2c2081bf2f","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":279,"width":6,"height":5}},{"id":"5cc5b805-9ff0-40bb-b55d-cf86461a9990","block_type":"box","text":"Por tfolio Characteristics (excluding Liquidity Metrics)","page_number":66,"box":{"x":102,"y":276,"width":373,"height":12}},{"id":"c7d45742-781e-4053-b0eb-64167d1bd9f7","block_type":"box","text":": “Por tfolio Characteristics” include, but are not limited to,","page_number":66,"box":{"x":476,"y":276,"width":414,"height":11}},{"id":"f82f4410-76de-44a0-9b63-3c9838a867c7","block_type":"box","text":"sector allocation, credit quality breakdown, maturity distribution, duration and convexity measures, average credit","page_number":66,"box":{"x":102,"y":292,"width":807,"height":11}},{"id":"76108182-f20d-4f4f-ba96-17e6c03bdfc2","block_type":"box","text":"quality, average maturity, average coupon, top 10 holdings with percent of the fund held, average market","page_number":66,"box":{"x":102,"y":307,"width":745,"height":11}},{"id":"1c8b8f43-46a3-41c3-ae9a-b4feb2df9be2","block_type":"box","text":"capitalization, capitalization range, risk related information (","page_number":66,"box":{"x":101,"y":322,"width":427,"height":11}},{"id":"4bfa8ea9-7582-4d8a-8b29-778fa5f1bf2f","block_type":"box","text":"e.g.,","page_number":66,"box":{"x":529,"y":323,"width":30,"height":10}},{"id":"40453b87-3f5b-4985-a72b-76857ee76df1","block_type":"box","text":"value at risk, standard deviation), ROE, P/E,","page_number":66,"box":{"x":565,"y":322,"width":314,"height":11}},{"id":"db626f4d-e91e-4295-830e-fb9a1e0b6c12","block_type":"box","text":"P/B, P/CF, P/S and EPS.","page_number":66,"box":{"x":102,"y":337,"width":177,"height":11}},{"id":"136d6edf-c27c-4307-b525-8dfee7a7d619","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":360,"width":6,"height":5}},{"id":"beb684ee-a12f-44cb-a4a2-17e64311cc45","block_type":"box","text":"Additional characteristics specific to money market funds include, but are not limited to, historical daily and","page_number":66,"box":{"x":134,"y":357,"width":766,"height":11}},{"id":"2e94a684-3752-4d05-b730-5c4cda4d6191","block_type":"box","text":"weekly liquid assets (as defined under Rule 2a-7) and historical fund net inflows and outflows.","page_number":66,"box":{"x":134,"y":372,"width":670,"height":11}},{"id":"dfc7bb5d-fa0d-4f86-8ee9-e58f344c4fab","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"41d11351-cb12-471d-8996-0ca70eccf072","block_type":"box","text":"Por tfolio Characteristics — Liquidity Metrics:","page_number":66,"box":{"x":102,"y":392,"width":316,"height":12}},{"id":"070d1bde-656f-4cc1-8d61-5efc01f7ea19","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":415,"width":6,"height":5}},{"id":"e8085209-ad86-41b3-8824-d5f07af948d2","block_type":"box","text":"“Liquidity Metrics” which seek to ascer tain a Fund’s liquidity profile under BlackRock’s global liquidity risk","page_number":66,"box":{"x":135,"y":412,"width":754,"height":12}},{"id":"682daca5-8c0c-4481-b9ff-99920771ee6d","block_type":"box","text":"methodology which include, but are not limited to: (a) disclosure regarding the number of days needed to","page_number":66,"box":{"x":135,"y":428,"width":746,"height":11}},{"id":"c3251f63-4c9d-4492-92ae-55efa83c48e4","block_type":"box","text":"liquidate a por tfolio or the por tfolio’s underlying investments; and (b) the percentage of a Fund’s NAV","page_number":66,"box":{"x":135,"y":443,"width":721,"height":11}},{"id":"6531e729-f8d1-4201-bec0-622b642874f3","block_type":"box","text":"invested in a par ticular liquidity tier under BlackRock’s global liquidity risk methodology.","page_number":66,"box":{"x":135,"y":458,"width":621,"height":11}},{"id":"ecb1cd46-82a4-40ec-8218-14864ebcd523","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":481,"width":6,"height":4}},{"id":"ea41d531-93cb-49c2-b9cd-cc149a70aa42","block_type":"box","text":"The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to SEC","page_number":66,"box":{"x":134,"y":478,"width":771,"height":11}},{"id":"e44abac4-97e6-4576-8274-423101c53769","block_type":"box","text":"Rule 22e-4 (including SEC liquidity tiering) is not permitted unless pre-approved.","page_number":66,"box":{"x":135,"y":493,"width":568,"height":11}},{"id":"8df3fd51-6136-4238-88e5-0f8445e5a8f5","block_type":"box","text":"•","page_number":66,"box":{"x":102,"y":516,"width":6,"height":5}},{"id":"99a4cc4a-148a-438b-830f-853a4cfce5e9","block_type":"box","text":"Disclosure of Liquidity Metrics pursuant to Section 3 of the Policy should be reviewed by BlackRock’s Risk","page_number":66,"box":{"x":135,"y":513,"width":755,"height":11}},{"id":"7a3054df-c49d-462c-b45e-44e272f276d7","block_type":"box","text":"and Quantitative Analysis Group and the relevant por tfolio management team prior to dissemination.","page_number":66,"box":{"x":134,"y":528,"width":716,"height":12}},{"id":"30ebf31b-3d29-4296-a87d-fdfa4bc331a3","block_type":"box","text":"Information that is non-material or that may be obtained from public sources (","page_number":66,"box":{"x":102,"y":551,"width":553,"height":11}},{"id":"fb10b8da-d5f4-406b-8c5b-4435ae48e199","block_type":"box","text":"i.e.","page_number":66,"box":{"x":658,"y":551,"width":20,"height":9}},{"id":"25993226-128c-4892-8984-b2d38a1403ca","block_type":"box","text":", information that has been","page_number":66,"box":{"x":680,"y":551,"width":193,"height":11}},{"id":"710812a5-366b-4d7a-9d17-5adc595093ef","block_type":"box","text":"publicly disclosed via a filing with the SEC (","page_number":66,"box":{"x":70,"y":566,"width":305,"height":11}},{"id":"5b43b15e-e3e2-4454-9e79-b2b5a3a675eb","block_type":"box","text":"e.g.","page_number":66,"box":{"x":377,"y":568,"width":25,"height":9}},{"id":"14abba95-ea8a-4dc0-98c5-aef4643651ca","block_type":"box","text":", a fund’s annual repor t and annual financial statements), through a","page_number":66,"box":{"x":404,"y":566,"width":485,"height":11}},{"id":"6ea22815-7065-40db-816f-9c529562cbb2","block_type":"box","text":"press release or placement on a publicly-available internet website), or information derived or calculated from such","page_number":66,"box":{"x":70,"y":581,"width":817,"height":11}},{"id":"dbe23a6f-e3f6-46d6-9913-8ccccb70db22","block_type":"box","text":"public sources shall not be deemed Confidential Information.","page_number":66,"box":{"x":70,"y":596,"width":433,"height":11}},{"id":"dcaa3c7c-ae8b-47b6-a9ff-ddfe85cd275c","block_type":"box","text":"II-29","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa894b3b-ca0d-4860-9d02-002c8c3d0d9d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":66,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"aa9afb7f-f800-4307-b2a6-f3111990700a","block_type":"box","text":"Por tfolio Holdings and Por tfolio Characteristics may be disclosed in accordance with the below schedule.","page_number":67,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"6849df4c-a806-454c-abb1-a0ddb2aec08e","block_type":"box","text":"Prior to","page_number":67,"box":{"x":856,"y":45,"width":53,"height":9}},{"id":"54982ef3-353f-4c08-90fc-104d41827458","block_type":"box","text":"the time periods designated below, non-public portfolio holdings and portfolio characteristics may only be","page_number":67,"box":{"x":68,"y":60,"width":771,"height":11}},{"id":"03bc0b10-a3e6-4721-864a-aad77d81dd31","block_type":"box","text":"disclosed with both a non-disclosure or confidentiality agreement and Fund CCO approval.","page_number":67,"box":{"x":69,"y":75,"width":656,"height":11}},{"id":"6d480fc1-e9ff-4dbb-9dc3-e8b6ce3700bd","block_type":"box","text":"Thereafter, BlackRock","page_number":67,"box":{"x":731,"y":75,"width":155,"height":10}},{"id":"e69a6b75-398a-4e03-84bf-25eb56d9f3e2","block_type":"box","text":"may disclose such information to shareholders, prospective shareholders, intermediaries, consultants and third-par ty","page_number":67,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"de8eeeb6-fb99-4a25-ba4b-9dde88eb7547","block_type":"box","text":"data providers","page_number":67,"box":{"x":69,"y":105,"width":100,"height":11}},{"id":"7309e7c6-90f1-47ed-aaf5-b212aa0e71b8","block_type":"box","text":".","page_number":67,"box":{"x":171,"y":112,"width":3,"height":2}},{"id":"d656e38a-8415-4aac-8206-fa2667629364","block_type":"box","text":"BlackRock generally discloses por tfolio holdings and other por tfolio characteristics information on the","page_number":67,"box":{"x":181,"y":105,"width":725,"height":11}},{"id":"52c4c038-eb2f-4c51-9ee7-8829120dfe4c","block_type":"box","text":"lag times established herein on its public website.","page_number":67,"box":{"x":70,"y":120,"width":356,"height":12}},{"id":"33d8d81b-cb9a-468e-baa7-78b74c72f0ed","block_type":"box","text":"Time Periods for Portfolio Holdings","page_number":67,"box":{"x":362,"y":144,"width":253,"height":11}},{"id":"cfe910e8-e4ab-41ab-83fe-e531682b650c","block_type":"box","text":"Funds in Scope Days After Month-End—After","page_number":67,"box":{"x":313,"y":159,"width":585,"height":11}},{"id":"03ac7b14-52a1-47dd-98b5-22835aaf8179","block_type":"box","text":"Which Portfolio Holdings May","page_number":67,"box":{"x":684,"y":174,"width":216,"height":12}},{"id":"df39f7f1-e28d-4e1d-ac45-b0acccccb9d1","block_type":"box","text":"Be Disclosed","page_number":67,"box":{"x":746,"y":190,"width":93,"height":9}},{"id":"3fc6a1a5-9c97-48b0-8a61-ee666c00d0d4","block_type":"box","text":"All Open-End Mutual Funds (non-money market) except those noted below. 20 Calendar Days After Month","page_number":67,"box":{"x":74,"y":212,"width":825,"height":11}},{"id":"f9352038-96e1-4155-8a9f-94607632d075","block_type":"box","text":"End","page_number":67,"box":{"x":682,"y":228,"width":24,"height":8}},{"id":"b0e160e2-34e5-4b50-a915-f61cce4c1148","block_type":"box","text":"Global Allocation funds,","page_number":67,"box":{"x":75,"y":250,"width":166,"height":10}},{"id":"71a1eeee-a55c-4bac-8e89-83352fcaa6b2","block_type":"box","text":"1","page_number":67,"box":{"x":243,"y":250,"width":4,"height":5}},{"id":"ca5c3cd4-a250-420c-9aa5-f32ecb31d22f","block_type":"box","text":"BlackRock Core Bond Por tfolio of BlackRock Funds V,","page_number":67,"box":{"x":254,"y":250,"width":378,"height":10}},{"id":"4af95c4b-8ac9-4fd3-9c7a-3b0ea2ade874","block_type":"box","text":"BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V,","page_number":67,"box":{"x":75,"y":265,"width":526,"height":11}},{"id":"2dfe2ea7-8480-4620-9e66-178882c594d2","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc., BlackRock Total Return Fund of","page_number":67,"box":{"x":75,"y":280,"width":539,"height":12}},{"id":"fcde9bc0-cc1f-4f16-a33e-64a8445b9371","block_type":"box","text":"BlackRock Bond Fund, Inc., BlackRock Total Return V.I. Fund of BlackRock","page_number":67,"box":{"x":75,"y":295,"width":526,"height":11}},{"id":"450576c3-21de-4eaa-add7-686f2eb4226a","block_type":"box","text":"Variable Series Funds II, Inc., BlackRock Unconstrained Equity Fund, BlackRock","page_number":67,"box":{"x":74,"y":311,"width":564,"height":11}},{"id":"d12cb8c4-47ca-47bf-837f-645293b11168","block_type":"box","text":"Systematic Multi-Strategy Fund of BlackRock Funds IV and BlackRock Global","page_number":67,"box":{"x":75,"y":326,"width":540,"height":11}},{"id":"cda6aa1e-a875-47e5-b41b-1a998dbc4673","block_type":"box","text":"Equity Market Neutral Fund of BlackRock Funds","page_number":67,"box":{"x":75,"y":341,"width":336,"height":11}},{"id":"42889336-b2e5-4a10-833d-c2bf5c8b98dd","block_type":"box","text":"SM","page_number":67,"box":{"x":412,"y":341,"width":11,"height":5}},{"id":"9b6fbc78-6c5d-41a9-a99f-0cad0c9b5a16","block_type":"box","text":".","page_number":67,"box":{"x":425,"y":348,"width":2,"height":2}},{"id":"a454d04d-3e8d-4253-8cc8-174fd848f915","block_type":"box","text":"60 Calendar Days After Month","page_number":67,"box":{"x":681,"y":250,"width":218,"height":11}},{"id":"14d304fb-8c41-4241-8a1f-fc3c0082f77c","block_type":"box","text":"End","page_number":67,"box":{"x":682,"y":265,"width":24,"height":9}},{"id":"dc4e4eb9-d36e-455a-91df-3e2237d3aa37","block_type":"box","text":"1","page_number":67,"box":{"x":708,"y":266,"width":4,"height":4}},{"id":"8af34e21-ebf4-4f3b-8b3b-75269e0583f9","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc., BlackRock Equity Dividend Fund,","page_number":67,"box":{"x":75,"y":363,"width":534,"height":12}},{"id":"bcf44cca-f8cc-4191-9698-8dfad19323c4","block_type":"box","text":"BlackRock High Equity Income Fund of BlackRock Funds","page_number":67,"box":{"x":75,"y":378,"width":397,"height":12}},{"id":"0aa87d55-079a-4557-824a-726a56d4c2f9","block_type":"box","text":"SM","page_number":67,"box":{"x":473,"y":379,"width":11,"height":4}},{"id":"cffe75ba-b9eb-424f-b366-7eadca1d4ba5","block_type":"box","text":", BlackRock Large Cap","page_number":67,"box":{"x":486,"y":379,"width":158,"height":11}},{"id":"566b080b-1eae-4304-a2e0-ffd13b63fcea","block_type":"box","text":"Focus Growth Fund, Inc., BlackRock Large Cap Focus Value Fund, Inc., BlackRock","page_number":67,"box":{"x":75,"y":394,"width":578,"height":11}},{"id":"ec967cb3-7558-4e7a-a63c-cfc4a6ad7568","block_type":"box","text":"Mid-Cap Growth Equity Por tfolio of BlackRock Funds","page_number":67,"box":{"x":75,"y":409,"width":368,"height":11}},{"id":"6af1718a-8556-4b97-8be4-60ba4424321f","block_type":"box","text":"SM","page_number":67,"box":{"x":444,"y":409,"width":11,"height":5}},{"id":"ed0b38c5-7ac9-4f4f-8b29-cd04fc90d003","block_type":"box","text":", BlackRock Mid-Cap Value","page_number":67,"box":{"x":457,"y":409,"width":186,"height":11}},{"id":"d063789e-51c8-4569-bf7b-470fb5ee872d","block_type":"box","text":"Fund of BlackRock Mid-Cap Value Series, Inc.","page_number":67,"box":{"x":75,"y":424,"width":320,"height":11}},{"id":"35fda4f6-4c62-4609-9964-4333d959d223","block_type":"box","text":"15 Calendar Days After Month","page_number":67,"box":{"x":682,"y":363,"width":217,"height":12}},{"id":"ce9180de-9dd0-4b0b-8758-b4626e6dd064","block_type":"box","text":"End","page_number":67,"box":{"x":682,"y":379,"width":24,"height":8}},{"id":"8e113a2a-6184-4b34-a326-5866ec65c44b","block_type":"box","text":"Time Periods for Portfolio Characteristics (Excluding Liquidity Metrics (Addressed Below))","page_number":67,"box":{"x":158,"y":447,"width":661,"height":11}},{"id":"671cbb7d-656e-4328-8caf-cbbbaa125fdc","block_type":"box","text":"Funds in Scope Days After Month-End—After","page_number":67,"box":{"x":313,"y":469,"width":585,"height":11}},{"id":"a1815b77-3994-4a60-ba1d-cc45fa0041c9","block_type":"box","text":"Which Portfolio","page_number":67,"box":{"x":736,"y":484,"width":112,"height":9}},{"id":"f2e08966-0c29-4831-bcc4-57002e8b4a86","block_type":"box","text":"Characteristics May Be","page_number":67,"box":{"x":707,"y":500,"width":171,"height":11}},{"id":"2b0d9db8-092b-4cf2-b914-870b8b0de046","block_type":"box","text":"Disclosed","page_number":67,"box":{"x":758,"y":515,"width":69,"height":9}},{"id":"bad54f9a-55da-44f1-a19b-8aff518ebb6a","block_type":"box","text":"All Open-End Mutual Funds (non-money market) 5 Calendar Days After","page_number":67,"box":{"x":74,"y":537,"width":762,"height":11}},{"id":"5174a0d7-b24e-4d60-a399-cf1b876e261a","block_type":"box","text":"Month-End","page_number":67,"box":{"x":682,"y":553,"width":73,"height":8}},{"id":"77ec8ee5-9daa-474e-b02d-2ceabb61653c","block_type":"box","text":"1","page_number":67,"box":{"x":69,"y":578,"width":3,"height":3}},{"id":"01ce823d-7f80-49c8-97a9-ba54034b64c3","block_type":"box","text":"Global Allocation Exception:","page_number":67,"box":{"x":93,"y":578,"width":164,"height":8}},{"id":"c7653a2a-d214-4634-a8a2-47b08347d4d7","block_type":"box","text":"The “Global Allocation funds” include BlackRock Global Allocation Fund, Inc., BlackRock Global Allocation","page_number":67,"box":{"x":262,"y":577,"width":598,"height":9}},{"id":"e88ce839-1f50-41ef-afd3-521faedf09bd","block_type":"box","text":"Por tfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc. Information on","page_number":67,"box":{"x":94,"y":587,"width":784,"height":9}},{"id":"519b7298-7f00-41b5-b292-0cfc76551b87","block_type":"box","text":"cer tain Por tfolio Characteristics of BlackRock Global Allocation Por tfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I.","page_number":67,"box":{"x":93,"y":598,"width":795,"height":8}},{"id":"ac373dc7-aeae-489a-8878-faa510507068","block_type":"box","text":"Fund of BlackRock Variable Series Funds, Inc. is available, upon request, to insurance companies that use these funds as underlying","page_number":67,"box":{"x":94,"y":608,"width":757,"height":9}},{"id":"328e61b6-ed50-40cd-9958-e2629cc8bc6a","block_type":"box","text":"investments (and to advisers and sub-advisers of funds invested in BlackRock Global Allocation Por tfolio of BlackRock Series Fund, Inc. and","page_number":67,"box":{"x":94,"y":618,"width":797,"height":9}},{"id":"a7fa5838-621c-456c-8263-97d014a158cb","block_type":"box","text":"BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc.) in their variable annuity contracts and variable life insurance","page_number":67,"box":{"x":94,"y":628,"width":793,"height":9}},{"id":"474bcab2-ebae-4074-8b9c-6f3651a1b7c1","block_type":"box","text":"policies on a weekly basis (or such other period as may be determined to be appropriate).","page_number":67,"box":{"x":94,"y":638,"width":511,"height":9}},{"id":"e9e23808-d2b0-4d54-aa70-6c7b7fe9c672","block_type":"box","text":"Open-End Mutual Funds and ETFs (Excluding Money Market Mutual Funds and MM ETFs)","page_number":67,"box":{"x":163,"y":656,"width":651,"height":11}},{"id":"e1674c0d-8516-4a22-9db5-ccd800fcec6f","block_type":"box","text":"Time Periods for Portfolio Characteristics: Liquidity Metrics","page_number":67,"box":{"x":272,"y":671,"width":434,"height":12}},{"id":"872e957e-3546-413a-bd8a-e883a302705a","block_type":"box","text":"Funds in Scope Days After Quarter-End—After","page_number":67,"box":{"x":313,"y":694,"width":589,"height":11}},{"id":"ab14c4ca-e231-4439-a241-23198e5ee11e","block_type":"box","text":"Which Liquidity Metrics May","page_number":67,"box":{"x":688,"y":709,"width":208,"height":11}},{"id":"7affad8d-6073-4fa8-8f31-5235fddaa3f1","block_type":"box","text":"Be Disclosed","page_number":67,"box":{"x":746,"y":724,"width":93,"height":9}},{"id":"91cbca29-bdfb-4298-8e07-935c94442789","block_type":"box","text":"All Open-End Mutual Funds and ETFs (non-money market). 60 Calendar Days After","page_number":67,"box":{"x":74,"y":747,"width":772,"height":11}},{"id":"7888cb14-2a87-430a-bb75-c7e145ac24a9","block_type":"box","text":"Quar ter-End","page_number":67,"box":{"x":681,"y":762,"width":83,"height":11}},{"id":"ccd742bc-f32f-46e8-a280-bb0bc3501013","block_type":"box","text":"If Liquidity Metrics are disclosed to one party, they must also be disclosed to all other parties requesting the","page_number":67,"box":{"x":75,"y":785,"width":798,"height":11}},{"id":"644ffdff-c675-4470-b361-3dc13ff71877","block_type":"box","text":"same information.","page_number":67,"box":{"x":75,"y":800,"width":130,"height":9}},{"id":"07e0825d-e8f0-4174-aa73-c4d2f62f8d36","block_type":"box","text":"II-30","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dd6bdfa7-0fc9-4f2e-97f6-29aa34a23614","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":67,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dbb14b69-32b1-4904-bfa2-dafd4f57b43c","block_type":"box","text":"Money Market Mutual Funds and ETFs","page_number":68,"box":{"x":340,"y":54,"width":281,"height":11}},{"id":"bc35a9b8-8877-44f2-9d43-75c895e8d289","block_type":"box","text":"2,3","page_number":68,"box":{"x":627,"y":54,"width":11,"height":5}},{"id":"60b4ee6f-70c8-4d96-be2e-d2373c39e01e","block_type":"box","text":"Money Market ETFs will comply with the disclosure requirements under both the Money Market (Rule 2a-7) Policy","page_number":68,"box":{"x":75,"y":66,"width":803,"height":11}},{"id":"fe5e9a97-aeac-477b-80ee-9a5f8503dcc0","block_type":"box","text":"and the ETF Rule (Rule 6c-11) Policy.","page_number":68,"box":{"x":75,"y":79,"width":259,"height":11}},{"id":"9d1ee954-08d0-4b21-95f7-41a28719eefb","block_type":"box","text":"Time Periods","page_number":68,"box":{"x":520,"y":94,"width":94,"height":9}},{"id":"c1ebf74a-8f6c-4f9a-b6f4-11c86b454b55","block_type":"box","text":"Prior to 5 Business Days","page_number":68,"box":{"x":305,"y":117,"width":178,"height":11}},{"id":"ce141f84-a9f5-4466-8d16-fb17d201dfcf","block_type":"box","text":"After Month-End","page_number":68,"box":{"x":335,"y":132,"width":117,"height":9}},{"id":"a7b04abf-6ac8-4c18-b478-6ea5a32c7211","block_type":"box","text":"5 Business Days After","page_number":68,"box":{"x":660,"y":116,"width":161,"height":12}},{"id":"b3b8f6b3-78a5-48e2-a72b-94122d558928","block_type":"box","text":"Month-End to Date of Public Filing","page_number":68,"box":{"x":616,"y":132,"width":250,"height":11}},{"id":"de79ef32-c876-4329-9ad7-4e4acfa165e7","block_type":"box","text":"Portfolio","page_number":68,"box":{"x":75,"y":154,"width":61,"height":9}},{"id":"e9876d28-6e39-4376-97c5-c62410e2b8f1","block_type":"box","text":"Holdings","page_number":68,"box":{"x":75,"y":169,"width":61,"height":11}},{"id":"042041e1-bf13-4e8e-be7a-0e75ad054e9d","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":68,"box":{"x":231,"y":154,"width":297,"height":9}},{"id":"234d4268-5e97-46a8-afd2-1bf1c8f30c96","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":68,"box":{"x":231,"y":169,"width":310,"height":12}},{"id":"7228975a-1206-4fd4-ba46-1b2c9fcd4748","block_type":"box","text":"except the following Por tfolio Holdings","page_number":68,"box":{"x":231,"y":184,"width":271,"height":12}},{"id":"c5fd1055-8828-414f-9d08-8f891ee28456","block_type":"box","text":"information is required to be released on the","page_number":68,"box":{"x":232,"y":200,"width":318,"height":11}},{"id":"e1f80966-0ab3-4e66-86c3-da923de522d9","block_type":"box","text":"website pursuant to Rule 2a-7 on a monthly","page_number":68,"box":{"x":231,"y":215,"width":311,"height":11}},{"id":"05257f13-912a-4e21-9155-f6c70929eb21","block_type":"box","text":"basis: name of issuer, category of","page_number":68,"box":{"x":231,"y":230,"width":244,"height":11}},{"id":"94a86f04-d9f0-4ba7-a67c-22441f4ccb3a","block_type":"box","text":"investment, CUSIP, principal amount, maturity","page_number":68,"box":{"x":232,"y":245,"width":325,"height":11}},{"id":"62addf3c-c08a-4b72-bdc9-019246c7f305","block_type":"box","text":"dates, yields and value.","page_number":68,"box":{"x":231,"y":260,"width":167,"height":11}},{"id":"df9e28a4-fa4c-4a87-9857-5263c1cdc077","block_type":"box","text":"BlackRock will release this information on the","page_number":68,"box":{"x":232,"y":279,"width":324,"height":9}},{"id":"39bae80b-45c2-4499-a590-221059bbda49","block_type":"box","text":"following timelines or on a more frequent","page_number":68,"box":{"x":231,"y":294,"width":292,"height":11}},{"id":"a51ea861-96b6-4c8b-9e6b-ef0632afc4ce","block_type":"box","text":"timeline than required under Rule 2a-7:","page_number":68,"box":{"x":231,"y":309,"width":279,"height":11}},{"id":"8db8864d-09b0-4d10-833e-4a2a63f96184","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":327,"width":4,"height":4}},{"id":"08ecae75-2d0a-46a6-82b3-8b5de182bc63","block_type":"box","text":"Government MMFs: Daily por tfolio holdings","page_number":68,"box":{"x":241,"y":324,"width":306,"height":12}},{"id":"185c7501-0b63-400a-9459-ec75ba8185ea","block_type":"box","text":"are released on the website on a one","page_number":68,"box":{"x":241,"y":340,"width":266,"height":8}},{"id":"a9548dcd-2cf3-42cf-b5d6-a67b895eb427","block_type":"box","text":"business day lag.","page_number":68,"box":{"x":241,"y":355,"width":122,"height":11}},{"id":"232ca5f5-612f-4320-bd12-97e4c44dfb43","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":373,"width":4,"height":3}},{"id":"6d6120eb-5e0a-4205-8b4d-d794be8c2510","block_type":"box","text":"Money Market ETFs (prime and","page_number":68,"box":{"x":242,"y":370,"width":218,"height":11}},{"id":"6f6a8785-2480-4cba-bbda-e5b9a8d5b7af","block_type":"box","text":"government): Daily por tfolio holdings","page_number":68,"box":{"x":240,"y":385,"width":261,"height":11}},{"id":"4d3738ca-3a98-439a-9539-637e3fbe840d","block_type":"box","text":"information released pursuant to ETF rule","page_number":68,"box":{"x":242,"y":400,"width":294,"height":11}},{"id":"814efd7d-9359-48b4-a529-f216f0af415c","block_type":"box","text":"requirements.","page_number":68,"box":{"x":241,"y":415,"width":97,"height":11}},{"id":"b7c812ac-13e5-453b-945b-370e2c21a221","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":433,"width":4,"height":3}},{"id":"21b2fa77-23e6-4040-b69d-37c11d07f8b1","block_type":"box","text":"Cer tain Money Market Mutual Funds and","page_number":68,"box":{"x":241,"y":430,"width":289,"height":11}},{"id":"42577cf5-c186-4901-974a-daa1c8414db4","block_type":"box","text":"Money Market ETFs: Weekly schedule of","page_number":68,"box":{"x":242,"y":445,"width":285,"height":11}},{"id":"e079298d-ca2e-4ab9-9e24-a45e4bb25f47","block_type":"box","text":"investments (PDF) is posted to the website","page_number":68,"box":{"x":242,"y":461,"width":304,"height":10}},{"id":"dbe5cfd4-0acc-4290-b6bd-156e9d4e86b5","block_type":"box","text":"at least one business day after week-end.","page_number":68,"box":{"x":241,"y":475,"width":296,"height":12}},{"id":"63b35be3-19b1-41a0-9eb8-acd95e87b1de","block_type":"box","text":"(The Cash business identifies those Funds.)","page_number":68,"box":{"x":241,"y":491,"width":312,"height":11}},{"id":"ac852fda-d3e8-4000-b219-3aa868905462","block_type":"box","text":"May disclose to shareholders, prospective","page_number":68,"box":{"x":578,"y":154,"width":300,"height":11}},{"id":"a78fa3f0-ada1-486b-b2f7-477ac99fefed","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":68,"box":{"x":578,"y":170,"width":297,"height":10}},{"id":"90e40ce8-3161-4b9c-bf2b-d3bcb4b6f1d1","block_type":"box","text":"and third par ty data providers. If Por tfolio","page_number":68,"box":{"x":578,"y":184,"width":294,"height":12}},{"id":"f19e3487-92a3-435d-b299-e11efd2c5d39","block_type":"box","text":"Holdings are disclosed to one par ty, they","page_number":68,"box":{"x":578,"y":200,"width":291,"height":11}},{"id":"b04723ba-2fb9-4ae5-bb30-df86573fa64c","block_type":"box","text":"must also be disclosed to all other par ties","page_number":68,"box":{"x":578,"y":215,"width":302,"height":11}},{"id":"301e07e8-9614-40b1-bb95-456a707fe54b","block_type":"box","text":"requesting the same information.","page_number":68,"box":{"x":578,"y":230,"width":236,"height":11}},{"id":"19e78f26-d4a9-4c36-af1d-beb060e8bb42","block_type":"box","text":"Portfolio","page_number":68,"box":{"x":75,"y":513,"width":61,"height":9}},{"id":"c2274030-a406-433a-a824-701d45e201d3","block_type":"box","text":"Characteristics","page_number":68,"box":{"x":74,"y":529,"width":111,"height":8}},{"id":"bf8a374d-86a4-4aca-af87-236dc8c2dc14","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":68,"box":{"x":231,"y":513,"width":297,"height":9}},{"id":"0afa8992-b661-40ba-a53a-082024ada6f4","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":68,"box":{"x":231,"y":528,"width":310,"height":12}},{"id":"4ed78a40-6b9f-4707-b084-4d83e758ef23","block_type":"box","text":"except the following information is:","page_number":68,"box":{"x":231,"y":543,"width":247,"height":12}},{"id":"418f237a-8ad1-4dff-ace1-5fe3028c9ec5","block_type":"box","text":"(i) required to be released on the Fund’s","page_number":68,"box":{"x":231,"y":563,"width":287,"height":10}},{"id":"8ef9d223-d6ee-4fbc-bbba-707733efb811","block_type":"box","text":"website daily (i.e., each Business Day as of","page_number":68,"box":{"x":231,"y":578,"width":311,"height":11}},{"id":"7f03f44c-4153-41e0-97b1-f0f797ec3664","block_type":"box","text":"the end of the preceding Business Day):","page_number":68,"box":{"x":231,"y":593,"width":285,"height":11}},{"id":"43d70636-6826-4d3a-9403-7442bb65116b","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":611,"width":4,"height":3}},{"id":"cdc1e5fc-0ed0-4815-bf74-4d6e52a8730a","block_type":"box","text":"Historical NAVs calculated based on market","page_number":68,"box":{"x":242,"y":608,"width":309,"height":9}},{"id":"f70115b8-cf68-449e-bbc0-c68ae76e43aa","block_type":"box","text":"factors (e.g., marked to market).","page_number":68,"box":{"x":240,"y":623,"width":231,"height":11}},{"id":"75b90f48-96aa-4782-b4f0-53f314fa6946","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":641,"width":4,"height":3}},{"id":"041334d4-ac9f-46f4-90f9-f157e0c795d3","block_type":"box","text":"Percentage of fund assets invested in daily","page_number":68,"box":{"x":241,"y":638,"width":307,"height":11}},{"id":"8aff231a-df7a-484b-b025-a3f9fc760b66","block_type":"box","text":"and weekly liquid assets (as defined under","page_number":68,"box":{"x":241,"y":653,"width":304,"height":11}},{"id":"f48b5f7e-b23a-4ab8-831b-1e9fc2e7df92","block_type":"box","text":"Rule 2a-7).","page_number":68,"box":{"x":242,"y":668,"width":75,"height":11}},{"id":"64a592be-ed6c-4f4f-9547-1787c0df2b8e","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":686,"width":4,"height":4}},{"id":"b756c1b2-8bf8-48c7-afa7-3004afd930bc","block_type":"box","text":"Daily net flow information (inflows less","page_number":68,"box":{"x":242,"y":683,"width":273,"height":12}},{"id":"54077fa3-dfe4-4a86-a269-79296ddfc58b","block_type":"box","text":"outflows).","page_number":68,"box":{"x":241,"y":698,"width":67,"height":12}},{"id":"b715d61e-b46b-4d32-8a3c-a94cf3867e5a","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":717,"width":4,"height":3}},{"id":"75079adf-b342-49ae-90c1-cc21606a35f3","block_type":"box","text":"Other information as may be required by","page_number":68,"box":{"x":241,"y":714,"width":287,"height":11}},{"id":"2fdc3b3a-1ce5-4768-9d8b-819dc59945f8","block_type":"box","text":"Rule 2a-7.","page_number":68,"box":{"x":242,"y":729,"width":70,"height":9}},{"id":"fdc36fdd-914e-4a9f-8254-5829b1d50e9e","block_type":"box","text":"(ii) voluntarily released on the Fund’s website","page_number":68,"box":{"x":231,"y":747,"width":322,"height":11}},{"id":"c791e39f-e613-452c-b1d1-ec0f4632a81b","block_type":"box","text":"daily (i.e., each Business Day as of the end","page_number":68,"box":{"x":231,"y":761,"width":309,"height":12}},{"id":"335cc071-974f-410e-b26a-cf05d040096d","block_type":"box","text":"of the preceding Business Day):","page_number":68,"box":{"x":231,"y":777,"width":226,"height":11}},{"id":"d54de673-1763-46c0-901e-1105e16211a7","block_type":"box","text":"•","page_number":68,"box":{"x":234,"y":795,"width":4,"height":3}},{"id":"c8719f3b-8c95-49d0-b00f-8b0cd539f5d8","block_type":"box","text":"Fund SEC yields, WAM (required monthly),","page_number":68,"box":{"x":242,"y":792,"width":295,"height":11}},{"id":"f5cadc2b-edb6-4a88-9bbb-2ad65ad22067","block_type":"box","text":"WAL (required monthly), fund size and share","page_number":68,"box":{"x":240,"y":807,"width":314,"height":11}},{"id":"538c7087-1e59-4aa6-9929-794a71e344a4","block_type":"box","text":"class size.","page_number":68,"box":{"x":241,"y":822,"width":73,"height":9}},{"id":"29edb319-c351-43a0-b5d0-e734ca425c0a","block_type":"box","text":"May disclose to shareholders, prospective","page_number":68,"box":{"x":578,"y":514,"width":300,"height":10}},{"id":"751115c2-4966-48cf-98a9-2838e60c246a","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":68,"box":{"x":578,"y":529,"width":297,"height":10}},{"id":"691eeb09-9372-42ea-807b-3ede71a5905a","block_type":"box","text":"and third par ty data providers. If Por tfolio","page_number":68,"box":{"x":578,"y":543,"width":294,"height":12}},{"id":"ca347313-ec05-4487-986e-dc286959e3e3","block_type":"box","text":"Characteristics are disclosed to one par ty,","page_number":68,"box":{"x":578,"y":559,"width":300,"height":11}},{"id":"978491b4-b788-478e-9d50-77125a884677","block_type":"box","text":"they must also be disclosed to all other","page_number":68,"box":{"x":577,"y":574,"width":283,"height":11}},{"id":"0548b0b1-91da-4158-a95a-45ba66a53a2f","block_type":"box","text":"par ties requesting the same information.","page_number":68,"box":{"x":578,"y":589,"width":291,"height":11}},{"id":"2e2014f3-9037-4565-886f-7ffff606df0b","block_type":"box","text":"2","page_number":68,"box":{"x":69,"y":847,"width":3,"height":4}},{"id":"7fe93cb0-a183-45c4-ba09-38f055af54ee","block_type":"box","text":"BlackRock Short Obligations Fund.","page_number":68,"box":{"x":94,"y":847,"width":203,"height":9}},{"id":"018952f1-cef9-4949-a1b8-57d68c2cfc0a","block_type":"box","text":"Fund’s holdings may be disclosed in accordance with the frequency for money market funds.","page_number":68,"box":{"x":303,"y":847,"width":525,"height":9}},{"id":"28d5ae08-9af4-4000-91c0-008cc1d752fe","block_type":"box","text":"3","page_number":68,"box":{"x":69,"y":860,"width":3,"height":3}},{"id":"8e2587f6-e779-460b-9ac4-7842f0ffa26f","block_type":"box","text":"Circle Reserve Fund Exception: \r\nSM","page_number":68,"box":{"x":93,"y":860,"width":182,"height":8}},{"id":"fac3ab81-5df9-437e-9a93-208eb8e4cfa2","block_type":"box","text":"Information on por tfolio holdings and cer tain por tfolio characteristics of the Circle Reserve Fund of BlackRock","page_number":68,"box":{"x":281,"y":860,"width":627,"height":9}},{"id":"728902d0-3caa-446b-bc4a-635203cdc2dc","block_type":"box","text":"Funds","page_number":68,"box":{"x":94,"y":870,"width":32,"height":7}},{"id":"59e23a10-7ded-40ef-a786-8f4a1f8dd606","block_type":"box","text":"R\r\nSM","page_number":68,"box":{"x":127,"y":866,"width":10,"height":4}},{"id":"374057a0-45c9-4a1b-9e59-312f5466d2dd","block_type":"box","text":"may be made available to the shareholders of the Fund, upon request, on a more frequent basis as may be deemed appropriate by","page_number":68,"box":{"x":142,"y":870,"width":747,"height":9}},{"id":"e936ba87-7b3c-4f84-8ea1-ba4794a10094","block_type":"box","text":"BlackRock from time-to-time.","page_number":68,"box":{"x":94,"y":880,"width":161,"height":7}},{"id":"00b8855d-b940-4c2c-bc4c-ce8230925b1c","block_type":"box","text":"II-31","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f68d6a02-ce30-468a-b36b-da1408f72120","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":68,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"984882af-1a1f-4996-8eef-9315f1e9340c","block_type":"box","text":"Guidelines for Confidential and Non-Material Information.","page_number":69,"box":{"x":102,"y":45,"width":404,"height":9}},{"id":"19a3ba65-9b5e-46e0-b28d-53c202c65acf","block_type":"box","text":"Confidential Information may be disclosed to the","page_number":69,"box":{"x":512,"y":45,"width":346,"height":11}},{"id":"0ba427c4-76ae-4242-8516-02f8281cb683","block_type":"box","text":"Fund’s Board of Trustees and its counsel, outside counsel for the Fund, the Fund’s auditors and to cer tain third-par ty","page_number":69,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"668ff135-be41-4d55-bcab-927b96f36856","block_type":"box","text":"service providers (e.g., Fund administrator, Fund custodian, proxy voting service), securities lending borrowers,","page_number":69,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"6fe5525d-7005-4f42-97cc-76730bb903eb","block_type":"box","text":"broker-dealers that are fund counterpar ties and shareholders and their representatives that par ticipate in applicable","page_number":69,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"292ec9be-13cf-4e94-b4c8-52e40ac79401","block_type":"box","text":"redemptions in kind. Non-disclosure or confidentiality agreements will be in place with such service providers,","page_number":69,"box":{"x":69,"y":105,"width":781,"height":11}},{"id":"b3e98031-c906-42ff-8495-b8d93e162539","block_type":"box","text":"borrowers, and broker-dealers. With respect to Confidential Information, the Fund’s CCO or his or her designee may","page_number":69,"box":{"x":69,"y":120,"width":823,"height":12}},{"id":"88812823-1e37-4e0d-9759-f795b6f7696c","block_type":"box","text":"authorize the following, subject in the case of (ii) and (iii) to a confidentiality or non-disclosure arrangement:","page_number":69,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"e98ce255-0466-468d-b4d0-c721121168e0","block_type":"box","text":"(i) the preparation and posting of the Fund’s Por tfolio Holdings and/or Por tfolio Characteristics to its website","page_number":69,"box":{"x":102,"y":155,"width":787,"height":12}},{"id":"2bf7a1ac-a370-4aab-b018-0c8bae35afeb","block_type":"box","text":"on a more frequent basis than authorized above;","page_number":69,"box":{"x":131,"y":171,"width":346,"height":11}},{"id":"1f98e245-d687-4d15-a226-b767d8479ca5","block_type":"box","text":"(ii) the disclosure of the Fund’s Por tfolio Holdings to third-par ty service providers not noted above; and","page_number":69,"box":{"x":102,"y":191,"width":738,"height":11}},{"id":"944d1f67-0b49-41e2-9e26-d4ccdcbb3862","block_type":"box","text":"(iii) the disclosure of the Fund’s Por tfolio Holdings and/or Por tfolio Characteristics to other par ties for legitimate","page_number":69,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"489b445d-11c6-4b78-a844-5741e121f378","block_type":"box","text":"business purposes.","page_number":69,"box":{"x":131,"y":226,"width":138,"height":11}},{"id":"38466101-bac2-4bbc-a345-f47863941eb0","block_type":"box","text":"Fact Sheets and Repor ts","page_number":69,"box":{"x":102,"y":249,"width":177,"height":11}},{"id":"5974e7d9-796d-4f07-ac04-c69d70f6640e","block_type":"box","text":"•","page_number":69,"box":{"x":69,"y":272,"width":6,"height":4}},{"id":"18514055-d8a4-4e97-8fd1-086387bf7186","block_type":"box","text":"Fund Fact Sheets are available to shareholders, prospective shareholders, intermediaries and consultants on a","page_number":69,"box":{"x":102,"y":269,"width":793,"height":11}},{"id":"870c1d99-595c-40cf-b680-fe6b0a225187","block_type":"box","text":"monthly or quar terly basis no earlier than the fifth calendar day after the end of a month or quar ter.","page_number":69,"box":{"x":102,"y":284,"width":707,"height":11}},{"id":"d2b0bcca-48c1-41cc-b69f-abc9087f4bd6","block_type":"box","text":"Other Information.","page_number":69,"box":{"x":102,"y":307,"width":128,"height":9}},{"id":"d30d2055-fa39-4520-961f-4d2e3092bcfc","block_type":"box","text":"The Policy shall also apply to other Confidential Information of a Fund such as per formance","page_number":69,"box":{"x":236,"y":307,"width":651,"height":11}},{"id":"b13d669c-db4d-4b46-9461-2235a7987932","block_type":"box","text":"attribution analyses or security-specific information (e.g., information about Fund holdings where an issuer has been","page_number":69,"box":{"x":69,"y":322,"width":828,"height":11}},{"id":"5bcbd9fe-b32d-494a-99f1-da05aedeaa38","block_type":"box","text":"downgraded, been acquired or declared bankruptcy).","page_number":69,"box":{"x":69,"y":337,"width":372,"height":11}},{"id":"cb02a56e-2e51-4fca-91e2-2e91233c2d86","block_type":"box","text":"Data on NAVs, asset levels (by total Fund and share class), accruals, yields, capital gains, dividends and fund","page_number":69,"box":{"x":102,"y":360,"width":781,"height":11}},{"id":"e17fda65-3c2d-462f-9922-394327c34f4e","block_type":"box","text":"returns (net of fees by share class) are generally available to shareholders, prospective shareholders, consultants,","page_number":69,"box":{"x":69,"y":375,"width":818,"height":11}},{"id":"07e325a1-fd87-42b9-9fe2-142d16bb9e95","block_type":"box","text":"and third-par ty data providers upon request, as soon as such data is available.","page_number":69,"box":{"x":69,"y":390,"width":562,"height":11}},{"id":"2f5b2696-aaf1-4dd1-917b-629d4770a9f7","block_type":"box","text":"Contact Information.","page_number":69,"box":{"x":102,"y":412,"width":144,"height":10}},{"id":"fe10b412-b831-4887-a45c-6264dd452b49","block_type":"box","text":"For information about por tfolio holdings and characteristics, BlackRock fund shareholders","page_number":69,"box":{"x":253,"y":412,"width":639,"height":12}},{"id":"b6a23495-2e21-4cfa-995f-519388a78cb5","block_type":"box","text":"and prospective investors should call the number set out on the back cover of the Prospectus.","page_number":69,"box":{"x":69,"y":428,"width":672,"height":11}},{"id":"4f57db1e-75bb-4857-b0bf-5b5623c6e152","block_type":"box","text":"Compensation.","page_number":69,"box":{"x":102,"y":450,"width":105,"height":11}},{"id":"e2360ed5-9598-41d6-bc7e-72d55f464901","block_type":"box","text":"Neither a Fund, a service provider nor any of their affiliated persons (as that term is defined in","page_number":69,"box":{"x":215,"y":450,"width":672,"height":11}},{"id":"6cd0858f-b1d2-4a61-8213-28bb064f2c76","block_type":"box","text":"the Investment Company Act) shall receive compensation in any form in connection with the disclosure of information","page_number":69,"box":{"x":68,"y":465,"width":837,"height":12}},{"id":"1e1fabe9-eb59-42d3-9078-a3ffeea6ac90","block_type":"box","text":"about such Fund’s Por tfolio Holdings or Por tfolio Characteristics.","page_number":69,"box":{"x":69,"y":481,"width":461,"height":11}},{"id":"8a8050fa-759f-43a9-9ae0-271ecb76e97a","block_type":"box","text":"Ongoing Arrangements.","page_number":69,"box":{"x":102,"y":503,"width":164,"height":12}},{"id":"eab3f6e3-3273-405d-a8bc-e541a87a7595","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective disclosure of","page_number":69,"box":{"x":272,"y":503,"width":605,"height":12}},{"id":"3e645661-c421-4e73-955f-1d7cb73be35d","block_type":"box","text":"Fund Por tfolio Holdings to the following persons or entities:","page_number":69,"box":{"x":70,"y":518,"width":420,"height":12}},{"id":"eee36577-2269-44d6-b867-06e793c24db2","block_type":"box","text":"1. Fund’s Board of Trustees and, if necessary, independent Trustees’ counsel and Fund counsel.","page_number":69,"box":{"x":70,"y":538,"width":702,"height":12}},{"id":"a6604008-59ab-4f87-b28f-15c54429340d","block_type":"box","text":"2. Fund’s transfer agent.","page_number":69,"box":{"x":69,"y":559,"width":188,"height":11}},{"id":"35ccb236-0c61-4b73-8969-c58515115c2d","block_type":"box","text":"3. Fund’s Custodian.","page_number":69,"box":{"x":69,"y":579,"width":160,"height":9}},{"id":"fc9a018a-e570-4f65-aa15-ee314a5c1ecb","block_type":"box","text":"4. Fund’s Administrator, if applicable.","page_number":69,"box":{"x":69,"y":599,"width":278,"height":11}},{"id":"3c874181-8825-4e15-ad94-35938aa350fd","block_type":"box","text":"5. Fund’s independent registered public accounting firm.","page_number":69,"box":{"x":69,"y":619,"width":414,"height":11}},{"id":"429204f9-d923-41fd-99f9-272e01883990","block_type":"box","text":"6. Fund’s accounting services provider.","page_number":69,"box":{"x":69,"y":639,"width":291,"height":12}},{"id":"c846a769-97bf-4832-802a-3aab27fb4162","block_type":"box","text":"7. Independent rating agencies —Lipper Inc., Moody’s, Fitch.","page_number":69,"box":{"x":69,"y":660,"width":446,"height":11}},{"id":"68e6a4db-2ab8-47e3-85b0-c22db180fb43","block_type":"box","text":"8. Information aggregators — S&P Global, Bloomberg, eVestments Alliance and Informa/PSN Investment Solutions.","page_number":69,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"99ccf1ed-ff61-4afc-a636-1bd8f5789d4b","block_type":"box","text":"9. Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":69,"box":{"x":69,"y":700,"width":796,"height":11}},{"id":"6c2c6a9e-0a49-4c8f-8bd4-e10395988950","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":69,"box":{"x":102,"y":715,"width":690,"height":11}},{"id":"306f32ee-6cb4-402e-bd9d-871579cd971d","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":69,"box":{"x":70,"y":735,"width":573,"height":11}},{"id":"7046986c-64d5-4f8b-a272-50bc94c177ae","block_type":"box","text":"11. Third-par ty feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":69,"box":{"x":70,"y":755,"width":827,"height":11}},{"id":"14dbdece-c017-4973-be6f-20eb41e5681e","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":69,"box":{"x":102,"y":770,"width":741,"height":11}},{"id":"37868852-053b-47cb-a52b-7672f7dcbd95","block_type":"box","text":"providers.","page_number":69,"box":{"x":102,"y":786,"width":68,"height":10}},{"id":"491d5fa6-b1a7-45be-8a4e-6e794e13df69","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":69,"box":{"x":70,"y":806,"width":790,"height":11}},{"id":"a210c28a-6986-4642-8f30-40795cd7cca0","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":69,"box":{"x":102,"y":821,"width":803,"height":11}},{"id":"dd5b96fc-d0a1-403b-9d51-446798f0419b","block_type":"box","text":"13. Other — Investment Company Institute, Goldman Sachs Asset Management, L.P., JPMorgan Chase Bank, N.A.,","page_number":69,"box":{"x":70,"y":841,"width":821,"height":11}},{"id":"c33e4723-02f1-40af-a4b3-48be4e952780","block_type":"box","text":"Mizuho Asset Management Co., Ltd., Nationwide Fund Advisors, State Street Bank and Trust Company,","page_number":69,"box":{"x":102,"y":856,"width":732,"height":11}},{"id":"d0b4dd09-48d3-417d-8863-244cb57c5e25","block_type":"box","text":"Donnelley Financial Solutions, Inc. and Silicon Valley Bank.","page_number":69,"box":{"x":102,"y":871,"width":416,"height":11}},{"id":"9e192cd9-ef43-402b-843c-5e82ff136f5a","block_type":"box","text":"In connection with effecting redemptions in kind, the Fund or the Manager may provide information about a","page_number":69,"box":{"x":102,"y":894,"width":762,"height":11}},{"id":"3f17774e-2a9c-4fd5-8d9b-f7c424366a45","block_type":"box","text":"Fund’s por tfolio holdings, such as the securities to be delivered in connection with the redemption in kind, to a","page_number":69,"box":{"x":70,"y":909,"width":790,"height":11}},{"id":"9264b4f2-9610-4bf7-89bf-dd89a8df0240","block_type":"box","text":"II-32","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"49facd96-cfef-4f3f-ba6d-38d9f8ab0c94","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":69,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6fcdab30-ce40-4df6-9eb9-e942229f051d","block_type":"box","text":"redeeming shareholder. Typically, such shareholder will be subject to a non-disclosure agreement or other duty to","page_number":70,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"6e4a6aae-1104-4cd0-b330-bf313e754afd","block_type":"box","text":"keep the information confidential.","page_number":70,"box":{"x":69,"y":60,"width":238,"height":11}},{"id":"10f8d2dd-e5f5-4811-9c34-ea6845739fdc","block_type":"box","text":"With respect to each such arrangement, a Fund has a legitimate business purpose for the release of","page_number":70,"box":{"x":101,"y":82,"width":720,"height":12}},{"id":"8d51b353-d057-48d6-a7e7-0921794b0179","block_type":"box","text":"information. The release of the information is subject to confidential treatment to prohibit the entity from sharing with","page_number":70,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"c822a758-9797-4e44-b953-3a33a8b3f060","block_type":"box","text":"an unauthorized source. The Funds, BlackRock and their affiliates do not receive any compensation or other","page_number":70,"box":{"x":69,"y":113,"width":770,"height":11}},{"id":"ec4ed911-7389-44f2-96a5-9a5086958061","block_type":"box","text":"consideration in connection with such arrangements.","page_number":70,"box":{"x":69,"y":128,"width":375,"height":11}},{"id":"9edeb8df-c87b-4124-9e99-fd2fffd35b5c","block_type":"box","text":"The Funds and the Manager may monitor, to the extent possible, the use of Confidential Information by the","page_number":70,"box":{"x":101,"y":150,"width":762,"height":12}},{"id":"b97d0061-668d-4d46-8cd1-fb96998dca27","block_type":"box","text":"individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any applicable","page_number":70,"box":{"x":70,"y":166,"width":781,"height":11}},{"id":"244d012e-7be3-4e23-9227-af372c0e5ac7","block_type":"box","text":"confidentiality agreement and/or the terms and conditions of the Fund’s and Manager’s Codes of Ethics, the","page_number":70,"box":{"x":69,"y":181,"width":775,"height":11}},{"id":"edc4fcd6-7b17-4c2f-9cfd-6bd4c3ebd7f3","block_type":"box","text":"Manager’s compliance personnel under the supervision of the Fund’s CCO, monitor the Manager’s securities trading","page_number":70,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"ef8f0ff5-1f82-44ba-bdd4-9cd371204abe","block_type":"box","text":"desks to determine whether individuals or firms who have received Confidential Information have made any trades on","page_number":70,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"ca7ee9f2-4d01-425a-9cba-ae9db6e2a583","block_type":"box","text":"the basis of that information. In addition, the Manager maintains an internal restricted list to prevent trading by the","page_number":70,"box":{"x":68,"y":226,"width":822,"height":11}},{"id":"7dadf184-a53a-4bb1-89a8-991ef1ed0b36","block_type":"box","text":"personnel of the Manager or its affiliates in securities — including securities held by a Fund — about which the","page_number":70,"box":{"x":70,"y":241,"width":793,"height":11}},{"id":"2ac7f381-1f08-4fcf-9b91-8f556061b8d7","block_type":"box","text":"Manager has Confidential Information. There can be no assurance, however, that the Fund’s policies and procedures","page_number":70,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"e81db2ea-0f69-4464-b5e3-0e72d65af2d4","block_type":"box","text":"with respect to the selective disclosure of Por tfolio Holdings will prevent the misuse of such information by","page_number":70,"box":{"x":68,"y":271,"width":764,"height":12}},{"id":"d603f96d-f9d2-4381-b0c2-8a90a06a2f7c","block_type":"box","text":"individuals or firms that receive such information.","page_number":70,"box":{"x":70,"y":286,"width":351,"height":10}},{"id":"6e9e3863-43f1-428b-8be3-5204d96abde8","block_type":"box","text":"Potential Conflicts of Interest","page_number":70,"box":{"x":69,"y":317,"width":216,"height":9}},{"id":"4ffa3470-e925-41fd-9069-6a2249d17102","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":70,"box":{"x":102,"y":339,"width":727,"height":11}},{"id":"32a03353-3605-44d0-b5b2-0d49ccb3b1fb","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":70,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"6e2f9276-1e4a-44ab-89c1-63afe15be83a","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":70,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"f4195b6e-1fcb-4097-adbd-ea1d5b29639a","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":70,"box":{"x":69,"y":385,"width":507,"height":11}},{"id":"75787715-4684-4085-8e7d-01b3cc4501fc","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":70,"box":{"x":102,"y":407,"width":731,"height":12}},{"id":"36864bcc-11d1-41ce-b2da-616e1707916d","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":70,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"cb6f2b26-ef8d-49d7-ba82-ab41a3d17717","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":70,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"c9ff375e-edba-4b2c-9890-4d2ccfe544d5","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":70,"box":{"x":70,"y":453,"width":829,"height":11}},{"id":"08f5be43-e36f-490c-b528-62f2ff4046b2","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":70,"box":{"x":69,"y":468,"width":804,"height":11}},{"id":"d5d3e9c9-f01d-4f48-be94-bc537cceee67","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":70,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"6ece67ac-5f86-4877-ab30-c1c57948979a","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other relationships","page_number":70,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"4900cb65-4148-42c9-9ec8-c7362eb77b65","block_type":"box","text":"with, or interests in companies and interests in securities or other instruments that may be purchased or sold by a","page_number":70,"box":{"x":68,"y":514,"width":820,"height":10}},{"id":"671ecff4-a812-4c04-88dc-b21c9320caa5","block_type":"box","text":"Fund.","page_number":70,"box":{"x":70,"y":529,"width":36,"height":8}},{"id":"2ebc09f3-9f6b-4c8c-949b-57a6ae29d740","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":70,"box":{"x":102,"y":551,"width":762,"height":11}},{"id":"0a366134-19b2-4c83-8e9d-16a6ca95c0ff","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":70,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"afb1143c-1a59-4a74-b97d-e6e7dff12320","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":70,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"0e7fac3b-790d-48cc-b569-c1d419298c4e","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":70,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"45ae1a22-fb3f-451e-8342-44d849659fe4","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":70,"box":{"x":69,"y":612,"width":803,"height":11}},{"id":"bdb05483-4885-4b90-9d1a-1012e3051bc3","block_type":"box","text":"services provided by BlackRock. BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":70,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"82116d5c-da54-4c9c-97a0-fe7171783373","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":70,"box":{"x":70,"y":642,"width":791,"height":11}},{"id":"125a621d-a671-43ed-b711-78ca9e96e74b","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":70,"box":{"x":70,"y":657,"width":835,"height":11}},{"id":"9776d28f-6942-4d36-8224-0cd0d36aafb4","block_type":"box","text":"a Fund invests.","page_number":70,"box":{"x":69,"y":672,"width":106,"height":9}},{"id":"4f0f981e-b8a7-4b00-a05a-8fa38507de95","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":70,"box":{"x":102,"y":695,"width":785,"height":11}},{"id":"9a586087-6643-44c6-9c81-7b5e43d67151","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":70,"box":{"x":70,"y":710,"width":785,"height":11}},{"id":"d05f1068-3d82-4188-bccb-01dddf6dc2a6","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":70,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"137b9e76-1750-4847-9f74-20a185f99a85","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":70,"box":{"x":68,"y":740,"width":652,"height":11}},{"id":"1d109095-0ad2-4588-b090-c9dad05aa0f8","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":70,"box":{"x":102,"y":763,"width":787,"height":11}},{"id":"b4058e1c-270e-4a0f-be3a-8124cceeab8c","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":70,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"7285a6d5-eba6-4e50-8305-10936808480b","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":70,"box":{"x":70,"y":793,"width":816,"height":11}},{"id":"fc2e53a3-58be-424b-b6f2-ab7e6f703614","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":70,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"a073a418-7301-46c4-86c9-6e31f1f51100","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":70,"box":{"x":68,"y":823,"width":813,"height":12}},{"id":"cf8200af-d0b9-4653-9b84-801a9db6cc82","block_type":"box","text":"based on the information received.","page_number":70,"box":{"x":69,"y":838,"width":247,"height":9}},{"id":"17976077-3c7b-4aeb-9a1b-077db9d3e8a8","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":70,"box":{"x":101,"y":861,"width":777,"height":11}},{"id":"8d782b76-42e4-430d-976c-c0fd7d34db1c","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":70,"box":{"x":69,"y":876,"width":838,"height":11}},{"id":"26f7d45a-3eab-4cb1-8f1f-85e2a3e7915a","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":70,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"03cf7a6b-c134-4645-b2b7-75e95cd4ccc5","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":70,"box":{"x":70,"y":907,"width":817,"height":11}},{"id":"deba8ba4-1dc4-422a-afd9-bf7f36c9f2f5","block_type":"box","text":"II-33","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7be75625-eca8-4877-b3fb-911645a7d155","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":70,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6c33b26d-d7bb-4328-b0d0-36859b94e0cf","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":71,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"42f58a12-a88d-499e-9089-139e4c6be9f0","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":71,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"85cf56e4-10ba-4588-88e5-85bc28a22286","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":71,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"d69883c5-10be-4477-a6c7-271abf79a625","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":71,"box":{"x":70,"y":90,"width":785,"height":11}},{"id":"f131b107-1a88-4f09-8990-343cac9f1935","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":71,"box":{"x":69,"y":105,"width":767,"height":11}},{"id":"8246e13f-ca90-4507-b819-bb3f5584a704","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":71,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"27c75a99-f088-4131-b90f-3c407734d6a2","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":71,"box":{"x":68,"y":135,"width":827,"height":12}},{"id":"23462222-e453-460e-b366-27a94af457fc","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":71,"box":{"x":69,"y":151,"width":776,"height":11}},{"id":"dbefdfad-b4f2-407d-8315-b0f01a00eb98","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":71,"box":{"x":70,"y":166,"width":774,"height":11}},{"id":"a17d366f-0a12-4454-90e3-46360b1b9590","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":71,"box":{"x":69,"y":181,"width":781,"height":11}},{"id":"c16e569e-1c4d-41ab-9f1b-581aa84c5d7f","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":71,"box":{"x":69,"y":196,"width":787,"height":11}},{"id":"21519902-cb21-44f5-85de-e05bb5552152","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":71,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"94b1508c-5e50-418a-a6dd-82ff2af558ff","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":71,"box":{"x":70,"y":226,"width":805,"height":11}},{"id":"a5e0b747-3796-4a3d-ad2d-a3fb11ad4183","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":71,"box":{"x":70,"y":241,"width":797,"height":11}},{"id":"cd43dae0-5aba-4b50-af7f-39d9bed11a13","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":71,"box":{"x":69,"y":256,"width":573,"height":11}},{"id":"e964acd9-5609-43e5-893c-6031b6d0782b","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":71,"box":{"x":102,"y":279,"width":797,"height":11}},{"id":"82f5848b-cba1-4a7f-be56-6ba1a5002a92","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":71,"box":{"x":69,"y":294,"width":791,"height":11}},{"id":"b95f0ad0-ad8f-4a9a-9c6d-09f0465d2cfc","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":71,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"14a607a4-b773-4b20-afda-762378e21b5a","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":71,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"ce51b83a-525c-4da9-855d-0ad0b76bbcd0","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":71,"box":{"x":69,"y":339,"width":803,"height":12}},{"id":"ed163876-150a-4577-98d4-7e26b752496d","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":71,"box":{"x":70,"y":355,"width":783,"height":11}},{"id":"4ca205d5-2194-4c48-a4f3-790f750285cc","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":71,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"a8da277c-b9b6-4d72-a591-190d5f803c24","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":71,"box":{"x":70,"y":385,"width":777,"height":11}},{"id":"bd9ae2c1-a2ed-4e1d-aa9a-a21a3cc82692","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":71,"box":{"x":70,"y":400,"width":780,"height":11}},{"id":"5f89a16b-13c6-435c-9c64-3181cc69063f","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":71,"box":{"x":69,"y":415,"width":802,"height":11}},{"id":"f415615e-fc86-426e-96aa-8bd7c158764b","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":71,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"91714a95-e97f-4f5f-881b-0e6dea2ab109","block_type":"box","text":"Funds.","page_number":71,"box":{"x":70,"y":446,"width":44,"height":8}},{"id":"4b25fd92-debf-472d-8160-1434ec93f3b9","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":71,"box":{"x":102,"y":468,"width":755,"height":11}},{"id":"2490bad1-24f8-4299-bfb1-9a737c487ff6","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":71,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"e98b4dc0-3b19-4083-90de-23a52b80c9c9","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":71,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"ebf53bfe-199d-4335-8c2a-7ca2c1c465d3","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":71,"box":{"x":69,"y":513,"width":679,"height":12}},{"id":"dd809190-0ea1-4110-b642-d5d9a10913fa","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":71,"box":{"x":101,"y":536,"width":760,"height":11}},{"id":"d54450a6-3792-47d0-9ecb-08a40ddc943a","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":71,"box":{"x":70,"y":551,"width":818,"height":11}},{"id":"88a60145-8b1d-47ca-9af1-988bd99e60e1","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":71,"box":{"x":68,"y":566,"width":836,"height":11}},{"id":"e5629271-c4eb-45bd-94fc-3bcb1d0ef6e7","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":71,"box":{"x":69,"y":581,"width":825,"height":11}},{"id":"c3ba515f-945b-42c4-b51d-f30c79181975","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":71,"box":{"x":68,"y":597,"width":421,"height":10}},{"id":"7f284d67-ac15-49a3-9a64-4b6a6924731a","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":71,"box":{"x":102,"y":619,"width":794,"height":11}},{"id":"4f8e3dfc-178f-4f8f-aab9-ef016279a817","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":71,"box":{"x":68,"y":634,"width":817,"height":11}},{"id":"be50bb99-61bb-4bb6-ab69-5c5a1c66629c","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":71,"box":{"x":70,"y":649,"width":797,"height":12}},{"id":"396bede8-78cf-43a7-bf6f-3bb218dc529e","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":71,"box":{"x":69,"y":665,"width":826,"height":11}},{"id":"3d0512a6-101f-4858-9977-6533f0590613","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":71,"box":{"x":70,"y":680,"width":780,"height":11}},{"id":"b6875bef-7a28-45f9-b47f-dad509ceaef6","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":71,"box":{"x":69,"y":695,"width":791,"height":11}},{"id":"cd19718a-b040-4079-b408-ae603314aad3","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":71,"box":{"x":70,"y":710,"width":457,"height":11}},{"id":"dca6d358-0cab-4c7e-8b7e-7eef75df1eea","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":71,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"c4f85feb-ea08-4b26-a99b-9cf11bbd9604","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":71,"box":{"x":69,"y":748,"width":840,"height":11}},{"id":"d9dd9d7e-8cfa-49c8-9dc7-31c2be23a975","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":71,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"ca3620d1-bdf2-4c7e-9e20-e768d0c97fed","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":71,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"99a020e1-d42d-4d35-94d5-7ac6957c2d82","block_type":"box","text":"case.","page_number":71,"box":{"x":69,"y":795,"width":37,"height":7}},{"id":"694f0ae4-2c13-48f7-9781-e76147b9f41d","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":71,"box":{"x":101,"y":816,"width":791,"height":11}},{"id":"b8194334-3b08-4533-8162-d0b720b36f7d","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":71,"box":{"x":70,"y":831,"width":824,"height":11}},{"id":"f7098558-3d18-4bdf-89c5-3740e8ec293f","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":71,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"0a54ec5f-3d26-4e8f-b840-dc5fcb7aa0ab","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":71,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"a0848a8f-ed7b-4eb1-94c2-c13633310c93","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":71,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"12372787-5789-48b8-88d9-e1b206f741dc","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":71,"box":{"x":69,"y":891,"width":767,"height":12}},{"id":"cc3c47b5-25b3-43fb-8d93-a4cea80f2f47","block_type":"box","text":"II-34","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00a85d45-2cb3-4614-a3ea-84be9591bf97","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":71,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"acfda182-c4e1-4518-99ad-b356b3b15eee","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":72,"box":{"x":102,"y":45,"width":766,"height":11}},{"id":"8420852a-4db3-474d-849f-cfde81668009","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":72,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"0132172e-3bf5-4ac9-a2b9-db7ec22d5165","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":72,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"582d450c-436e-42d2-8daf-b4253624e05a","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":72,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"6f210159-cd3c-453f-aa12-9aafa2b96e24","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":72,"box":{"x":68,"y":105,"width":825,"height":11}},{"id":"c78f9dcd-6245-438b-9564-772f7557b152","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":72,"box":{"x":68,"y":120,"width":790,"height":11}},{"id":"e1842ac9-db84-4209-b46c-b2c66dc97ac3","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":72,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"9c6cf24a-f7f6-4998-8bac-fbd02fe6a685","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":72,"box":{"x":69,"y":150,"width":827,"height":12}},{"id":"23d0b8f2-4a28-4f27-813b-619f1d64e66f","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":72,"box":{"x":70,"y":166,"width":271,"height":11}},{"id":"b8d159a2-023e-46b1-9292-921ccb178036","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":72,"box":{"x":102,"y":188,"width":792,"height":12}},{"id":"de136984-4767-4064-a46d-8fef71628fac","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":72,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"fb806637-43bc-4f8d-9ef4-175e9d3f8e5f","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":72,"box":{"x":68,"y":218,"width":821,"height":12}},{"id":"a28d9caa-0a77-4516-b815-8204e1a0260b","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":72,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"6d20881d-6489-4a13-82f7-41310d0e1bd6","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":72,"box":{"x":69,"y":249,"width":793,"height":11}},{"id":"faf1e4cc-1fff-4fc2-9213-8d4cc3cf3a63","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":72,"box":{"x":69,"y":264,"width":762,"height":11}},{"id":"8b55d2a6-2391-4b5f-9d1e-866dd7f8e529","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":72,"box":{"x":70,"y":279,"width":839,"height":11}},{"id":"7972be55-3f05-4ecf-a14b-0aeea5df1e91","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":72,"box":{"x":70,"y":294,"width":795,"height":11}},{"id":"25ed2052-b226-466d-9481-8f16f989aba9","block_type":"box","text":"managing a Fund.","page_number":72,"box":{"x":69,"y":309,"width":124,"height":11}},{"id":"7896a6f6-b360-419d-a0ae-b7b323fac288","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":72,"box":{"x":101,"y":332,"width":751,"height":11}},{"id":"691c6c89-4781-4f07-811f-71ba110e56f3","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":72,"box":{"x":69,"y":347,"width":830,"height":11}},{"id":"42346a48-5102-4a92-b848-3fb25f8693b7","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":72,"box":{"x":70,"y":362,"width":820,"height":11}},{"id":"b0192c07-4973-4d79-bae6-8d3d8e633307","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":72,"box":{"x":68,"y":377,"width":785,"height":11}},{"id":"53e4daa7-60bf-4a78-a156-2ad058a6a45a","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":72,"box":{"x":70,"y":392,"width":481,"height":12}},{"id":"90d872c8-4884-45e0-b180-7f0863f9d96f","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":72,"box":{"x":102,"y":415,"width":754,"height":11}},{"id":"a85e14cb-fb46-43db-a38a-8a0288a28f23","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":72,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"8d02425e-1bd5-452a-8905-195670897d5f","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":72,"box":{"x":69,"y":446,"width":831,"height":11}},{"id":"a1cf02e8-e93a-4f22-bd74-ed265e52a7e0","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":72,"box":{"x":69,"y":460,"width":680,"height":12}},{"id":"9a08e3e0-b87c-4ba6-be11-bcdd7c567996","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":72,"box":{"x":102,"y":483,"width":791,"height":11}},{"id":"457e0b78-9605-4845-a1f0-b01daea7cd99","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":72,"box":{"x":70,"y":498,"width":820,"height":11}},{"id":"67774a61-0d3a-42d7-b987-d23227a2dd9b","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":72,"box":{"x":69,"y":514,"width":837,"height":10}},{"id":"67a18143-8e78-48e0-9a92-9a4b619882e7","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":72,"box":{"x":70,"y":528,"width":832,"height":12}},{"id":"89d369f4-401b-4306-ad88-51fff48aaf86","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":72,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"46102762-3fd2-4afc-bf65-05b27c699645","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":72,"box":{"x":70,"y":559,"width":344,"height":11}},{"id":"45edc170-27a9-46cd-b219-8fd6ce191a98","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":72,"box":{"x":102,"y":581,"width":741,"height":12}},{"id":"35d17082-bd1f-4a2b-85d9-43cea3d46572","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":72,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"d2142d25-0651-4da8-8e3d-08c276b469f2","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":72,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"07f81ddf-360c-4bc6-8167-b4e082394d39","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":72,"box":{"x":69,"y":627,"width":777,"height":11}},{"id":"5613c071-a7b4-42d6-802e-cdae83174cce","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":72,"box":{"x":69,"y":642,"width":810,"height":11}},{"id":"44e1ce83-436f-436d-87ae-e1d817180930","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":72,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"50ed9c80-3418-4573-bac4-421f040969c4","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":72,"box":{"x":70,"y":672,"width":798,"height":11}},{"id":"140e89f4-d890-4f6a-b21c-2d6240e8fb7b","block_type":"box","text":"under management for BlackRock.","page_number":72,"box":{"x":69,"y":687,"width":243,"height":11}},{"id":"a100052c-25e2-4dd6-8cdd-bda73a77e3c2","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":72,"box":{"x":101,"y":710,"width":773,"height":11}},{"id":"16102824-69dd-4404-8749-009caa9e14eb","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":72,"box":{"x":69,"y":725,"width":797,"height":11}},{"id":"332a9b1a-c84c-409c-814f-10bac2455413","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":72,"box":{"x":69,"y":740,"width":817,"height":11}},{"id":"a031fc06-f415-4e67-9ef1-90db11a35d85","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":72,"box":{"x":68,"y":755,"width":837,"height":11}},{"id":"292d42c0-b43d-4dd0-97a6-905b2ef7a2ed","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":72,"box":{"x":70,"y":771,"width":781,"height":11}},{"id":"913e95e3-73d1-4322-8660-40aef2fe4acb","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":72,"box":{"x":101,"y":793,"width":779,"height":11}},{"id":"8097e57a-dcba-45db-aa96-0a79fbb53673","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":72,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"1575437d-1c77-4a83-8916-adad29d73464","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":72,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"40f93db3-fc91-4f36-9168-6a31a88fb0e5","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":72,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"aea7f080-f10b-4830-a5c4-285bd3e760fb","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":72,"box":{"x":69,"y":853,"width":792,"height":12}},{"id":"45f867ce-c7c3-4edf-aa85-f2af4e3cfdfe","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":72,"box":{"x":69,"y":869,"width":832,"height":11}},{"id":"f275d3b4-0a8d-4f63-9875-4472f4e66c87","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":72,"box":{"x":70,"y":884,"width":833,"height":11}},{"id":"b344cde3-4148-491d-8cf9-d7aa2253f554","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":72,"box":{"x":68,"y":899,"width":726,"height":11}},{"id":"3b5af7ea-cb05-4269-8d9d-36b229b26e6f","block_type":"box","text":"II-35","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f31ba6fc-67b2-47be-9439-25373899bb90","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":72,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5c454900-201f-409d-a17d-cdcbee4c58ff","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":73,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"ec337745-50e7-4229-a2ce-e665509c771d","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":73,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"c581afc8-ca2e-4680-b882-7aa1af53f4a0","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":73,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"23e96803-bf5e-49c3-907b-297dd96ea996","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":73,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"057b7892-a57e-4e8e-a17f-c899b3c3fb37","block_type":"box","text":"any such fees or other amounts.","page_number":73,"box":{"x":69,"y":105,"width":230,"height":11}},{"id":"c8fe9711-b123-498b-9d03-db1a6b15dfad","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":73,"box":{"x":101,"y":128,"width":805,"height":11}},{"id":"84ad8048-e5eb-448c-a53e-62c21b16c0b7","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":73,"box":{"x":70,"y":143,"width":768,"height":11}},{"id":"e69bf5bc-d506-4f85-b0ed-a8c42b5cd750","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":73,"box":{"x":101,"y":166,"width":766,"height":11}},{"id":"c3059784-aecb-44df-a20d-abc5a0d60cbb","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":73,"box":{"x":69,"y":181,"width":793,"height":11}},{"id":"f82ffef9-5257-49d0-9670-aa82be4724d3","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":73,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"b520fb2b-6837-4ec7-8cab-d2aa9c9ff039","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":73,"box":{"x":70,"y":211,"width":374,"height":11}},{"id":"fa4230d2-a7e2-4f20-b74c-fdd26ed079a0","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":73,"box":{"x":102,"y":234,"width":768,"height":11}},{"id":"a9d1f2f7-664a-4548-9a56-920aa98813e4","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":73,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"2c3c6f3f-6045-4f02-a28c-cfa67a1f4e3a","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":73,"box":{"x":69,"y":264,"width":785,"height":11}},{"id":"28800a7e-90a9-41cf-9174-a0d3daa1f153","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":73,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"1e79f3a7-3b5c-4c30-a05c-0b198713f3f1","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":73,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"d31e0e7d-0933-427c-b340-ff718f7fc249","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":73,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"72267dcd-0a7d-4d1c-b65b-f8c7a649b118","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":73,"box":{"x":69,"y":324,"width":829,"height":12}},{"id":"0a1924af-780d-4ba3-9169-7b6da69cbddd","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":73,"box":{"x":69,"y":340,"width":783,"height":11}},{"id":"0ded49b4-1535-48e3-9475-a3a9b6d9309c","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":73,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"36b1d400-a908-4cac-90e2-e402311752c6","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":73,"box":{"x":69,"y":370,"width":660,"height":11}},{"id":"3b9eafdf-6f25-424d-9e25-e082d11e0425","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":73,"box":{"x":101,"y":392,"width":767,"height":12}},{"id":"9ef2009b-9124-42af-9b44-ab0514643b08","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":73,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"6bd929dc-cf59-4b40-99c7-319025e81b7f","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":73,"box":{"x":70,"y":423,"width":806,"height":11}},{"id":"b5ca6386-2d72-4b1e-b693-15054f1c2e31","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":73,"box":{"x":70,"y":438,"width":816,"height":11}},{"id":"ca60aa0b-5373-4197-9b93-31b6298406d1","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":73,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"0d14a18e-7db1-4fe6-bf44-73ac229f5d49","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":73,"box":{"x":70,"y":468,"width":727,"height":11}},{"id":"7ffe19d1-0c80-4576-819e-923aadf10b13","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":73,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"79be5839-2068-4e30-9b0f-30e493bb0025","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":73,"box":{"x":69,"y":498,"width":786,"height":11}},{"id":"d7d12feb-6a18-4ed2-a180-a63280fe2f3c","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":73,"box":{"x":70,"y":513,"width":796,"height":12}},{"id":"f01f1c58-8f6d-41b2-bcf4-14a952c1af5f","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":73,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"f6ecfd19-77df-4587-a131-0a88f08bcd9a","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":73,"box":{"x":69,"y":543,"width":356,"height":12}},{"id":"fce8ec71-6b72-4ddf-b343-25ce71c3ef9b","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":73,"box":{"x":102,"y":566,"width":801,"height":11}},{"id":"a006c4d3-fc79-4636-b7a2-24d7500edd0f","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":73,"box":{"x":68,"y":581,"width":817,"height":12}},{"id":"092acc63-6cf2-4ce9-91ad-e1d792185272","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":73,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"869aa77c-672a-4366-bc2c-c64dbdb991d4","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":73,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"6aa80b9c-85a9-43da-b720-7a9524a7da2a","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":73,"box":{"x":70,"y":627,"width":783,"height":11}},{"id":"0855af64-4018-41c9-bc0d-e04ee3e0f037","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":73,"box":{"x":70,"y":642,"width":790,"height":11}},{"id":"ee137786-9544-482e-b7de-86f8acbf2f26","block_type":"box","text":"regulation.","page_number":73,"box":{"x":69,"y":657,"width":73,"height":11}},{"id":"44576675-b595-492e-be94-5231bf531c0d","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":73,"box":{"x":102,"y":680,"width":777,"height":11}},{"id":"c6a1de06-aafc-4c41-abcb-d6892e87fadf","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":73,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"05435af0-4f6d-484a-b9bf-f9ecf39c05a4","block_type":"box","text":"various program limits (i.e. indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":73,"box":{"x":68,"y":710,"width":818,"height":11}},{"id":"ff2bd5de-5d53-404a-a599-5ea4682d2bcf","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":73,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"5a66e3e8-d28b-4104-b532-964225951c02","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":73,"box":{"x":69,"y":740,"width":836,"height":11}},{"id":"8fcc97ea-66f4-40f6-ab90-4ba1896fc9d8","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":73,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"0e09ae47-7d95-4875-8e4a-3c1d6b8ba268","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":73,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"76c93bfb-ad1e-4ebf-80f7-b9726b340ebc","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":73,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"301488c5-b1b5-445d-861a-c0e33b06fb9e","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":73,"box":{"x":69,"y":801,"width":444,"height":11}},{"id":"82e60445-ecb5-41e3-9ad6-5a0fa5fc2406","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":73,"box":{"x":102,"y":823,"width":734,"height":12}},{"id":"08324472-8f94-48a4-bb5d-7da8e082348e","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":73,"box":{"x":70,"y":838,"width":840,"height":12}},{"id":"93e9313d-2404-4025-aa43-b9a609436c78","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":73,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"212a778b-7c39-4705-b15a-929c6d1af078","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":73,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"392974f2-4732-4f02-81e7-24af14f284e5","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":73,"box":{"x":70,"y":884,"width":426,"height":11}},{"id":"3b8aeca3-0554-484d-a2dc-780d9bbb5ed2","block_type":"box","text":"II-36","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"000546ed-3e09-43aa-ba0c-2cee2f27765b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":73,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"63449f61-4d16-4570-bdf8-6bc10342a47b","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":74,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"b56d6a46-4916-4809-b40a-0155fdcf20ec","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":74,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"17beb7f8-be0c-4991-8784-88c389fe5b1e","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":74,"box":{"x":68,"y":75,"width":767,"height":11}},{"id":"75096057-0bc8-4247-b7f4-aff8b5136931","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":74,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"0d242480-3966-40e1-8971-3ccfe133b608","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":74,"box":{"x":68,"y":105,"width":672,"height":11}},{"id":"3c880057-d4be-48bf-b863-99cd00baa7ea","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":74,"box":{"x":102,"y":128,"width":743,"height":11}},{"id":"a709f625-7c03-419f-a84a-366040cc7e1e","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":74,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"cbb1b31d-04b8-4f8c-8dc9-e32cd2af4fc3","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":74,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"447efaa3-96dc-46bc-a9a5-e1f32588e7a0","block_type":"box","text":"or dealer. Under the European Union Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets","page_number":74,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"321262b0-04a9-40a2-b35b-c6b229746c9b","block_type":"box","text":"in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), European Union’s (the","page_number":74,"box":{"x":70,"y":188,"width":795,"height":12}},{"id":"91be6fc0-730f-4013-8187-2ad677a1b6de","block_type":"box","text":"“EU”) investment managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to cer tain","page_number":74,"box":{"x":70,"y":204,"width":826,"height":11}},{"id":"f9bbab09-bcbd-49c3-a890-6f2f2b65661d","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than through client","page_number":74,"box":{"x":70,"y":218,"width":790,"height":12}},{"id":"33320923-341d-4c59-96e7-321832792d5e","block_type":"box","text":"commissions.","page_number":74,"box":{"x":69,"y":234,"width":97,"height":9}},{"id":"ced9a696-e959-47c3-847f-3b1c39b716f8","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":74,"box":{"x":102,"y":256,"width":770,"height":11}},{"id":"e9796727-9552-4e84-8a7b-a2371a08ad06","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":74,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"202f818c-f066-4575-bb6b-1d6227499a74","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making","page_number":74,"box":{"x":69,"y":287,"width":829,"height":11}},{"id":"84fe0b98-6e76-4cd5-a8c8-2bf798fc7db2","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and over-the-counter (“OTC”) transactions). Such","page_number":74,"box":{"x":70,"y":302,"width":794,"height":11}},{"id":"caa09007-2c08-4e7b-a8cd-cd2c203bdf38","block_type":"box","text":"research or other services may include, to the extent permitted by law, research repor ts on companies, industries","page_number":74,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"15db9111-84a1-4552-9d38-82dab08077fb","block_type":"box","text":"and securities; economic and financial data; financial publications; proxy analysis; trade industry seminars; computer","page_number":74,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"86f370ce-def8-452f-8ebd-75ddfd27c400","block_type":"box","text":"data bases; research-oriented software and other services and products.","page_number":74,"box":{"x":69,"y":347,"width":519,"height":11}},{"id":"d6a600a5-d467-4964-8b27-0f203d1ba64b","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":74,"box":{"x":102,"y":370,"width":785,"height":11}},{"id":"c663316e-cd57-4002-ba73-870f1db3cd2b","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":74,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"2005de35-c721-4c80-a470-f996e8ad3be8","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":74,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"d01692e5-b52b-49b0-80e2-406cff1f1a0d","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":74,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"2af8fe59-36ca-4b6f-888b-aa975c731ba0","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":74,"box":{"x":69,"y":430,"width":821,"height":11}},{"id":"7f698f12-4976-4588-9ac5-865c82c4ec46","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":74,"box":{"x":68,"y":445,"width":815,"height":12}},{"id":"ea4b43e2-4df4-44c0-aade-b032c20702b4","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":74,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"a40489ce-460f-4b08-a229-921912d9569c","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":74,"box":{"x":69,"y":476,"width":804,"height":11}},{"id":"98ec5032-ecfb-43d5-9346-f70ba6ff5cc6","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":74,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"b75627fd-d257-49e0-a477-0431d729a618","block_type":"box","text":"and services itself.","page_number":74,"box":{"x":69,"y":506,"width":134,"height":9}},{"id":"723c513b-7c27-42e9-bc29-f496e47a0b82","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":74,"box":{"x":102,"y":529,"width":793,"height":11}},{"id":"c438aaff-ebea-43f3-859c-4f1d92742b35","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":74,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"f6a41e6d-a7f1-4fec-a6b5-94c7a95c2cff","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":74,"box":{"x":69,"y":559,"width":833,"height":11}},{"id":"55c15ecf-3443-47dd-9425-143f5d4dadee","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":74,"box":{"x":68,"y":574,"width":836,"height":11}},{"id":"7052903f-f22a-41b2-8152-cdc727f975de","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":74,"box":{"x":69,"y":589,"width":760,"height":11}},{"id":"50d94829-2add-4afe-97ff-43c4e07871ed","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":74,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"b4f9c9d2-c28c-41ae-a29a-1a02c53d0380","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":74,"box":{"x":69,"y":619,"width":807,"height":11}},{"id":"83e11e2b-aa2a-4b08-8480-b70aaf2f8a3f","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":74,"box":{"x":69,"y":634,"width":760,"height":12}},{"id":"bed5afe9-34d7-424d-a5ea-10d57d3129ad","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":74,"box":{"x":102,"y":657,"width":799,"height":11}},{"id":"2d42b5c0-f0da-48e5-9283-a7d0c3a35195","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":74,"box":{"x":70,"y":672,"width":767,"height":11}},{"id":"cff48587-b185-45a8-bf65-b93169ee2448","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":74,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"906e9b1c-475a-4f75-be14-06be025f4404","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":74,"box":{"x":69,"y":702,"width":825,"height":11}},{"id":"ff6fe5f1-927d-44b0-8407-cf0820f6145b","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":74,"box":{"x":68,"y":718,"width":821,"height":11}},{"id":"cb9011bc-088c-4eb0-b086-e202951046f5","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":74,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"349d42c0-030c-4b38-9e66-6c20ec0cd138","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":74,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"ab0b9551-e51d-4d53-b703-86978871f34f","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":74,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"d82fdd12-4bae-456e-ac49-840128678dfc","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":74,"box":{"x":68,"y":778,"width":519,"height":11}},{"id":"fb69dce0-d995-4080-85a3-14765536f7f5","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":74,"box":{"x":102,"y":801,"width":793,"height":11}},{"id":"f46662d8-7493-4b72-8f5a-044d62049645","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":74,"box":{"x":69,"y":816,"width":782,"height":11}},{"id":"afe3ffd4-e9ff-41cb-a3a9-f04a78d40685","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":74,"box":{"x":69,"y":831,"width":710,"height":11}},{"id":"397e76bb-bca0-4323-b046-0398d139a96e","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":74,"box":{"x":102,"y":853,"width":792,"height":12}},{"id":"90283cf5-94d2-4d2d-86f2-42918fa5f5bd","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":74,"box":{"x":68,"y":869,"width":784,"height":11}},{"id":"9102a38b-dbe3-415f-b92d-d76ed0d9f30b","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless,","page_number":74,"box":{"x":69,"y":884,"width":719,"height":11}},{"id":"efd70ee5-ce2e-404f-adf2-74043d4ffb40","block_type":"box","text":"II-37","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96abc2d5-0166-4001-b5b3-329e53819272","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":74,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"725c5c4c-d7e3-4fd8-918a-54a5832d8f4a","block_type":"box","text":"notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have","page_number":75,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"a5af91d6-a188-4878-9fb1-db699a95a72f","block_type":"box","text":"the effect of favoring the interests of other clients or businesses of other divisions or units of BlackRock, provided","page_number":75,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"ff20c36c-01cb-4013-a0b9-04e7dbf2d301","block_type":"box","text":"that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations. For a more detailed","page_number":75,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"a17a9fd2-8596-4772-ae05-36dba035cf61","block_type":"box","text":"discussion of these policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":75,"box":{"x":69,"y":90,"width":635,"height":11}},{"id":"bb39d13c-7daa-404b-b547-101000091b67","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":75,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"42115c89-46bd-4ecf-b854-5d8fb6aaf947","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":75,"box":{"x":69,"y":128,"width":825,"height":11}},{"id":"a1a14e7e-03ac-4f3d-bc07-3db3d5f86ce9","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":75,"box":{"x":70,"y":143,"width":837,"height":11}},{"id":"0a3f1a0e-276c-4bf9-9275-e359c640c1f8","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":75,"box":{"x":69,"y":158,"width":774,"height":11}},{"id":"0c1b4d01-b7d3-4de7-a365-76dabbcdb7d3","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":75,"box":{"x":69,"y":173,"width":796,"height":11}},{"id":"080c1afb-a0aa-48c4-b957-a19826131b98","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":75,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"32cf7278-5a7c-4610-9b04-03eea9087d79","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":75,"box":{"x":69,"y":203,"width":831,"height":12}},{"id":"92a827e2-ead8-4088-b9dc-cd5ca1b2cfdb","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":75,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"4a0d374e-0eea-4560-aba8-c64d2f6c5e00","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":75,"box":{"x":69,"y":234,"width":355,"height":11}},{"id":"a80936e0-3c80-43a5-afc3-ceacf5378136","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":75,"box":{"x":102,"y":256,"width":742,"height":12}},{"id":"341a2240-f000-4bba-8b23-00f0322b65ef","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":75,"box":{"x":70,"y":271,"width":838,"height":12}},{"id":"673c4e30-897b-4fb6-99e4-cb1adb64b04f","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":75,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"53f1cbb8-d1e4-4b28-924f-9918dd8cb804","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":75,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"076a78bd-7f59-48a1-abe8-bc85f5e4b858","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":75,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"c5571d81-5089-442b-be6d-dc627cf77c08","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":75,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"49bcb596-51b2-4d51-b4bf-8327f42dbd3e","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":75,"box":{"x":69,"y":347,"width":766,"height":11}},{"id":"d78f9a41-6d0d-4686-9c4f-9fdac3f21f71","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":75,"box":{"x":70,"y":362,"width":533,"height":9}},{"id":"aba06208-a7e0-4d6b-a9fe-6d97537d3d1d","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":75,"box":{"x":102,"y":385,"width":789,"height":11}},{"id":"173c4bac-d566-4587-ab56-f8edebb10d18","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":75,"box":{"x":70,"y":400,"width":805,"height":11}},{"id":"3b8fbd5e-28d4-43ad-a93e-f3ce85014099","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":75,"box":{"x":69,"y":415,"width":813,"height":11}},{"id":"8044220b-e6fb-439d-bf85-0ac3d405f642","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":75,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"23ed8aa4-ac71-455f-b747-ef0e2cc016d3","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":75,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"0a216c47-6ef7-4094-84dc-215dc2ebd27f","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":75,"box":{"x":70,"y":460,"width":745,"height":12}},{"id":"6a7f7323-b42e-4171-b473-126fb5615938","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":75,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"9b6c498c-ab9a-49b1-8a63-0bdd575c8cda","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":75,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"5886c985-866b-4ed0-ae82-20a75ca3723c","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":75,"box":{"x":70,"y":506,"width":711,"height":11}},{"id":"aaec9cfa-7dce-4103-8caa-e5e79d059535","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":75,"box":{"x":102,"y":529,"width":741,"height":11}},{"id":"e58e6307-4783-4d56-8f2f-8424a3764083","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":75,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"815fc824-fd62-4d88-b65b-dab1667ad4ea","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":75,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"3e74bc41-f6e5-4b97-9fb3-147b881c2b77","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":75,"box":{"x":69,"y":574,"width":825,"height":11}},{"id":"ea740b57-7470-41d1-a98c-de9797bba0e2","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":75,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"052c1d5d-8f33-4279-8139-367d91455e9c","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":75,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"4cf11007-09bb-4d24-8312-57847b39e390","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":75,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"9bf4a860-a6bb-4e99-bbe2-bfaf281ed9d3","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":75,"box":{"x":102,"y":642,"width":787,"height":11}},{"id":"48c4b447-53a6-4722-82f1-1bbb11c2f506","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":75,"box":{"x":69,"y":657,"width":839,"height":11}},{"id":"61315d98-73ed-4a7c-ab51-b48c2708e0d6","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":75,"box":{"x":69,"y":672,"width":764,"height":11}},{"id":"9175e95c-4751-475c-bc0d-b7b98f34c157","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":75,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"d7bfcc37-8903-45b1-90f2-a9663e6ee632","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":75,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"ee7323b1-4b7f-4832-b6a3-a39ba5859c2e","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":75,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"99ad238d-1a69-488b-802b-630ae796b74d","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":75,"box":{"x":69,"y":732,"width":825,"height":12}},{"id":"03a2bf0f-0448-4718-8afd-df7d5960ba94","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":75,"box":{"x":70,"y":748,"width":816,"height":11}},{"id":"d7d11be2-f87a-461c-8c39-07c361e15c20","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":75,"box":{"x":70,"y":763,"width":836,"height":11}},{"id":"04c1b5dc-2ef2-49d8-8856-e1334278b8ca","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":75,"box":{"x":69,"y":778,"width":352,"height":11}},{"id":"f130a0e7-29a2-4caa-8ea2-cf661ce3c83f","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":75,"box":{"x":102,"y":801,"width":768,"height":11}},{"id":"3c8e456e-390a-43b3-a406-f315d5662b18","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":75,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"9197aed2-ba59-47e5-a73c-c94a324d9af8","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":75,"box":{"x":68,"y":831,"width":839,"height":10}},{"id":"95dd2131-b8fa-4f44-9d2b-adce8dbae684","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":75,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"cece9cc6-007f-4195-922e-c097c08a3a34","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":75,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"0ee185e8-e6f5-44c4-a70f-178a00e409af","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":75,"box":{"x":68,"y":876,"width":826,"height":11}},{"id":"b236fd38-a5f5-4aee-a607-7c133553bc72","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":75,"box":{"x":68,"y":891,"width":810,"height":11}},{"id":"81197008-727d-4eb8-b820-e2186ef76f10","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":75,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"9114a006-2561-4ef9-8bdb-fafaf8a19a32","block_type":"box","text":"II-38","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"393b2feb-66d0-455d-a65e-9329c6599584","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":75,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6afb35d0-dbed-460b-9923-ab72d9682a33","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":76,"box":{"x":68,"y":45,"width":782,"height":11}},{"id":"5ac96552-16f8-4499-b9be-c9aa1b0f18af","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":76,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"876beb42-408d-4cde-b04c-332aa381d823","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":76,"box":{"x":70,"y":75,"width":804,"height":11}},{"id":"c834ff16-f0db-414b-afe0-1447cd15a54f","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":76,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"0c3906ad-de26-4d45-8fba-c2b080226d95","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":76,"box":{"x":69,"y":105,"width":755,"height":11}},{"id":"ee6b89a8-e4f9-4a18-9fa3-89d7686c23ea","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":76,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"da181925-52b8-44ee-9334-96168d5cf563","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":76,"box":{"x":69,"y":135,"width":806,"height":12}},{"id":"78f9778a-cc69-4007-905e-5fb42386eae8","block_type":"box","text":"public information about the company (e.g., in connection with par ticipation in a creditors’ committee). Moreover,","page_number":76,"box":{"x":70,"y":150,"width":805,"height":12}},{"id":"8c08a1c2-487e-4b63-a147-8478e29ba1fd","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":76,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"820ccff6-27b5-4856-8c57-cb119f68652a","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":76,"box":{"x":70,"y":181,"width":827,"height":11}},{"id":"298c8f9b-5498-4351-ac4f-d7bce4c85908","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":76,"box":{"x":69,"y":196,"width":830,"height":11}},{"id":"0cd98d96-0a04-4f30-9ebe-4be721c050d7","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":76,"box":{"x":68,"y":211,"width":773,"height":11}},{"id":"9aa24f43-20bd-488a-8265-d45481e4240a","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":76,"box":{"x":69,"y":226,"width":832,"height":11}},{"id":"fdf0b149-149d-4256-9111-487db3bf45cd","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":76,"box":{"x":68,"y":241,"width":781,"height":11}},{"id":"c3098aff-3b43-4cf4-a364-e112c1eb9a4f","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":76,"box":{"x":69,"y":256,"width":819,"height":11}},{"id":"43bf79d8-1ce9-40a1-ab0f-fda751d1d800","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":76,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"1b61b6cd-84c7-45e6-893f-f7ca415ac34b","block_type":"box","text":"of the issuer.","page_number":76,"box":{"x":69,"y":286,"width":92,"height":10}},{"id":"b7759b5b-843d-4ee7-b42f-2408d1f59824","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":76,"box":{"x":102,"y":309,"width":748,"height":11}},{"id":"8a6b855e-0048-4221-acc4-d1ea196075f1","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":76,"box":{"x":69,"y":324,"width":819,"height":11}},{"id":"6b07da07-e367-4aa8-8b65-d5373eb79949","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":76,"box":{"x":70,"y":339,"width":817,"height":12}},{"id":"acca6162-b18a-4f6f-aa5c-21d57faac897","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":76,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"cca981aa-a9f3-4574-a4fb-e17a99c9f2d4","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":76,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"2c60c373-79b4-49fd-886a-47bd03a47a24","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":76,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"06332a25-6a88-4fe9-9020-d392f873e88d","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":76,"box":{"x":68,"y":400,"width":797,"height":11}},{"id":"0015ae1e-3f94-4837-a6be-df8eebe5aee4","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":76,"box":{"x":70,"y":415,"width":667,"height":11}},{"id":"56558267-fc45-4b9d-8cd0-24f1ce85aee1","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":76,"box":{"x":102,"y":438,"width":794,"height":11}},{"id":"08470940-6309-4c55-9824-aab6503d7ded","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":76,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"c0253b82-c905-4706-bb9f-fc16113a9e8b","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":76,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"98947fef-1935-46a9-a9f1-3e55166751c0","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":76,"box":{"x":70,"y":483,"width":818,"height":11}},{"id":"30aded0e-86bd-44d2-8079-284bada24255","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":76,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"aa0b7a36-3a36-4835-ac75-3f5b087c026f","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":76,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"3881981c-d056-4e01-bd69-eb6b637b9b22","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":76,"box":{"x":70,"y":528,"width":824,"height":12}},{"id":"80918b02-5b7a-4c9b-b2a5-bdedd740ebce","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":76,"box":{"x":68,"y":543,"width":472,"height":12}},{"id":"3eea9445-6c10-434f-92a9-4ae76b905c50","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":76,"box":{"x":102,"y":566,"width":744,"height":11}},{"id":"3afb0257-b6ad-45aa-9b7d-78099741a949","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":76,"box":{"x":70,"y":581,"width":775,"height":11}},{"id":"00fd619c-7c8d-47a9-a036-72a69cef9621","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":76,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"bf927dae-f4f1-49e1-9e64-eaacd272112c","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":76,"box":{"x":68,"y":612,"width":779,"height":11}},{"id":"c98c2738-b340-4b6a-9e1b-dd9c7d1ea38a","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":76,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"95bc1b6b-c769-4baf-8bbe-ab22093e7bbe","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":76,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"235f20d5-cc9d-4abd-bcee-3dfcccebb460","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":76,"box":{"x":70,"y":657,"width":803,"height":11}},{"id":"60e10c1f-e8f2-4afc-976b-7e3633a7248f","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":76,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"f2be33e0-c9c9-4ceb-8edf-cce3cf8b2f86","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":76,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"00c44a5a-673f-4d8d-bda3-5c77ed285970","block_type":"box","text":"a barrier.","page_number":76,"box":{"x":69,"y":703,"width":62,"height":8}},{"id":"798773ed-da67-401d-a66c-745b59366fb1","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":76,"box":{"x":101,"y":725,"width":788,"height":11}},{"id":"d92fc5de-82d8-4f4d-94c8-bfc0eab98b04","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":76,"box":{"x":69,"y":740,"width":827,"height":11}},{"id":"d74789a8-ddf7-4897-b694-03e9704bc27c","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":76,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"1762faa8-483a-4e35-a292-3258dfd3333e","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":76,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"1cd3b853-c74b-40fc-94d3-d7477316318c","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":76,"box":{"x":69,"y":786,"width":806,"height":11}},{"id":"d68323c9-f392-4286-a268-1475b1b989ea","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":76,"box":{"x":70,"y":801,"width":818,"height":11}},{"id":"cb57f0ea-6b72-460f-8fe3-a5bed32be9d1","block_type":"box","text":"that operate in cer tain industries (e.g., banking, insurance, and utilities) or in cer tain emerging or international","page_number":76,"box":{"x":68,"y":816,"width":789,"height":11}},{"id":"c9c89740-581d-4b90-8899-f64b9cbf0304","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (e.g., with mechanisms such as poison pills","page_number":76,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"f2f12bcd-6a71-46ec-9359-3c89fcb2af0e","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":76,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"dd3910fb-2f2a-4d75-a57d-7369f69278f1","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":76,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"cb7ba00b-2597-402d-b8f2-c50c61c1117b","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":76,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"700b7dde-50fb-45cb-9bf9-4fdef886ad2e","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":76,"box":{"x":69,"y":891,"width":769,"height":11}},{"id":"3361239b-3b6c-4925-8ca2-c9e13acd76b3","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":76,"box":{"x":69,"y":906,"width":775,"height":12}},{"id":"104c792a-5f38-43a8-ba6d-266d79851653","block_type":"box","text":"II-39","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"58dc6384-ec38-46de-9a2e-877bfd68c072","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":76,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"da091b02-19f8-496d-8588-90fd6b860524","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":77,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"56220907-f148-4f19-a1df-c62e354cb076","block_type":"box","text":"seek to make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":77,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"bb5ef08f-6e5c-4130-888d-ea3d3b9694c3","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":77,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"313a9062-fa6e-45e6-8edb-3a2c70ae9551","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":77,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"fa572f22-26f2-46f8-aee3-25dea10d827e","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":77,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"dd339ac2-cc40-43e1-b270-50a159c63e30","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":77,"box":{"x":69,"y":120,"width":767,"height":12}},{"id":"5cbf17b4-3a07-4d75-b104-909d1b0aab9b","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":77,"box":{"x":69,"y":135,"width":829,"height":11}},{"id":"41566310-a403-4d16-aafd-5364654e084a","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":77,"box":{"x":69,"y":151,"width":772,"height":11}},{"id":"d8defd5f-b028-4eb3-878e-3298682b552e","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":77,"box":{"x":102,"y":173,"width":783,"height":11}},{"id":"1e9c91fe-72f4-498a-8e1d-4dc416dbecef","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":77,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"fe9a77e7-8732-4954-af22-5f48e6faa5c0","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":77,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"7dff2066-ec3e-428b-b735-69219a919241","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":77,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"03fc2956-a64e-42dc-b3c8-17b925291eb1","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":77,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"b7cab288-43b7-4f96-a70e-e682106de2df","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":77,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"0f5b7099-c71a-4297-ac7c-31eb0dbb3c6b","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":77,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"0efbdfd3-eea8-4914-852a-dd9365640207","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":77,"box":{"x":69,"y":279,"width":826,"height":11}},{"id":"5825108e-632f-4942-831d-1151687ae30d","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":77,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"d658984b-25b8-4363-97f8-842db1f3ea27","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":77,"box":{"x":69,"y":309,"width":830,"height":11}},{"id":"ce2b05e2-2968-48a8-a867-db2d705ef14f","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":77,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"6a42ab8c-944a-49a6-a308-9561a56e8d3b","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":77,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"0b94e295-d174-495f-ab38-41aaa9479344","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":77,"box":{"x":69,"y":355,"width":796,"height":11}},{"id":"0e43a397-5cbb-49c6-9155-73273e72316e","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":77,"box":{"x":69,"y":370,"width":720,"height":11}},{"id":"deee0e8e-428d-4d8b-94b5-cb38719cb94d","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":77,"box":{"x":101,"y":393,"width":807,"height":11}},{"id":"2c9c1d28-9ee8-4cc5-9b62-67416815c652","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":77,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"b04994ce-65d6-4799-a590-b9ce0034ea59","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":77,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"a0d6c215-6cdc-4cd9-9930-9c5cd7aef812","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":77,"box":{"x":69,"y":438,"width":824,"height":11}},{"id":"68b0befc-0de4-4c43-ad75-f564db8ce412","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":77,"box":{"x":68,"y":453,"width":841,"height":11}},{"id":"498a50fa-d5c8-4f10-9fa9-5bb993f759ee","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":77,"box":{"x":69,"y":468,"width":770,"height":11}},{"id":"b570b200-ce9b-4b1d-b36f-d3c2b574a71f","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":77,"box":{"x":69,"y":483,"width":769,"height":11}},{"id":"4862ab5a-ba98-4da6-813b-10161d98cda6","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":77,"box":{"x":70,"y":498,"width":794,"height":11}},{"id":"3c14e76e-44d0-4cd9-b972-9bf286349163","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":77,"box":{"x":69,"y":514,"width":757,"height":11}},{"id":"d6a94b53-cd2e-45e9-848a-1ffde98dd4a7","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":77,"box":{"x":69,"y":528,"width":807,"height":12}},{"id":"b0e07a99-6a34-4cae-8fa8-b21556ebcef0","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities. If client","page_number":77,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"a1edd26d-9024-45c2-825a-5fa8708c9386","block_type":"box","text":"holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to enable the continued","page_number":77,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"06b6b60a-f0c7-4167-9178-b3c21275dc44","block_type":"box","text":"holding of such investments, it may be necessary to reduce these positions to meet the applicable limitations and","page_number":77,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"1e905a87-ff4c-4fad-929e-3187656f4319","block_type":"box","text":"BlackRock or such client may be subject to regulatory actions. In these cases, the investments will be sold in a","page_number":77,"box":{"x":70,"y":589,"width":793,"height":11}},{"id":"96acadb3-3624-4004-9d4f-c3e299b60409","block_type":"box","text":"manner that BlackRock deems fair and equitable over time.","page_number":77,"box":{"x":69,"y":604,"width":422,"height":11}},{"id":"5f9f83e0-38b3-48d8-9e2a-bdf54bcfd385","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":77,"box":{"x":102,"y":627,"width":795,"height":11}},{"id":"efc34ee8-0162-414e-999a-ad9dcde09c72","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":77,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"778e8c1b-b04e-4c56-a525-479df91e0a38","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":77,"box":{"x":69,"y":657,"width":566,"height":11}},{"id":"04b0b595-ccca-44de-828a-e99c0e24969f","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":77,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"32fc800c-7552-4f4e-8899-e8057bcd7e8c","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":77,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"bdd3c21a-2afa-4cfc-9bcd-ff9fc9236eea","block_type":"box","text":"strategy with respect to such security or asset.","page_number":77,"box":{"x":69,"y":710,"width":333,"height":11}},{"id":"2558f48f-8fdd-4a33-9f98-2f3c6b37f290","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":77,"box":{"x":102,"y":733,"width":785,"height":11}},{"id":"3b59431a-6387-4b9a-b8fb-7d0e3023a818","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":77,"box":{"x":70,"y":748,"width":760,"height":11}},{"id":"09fbb8f7-459a-4620-84dd-e25055233a34","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":77,"box":{"x":70,"y":763,"width":796,"height":11}},{"id":"9dbd7291-84c2-49b3-a4d8-6536fe5e9693","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":77,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"cf30e18b-bf5b-4feb-81a9-9519fb2d4201","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":77,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"94b8bfec-ef42-4524-b4c4-4205721d0d2c","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":77,"box":{"x":68,"y":808,"width":829,"height":11}},{"id":"c40a0ccc-b681-474e-ad68-987fb744467d","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":77,"box":{"x":69,"y":823,"width":784,"height":12}},{"id":"eaffb198-f828-4765-b0c3-c0a57c3efcc5","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":77,"box":{"x":70,"y":839,"width":797,"height":11}},{"id":"ea4dfcd6-a1e6-4eea-a7e1-073dc091e0c1","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":77,"box":{"x":70,"y":853,"width":837,"height":12}},{"id":"65311f83-ab61-4abf-a54f-fd6455045dc9","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":77,"box":{"x":70,"y":869,"width":746,"height":11}},{"id":"2462adcf-646e-46d6-be65-13a880448762","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (e.g., custodians,","page_number":77,"box":{"x":102,"y":891,"width":805,"height":12}},{"id":"3bb7c0f8-3808-4ba1-b90a-a9a4c9a01965","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":77,"box":{"x":69,"y":906,"width":756,"height":11}},{"id":"ca32ad33-76b2-41e8-acea-0d9bf736fc8f","block_type":"box","text":"II-40","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19527140-b2e7-4b0d-8a07-e92637820bb2","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":77,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ac8fdeb4-e043-4e52-be9f-720c041a5821","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":78,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"12d6e0f7-2c95-485b-b82b-924a6f758080","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":78,"box":{"x":69,"y":60,"width":772,"height":11}},{"id":"1020d19d-3ac7-4661-9b7e-c6bb30f4c860","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":78,"box":{"x":70,"y":75,"width":800,"height":11}},{"id":"5a64aa67-4dc2-46c6-a0c9-cf79dff45c76","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":78,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"575d4cfb-1162-4e43-8d97-b509cbd1ffc5","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":78,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"433da8bc-3856-4b22-996b-09a7231a891b","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":78,"box":{"x":70,"y":120,"width":785,"height":12}},{"id":"ada54847-bce5-4dc9-92fc-207651410dd4","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":78,"box":{"x":70,"y":136,"width":786,"height":11}},{"id":"569e0d3c-761b-4304-95cd-4e16644c03a8","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":78,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"81592f25-67c8-49b5-a2b2-9a23e5a5c6be","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":78,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"ce119497-afce-4ad4-a275-ff92b610b8d4","block_type":"box","text":"BlackRock has entered into and may in the future enter into additional commercial, operational or strategic","page_number":78,"box":{"x":102,"y":188,"width":762,"height":12}},{"id":"dd354883-839e-4209-87d7-6869b2cecc9c","block_type":"box","text":"arrangements with third-par ty technology providers, blockchain networks or service providers in connection with the","page_number":78,"box":{"x":69,"y":204,"width":821,"height":11}},{"id":"3ff96e6c-a93e-4b63-9600-5503a8aa8c0f","block_type":"box","text":"distribution, servicing or operation of tokenized fund shares, including OnChain Shares. These arrangements may","page_number":78,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"5d396b6a-b6c5-46ef-8da3-a0f23366203c","block_type":"box","text":"include investments by BlackRock in blockchain networks on which OnChain Shares are deployed, or investments in","page_number":78,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"ca9dbda8-b395-4440-875f-1658a94e6c7f","block_type":"box","text":"the developers of such networks. OnChain shares may also be deployed on networks in which, or in the developers of","page_number":78,"box":{"x":68,"y":249,"width":840,"height":11}},{"id":"5b243e6c-3532-487b-ba62-ab6166b3659d","block_type":"box","text":"which, BlackRock has existing investments or other servicing arrangements. In consideration of BlackRock’s","page_number":78,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"02227afd-dd76-4144-946e-ffb7ef5f1d17","block_type":"box","text":"investment in these networks or their developers, BlackRock may receive ongoing remuneration, the amount of which","page_number":78,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"d74176a0-7baa-498c-b5a6-ff04bde0bd25","block_type":"box","text":"may be tied directly or indirectly to the aggregate net asset value of OnChain Shares deployed on the applicable","page_number":78,"box":{"x":69,"y":294,"width":796,"height":11}},{"id":"a6ad384a-a28c-4ce0-9158-53acaf2ee7ec","block_type":"box","text":"network. Such arrangements may present actual or potential conflicts of interest to the extent they influence the","page_number":78,"box":{"x":69,"y":309,"width":801,"height":11}},{"id":"9d7f603d-8a19-4764-9ca2-b088409bef6e","block_type":"box","text":"selection or continued use of par ticular platforms, service providers or technologies.","page_number":78,"box":{"x":69,"y":324,"width":602,"height":12}},{"id":"d83cd32a-c7a9-4cfe-a090-492180f56645","block_type":"box","text":"BlackRock or a third-par ty conversion service provider may subsidize currency conversion costs for cer tain","page_number":78,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"0241e59b-f229-4b5c-8813-11f3a0a5321b","block_type":"box","text":"shareholders. Whether and to what extent these expenses are subsidized may depend on the level of investment in","page_number":78,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"3c1376c4-9c5e-46b5-ab34-730f1869d608","block_type":"box","text":"the Fund or with BlackRock more generally, or other factors in BlackRock’s discretion. Such arrangements may","page_number":78,"box":{"x":68,"y":377,"width":789,"height":12}},{"id":"10433eac-62ae-4c4f-b6db-9248c1bd1dec","block_type":"box","text":"present conflicts of interest to the extent they result in differential treatment of shareholders based on the size of","page_number":78,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"922a459e-cae3-42cc-bce8-3d243f471b1b","block_type":"box","text":"their investment or their broader relationship with BlackRock.","page_number":78,"box":{"x":68,"y":408,"width":435,"height":10}},{"id":"6d999035-5b95-4c86-b5f3-dec88e76e84c","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":78,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"93b11313-c6d5-4833-979a-6cf4a28eaa80","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":78,"box":{"x":69,"y":445,"width":795,"height":11}},{"id":"e4f3d7ed-7210-4697-a1bb-ea0e34f28f12","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":78,"box":{"x":69,"y":460,"width":835,"height":12}},{"id":"1dc01782-d1e6-436d-ba4c-2eba946e0893","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":78,"box":{"x":70,"y":475,"width":363,"height":9}},{"id":"f01c19a9-45ff-4944-a6b3-b68bd1b36566","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":78,"box":{"x":102,"y":498,"width":757,"height":11}},{"id":"1ca3c2ba-9697-4504-85d5-2f34ad91775d","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":78,"box":{"x":70,"y":513,"width":826,"height":11}},{"id":"8f2b8247-93c0-4be3-badd-927a59de7405","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":78,"box":{"x":70,"y":528,"width":822,"height":12}},{"id":"df7c76f2-c03f-4775-97f4-e344037f48ab","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":78,"box":{"x":69,"y":544,"width":782,"height":11}},{"id":"0157da08-ee80-4a35-b46f-a3ef5504f933","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":78,"box":{"x":70,"y":559,"width":835,"height":11}},{"id":"f490f649-e86d-4044-97b0-c1625d99b0d5","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":78,"box":{"x":69,"y":574,"width":465,"height":11}},{"id":"0447513c-2581-46d1-8f3a-53e2ce504724","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":78,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"b519db12-c68c-405b-8ed8-1f0e977ff551","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":78,"box":{"x":69,"y":612,"width":840,"height":11}},{"id":"b62d704f-0066-4d29-9c73-920b87d72a67","block_type":"box","text":"provider.","page_number":78,"box":{"x":70,"y":627,"width":58,"height":11}},{"id":"d3f46086-81e1-4b30-86e7-4e4503e6f963","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":78,"box":{"x":102,"y":649,"width":778,"height":12}},{"id":"79ba2885-ba63-4793-b4ce-dfccd46dbf6a","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":78,"box":{"x":69,"y":664,"width":831,"height":12}},{"id":"705b17fd-01c7-4280-b986-bb9480c3b895","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":78,"box":{"x":68,"y":680,"width":485,"height":11}},{"id":"b5bb7829-aca7-44ab-bc5a-38bc4e6233e7","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":78,"box":{"x":102,"y":702,"width":742,"height":11}},{"id":"908de0cb-b88a-46cc-9c98-33f5ccbdafb3","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":78,"box":{"x":69,"y":717,"width":517,"height":12}},{"id":"dd66b9a5-2cda-4ac3-978b-a2e7d48a2975","block_type":"box","text":"PURCHASE OF SHARES","page_number":78,"box":{"x":395,"y":747,"width":188,"height":10}},{"id":"4aed6514-61db-4f21-a6c6-14a9b31dff52","block_type":"box","text":"Each Fund offers its shares without a sales charge at a price equal to the NAV next determined after a purchase","page_number":78,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"6b7c4eb8-c6d9-42f8-aada-f408b1605fe1","block_type":"box","text":"order becomes effective. Each Fund attempts to maintain a NAV per share of $1.00. Share purchase orders are","page_number":78,"box":{"x":69,"y":784,"width":797,"height":12}},{"id":"7b0fb991-24aa-471d-b618-a0c700ccc12e","block_type":"box","text":"effective on the date Federal Funds become available to a Fund. Generally, if Federal Funds are available to a Fund","page_number":78,"box":{"x":69,"y":800,"width":817,"height":11}},{"id":"321b25f1-6aac-48a4-b582-0a6aa966f717","block_type":"box","text":"prior to the determination of NAV on any business day, the order will be effective on that day. Except as otherwise","page_number":78,"box":{"x":70,"y":815,"width":810,"height":11}},{"id":"78118e89-6032-4958-9cdb-0840b92bbffa","block_type":"box","text":"specified in a Fund’s Prospectus, shares purchased will begin accruing dividends on the day following the date of","page_number":78,"box":{"x":69,"y":830,"width":808,"height":11}},{"id":"93efce03-c990-4d48-9fc2-abfd028c16f6","block_type":"box","text":"purchase. Federal Funds are a commercial bank’s deposits in a Federal Reserve Bank and can be transferred from","page_number":78,"box":{"x":70,"y":845,"width":819,"height":11}},{"id":"fb227a01-c8bd-4d68-bc8e-1933a4d11e48","block_type":"box","text":"one member bank’s account to that of another member bank on the same day and thus are considered to be","page_number":78,"box":{"x":69,"y":860,"width":779,"height":12}},{"id":"e98ea8e0-37ac-40d8-9084-5081153b7dac","block_type":"box","text":"immediately available funds. Any order may be rejected by a Fund or the Distributor.","page_number":78,"box":{"x":70,"y":875,"width":594,"height":12}},{"id":"b4c17218-1ad4-407f-91ba-7a2cca377f20","block_type":"box","text":"II-41","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e7d5c2d-f90a-4521-9037-b6d402bc16d7","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":78,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9d96adc7-9095-4ff5-bc63-c9ce0526b471","block_type":"box","text":"Shareholder Services","page_number":79,"box":{"x":68,"y":45,"width":154,"height":9}},{"id":"c3d108d4-e1d7-47cb-be8b-530577baf044","block_type":"box","text":"Cer tain Funds offer a number of shareholder services described below that are designed to facilitate investment","page_number":79,"box":{"x":102,"y":67,"width":802,"height":12}},{"id":"c118c787-17c7-48f0-92b8-692b0b8f3d42","block_type":"box","text":"in shares of the Fund. Full details as to each of such services and copies of the various plans and instructions as to","page_number":79,"box":{"x":70,"y":82,"width":829,"height":11}},{"id":"3db50683-3cfa-4216-a706-4d6f34c5d023","block_type":"box","text":"how to par ticipate in the various services or plans, or how to change options with respect thereto, can be obtained","page_number":79,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"03b679eb-2d9d-45cd-9152-164dfca895d8","block_type":"box","text":"from each Fund, by calling the telephone number on the cover page to Par t I of your Fund’s SAI, or from the","page_number":79,"box":{"x":68,"y":113,"width":766,"height":11}},{"id":"d44f18bc-8bb4-4ce7-a2e2-2016a1053ec6","block_type":"box","text":"Distributor. The types of shareholder service programs that may be offered to shareholders include: Fee-Based","page_number":79,"box":{"x":70,"y":128,"width":788,"height":11}},{"id":"0d158396-30fd-49d3-852c-5710e281c87c","block_type":"box","text":"Programs; Automatic Investment Plan; and Systematic Withdrawal Plan.","page_number":79,"box":{"x":69,"y":143,"width":508,"height":11}},{"id":"76e2d77a-1037-436a-831a-aa31ba1a0812","block_type":"box","text":"Purchase of Shares of Summit Cash Reserves","page_number":79,"box":{"x":69,"y":173,"width":333,"height":9}},{"id":"c433cca8-ab51-4103-a4c2-9f7990ed0ae8","block_type":"box","text":"Summit Cash Reserves has authorized one or more brokers and/or financial institutions (“Authorized Persons”)","page_number":79,"box":{"x":102,"y":196,"width":796,"height":11}},{"id":"da979294-5e47-46b1-85f9-2358296cd54c","block_type":"box","text":"to receive on its behalf purchase and redemption orders that are in “good form” in accordance with the policies of","page_number":79,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"32eb4861-d98f-4a81-8626-6c40e069b152","block_type":"box","text":"those Authorized Persons. Such Authorized Persons are authorized to designate other intermediaries to receive","page_number":79,"box":{"x":68,"y":226,"width":793,"height":11}},{"id":"d76f5772-0f18-498c-a11e-7e93b696e2d5","block_type":"box","text":"purchase and redemption orders on the Fund’s behalf, and the Fund will be deemed to have received a purchase or","page_number":79,"box":{"x":70,"y":241,"width":824,"height":11}},{"id":"5e0bfb9a-2ca8-4dd6-a9af-ff5fa86dbf51","block_type":"box","text":"redemption order when an Authorized Person or, if applicable, such Authorized Person’s authorized designee,","page_number":79,"box":{"x":69,"y":256,"width":776,"height":12}},{"id":"dfe7dce5-89dc-4746-a888-67075686f247","block_type":"box","text":"receives the order. Such customer orders will be priced at the Fund’s NAV next computed after they are received by","page_number":79,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"d92d60e8-98e6-4e0e-bb83-cd0caccb5d85","block_type":"box","text":"an Authorized Person or such Authorized Person’s authorized designee. Financial institutions may include retirement","page_number":79,"box":{"x":69,"y":287,"width":828,"height":11}},{"id":"030610f2-60cc-4b5f-b094-84b7105bd5b0","block_type":"box","text":"plan service providers who aggregate purchase and redemption instructions received from numerous retirement","page_number":79,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"9647df0e-77f6-4e8a-bc22-33e6f2fff6f4","block_type":"box","text":"plans or plan par ticipants.","page_number":79,"box":{"x":70,"y":317,"width":185,"height":11}},{"id":"daba93ce-76d0-4fae-af91-49c3b939ad92","block_type":"box","text":"Investor A and Investor C Shares","page_number":79,"box":{"x":102,"y":340,"width":233,"height":8}},{"id":"1cba822a-ed6f-4042-bc80-1eb3edc7b838","block_type":"box","text":"Purchase of Investor A Shares.","page_number":79,"box":{"x":102,"y":362,"width":224,"height":9}},{"id":"ce361ba9-bc58-4f9b-bf77-ecc049642394","block_type":"box","text":"The minimum investment for the initial purchase of shares is $1,000. There is","page_number":79,"box":{"x":332,"y":361,"width":559,"height":12}},{"id":"d07248ae-358c-44ff-8b3c-309d1958d3ec","block_type":"box","text":"no investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs).","page_number":79,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"5b6f4367-1144-4555-a1c0-ae4c0bdb8ca2","block_type":"box","text":"There is no investment minimum for cer tain fee-based programs. There is a $50 minimum for subsequent","page_number":79,"box":{"x":68,"y":392,"width":757,"height":12}},{"id":"b695005f-6cbf-4b75-807a-bd0f9ce415fe","block_type":"box","text":"investments (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).","page_number":79,"box":{"x":70,"y":407,"width":821,"height":12}},{"id":"7c6e60c7-363f-4b58-89a8-583e333f8a30","block_type":"box","text":"Purchases through the Automatic Investment Plan are subject to a lower initial purchase minimum. In addition, the","page_number":79,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"473a835c-4c41-4012-925b-7ad7e4121ecf","block_type":"box","text":"minimum initial investment for employees of the Fund, the Fund’s Manager, sub-adviser, BRIL or transfer agent or","page_number":79,"box":{"x":69,"y":438,"width":809,"height":11}},{"id":"84508067-a670-4560-8a0b-dc7b97b7ad85","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in which case the","page_number":79,"box":{"x":69,"y":452,"width":836,"height":12}},{"id":"acf54b1b-aa87-449b-bdf2-930d1da05d9e","block_type":"box","text":"minimum investment is $25.","page_number":79,"box":{"x":69,"y":467,"width":203,"height":11}},{"id":"e464e63b-de60-4603-94cb-fb51d0fca214","block_type":"box","text":"Purchases of Investor A Shares Through Brokers.","page_number":79,"box":{"x":102,"y":491,"width":357,"height":11}},{"id":"7babff94-fcbd-4f65-a640-d12505e173f4","block_type":"box","text":"It is the responsibility of brokers to transmit purchase orders","page_number":79,"box":{"x":467,"y":491,"width":432,"height":11}},{"id":"1e46a68b-db16-4d27-bc65-079d549ff4df","block_type":"box","text":"and payment on a timely basis. Generally, if payment is not received within the period described in the Prospectus,","page_number":79,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"9dc3fe01-db90-421c-9e54-15ab66e1a79f","block_type":"box","text":"the order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any","page_number":79,"box":{"x":68,"y":521,"width":823,"height":11}},{"id":"f8eee87c-0a3a-4730-9309-b05e6bbf47f8","block_type":"box","text":"loss to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the transfer agent.","page_number":79,"box":{"x":70,"y":535,"width":792,"height":12}},{"id":"d50d1082-303a-4e87-aeef-268becc33764","block_type":"box","text":"Other Purchase Information.","page_number":79,"box":{"x":101,"y":559,"width":205,"height":9}},{"id":"45287db6-9a05-4a28-b29f-59334522a53f","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":79,"box":{"x":313,"y":559,"width":559,"height":11}},{"id":"10242252-55b1-4e04-8b94-f876f8f268a5","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":79,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"c6303880-be8a-4f90-974d-7f63ca88c16b","block_type":"box","text":"weekdays on which the NYSE is open for business (a “Business Day”). Payment for orders of Investor A Shares which","page_number":79,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"d6eb2556-6e24-463c-aaaf-95c89bab0c76","block_type":"box","text":"are not received or accepted will be returned after prompt inquiry. The issuance of shares is recorded on the books","page_number":79,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"bea5e486-17b1-45a7-ab7c-86dda253f366","block_type":"box","text":"of the Fund. No cer tificates will be issued for shares. Payments for Investor A Shares of the Fund may, in the","page_number":79,"box":{"x":69,"y":619,"width":776,"height":11}},{"id":"80f42266-73a0-4cd6-b041-3599a21a62ee","block_type":"box","text":"discretion of the Fund’s Manager, be made in the form of securities that are permissible investments for the Fund.","page_number":79,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"76fc2aa8-d12e-4d6b-9595-fafb6fcd0bd1","block_type":"box","text":"The Fund reserves the right to reject any purchase order, to modify or waive the minimum initial or subsequent","page_number":79,"box":{"x":68,"y":649,"width":789,"height":12}},{"id":"aa5d078c-1d57-45d0-950f-7b1ccf0fd328","block_type":"box","text":"investment requirement and to suspend and resume the sale of any share class of the Fund at any time.","page_number":79,"box":{"x":70,"y":664,"width":745,"height":12}},{"id":"9513eb04-46ba-4d92-a9ae-40713ec785d9","block_type":"box","text":"Exchange Privilege.","page_number":79,"box":{"x":102,"y":687,"width":142,"height":11}},{"id":"67725181-d923-4322-9554-f706a9616afe","block_type":"box","text":"Unless an exemption applies, a front-end sales charge will be charged in connection with","page_number":79,"box":{"x":251,"y":687,"width":633,"height":11}},{"id":"e7ede381-5338-4de2-b74a-967f9c8db59e","block_type":"box","text":"exchanges of Investor A Shares of the Fund for Investor A Shares of another fund advised by BlackRock or its","page_number":79,"box":{"x":69,"y":702,"width":778,"height":12}},{"id":"f4f173f5-b5ce-44f7-a0ab-5c5f69d8e23b","block_type":"box","text":"affiliates that imposes such a sales charge. Exchanges of Investor C Shares of the Fund for Investor C Shares of one","page_number":79,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"c9236635-9c3e-449c-afc8-48e873930ff4","block_type":"box","text":"of the non-money market por tfolios advised by BlackRock or its affiliates (each a “Non-Money Market Por tfolio”) will","page_number":79,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"b4ca0341-338b-42bb-a8d2-846ccbb7506b","block_type":"box","text":"be exercised at NAV. However, a contingent deferred sales charge (“CDSC”) will be charged in connection with the","page_number":79,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"337a3827-f488-480a-81fa-cb53ebebc73f","block_type":"box","text":"redemption of the Investor C Shares of the Non-Money Market Por tfolio received in the exchange.","page_number":79,"box":{"x":69,"y":763,"width":693,"height":11}},{"id":"f25e1116-4a18-4006-85f9-6715352b7cd1","block_type":"box","text":"A CDSC of 1.00% may apply to cer tain redemptions of Investor C Shares of Summit Cash Reserves. The","page_number":79,"box":{"x":101,"y":785,"width":745,"height":12}},{"id":"63df956a-4fb0-48e5-ad22-58f0c2fef5bf","block_type":"box","text":"Investor C Shares CDSC is only charged upon redemptions of Investor C Shares within one year after you originally","page_number":79,"box":{"x":70,"y":801,"width":815,"height":11}},{"id":"064caa56-f9dc-4cfc-a4cf-71d031bfa6ab","block_type":"box","text":"acquired the Investor C Shares of the Non-Money Market Por tfolio, unless you qualify for a waiver. There is no CDSC","page_number":79,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"ea3f54be-4447-4645-81f5-32a1689e4b90","block_type":"box","text":"charged on redemptions if you have owned your Investor C Shares for more than one year (as measured from your","page_number":79,"box":{"x":69,"y":831,"width":815,"height":11}},{"id":"11242e17-3898-4daa-a943-d902a0780072","block_type":"box","text":"original purchase of Investor C Shares that you exchanged into Investor C Shares of Summit Cash Reserves). In","page_number":79,"box":{"x":69,"y":846,"width":797,"height":11}},{"id":"f4f7f321-4366-4bf0-8d91-544ca1773c97","block_type":"box","text":"determining whether an Investor C Shares CDSC is applicable to a redemption, the calculation will be determined in","page_number":79,"box":{"x":69,"y":861,"width":825,"height":11}},{"id":"2f33c469-f51d-4483-b605-6b9e311f598f","block_type":"box","text":"the manner that results in the lowest possible rate being charged. The charge will be assessed on an amount equal","page_number":79,"box":{"x":68,"y":876,"width":827,"height":11}},{"id":"5acef5cd-013e-4dcd-a6d9-d0c3c4bb7195","block_type":"box","text":"to the lesser of the proceeds of redemption or the cost of the shares being redeemed. Accordingly, no CDSC will be","page_number":79,"box":{"x":68,"y":891,"width":824,"height":12}},{"id":"41b4949c-9543-43c7-9b13-02a49117873f","block_type":"box","text":"imposed on increases in NAV above the initial purchase price of Investor C Shares. In addition, no CDSC will be","page_number":79,"box":{"x":70,"y":906,"width":793,"height":11}},{"id":"b27b22f5-161e-4616-9a19-940723dde531","block_type":"box","text":"II-42","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1532d76-d6de-4f2a-aa7d-cde66b9ccbe1","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":79,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fb2a6e5d-e987-4d23-89d1-d366d90c2a13","block_type":"box","text":"assessed on Investor C Shares acquired through reinvestment of dividends. It will be assumed that the redemption is","page_number":80,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"20e966d6-826f-4c55-8d7b-fccba53587b1","block_type":"box","text":"first of shares held for over one year or shares acquired pursuant to reinvestment of dividends and then of shares","page_number":80,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"50dc9188-f5b2-4510-9b3c-f7812b44447c","block_type":"box","text":"held longest during the one-year period. A transfer of shares from a shareholder’s account to another account will be","page_number":80,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"d38adb85-51a6-4762-b77d-4182114b2638","block_type":"box","text":"assumed to be made in the same order as a redemption.","page_number":80,"box":{"x":69,"y":90,"width":408,"height":11}},{"id":"26e2e57a-bb86-4021-94cc-7aff8630857b","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of the Fund’s SAI for","page_number":80,"box":{"x":102,"y":113,"width":722,"height":11}},{"id":"bfe66fcf-5c3b-48b4-ad12-3582f7e7457d","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":80,"box":{"x":70,"y":128,"width":769,"height":11}},{"id":"2f078dea-c3dc-40a4-9bce-6ecb830b90ab","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":80,"box":{"x":101,"y":150,"width":740,"height":12}},{"id":"dd2a690d-9e6f-45b1-b634-3a5cdb79b249","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":80,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"b0eab185-d94d-4056-b972-436cfbef4b4e","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges pursuant to the","page_number":80,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"43ff7dca-6fcd-413e-bb92-cc7b9e4619e5","block_type":"box","text":"exchange privilege described in the Fund’s Prospectus; (3) redemptions made in connection with minimum required","page_number":80,"box":{"x":69,"y":196,"width":822,"height":11}},{"id":"88d0baa4-49a7-46e1-9f16-eed27c6427a7","block_type":"box","text":"distributions from IRA and 403(b)(7) accounts due to the shareholder reaching the applicable age triggering such","page_number":80,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"d43d61c8-a38e-4e67-b392-ab05270bcca4","block_type":"box","text":"distributions; (4) redemptions made with respect to cer tain retirement plans sponsored by BlackRock or its affiliates;","page_number":80,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"df8b0e83-aa1b-4d6c-af6b-72f09fa00969","block_type":"box","text":"(5) redemptions in connection with a shareholder’s death as long as the waiver request is made within one year of","page_number":80,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"a73f1459-1247-4607-930b-cad6c05ac519","block_type":"box","text":"death or, if later, reasonably promptly following completion of probate (including in connection with the distribution of","page_number":80,"box":{"x":69,"y":256,"width":832,"height":12}},{"id":"e3fa215b-ef1e-4862-ae65-8d090369f3b8","block_type":"box","text":"account assets to a beneficiary of the decedent) or disability (as defined in the Code) subsequent to the purchase of","page_number":80,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"a6c0da7d-d815-499b-8e63-69928541cdf7","block_type":"box","text":"Investor C Shares; (6) withdrawals resulting from shareholder disability (as defined in the Code) as long as the","page_number":80,"box":{"x":70,"y":286,"width":786,"height":12}},{"id":"cab4f671-a833-408a-9faa-5b6ca6b450bc","block_type":"box","text":"disability arose subsequent to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in","page_number":80,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"965e2cfa-9669-4cd8-bb8e-a64eb4e3cf99","block_type":"box","text":"accounts with low balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":80,"box":{"x":69,"y":317,"width":802,"height":11}},{"id":"692df6c0-a162-4af9-aa6b-16ee20b3b441","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set for th under “Systematic Withdrawal Plan” below;","page_number":80,"box":{"x":69,"y":332,"width":756,"height":11}},{"id":"dbd548bf-b11e-479c-819d-41ed44ddefba","block_type":"box","text":"(9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":80,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"846cb4b5-c13b-45d3-b690-11401b70cda9","block_type":"box","text":"(10) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund. In addition,","page_number":80,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"f0106f09-6223-491b-bfbb-5a55a6a459b8","block_type":"box","text":"no CDSC is charged on Investor C Shares acquired through the reinvestment of dividends or distributions.","page_number":80,"box":{"x":69,"y":377,"width":753,"height":12}},{"id":"f4c280b1-8568-436b-8501-0c55a507b467","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":80,"box":{"x":102,"y":400,"width":781,"height":11}},{"id":"c75db9ee-0e91-448c-a067-20a55e23d930","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":80,"box":{"x":70,"y":415,"width":813,"height":11}},{"id":"666c33fe-488e-4533-9266-f76f5b07941c","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":80,"box":{"x":69,"y":430,"width":462,"height":11}},{"id":"e48f6c51-b707-4257-8def-5a9df1c16f81","block_type":"box","text":"A shareholder wishing to make an exchange may do so by sending a written request to the Fund at the following","page_number":80,"box":{"x":101,"y":453,"width":799,"height":11}},{"id":"c0aa1f87-4590-4eb6-9028-5e877101d71e","block_type":"box","text":"address: BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are automatically","page_number":80,"box":{"x":69,"y":468,"width":785,"height":11}},{"id":"67b27678-2f13-4b0c-9ef2-2fa74d86d991","block_type":"box","text":"provided with telephone exchange privileges when opening an account, unless they indicate on the Application that","page_number":80,"box":{"x":70,"y":483,"width":817,"height":11}},{"id":"fd1a4aa3-2880-4a5f-b1a5-7e1d0f3fddbe","block_type":"box","text":"they do not wish to use this privilege. To add this feature to an existing account that previously did not provide this","page_number":80,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"22b63a6f-9fca-4d35-82a5-e7811947ea79","block_type":"box","text":"option, a request must be made in writing or by telephone. Once this election has been made, the shareholder may","page_number":80,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"22c2a4f6-6e14-4a37-9c1d-cb5f76e1fe05","block_type":"box","text":"simply contact the Fund by telephone at (800) 441-7762 to request the exchange. During periods of substantial","page_number":80,"box":{"x":69,"y":528,"width":797,"height":12}},{"id":"0eac455b-39da-456f-9c21-608565529558","block_type":"box","text":"economic or market change, telephone exchanges may be difficult to complete and shareholders may have to submit","page_number":80,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"2b6861b0-a840-4703-b28f-030fd4edf0e1","block_type":"box","text":"exchange requests in writing.","page_number":80,"box":{"x":69,"y":559,"width":206,"height":11}},{"id":"0eba4d7c-1ff1-4b42-96ba-da98f972e9cb","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":80,"box":{"x":102,"y":581,"width":800,"height":12}},{"id":"83e6be11-b9af-469c-bd1f-bb984a03be6b","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":80,"box":{"x":69,"y":597,"width":828,"height":11}},{"id":"23b15308-7641-4e9f-8fa4-6ed3d362cbb6","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":80,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"d7d2203c-7611-4c19-a3cf-745474717d34","block_type":"box","text":"with all signatures guaranteed by an “eligible guarantor institution” as defined in Rule 17 Ad-15 under the Exchange","page_number":80,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"b34be92c-ba4e-4d06-93d1-f46cc2014c13","block_type":"box","text":"Act. In order to par ticipate in the Automatic Investment Program or establish a Systematic Withdrawal Plan for the","page_number":80,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"98cb441f-c8a8-48aa-908d-7d241ad2bb3c","block_type":"box","text":"new account, however, an exchanging shareholder must file a specific written request.","page_number":80,"box":{"x":69,"y":657,"width":613,"height":11}},{"id":"53123fe4-fb00-426d-9861-c8e9bcdca8c9","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":80,"box":{"x":101,"y":680,"width":790,"height":11}},{"id":"7e827f0a-0c9d-4e52-90fd-7a19f28fe177","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For Federal income tax purposes, a share","page_number":80,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"c71bd4ba-b6f6-44e4-bd24-390a3ada9e54","block_type":"box","text":"exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an exchange","page_number":80,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"4bc53a62-4111-4ae2-af92-a2402b449897","block_type":"box","text":"request, shareholders should consult a tax or other financial adviser and should consider the investment objective,","page_number":80,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"caba3f8c-0700-4219-bdaa-bf1e3bc786dc","block_type":"box","text":"policies and restrictions of the investment por tfolio into which the shareholder is making an exchange. Brokers may","page_number":80,"box":{"x":70,"y":740,"width":824,"height":11}},{"id":"e39caa39-fead-43c4-8281-13b39d76a784","block_type":"box","text":"charge a fee for handling exchanges.","page_number":80,"box":{"x":69,"y":755,"width":261,"height":11}},{"id":"2178d243-eef9-4c9b-aa62-a09f50d62552","block_type":"box","text":"The Fund reserves the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":80,"box":{"x":101,"y":778,"width":782,"height":11}},{"id":"114d939a-cfc2-43c8-b45e-d082184fcda2","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Fund","page_number":80,"box":{"x":68,"y":793,"width":792,"height":11}},{"id":"552db604-1ac2-4a54-a498-a229c48c427f","block_type":"box","text":"reserves the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":80,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"a2505e82-cd00-4722-9e25-49ca6e7274ea","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":80,"box":{"x":69,"y":823,"width":818,"height":12}},{"id":"6e97d2bb-06ec-4ef2-9141-da24dc1a39ab","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders. The Fund, the Administrator and BRIL will","page_number":80,"box":{"x":69,"y":838,"width":804,"height":12}},{"id":"bef3df2d-0b92-4f6e-9031-d0376605f750","block_type":"box","text":"employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund, the","page_number":80,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"ee2815a6-e77c-4786-99bd-394a3421b2c8","block_type":"box","text":"Trust, the Administrator(s) and BRIL will not be liable for any loss, liability, cost or expense for acting upon telephone","page_number":80,"box":{"x":68,"y":869,"width":832,"height":11}},{"id":"259a5fe4-703c-4887-a4e2-4fa46e1b4be3","block_type":"box","text":"instructions reasonably believed to be genuine in accordance with such procedures.","page_number":80,"box":{"x":70,"y":884,"width":596,"height":11}},{"id":"097544ca-0994-41c1-a1ff-44ec505bccb9","block_type":"box","text":"II-43","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9dcdef08-ea4a-443c-aeaa-22b9e3ac876e","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":80,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ce135f2d-67ed-4233-ac61-c12db8a4c351","block_type":"box","text":"By use of the exchange privilege, the investor authorizes the Fund’s transfer agent to act on telephonic or written","page_number":81,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"736246f5-14c2-453f-86b3-be1dc5a80a29","block_type":"box","text":"exchange instructions from any person representing him- or herself to be the investor and believed by the Fund’s","page_number":81,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"3adb106b-5e20-40b6-9e85-c78760f9fcf7","block_type":"box","text":"transfer agent to be genuine. The records of the Fund’s transfer agent per taining to such instructions are binding.","page_number":81,"box":{"x":68,"y":75,"width":812,"height":11}},{"id":"d6f32fd2-0b8f-479c-b29a-937f0878e8ef","block_type":"box","text":"The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders.","page_number":81,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"e5878aa8-330e-4e0c-9259-8eda59c63e3d","block_type":"box","text":"The exchange privilege is only available in states where the exchange may legally be made.","page_number":81,"box":{"x":68,"y":105,"width":649,"height":11}},{"id":"f7bf0c87-aea3-44c3-8120-5ab94e59878c","block_type":"box","text":"The redemption of shares of one fund and the subsequent investment in another fund generally will be treated","page_number":81,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"23080181-30cf-423a-9dc6-aa866a1ca74e","block_type":"box","text":"as two separate transactions. Therefore, a front-end sales charge will be imposed (unless an exemption applies) on","page_number":81,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"1f83b974-aea1-4e8e-8464-e0cf38003531","block_type":"box","text":"the purchase of Investor A or Investor A1 Shares of a Non-Money Market Por tfolio with the proceeds of a redemption","page_number":81,"box":{"x":68,"y":158,"width":832,"height":11}},{"id":"ef79ac77-f487-4937-8949-dd0b926274ce","block_type":"box","text":"of Investor A Shares of the Fund. In addition, when Investor C Shares of the Fund are redeemed and the proceeds are","page_number":81,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"265747df-3a5c-4412-9429-b46c35588e74","block_type":"box","text":"used to purchase Investor C Shares of a Non-Money Market Por tfolio, a CDSC will be imposed (unless an exemption","page_number":81,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"083d83b4-01ff-47ba-973c-a064a1e1a609","block_type":"box","text":"applies) when the Investor C Shares of the Non-Money Market Por tfolio are redeemed.","page_number":81,"box":{"x":69,"y":203,"width":615,"height":12}},{"id":"c3b6831a-17e0-4023-bc95-42cdc79deaa1","block_type":"box","text":"The Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":81,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"f2b4ad62-f543-4080-8c0d-40c11eb7bf5f","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in the","page_number":81,"box":{"x":70,"y":241,"width":797,"height":11}},{"id":"f749ab31-83d7-44be-926e-6459b1983b0f","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":81,"box":{"x":70,"y":256,"width":797,"height":11}},{"id":"901d9cd9-2401-48fc-acdb-f5f8fbe16d51","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":81,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"c3081bc1-9881-4e51-96fd-0d82507cd19b","block_type":"box","text":"Investor A Shares.","page_number":81,"box":{"x":70,"y":287,"width":128,"height":9}},{"id":"cc10f71e-302e-455a-9492-b6faca708e67","block_type":"box","text":"A CDSC of up to 1.00% may apply to cer tain redemptions of Investor A Shares of Summit Cash Reserves","page_number":81,"box":{"x":101,"y":309,"width":750,"height":11}},{"id":"79bc94fc-25af-47f8-82c2-dc6a5bfde849","block_type":"box","text":"purchased in an exchange transaction for Investor A Shares of another mutual fund sponsored and advised by","page_number":81,"box":{"x":70,"y":324,"width":784,"height":12}},{"id":"d0b80e1e-97ac-46f6-9b8b-34303ccb58ff","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Fund”) where no initial sales charge was paid at the time of purchase of such","page_number":81,"box":{"x":70,"y":339,"width":830,"height":12}},{"id":"6cb80518-007c-4e55-8094-1c9e63f2d425","block_type":"box","text":"fund (each, an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser","page_number":81,"box":{"x":68,"y":354,"width":782,"height":12}},{"id":"9921a87c-086e-411c-a89f-ee4bf17e9e33","block_type":"box","text":"amounts may apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares","page_number":81,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"1b9a52c2-1573-45a6-b32a-3b1098a1e2e2","block_type":"box","text":"CDSC is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":81,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"044eb770-7fb7-4838-9f28-e078c4aacc9c","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":81,"box":{"x":70,"y":400,"width":818,"height":11}},{"id":"22dbfd14-1ddf-4d52-8d22-026f8247b765","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no CDSC charged on","page_number":81,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"612f909f-1100-45b1-8957-8663493f8859","block_type":"box","text":"redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding period, as","page_number":81,"box":{"x":69,"y":430,"width":821,"height":11}},{"id":"ae06157e-f3d3-43da-b18f-25cbf39504af","block_type":"box","text":"applicable) as measured from your original purchase of Investor A Shares that you exchanged into Investor A Shares","page_number":81,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"bf9f2191-3ae9-4727-85a8-b3c57d89517f","block_type":"box","text":"of Summit Cash Reserves or if you purchase Investor A Shares of Summit Cash Reserves not through an exchange.","page_number":81,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"85ff80b1-d0b4-418d-a84e-8d96857b6de9","block_type":"box","text":"The deferred sales charge on Investor A Shares is not charged in connection with: (a) redemptions of Investor A","page_number":81,"box":{"x":68,"y":475,"width":798,"height":12}},{"id":"41650d8c-d9fd-4ce1-af86-6838a0c1eaa6","block_type":"box","text":"Shares purchased through cer tain employer-sponsored retirement plans and rollovers of current investments in a","page_number":81,"box":{"x":69,"y":491,"width":807,"height":11}},{"id":"e53d5306-30ea-4642-80d2-6c47a29bfce6","block_type":"box","text":"Fund through such plans; (b) exchanges pursuant to the exchange privilege described in the Fund’s Prospectus;","page_number":81,"box":{"x":70,"y":506,"width":793,"height":11}},{"id":"85c3a031-238a-4e2d-90e0-5a64eadc389b","block_type":"box","text":"(c) redemptions made in connection with minimum required distributions due to the shareholder reaching age 72","page_number":81,"box":{"x":69,"y":521,"width":804,"height":11}},{"id":"f1eaedbc-8b63-4106-a6d1-226f86505b27","block_type":"box","text":"from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by","page_number":81,"box":{"x":68,"y":536,"width":790,"height":11}},{"id":"20fdbb04-1ede-40de-b688-42679e63548f","block_type":"box","text":"BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of a","page_number":81,"box":{"x":70,"y":551,"width":806,"height":11}},{"id":"7f257509-8e8a-4078-acc2-0bd80d16ad96","block_type":"box","text":"cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":81,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"defa3605-c7a4-4a48-a942-43157d13ec1b","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":81,"box":{"x":69,"y":581,"width":831,"height":11}},{"id":"54188a96-5ee1-40cb-8b2e-dea8a2632dac","block_type":"box","text":"Investor A Shares; (f) involuntary redemptions of Investor A Shares in accounts with low balances; (g) cer tain","page_number":81,"box":{"x":70,"y":596,"width":775,"height":12}},{"id":"22bc72a8-287c-47c5-a3b4-8a9a80b18062","block_type":"box","text":"redemptions made pursuant to the Systematic Withdrawal Plan (described below); (h) redemptions related to the","page_number":81,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"d798d7cd-3460-46bf-a5ed-06c6926b2995","block_type":"box","text":"payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a","page_number":81,"box":{"x":70,"y":627,"width":768,"height":11}},{"id":"e7cc3d7b-a88c-4105-a058-9c827a2f8c0e","block_type":"box","text":"shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":81,"box":{"x":69,"y":642,"width":543,"height":11}},{"id":"5831bb74-c1c2-4196-b512-de45e5baf13c","block_type":"box","text":"If a holder of Investor A Shares of the Fund subsequently exchanges back into the same class of shares of the","page_number":81,"box":{"x":102,"y":664,"width":788,"height":12}},{"id":"6ca683b0-bc68-4785-8bdc-ffb7a5de47fa","block_type":"box","text":"original affiliated fund it will do so without paying any sales charge. If a holder of Investor A Shares of the Fund","page_number":81,"box":{"x":69,"y":680,"width":789,"height":11}},{"id":"2416b8e5-f22d-4658-bda6-b0b61ee6d211","block_type":"box","text":"exchanges into Investor A Shares of another affiliated fund, the holder will be required to pay a sales charge equal to","page_number":81,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"b2661336-37ef-4985-b9e7-38129718dfa6","block_type":"box","text":"the difference, if any, between the sales charge previously paid on the shares of the original affiliated fund and the","page_number":81,"box":{"x":68,"y":710,"width":821,"height":11}},{"id":"d05da001-1dd8-49b4-bbc8-f73b1cf60fef","block_type":"box","text":"sales charge payable at the time of the exchange on the shares of the new affiliated fund.","page_number":81,"box":{"x":69,"y":725,"width":643,"height":11}},{"id":"fba654ac-7f0c-4fdf-8548-b4decd33701b","block_type":"box","text":"It is contemplated that the exchange privilege may be applicable to other new mutual funds whose shares are","page_number":81,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"84c19315-d0e8-474b-8d81-c90c2a80467e","block_type":"box","text":"distributed by the Distributor.","page_number":81,"box":{"x":69,"y":763,"width":205,"height":11}},{"id":"246ebe91-4aa9-4985-800e-8034e3198804","block_type":"box","text":"Under the exchange privilege, exchanges are made on the basis of the relative NAVs of the shares being","page_number":81,"box":{"x":102,"y":785,"width":744,"height":12}},{"id":"ed29abc2-70e5-4ba6-8c94-1c3bed087268","block_type":"box","text":"exchanged. Shares issued pursuant to dividend reinvestment are sold on a no-load basis in each of the affiliated","page_number":81,"box":{"x":69,"y":801,"width":805,"height":11}},{"id":"4d5bc8a3-a77d-446f-82e5-dc157be830f9","block_type":"box","text":"funds. For purposes of the exchange privilege, dividend reinvestment shares shall be deemed to have been sold with","page_number":81,"box":{"x":68,"y":816,"width":833,"height":11}},{"id":"55854ec2-20e6-4024-95c4-3f38614e30cc","block_type":"box","text":"a sales charge equal to the sales charge previously paid on the shares on which the dividend was paid. Based on","page_number":81,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"5bdc8e5c-6ea2-48f8-96f2-21f333c2a6b2","block_type":"box","text":"this formula an exchange of Investor A Shares of the Fund for Investor A Shares of an affiliated fund generally will","page_number":81,"box":{"x":68,"y":846,"width":810,"height":11}},{"id":"bb828cd6-8a70-44ab-a74e-8053d80778a7","block_type":"box","text":"require the payment of a sales charge equal to the difference, if any, between the sales charge previously paid on","page_number":81,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"e019c983-8b43-4e6c-a897-41204f4b18a7","block_type":"box","text":"the Investor A Shares originally exchanged for Investor A Shares of the Fund and the sales charge that may be","page_number":81,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"d05c208e-a383-405f-aaf2-1bd953b62f12","block_type":"box","text":"payable at the time of the exchange on the Investor A Shares of the affiliated fund to be acquired.","page_number":81,"box":{"x":70,"y":891,"width":697,"height":12}},{"id":"2159f1b3-72f3-4e9b-ad3b-02cf6db44b8e","block_type":"box","text":"II-44","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0dcf4bb3-46c3-4265-b7c1-1ef2f6e6c312","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":81,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fcb2ecff-cc14-4c9b-848c-e843d26f4c46","block_type":"box","text":"Before effecting an exchange, shareholders of the Fund should obtain a currently effective prospectus of the","page_number":82,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"4dacd581-32c3-4c15-a000-0455a9452b79","block_type":"box","text":"affiliated fund into which the exchange is to be made for information regarding the fund and for fur ther details","page_number":82,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"c0ffd6a9-acb8-4235-ba71-3289a39a3f1b","block_type":"box","text":"regarding such exchange.","page_number":82,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"27f8760c-1c21-4ad8-9a00-52d3d8e7aee7","block_type":"box","text":"To effect an exchange, shareholders should contact their financial adviser, selected securities dealer or other","page_number":82,"box":{"x":101,"y":98,"width":781,"height":11}},{"id":"a781dcc3-89f7-4881-a323-73d197fb297d","block_type":"box","text":"financial intermediary, who will advise the Fund of the exchange, or write to the Fund’s transfer agent requesting that","page_number":82,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"5c0db416-1eba-4ca7-8482-4f3da0d3d30d","block_type":"box","text":"the exchange be effected. Shareholders of cer tain affiliated funds with shares for which cer tificates have not been","page_number":82,"box":{"x":68,"y":128,"width":819,"height":11}},{"id":"88a9d05a-a623-4265-bc16-47d6423c39ed","block_type":"box","text":"issued may effect an exchange by wire through their securities dealers. The exchange privilege may be modified or","page_number":82,"box":{"x":70,"y":143,"width":815,"height":11}},{"id":"313dd808-7d1c-4b95-8fe3-a009612dd1ff","block_type":"box","text":"terminated at any time in accordance with the rules of the Commission. There is currently no limitation on the","page_number":82,"box":{"x":68,"y":158,"width":784,"height":11}},{"id":"6ffd5156-0cbc-4ef4-a09d-4063ab7fa3f4","block_type":"box","text":"number of times a shareholder may effect an exchange into the Fund through the exchange privilege; however, the","page_number":82,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"146c281d-af06-4f4e-b5ac-facfff2f08c3","block_type":"box","text":"Fund reserves the right to limit the number of times an investor may effect an exchange. Cer tain affiliated funds may","page_number":82,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"98252f23-0412-4f23-a926-eb714534ad1a","block_type":"box","text":"suspend the continuous offering of their shares at any time and thereafter may resume such offering from time to","page_number":82,"box":{"x":69,"y":203,"width":813,"height":12}},{"id":"09fa88ce-13e5-4ecf-ab2e-09255edc66ff","block_type":"box","text":"time. The exchange privilege is available only to U.S. shareholders in states where the exchange legally may be","page_number":82,"box":{"x":68,"y":219,"width":793,"height":11}},{"id":"9ea0eaa7-354c-4d48-9c3e-dd27507e48ba","block_type":"box","text":"made.","page_number":82,"box":{"x":69,"y":234,"width":42,"height":9}},{"id":"df0363cd-c03a-4539-967d-ddde0dab12c0","block_type":"box","text":"An exchange pursuant to the exchange privilege is treated as a sale of the exchanged shares and a purchase of","page_number":82,"box":{"x":101,"y":256,"width":800,"height":12}},{"id":"16fce836-1fd8-4e8a-88bd-1c5cf8d65353","block_type":"box","text":"the new shares for Federal income tax purposes. In addition, an exchanging shareholder of any of the funds may be","page_number":82,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"ff1c55d1-9792-49eb-ae41-9ffe9f829bac","block_type":"box","text":"subject to backup withholding unless such shareholder cer tifies under penalty of perjury that the taxpayer","page_number":82,"box":{"x":69,"y":286,"width":753,"height":12}},{"id":"d85d0afd-c532-4574-8695-3c196acd2a0d","block_type":"box","text":"identification number on file with any such fund is correct, and that he or she is not otherwise subject to backup","page_number":82,"box":{"x":70,"y":302,"width":800,"height":11}},{"id":"b55732f8-23af-4e44-8d8b-7ad5edc28a9d","block_type":"box","text":"withholding. See “Dividends and Taxes — Taxes.”","page_number":82,"box":{"x":68,"y":317,"width":353,"height":11}},{"id":"a4f6fa66-3e7c-463e-a1e4-770f63557573","block_type":"box","text":"Additional Shareholder Features (Investor A and Investor C Shares Only)","page_number":82,"box":{"x":101,"y":340,"width":513,"height":11}},{"id":"f7926d03-c57a-477b-9211-179c7d518d5e","block_type":"box","text":"Automatic Investment Plan (“AIP”).","page_number":82,"box":{"x":101,"y":362,"width":261,"height":11}},{"id":"83ce092a-e04c-44a3-bd75-8b8bd27a6394","block_type":"box","text":"Cer tain shareholders may arrange for periodic investments in the Fund","page_number":82,"box":{"x":369,"y":362,"width":503,"height":11}},{"id":"403dc3ca-f348-4de0-adf9-be6ddfe2eb5f","block_type":"box","text":"through automatic deductions from a checking or savings account by completing the AIP Application which may be","page_number":82,"box":{"x":68,"y":377,"width":812,"height":12}},{"id":"7faa3df8-30f6-4923-b556-547e7915b120","block_type":"box","text":"obtained from the Fund at (800) 441-7762, or online at www.blackrock.com. The minimum pre-authorized investment","page_number":82,"box":{"x":69,"y":392,"width":834,"height":11}},{"id":"1be992cb-5311-4f39-8a00-c3f4c7436091","block_type":"box","text":"amount is $50 per Fund.","page_number":82,"box":{"x":69,"y":407,"width":175,"height":11}},{"id":"d8ca8f73-c30d-4efd-81f0-4c9d26971db5","block_type":"box","text":"Systematic Withdrawal Plan (“SWP”).","page_number":82,"box":{"x":101,"y":430,"width":277,"height":11}},{"id":"9b9b7e75-36cb-4ae7-8848-059a53f96a7e","block_type":"box","text":"The Fund offers a Systematic Withdrawal Plan to shareholders who wish","page_number":82,"box":{"x":385,"y":430,"width":513,"height":11}},{"id":"ef8f45de-e38f-4ccc-ade2-6301148cb9be","block_type":"box","text":"to receive regular distributions from their accounts. Upon commencement of the SWP, the account must have a","page_number":82,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"bf41b921-58e0-4e4d-884b-cede1e5a8f88","block_type":"box","text":"current value of $10,000 or more in the Fund. Shareholders may elect to receive automatic cash payments of $50 or","page_number":82,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"b89c7b33-bd78-46bc-b676-f3d4c2020b7a","block_type":"box","text":"more at any interval. You may choose any day for the withdrawal. If no day is specified, the withdrawals will be","page_number":82,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"5a52f075-f9eb-4794-a8bb-d853825decd0","block_type":"box","text":"processed on the 25th day of the month or, if such day is not a Business Day, on the prior Business Day and are","page_number":82,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"3d66950a-643f-4150-acf9-c34eb5ce53de","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal Plan Application","page_number":82,"box":{"x":70,"y":506,"width":817,"height":11}},{"id":"c32da857-19de-4a06-8be1-27132a68fe0e","block_type":"box","text":"Form which may be obtained by calling the Fund or by visiting our website at www.blackrock.com.","page_number":82,"box":{"x":70,"y":521,"width":687,"height":11}},{"id":"65d13d12-cf9e-46e7-a7a5-f8bd78f8e980","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":82,"box":{"x":102,"y":543,"width":789,"height":11}},{"id":"5e121587-ee9b-4829-9623-ee8aeed4379d","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":82,"box":{"x":68,"y":559,"width":774,"height":11}},{"id":"4a79c677-4358-4700-bdda-e97a7a3ae531","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":82,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"506cb5d3-cb34-42fa-bbfa-241c9a0a9856","block_type":"box","text":"(800) 441-7762.","page_number":82,"box":{"x":69,"y":589,"width":119,"height":11}},{"id":"fee38b81-49c5-46d8-b040-255a55dfc0a8","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan (see “Account Services and","page_number":82,"box":{"x":102,"y":612,"width":800,"height":11}},{"id":"5b7df27e-55f4-42c3-ba3b-56acf4f0dd0d","block_type":"box","text":"Privileges — Automatic Investment Plan” in the Fund’s Prospectus) and the Systematic Withdrawal Plan at the same","page_number":82,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"a7677a26-3384-44aa-9196-e061f474d894","block_type":"box","text":"time.","page_number":82,"box":{"x":68,"y":642,"width":35,"height":9}},{"id":"034a143e-65c4-45bc-bcb2-c954c257b957","block_type":"box","text":"Dividend Allocation Plan.","page_number":82,"box":{"x":102,"y":665,"width":180,"height":8}},{"id":"b93fb1b2-2973-4c7c-a9de-6d14f84c770c","block_type":"box","text":"The Dividend Allocation Plan allows shareholders to elect to have all their dividends","page_number":82,"box":{"x":288,"y":665,"width":595,"height":8}},{"id":"4792b529-35b1-4a90-a90f-73f9c2546c65","block_type":"box","text":"and any other distributions from the Fund or any Eligible Fund (which includes the Fund and other funds as","page_number":82,"box":{"x":69,"y":680,"width":757,"height":11}},{"id":"89991465-d42a-48cf-8a63-f3e9b5b4a854","block_type":"box","text":"designated by BRIL from time to time) automatically invested at NAV in one other such Eligible Fund designated by","page_number":82,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"e9c25c69-e5c9-4968-800b-0e0cc56972e5","block_type":"box","text":"the shareholder, provided the account into which the dividends and distributions are directed is initially funded with","page_number":82,"box":{"x":68,"y":710,"width":820,"height":11}},{"id":"1bad03c3-0a7a-4ac8-9fa3-e651e0c25102","block_type":"box","text":"the requisite minimum amount.","page_number":82,"box":{"x":68,"y":725,"width":223,"height":11}},{"id":"d9b7a61d-009b-44ca-8b60-0ffb42013f23","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":82,"box":{"x":70,"y":755,"width":378,"height":9}},{"id":"53ed9c60-3407-4101-9c2c-5a65852ee3ac","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":82,"box":{"x":102,"y":778,"width":804,"height":11}},{"id":"35d6905b-10a5-44c9-8a18-2706e4369fed","block_type":"box","text":"of the Fund will conver t automatically into Investor A Shares of the Fund (the “Investor C 8-Year Conversion”). It is the","page_number":82,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"5289ef0d-73b5-4249-9c86-fe7bceb58bbd","block_type":"box","text":"financial intermediary’s responsibility to ensure that the shareholder is credited with the proper holding period. As of","page_number":82,"box":{"x":68,"y":808,"width":834,"height":11}},{"id":"1e9365cb-e570-4fb0-8888-37bddcd711d1","block_type":"box","text":"the Effective Date, cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have","page_number":82,"box":{"x":68,"y":823,"width":839,"height":12}},{"id":"09bdcbbe-2ed7-470e-9eba-a05f5a4ca9ce","block_type":"box","text":"been tracking such holding periods and therefore may not be able to process such conversions. In such instances,","page_number":82,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"78f25fbd-c94a-40e3-bd8d-9e1c7292a390","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight","page_number":82,"box":{"x":70,"y":853,"width":812,"height":12}},{"id":"f97e2652-f0d5-4952-9e4b-ebd5b63d51d1","block_type":"box","text":"years after the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial","page_number":82,"box":{"x":68,"y":869,"width":769,"height":11}},{"id":"47df1b6c-35ec-4451-a4d4-1ffb7e9d66af","block_type":"box","text":"intermediary has not implemented systems or procedures to track holding periods commencing from the Effective","page_number":82,"box":{"x":70,"y":884,"width":811,"height":11}},{"id":"5711279e-06e8-4618-b2fd-bbb80b5f4746","block_type":"box","text":"II-45","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e611aa3-8bc4-45c6-b6ed-7f43f66d3bc0","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":82,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"78511589-617b-4039-acd5-4b4d087ae6f8","block_type":"box","text":"Date, shareholders holding Investor C Shares through such financial intermediary will no longer be eligible to hold","page_number":83,"box":{"x":70,"y":45,"width":809,"height":11}},{"id":"712a87d0-bb92-46b3-a7a0-bcf4a4131b93","block_type":"box","text":"Investor C Shares and any such shares will conver t to Investor A Shares as soon as reasonably practicable after","page_number":83,"box":{"x":70,"y":60,"width":801,"height":11}},{"id":"ac5a743a-3b64-4079-a38c-21f56719d4dd","block_type":"box","text":"such date.","page_number":83,"box":{"x":69,"y":75,"width":73,"height":9}},{"id":"42d5e640-a8e5-4bd7-862a-3766f21b9f31","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":83,"box":{"x":102,"y":98,"width":764,"height":11}},{"id":"f43c2520-cf8d-4b1a-b29c-43d7c390512a","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":83,"box":{"x":70,"y":113,"width":816,"height":11}},{"id":"94a4b555-6bf8-4f6b-8f4c-8c47acb1f547","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":83,"box":{"x":69,"y":128,"width":772,"height":11}},{"id":"971f1550-22af-437e-8890-2bb599953776","block_type":"box","text":"“Investor C Conversions”).","page_number":83,"box":{"x":70,"y":143,"width":186,"height":11}},{"id":"46c1b5db-2114-476a-a845-0fae956a18ec","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":83,"box":{"x":101,"y":166,"width":776,"height":11}},{"id":"41ae85a0-f4cd-4e1f-b5a4-1a2d92ffb523","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":83,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"efdd3478-2479-4b44-83d8-fcc2bf1dedf9","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":83,"box":{"x":70,"y":196,"width":827,"height":11}},{"id":"62454b53-ef24-42ec-8fc9-6990b5506d3b","block_type":"box","text":"of the shares for Federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":83,"box":{"x":69,"y":211,"width":801,"height":11}},{"id":"3ca9f0e7-1fb5-41a0-8f7d-20d0add461eb","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in the Fund’s Prospectus. The Investor C","page_number":83,"box":{"x":69,"y":226,"width":807,"height":11}},{"id":"2de6cdbe-4bdc-45d6-b707-a479d5d54e65","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":83,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"b27894ad-6288-4c68-a364-aa4fe1fa8aa0","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":83,"box":{"x":69,"y":257,"width":445,"height":11}},{"id":"a2742423-919a-4b70-bb9b-1cf60d0982dc","block_type":"box","text":"Institutional Shares","page_number":83,"box":{"x":70,"y":287,"width":138,"height":9}},{"id":"8688dfb8-9a9c-402e-b642-585719d632dd","block_type":"box","text":"Purchase of Shares","page_number":83,"box":{"x":102,"y":309,"width":140,"height":9}},{"id":"44b64a52-413b-4f07-8ecb-b443fdee2362","block_type":"box","text":". Summit Cash Reserves offers Institutional Shares as described in the Fund’s Prospectus.","page_number":83,"box":{"x":244,"y":309,"width":650,"height":11}},{"id":"90327cab-d598-4ecd-bb6d-6d829c9a3886","block_type":"box","text":"In addition, the following investors may purchase Institutional Shares: employees, officers and directors/","page_number":83,"box":{"x":102,"y":332,"width":749,"height":11}},{"id":"a6273cf7-32fc-41c9-8e2b-37722fabb511","block_type":"box","text":"trustees of BlackRock, Inc., BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their","page_number":83,"box":{"x":68,"y":347,"width":801,"height":11}},{"id":"e486b7d6-fd8f-4286-a40e-a4d8fe7bfade","block_type":"box","text":"respective affiliates and immediate family members of such persons, if they open an account directly with BlackRock;","page_number":83,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"70d27744-cf48-4757-9289-878877525469","block_type":"box","text":"individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":83,"box":{"x":70,"y":377,"width":829,"height":11}},{"id":"9be1982e-9a80-4413-b3e3-63d717d4dcdb","block_type":"box","text":"the Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such","page_number":83,"box":{"x":68,"y":392,"width":821,"height":12}},{"id":"e66699f8-e5c0-43d9-9978-f1035dfd60c8","block_type":"box","text":"shares (“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city,","page_number":83,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"57e7c6c7-00b9-45f1-b488-21d9196460d6","block_type":"box","text":"and state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":83,"box":{"x":69,"y":423,"width":824,"height":11}},{"id":"52d5d81b-8fae-47df-b8ad-6c293efa99ea","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":83,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"1afac6e7-0eea-4da4-91d7-42c641ff1367","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":83,"box":{"x":69,"y":453,"width":831,"height":11}},{"id":"b39f39fd-5c3a-48d1-8c26-67f8c098d4ef","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":83,"box":{"x":68,"y":468,"width":782,"height":11}},{"id":"e1408767-821d-4e0c-afcb-f9e5ffe80a65","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":83,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"bd3746da-f555-499a-bc6e-6d50849d2f70","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":83,"box":{"x":70,"y":498,"width":788,"height":11}},{"id":"460b050d-5c35-477e-ab17-000051c14b13","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":83,"box":{"x":70,"y":513,"width":835,"height":12}},{"id":"8d22bfe7-8650-4755-a03a-b0f07d3870e3","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":83,"box":{"x":69,"y":528,"width":813,"height":12}},{"id":"5e579089-c1e0-47f3-983e-ea794deb29f4","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":83,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"7ff9fb3e-36ae-4e5c-8475-57a510cc7c26","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":83,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"4dfc14fb-6bb0-4c99-b44c-3ee5b80495c0","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":83,"box":{"x":68,"y":574,"width":819,"height":11}},{"id":"d0382b6c-10c6-42b9-8340-92407fb49915","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":83,"box":{"x":70,"y":589,"width":826,"height":11}},{"id":"a2eb2903-d94d-48dd-92eb-c702d6f8adb6","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":83,"box":{"x":69,"y":603,"width":837,"height":12}},{"id":"6f8a78de-aa39-417c-8eed-9029311ad9cb","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":83,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"0b19d63a-d2e8-4883-920e-1e4766cda890","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust depar tment clients of Bank of America,","page_number":83,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"19643ace-6e20-47d4-bcb7-efef86c4f5f0","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit","page_number":83,"box":{"x":70,"y":649,"width":807,"height":12}},{"id":"5851fa78-a8cd-46cd-84cd-68131de92222","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":83,"box":{"x":70,"y":664,"width":838,"height":12}},{"id":"a5824b5c-57e9-4573-adae-9c48523ec7d8","block_type":"box","text":"of cer tain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":83,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"d9e1eb6b-13d3-4712-92cc-36fad5d916f3","block_type":"box","text":"shares of the Fund.","page_number":83,"box":{"x":69,"y":695,"width":137,"height":9}},{"id":"061769e8-4d10-4474-9ccc-3b84cb400f6c","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":83,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"edadba08-e338-4a00-b584-244e8bed7b1a","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":83,"box":{"x":69,"y":732,"width":638,"height":12}},{"id":"49347a19-b4d9-48b0-be46-8b96da3b940a","block_type":"box","text":"Institutional Shares of the Fund may be purchased by customers of broker-dealers and agents that have","page_number":83,"box":{"x":102,"y":755,"width":740,"height":11}},{"id":"85eb53fb-58f9-4ab7-83a6-c744a21d394c","block_type":"box","text":"established a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may","page_number":83,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"d406d669-c349-4edf-8c55-f0d7aa050776","block_type":"box","text":"impose additional or different conditions on the purchase or redemption of Fund shares by their customers and may","page_number":83,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"53f6818a-86f6-4e8a-b08c-bb5c02235d78","block_type":"box","text":"charge their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each","page_number":83,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"4746ec35-18b7-46df-99d5-4d9b8d14c2a3","block_type":"box","text":"broker-dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":83,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"991db093-7fcf-4361-8458-019286f14662","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":83,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"75332092-4c1a-48fd-8825-184a1dcc845f","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":83,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"17b04260-92eb-43f1-983d-5d3bf0fdcd58","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":83,"box":{"x":102,"y":869,"width":806,"height":11}},{"id":"1e8a02e7-a433-48e4-8e12-299c4eb94ef2","block_type":"box","text":"in Federal funds or other immediately available funds by the time specified by the shareholder’s financial","page_number":83,"box":{"x":70,"y":884,"width":744,"height":11}},{"id":"3e34623d-5e5f-417b-b3bb-5d08b9ab0522","block_type":"box","text":"intermediary, but in no event later than the close of the federal funds wire (normally 6:45 p.m. (Eastern time)).","page_number":83,"box":{"x":70,"y":899,"width":786,"height":11}},{"id":"5cc2b239-68b9-42f6-9508-4ed57557b10f","block_type":"box","text":"II-46","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"210fbd84-9837-461d-ae09-21c3c43aa109","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":83,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7cfe3807-0bcc-4b03-a621-d86538977b66","block_type":"box","text":"Payment may also, in the discretion of the Fund, be made in the form of securities that are permissible investments","page_number":84,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"32129ab1-ecdf-4451-bae5-b5b57a600b2c","block_type":"box","text":"for the Fund. If payment for a purchase order is not received by the prescribed time, an investor may be liable for any","page_number":84,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"46cac795-a1d3-4242-ba71-3309a2ffc561","block_type":"box","text":"resulting losses or expenses incurred by the Fund.","page_number":84,"box":{"x":69,"y":75,"width":358,"height":11}},{"id":"6f4c35af-bcf4-4ca5-8ed0-486953b48b5f","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":84,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"b99c7c4b-91f8-4899-b1c5-a3558ee0da0b","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":84,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"36306b26-f821-45a6-a4a8-0e710a5691fb","block_type":"box","text":"class of shares of the Fund, provided that the exchanged shares are not subject to a CDSC and that shareholders","page_number":84,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"244fbeac-df3e-48df-b9e5-3799caf018ea","block_type":"box","text":"meet eligibility requirements of the new share class.","page_number":84,"box":{"x":69,"y":143,"width":372,"height":11}},{"id":"5377a198-76ce-4f1b-a84e-3db369b9ff42","block_type":"box","text":"DCC&S.","page_number":84,"box":{"x":102,"y":166,"width":56,"height":9}},{"id":"189b37b2-1aed-4632-8ab7-13b40be4edea","block_type":"box","text":"Qualified Plans may be able to invest in shares of the Fund through the Defined Contribution Clearance","page_number":84,"box":{"x":165,"y":166,"width":734,"height":11}},{"id":"c8b22475-6826-409e-a466-76f1845e0a0e","block_type":"box","text":"and Settlement System (“DCC&S”) of the National Securities Clearing Corporation. Institutions qualifying to trade on","page_number":84,"box":{"x":69,"y":181,"width":828,"height":11}},{"id":"b9ce44e3-ab3a-4095-a686-906d507baed6","block_type":"box","text":"DCC&S include broker/dealers, trust companies and third par ty administrators. Please contact the Fund for","page_number":84,"box":{"x":70,"y":196,"width":767,"height":11}},{"id":"38f73731-5f96-41cd-bca4-06a1c0f75b3d","block_type":"box","text":"information on agreements, procedures, sales charges and fees related to DCC&S transactions.","page_number":84,"box":{"x":70,"y":211,"width":686,"height":11}},{"id":"1a1eebcc-b99e-4289-8467-ef7a920ca9b2","block_type":"box","text":"Purchase of Shares of WeLEAF","page_number":84,"box":{"x":69,"y":241,"width":224,"height":9}},{"id":"a77e2ae1-78de-4722-a86c-f5280069f0b2","block_type":"box","text":"WeLEAF has authorized one or more brokers and/or financial institutions (“Authorized Persons”) to receive on its","page_number":84,"box":{"x":101,"y":264,"width":804,"height":11}},{"id":"38ae9e02-6f17-4361-847c-08718bbfe15e","block_type":"box","text":"behalf purchase and redemption orders that are in “good form” in accordance with the policies of those Authorized","page_number":84,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"0371a1ca-57a1-4a71-9d9c-cba3ce1d4806","block_type":"box","text":"Persons. Such Authorized Persons are authorized to designate other intermediaries to receive purchase and","page_number":84,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"7b890d33-6a01-4769-821b-c28353dff066","block_type":"box","text":"redemption orders on the Fund’s behalf, and the Fund will be deemed to have received a purchase or redemption","page_number":84,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"5c466ce5-b67f-459c-b72e-e0e7067475b7","block_type":"box","text":"order when an Authorized Person or, if applicable, such Authorized Person’s authorized designee, receives the order.","page_number":84,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"d88e30c6-82ae-4dfe-aac0-1b763b1a7a02","block_type":"box","text":"Such customer orders will be priced at the Fund’s NAV next computed after they are received by an Authorized Person","page_number":84,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"f5de5618-74ab-419e-8de5-4ddf32e4ca60","block_type":"box","text":"or such Authorized Person’s authorized designee. Financial institutions may include retirement plan service providers","page_number":84,"box":{"x":69,"y":355,"width":834,"height":11}},{"id":"683a5c6a-8757-4356-b088-12d49c05e92b","block_type":"box","text":"who aggregate purchase and redemption instructions received from numerous retirement plans or plan par ticipants.","page_number":84,"box":{"x":68,"y":370,"width":829,"height":11}},{"id":"27e56bb8-d64a-4730-b39a-7d08432828ea","block_type":"box","text":"Investor Shares","page_number":84,"box":{"x":70,"y":400,"width":110,"height":9}},{"id":"41b6fe29-374e-4132-84a4-57d2828e0381","block_type":"box","text":"Purchase of Shares.","page_number":84,"box":{"x":102,"y":423,"width":144,"height":9}},{"id":"9462c4df-2e46-481a-9586-5c4b4038f7f2","block_type":"box","text":"The minimum investment for the initial purchase of shares is $1,000. There is no","page_number":84,"box":{"x":253,"y":422,"width":582,"height":12}},{"id":"ccb2286d-1b8c-430f-8fc0-b5f65d871fc1","block_type":"box","text":"investment minimum for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs).","page_number":84,"box":{"x":70,"y":438,"width":811,"height":11}},{"id":"20a0e9cb-9076-4c55-90d6-dffca30c9f20","block_type":"box","text":"There is no investment minimum for cer tain fee-based programs. There is a $50 minimum for subsequent","page_number":84,"box":{"x":68,"y":452,"width":757,"height":12}},{"id":"3f9dc1c2-0cfe-4229-ac08-e6048130c267","block_type":"box","text":"investments (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).","page_number":84,"box":{"x":70,"y":468,"width":821,"height":11}},{"id":"cbccc324-9e03-42b0-98a0-f4d73404be36","block_type":"box","text":"Purchases through the Automatic Investment Plan are subject to a lower initial purchase minimum. In addition, the","page_number":84,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"2e8b41df-b833-4060-97b6-35ade80a4f4b","block_type":"box","text":"minimum initial investment for employees of the Fund, the Fund’s Manager, sub-adviser, BRIL or transfer agent or","page_number":84,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"b267805d-084d-4d1a-a0ea-dfc27e7d41ef","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in which case the","page_number":84,"box":{"x":69,"y":513,"width":836,"height":12}},{"id":"bd1cab45-921d-4ef7-ac14-4a9dc1ddcc23","block_type":"box","text":"minimum investment is $25.","page_number":84,"box":{"x":69,"y":528,"width":203,"height":10}},{"id":"eb3a7f98-9e05-4f0e-a7d0-b83540487c4c","block_type":"box","text":"Purchases Through Brokers.","page_number":84,"box":{"x":102,"y":551,"width":204,"height":11}},{"id":"89757be7-fd8b-4d0c-8e9e-32cf2982d5ce","block_type":"box","text":"It is the responsibility of brokers to transmit purchase orders and payment on a","page_number":84,"box":{"x":314,"y":551,"width":566,"height":11}},{"id":"4a5cffbc-f7f6-46ee-84e3-ee66ad528c2f","block_type":"box","text":"timely basis. Generally, if payment is not received within the period described in the Prospectus, the order will be","page_number":84,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"7bee50a5-b73a-4e46-b898-228e2694e2f0","block_type":"box","text":"canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss to the Fund","page_number":84,"box":{"x":69,"y":581,"width":821,"height":12}},{"id":"c0300b42-0a4a-40da-bbcc-09a498afd199","block_type":"box","text":"or its shareholders. Orders of less than $500 may be mailed by a broker to the transfer agent.","page_number":84,"box":{"x":69,"y":596,"width":673,"height":12}},{"id":"98d596f8-239e-4b00-9949-879c49ec85b9","block_type":"box","text":"Other Purchase Information.","page_number":84,"box":{"x":101,"y":619,"width":205,"height":9}},{"id":"3c08908a-7b92-4a0a-89b7-19ab7972a860","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":84,"box":{"x":313,"y":619,"width":559,"height":11}},{"id":"b9b0b292-3e30-42b8-a09d-f91dbd4c3cc6","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":84,"box":{"x":69,"y":634,"width":786,"height":11}},{"id":"fe9e9597-2f82-4596-bb19-2cc23122a269","block_type":"box","text":"weekdays on which both the NYSE and the Federal Reserve Bank of Philadelphia are open for business (a “Business","page_number":84,"box":{"x":68,"y":649,"width":833,"height":12}},{"id":"d0c6397f-9c24-417d-ba53-b4c071be9c57","block_type":"box","text":"Day”). Payment for orders which are not received or accepted will be returned after prompt inquiry. The issuance of","page_number":84,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"756c7e3d-a983-4571-9eb1-c375f22bd79f","block_type":"box","text":"shares is recorded on the books of the Fund. No cer tificates will be issued for shares. Payments for shares of the","page_number":84,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"b4d7107e-8a65-4869-b2c0-8163c2a06aaf","block_type":"box","text":"Fund may, in the discretion of the Fund’s Manager, be made in the form of securities that are permissible","page_number":84,"box":{"x":70,"y":695,"width":751,"height":11}},{"id":"0af00577-d660-470d-89e1-7df7e3550713","block_type":"box","text":"investments for the Fund. The Fund reserves the right to reject any purchase order, to modify or waive the minimum","page_number":84,"box":{"x":70,"y":710,"width":823,"height":11}},{"id":"ca0e9724-90dd-4332-bf19-73df3dc8e550","block_type":"box","text":"initial or subsequent investment requirement and to suspend and resume the sale of any share class of the Fund at","page_number":84,"box":{"x":70,"y":725,"width":827,"height":11}},{"id":"75a36764-45d8-4e43-b794-1982a094e75e","block_type":"box","text":"any time.","page_number":84,"box":{"x":69,"y":740,"width":63,"height":11}},{"id":"95c4e53f-5a81-45fd-91f9-2068ec388931","block_type":"box","text":"Shareholder Features","page_number":84,"box":{"x":101,"y":763,"width":155,"height":9}},{"id":"ad972c64-8b7a-4f6d-bca1-2e26cef19d25","block_type":"box","text":"Exchange Privilege.","page_number":84,"box":{"x":102,"y":786,"width":142,"height":11}},{"id":"8250c957-be7e-4a32-ae71-0c5ea8d8a835","block_type":"box","text":"Unless an exemption applies, a front-end sales charge will be charged in connection with","page_number":84,"box":{"x":251,"y":785,"width":633,"height":12}},{"id":"bb673fb5-fbd7-4445-882e-f98c0e889912","block_type":"box","text":"exchanges of Investor A Shares of WeLEAF for Investor A Shares of one of the funds advised by BlackRock or its","page_number":84,"box":{"x":69,"y":801,"width":799,"height":11}},{"id":"c5450949-6a18-4994-96e4-9f39878ab2c6","block_type":"box","text":"affiliates where an initial sales charge is assessed at the time of purchase of such fund (each, an “Investor A Load","page_number":84,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"1c5116aa-f03c-4420-837b-8c7d9a9b3598","block_type":"box","text":"BlackRock Fund”). Exchanges of Investor C Shares of WeLEAF for Investor C Shares of a Non-Money Market Por tfolio","page_number":84,"box":{"x":70,"y":831,"width":830,"height":11}},{"id":"05d9ef18-d753-43bf-bdad-5bcf2628d78c","block_type":"box","text":"will be exercised at NAV. However, a CDSC will be charged in connection with the redemption of the Investor C Shares","page_number":84,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"4404a8e8-2b51-4397-85fe-8699688818dc","block_type":"box","text":"of the Non-Money Market Por tfolio received in the exchange.","page_number":84,"box":{"x":69,"y":861,"width":429,"height":11}},{"id":"75d2c3a3-ec29-4fd0-800d-44dd12203728","block_type":"box","text":"A CDSC of up to 1.00% may apply to cer tain redemptions of Investor A Shares of WeLEAF purchased in an","page_number":84,"box":{"x":101,"y":884,"width":757,"height":11}},{"id":"084e2eca-16a9-410e-8fbd-678722b099cf","block_type":"box","text":"exchange transaction for Investor A Shares of a por tfolio advised by BlackRock or its affiliates where no initial sales","page_number":84,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"d6b7b72c-4d65-4833-a540-280f070fbd59","block_type":"box","text":"II-47","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"89a0b055-2040-49a2-b489-4a7ff8a36f7c","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":84,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2437392f-762b-486b-9c4b-527d298aa5d8","block_type":"box","text":"charge was paid at the time of purchase of such Fund (an “Investor A Load-Waived BlackRock Fund”) as par t of an","page_number":85,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"af8b8659-011a-4698-9b75-b677d31e185a","block_type":"box","text":"investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived BlackRock Fund) or","page_number":85,"box":{"x":70,"y":59,"width":824,"height":12}},{"id":"f3094855-968e-4fad-b002-cf9335b2de93","block_type":"box","text":"more. The Investor A Shares CDSC is only charged upon redemptions of Investor A Shares within 18 months after you","page_number":85,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"fbe7d741-3698-4c84-b6cf-daf2d7627beb","block_type":"box","text":"originally acquired such Investor A Shares of the Investor A Load-Waived BlackRock Fund (a shor ter holding period","page_number":85,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"f13b889f-89aa-4897-a09f-3dde0d67cc54","block_type":"box","text":"may apply depending on the Investor A Load-Waived BlackRock Fund), unless you qualify for a waiver. There is no","page_number":85,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"916a2e1d-6dae-4c5b-9c25-79669c3c1666","block_type":"box","text":"CDSC charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter","page_number":85,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"1a4e441d-afa0-4255-962e-8d7d6349dc3f","block_type":"box","text":"holding period, as applicable) as measured from your original purchase of Investor A Shares that you exchanged into","page_number":85,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"7b560260-d94d-4b68-bf09-69c1d5daf05f","block_type":"box","text":"Investor A Shares of WeLEAF. The deferred sales charge on Investor A Shares is not charged in connection with:","page_number":85,"box":{"x":70,"y":150,"width":798,"height":12}},{"id":"0bde5706-226f-49b8-a509-97402660e0cf","block_type":"box","text":"(a) redemptions of Investor A Shares purchased through cer tain employer-sponsored retirement plans and rollovers","page_number":85,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"883067da-fa9f-472d-afec-3181094a29d0","block_type":"box","text":"of current investments in a Fund through such plans; (b) exchanges pursuant to the exchange privilege described in","page_number":85,"box":{"x":69,"y":181,"width":822,"height":11}},{"id":"6c887aab-106e-4749-8499-ecd30e0487d6","block_type":"box","text":"the Fund’s Prospectus; (c) redemptions made in connection with minimum required distributions due to the","page_number":85,"box":{"x":68,"y":196,"width":765,"height":11}},{"id":"b68106ef-79eb-4517-bf10-bdad5c5a4e38","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain","page_number":85,"box":{"x":69,"y":211,"width":775,"height":11}},{"id":"c7391c60-3e80-4877-8f8f-a565aec3c705","block_type":"box","text":"retirement plans sponsored by BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death","page_number":85,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"5ba0e793-d64b-497f-a2ad-82ffb8737b80","block_type":"box","text":"or, if later, the receipt of a cer tified probate settlement (including in connection with the distribution of account","page_number":85,"box":{"x":69,"y":241,"width":789,"height":11}},{"id":"b0e3aaa8-1678-496a-858d-ed51626b373c","block_type":"box","text":"assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code)","page_number":85,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"a96db9c3-c8db-43b1-a73a-6eb018b96b45","block_type":"box","text":"subsequent to the purchase of Investor A Shares; (f) involuntary redemptions of Investor A Shares in accounts with","page_number":85,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"071666b3-2ecb-421a-854f-944f43106c22","block_type":"box","text":"low balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":85,"box":{"x":70,"y":287,"width":762,"height":11}},{"id":"0db563e1-32f0-4b70-a058-9f2db248b63a","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":85,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"06608211-a3bd-4fb7-80cb-bf03847c7c7e","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":85,"box":{"x":69,"y":317,"width":711,"height":11}},{"id":"950731e5-f4ed-49d5-8a29-74619acad944","block_type":"box","text":"A CDSC of 1.00% may apply to cer tain redemptions of Investor C Shares of WeLEAF. The Investor C Shares","page_number":85,"box":{"x":101,"y":339,"width":764,"height":12}},{"id":"cdc5f8a3-4c45-47b5-86c8-b2dff0d32a93","block_type":"box","text":"CDSC is only charged upon redemptions of Investor C Shares within one year after you originally acquired the","page_number":85,"box":{"x":69,"y":355,"width":777,"height":11}},{"id":"5b4c3c97-12c2-4ac6-b05a-de31f7696e0b","block_type":"box","text":"Investor C Shares of the Non-Money Market Por tfolio, unless you qualify for a waiver. There is no CDSC charged on","page_number":85,"box":{"x":70,"y":370,"width":817,"height":11}},{"id":"a30c79b5-f8b7-48f4-936c-851f3c7161ff","block_type":"box","text":"redemptions if you have owned your Investor C Shares for more than one year (as measured from your original","page_number":85,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"b49974f7-8829-4c3f-a854-34280f52fb91","block_type":"box","text":"purchase of Investor C Shares that you exchanged into Investor C Shares of WeLEAF). In determining whether an","page_number":85,"box":{"x":70,"y":400,"width":801,"height":11}},{"id":"ecff0ca4-0264-40ac-85e4-1f2ceeb5c39d","block_type":"box","text":"Investor C Shares CDSC is applicable to a redemption, the calculation will be determined in the manner that results","page_number":85,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"00e00ea9-1acb-42f2-aad2-6a83c190549e","block_type":"box","text":"in the lowest possible rate being charged. The charge will be assessed on an amount equal to the lesser of the","page_number":85,"box":{"x":70,"y":430,"width":794,"height":11}},{"id":"d24bd7a8-58dd-4144-8f1a-251b0aa7f88f","block_type":"box","text":"proceeds of redemption or the cost of the shares being redeemed. Accordingly, no CDSC will be imposed on","page_number":85,"box":{"x":70,"y":445,"width":769,"height":12}},{"id":"f924a476-7018-488e-a7e2-eac612a8ca41","block_type":"box","text":"increases in NAV above the initial purchase price of Investor C Shares. In addition, no CDSC will be assessed on","page_number":85,"box":{"x":70,"y":460,"width":801,"height":11}},{"id":"b7f0472e-c285-45f5-9c25-9770325e66cf","block_type":"box","text":"Investor C Shares acquired through reinvestment of dividends. It will be assumed that the redemption is first of","page_number":85,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"ebf8ccb9-1f85-4740-b43a-1c0188cf7040","block_type":"box","text":"shares held for over one year or shares acquired pursuant to reinvestment of dividends and then of shares held","page_number":85,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"876df19e-a883-4f9b-9273-284bd6947908","block_type":"box","text":"longest during the one-year period. A transfer of shares from a shareholder’s account to another account will be","page_number":85,"box":{"x":70,"y":506,"width":795,"height":11}},{"id":"2fac7792-ec65-42de-b8ef-df2952e0cf6e","block_type":"box","text":"assumed to be made in the same order as a redemption.","page_number":85,"box":{"x":69,"y":521,"width":408,"height":11}},{"id":"7afb38dd-23ce-47e6-9b83-ee4be3d80c25","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of the Fund’s SAI for","page_number":85,"box":{"x":102,"y":543,"width":722,"height":12}},{"id":"ba71637f-c36f-4155-bc0e-db9a4d95f097","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":85,"box":{"x":70,"y":559,"width":769,"height":11}},{"id":"d69d90d9-b9f3-47a7-8cfa-ec676c2b7651","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":85,"box":{"x":101,"y":581,"width":740,"height":12}},{"id":"5dec962e-ce60-4da0-ac03-d72575402c2e","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":85,"box":{"x":70,"y":596,"width":802,"height":12}},{"id":"df968562-a82c-402e-82b4-d90b75e67e1b","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges pursuant to the","page_number":85,"box":{"x":69,"y":612,"width":809,"height":11}},{"id":"ef9e576e-eb50-4ad0-950c-85d699292845","block_type":"box","text":"exchange privilege described in the Fund’s Prospectus; (3) redemptions made in connection with minimum required","page_number":85,"box":{"x":69,"y":627,"width":822,"height":11}},{"id":"8833fff1-3888-4b83-9c71-f28c3045a234","block_type":"box","text":"distributions due to the shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with","page_number":85,"box":{"x":69,"y":642,"width":815,"height":11}},{"id":"f15e0f5f-47b4-42ea-a2bf-3a4a4aa8fcde","block_type":"box","text":"respect to cer tain retirement plans sponsored by BlackRock or its affiliates; (5) redemptions in connection with a","page_number":85,"box":{"x":69,"y":657,"width":807,"height":11}},{"id":"f28c412a-9761-4ca3-8ebf-5676fe1856c4","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":85,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"3ed8096a-14d2-4a33-a5ce-e39ad7ef575d","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":85,"box":{"x":68,"y":687,"width":836,"height":11}},{"id":"7ac28360-2302-461b-ab76-945bc8b65b13","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":85,"box":{"x":69,"y":702,"width":806,"height":11}},{"id":"76c3763f-384a-4186-bd68-2e234214bb55","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":85,"box":{"x":69,"y":717,"width":786,"height":12}},{"id":"4b067f43-00ab-4dd4-a131-ac0ba57726e4","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":85,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"5b7a9530-c686-4bd1-bb60-c90ddc10dd2c","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":85,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"b0927480-668c-4c1e-be70-b72991382b77","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":85,"box":{"x":70,"y":763,"width":791,"height":11}},{"id":"96913a9b-7545-40f5-a247-7a4e2119cd40","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":85,"box":{"x":70,"y":778,"width":784,"height":11}},{"id":"39839cdc-58dd-4687-8e3f-4b5a4feb9fca","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":85,"box":{"x":69,"y":793,"width":824,"height":11}},{"id":"7e5d8ed5-c010-4bc1-b20e-4cf28fdd4ddf","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":85,"box":{"x":69,"y":808,"width":451,"height":11}},{"id":"e635da34-4edb-4447-9921-3b9a13bb86b3","block_type":"box","text":"WeLEAF has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":85,"box":{"x":101,"y":831,"width":766,"height":11}},{"id":"43d7455b-5aa3-4bd1-8a4c-604b0ba0b358","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in the","page_number":85,"box":{"x":70,"y":846,"width":797,"height":11}},{"id":"b66571c9-fe13-41d3-ae41-ac5720cff91b","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":85,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"25c7d15c-f107-47b8-947b-ebc693615172","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":85,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"803a5cdb-8f27-47c9-a43d-dd75773ab810","block_type":"box","text":"Investor A Shares.","page_number":85,"box":{"x":70,"y":891,"width":128,"height":9}},{"id":"d4167811-1681-4802-8c28-6fd5c827b039","block_type":"box","text":"II-48","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bc2e6007-4487-4b25-90f4-45ad4267647d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":85,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dc3ad778-d5ce-4fa6-bfd2-61dc98b3fbe5","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":86,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"43da6c04-7b27-45da-b436-7f5a36bb766a","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":86,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"efc0c1f9-15dc-4a1e-ab02-7791e717c35d","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":86,"box":{"x":69,"y":75,"width":462,"height":11}},{"id":"8e7312fb-b22e-42d5-b6a1-8fcc2bb65424","block_type":"box","text":"Investor A Shares of the Fund that were (1) acquired through the use of the exchange privilege and (2) can be","page_number":86,"box":{"x":102,"y":98,"width":780,"height":11}},{"id":"6ffdc669-fdbd-425b-a03c-4e7ce0dd40eb","block_type":"box","text":"traced back to a purchase of shares in one or more investment por tfolios of the Fund for which a sales charge was","page_number":86,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"1000bfcd-d273-4d98-9903-a5d3dae48052","block_type":"box","text":"paid, can be exchanged for Investor A Shares of the Fund subject to a sales charge.","page_number":86,"box":{"x":70,"y":128,"width":596,"height":11}},{"id":"4cd03dce-1cad-4368-b949-45a34f8171cd","block_type":"box","text":"A shareholder wishing to make an exchange may do so by sending a written request to the Fund at the following","page_number":86,"box":{"x":101,"y":150,"width":799,"height":12}},{"id":"6fbb55d9-e0c3-40ef-928c-12e0706b73b0","block_type":"box","text":"address: BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are automatically","page_number":86,"box":{"x":69,"y":166,"width":785,"height":11}},{"id":"385bd767-e032-4df8-a8ef-a69899a74d15","block_type":"box","text":"provided with telephone exchange privileges when opening an account, unless they indicate on the Application that","page_number":86,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"05c33d55-a57e-4199-81d2-55acc5a547b0","block_type":"box","text":"they do not wish to use this privilege. To add this feature to an existing account that previously did not provide this","page_number":86,"box":{"x":68,"y":196,"width":817,"height":11}},{"id":"bf6d61d0-9ea7-4545-bb89-5f6fc62ec467","block_type":"box","text":"option, a request must be made in writing or by telephone. Once this election has been made, the shareholder may","page_number":86,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"a7bad597-e219-45b9-b5ee-0d9c2bea42af","block_type":"box","text":"simply contact the Fund by telephone at (800) 441-7762 to request the exchange. During periods of substantial","page_number":86,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"3446dc6f-a664-47b1-b936-bf1f3e750b36","block_type":"box","text":"economic or market change, telephone exchanges may be difficult to complete and shareholders may have to submit","page_number":86,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"dcea3b93-f297-4e0c-86ef-b4e19f8db891","block_type":"box","text":"exchange requests in writing.","page_number":86,"box":{"x":69,"y":257,"width":206,"height":11}},{"id":"bdbd75a0-5d27-4f98-b1f0-b0c2cbe96715","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":86,"box":{"x":102,"y":279,"width":800,"height":11}},{"id":"6b0c51e9-a6b1-4c28-96bc-fb5fab8e37b2","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":86,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"c2fe31be-cdc9-4801-ab55-1171c47ae9f6","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":86,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"3b180755-50af-49bc-bebd-1b80725764fe","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution. In order to par ticipate in the Automatic Investment","page_number":86,"box":{"x":68,"y":325,"width":833,"height":11}},{"id":"248903b0-6249-481f-a6a2-39b86a2e2de7","block_type":"box","text":"Program or establish a Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must","page_number":86,"box":{"x":69,"y":339,"width":817,"height":12}},{"id":"cdb47bff-cf33-400d-8476-aa9f088ddf9a","block_type":"box","text":"file a specific written request.","page_number":86,"box":{"x":68,"y":355,"width":210,"height":11}},{"id":"77faeec9-8bbc-4b7d-8369-1aeb708e1fbe","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":86,"box":{"x":101,"y":377,"width":790,"height":12}},{"id":"d6cf56f0-fc92-4586-817b-858176401fb8","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For Federal income tax purposes, a share","page_number":86,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"12eee1c2-b450-478b-87bc-f57b85748090","block_type":"box","text":"exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an exchange","page_number":86,"box":{"x":69,"y":407,"width":799,"height":12}},{"id":"120556ed-f1e8-4728-9a85-f3cab354f678","block_type":"box","text":"request, shareholders should consult a tax or other financial adviser and should consider the investment objective,","page_number":86,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"df0bdbd6-e53e-412f-9d66-69acebcf3bdc","block_type":"box","text":"policies and restrictions of the investment por tfolio into which the shareholder is making an exchange. Brokers may","page_number":86,"box":{"x":70,"y":438,"width":824,"height":11}},{"id":"98ff9c81-856c-41e0-84ec-b55ca609c651","block_type":"box","text":"charge a fee for handling exchanges.","page_number":86,"box":{"x":69,"y":453,"width":261,"height":11}},{"id":"042bb8c8-4763-407b-994b-9eb78802611b","block_type":"box","text":"The Fund reserves the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":86,"box":{"x":101,"y":475,"width":782,"height":12}},{"id":"73e502b8-4149-44c1-8608-67150717c064","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Fund","page_number":86,"box":{"x":68,"y":491,"width":792,"height":11}},{"id":"56138e90-bd44-4ec4-be00-57f97361a015","block_type":"box","text":"reserves the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":86,"box":{"x":69,"y":506,"width":840,"height":11}},{"id":"d753dff4-ec84-456c-be89-22527eb0e14f","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":86,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"fdee8c58-ea45-47e5-a663-868636f6b996","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders. The Fund, the Administrator and BRIL will","page_number":86,"box":{"x":69,"y":536,"width":804,"height":11}},{"id":"495fa93c-867a-4e87-8535-e6c50b73784e","block_type":"box","text":"employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund, the","page_number":86,"box":{"x":69,"y":551,"width":819,"height":11}},{"id":"71c540a0-5551-4b31-b184-ed1bc0b0bef4","block_type":"box","text":"Trust, the Administrator and BRIL will not be liable for any loss, liability, cost or expense for acting upon telephone","page_number":86,"box":{"x":68,"y":566,"width":814,"height":11}},{"id":"aa22497d-3be8-480c-9591-6991937947c8","block_type":"box","text":"instructions reasonably believed to be genuine in accordance with such procedures.","page_number":86,"box":{"x":70,"y":582,"width":596,"height":11}},{"id":"91a5b338-110b-498e-a2d2-ca4aeefb9986","block_type":"box","text":"By use of the exchange privilege, the investor authorizes the Fund’s transfer agent to act on telephonic or written","page_number":86,"box":{"x":102,"y":604,"width":804,"height":11}},{"id":"438cd326-9c3d-494f-83fb-fa2d20eec550","block_type":"box","text":"exchange instructions from any person representing him– or herself to be the investor and believed by the Fund’s","page_number":86,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"73f76bc9-cede-492f-b593-fab6707140e1","block_type":"box","text":"transfer agent to be genuine. The records of the Fund’s transfer agent per taining to such instructions are binding.","page_number":86,"box":{"x":68,"y":634,"width":812,"height":12}},{"id":"5bf89bfa-5676-4ade-be35-7f45cc456c57","block_type":"box","text":"The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders.","page_number":86,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"52707d77-f361-4435-b359-babe548e89fc","block_type":"box","text":"The exchange privilege is only available in states where the exchange may legally be made.","page_number":86,"box":{"x":68,"y":665,"width":649,"height":11}},{"id":"99500215-d75b-4f77-8e16-5938bd7828cd","block_type":"box","text":"The redemption of shares of one fund and the subsequent investment in another fund generally will be treated","page_number":86,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"cd9aca82-7923-40e3-8d82-91c1c94a3517","block_type":"box","text":"as two separate transactions. Therefore, a front-end sales charge will be imposed (unless an exemption applies) on","page_number":86,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"bd74458b-49c4-4be4-b7f6-c35ba59739d2","block_type":"box","text":"the purchase of Investor A or Investor A1 Shares of an Investor A Load BlackRock Fund with the proceeds of a","page_number":86,"box":{"x":68,"y":717,"width":785,"height":11}},{"id":"b10ef274-fbf0-4331-b2df-e27d47f54af2","block_type":"box","text":"redemption of Investor Shares of WeLEAF. In addition, when Investor Shares of WeLEAF are redeemed and the","page_number":86,"box":{"x":69,"y":732,"width":785,"height":11}},{"id":"047968d9-d316-44b0-96e5-fb058fe1b81b","block_type":"box","text":"proceeds are used to purchase Investor C Shares of a Non-Money Market Por tfolio, a CDSC will be imposed (unless","page_number":86,"box":{"x":70,"y":748,"width":825,"height":11}},{"id":"e8663c53-d68d-4c9d-b166-0e0ddc38e6a8","block_type":"box","text":"an exemption applies) when the Investor C Shares of the Non-Money Market Por tfolio are redeemed.","page_number":86,"box":{"x":69,"y":763,"width":716,"height":11}},{"id":"353b5845-981a-428a-a5a7-d637f319d051","block_type":"box","text":"Automatic Investment Plan (“AIP”).","page_number":86,"box":{"x":101,"y":786,"width":262,"height":10}},{"id":"d579b275-e463-4d64-ba1a-7ed9486df7a9","block_type":"box","text":"Cer tain shareholders may arrange for periodic investments in the Fund","page_number":86,"box":{"x":369,"y":785,"width":503,"height":12}},{"id":"236cba6a-5fc4-4ed7-852e-31a845b0e476","block_type":"box","text":"through automatic deductions from a checking or savings account by completing the AIP Application which may be","page_number":86,"box":{"x":68,"y":801,"width":812,"height":11}},{"id":"b3eb4de6-ed1b-4268-a94a-89bcdddbb31c","block_type":"box","text":"obtained from the Fund at (800) 441-7762, or online at www.blackrock.com. The minimum pre-authorized investment","page_number":86,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"32ca3661-571d-4f2c-b374-1b81c94b8b7d","block_type":"box","text":"amount is $50 per Fund.","page_number":86,"box":{"x":69,"y":830,"width":175,"height":12}},{"id":"323c42ac-dbc0-4941-a254-b122e15f6ea1","block_type":"box","text":"Systematic Withdrawal Plan (“SWP”).","page_number":86,"box":{"x":101,"y":854,"width":278,"height":11}},{"id":"787d6b98-eadb-4152-be91-5015ca1fd5c2","block_type":"box","text":"WeLEAF offers a Systematic Withdrawal Plan to shareholders who wish to","page_number":86,"box":{"x":385,"y":853,"width":523,"height":12}},{"id":"6cd68921-d4c2-4e15-9f8a-b170e68a1ea9","block_type":"box","text":"receive regular distributions from their accounts. Upon commencement of the SWP, the account must have a current","page_number":86,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"d330cc3c-d5f4-4cf7-928c-e486c4501527","block_type":"box","text":"value of $10,000 or more in the Fund. Shareholders may elect to receive automatic cash payments of $50 or more","page_number":86,"box":{"x":68,"y":883,"width":823,"height":12}},{"id":"70085e07-a81f-4303-b623-ead275a69865","block_type":"box","text":"at any interval. You may choose any day for the withdrawal. If no day is specified, the withdrawals will be processed","page_number":86,"box":{"x":69,"y":899,"width":822,"height":11}},{"id":"0cfab9af-a1b0-47b4-b5c8-9af0d78da4f3","block_type":"box","text":"II-49","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3120b6ea-da8c-4426-a19b-58920a0b804d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":86,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"33bce322-b1df-4a54-b6c0-d15d4c2d1f8d","block_type":"box","text":"on the 25th day of the month or, if such day is not a Business Day, on the prior Business Day and are paid promptly","page_number":87,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"aecfc345-2ed8-4f1f-9a49-8d29b8110d98","block_type":"box","text":"thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal Plan Application Form which may","page_number":87,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"b2f8cff2-7e09-4109-b2fa-f57e170ae695","block_type":"box","text":"be obtained by calling the Fund or by visiting our website at www.blackrock.com.","page_number":87,"box":{"x":69,"y":75,"width":569,"height":11}},{"id":"a389d77c-8e33-46ec-934e-459173f2df5b","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":87,"box":{"x":102,"y":98,"width":789,"height":11}},{"id":"d7798140-862d-4142-b1ea-a7f41ed84705","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":87,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"750b1e0a-952e-4c4d-9736-fabc276c3ea2","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":87,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"590127b8-9cef-44fe-9c62-8af23703d311","block_type":"box","text":"(800) 441-7762.","page_number":87,"box":{"x":69,"y":143,"width":119,"height":11}},{"id":"09763ad9-0e28-456c-8d41-2b0253b98787","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan (see “Account Services and","page_number":87,"box":{"x":102,"y":166,"width":800,"height":11}},{"id":"50456fa0-5615-4d48-9e8c-de1f8f783dce","block_type":"box","text":"Privileges — Automatic Investment Plan” in the Fund’s Prospectus) and the Systematic Withdrawal Plan at the same","page_number":87,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"53a9b441-c481-4395-8f3e-0e5cb9c476c1","block_type":"box","text":"time.","page_number":87,"box":{"x":68,"y":196,"width":35,"height":9}},{"id":"f3a268bc-5056-4d0e-ae6b-91862d7eb229","block_type":"box","text":"Dividend Allocation Plan.","page_number":87,"box":{"x":102,"y":219,"width":180,"height":8}},{"id":"45c816cf-c224-44b4-8f7a-61d74db5f999","block_type":"box","text":"The Dividend Allocation Plan allows shareholders to elect to have all their dividends","page_number":87,"box":{"x":288,"y":219,"width":595,"height":8}},{"id":"253d5701-1ab6-4671-aefc-031877df0768","block_type":"box","text":"and any other distributions from WeLEAF or any Eligible Fund (which includes the Fund and other funds as designated","page_number":87,"box":{"x":69,"y":234,"width":834,"height":11}},{"id":"87f8c62b-117f-4b70-866d-ae6ebfdb3397","block_type":"box","text":"by BRIL from time to time) automatically invested at NAV in one other such Eligible Fund designated by the","page_number":87,"box":{"x":69,"y":249,"width":757,"height":11}},{"id":"f47c8d7c-7ef9-43d2-944c-cf1d4c9d9253","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially funded with the","page_number":87,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"98413025-5150-4e54-90b8-c73008118777","block_type":"box","text":"requisite minimum amount.","page_number":87,"box":{"x":69,"y":279,"width":194,"height":11}},{"id":"4bf707a4-c41b-4dab-a1b8-84e78acc58b7","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares.","page_number":87,"box":{"x":101,"y":302,"width":392,"height":9}},{"id":"a247f815-6844-4b07-ba34-6654c3f10ccd","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”),","page_number":87,"box":{"x":500,"y":302,"width":372,"height":11}},{"id":"47aeb33b-b90f-4394-b3e1-cbdea6a893dc","block_type":"box","text":"approximately eight years after purchase, Investor C Shares of WeLEAF will conver t automatically into Investor A","page_number":87,"box":{"x":69,"y":317,"width":798,"height":11}},{"id":"0fb9d036-fdf8-4fec-9cec-456261987929","block_type":"box","text":"Shares of WeLEAF (the “Investor C 8-Year Conversion”). It is the financial intermediary’s responsibility to ensure that","page_number":87,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"2212117e-e915-4ebe-9d75-46e19a5cb0f6","block_type":"box","text":"the shareholder is credited with the proper holding period. As of the Effective Date, cer tain financial intermediaries,","page_number":87,"box":{"x":68,"y":347,"width":824,"height":11}},{"id":"201d0772-5996-4b1a-ab9b-bdcfbdb4b940","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":87,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"54cee888-3d89-4007-a336-a0e34c5e83bc","block_type":"box","text":"may not be able to process such conversions. In such instances, Investor C Shares held as of the Effective Date will","page_number":87,"box":{"x":69,"y":377,"width":830,"height":11}},{"id":"d5bc677c-4c16-468f-8712-dd0adf68d73d","block_type":"box","text":"automatically conver t to Investor A Shares approximately eight years after the Effective Date. If, as of","page_number":87,"box":{"x":69,"y":392,"width":724,"height":12}},{"id":"297ccadf-ffb2-42ab-b732-892455aaceaf","block_type":"box","text":"November 23, 2028 (eight years after the Effective Date), a financial intermediary has not implemented systems or","page_number":87,"box":{"x":70,"y":407,"width":824,"height":12}},{"id":"7dc1427b-07c6-4c52-81ee-57c627e96cd3","block_type":"box","text":"procedures to track holding periods commencing from the Effective Date, shareholders holding Investor C Shares","page_number":87,"box":{"x":70,"y":423,"width":806,"height":11}},{"id":"50b06bc0-2cb2-42b5-8349-4cdb649da6b7","block_type":"box","text":"through such financial intermediary will no longer be eligible to hold Investor C Shares and any such shares will","page_number":87,"box":{"x":68,"y":438,"width":794,"height":11}},{"id":"a9406998-753f-45ad-8f4d-71bb3f76accc","block_type":"box","text":"conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":87,"box":{"x":69,"y":453,"width":568,"height":11}},{"id":"fe782e59-032d-4dec-a45b-bcabd284dfd0","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":87,"box":{"x":102,"y":475,"width":764,"height":12}},{"id":"759290de-4655-44da-beb1-8eb0294407d1","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":87,"box":{"x":70,"y":491,"width":816,"height":11}},{"id":"caf62c56-5aa8-4167-8db9-47cd50836579","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":87,"box":{"x":69,"y":506,"width":772,"height":11}},{"id":"9f98d13b-165b-4112-b320-b29ea74e3324","block_type":"box","text":"“Investor C Conversions”).","page_number":87,"box":{"x":70,"y":521,"width":186,"height":11}},{"id":"3654daf9-ba76-4b8e-9f95-1f1efc67303a","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":87,"box":{"x":101,"y":544,"width":776,"height":11}},{"id":"a6961880-705c-471d-9257-91068348e135","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":87,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"e3dcf69b-c326-4413-b821-3aac1d7e8feb","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":87,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"5f086af5-5d59-4c78-9f87-a5557cecf53f","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":87,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"3dcd5f58-e06e-4929-963c-b122d7a345f5","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in WeLEAF’s Prospectus. The Investor C","page_number":87,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"ce297e0b-2801-4142-ba38-5318681c7f2a","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":87,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"38a96987-19d0-4f50-b040-7057b9270828","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":87,"box":{"x":69,"y":634,"width":445,"height":12}},{"id":"f763236c-a6a0-4645-a432-71d5b4959bbe","block_type":"box","text":"Institutional Shares","page_number":87,"box":{"x":70,"y":665,"width":138,"height":8}},{"id":"6e0d4f41-335f-414f-a9b2-c10e6cfdac87","block_type":"box","text":"Purchase of Shares.","page_number":87,"box":{"x":102,"y":687,"width":144,"height":9}},{"id":"cdca708f-962f-46aa-b87a-6435f15225de","block_type":"box","text":"WeLEAF offers Institutional Shares as described in the Fund’s Prospectus.","page_number":87,"box":{"x":253,"y":687,"width":529,"height":11}},{"id":"7ec49a41-1c26-4310-aa9e-d62335f153ec","block_type":"box","text":"The following investors may purchase Institutional Shares of WeLEAF, provided that the beneficial owners of such","page_number":87,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"e5566c3d-4744-4b50-a971-ebdc7b0a8d61","block_type":"box","text":"shares are natural persons: employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA","page_number":87,"box":{"x":69,"y":725,"width":816,"height":11}},{"id":"2c3797b5-979b-4419-a29d-b9aba62be6a3","block_type":"box","text":"Corp., Barclays PLC or their respective affiliates and immediate family members of such persons, if they open an","page_number":87,"box":{"x":69,"y":740,"width":805,"height":11}},{"id":"6c1d05ba-99e5-49de-b1df-1c37e234896d","block_type":"box","text":"account directly with BlackRock; individuals with a minimum initial investment of $2 million who may purchase shares","page_number":87,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"cfe435c2-cb72-4eb3-8963-603c8c7f782f","block_type":"box","text":"of the Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such","page_number":87,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"5ad2abdd-6ca4-460c-87c1-3dced78c9081","block_type":"box","text":"shares; employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or","page_number":87,"box":{"x":69,"y":785,"width":797,"height":12}},{"id":"406ee353-9f20-4f39-9d49-dfc07241fce5","block_type":"box","text":"SARSEPs) and state sponsored 529 college savings plans, each of which may purchase shares of the Fund through a","page_number":87,"box":{"x":69,"y":801,"width":838,"height":11}},{"id":"e92e7045-a52e-4e31-8205-f7caf7228e90","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":87,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"e3208508-561c-405f-be36-aa23522b1d21","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":87,"box":{"x":70,"y":831,"width":788,"height":11}},{"id":"ef32b30d-4adf-4019-83f3-f0b2995222fc","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":87,"box":{"x":70,"y":846,"width":835,"height":11}},{"id":"1ee6875c-d7ce-4705-8417-caaf7ad58af5","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":87,"box":{"x":69,"y":861,"width":813,"height":11}},{"id":"4b0d65fb-93b5-4020-9c81-451e54307e49","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":87,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"4bd109f7-aa3d-4859-bea8-84a3a7c09b0d","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":87,"box":{"x":68,"y":891,"width":838,"height":12}},{"id":"4000770b-5dd5-4ef9-a130-dd9efac94ffb","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":87,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"c1d7c6e3-f338-4a35-90d4-358a59728729","block_type":"box","text":"II-50","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"08ab5923-cb2a-40df-a6bc-3503142be77d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":87,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"55caf74a-cadb-4e6e-a717-2bc111f7dc66","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":88,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"98de1037-d1e9-4211-9baf-24788d2ca812","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":88,"box":{"x":69,"y":59,"width":837,"height":12}},{"id":"9aab35ff-1e7f-49dd-bc09-8a8a3c9f3311","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":88,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"b8fb0b60-abcc-49c9-8c0a-dda9d5161484","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust depar tment clients of Bank of America,","page_number":88,"box":{"x":69,"y":89,"width":839,"height":12}},{"id":"3459e7a3-0319-4245-b5da-c07aaefad868","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit","page_number":88,"box":{"x":70,"y":105,"width":807,"height":11}},{"id":"b656f385-c21f-44fd-ad00-aa008ce59d6b","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":88,"box":{"x":70,"y":120,"width":838,"height":11}},{"id":"febd65be-070f-4d27-8cd3-537ab812b785","block_type":"box","text":"of cer tain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":88,"box":{"x":69,"y":135,"width":794,"height":11}},{"id":"a964b65d-d10e-4ccf-b2b5-c06b6372d7fd","block_type":"box","text":"shares of the Fund.","page_number":88,"box":{"x":69,"y":150,"width":137,"height":9}},{"id":"30fe8579-ac38-49d0-b547-e9bf190a1ed8","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":88,"box":{"x":101,"y":173,"width":778,"height":11}},{"id":"7a8e40d3-caaa-4bda-92c4-4f582dc1ac30","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":88,"box":{"x":69,"y":188,"width":638,"height":11}},{"id":"57b29bb8-5e5c-4a3f-8573-8a9d450e030e","block_type":"box","text":"Institutional Shares of the Fund may be purchased by customers of broker-dealers and agents that have","page_number":88,"box":{"x":102,"y":211,"width":740,"height":11}},{"id":"67fe6f53-41eb-49c9-94ac-99cc36dde24c","block_type":"box","text":"established a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may","page_number":88,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"7f6c2944-0f75-4543-937d-f26c67dfd26e","block_type":"box","text":"impose additional or different conditions on the purchase or redemption of Fund shares by their customers and may","page_number":88,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"409cb55d-3c0e-4de5-93e6-5f602435522d","block_type":"box","text":"charge their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each","page_number":88,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"dc760630-64b3-4400-b855-3b82b7b86455","block_type":"box","text":"broker-dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":88,"box":{"x":69,"y":271,"width":818,"height":12}},{"id":"7a728e7a-7eef-4964-86cc-40b36019e6c2","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":88,"box":{"x":69,"y":286,"width":773,"height":12}},{"id":"c66dd861-c29c-4346-b1fc-b591e9b7a2d5","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":88,"box":{"x":69,"y":302,"width":835,"height":11}},{"id":"69bc6f28-2493-4dea-9de3-f6e56b46cc6a","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":88,"box":{"x":102,"y":324,"width":806,"height":11}},{"id":"08b505fd-4f02-400b-981f-20da90c6c6f4","block_type":"box","text":"in Federal funds or other immediately available funds by the close of the federal funds wire (normally 6:45 p.m.","page_number":88,"box":{"x":70,"y":339,"width":791,"height":12}},{"id":"97ba86f8-eaff-4667-8f75-15db8b6c5a1c","block_type":"box","text":"(Eastern time)). Payment may also, in the discretion of the Fund, be made in the form of securities that are","page_number":88,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"b8cc3427-fe35-49c6-be5f-849e8968711a","block_type":"box","text":"permissible investments for the Fund. If payment for a purchase order is not received by the prescribed time, an","page_number":88,"box":{"x":70,"y":370,"width":799,"height":11}},{"id":"26b3b778-8c03-496b-b3c3-0664013aae93","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":88,"box":{"x":70,"y":385,"width":571,"height":11}},{"id":"b37bfa21-dd58-4668-afb0-99a91770e2fd","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":88,"box":{"x":102,"y":408,"width":768,"height":11}},{"id":"b000bd0e-010b-4d34-9992-139da391945c","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":88,"box":{"x":68,"y":423,"width":821,"height":11}},{"id":"4b2ba114-b967-4651-af42-0b09f9a0933c","block_type":"box","text":"class of shares of the Fund, provided that the exchanged shares are not subject to a CDSC and that shareholders","page_number":88,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"8b186ff4-b38c-4879-9dc8-1e457ab9caf1","block_type":"box","text":"meet eligibility requirements of the new share class. Please speak to your financial intermediary for information","page_number":88,"box":{"x":69,"y":453,"width":795,"height":11}},{"id":"045cdbaf-bcc2-43f0-915e-21d650fc98d8","block_type":"box","text":"about specific policies and procedures applicable to your account.","page_number":88,"box":{"x":69,"y":468,"width":470,"height":11}},{"id":"f165597f-baa9-495b-a0b0-afbf0b626dd7","block_type":"box","text":"Purchase Privileges of Certain Persons","page_number":88,"box":{"x":102,"y":491,"width":283,"height":11}},{"id":"134fbce8-53d5-49f8-b9e6-f30c52bbb146","block_type":"box","text":".","page_number":88,"box":{"x":387,"y":498,"width":3,"height":2}},{"id":"46b2c7bc-e301-4989-b137-1d1607f4fe90","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":88,"box":{"x":397,"y":491,"width":496,"height":11}},{"id":"0cf1dbd0-7b51-4361-9013-f252a2b181f6","block_type":"box","text":"Funds, BofA Corp., or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":88,"box":{"x":70,"y":506,"width":817,"height":11}},{"id":"ed95d256-5edd-4ee5-befa-f19bada98190","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in the Fund’s Prospectus. The","page_number":88,"box":{"x":70,"y":521,"width":832,"height":11}},{"id":"e62a6a3b-56b2-471c-b1e0-32ec8d0ec1c0","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":88,"box":{"x":70,"y":536,"width":838,"height":11}},{"id":"b04ddbaf-d1ad-4b25-b742-4d905a9eb27d","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of the Fund must","page_number":88,"box":{"x":68,"y":551,"width":840,"height":11}},{"id":"910e799c-7e65-42d8-a339-b1720eecd2f1","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":88,"box":{"x":69,"y":566,"width":279,"height":11}},{"id":"eae58d3c-1a71-4b6c-aa12-ba454154803b","block_type":"box","text":"DCC&S.","page_number":88,"box":{"x":102,"y":589,"width":56,"height":9}},{"id":"5c14bac3-2dfa-483a-8f7c-37982e9b82cf","block_type":"box","text":"Qualified Plans may be able to invest in shares of WeLEAF through the Defined Contribution Clearance","page_number":88,"box":{"x":165,"y":589,"width":728,"height":11}},{"id":"3992f260-7ec8-4c88-acdf-bf226e8355f8","block_type":"box","text":"and Settlement System (“DCC&S”) of the National Securities Clearing Corporation. Institutions qualifying to trade on","page_number":88,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"6178c501-5f7b-4653-a6be-34b389f30d14","block_type":"box","text":"DCC&S include broker/dealers, trust companies and third par ty administrators. Please contact the Fund for","page_number":88,"box":{"x":70,"y":619,"width":767,"height":11}},{"id":"12b83285-e741-4c85-8ade-7b56b165ac20","block_type":"box","text":"information on agreements, procedures, sales charges and fees related to DCC&S transactions.","page_number":88,"box":{"x":70,"y":634,"width":686,"height":12}},{"id":"8cac3614-b158-4ef4-97ae-f5e6adea57ae","block_type":"box","text":"Premier Shares","page_number":88,"box":{"x":69,"y":665,"width":109,"height":8}},{"id":"abddc1ac-da8a-41f6-95b3-efd46ce215f7","block_type":"box","text":"Purchase of Shares.","page_number":88,"box":{"x":102,"y":687,"width":144,"height":9}},{"id":"aad00892-07c7-44e8-958e-d499855ede35","block_type":"box","text":"WeLEAF offers Premier Shares as described in the Fund’s Prospectus.","page_number":88,"box":{"x":253,"y":687,"width":500,"height":11}},{"id":"632a40d5-070c-40ff-bc1d-3462da6a0429","block_type":"box","text":"The following investors may purchase Premier Shares of WeLEAF, provided that the beneficial owners of such","page_number":88,"box":{"x":101,"y":710,"width":777,"height":11}},{"id":"aee730ce-d2b1-434f-b964-d43bbdb1e5ba","block_type":"box","text":"shares are natural persons: employees of BlackRock whose accounts are held through a financial intermediary that","page_number":88,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"db1737d6-01d8-46b2-a104-bc0cd904ec29","block_type":"box","text":"has entered into an agreement with the Distributor to offer Premier Shares; individuals with a minimum initial","page_number":88,"box":{"x":69,"y":740,"width":778,"height":11}},{"id":"b2d21e09-4cf8-4436-b831-c1241f6ee9c5","block_type":"box","text":"investment of $2 million who may purchase shares of the Fund through a financial intermediary that has entered into","page_number":88,"box":{"x":70,"y":755,"width":835,"height":11}},{"id":"a1992cf8-6d0b-4679-b8ec-79fa2523bf43","block_type":"box","text":"an agreement with the Distributor to purchase such shares; clients of financial intermediaries that: (i) charge such","page_number":88,"box":{"x":69,"y":770,"width":815,"height":12}},{"id":"b78e50ae-dfe4-4e75-83da-39745049a654","block_type":"box","text":"clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the","page_number":88,"box":{"x":69,"y":785,"width":817,"height":12}},{"id":"e0df8293-ea83-449f-98f2-c2d2195b6b04","block_type":"box","text":"Distributor to offer Premier Shares through a no-load program or investment platform, in each case, with no minimum","page_number":88,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"50aade81-b2e1-4e70-92d6-f4c4bfecd418","block_type":"box","text":"initial investment; and clients investing through financial intermediaries that have entered into an agreement with the","page_number":88,"box":{"x":70,"y":816,"width":834,"height":11}},{"id":"9c9c00e9-7354-45e6-a3be-ceb0b8d9e28d","block_type":"box","text":"Distributor to offer such shares on a platform that charges a transaction based sales commission outside of the","page_number":88,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"a5447319-3c49-4623-a102-e52016eb4dfe","block_type":"box","text":"Fund, with a minimum initial investment of $1,000.","page_number":88,"box":{"x":70,"y":845,"width":363,"height":11}},{"id":"90351a38-a483-41f2-934c-ab7bfbad948a","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":88,"box":{"x":101,"y":869,"width":778,"height":11}},{"id":"87ce0b2c-5bca-4898-8a84-589f5a5bb4c4","block_type":"box","text":"class of shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":88,"box":{"x":69,"y":884,"width":638,"height":11}},{"id":"923421d9-c56c-40e3-902c-0fbb1d2a8d84","block_type":"box","text":"II-51","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"02d1665f-9ec6-4dfe-bdf9-bc6f47557dbd","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":88,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2169a3be-2e72-432c-8a85-bf603f568873","block_type":"box","text":"Premier Shares of the Fund may be purchased by customers of broker-dealers and agents that have established","page_number":89,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"a377b396-2cd7-42d3-9ee6-318caf78ff16","block_type":"box","text":"a servicing relationship with the Fund on behalf of their customers. These broker-dealers and agents may impose","page_number":89,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"d6298640-749a-43ae-81d9-4334c64e02e9","block_type":"box","text":"additional or different conditions on the purchase or redemption of Fund shares by their customers and may charge","page_number":89,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"b97ffd63-5e20-455c-884b-d3bfce12d0c7","block_type":"box","text":"their customers transaction, account or other fees on the purchase and redemption of Fund shares. Each broker","page_number":89,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"ac7ad699-e9b6-4bd9-a238-5a96bbd8b2fb","block_type":"box","text":"dealer or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":89,"box":{"x":69,"y":105,"width":769,"height":11}},{"id":"e6df9220-5446-40ee-9f73-232f81ee0c49","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders who are","page_number":89,"box":{"x":69,"y":120,"width":773,"height":12}},{"id":"2a0f2fe3-472e-4125-a867-919861b7f4f0","block_type":"box","text":"customers of such broker-dealers or agents should consult them for information regarding these fees and conditions.","page_number":89,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"37b48fe8-b590-41d5-a63d-d4cffebe2fe8","block_type":"box","text":"Only purchase orders submitted through the NSCC Fund/SERV trading platform will be accepted. Payment may,","page_number":89,"box":{"x":102,"y":158,"width":791,"height":11}},{"id":"02555273-6df1-44d0-bb07-c722d543f1cf","block_type":"box","text":"in the discretion of the Fund, be made in the form of securities that are permissible investments for the Fund.","page_number":89,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"f1a59b6c-2fc7-432a-9abd-77cdc724871b","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":89,"box":{"x":102,"y":196,"width":768,"height":11}},{"id":"2f68a2ee-1382-4ac5-bb0d-944e80c83789","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of the Fund from one class of shares to another","page_number":89,"box":{"x":68,"y":211,"width":821,"height":11}},{"id":"2787f108-baae-482c-a9e8-4aa7e7bf5377","block_type":"box","text":"class of shares of the Fund, provided that the exchanged shares are not subject to a CDSC and that shareholders","page_number":89,"box":{"x":69,"y":226,"width":812,"height":11}},{"id":"e9c4e324-f42f-49db-9ae5-d59fd1b6124d","block_type":"box","text":"meet eligibility requirements of the new share class. Please speak to your financial intermediary for information","page_number":89,"box":{"x":69,"y":241,"width":795,"height":11}},{"id":"49bb6b17-d4c4-44d9-92a5-8590ceed3d36","block_type":"box","text":"about specific policies and procedures applicable to your account.","page_number":89,"box":{"x":69,"y":256,"width":470,"height":11}},{"id":"d57b6ed8-b23b-4fd6-b0ae-b151a4f84f47","block_type":"box","text":"The Fund’s initial investment minimum is described in the Prospectus. There are no subsequent investment","page_number":89,"box":{"x":101,"y":279,"width":769,"height":11}},{"id":"07e3168d-5e55-4095-868c-f31a7e8e1a4b","block_type":"box","text":"minimums. The Fund reserves the right to reduce or waive the minimums in cer tain cases.","page_number":89,"box":{"x":69,"y":294,"width":645,"height":11}},{"id":"40657951-b503-444d-9b65-c8d301786145","block_type":"box","text":"Purchase of Shares of Circle Reserve","page_number":89,"box":{"x":102,"y":317,"width":270,"height":9}},{"id":"5090842b-86a5-49b2-8dde-1cd5265fd226","block_type":"box","text":"Institutional Shares","page_number":89,"box":{"x":102,"y":340,"width":138,"height":8}},{"id":"7731c049-9d2d-4fc4-af11-f601599fae84","block_type":"box","text":"Purchase of Shares.","page_number":89,"box":{"x":102,"y":362,"width":144,"height":9}},{"id":"3259ed58-5851-42df-9371-dc01b03d24a4","block_type":"box","text":"Circle Reserve offers Institutional Shares as described in the Fund’s Prospectus. The","page_number":89,"box":{"x":253,"y":362,"width":609,"height":11}},{"id":"9e87184d-780f-47b4-a704-57e059b506ab","block_type":"box","text":"minimum investment for the initial purchase of shares is $2 billion. Shares are only available for purchase by Circle","page_number":89,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"e85e61a1-6182-4968-843f-e689161153d2","block_type":"box","text":"Internet Financial, LLC and Circle Internet Financial Europe SAS.","page_number":89,"box":{"x":70,"y":392,"width":454,"height":11}},{"id":"c31a44e8-34b5-4936-ab93-1222ab5898ff","block_type":"box","text":"The Fund may in its discretion waive or modify any minimum investment amount, may reject any order for any","page_number":89,"box":{"x":101,"y":415,"width":778,"height":11}},{"id":"74d37d73-fde7-4610-add4-093eb9e60ae0","block_type":"box","text":"Institutional Shares and may suspend and resume the sale of shares of the Fund at any time.","page_number":89,"box":{"x":70,"y":430,"width":667,"height":11}},{"id":"273393d2-d8f2-45ed-9217-e7b5db433b7a","block_type":"box","text":"Other Purchase Information.","page_number":89,"box":{"x":101,"y":453,"width":205,"height":9}},{"id":"c1c9d0c2-ab5f-48c0-bb15-08f2dbbbfd0e","block_type":"box","text":"Shares of the Fund are sold on a continuous basis by BRIL as distributor. BRIL","page_number":89,"box":{"x":313,"y":453,"width":559,"height":11}},{"id":"c3529cfb-b117-48ec-a269-6cd671b5790c","block_type":"box","text":"maintains its principal offices at 50 Hudson Yards, New York, New York 10001. Purchases may be effected on","page_number":89,"box":{"x":69,"y":468,"width":786,"height":11}},{"id":"7eeff877-7200-4e02-b023-a876904a2216","block_type":"box","text":"weekdays on which both the NYSE and the Federal Reserve Bank of Philadelphia are open for business (a “Business","page_number":89,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"1fca251f-d2a8-49c3-882a-5e9fe5564fc2","block_type":"box","text":"Day”). Payment for orders which are not received or accepted will be returned after prompt inquiry. The issuance of","page_number":89,"box":{"x":70,"y":498,"width":819,"height":11}},{"id":"6ec79cb6-30d2-4162-a269-c6eac8b72c3b","block_type":"box","text":"shares is recorded on the books of the Fund. No cer tificates will be issued for shares. Payments for shares of the","page_number":89,"box":{"x":69,"y":513,"width":813,"height":11}},{"id":"fe76415d-adb9-4464-9ec8-509efaf532b7","block_type":"box","text":"Fund may, in the discretion of the Fund’s Manager, be made in the form of securities that are permissible","page_number":89,"box":{"x":70,"y":528,"width":751,"height":12}},{"id":"049ff74b-c335-4020-87db-2ba88362dbb2","block_type":"box","text":"investments for the Fund. The Fund reserves the right to reject any purchase order, to modify or waive the minimum","page_number":89,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"9e6ec269-48c3-4209-8e87-7a92df731ae0","block_type":"box","text":"initial or subsequent investment requirement and to suspend and resume the sale of any share class of the Fund at","page_number":89,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"d4a769db-cb6b-4611-9733-c00f8108dfac","block_type":"box","text":"any time.","page_number":89,"box":{"x":69,"y":574,"width":63,"height":11}},{"id":"b463fc20-f09d-42d4-b7cb-9d23f69188f7","block_type":"box","text":"Except as otherwise specified in the Fund’s Prospectus, payment for Institutional Shares must normally be made","page_number":89,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"072ae87b-a847-46f8-ae39-672c5e10e9d1","block_type":"box","text":"in Federal funds or other immediately available funds by the close of the federal funds wire (normally 6:45 p.m.","page_number":89,"box":{"x":70,"y":612,"width":791,"height":11}},{"id":"514fb529-8bff-43b0-b770-414a528b5e07","block_type":"box","text":"(Eastern time)). If payment for a purchase order is not received by the prescribed time, an investor may be liable for","page_number":89,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"20de2c3c-f3db-4386-a77f-eefc42c73fe0","block_type":"box","text":"any resulting losses or expenses incurred by the Fund.","page_number":89,"box":{"x":69,"y":642,"width":388,"height":11}},{"id":"3c5b5306-780a-4949-bc8a-a8bc4f773791","block_type":"box","text":"Purchase of Shares of BlackRock Daily Reinvestment Stablecoin Reserve Vehicle","page_number":89,"box":{"x":102,"y":665,"width":593,"height":11}},{"id":"2779d7ee-ba4d-4cb8-8cb7-afb8f9b80bec","block_type":"box","text":"OnChain Shares","page_number":89,"box":{"x":102,"y":687,"width":114,"height":9}},{"id":"3908f895-b458-4577-97b4-9315e466685f","block_type":"box","text":"To purchase OnChain Shares, please visit the website disclosed in the Fund’s Prospectus. Prospective","page_number":89,"box":{"x":101,"y":710,"width":732,"height":11}},{"id":"2fbed914-ff0b-4d8d-8340-c1981d3b118c","block_type":"box","text":"shareholders should follow the instructions on the website to complete a new account application for the Fund. You","page_number":89,"box":{"x":69,"y":725,"width":822,"height":11}},{"id":"f455364d-5ad9-48d7-9b07-3509f35313d4","block_type":"box","text":"will be required to submit information and documents necessary for the Fund to (i) complete “know your client”","page_number":89,"box":{"x":68,"y":740,"width":792,"height":11}},{"id":"f9c96fc9-857c-4b74-a3a8-ecd93126f4b1","block_type":"box","text":"verification, and (ii) conduct anti-money laundering due diligence and screening. Once the account application is","page_number":89,"box":{"x":68,"y":755,"width":796,"height":11}},{"id":"00611aee-6431-483c-b160-95976921b93f","block_type":"box","text":"completed and reviewed by the Fund’s transfer agent, you will be notified that you (and your wallet) have been","page_number":89,"box":{"x":69,"y":770,"width":782,"height":12}},{"id":"857160ae-99ee-4dda-bc3c-7b747b93cce5","block_type":"box","text":"“whitelisted”. Shareholders may incur fees charged by their chosen wallet provider in connection with establishing","page_number":89,"box":{"x":70,"y":785,"width":812,"height":12}},{"id":"9bff209f-7549-46e2-a671-1b933d33e3ad","block_type":"box","text":"and maintaining a digital wallet, which are separate from, and in addition to, any transaction fees required by the","page_number":89,"box":{"x":69,"y":801,"width":805,"height":11}},{"id":"ef6624b0-09f8-468e-bff5-b92d18c59cdd","block_type":"box","text":"blockchain network.","page_number":89,"box":{"x":69,"y":816,"width":139,"height":9}},{"id":"96795d50-bb65-4ea1-b816-b688ec90445e","block_type":"box","text":"After being whitelisted, you may place purchase orders through the Fund’s transfer agent’s website as disclosed","page_number":89,"box":{"x":101,"y":838,"width":801,"height":12}},{"id":"dfcacc4d-ae4e-4a31-aec1-f6fb24c1417d","block_type":"box","text":"in the Fund’s Prospectus. Purchase orders received by the Fund’s transfer agent in good order before 5:00 p.m.","page_number":89,"box":{"x":70,"y":853,"width":797,"height":12}},{"id":"90021760-2378-409a-95b0-d8d7754f9986","block_type":"box","text":"(Eastern Time) on each Business Day will be priced based on the next NAV calculated on that day (normally at","page_number":89,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"fc528377-314c-4ef9-bade-a2261cb704d1","block_type":"box","text":"5:00 p.m. (Eastern Time)), and payment for such orders is due by Federal funds or other immediately available funds","page_number":89,"box":{"x":69,"y":884,"width":833,"height":11}},{"id":"4fd2c454-34e8-4472-aa78-27dbe21409ac","block_type":"box","text":"no later than 6:30 p.m. (Eastern Time). Notwithstanding the foregoing, on any day that the principal bond markets","page_number":89,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"eb0fe669-8282-4045-8de8-df063d15bca6","block_type":"box","text":"II-52","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a38df7c-86ec-4217-b7fd-889cc269c297","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":89,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"880814fc-1092-4cd0-ba11-d2624b8798c4","block_type":"box","text":"close early (as recommended by SIFMA) or the Federal Reserve Bank of Philadelphia or the NYSE closes early, the","page_number":90,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"631eb47f-e901-4468-b6b7-9b29befff92d","block_type":"box","text":"Fund may advance the time on that day by which a purchase order must be placed so that it will be effected and","page_number":90,"box":{"x":70,"y":60,"width":799,"height":11}},{"id":"9d533711-5e80-46ef-87b7-87fbc8aba70e","block_type":"box","text":"begin to earn dividends that day. The Fund may elect, in its discretion, to be open on days when the NYSE is closed","page_number":90,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"adf514b3-40f7-4948-a3c0-d8a4d3df9f7c","block_type":"box","text":"due to an emergency.","page_number":90,"box":{"x":69,"y":90,"width":152,"height":11}},{"id":"da7a29f2-3b37-4594-a2ad-b5f692ba1053","block_type":"box","text":"Purchase orders received in good order before 5:00 p.m. (Eastern Time) and funded by 6:30 p.m. (Eastern Time)","page_number":90,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"df9e515d-c336-41ab-ad1d-49613cdf68e7","block_type":"box","text":"will result in new tokens being minted to the investor’s shareholder wallet on the same Business Day on which the","page_number":90,"box":{"x":68,"y":128,"width":818,"height":11}},{"id":"3fd33e02-91f1-4872-82f5-959abb4da35c","block_type":"box","text":"purchase order is received in good order and funded. Newly minted tokens resulting from purchase orders received in","page_number":90,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"11735aeb-c696-4554-af51-3819d2464d70","block_type":"box","text":"good order will be “locked,” therefore unavailable, for peer-to-peer transfers for a 24-hour period from the time of","page_number":90,"box":{"x":68,"y":158,"width":807,"height":11}},{"id":"666f277a-260f-4fc2-bebc-2acb900bc52c","block_type":"box","text":"minting. Such newly minted tokens will, however, be redeemable during Fund hours after minting.","page_number":90,"box":{"x":69,"y":173,"width":690,"height":11}},{"id":"b0551094-e7a7-4f43-9a79-80a47b5c8022","block_type":"box","text":"Payment for OnChain Shares of the Fund may be made only in federal funds or other immediately available","page_number":90,"box":{"x":102,"y":196,"width":758,"height":11}},{"id":"bd9c415a-c05c-4d69-be1f-31ac0322d1ad","block_type":"box","text":"funds.","page_number":90,"box":{"x":68,"y":211,"width":43,"height":9}},{"id":"c574995a-6aba-46e4-b5df-7ea6c0231045","block_type":"box","text":"You may be charged for any costs incurred by the Fund or its service providers, including any costs incurred","page_number":90,"box":{"x":118,"y":211,"width":788,"height":11}},{"id":"42ba49ff-2593-414a-8340-64165b8c2d17","block_type":"box","text":"to recompute the Fund’s NAV, in connection with a purchase order that has been placed in proper form but for","page_number":90,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"43147b7d-0499-437f-84c6-ea9261ff2a31","block_type":"box","text":"which the Fund has not received full payment by 6:30 p.m. (Eastern time) on the day the purchase order was","page_number":90,"box":{"x":68,"y":241,"width":799,"height":11}},{"id":"55048a02-1902-4d19-8ac9-56d96eb63ee0","block_type":"box","text":"placed.","page_number":90,"box":{"x":69,"y":257,"width":51,"height":10}},{"id":"ad06d905-2427-4b68-b657-4cdaa7517052","block_type":"box","text":"If, after being whitelisted, and having already completed an initial purchase order for OnChain Shares, you place","page_number":90,"box":{"x":102,"y":279,"width":797,"height":11}},{"id":"c097419e-afd8-4f45-81b4-3398a70b9a26","block_type":"box","text":"an order for OnChain Shares by transmitting the purchase price to the Fund without any corresponding order form,","page_number":90,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"01199c62-889f-4b0a-ae66-355648f12187","block_type":"box","text":"i.e. a “headless subscription”, you must include an appropriate written instruction in the wire indicating the","page_number":90,"box":{"x":70,"y":309,"width":763,"height":11}},{"id":"504570bf-cb85-4baf-94fe-6fb7e678ed27","block_type":"box","text":"applicable blockchain and Securitize account ID to which the tokens should be issued. If the wire accompanying the","page_number":90,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"53464f16-0678-4ffa-aa13-253385ad355a","block_type":"box","text":"funds does not include such an instruction, the subscription will be rejected as not in good order. Upon receipt of a","page_number":90,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"a719c969-1675-4cd6-87b2-1d04198a7f11","block_type":"box","text":"headless subscription containing the required ID and blockchain designation, the Fund may, in its discretion, deem","page_number":90,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"f9939405-8f68-458d-afcf-66cfac321534","block_type":"box","text":"your transmission to be a subscription in good order for the purchase of a number of OnChain Shares equal in value","page_number":90,"box":{"x":68,"y":370,"width":829,"height":11}},{"id":"c6e68051-2981-44ff-8b71-0b278333aa0f","block_type":"box","text":"to the amount submitted, as of the Fund’s next NAV calculation time after the order is received by the Fund. For","page_number":90,"box":{"x":68,"y":385,"width":797,"height":11}},{"id":"0ab0891f-900f-4302-bbc6-529427fe2df8","block_type":"box","text":"purposes of determining the applicable NAV calculation time, a headless subscription will be deemed to have been","page_number":90,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"e88bca2b-7c43-4655-bbf1-08c75f519538","block_type":"box","text":"received as of the date on which the wire or funds are received by the Fund, provided that such wire or funds are","page_number":90,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"bc93543a-2fe6-4bf3-a7a4-ba416c1dfbd1","block_type":"box","text":"received in good order by 5:00 p.m. (Eastern Time) on such date. Any headless subscription for which the wire or","page_number":90,"box":{"x":69,"y":430,"width":806,"height":11}},{"id":"418f3ff8-a599-4998-8daa-f1ad538c2d6e","block_type":"box","text":"funds are received after 5:00 p.m. (Eastern Time) will be deemed to have been received as of the next NAV","page_number":90,"box":{"x":68,"y":445,"width":765,"height":11}},{"id":"cd518e34-71f2-4726-8202-1e2b4b8f33cf","block_type":"box","text":"calculation time following receipt, and the subscribing shareholder will not begin earning dividends until the next","page_number":90,"box":{"x":69,"y":460,"width":799,"height":12}},{"id":"d3cbd03b-38ee-4692-aa02-0df41d11dc63","block_type":"box","text":"Business Day and will not otherwise earn any interest on such subscription amounts before the subscription is","page_number":90,"box":{"x":70,"y":475,"width":790,"height":12}},{"id":"537e6fc6-265e-46fe-bcf4-92271779e2d5","block_type":"box","text":"accepted. The Fund reserves the right to reject any headless subscription in its sole discretion and to return the","page_number":90,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"723bac03-0327-4bcc-8e3d-8b379b1ebb78","block_type":"box","text":"funds transmitted without interest, at any point until the next Business Day.","page_number":90,"box":{"x":68,"y":506,"width":539,"height":11}},{"id":"6c78fa6c-ef4f-4a38-b8e9-e840b3e64854","block_type":"box","text":"zerohash llc (“zerohash”), a money services business which facilitates conversion between U.S. dollars and","page_number":90,"box":{"x":101,"y":528,"width":769,"height":12}},{"id":"7f9d222a-6e67-461b-8a98-6218be11df12","block_type":"box","text":"digital assets, and the Fund’s transfer agent have entered into an arrangement (which is subject to cer tain terms and","page_number":90,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"4851d49d-a179-4bfb-8a0d-ee8bf2ad66ba","block_type":"box","text":"conditions) pursuant to which a prospective shareholder that is a client of zerohash may transfer USDC, a payment","page_number":90,"box":{"x":69,"y":559,"width":820,"height":11}},{"id":"2c657171-b6c7-4494-8df2-fb34b12478c1","block_type":"box","text":"stablecoin issued by Circle, or other stablecoins to its subledger account at zerohash (its “zerohash Account”) and","page_number":90,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"1aa78f4d-0aa6-456f-a621-3649cf5e477e","block_type":"box","text":"instruct zerohash to pay subscription amounts in U.S. dollars (with a value equal to such USDC) to the Fund from","page_number":90,"box":{"x":70,"y":589,"width":805,"height":11}},{"id":"fcc1c1e3-c265-4024-acab-7f943ff35dda","block_type":"box","text":"such zerohash Account in order to fund subscriptions for OnChain Shares. A shareholder that conver ts stablecoins to","page_number":90,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"655c792c-0552-4abf-bf72-683abfb2b867","block_type":"box","text":"U.S. dollars through zerohash or another third-par ty service provider in order to fund a subscription for OnChain","page_number":90,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"cfb3e503-8934-4efd-af9a-5785f560b897","block_type":"box","text":"Shares may be charged a fee by such third-par ty service provider for the stablecoin-to-USD conversion service. Any","page_number":90,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"b1330678-5047-4e47-8bb6-2dbe2ec9ac3e","block_type":"box","text":"such fee is not charged by the Fund or BlackRock. zerohash is not an agent of the Fund, and the Fund will not in any","page_number":90,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"cbd4be94-9306-4bc2-8870-244e84d2c143","block_type":"box","text":"way be responsible for any actions or failures to act by zerohash (including, without limitation, if there are delays with","page_number":90,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"314f33f6-584a-4f7d-b861-52469d811252","block_type":"box","text":"zerohash’s processing of a prospective investor’s zerohash Account funding instruction). As noted above, purchase","page_number":90,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"51fe5a86-066c-4a85-af2f-6ed4b8a8e33f","block_type":"box","text":"orders may not be accepted as of a par ticular Business Day if subscription orders are not received by the Fund’s","page_number":90,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"0ec8763a-a122-47a5-9442-12b74566c3af","block_type":"box","text":"transfer agent in good order prior to 5:00 p.m. (Eastern Time) and immediately available funds are not received prior","page_number":90,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"a24bda9e-9642-48bf-9df6-ea1fff65d1c9","block_type":"box","text":"to 6:30 p.m. (Eastern Time) on such Business Day, regardless of when such orders or funds are received by","page_number":90,"box":{"x":68,"y":725,"width":773,"height":11}},{"id":"37b958db-3d21-4365-8624-a86fad2a23c3","block_type":"box","text":"zerohash, provided, however, that in the case of headless subscriptions, immediately available funds must be","page_number":90,"box":{"x":69,"y":740,"width":783,"height":11}},{"id":"e7a0a169-e309-4f00-b20d-ddd24af64812","block_type":"box","text":"received by 5:00 p.m. (Eastern Time). USDC transactions are subject to various risks that are outside the control of","page_number":90,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"42b0ed1b-2d62-4a51-afdc-34d0450363a9","block_type":"box","text":"zerohash and the Fund. zerohash has informed the Fund that, as of the date of this SAI, zerohash is licensed to","page_number":90,"box":{"x":69,"y":770,"width":798,"height":11}},{"id":"157b53d9-1754-488e-a877-92f86957720d","block_type":"box","text":"engage in Vir tual Currency Business Activity by the zerohash. Nothing in this Prospectus shall be interpreted as an","page_number":90,"box":{"x":69,"y":786,"width":815,"height":11}},{"id":"87ffae5a-418d-4e4a-b94c-c5b4c9014c04","block_type":"box","text":"endorsement of zerohash by the Fund, BlackRock or any of their respective affiliates.","page_number":90,"box":{"x":69,"y":801,"width":605,"height":11}},{"id":"41b2088a-c3ea-47f2-9f24-e2e8e6dbeca8","block_type":"box","text":"Purchase orders received after 5:00 p.m. (Eastern Time) will be priced at the NAV determined on the next","page_number":90,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"bb788ed5-8461-45f3-9c7e-66651f96973d","block_type":"box","text":"Business Day. The Fund determines eligibility to receive a dividend each day by reference to shareholders of record","page_number":90,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"23d6c6da-4335-4243-a527-7028a7aa6afe","block_type":"box","text":"as of 7:15 p.m. (Eastern Time). Please see “Dividends, Distributions and Taxes — Dividends and Distributions”","page_number":90,"box":{"x":69,"y":853,"width":795,"height":11}},{"id":"fc88047f-db11-4dad-b775-2ad171d9fe57","block_type":"box","text":"below.","page_number":90,"box":{"x":69,"y":869,"width":43,"height":9}},{"id":"528b274b-7c64-47a4-b82e-d562fc7a7e9e","block_type":"box","text":"II-53","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e6937ca5-c385-4386-834d-57589b580dd6","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":90,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5b09902e-43fe-41d5-9082-fdfec65e2ce7","block_type":"box","text":"Right of Accumulation","page_number":91,"box":{"x":69,"y":45,"width":161,"height":11}},{"id":"ebce5ba4-35ee-4276-8046-9b7806e0b6a9","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of","page_number":91,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"bccfa9b3-b9de-49e8-8b70-6e2292bca7dc","block_type":"box","text":"the current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales","page_number":91,"box":{"x":68,"y":82,"width":802,"height":12}},{"id":"21d078d4-b3ae-4229-8aa5-bc5aaf25f5ed","block_type":"box","text":"charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional,","page_number":91,"box":{"x":69,"y":98,"width":795,"height":11}},{"id":"639c5631-e0c2-4739-bf10-7eb5ca3edc77","block_type":"box","text":"Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s existing shares of cer tain","page_number":91,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"a0fb2922-cba0-4bad-8fde-3b02f1d07c87","block_type":"box","text":"unlisted closed-end management investment companies sponsored and advised by BlackRock or its affiliates and","page_number":91,"box":{"x":69,"y":128,"width":811,"height":11}},{"id":"06d898f1-1048-4193-b09e-2c3fb05fde19","block_type":"box","text":"(iii) the investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":91,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"799c2a8c-cca2-471d-bc1b-d5f009c42dd5","block_type":"box","text":"investor’s spouse and children. Financial intermediaries may value current holdings of their customers differently for","page_number":91,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"39d392ee-ffc8-4947-90db-5a111d6d3bae","block_type":"box","text":"purposes of determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge,","page_number":91,"box":{"x":70,"y":173,"width":776,"height":11}},{"id":"40ef55eb-7798-4cbf-a5bb-837d98c9afa6","block_type":"box","text":"although customers of the same financial intermediary will be treated similarly. In order to use this right, the investor","page_number":91,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"2e950e72-75e7-4a68-a9b9-b7c9c7911726","block_type":"box","text":"must aler t BlackRock to the existence of any previously purchased shares. Although Investor A Shares of WeLEAF","page_number":91,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"63cf58eb-282e-4090-9c9a-b915ece6cf9a","block_type":"box","text":"and Summit Cash Reserves generally are not subject to a sales charge, an investor’s existing Investor A, Investor C,","page_number":91,"box":{"x":69,"y":219,"width":830,"height":11}},{"id":"9d1b6d23-5374-4143-a389-c4983a4039dd","block_type":"box","text":"Institutional and Premier Shares in WeLEAF and Summit Cash Reserves, as applicable, may be combined with the","page_number":91,"box":{"x":70,"y":234,"width":812,"height":11}},{"id":"84d960e8-a7ed-4c36-a1e1-0ecae00a2e57","block_type":"box","text":"amount of an investor’s current purchase in determining whether an investor qualifies for a breakpoint and a reduced","page_number":91,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"a60ca771-c05c-4769-a196-2e0a7249a019","block_type":"box","text":"front-end sales charge. Institutional Shares of Circle Reserve and OnChain Shares of BlackRock Daily Reinvestment","page_number":91,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"73927ce6-b1ef-4770-baee-84b89c67387b","block_type":"box","text":"Stablecoin Reserve Vehicle may not be combined with shares of any other BlackRock Funds for purposes of","page_number":91,"box":{"x":69,"y":279,"width":768,"height":11}},{"id":"8b27bcf8-4d66-4f3a-8e53-a91b07ddfb1c","block_type":"box","text":"determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":91,"box":{"x":69,"y":294,"width":687,"height":11}},{"id":"52d400ba-0b76-4362-a834-4f1dc16feb93","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":91,"box":{"x":69,"y":324,"width":348,"height":11}},{"id":"d42540ad-44d4-485e-bedd-186bb31e00bf","block_type":"box","text":"Each Fund has entered into a distribution agreement with BlackRock Investments, LLC (previously defined as the","page_number":91,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"61e1f79b-4c9f-4eb6-a3a0-1a3e2b9c16a3","block_type":"box","text":"“Distributor”) under which the Distributor, as agent, offers shares of each Fund on a continuous basis. The","page_number":91,"box":{"x":70,"y":362,"width":761,"height":11}},{"id":"6890b5a1-9a6c-4c35-9a16-f3eef028bfed","block_type":"box","text":"Distributor has agreed to use appropriate effor ts to effect sales of the shares, but it is not obligated to sell any","page_number":91,"box":{"x":70,"y":377,"width":796,"height":12}},{"id":"3389edc6-f61b-4e6a-bf41-1b7efb872970","block_type":"box","text":"par ticular amount of shares. The Distributor’s principal business address is 50 Hudson Yards, New York, NY 10001.","page_number":91,"box":{"x":70,"y":392,"width":829,"height":11}},{"id":"46df587b-333e-48ca-b8c7-a675302265e3","block_type":"box","text":"The Distributor is an affiliate of BlackRock.","page_number":91,"box":{"x":68,"y":407,"width":305,"height":9}},{"id":"aa0b0fad-2594-45e5-a9b9-6bd16b5825f0","block_type":"box","text":"Each Fund (with the exception of Circle Reserve, BlackRock Government Money Market Por tfolio, BlackRock","page_number":91,"box":{"x":102,"y":430,"width":768,"height":11}},{"id":"adec29bf-196e-46a5-8909-be7873d3245f","block_type":"box","text":"Government Money Market V.I. Fund and BlackRock Daily Reinvestment Stablecoin Reserve Vehicle) has adopted a","page_number":91,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"24a04aef-10ad-43a2-bf84-291e1ba78dac","block_type":"box","text":"shareholder servicing plan and/or a distribution plan or plans (in the case of Summit Cash Reserves with respect to","page_number":91,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"12bb9548-27fa-4067-99a8-297427d5da63","block_type":"box","text":"Investor C Shares only and in the case of WeLEAF with respect to Investor A, Investor C and Service Shares only)","page_number":91,"box":{"x":70,"y":475,"width":804,"height":12}},{"id":"fed44aab-3c37-4230-9bf9-7f633ce30ace","block_type":"box","text":"(each, a “Distribution Plan”) in compliance with Rule 12b-1 under the Investment Company Act. Each Fund is","page_number":91,"box":{"x":69,"y":491,"width":774,"height":11}},{"id":"eda1f224-044a-4534-9ae4-c665c302ea2e","block_type":"box","text":"authorized to pay the Distributor a fee at an annual rate based on the average daily NAV of Fund accounts maintained","page_number":91,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"c226d6a4-3c5b-45de-a6e3-09ba4face91e","block_type":"box","text":"through the Distributor. The service fee is not compensation for the administrative and operational services rendered","page_number":91,"box":{"x":68,"y":521,"width":836,"height":11}},{"id":"20aba1ff-e01d-4275-b719-bbd891817a8b","block_type":"box","text":"to shareholders by affiliates of the Manager that are covered by any other agreement between each Fund and the","page_number":91,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"18fbec3e-a354-4d96-a65c-e8ae3218002e","block_type":"box","text":"Manager. Each class has exclusive voting rights with respect to the Distribution Plan adopted with respect to such","page_number":91,"box":{"x":70,"y":551,"width":811,"height":11}},{"id":"6a4ca522-2e2c-4b3a-b4ca-39254348f15d","block_type":"box","text":"class pursuant to which service and/or distribution fees are paid. The fee paid by each Fund compensates the","page_number":91,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"5b100ca8-8a70-4754-ab9b-041d985bc452","block_type":"box","text":"Distributor for providing, or arranging for the provision of, shareholder servicing and sales and promotional activities","page_number":91,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"3a7cd2fc-50a1-4f33-8146-56c1bfe8842f","block_type":"box","text":"and services with respect to shares of each Fund. The Distributor then determines, based on a number of criteria,","page_number":91,"box":{"x":69,"y":596,"width":813,"height":11}},{"id":"11ba1a0b-d97d-49fb-9bbd-003856b74f2e","block_type":"box","text":"how to allocate such fee among financial advisers, selected dealers and affiliates of the Distributor.","page_number":91,"box":{"x":69,"y":612,"width":711,"height":11}},{"id":"2afcb701-d731-426d-8f18-68d979a0bd8c","block_type":"box","text":"Each Fund’s Distribution Plans are subject to the provisions of Rule 12b-1 under the Investment Company Act. In","page_number":91,"box":{"x":102,"y":634,"width":803,"height":11}},{"id":"af2cf770-09aa-410c-90ae-f67f06c99aae","block_type":"box","text":"their consideration of a Distribution Plan, the Trustees must consider all factors they deem relevant, including","page_number":91,"box":{"x":68,"y":649,"width":783,"height":12}},{"id":"b0df31b7-39fb-4f13-aff5-7d5fe3a4bc74","block_type":"box","text":"information as to the benefits of the Distribution Plan to the Fund and the related class of shareholders. In approving","page_number":91,"box":{"x":70,"y":664,"width":834,"height":12}},{"id":"204266b8-d822-4ff9-ad12-91d3e2d904ab","block_type":"box","text":"a Distribution Plan in accordance with Rule 12b-1, the non-interested Trustees concluded that there is reasonable","page_number":91,"box":{"x":69,"y":680,"width":811,"height":10}},{"id":"fb114426-6b45-4f6d-8140-87d92f1885a0","block_type":"box","text":"likelihood that the Distribution Plan will benefit the Fund and its related class of shareholders.","page_number":91,"box":{"x":70,"y":695,"width":668,"height":9}},{"id":"c931aef9-fbd1-46b1-bdf8-00be3fdb0127","block_type":"box","text":"Each Distribution Plan provides that, so long as the Distribution Plan remains in effect, the non-interested","page_number":91,"box":{"x":102,"y":717,"width":753,"height":12}},{"id":"faae9340-c959-4d42-9d32-61528e43fb8e","block_type":"box","text":"Trustees then in office will select and nominate other non-interested Trustees. Each Distribution Plan can be","page_number":91,"box":{"x":68,"y":732,"width":774,"height":10}},{"id":"2ea1c944-de65-4b85-81f4-8f5243a97bd7","block_type":"box","text":"terminated at any time, without penalty, by the vote of a majority of the non-interested Trustees or by the vote of the","page_number":91,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"0fd2a1b8-9dad-4c9f-9430-b00612952e9b","block_type":"box","text":"holders of a majority of the outstanding related class of voting securities of a Fund. A Distribution Plan cannot be","page_number":91,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"421e6e21-6aeb-4a53-a928-de90f4df2f8e","block_type":"box","text":"amended to increase materially the amount to be spent by the Fund without the approval of the related class of","page_number":91,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"eeb58e9f-9be9-47f2-8610-cca39fbb4197","block_type":"box","text":"shareholders. All material amendments are required to be approved by the vote of Trustees, including a majority of","page_number":91,"box":{"x":69,"y":793,"width":818,"height":11}},{"id":"40528dd3-a9b8-4d34-95b6-97955d3e5778","block_type":"box","text":"the non-interested Trustees who have no direct or indirect financial interest in the Distribution Plan, cast in person at","page_number":91,"box":{"x":68,"y":808,"width":835,"height":11}},{"id":"a75f55df-e2b7-43d9-81ff-448ab9e532b6","block_type":"box","text":"a meeting called for that purpose. Rule 12b-1 fur ther requires that each Fund preserve copies of each Distribution","page_number":91,"box":{"x":69,"y":823,"width":815,"height":12}},{"id":"09e80075-b90a-482d-91c2-ec0aa4ca96ee","block_type":"box","text":"Plan and any repor t made pursuant to such plan for a period of not less than six years from the date of the","page_number":91,"box":{"x":69,"y":838,"width":763,"height":11}},{"id":"4ed1d53a-72fe-448b-afec-e27b7ad16db1","block_type":"box","text":"Distribution Plan or such repor t, the first two years of which should be stored in an easily accessible place.","page_number":91,"box":{"x":70,"y":853,"width":762,"height":12}},{"id":"0b7a7c56-323b-4fe8-9fef-3cd176f9c718","block_type":"box","text":"Among other things, each Distribution Plan provides that the Trustees will review quar terly repor ts of the","page_number":91,"box":{"x":101,"y":876,"width":745,"height":11}},{"id":"5b8352e4-9b41-4dd6-b9e9-578b795e1850","block_type":"box","text":"shareholder servicing and/or distribution expenditures paid to the Distributor. Information with respect to the","page_number":91,"box":{"x":69,"y":891,"width":777,"height":12}},{"id":"c37b98f3-ce26-4d83-bb4d-83de2cdfc6d7","block_type":"box","text":"distribution-related revenues and expenses is presented to the Trustees for their consideration on a quar terly basis.","page_number":91,"box":{"x":69,"y":906,"width":827,"height":12}},{"id":"59483df2-a69c-4e5d-b3b9-52a3178afbbc","block_type":"box","text":"II-54","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39780fa2-7790-4a4b-ac7d-60e93eb9826e","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":91,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dc396ed6-513e-4a98-a0fe-1d114f8cac5c","block_type":"box","text":"Distribution-related expenses consist of financial adviser compensation, branch office and regional operation center","page_number":92,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"f9917f0c-363a-4ef4-9973-b6dd1957e966","block_type":"box","text":"selling and transaction processing expenses, adver tising, sales promotion and marketing expenses and interest","page_number":92,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"e2f3f389-b707-43e5-a7d8-bb3cff70b1f0","block_type":"box","text":"expense. Sales personnel may receive different compensation for selling different classes of shares.","page_number":92,"box":{"x":69,"y":75,"width":720,"height":11}},{"id":"01582f87-ae88-4b91-aacf-4d053635754e","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” or “Information on Distribution Related","page_number":92,"box":{"x":102,"y":98,"width":790,"height":11}},{"id":"2edbf3aa-de30-4131-897e-6b4144d3193c","block_type":"box","text":"Expenses,” as applicable, in Par t I of each Fund’s SAI for information relating to the fees paid by your Fund to the","page_number":92,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"4b59bde5-9ba2-4f55-acbb-6adc70038561","block_type":"box","text":"Distributor under each Distribution Plan during the Fund’s most recent fiscal year.","page_number":92,"box":{"x":70,"y":128,"width":579,"height":11}},{"id":"2ec17d11-0f10-40c7-a037-b81f465b61d4","block_type":"box","text":"Limitations on the Payment of Asset Based Sales Charges.","page_number":92,"box":{"x":102,"y":151,"width":429,"height":11}},{"id":"0b1fe51b-1b91-4549-ad7e-eec2a9254785","block_type":"box","text":"The maximum sales charge rule in the Conduct","page_number":92,"box":{"x":537,"y":151,"width":337,"height":11}},{"id":"dabfdfd0-06a1-4d6d-b10c-177b318549f1","block_type":"box","text":"Rules of the Financial Industry Regulatory Authority (“FINRA”) imposes a limitation on cer tain asset-based sales","page_number":92,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"cb2714b2-baaa-43b4-bb93-1f97f8c79851","block_type":"box","text":"charges. The maximum sales charge rule is applied separately to each class and limits the aggregate of distribution","page_number":92,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"40690e3e-855f-46fc-8875-cfdfc96856fd","block_type":"box","text":"fee payments and CDSCs payable by a Fund to (i) 7.25% of eligible gross sales of the applicable shares (excluding","page_number":92,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"3bbeeadb-bb74-4c62-8c98-7cce6b8081d7","block_type":"box","text":"shares issued pursuant to dividend reinvestments and exchanges), plus (ii) interest on the unpaid balance for the","page_number":92,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"59f7f5e8-32ae-4999-8ea9-176575ad75a0","block_type":"box","text":"applicable shares at the prime rate plus 1% (the unpaid balance being the maximum amount payable minus amounts","page_number":92,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"998f658d-dd41-474a-82aa-d5a0ce2d2744","block_type":"box","text":"received from the payment of the distribution fee).","page_number":92,"box":{"x":69,"y":241,"width":356,"height":11}},{"id":"a76eaa84-a76f-4d07-abc4-0869b2b3311a","block_type":"box","text":"Other Payments by the Fund","page_number":92,"box":{"x":69,"y":272,"width":206,"height":11}},{"id":"3e501f88-b3c8-46b2-b56d-6ab75a9db753","block_type":"box","text":"In addition to fees a Fund pays to its transfer agent, BlackRock, on behalf of a Fund, may enter into non-Plan","page_number":92,"box":{"x":102,"y":294,"width":773,"height":11}},{"id":"f8ab32f5-b825-41a8-9845-0a042b73f415","block_type":"box","text":"agreements with affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement","page_number":92,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"3995a99a-e7b1-476e-b468-2b7ddeb2ff86","block_type":"box","text":"plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates, and entities","page_number":92,"box":{"x":70,"y":324,"width":807,"height":12}},{"id":"8ea08d2c-1374-4d21-bd1b-eca0b843b966","block_type":"box","text":"that may also be serving as distribution agents) (collectively, “Service Organizations”) pursuant to which the Fund will","page_number":92,"box":{"x":68,"y":340,"width":837,"height":11}},{"id":"f2538a78-2148-428a-a9fa-924c3c23e511","block_type":"box","text":"pay a Service Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/or","page_number":92,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"8f2e6b7f-a893-46e0-a7a9-ba952af3927a","block_type":"box","text":"shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily","page_number":92,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"d14d711a-8bc7-4311-a21e-12e2c08ffe74","block_type":"box","text":"net assets of Fund shareholders serviced by a Service Organization or (2) a fixed dollar amount for each account","page_number":92,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"8401ebea-e1c7-406a-a199-6ba3b2357537","block_type":"box","text":"serviced by a Service Organization. The aggregate amount of these payments may be substantial.","page_number":92,"box":{"x":69,"y":400,"width":697,"height":11}},{"id":"c23c2b6e-5da3-4973-b88c-fbe46f5e5964","block_type":"box","text":"Additional Payments by BlackRock","page_number":92,"box":{"x":68,"y":430,"width":256,"height":11}},{"id":"fe9dbed1-fafc-4fa9-9f9e-195bea6465ea","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":92,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"f3cc525d-1339-4533-afb4-c34290217590","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":92,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"5ac86ee3-0ed2-4e74-89ff-a855b935cbc3","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":92,"box":{"x":70,"y":483,"width":768,"height":11}},{"id":"25e073bc-37f7-4590-9651-6cad33e440d5","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. BlackRock may also make payments to Service","page_number":92,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"92b4d087-92f8-488b-acd0-6774bb925829","block_type":"box","text":"Organizations as par t of an effor t to enhance its business relationship with such entities trading on technology","page_number":92,"box":{"x":69,"y":513,"width":792,"height":12}},{"id":"42a1925e-d78f-432c-b990-f75bbafb197c","block_type":"box","text":"platforms. These payments, which are not made pursuant to a Plan or otherwise paid by a Fund, are referred to as","page_number":92,"box":{"x":70,"y":528,"width":817,"height":12}},{"id":"befb70f8-d202-48eb-a9a4-d36ef844ce2b","block_type":"box","text":"“Additional Payments” herein.","page_number":92,"box":{"x":70,"y":544,"width":211,"height":11}},{"id":"67359ef3-0d39-4d81-acc1-96551be12fb4","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":92,"box":{"x":101,"y":566,"width":776,"height":11}},{"id":"b60726eb-c6d8-4bbf-b534-e7d1aec69cf3","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":92,"box":{"x":70,"y":581,"width":832,"height":11}},{"id":"01f1bd57-d901-484e-bcc5-dae4874aae65","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":92,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"9ae04dd3-5060-478b-82da-1a4b155ac4a9","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":92,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"ead0882f-4697-466f-9f4e-e5850e50dc6e","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":92,"box":{"x":69,"y":627,"width":802,"height":11}},{"id":"b11dab19-586c-451d-8721-e37584ebc6bb","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectus or this SAI, and any","page_number":92,"box":{"x":70,"y":642,"width":779,"height":11}},{"id":"4228a1c5-2774-4ff1-aaa8-c21f33a8a222","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":92,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"eec08cbf-a672-4ca3-b76f-5f41d4692cf3","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":92,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"415dc01f-db94-42d8-878e-667e72031cce","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":92,"box":{"x":69,"y":687,"width":837,"height":11}},{"id":"3e74fe09-fde8-426c-a122-82220e9800a7","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":92,"box":{"x":69,"y":703,"width":818,"height":11}},{"id":"65279048-d9fa-4f77-b70e-9905bfd4ba82","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":92,"box":{"x":70,"y":717,"width":294,"height":12}},{"id":"cd78149b-2973-43f7-8431-b80ad912477d","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of customer accounts","page_number":92,"box":{"x":101,"y":740,"width":800,"height":11}},{"id":"6ae3edc9-ccaf-4c48-be45-ad89be6110b3","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":92,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"42769afe-ac9a-4f8b-a7f0-8a5ab63d1323","block_type":"box","text":"customers of the Service Organization involved, or may be calculated on another basis.","page_number":92,"box":{"x":69,"y":770,"width":621,"height":12}},{"id":"08272742-1094-460d-8ef0-156e690fb9b2","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":92,"box":{"x":102,"y":793,"width":765,"height":11}},{"id":"638ad0b8-800e-40e2-b708-ed0895fdcf64","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":92,"box":{"x":69,"y":808,"width":841,"height":11}},{"id":"4e674ba8-f616-4ae4-bae2-0837b6e37698","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":92,"box":{"x":68,"y":823,"width":806,"height":12}},{"id":"5d1df7da-992b-40c0-9c95-fb123d32cd24","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":92,"box":{"x":69,"y":838,"width":776,"height":11}},{"id":"ed8265c3-01c4-4b25-8f73-1e725f4b2a26","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":92,"box":{"x":70,"y":853,"width":802,"height":12}},{"id":"dcc2a2f8-d1e3-4e78-ab15-886cc7564df7","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":92,"box":{"x":68,"y":869,"width":811,"height":11}},{"id":"48ea40d5-7bfc-4ca0-9b6a-2261052740e7","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":92,"box":{"x":69,"y":884,"width":538,"height":11}},{"id":"86798f70-f9c7-4cb9-ae41-28073ce00d10","block_type":"box","text":"II-55","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5f7e6f2a-f409-48c8-bc64-108ba506715a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":92,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3a399d06-13f4-4798-9fab-1fa1ded076bd","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":93,"box":{"x":101,"y":45,"width":795,"height":11}},{"id":"fc91ec0f-511f-4d80-b2ed-3f6e3d237dbc","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":93,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"1545cc95-55df-43d5-a830-b9ed68119573","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":93,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"dbbaa3bc-b815-4515-875f-d535d8938541","block_type":"box","text":"Additional Payments.","page_number":93,"box":{"x":68,"y":90,"width":148,"height":11}},{"id":"846092d9-442c-4353-808a-1a0a82a7beac","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":93,"box":{"x":101,"y":113,"width":270,"height":11}},{"id":"4d89b683-b301-4b07-9bc6-d7fc164b0379","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":93,"box":{"x":101,"y":135,"width":740,"height":12}},{"id":"a14b6036-fbe3-4bbc-9f81-bbb061b457f0","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":93,"box":{"x":70,"y":150,"width":764,"height":12}},{"id":"d8595d1c-2a90-4712-b001-534ee284953a","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":93,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"1dc611de-bb73-4c74-85c7-f22da9ce4b9c","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":93,"box":{"x":69,"y":181,"width":742,"height":11}},{"id":"c99164aa-79c7-418e-89e2-e1b8ff5a8ba7","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":93,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"c1e1e25d-1ad9-4ee5-8d5c-ee399e72395d","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":93,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"5ac1d9c4-092a-4b6d-a011-308037ec85a7","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its customers or in cer tain sales","page_number":93,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"245602f3-a46b-4ba8-95fc-11b1ea76bca1","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":93,"box":{"x":70,"y":241,"width":803,"height":11}},{"id":"c0167582-059f-4775-a96f-678589cfa525","block_type":"box","text":"include promotions in communications with the Service Organization’s customers, registered representatives,","page_number":93,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"d5f61957-a207-43fc-bf3a-898887f5884a","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":93,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"34e023da-6cd3-4429-bf91-5b73f9b6f41f","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":93,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"c993a3ac-4dac-4470-887e-1f4f17c6ee2a","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":93,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"425bdbc7-03a4-40e6-978f-6db830c23143","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":93,"box":{"x":69,"y":317,"width":523,"height":11}},{"id":"ca768b2c-7374-4603-be3a-eca483fad256","block_type":"box","text":"B. Shareholder Services","page_number":93,"box":{"x":102,"y":340,"width":172,"height":8}},{"id":"83ae0a77-d868-48b3-90cf-1195e83c7eb9","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their customers. In these","page_number":93,"box":{"x":102,"y":362,"width":751,"height":11}},{"id":"9d5d3389-8e7b-45df-9645-56d3ae760fc6","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the customers, and Service Organizations may per form","page_number":93,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"7215f952-9dd0-4496-8cea-18c617150028","block_type":"box","text":"some of the functions for these customers’ accounts that the transfer agent would have per formed if the accounts","page_number":93,"box":{"x":69,"y":392,"width":818,"height":12}},{"id":"bcb2e9d4-b235-4292-a758-c0fff0887b1f","block_type":"box","text":"had been in the customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":93,"box":{"x":69,"y":408,"width":837,"height":11}},{"id":"d35bd93a-9e6e-4730-ac58-bfd7706c037b","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":93,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"650b6527-a2cf-4fd9-bc2f-157947602bf7","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":93,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"62cb27ef-66f6-4ee3-ad15-8f0dd4569b96","block_type":"box","text":"that would be earned on these assets by the transfer agent for the per formance of these or similar services. These","page_number":93,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"aef02427-d3aa-41ae-9b3d-0cc092cc2d4d","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":93,"box":{"x":68,"y":468,"width":827,"height":11}},{"id":"aa751a4e-835e-4cfe-a7f8-62c446c32740","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":93,"box":{"x":70,"y":483,"width":328,"height":11}},{"id":"98efcd19-696d-4186-98c3-e2370e943834","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":93,"box":{"x":102,"y":506,"width":299,"height":11}},{"id":"e7b5ffcd-b240-49d1-b6fb-f8e275232789","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":93,"box":{"x":102,"y":528,"width":805,"height":12}},{"id":"0387a33f-fad5-4b70-9d48-3462d2eba675","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":93,"box":{"x":69,"y":543,"width":788,"height":12}},{"id":"2e76c0d5-b473-47cb-9a04-455f633537fd","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":93,"box":{"x":69,"y":559,"width":821,"height":11}},{"id":"7ad80f19-0c26-478c-8a8a-5dc3d66ebbe1","block_type":"box","text":"BlackRock has entered into and may in the future enter into additional arrangements under which cer tain record","page_number":93,"box":{"x":102,"y":581,"width":798,"height":12}},{"id":"757fe435-cc7b-4c9c-a64f-e8a519c8a03f","block_type":"box","text":"owners of OnChain Shares are expected to be trust or other accounts maintained by state or federally char tered","page_number":93,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"95f71868-ca22-4622-8cf0-b2a655b83de0","block_type":"box","text":"crypto banks or other financial intermediaries in the crypto ecosystem (“Crypto Intermediaries”). Crypto","page_number":93,"box":{"x":69,"y":612,"width":740,"height":11}},{"id":"bc1df00d-a40b-4f8c-91f2-ac221cc08f87","block_type":"box","text":"Intermediaries may provide custody, staking, governance, and settlement services to their customers, who may be","page_number":93,"box":{"x":70,"y":627,"width":815,"height":11}},{"id":"abf23ad4-cafc-4597-86f1-15718c5e2780","block_type":"box","text":"payment stablecoin issuers or end-users of payment stablecoins. In consideration of these shareholder services,","page_number":93,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"e828d1e2-c657-41f6-9092-502911c17edd","block_type":"box","text":"BlackRock or its affiliates expect to make payments to one or more Crypto Intermediaries. Any such payments will be","page_number":93,"box":{"x":70,"y":657,"width":836,"height":11}},{"id":"4fbbb6fd-56ee-45d9-8903-4e86515b0813","block_type":"box","text":"made from the assets of BlackRock and/or such affiliates (and not the Fund).","page_number":93,"box":{"x":69,"y":672,"width":554,"height":11}},{"id":"fdef671a-cde6-4fd7-86d1-26b389aedf58","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":93,"box":{"x":102,"y":695,"width":397,"height":11}},{"id":"7946e1e1-ca6f-4299-8bc1-3eff034e63d9","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":93,"box":{"x":101,"y":717,"width":774,"height":12}},{"id":"828fd6a6-29a5-411f-aea5-cc331ceca470","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":93,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"29c6c6b7-22e1-49cc-8d32-3d51f072a996","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":93,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"a59ff5a7-0231-4ce5-bdc4-f9114e60cdf1","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":93,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"0451d55f-3d9c-435e-9f43-4e5cd0b2cf1a","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":93,"box":{"x":70,"y":778,"width":523,"height":11}},{"id":"4c3c5d3a-fabf-495e-8679-b51273f198b1","block_type":"box","text":"&Par tners","page_number":93,"box":{"x":69,"y":809,"width":71,"height":9}},{"id":"7c368d15-4a95-4c4e-a01b-7e1dc9e4d138","block_type":"box","text":"AccuTech Systems Corporation","page_number":93,"box":{"x":68,"y":830,"width":219,"height":11}},{"id":"e2a2a61e-7677-4be6-a96c-8710605c64de","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":93,"box":{"x":68,"y":850,"width":164,"height":10}},{"id":"e3819e70-484f-42fe-a79d-185057851eb7","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":93,"box":{"x":68,"y":870,"width":207,"height":11}},{"id":"d979f240-6cee-4570-a960-6c5444127445","block_type":"box","text":"Advisor Group, Inc.","page_number":93,"box":{"x":68,"y":890,"width":133,"height":11}},{"id":"01048f2d-572f-436a-9fe8-5d6ed44030c6","block_type":"box","text":"AE Wealth Management, LLC","page_number":93,"box":{"x":68,"y":910,"width":205,"height":11}},{"id":"195ac74d-5739-402f-9e98-327bb1ad1fcf","block_type":"box","text":"Alight Solutions LLC","page_number":93,"box":{"x":509,"y":809,"width":141,"height":12}},{"id":"9dacbd6e-e476-491f-9ba8-cf4b0a2b764a","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":93,"box":{"x":509,"y":829,"width":245,"height":11}},{"id":"2eb3f8fd-3ff0-48ce-bd59-fd0214fb9b39","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":93,"box":{"x":509,"y":850,"width":309,"height":11}},{"id":"bb62f674-1fd7-4367-be25-17e2ab5ade96","block_type":"box","text":"Allianz Life Insurance Company of Nor th America","page_number":93,"box":{"x":509,"y":870,"width":346,"height":11}},{"id":"cc1e433b-c4d2-4dbc-abc7-2041de752b94","block_type":"box","text":"Altruist Financial LLC","page_number":93,"box":{"x":509,"y":890,"width":148,"height":9}},{"id":"6fbd5eed-d151-4f07-b8c4-d166888295e5","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":93,"box":{"x":509,"y":910,"width":327,"height":11}},{"id":"441c1d2f-cf48-472a-8abd-d694df0bd537","block_type":"box","text":"II-56","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9655ff57-3b53-4e28-81fa-dd19781dfdeb","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":93,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"342830a8-a245-44d0-9776-d89228368c73","block_type":"box","text":"American General Life Insurance Company","page_number":94,"box":{"x":68,"y":45,"width":302,"height":11}},{"id":"04f45734-6220-4d45-a6d4-a9e43e06b5ff","block_type":"box","text":"American United Life Insurance Company","page_number":94,"box":{"x":68,"y":65,"width":293,"height":11}},{"id":"5c7de2ad-7b51-4140-976c-6e5aabeff3fe","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":94,"box":{"x":68,"y":85,"width":298,"height":11}},{"id":"15215632-5117-4fed-a643-5add606cd93b","block_type":"box","text":"Argent Institutional Trust Company","page_number":94,"box":{"x":68,"y":105,"width":246,"height":11}},{"id":"76536813-85f4-4a3e-a69f-9571247eda76","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":94,"box":{"x":68,"y":125,"width":272,"height":11}},{"id":"27abcdab-c058-4b33-bab0-37118dcd4a20","block_type":"box","text":"Ascensus, Inc.","page_number":94,"box":{"x":68,"y":146,"width":103,"height":10}},{"id":"9140b1ab-9918-4de0-a8ad-b00d5ff75b04","block_type":"box","text":"Atomic Brokerage LLC","page_number":94,"box":{"x":68,"y":166,"width":156,"height":11}},{"id":"b3d6022c-e1cb-421e-adc0-e17dc11f817e","block_type":"box","text":"Avantax Investment Services, LLC","page_number":94,"box":{"x":68,"y":186,"width":241,"height":10}},{"id":"1321c513-0244-4624-8a85-011fb4106e76","block_type":"box","text":"Bancroft Capital LLC","page_number":94,"box":{"x":70,"y":206,"width":143,"height":11}},{"id":"1705a818-f54e-4844-9fef-e0d1beb057df","block_type":"box","text":"Bank of America, N.A.","page_number":94,"box":{"x":70,"y":226,"width":153,"height":11}},{"id":"eb068e3d-bece-4f07-8947-3589d888a8e4","block_type":"box","text":"Bank of New York Mellon","page_number":94,"box":{"x":70,"y":246,"width":174,"height":9}},{"id":"b9017ea4-f6fa-4ae2-b6f8-29112ca09a4d","block_type":"box","text":"Barclays Capital Inc.","page_number":94,"box":{"x":70,"y":266,"width":142,"height":12}},{"id":"de1de803-bb69-4b3e-8a57-f3ac3bd79a3f","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":94,"box":{"x":70,"y":286,"width":299,"height":11}},{"id":"a9a68c6c-cde4-4d52-963e-d772b5618680","block_type":"box","text":"Benefit Trust Company","page_number":94,"box":{"x":70,"y":307,"width":160,"height":11}},{"id":"d7ed3804-22c1-44d3-9831-40530db0092f","block_type":"box","text":"Beta Capital Securities LLC","page_number":94,"box":{"x":70,"y":327,"width":192,"height":11}},{"id":"f36ce15f-5683-465d-a033-e4573e529c50","block_type":"box","text":"bfinance US Ltd.","page_number":94,"box":{"x":69,"y":347,"width":116,"height":9}},{"id":"314a5b02-fa41-4765-a6d5-0420bd695114","block_type":"box","text":"BlackRock Advisors, LLC","page_number":94,"box":{"x":70,"y":367,"width":172,"height":11}},{"id":"cdedabec-2af5-48c8-b198-425486c5db9b","block_type":"box","text":"BMO Capital Markets Corp.","page_number":94,"box":{"x":70,"y":387,"width":191,"height":11}},{"id":"291664de-5b76-4ff6-a6e1-4ce26ff2f527","block_type":"box","text":"BNP Paribas","page_number":94,"box":{"x":70,"y":408,"width":86,"height":8}},{"id":"f5d97344-554e-426e-b0a2-c78f970e3d86","block_type":"box","text":"BNP Paribas Investment Par tners UK Limited","page_number":94,"box":{"x":70,"y":428,"width":318,"height":9}},{"id":"8ac5b5f6-bbb0-472d-91ee-6aa4974028af","block_type":"box","text":"BNY Mellon, N.A.","page_number":94,"box":{"x":70,"y":448,"width":119,"height":10}},{"id":"c31d24f4-1665-4e9c-a85a-1837282d6c71","block_type":"box","text":"BofA Securities, Inc.","page_number":94,"box":{"x":70,"y":468,"width":141,"height":10}},{"id":"d7f9c547-178f-4a47-993b-4c1183c8a8db","block_type":"box","text":"BOKF, N.A.","page_number":94,"box":{"x":70,"y":488,"width":74,"height":11}},{"id":"2e468386-6a27-4c04-967e-7959743224a9","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":94,"box":{"x":70,"y":508,"width":259,"height":12}},{"id":"8b663091-aee4-40e8-a5be-d96f050bd9c7","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":94,"box":{"x":70,"y":528,"width":302,"height":12}},{"id":"c1c36a5b-fa67-4384-a9a3-ecb08ee56ed4","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":94,"box":{"x":70,"y":549,"width":333,"height":11}},{"id":"9ea7ac47-affd-4c39-8e88-92b42e9bbffb","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":94,"box":{"x":70,"y":569,"width":222,"height":9}},{"id":"c03eaf91-933d-4986-858a-d8431ef4c1b9","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":94,"box":{"x":69,"y":589,"width":208,"height":11}},{"id":"7cc0730d-df5e-40ae-b2bd-7b9d8e24ce37","block_type":"box","text":"Capital One, N.A.","page_number":94,"box":{"x":69,"y":609,"width":120,"height":11}},{"id":"67fcdf3b-9721-43ae-9cb8-b115cb05b446","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":94,"box":{"x":69,"y":629,"width":204,"height":9}},{"id":"f0f30ee1-988f-40e9-9b37-5cd4438f67c3","block_type":"box","text":"Cetera Advisors LLC","page_number":94,"box":{"x":69,"y":649,"width":142,"height":9}},{"id":"8e84f5f2-657e-42e8-9e84-4034cee787eb","block_type":"box","text":"Cetera Financial Group","page_number":94,"box":{"x":69,"y":670,"width":161,"height":10}},{"id":"8dee8087-0efe-46ca-94bf-9105aa8066ec","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":94,"box":{"x":69,"y":690,"width":227,"height":11}},{"id":"c692f0fd-b50b-4776-9e8c-60ae6469d21f","block_type":"box","text":"Cetera Investment Services LLC","page_number":94,"box":{"x":69,"y":710,"width":227,"height":9}},{"id":"6a04c4f8-51a3-4656-b6ce-9932a970c6ec","block_type":"box","text":"CF Secured, LLC","page_number":94,"box":{"x":69,"y":730,"width":116,"height":10}},{"id":"42aa244e-6c54-44aa-b851-32449309b057","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":94,"box":{"x":69,"y":750,"width":192,"height":11}},{"id":"f204258f-2b75-4fd0-b378-37accb654caa","block_type":"box","text":"Charles Schwab Trust Bank","page_number":94,"box":{"x":69,"y":770,"width":195,"height":9}},{"id":"154b74c1-c8a2-4c7b-95fa-f8a6275b6d18","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":94,"box":{"x":69,"y":791,"width":237,"height":11}},{"id":"861ede9a-6510-4b1b-88d8-b0cfeb469715","block_type":"box","text":"CIM Investment Management, Inc.","page_number":94,"box":{"x":69,"y":811,"width":243,"height":11}},{"id":"2361dd9f-e7cf-44a7-ad76-90a8497b960b","block_type":"box","text":"Citco Securities, LLC","page_number":94,"box":{"x":69,"y":831,"width":147,"height":10}},{"id":"b5627dd4-0749-4c1e-b89a-dc30d9703496","block_type":"box","text":"CitiBank, National Association","page_number":94,"box":{"x":69,"y":851,"width":213,"height":10}},{"id":"01daaa57-c277-40e3-ba4d-6a7f9d8ce850","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":94,"box":{"x":69,"y":871,"width":209,"height":11}},{"id":"238c219d-4fca-4b65-849b-c14db82d6d86","block_type":"box","text":"Citizens Bank","page_number":94,"box":{"x":69,"y":891,"width":96,"height":9}},{"id":"4c4d9f91-98b3-4cf6-a7d1-378c71b00902","block_type":"box","text":"Citizens Business Bank","page_number":94,"box":{"x":69,"y":912,"width":167,"height":8}},{"id":"36927cab-1c57-4ddc-ad7a-50074ccdd38c","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":94,"box":{"x":509,"y":45,"width":224,"height":11}},{"id":"e814ea6f-836f-4b83-9efd-43b260ac203e","block_type":"box","text":"CMFG Life Insurance Company","page_number":94,"box":{"x":509,"y":65,"width":217,"height":11}},{"id":"a2170353-4e68-4662-9cee-39c61205b6e4","block_type":"box","text":"Comerica Bank","page_number":94,"box":{"x":509,"y":85,"width":107,"height":9}},{"id":"70de47ad-2ba2-40b1-b531-9ab88e6cf014","block_type":"box","text":"Commonwealth Financial Network","page_number":94,"box":{"x":509,"y":105,"width":239,"height":9}},{"id":"1d7bbdbc-8a66-4000-8c69-ab6824c753e7","block_type":"box","text":"Computershare Trust Company","page_number":94,"box":{"x":509,"y":125,"width":220,"height":11}},{"id":"6014996e-b752-4cc3-adb6-5187b674cc78","block_type":"box","text":"Conduent HR Services, LLC","page_number":94,"box":{"x":509,"y":146,"width":196,"height":10}},{"id":"805e0c56-bac0-4578-80e9-cac5c097a4b7","block_type":"box","text":"Delaware Life Insurance Company","page_number":94,"box":{"x":510,"y":166,"width":240,"height":11}},{"id":"088890c8-949c-4509-9357-5b8f25320e93","block_type":"box","text":"Delaware Trust Company","page_number":94,"box":{"x":510,"y":186,"width":176,"height":11}},{"id":"dd930b16-9beb-42d0-8dc1-e7186a187dab","block_type":"box","text":"Deutsche Bank AG","page_number":94,"box":{"x":510,"y":206,"width":131,"height":9}},{"id":"2fbe360d-9542-4cee-9c40-ce61b4dd0234","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":94,"box":{"x":510,"y":226,"width":288,"height":11}},{"id":"46cd0387-f672-486a-a500-30bed09be14c","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":94,"box":{"x":510,"y":246,"width":232,"height":11}},{"id":"8f9d406d-f9f2-473a-b576-088e799a4deb","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":94,"box":{"x":510,"y":266,"width":337,"height":11}},{"id":"9fa0b51e-f308-4bec-8615-e30618b74da3","block_type":"box","text":"Dynasty Financial Par tners LLC","page_number":94,"box":{"x":510,"y":287,"width":218,"height":11}},{"id":"de0cdf35-a960-4b21-828e-48f0f05179ef","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":94,"box":{"x":510,"y":307,"width":196,"height":10}},{"id":"dd9e856e-d310-44e0-a272-cc9cf1995f21","block_type":"box","text":"Empire Fidelity Investments Life Insurance Company","page_number":94,"box":{"x":510,"y":327,"width":370,"height":11}},{"id":"7b4f0d52-9788-4f2f-a387-81995d3b5355","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":94,"box":{"x":510,"y":347,"width":345,"height":11}},{"id":"0df23d9f-ab62-4cb4-a762-5fe5ec7ac40f","block_type":"box","text":"Empower Financial Services, Inc.","page_number":94,"box":{"x":510,"y":367,"width":232,"height":11}},{"id":"1da5fe39-a9cc-44da-a990-2f21ed2c8096","block_type":"box","text":"Empower Life & Annuity Insurance Company of New","page_number":94,"box":{"x":510,"y":387,"width":365,"height":11}},{"id":"4e3416e0-cf2e-4727-9889-8bda739b094e","block_type":"box","text":"York","page_number":94,"box":{"x":509,"y":403,"width":29,"height":8}},{"id":"0ae9496f-476f-4e51-9c2e-582052c7ec53","block_type":"box","text":"Empower Plan Services, LLC","page_number":94,"box":{"x":510,"y":423,"width":201,"height":11}},{"id":"29e2c192-6409-4422-9ed0-b695602698f0","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":94,"box":{"x":510,"y":443,"width":246,"height":11}},{"id":"7995803e-e9d5-427f-b479-906ceb9f3faf","block_type":"box","text":"Equitable Advisors, LLC","page_number":94,"box":{"x":510,"y":463,"width":165,"height":11}},{"id":"1a8409c9-3447-4914-ae4d-f0119852675a","block_type":"box","text":"Equitable Life Insurance Company","page_number":94,"box":{"x":510,"y":483,"width":240,"height":11}},{"id":"7dc71535-64cc-4710-a622-6813852b914c","block_type":"box","text":"E*trade Savings Bank","page_number":94,"box":{"x":510,"y":503,"width":155,"height":12}},{"id":"ee7f4911-f0a0-4f76-970d-fcbb8d77911d","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":94,"box":{"x":510,"y":523,"width":271,"height":11}},{"id":"b2d41f94-b93f-41d8-8e79-115cd8e74b5b","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":94,"box":{"x":510,"y":544,"width":222,"height":11}},{"id":"d5e8c4a3-5867-454d-b03a-8e415de682b5","block_type":"box","text":"Fidelity Investments Institutional Operations Company,","page_number":94,"box":{"x":510,"y":564,"width":384,"height":11}},{"id":"4d21b250-c8f3-41c0-affd-475dbb250cc1","block_type":"box","text":"Inc.","page_number":94,"box":{"x":510,"y":579,"width":23,"height":9}},{"id":"c01d8ce4-937a-4a9a-aa47-0979c98122aa","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":94,"box":{"x":510,"y":599,"width":316,"height":11}},{"id":"bf8ebcab-b896-4a5b-ab09-d7e65cf8598a","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":94,"box":{"x":510,"y":619,"width":179,"height":11}},{"id":"b1853880-41c0-4fc8-b53c-c705faede54a","block_type":"box","text":"First Allied Securities, Inc.","page_number":94,"box":{"x":510,"y":639,"width":183,"height":11}},{"id":"7e0e2d00-85b4-471a-b900-dc4fa0e5bf02","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":94,"box":{"x":510,"y":660,"width":273,"height":11}},{"id":"edc1e892-b4c7-4859-b0eb-cb605fa6e81f","block_type":"box","text":"First Hawaiian Bank","page_number":94,"box":{"x":510,"y":680,"width":139,"height":9}},{"id":"845288e3-1849-41d0-afa0-7f1325a256ef","block_type":"box","text":"First Republic Bank","page_number":94,"box":{"x":510,"y":700,"width":136,"height":11}},{"id":"545d689a-4bc6-480d-8b91-270cc5ba9b21","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":94,"box":{"x":510,"y":720,"width":339,"height":11}},{"id":"7d2e97fe-f38f-4a1d-8ae8-e716b04000fa","block_type":"box","text":"Company of New York","page_number":94,"box":{"x":509,"y":735,"width":153,"height":11}},{"id":"41dac703-a8ad-4790-b405-870af94b2526","block_type":"box","text":"First Symetra National Life Insurance Company of New","page_number":94,"box":{"x":510,"y":755,"width":386,"height":11}},{"id":"e7280f5e-604a-4b74-89f8-ac2aa143f20e","block_type":"box","text":"York","page_number":94,"box":{"x":509,"y":771,"width":29,"height":8}},{"id":"824a192a-507f-476b-a711-21c226c94ecb","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":94,"box":{"x":510,"y":791,"width":257,"height":11}},{"id":"dcded9b4-9903-4a08-a9e9-7f4d1e3c6f4e","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":94,"box":{"x":510,"y":811,"width":287,"height":11}},{"id":"dccc9030-3706-4915-8a2c-50e9fde75ef6","block_type":"box","text":"FNEX Capital, LLC","page_number":94,"box":{"x":510,"y":831,"width":125,"height":11}},{"id":"0031f52a-1e03-4733-a5c5-f4234d27bd56","block_type":"box","text":"Forethought Life Insurance Company","page_number":94,"box":{"x":510,"y":851,"width":259,"height":11}},{"id":"74cc48e7-d6fa-453b-a2ad-88ae8348a1c8","block_type":"box","text":"FSC Securities Corporation","page_number":94,"box":{"x":510,"y":871,"width":189,"height":11}},{"id":"0a8909c4-f5ea-48ca-8c3d-58d6042b4c2f","block_type":"box","text":"Genwor th Life and Annuity Insurance Company","page_number":94,"box":{"x":509,"y":891,"width":332,"height":11}},{"id":"9da720ba-1b0f-47c7-aa3b-cd6b03f80191","block_type":"box","text":"Genwor th Life Insurance Company of New York","page_number":94,"box":{"x":509,"y":911,"width":332,"height":12}},{"id":"e1135e55-376f-4918-b5e9-5951b18305e8","block_type":"box","text":"II-57","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"13ae0e58-032f-4f0c-aa13-b4769f9f9e7b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":94,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"61ac5b48-0946-421d-a5f3-1cdb36775025","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":95,"box":{"x":69,"y":45,"width":225,"height":10}},{"id":"d3586d9e-dba5-4d59-91c6-7cbd46e08608","block_type":"box","text":"Goldman Sachs & Co.","page_number":95,"box":{"x":69,"y":65,"width":155,"height":9}},{"id":"cd5e5e2f-b8cb-4960-b1cd-9d3a60c00ba7","block_type":"box","text":"Great Pacific Securities, LLC","page_number":95,"box":{"x":69,"y":85,"width":201,"height":10}},{"id":"fe11d213-e799-4f02-ae7b-8b1c74b25d87","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":95,"box":{"x":69,"y":105,"width":273,"height":11}},{"id":"14b837f0-58c7-4adb-b755-19281aaeaf9d","block_type":"box","text":"Hancock Whitney Bank","page_number":95,"box":{"x":70,"y":126,"width":161,"height":10}},{"id":"e6359011-67cf-40a0-ab76-bc6a19907465","block_type":"box","text":"Har tford Funds Management Company","page_number":95,"box":{"x":70,"y":145,"width":274,"height":12}},{"id":"4f333cec-d883-48f8-9f08-be7714827b18","block_type":"box","text":"Har tford Securities Distribution Company, Inc.","page_number":95,"box":{"x":70,"y":166,"width":324,"height":11}},{"id":"0365c04d-7f61-4529-ba08-799f6620e528","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":95,"box":{"x":70,"y":186,"width":206,"height":10}},{"id":"e34635b5-ba18-4128-9327-4fa5dcb627ac","block_type":"box","text":"Hightower Securities, Inc.","page_number":95,"box":{"x":70,"y":206,"width":179,"height":11}},{"id":"9c6a11d0-7f00-42a5-986a-05c4ae7bfad3","block_type":"box","text":"Hilltop Securities Inc.","page_number":95,"box":{"x":70,"y":226,"width":149,"height":11}},{"id":"1797c5a7-00de-4923-a1e5-07fc4bf00e63","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":95,"box":{"x":70,"y":246,"width":153,"height":11}},{"id":"80c1959b-9edb-4eff-8bb5-5a4326cb384b","block_type":"box","text":"Huntington Securities, Inc.","page_number":95,"box":{"x":70,"y":266,"width":186,"height":12}},{"id":"67e24f80-1745-44b8-89ed-82bf142e12e1","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":95,"box":{"x":70,"y":287,"width":247,"height":10}},{"id":"4d052d2a-911a-4531-8919-37e8925a991f","block_type":"box","text":"Integrity Life Insurance Company","page_number":95,"box":{"x":70,"y":307,"width":230,"height":11}},{"id":"faf81e45-b005-4ca1-a242-3b79028668f1","block_type":"box","text":"Interactive Brokers, LLC","page_number":95,"box":{"x":70,"y":327,"width":168,"height":10}},{"id":"a88c0e43-61ba-410e-8882-ffd3e7da7292","block_type":"box","text":"Investment Trust of California","page_number":95,"box":{"x":70,"y":347,"width":208,"height":9}},{"id":"9c2eeaf5-e928-479d-b1d4-0c7062194602","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":95,"box":{"x":69,"y":367,"width":292,"height":11}},{"id":"b6d2f570-eb13-4247-ade3-268dea268d58","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":95,"box":{"x":69,"y":387,"width":188,"height":12}},{"id":"63dde32e-14e0-47ee-8a41-045ec5186618","block_type":"box","text":"Jefferies LLC","page_number":95,"box":{"x":69,"y":407,"width":91,"height":9}},{"id":"e7cbbf49-24ce-424f-b2af-b36e6c52c929","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":95,"box":{"x":69,"y":428,"width":305,"height":11}},{"id":"69f66958-adc5-4beb-8e69-a7672d9176ea","block_type":"box","text":"Jefferson National Life Insurance Company of New York","page_number":95,"box":{"x":69,"y":448,"width":394,"height":11}},{"id":"d1c0130f-8945-4b51-a63f-a72d64cec47c","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":95,"box":{"x":69,"y":468,"width":332,"height":11}},{"id":"99b5dc4a-9380-44c9-b00f-058962946683","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":95,"box":{"x":69,"y":488,"width":362,"height":11}},{"id":"50441c9c-5acc-49b4-b59a-96fc84245f09","block_type":"box","text":"John Hancock Trust Company","page_number":95,"box":{"x":69,"y":508,"width":209,"height":11}},{"id":"8fa60620-40dc-455c-ba63-8379c84ad1b6","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":95,"box":{"x":69,"y":529,"width":197,"height":11}},{"id":"fe129916-a2fa-428f-a4db-a7549763c923","block_type":"box","text":"Kestra Investment Services, LLC","page_number":95,"box":{"x":70,"y":549,"width":231,"height":10}},{"id":"410bb4dd-597f-4b29-9585-93ff3d7355e2","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":95,"box":{"x":70,"y":569,"width":267,"height":11}},{"id":"fae79626-3696-436e-9c9a-73d3a2f3f00a","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":95,"box":{"x":70,"y":589,"width":278,"height":11}},{"id":"fc36c6ac-f4ed-426a-825a-bd5016da40fd","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":95,"box":{"x":70,"y":609,"width":310,"height":11}},{"id":"23081db7-acb6-47fb-be28-f410205f5fef","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":95,"box":{"x":70,"y":629,"width":288,"height":11}},{"id":"5a97de26-2c9e-440c-b65f-57008b51c073","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":95,"box":{"x":70,"y":649,"width":229,"height":9}},{"id":"f1824e87-7fea-413b-be55-4c0c29688a1c","block_type":"box","text":"Lombard International Life Assurance Company","page_number":95,"box":{"x":70,"y":669,"width":335,"height":12}},{"id":"b149f80e-77ea-44c8-95b0-8035907517ee","block_type":"box","text":"LPL Financial LLC","page_number":95,"box":{"x":70,"y":690,"width":122,"height":9}},{"id":"d1325be0-1606-4f20-8c70-d065ca511476","block_type":"box","text":"M&T Securities Inc.","page_number":95,"box":{"x":70,"y":710,"width":136,"height":9}},{"id":"434ec192-3cc3-42ab-b689-5092ae295601","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":95,"box":{"x":70,"y":730,"width":302,"height":11}},{"id":"3a8772b4-5e6c-401a-8801-60ea69b4f306","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":95,"box":{"x":70,"y":750,"width":337,"height":11}},{"id":"5615aeca-3078-4882-94a0-ed951925fa65","block_type":"box","text":"Members Life Insurance Company","page_number":95,"box":{"x":70,"y":770,"width":241,"height":11}},{"id":"67651281-826d-488d-8c0f-22dc86f6f8b3","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":95,"box":{"x":70,"y":791,"width":356,"height":11}},{"id":"10fa66c5-cd47-42be-9307-ffa4e8dd7459","block_type":"box","text":"Metavante Corporation","page_number":95,"box":{"x":70,"y":811,"width":160,"height":11}},{"id":"b7801c15-8fc2-416b-9e58-647b302c432b","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":95,"box":{"x":70,"y":831,"width":264,"height":11}},{"id":"d08e62e7-2b00-46fd-b348-e97b45db7177","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":95,"box":{"x":70,"y":851,"width":330,"height":11}},{"id":"1c1e435d-714d-4d56-b7c1-0931ecaf6392","block_type":"box","text":"Midland Life Insurance Company","page_number":95,"box":{"x":70,"y":871,"width":230,"height":11}},{"id":"e2a7c6ad-bc59-451f-b6b2-2e3b1fa7de45","block_type":"box","text":"Minnesota Life Insurance Company","page_number":95,"box":{"x":70,"y":891,"width":249,"height":11}},{"id":"ab2a5c9f-a613-410e-9b5c-a0331bed13e5","block_type":"box","text":"Mischler Financial Group","page_number":95,"box":{"x":70,"y":912,"width":173,"height":10}},{"id":"363f42a3-9f60-49dd-b1ba-0cd6c1635d10","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":95,"box":{"x":510,"y":45,"width":189,"height":9}},{"id":"90d0f86d-08ab-42fb-99c9-c4177ef5a952","block_type":"box","text":"MML Distributors, LLC","page_number":95,"box":{"x":510,"y":65,"width":157,"height":10}},{"id":"3d63d79f-c06d-47f3-82e2-c3211d66f151","block_type":"box","text":"MML Investors Services, LLC","page_number":95,"box":{"x":510,"y":85,"width":206,"height":10}},{"id":"667da8c4-c531-4af4-adeb-89121a29c63e","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":95,"box":{"x":510,"y":105,"width":185,"height":11}},{"id":"a2a99884-f1d7-4d43-a089-ea969473b4b5","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":95,"box":{"x":510,"y":125,"width":230,"height":12}},{"id":"7b9eb681-31d3-42a0-a411-b6c2b00a3911","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":95,"box":{"x":510,"y":146,"width":240,"height":11}},{"id":"0b2db574-50f9-4c06-993e-666195221bf4","block_type":"box","text":"MUFG Union Bank, National Association","page_number":95,"box":{"x":510,"y":166,"width":282,"height":10}},{"id":"ab1c62bc-4237-4d5e-ba7f-fb037ca7fe1d","block_type":"box","text":"Nassau Life Insurance Company","page_number":95,"box":{"x":510,"y":186,"width":228,"height":11}},{"id":"919264e9-9b27-404a-9c49-93b018810794","block_type":"box","text":"National Financial Services LLC","page_number":95,"box":{"x":510,"y":206,"width":222,"height":9}},{"id":"75678108-9d76-438c-b632-603389ca5ca1","block_type":"box","text":"National Integrity Life Insurance Company","page_number":95,"box":{"x":510,"y":226,"width":295,"height":11}},{"id":"ae47148d-a7ea-4480-a4e9-12b1961c071b","block_type":"box","text":"National Life Insurance Company","page_number":95,"box":{"x":510,"y":246,"width":233,"height":11}},{"id":"27bbe131-4b73-44e2-8d77-9f34be7e7a4c","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":95,"box":{"x":510,"y":266,"width":245,"height":11}},{"id":"ae0de1f9-8949-4c2b-9bbd-0ef62c8cf6ec","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":95,"box":{"x":510,"y":287,"width":234,"height":9}},{"id":"f52f35fd-2b52-4504-9e1e-4c67ec46a17f","block_type":"box","text":"Nationwide Retirement Solutions","page_number":95,"box":{"x":510,"y":307,"width":231,"height":9}},{"id":"1718127a-ff68-4a8f-8335-0297eb79c03a","block_type":"box","text":"NCB Federal Savings Bank","page_number":95,"box":{"x":510,"y":327,"width":187,"height":11}},{"id":"bd27f3bf-eab6-4c9e-9f23-cc6a21d6e456","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":95,"box":{"x":510,"y":347,"width":289,"height":11}},{"id":"0aae7cef-11c3-4fb7-a1f6-8054560ad43e","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":95,"box":{"x":510,"y":367,"width":343,"height":11}},{"id":"98a1cc12-74cd-44bd-84b0-5f6d8a8d65e9","block_type":"box","text":"Newpor t Retirement Services, Inc.","page_number":95,"box":{"x":510,"y":387,"width":242,"height":11}},{"id":"c4eca1b5-0e84-4e6b-8858-638356ad87e1","block_type":"box","text":"Nor thbrook Bank & Trust Company","page_number":95,"box":{"x":510,"y":408,"width":247,"height":11}},{"id":"5aea2e5b-21c0-4df2-b621-28d5bbe09455","block_type":"box","text":"Nor thern Trust Company","page_number":95,"box":{"x":510,"y":428,"width":173,"height":11}},{"id":"51040143-c4c6-49c2-b74c-4658d0dac1b9","block_type":"box","text":"Nor thwestern Mutual Investment Services, LLC","page_number":95,"box":{"x":510,"y":448,"width":335,"height":10}},{"id":"55ea0957-7fe8-4893-a516-ec41fbda0d46","block_type":"box","text":"Nor thwestern Mutual Life Insurance Company","page_number":95,"box":{"x":510,"y":468,"width":325,"height":11}},{"id":"cd3dd540-ea3f-4870-84fb-2bb2e90f920e","block_type":"box","text":"NYLife Distributors LLC","page_number":95,"box":{"x":510,"y":488,"width":162,"height":9}},{"id":"d7eb9e13-cfb7-4f69-ab54-df6575f33f27","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":95,"box":{"x":509,"y":508,"width":173,"height":11}},{"id":"94867ae7-accf-47f2-ae68-773990ad6be3","block_type":"box","text":"Orion Advisor Services, LLC","page_number":95,"box":{"x":509,"y":529,"width":196,"height":10}},{"id":"b3510db4-08cb-41f9-bd36-31d8951b7ef8","block_type":"box","text":"Osaic Wealth, Inc.","page_number":95,"box":{"x":509,"y":549,"width":127,"height":10}},{"id":"b9a9ee84-0d8b-47b3-86ec-8c3960206d0a","block_type":"box","text":"Pacific Life & Annuity Company","page_number":95,"box":{"x":510,"y":569,"width":218,"height":11}},{"id":"ad6f7693-2b87-45da-bbb9-c0653d3e47cd","block_type":"box","text":"Pacific Life Insurance Company","page_number":95,"box":{"x":510,"y":589,"width":221,"height":11}},{"id":"847c303f-2a28-407c-889d-f3e260661199","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":95,"box":{"x":510,"y":609,"width":217,"height":11}},{"id":"1cf1b6ee-88a0-4cd0-be3e-7105615c9cf2","block_type":"box","text":"Park Avenue Securities LLC","page_number":95,"box":{"x":510,"y":629,"width":192,"height":9}},{"id":"fd80a43b-50a2-4615-b2bc-d00835c5ec82","block_type":"box","text":"Penserra Securities LLC","page_number":95,"box":{"x":510,"y":649,"width":169,"height":9}},{"id":"162a302e-3989-4e41-af32-fd56b7ef3972","block_type":"box","text":"Pershing LLC","page_number":95,"box":{"x":510,"y":670,"width":90,"height":11}},{"id":"4e718e74-7c80-42f2-81d1-9d906045ca45","block_type":"box","text":"PFPC Inc.","page_number":95,"box":{"x":510,"y":690,"width":64,"height":9}},{"id":"7250c877-aa2c-466e-9764-171ab8cb145f","block_type":"box","text":"Piper Jaffray & Co.","page_number":95,"box":{"x":510,"y":710,"width":130,"height":11}},{"id":"a0778f23-2798-47eb-be13-b1458c4f1156","block_type":"box","text":"PNC Bank, National Association","page_number":95,"box":{"x":510,"y":730,"width":224,"height":10}},{"id":"0d32bc18-0b99-479c-9336-c8c4b7c02a8c","block_type":"box","text":"PNC Capital Markets LLC","page_number":95,"box":{"x":510,"y":750,"width":176,"height":11}},{"id":"889c9ef3-6a1d-4640-a970-bc1ca3671e06","block_type":"box","text":"PNC Investments LLC","page_number":95,"box":{"x":510,"y":770,"width":151,"height":9}},{"id":"5e7b5ffa-35da-4c64-9ab5-3e3898e49441","block_type":"box","text":"Principal Bank","page_number":95,"box":{"x":510,"y":791,"width":99,"height":10}},{"id":"ca1eb2a7-3315-4008-892f-1ff60ddfe048","block_type":"box","text":"Principal Life Insurance Company","page_number":95,"box":{"x":510,"y":811,"width":235,"height":11}},{"id":"f2a5f0ae-25b2-4ac6-b943-acd8f9d3561a","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":95,"box":{"x":510,"y":831,"width":332,"height":11}},{"id":"8f839b8d-1801-462c-8693-c7635211054c","block_type":"box","text":"Protective Life Insurance Company","page_number":95,"box":{"x":510,"y":851,"width":245,"height":11}},{"id":"e2aba826-9953-4872-8008-39ffe29e0d96","block_type":"box","text":"Pruco Life Insurance Company","page_number":95,"box":{"x":510,"y":871,"width":215,"height":11}},{"id":"19687571-2574-4674-a735-c1edd5f5859c","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":95,"box":{"x":510,"y":891,"width":318,"height":11}},{"id":"b7c73325-fd1a-40c6-970f-7d68f8b5e452","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":95,"box":{"x":510,"y":912,"width":263,"height":10}},{"id":"5014ec24-23ca-4224-86d1-373497bd6290","block_type":"box","text":"II-58","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9bbb89b1-4669-4918-a86d-14049061140f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":95,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c525a2a8-580c-4747-a02c-815fc518eb18","block_type":"box","text":"Prudential Insurance Company of America","page_number":96,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"e28badb9-d0da-4d11-8c80-5eb2de41e91d","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":96,"box":{"x":70,"y":65,"width":248,"height":11}},{"id":"03db10ad-baa8-41f1-b324-5a358d8f1d85","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":96,"box":{"x":70,"y":85,"width":283,"height":11}},{"id":"094633bb-c670-4e84-8275-2c59d5a75256","block_type":"box","text":"RBC Capital Markets, LLC","page_number":96,"box":{"x":70,"y":105,"width":181,"height":11}},{"id":"364be61e-4b29-4648-988b-025a81737ff1","block_type":"box","text":"Regions Bank","page_number":96,"box":{"x":70,"y":126,"width":96,"height":11}},{"id":"a68b1613-3d5d-4be8-b5fa-d936bad63b9d","block_type":"box","text":"Reliance Trust Company","page_number":96,"box":{"x":70,"y":146,"width":170,"height":11}},{"id":"77fec7c0-d1a1-4027-9a5d-3103f1d27045","block_type":"box","text":"Reliastar Life Insurance Company","page_number":96,"box":{"x":70,"y":166,"width":237,"height":11}},{"id":"ab1a3083-4de7-49a8-b8ec-dc518cdebd56","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":96,"box":{"x":70,"y":186,"width":325,"height":11}},{"id":"07f4fad8-049e-4cf1-8292-e872750b7f3a","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":96,"box":{"x":70,"y":206,"width":205,"height":10}},{"id":"23916c96-a55e-46e7-850e-d40ef70ebd00","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":96,"box":{"x":70,"y":226,"width":306,"height":9}},{"id":"3b011f22-3fa3-4ff8-8bc5-0f10a8a3ec0c","block_type":"box","text":"RiverSource Life Insurance Company","page_number":96,"box":{"x":70,"y":246,"width":259,"height":11}},{"id":"a3141911-266b-4c3d-a9da-31c36154cf2a","block_type":"box","text":"SagePoint Financial, Inc.","page_number":96,"box":{"x":69,"y":266,"width":173,"height":12}},{"id":"b8c231dd-0bd4-4d3e-a2e2-e73b75d267b6","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":96,"box":{"x":69,"y":287,"width":260,"height":10}},{"id":"b3b74934-98a0-4eec-8d81-69fa4aa4e166","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":96,"box":{"x":69,"y":307,"width":208,"height":11}},{"id":"0a2ec6a0-b20d-40c6-b779-090dbb731e77","block_type":"box","text":"Santander Bank, N.A.","page_number":96,"box":{"x":69,"y":327,"width":151,"height":10}},{"id":"774bd5ae-1f30-437f-ab4f-c16a99e4cba0","block_type":"box","text":"Saturna Trust Company","page_number":96,"box":{"x":69,"y":347,"width":167,"height":11}},{"id":"8d20e1f5-4926-4367-a1a3-bd6690b21965","block_type":"box","text":"Securities America, Inc.","page_number":96,"box":{"x":69,"y":367,"width":166,"height":11}},{"id":"60ecd1fc-5ee5-4168-8365-5c78acc277b3","block_type":"box","text":"Securities Finance Trust Company","page_number":96,"box":{"x":69,"y":387,"width":241,"height":11}},{"id":"5c3fc60c-ca02-42f7-ae89-247c9efd9569","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":96,"box":{"x":69,"y":407,"width":287,"height":12}},{"id":"e86838ce-57c9-4381-85d0-1e1ceb5ce8e5","block_type":"box","text":"Security Financial Resources, Inc.","page_number":96,"box":{"x":69,"y":428,"width":238,"height":11}},{"id":"4d587464-960c-4aab-add9-69d405909156","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":96,"box":{"x":69,"y":448,"width":305,"height":11}},{"id":"16371747-9aac-4d02-81af-4e1b2626b940","block_type":"box","text":"SEI Private Trust Company","page_number":96,"box":{"x":69,"y":468,"width":187,"height":11}},{"id":"3d649b60-bd87-44e6-a6eb-ab68840be2ab","block_type":"box","text":"SG Americas Securities, LLC","page_number":96,"box":{"x":69,"y":488,"width":202,"height":11}},{"id":"aeba492b-9cb8-4a2d-ab87-50b4d38439d7","block_type":"box","text":"Silicon Valley Bank","page_number":96,"box":{"x":69,"y":508,"width":132,"height":11}},{"id":"e8d100c1-0b48-4630-b65f-a4061b523d2f","block_type":"box","text":"Standard Insurance Company","page_number":96,"box":{"x":69,"y":529,"width":209,"height":11}},{"id":"abec89e2-1f0a-4515-b0fa-7016c63cd44a","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":96,"box":{"x":69,"y":549,"width":355,"height":11}},{"id":"01a6b2a5-de6e-4428-9582-440e19e23541","block_type":"box","text":"State Farm Life Insurance Company","page_number":96,"box":{"x":69,"y":569,"width":254,"height":11}},{"id":"eba81887-0ae8-40c2-9456-caffa6970705","block_type":"box","text":"State Farm VP Management Corp.","page_number":96,"box":{"x":69,"y":589,"width":240,"height":11}},{"id":"8697228d-4e82-4bab-aa2c-770bb68fc931","block_type":"box","text":"State Street Bank and Trust Company","page_number":96,"box":{"x":69,"y":609,"width":269,"height":11}},{"id":"f2c40bd0-904d-485a-971a-487a88be746d","block_type":"box","text":"State Street Global Markets, LLC","page_number":96,"box":{"x":69,"y":629,"width":234,"height":11}},{"id":"7899d9ed-4f81-4c37-8473-afc9265039a2","block_type":"box","text":"Stern Brothers & Co.","page_number":96,"box":{"x":69,"y":649,"width":147,"height":9}},{"id":"bb8101be-3abc-426d-a16b-359f708c917c","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":96,"box":{"x":69,"y":669,"width":291,"height":12}},{"id":"0d44586d-9a62-4834-9efd-3a6944baaebc","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":96,"box":{"x":69,"y":690,"width":232,"height":11}},{"id":"ce528114-5350-4ad2-a437-44e19fda38b5","block_type":"box","text":"SVB Asset Management","page_number":96,"box":{"x":69,"y":710,"width":171,"height":11}},{"id":"21934086-0699-4948-97d8-9abe0bd20c7a","block_type":"box","text":"Symetra Life Insurance Company","page_number":96,"box":{"x":69,"y":730,"width":233,"height":11}},{"id":"c90d1c07-9cf8-4688-90a6-38021e28e37f","block_type":"box","text":"Syntal Capital Par tners, LLC","page_number":96,"box":{"x":69,"y":750,"width":199,"height":11}},{"id":"706b49b2-a9f1-4805-8f97-fca64617cbcb","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":96,"box":{"x":68,"y":770,"width":315,"height":11}},{"id":"8294b51b-9b08-4874-917a-a633e0350bf5","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance Company","page_number":96,"box":{"x":68,"y":790,"width":391,"height":12}},{"id":"6f365fd0-f871-4305-b92c-8a89be421cc4","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":96,"box":{"x":68,"y":811,"width":303,"height":11}},{"id":"75f02ed7-5ade-4893-9ee9-acf07242db1c","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":96,"box":{"x":509,"y":45,"width":197,"height":11}},{"id":"9b251ea3-3cc2-4e59-b5c0-2ae45d2eb79d","block_type":"box","text":"TD Ameritrade, Inc.","page_number":96,"box":{"x":509,"y":65,"width":135,"height":10}},{"id":"ec73a21b-4a55-478b-b874-5d61afc326a9","block_type":"box","text":"TD Prime Services (US) LLC","page_number":96,"box":{"x":509,"y":85,"width":196,"height":11}},{"id":"adc34251-8534-436a-88fc-065eb718197f","block_type":"box","text":"Teachers Insurance and Annuity Association of America","page_number":96,"box":{"x":509,"y":105,"width":392,"height":11}},{"id":"64dc5058-351d-4cf2-9f01-6fa6150d3bb5","block_type":"box","text":"Tigress Financial Par tners, LLC","page_number":96,"box":{"x":509,"y":125,"width":220,"height":12}},{"id":"9e52f209-4db7-4fd8-b78b-2462bc8e78ab","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":96,"box":{"x":509,"y":145,"width":338,"height":12}},{"id":"d9867e45-5aa1-4eb7-9d27-c646944dd829","block_type":"box","text":"Transamerica Life Insurance Company","page_number":96,"box":{"x":509,"y":166,"width":271,"height":11}},{"id":"ad84a432-ce30-45a3-a863-c876ab9c7b72","block_type":"box","text":"Treasury Brokerage","page_number":96,"box":{"x":509,"y":186,"width":137,"height":11}},{"id":"a59e04d7-157a-445d-8972-08f06bc3c42f","block_type":"box","text":"Triad Advisors, LLC","page_number":96,"box":{"x":509,"y":206,"width":134,"height":10}},{"id":"07fb16b4-0b9e-416b-a027-c3f6d7d718b9","block_type":"box","text":"Truist Bank","page_number":96,"box":{"x":509,"y":226,"width":80,"height":9}},{"id":"5083f685-075f-4dd5-835f-1851bf3501f0","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":96,"box":{"x":510,"y":246,"width":218,"height":11}},{"id":"918ba4d1-196e-4e2d-a54b-2d7de352f045","block_type":"box","text":"U.S. Bank, National Association","page_number":96,"box":{"x":510,"y":266,"width":224,"height":11}},{"id":"cad71332-4b6b-44dc-aaef-8388967d45bf","block_type":"box","text":"UBATCO & Co.","page_number":96,"box":{"x":510,"y":287,"width":99,"height":9}},{"id":"c0ee6a0a-73d6-4044-b5e3-963464bc8722","block_type":"box","text":"UBS Financial Services, Inc.","page_number":96,"box":{"x":510,"y":307,"width":197,"height":10}},{"id":"01626802-b4cb-4fe9-8daa-d7bd126cb65f","block_type":"box","text":"UBS Securities LLC","page_number":96,"box":{"x":510,"y":327,"width":136,"height":9}},{"id":"627e19ad-e4b6-49b3-9436-5876db2c607b","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":96,"box":{"x":510,"y":347,"width":199,"height":10}},{"id":"51299e4f-c354-4a36-8e74-bfa966238e92","block_type":"box","text":"UMB Bank, National Association","page_number":96,"box":{"x":510,"y":367,"width":228,"height":11}},{"id":"5caaea6a-155e-4dd0-9d72-574a1cbee2a4","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":96,"box":{"x":510,"y":387,"width":367,"height":11}},{"id":"f78a5e66-4936-47a3-9254-e9682f5cebf3","block_type":"box","text":"New York","page_number":96,"box":{"x":510,"y":403,"width":63,"height":8}},{"id":"5aab00cc-fbb1-4f51-96d8-d5acb61efed0","block_type":"box","text":"VALIC Retirement Services Company","page_number":96,"box":{"x":509,"y":423,"width":260,"height":11}},{"id":"75c7e4a3-2964-47a5-b341-1d742c30ed4d","block_type":"box","text":"Vanguard Group, Inc.","page_number":96,"box":{"x":509,"y":443,"width":147,"height":11}},{"id":"8d40ef47-874c-473c-8035-f0068af4d7ba","block_type":"box","text":"Vanguard Marketing Corporation","page_number":96,"box":{"x":509,"y":463,"width":227,"height":11}},{"id":"e6ea2d9f-7293-4466-a75e-78a2ea665162","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":96,"box":{"x":509,"y":483,"width":198,"height":11}},{"id":"8a949624-9913-4342-b658-c08d5cbe2fca","block_type":"box","text":"Voya Financial Par tners, LLC","page_number":96,"box":{"x":509,"y":503,"width":201,"height":11}},{"id":"41e66927-1bdf-4b02-b506-dd096f72ef08","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":96,"box":{"x":509,"y":523,"width":259,"height":12}},{"id":"ec5c8949-1123-4117-a861-edc322d91d36","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":96,"box":{"x":509,"y":544,"width":265,"height":11}},{"id":"b981fb98-774a-476f-92f4-1fe2ede3edb6","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":96,"box":{"x":509,"y":564,"width":238,"height":11}},{"id":"05a310fe-4e07-44d2-970d-32e0fde9ba0f","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":96,"box":{"x":509,"y":584,"width":348,"height":11}},{"id":"aede632a-255d-4125-8426-84aa9caa2768","block_type":"box","text":"Waddell & Reed, Inc.","page_number":96,"box":{"x":509,"y":604,"width":147,"height":11}},{"id":"e12be028-6919-4d72-890d-7bf1e486449b","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":96,"box":{"x":509,"y":624,"width":182,"height":11}},{"id":"ea85a47e-d045-4907-8eda-bdcd71591000","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":96,"box":{"x":509,"y":644,"width":312,"height":12}},{"id":"e0813250-66ed-4755-9e88-8a802ee8c7b0","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":96,"box":{"x":509,"y":665,"width":161,"height":11}},{"id":"4602b9b6-ac1f-4252-9f8c-c2c913c6061b","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":96,"box":{"x":509,"y":685,"width":247,"height":11}},{"id":"5299a391-0382-4d21-9058-a0c3dfb5009f","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":96,"box":{"x":509,"y":705,"width":210,"height":11}},{"id":"bb6a281c-87d6-4473-8444-03b9bd7f0ac4","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":96,"box":{"x":509,"y":725,"width":193,"height":11}},{"id":"c3d8102b-3c06-4553-8f45-c046d9821c54","block_type":"box","text":"Wilmington Trust, National Association","page_number":96,"box":{"x":509,"y":745,"width":273,"height":11}},{"id":"5fb0b19b-23bd-4a8a-8beb-7163add9d005","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":96,"box":{"x":509,"y":765,"width":238,"height":11}},{"id":"c8b9bc63-8f2b-4730-bf59-6294613ff57e","block_type":"box","text":"ZB, National Association","page_number":96,"box":{"x":509,"y":786,"width":173,"height":10}},{"id":"eb16cdfc-d5ec-408b-847d-1d5787a3b8b9","block_type":"box","text":"E. Sponsorship and Other Incentive Payments and Services","page_number":96,"box":{"x":102,"y":850,"width":423,"height":11}},{"id":"4cf28e45-9ca1-43b8-96f7-b2fe9ddf6b83","block_type":"box","text":"In addition to the Additional Payments described above, BlackRock may contribute to various other incentive","page_number":96,"box":{"x":102,"y":873,"width":769,"height":11}},{"id":"998510c1-1f15-4dd7-bc5e-c775c7f84ba4","block_type":"box","text":"arrangements to promote the sale of shares, including hosting proprietary and financially sponsoring Service","page_number":96,"box":{"x":69,"y":887,"width":776,"height":12}},{"id":"a6f72427-c99e-468f-a0af-1e6370a4f77b","block_type":"box","text":"Organizations’ training and educational seminars, conferences, meetings or events. BlackRock may also pay for the","page_number":96,"box":{"x":69,"y":903,"width":824,"height":11}},{"id":"9f4d3e82-cf04-4940-8c5b-cb0355dce2de","block_type":"box","text":"II-59","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"66c23d38-7176-4547-a25a-f41645fa2c9f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":96,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8f7399cc-8c26-460a-9bbe-a6bfb4ae79e3","block_type":"box","text":"travel, meal, lodging and other expenses of Service Organizations and their salespersons or other personnel in","page_number":97,"box":{"x":68,"y":45,"width":791,"height":11}},{"id":"47ca4d20-09bf-4f39-a727-061a9ac00b63","block_type":"box","text":"connection with educational and sales promotional programs. This compensation is not included in, and is made in","page_number":97,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"b322a072-bd8b-43e2-9904-9644f0e438e6","block_type":"box","text":"addition to, the Additional Payments described above. These payments may be made directly to the Service","page_number":97,"box":{"x":69,"y":75,"width":767,"height":11}},{"id":"b06be8af-3402-4156-9a82-5ab6cd15c944","block_type":"box","text":"Organizations or their affiliates, or to a third par ty vendor, and may vary depending upon the nature of the event or","page_number":97,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"9c1ec72a-990f-4110-8a8f-a1617fe5baff","block_type":"box","text":"the relationship and are subject to applicable laws and regulations, including the rules of applicable self-regulatory","page_number":97,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"3e70e8bb-f1bd-4e5e-b2d8-4cf708ff78dd","block_type":"box","text":"organizations, such as FINRA. BlackRock may pay Service Organizations additional types of incentive compensation","page_number":97,"box":{"x":69,"y":120,"width":823,"height":12}},{"id":"72312065-9ddb-4956-97c4-2447f0b93ecf","block_type":"box","text":"in the future to the extent not prohibited by applicable laws or regulations.","page_number":97,"box":{"x":70,"y":135,"width":526,"height":12}},{"id":"0417b585-49df-4562-a9d8-a7463b3ebc65","block_type":"box","text":"Separately, BlackRock has developed proprietary tools, calculators and related interactive or digital content that","page_number":97,"box":{"x":102,"y":158,"width":797,"height":11}},{"id":"4fc3c44f-8ba1-4f14-a709-2638f12f5e7a","block_type":"box","text":"is made available through the www.BlackRock.com website at no additional cost to Service Organizations. BlackRock","page_number":97,"box":{"x":70,"y":173,"width":833,"height":11}},{"id":"38bbcb86-e444-4207-b439-f1636792b01a","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":97,"box":{"x":69,"y":188,"width":817,"height":12}},{"id":"bc5d7726-1c7b-4af3-ae52-2ab893308e6a","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":97,"box":{"x":69,"y":203,"width":815,"height":12}},{"id":"678a9364-f4ad-4cc6-b03c-401d9b4f19a1","block_type":"box","text":"traded products.","page_number":97,"box":{"x":68,"y":219,"width":116,"height":10}},{"id":"8f96fb90-2d7b-467c-a534-443e341d5396","block_type":"box","text":"F. Conflicts","page_number":97,"box":{"x":102,"y":241,"width":78,"height":9}},{"id":"663427b1-7fa4-4c7c-b79d-5aadf80dfd7f","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":97,"box":{"x":101,"y":264,"width":710,"height":11}},{"id":"a6d2f181-c38a-49ba-89a7-c899007059bc","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":97,"box":{"x":69,"y":279,"width":803,"height":11}},{"id":"fc67cdde-2279-40d5-81be-86b363f38088","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":97,"box":{"x":69,"y":294,"width":788,"height":11}},{"id":"85ff8ee5-2c68-49c9-a64c-d0c409b16657","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":97,"box":{"x":68,"y":309,"width":819,"height":11}},{"id":"eb16350d-a8c2-471c-8619-6b7cd091fbcc","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":97,"box":{"x":68,"y":325,"width":473,"height":11}},{"id":"820ca686-cbff-462a-ae11-d0333ea49d54","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":97,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"a2e3d748-4116-4252-80dc-746fa79518cb","block_type":"box","text":"of Fund shares to customers of Service Organizations and the retention of those investments by such customers. To","page_number":97,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"e179405a-0de4-4820-82e8-780642cdfb60","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their customers’ accounts,","page_number":97,"box":{"x":68,"y":377,"width":831,"height":12}},{"id":"4082832c-5d57-4060-bdc3-486b6512abe4","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":97,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"39d09d92-148f-4a40-8095-25ca70fd4293","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":97,"box":{"x":102,"y":415,"width":774,"height":11}},{"id":"e7868d8f-9ab2-4e59-84de-f7da6b5b26f0","block_type":"box","text":"complex over another. Service Organizations may charge their customers additional fees in connection with the","page_number":97,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"14961f81-6035-4b65-9463-0ab2097d5bab","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":97,"box":{"x":70,"y":445,"width":818,"height":11}},{"id":"683f9d30-363f-4601-b400-25253a4a3588","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":97,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"6da476a8-54ed-4c34-b832-67546dfdbd40","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":97,"box":{"x":69,"y":476,"width":723,"height":11}},{"id":"c07449b6-3311-461a-9d1a-20e2e4ba417e","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":97,"box":{"x":102,"y":498,"width":759,"height":11}},{"id":"afc8234b-e6b9-4325-ac65-73948e7920e1","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":97,"box":{"x":69,"y":513,"width":760,"height":12}},{"id":"81e487dd-7392-49f2-a70b-d6c1e2543d3d","block_type":"box","text":"appropriate.","page_number":97,"box":{"x":69,"y":529,"width":84,"height":10}},{"id":"93b26be1-5197-4c99-a07b-75739b75ff00","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":97,"box":{"x":160,"y":528,"width":738,"height":12}},{"id":"a56a4023-0e3b-46dd-8108-8ddea35dc35e","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":97,"box":{"x":69,"y":544,"width":795,"height":11}},{"id":"2973e0ab-7f18-4cb2-986a-f5371b473547","block_type":"box","text":"described above.","page_number":97,"box":{"x":69,"y":559,"width":122,"height":9}},{"id":"0be763fc-555e-4ce3-84e7-dfb8eac25f8e","block_type":"box","text":"REDEMPTION OF SHARES","page_number":97,"box":{"x":385,"y":588,"width":208,"height":10}},{"id":"2df4008c-c0f7-45c4-bc6b-039a7f301416","block_type":"box","text":"Each Fund will normally redeem shares for cash upon receipt of a request in proper form, although each Fund","page_number":97,"box":{"x":102,"y":611,"width":780,"height":11}},{"id":"1297b6ea-5010-434d-8295-4d88df98c57e","block_type":"box","text":"retains the right to redeem some or all of its shares in kind by delivery of securities and other assets selected from","page_number":97,"box":{"x":69,"y":626,"width":824,"height":11}},{"id":"627c6e13-4828-4363-9699-e5650111565a","block_type":"box","text":"the Fund’s por tfolio holdings at the Manager’s discretion. In kind payment means payment will be made in por tfolio","page_number":97,"box":{"x":68,"y":641,"width":824,"height":11}},{"id":"e52dcf7b-fddd-4168-8b89-70b19d6d7f3a","block_type":"box","text":"securities and other assets rather than cash. Redemptions in kind may be used in applicable circumstances,","page_number":97,"box":{"x":69,"y":657,"width":776,"height":10}},{"id":"47194a5d-9fb3-43fb-892a-26001ed89120","block_type":"box","text":"generally if the relevant shareholder is able to accept securities in kind, and may also be used in stressed market","page_number":97,"box":{"x":68,"y":671,"width":813,"height":12}},{"id":"3f99a728-1740-4f09-ad5d-6eddda93ef3e","block_type":"box","text":"conditions. If this occurs, the redeeming shareholder might incur brokerage or other transaction costs to conver t the","page_number":97,"box":{"x":69,"y":686,"width":830,"height":12}},{"id":"eed7247a-41d5-4cd8-8fa6-b91d9a092524","block_type":"box","text":"securities and other assets to cash. Each Fund has elected to be governed by Rule 18f-1 under the Investment","page_number":97,"box":{"x":69,"y":702,"width":792,"height":11}},{"id":"0e9bf538-cbec-4da8-aa8f-b9f5faf36fbf","block_type":"box","text":"Company Act so that the Fund is obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of","page_number":97,"box":{"x":69,"y":716,"width":836,"height":12}},{"id":"abd14ca3-ae30-4fa8-9f7d-a1c2c565966e","block_type":"box","text":"its NAV during any 90-day period for any shareholder of the Fund. The redemption price is the NAV per share next","page_number":97,"box":{"x":70,"y":732,"width":803,"height":11}},{"id":"bf0a6669-b69e-4dba-bbd2-60423bb73a35","block_type":"box","text":"determined after the initial receipt of proper notice of redemption.","page_number":97,"box":{"x":69,"y":747,"width":468,"height":11}},{"id":"9c884079-f5ce-4200-8b60-dce5e46f9968","block_type":"box","text":"The value of the shareholder’s investment at the time of redemption may be more or less than his or her cost,","page_number":97,"box":{"x":101,"y":770,"width":787,"height":11}},{"id":"466a050e-3f97-4b65-b5c9-ad9b60f9bf49","block_type":"box","text":"depending on the market value of the securities held by the Fund at such time and income earned. The redemption","page_number":97,"box":{"x":69,"y":785,"width":819,"height":11}},{"id":"b953da61-2623-410d-b200-42ef28e6b83d","block_type":"box","text":"price will be reduced by any applicable CDSC.","page_number":97,"box":{"x":70,"y":800,"width":321,"height":11}},{"id":"a6dc0062-7e4f-4c79-b620-18f7c09e2938","block_type":"box","text":"If notice is received by the Fund’s transfer agent or cer tain financial intermediaries, as applicable, prior to the","page_number":97,"box":{"x":102,"y":823,"width":782,"height":11}},{"id":"ec611446-9360-40d2-b882-9706431f2baa","block_type":"box","text":"applicable cut-off time on that day, the redemption will be effective on such day. If the notice is received after the","page_number":97,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"513400cf-5cf2-46df-bcb8-ff37fc935d45","block_type":"box","text":"applicable cut-off time, the redemption will be effective on the next business day and, unless otherwise provided in","page_number":97,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"daa741e2-8ea4-4be0-b5b4-a6048ae3ea6e","block_type":"box","text":"the Fund’s Prospectus, payment will be made on the second business day after receipt of the notice.","page_number":97,"box":{"x":68,"y":868,"width":720,"height":11}},{"id":"d4c62665-3894-4d50-b2f2-4707c9f07619","block_type":"box","text":"II-60","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"500087cf-eff1-4366-aa0e-907eab82f0df","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":97,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2e640c52-8920-4fae-a184-b067c67d4f53","block_type":"box","text":"Summit Cash Reserves — Redemption of Shares","page_number":98,"box":{"x":68,"y":45,"width":356,"height":11}},{"id":"9b47d438-ddb5-4ca6-b5f0-93c27063ae3c","block_type":"box","text":"Redemptions may be made in the manner and amounts described in Summit Cash Reserves’ Prospectuses.","page_number":98,"box":{"x":102,"y":67,"width":772,"height":11}},{"id":"9faaa756-8d99-4868-8f29-e1b916d0e600","block_type":"box","text":"Signatures, when required, must conform exactly to the account registration. If (i) the proceeds of the redemption","page_number":98,"box":{"x":69,"y":82,"width":809,"height":12}},{"id":"1bdd6164-71f3-4c66-8797-1d63e472c4e0","block_type":"box","text":"would exceed $250,000 for a redemption by wire or ACH, or $100,000 for a redemption by check, (ii) the Fund does","page_number":98,"box":{"x":68,"y":97,"width":831,"height":12}},{"id":"e7c0089f-0711-44dc-ae87-c97adfe205df","block_type":"box","text":"not have verified banking information on file, (iii) the proceeds are not to be paid to the record owner at the record","page_number":98,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"b73bf177-a8d4-4ea2-b9dc-d286de6ca1f2","block_type":"box","text":"address, or (iv) the shareholder is a corporation, par tnership, trust or fiduciary, signature(s) must be guaranteed by","page_number":98,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"2918688b-b5d9-4c74-9d2d-164be12fadb3","block_type":"box","text":"any eligible guarantor institution.","page_number":98,"box":{"x":69,"y":143,"width":231,"height":11}},{"id":"87db5459-f27d-42bd-896b-7e7aaeafc5ef","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":98,"box":{"x":102,"y":166,"width":771,"height":11}},{"id":"016abe6f-6670-4089-a572-2e2e0fe321d3","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":98,"box":{"x":69,"y":181,"width":790,"height":11}},{"id":"86a51a1b-dab8-4e61-a607-c759458c4e93","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":98,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"0b6a02cc-448f-43f3-b667-1bd4e5f53f15","block_type":"box","text":"corporation, par tnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":98,"box":{"x":69,"y":211,"width":725,"height":11}},{"id":"97fd9940-bd3b-4d17-9f4b-d442d737b53f","block_type":"box","text":"Note on Low Balance Accounts","page_number":98,"box":{"x":102,"y":234,"width":219,"height":9}},{"id":"ef207992-1db3-4d67-a491-2133e4a9a2c3","block_type":"box","text":". Because of the high cost of maintaining smaller shareholder accounts,","page_number":98,"box":{"x":323,"y":234,"width":512,"height":11}},{"id":"03948d0b-c81c-4d25-9998-6d80ef4c64bb","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund","page_number":98,"box":{"x":70,"y":248,"width":780,"height":12}},{"id":"a887f029-e430-4d84-ba22-732140961ef4","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":98,"box":{"x":70,"y":263,"width":829,"height":12}},{"id":"2a3ead70-2699-442a-8212-ed3990c20896","block_type":"box","text":"for any reason, including market fluctuation.","page_number":98,"box":{"x":68,"y":279,"width":313,"height":11}},{"id":"da3acdfd-1aa2-4b6b-9bc8-693e348c8886","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":98,"box":{"x":101,"y":302,"width":775,"height":11}},{"id":"4592a59a-2e8f-4e2a-939a-01667205dedb","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":98,"box":{"x":70,"y":317,"width":773,"height":11}},{"id":"b85179cf-63b9-43a3-b8e2-d2dbb2757545","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":98,"box":{"x":70,"y":331,"width":776,"height":12}},{"id":"77dd4bbb-877c-4927-8110-1315518b9b9d","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":98,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"8e624d80-dbee-45a8-816a-88a46870c3b6","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":98,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"a2dc4b38-9c47-4d52-ad00-62e6be1e10e0","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":98,"box":{"x":69,"y":377,"width":435,"height":12}},{"id":"2c80b050-c64a-4092-ace8-0ccd0e60bf07","block_type":"box","text":"Payment of Redemption Proceeds","page_number":98,"box":{"x":102,"y":400,"width":246,"height":11}},{"id":"4c49f110-eff2-4e96-ba5c-ad15c01800d0","block_type":"box","text":". The Fund may suspend the right of redemption or postpone the date of","page_number":98,"box":{"x":350,"y":400,"width":515,"height":11}},{"id":"85c364f4-ff41-4032-8902-05f336d27b9d","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":98,"box":{"x":70,"y":415,"width":811,"height":11}},{"id":"76243281-8656-4681-a8a6-b09fe6cba539","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":98,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"4a374816-d06f-4d40-8c0f-7d8d23a8f64c","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":98,"box":{"x":70,"y":445,"width":498,"height":12}},{"id":"8bb57abc-2abb-4499-a5a4-4792a64bd418","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":98,"box":{"x":101,"y":468,"width":803,"height":11}},{"id":"55b12bf3-0345-4f33-b6b2-1a34df87c64e","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":98,"box":{"x":69,"y":483,"width":809,"height":11}},{"id":"71acb5f1-3c2a-41d9-a963-364d85b87efc","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":98,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"ff015477-63b9-43b4-a310-881125a09a9e","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":98,"box":{"x":69,"y":514,"width":832,"height":11}},{"id":"e17d132f-21b4-437c-9c37-3c0ee020b873","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":98,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"1ab82a8b-a695-4f6b-84be-90e3ccfd536d","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":98,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"5039ad78-b2f5-4896-b6a3-0b98aeb4f904","block_type":"box","text":"shareholder of the Fund.","page_number":98,"box":{"x":69,"y":559,"width":173,"height":9}},{"id":"70b4afb2-ea22-457e-af4f-1849a40e972d","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":98,"box":{"x":102,"y":581,"width":763,"height":12}},{"id":"8920a43f-4717-4637-88d0-18c4c2fab9c0","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":98,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"9c1b7492-fb5e-4f46-b083-3767f22a3f98","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":98,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"7b08434d-e31b-4ef1-be35-3ba53eae6ca1","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of por tfolio securities is not reasonably","page_number":98,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"cff5a592-50ae-4996-8777-613309638106","block_type":"box","text":"practicable, or for such other periods as the SEC may permit. (The Fund may also suspend or postpone the","page_number":98,"box":{"x":70,"y":642,"width":762,"height":11}},{"id":"11db91c4-c7a1-431f-b4c8-4400553f8914","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":98,"box":{"x":69,"y":657,"width":685,"height":11}},{"id":"740d29d8-c4e1-4cba-94f3-e73321dc2467","block_type":"box","text":"The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":98,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"9030bbaa-b34a-4089-a828-021311b4bd83","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":98,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"8d42b158-8eda-405f-a41a-43fdddfd6b19","block_type":"box","text":"transaction effected for the benefit of a shareholder. The Fund reserves the express right to redeem shares of the","page_number":98,"box":{"x":68,"y":710,"width":815,"height":11}},{"id":"84902af7-9709-4e52-9384-e2cb773f6a61","block_type":"box","text":"Fund involuntarily at any time if the Board of Trustees determines, in its sole discretion, that failure to do so may","page_number":98,"box":{"x":70,"y":725,"width":805,"height":11}},{"id":"2f487f81-b9b8-4b76-a288-c1c9acd64a4e","block_type":"box","text":"have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares so","page_number":98,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"53acd7c6-5abf-428c-a719-a5fdb3f25c75","block_type":"box","text":"redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":98,"box":{"x":69,"y":755,"width":801,"height":11}},{"id":"41eac490-4d22-46ef-8e6d-082f95f199b8","block_type":"box","text":"Signature Guarantee","page_number":98,"box":{"x":101,"y":778,"width":150,"height":11}},{"id":"77bc0553-eb01-4330-9275-a1b156d3d150","block_type":"box","text":". A signature guarantee is designed to protect the shareholders and the Fund against","page_number":98,"box":{"x":253,"y":778,"width":606,"height":11}},{"id":"8173d7c7-b9f1-4203-ad9a-df7b37154d68","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":98,"box":{"x":68,"y":793,"width":814,"height":11}},{"id":"5d506eae-c4ee-4142-8c91-996dc84301fe","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are par ticipants in a medallion","page_number":98,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"005f4d74-1fd0-4e3b-afec-0e1d3f0adf17","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":98,"box":{"x":70,"y":823,"width":836,"height":12}},{"id":"56c0d318-9bd6-4091-84b8-aeb29e9582e5","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":98,"box":{"x":69,"y":838,"width":811,"height":12}},{"id":"e17e40d9-6e1c-4880-84cf-96cd17803545","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":98,"box":{"x":69,"y":854,"width":830,"height":11}},{"id":"2c60292f-e994-44e7-be68-fe9a43972e97","block_type":"box","text":"Signature Guarantees which are not a par t of these programs will not be accepted. Please note that a notary public","page_number":98,"box":{"x":69,"y":869,"width":824,"height":11}},{"id":"9481913a-ace9-4bf2-9b0a-10c573d41893","block_type":"box","text":"stamp or seal is not acceptable.","page_number":98,"box":{"x":69,"y":884,"width":229,"height":11}},{"id":"6dbd4229-7d77-434b-8044-fcb7540d757c","block_type":"box","text":"II-61","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"533051f7-1e84-4763-accb-9cabe4d3afd7","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":98,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b3015fa0-d52e-4b14-8f01-a694f94c9d8b","block_type":"box","text":"WeLEAF— Redemption of Shares","page_number":99,"box":{"x":68,"y":45,"width":242,"height":11}},{"id":"8a6af8c0-ca7f-494d-abe5-7ed36efb05fd","block_type":"box","text":"Redemptions may be made in the manner and amounts described in WeLEAF’s Prospectuses. Signatures, when","page_number":99,"box":{"x":102,"y":67,"width":797,"height":12}},{"id":"6d9e0f2d-4f8c-4ddd-8dee-3e88372e392e","block_type":"box","text":"required, must conform exactly to the account registration. If (i) the proceeds of the redemption would exceed","page_number":99,"box":{"x":69,"y":82,"width":781,"height":12}},{"id":"8d5dfe6f-8c29-40bd-aaf1-3165262677ef","block_type":"box","text":"$250,000 for a redemption by wire or ACH, or $100,000 for a redemption by check, (ii) the Fund does not have","page_number":99,"box":{"x":69,"y":97,"width":795,"height":12}},{"id":"262c5bfc-5a39-408b-b24d-feeebf410d5e","block_type":"box","text":"verified banking information on file, (iii) the proceeds are not to be paid to the record owner at the record address, or","page_number":99,"box":{"x":68,"y":113,"width":836,"height":11}},{"id":"51ac66cc-6587-4e22-b91d-d344442457f7","block_type":"box","text":"(iv) the shareholder is a corporation, par tnership, trust or fiduciary, signature(s) must be guaranteed by any eligible","page_number":99,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"b13dbf45-e218-4110-b984-bdb2aebbe3e8","block_type":"box","text":"guarantor institution.","page_number":99,"box":{"x":68,"y":143,"width":147,"height":11}},{"id":"8be605f0-9800-42b3-8388-e337041fdc11","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":99,"box":{"x":102,"y":166,"width":771,"height":11}},{"id":"6a533f9f-f28b-440f-adcb-fd35f9314973","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":99,"box":{"x":69,"y":181,"width":790,"height":11}},{"id":"6a69af48-4e81-4ae7-a1d0-1db3d4ccd5d7","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":99,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"643abcda-0743-40bb-b340-41af22ffd0c6","block_type":"box","text":"corporation, par tnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":99,"box":{"x":69,"y":211,"width":725,"height":11}},{"id":"73d3cd22-1c9b-4dd5-8be2-8d9994ccdf78","block_type":"box","text":"Note on Low Balance Accounts.","page_number":99,"box":{"x":102,"y":234,"width":223,"height":9}},{"id":"34d97ef6-9f5c-4c98-8b65-f01741306b4f","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":99,"box":{"x":332,"y":234,"width":503,"height":11}},{"id":"9f933ad7-a2f7-4072-a3f2-4c6a6f96ac60","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":99,"box":{"x":70,"y":248,"width":752,"height":12}},{"id":"0b87151e-643d-4342-af3c-2ba03ff2b7e1","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":99,"box":{"x":70,"y":263,"width":829,"height":12}},{"id":"330b4bca-eeb3-4901-805a-a9018f6bcafa","block_type":"box","text":"for any reason, including market fluctuation.","page_number":99,"box":{"x":68,"y":279,"width":313,"height":11}},{"id":"bd6ea807-8213-4a99-855a-a252fcdfdaef","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":99,"box":{"x":101,"y":302,"width":775,"height":11}},{"id":"06620ad3-4058-47aa-82a5-616ba683681c","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":99,"box":{"x":70,"y":317,"width":773,"height":11}},{"id":"d6608186-fda9-4eec-a9e4-161a69b9d1b1","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":99,"box":{"x":70,"y":331,"width":776,"height":12}},{"id":"d9442c7b-af78-4a3f-a035-eba540412634","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":99,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"6877e7e3-593d-44ea-957b-2c6ede557aae","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":99,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"f9da0c21-a87e-4022-822f-554f33f2e363","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":99,"box":{"x":69,"y":377,"width":435,"height":12}},{"id":"bd30e5df-fa6e-456d-97e8-d7c1d3c4b600","block_type":"box","text":"Service Shares","page_number":99,"box":{"x":70,"y":408,"width":107,"height":8}},{"id":"eebb1b76-3fbf-4472-9c6f-f0a3a9020821","block_type":"box","text":"Redemption of Shares.","page_number":99,"box":{"x":102,"y":430,"width":164,"height":11}},{"id":"1025536c-d3df-4b73-b5a2-052f32d4f062","block_type":"box","text":"WeLEAF may redeem Service Shares if the account balance drops below the required","page_number":99,"box":{"x":272,"y":430,"width":607,"height":11}},{"id":"40a7f83f-5146-4755-b054-d5557d4647dc","block_type":"box","text":"minimum initial investment as the result of redemption requests and the shareholder does not increase the balance","page_number":99,"box":{"x":69,"y":445,"width":829,"height":11}},{"id":"830b9148-0a04-42b2-9bd0-ae914ffe7196","block_type":"box","text":"to at least the required minimum initial investment upon thir ty days’ written notice. If a customer has agreed with an","page_number":99,"box":{"x":68,"y":460,"width":831,"height":12}},{"id":"804a5f02-d717-4bc7-9ae5-993f191649bd","block_type":"box","text":"institution to maintain a minimum balance in his or her account with the institution, and the balance in the account","page_number":99,"box":{"x":70,"y":476,"width":819,"height":10}},{"id":"84027d22-1d1f-495a-b278-31973f9583ba","block_type":"box","text":"falls below that minimum, the customer may be obligated to redeem all or par t of his or her shares in the Fund to the","page_number":99,"box":{"x":68,"y":491,"width":838,"height":11}},{"id":"20c24846-31fb-4836-81b7-fe516cf2e4fe","block_type":"box","text":"extent necessary to maintain the minimum balance required.","page_number":99,"box":{"x":69,"y":506,"width":433,"height":11}},{"id":"388859a1-9a4b-4c1c-b532-4dcd8d6cee9e","block_type":"box","text":"The following is applicable only to persons who were shareholders of an investment portfolio of Compass Capital","page_number":99,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"31312a3c-363a-4457-952d-7bb9e04c8265","block_type":"box","text":"Group of Funds at the time of the Trust’s combination with The PNC Fund in 1996:","page_number":99,"box":{"x":69,"y":551,"width":602,"height":11}},{"id":"a276b41e-ec7d-4541-8436-ca44688af9b9","block_type":"box","text":"Persons who were shareholders of an investment por tfolio of Compass Capital Group of Funds at the time of the","page_number":99,"box":{"x":102,"y":574,"width":803,"height":11}},{"id":"9cef96aa-400d-41b2-9a9a-57e08359bba0","block_type":"box","text":"por tfolio’s combination with The PNC Fund may also purchase and redeem Service Shares of the same Fund and for","page_number":99,"box":{"x":70,"y":589,"width":830,"height":11}},{"id":"f7b68f02-25da-45f6-ace9-e3ce100e7155","block_type":"box","text":"the same account in which they held shares on that date through the procedures described in this section.","page_number":99,"box":{"x":68,"y":604,"width":761,"height":11}},{"id":"9280c6a6-471b-4798-a198-403bdaa59b3b","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":99,"box":{"x":102,"y":627,"width":250,"height":11}},{"id":"3071f9c3-f8bd-4832-a97a-7f4c117c07a2","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":99,"box":{"x":359,"y":627,"width":506,"height":11}},{"id":"4ed73039-c9b6-4855-bb43-c961f259b623","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":99,"box":{"x":70,"y":642,"width":811,"height":11}},{"id":"24b3cfc6-0219-4f74-9414-746281981967","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":99,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"b3621662-f3a7-49e7-bbd4-5047a904f224","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":99,"box":{"x":70,"y":672,"width":498,"height":11}},{"id":"be7ec231-5db3-40c3-b72b-31ff67771533","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":99,"box":{"x":101,"y":695,"width":803,"height":11}},{"id":"8c7dc88b-4e2c-470f-9fce-27de67795533","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":99,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"a9076dd1-76d6-4fbd-ba97-4a1d01defea1","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":99,"box":{"x":70,"y":725,"width":817,"height":11}},{"id":"00ce45c6-5df6-4e40-a467-595a8e837b7e","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":99,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"5debbd3a-1c69-42ba-9445-12313f520bb6","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":99,"box":{"x":69,"y":755,"width":817,"height":11}},{"id":"23d44087-0d88-422f-9e81-c628b33ced80","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":99,"box":{"x":69,"y":770,"width":828,"height":12}},{"id":"d38b3154-54dd-44ba-86dc-d528694dc51d","block_type":"box","text":"shareholder of the Fund.","page_number":99,"box":{"x":69,"y":785,"width":173,"height":9}},{"id":"4444ba71-d6d2-4c39-aad6-5832cc1f3ec2","block_type":"box","text":"The Board of the Trust, or its delegate, will be permitted to impose a discretionary liquidity fee on redemptions","page_number":99,"box":{"x":101,"y":808,"width":790,"height":11}},{"id":"d71224ed-39c4-41f1-bc12-17955e243a1d","block_type":"box","text":"from WeLEAF (up to 2%). Please see the Fund’s Prospectus for additional information about discretionary liquidity","page_number":99,"box":{"x":68,"y":823,"width":811,"height":11}},{"id":"05c6f638-04ba-4dd3-b6ea-1baee6daf2fa","block_type":"box","text":"fees.","page_number":99,"box":{"x":68,"y":838,"width":35,"height":9}},{"id":"18849e71-2a83-4177-9158-5950ca858b9a","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":99,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"2531ac04-2c34-46bb-ae48-fbbde157f33a","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":99,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"1e683c3d-eb97-43fc-bbf4-01731505d634","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":99,"box":{"x":69,"y":891,"width":802,"height":12}},{"id":"30044956-8531-40d8-a221-1511164358dc","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of por tfolio securities is not reasonably","page_number":99,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"d74f6c5c-7fe3-4fd1-b83d-d91b110a584a","block_type":"box","text":"II-62","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6150575d-578d-4cb2-8800-11e6d3f338d2","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":99,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c5aff4e7-b131-4e34-9a1f-0c02d346c90b","block_type":"box","text":"practicable, or for such other periods as the SEC may permit. (The Fund may also suspend or postpone the","page_number":100,"box":{"x":70,"y":45,"width":762,"height":11}},{"id":"21eeb188-8893-4df6-aafd-bf8bd4b6a146","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":100,"box":{"x":69,"y":60,"width":685,"height":11}},{"id":"42e0bd37-8f23-4ccb-9b9d-c7ce45a6366a","block_type":"box","text":"The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":100,"box":{"x":101,"y":82,"width":795,"height":12}},{"id":"411be1fe-3fa1-4b89-b033-d5416d490bfa","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":100,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"662eef37-3b31-4f94-bc5a-53e8641b15e7","block_type":"box","text":"transaction effected for the benefit of a shareholder. The Fund reserves the express right to redeem shares of the","page_number":100,"box":{"x":68,"y":113,"width":815,"height":11}},{"id":"4ba2ab43-6653-415a-b3d1-d6dadbf7682a","block_type":"box","text":"Fund involuntarily at any time if the Board of Trustees determines, in its sole discretion, that failure to do so may","page_number":100,"box":{"x":70,"y":128,"width":805,"height":11}},{"id":"257bcaa3-5086-437e-b12f-6e43af65d834","block_type":"box","text":"have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares so","page_number":100,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"c7a78bb9-5c20-48da-a5e6-149a42a4c016","block_type":"box","text":"redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":100,"box":{"x":69,"y":158,"width":801,"height":11}},{"id":"732fe6dd-f816-4f8e-afd1-af9c3d9cafea","block_type":"box","text":"WeLEAF reserves the right to redeem shares in any account that it cannot confirm to its satisfaction is","page_number":100,"box":{"x":101,"y":181,"width":731,"height":11}},{"id":"36e3f9b7-3b7a-47df-8f4d-741d1ca670ea","block_type":"box","text":"beneficially owned by a natural person, after providing at least 60 days’ advance notice.","page_number":100,"box":{"x":69,"y":196,"width":625,"height":11}},{"id":"978093e5-6e41-4b5a-b341-6ab86bcc381d","block_type":"box","text":"Signature Guarantee.","page_number":100,"box":{"x":101,"y":219,"width":154,"height":11}},{"id":"712d022e-80d0-4402-b5c2-3e77ae29fac1","block_type":"box","text":"A signature guarantee is designed to protect the shareholders and the Fund against","page_number":100,"box":{"x":261,"y":219,"width":598,"height":11}},{"id":"1b49588c-6d1a-408e-8f50-574d968ae199","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":100,"box":{"x":68,"y":234,"width":814,"height":11}},{"id":"723940ed-c49b-4fda-a071-3b7bc3b2ebf2","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are par ticipants in a medallion","page_number":100,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"35249d2f-9864-49d1-b72f-8403b4fe4946","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":100,"box":{"x":70,"y":264,"width":836,"height":11}},{"id":"5f2c018a-590b-46ae-a4be-2a8697a77862","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":100,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"7459a22c-1ceb-4cd9-bc35-6306eab5057f","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":100,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"4e752462-9873-46a0-a1fd-94bac06233d6","block_type":"box","text":"Signature Guarantees which are not a par t of these programs will not be accepted. Please note that a notary public","page_number":100,"box":{"x":69,"y":309,"width":824,"height":11}},{"id":"3a424aa1-9819-4c8c-b200-a91305c914c7","block_type":"box","text":"stamp or seal is not acceptable.","page_number":100,"box":{"x":69,"y":325,"width":229,"height":10}},{"id":"8fc95204-0ca9-4e04-870f-547ada6c7708","block_type":"box","text":"Circle Reserve — Redemption of Shares","page_number":100,"box":{"x":101,"y":347,"width":293,"height":11}},{"id":"63fda880-d597-4d32-adc1-5a55334dcd08","block_type":"box","text":"Redemptions may be made in the manner and amounts described in Circle Reserve’s Prospectus. Signatures,","page_number":100,"box":{"x":102,"y":370,"width":785,"height":11}},{"id":"c791717f-2406-47fc-ac63-b72cd5f77e71","block_type":"box","text":"when required, must conform exactly to the account registration. If (i) the proceeds of the redemption would exceed","page_number":100,"box":{"x":68,"y":385,"width":824,"height":11}},{"id":"7d343639-407d-4f61-be4e-76410e966d83","block_type":"box","text":"$250,000 for a redemption by wire, (ii) the Fund does not have verified banking information on file, (iii) the proceeds","page_number":100,"box":{"x":69,"y":399,"width":831,"height":12}},{"id":"18f8392a-9f39-4060-ba2c-4b3b72a68b8c","block_type":"box","text":"are not to be paid to the record owner at the record address, or (iv) the shareholder is a corporation, par tnership,","page_number":100,"box":{"x":69,"y":415,"width":808,"height":11}},{"id":"504fddcc-c10d-43de-b74b-90c3c3a6c42a","block_type":"box","text":"trust or fiduciary, signature(s) may need to be guaranteed by any eligible guarantor institution.","page_number":100,"box":{"x":68,"y":430,"width":669,"height":11}},{"id":"5709f3a3-293e-42fe-b733-b9a48cbd2985","block_type":"box","text":"Generally, a properly signed written request with any required signature guarantee is all that is required for a","page_number":100,"box":{"x":102,"y":453,"width":771,"height":11}},{"id":"dd113934-ebb7-4431-918b-6bb5cd45b0e8","block_type":"box","text":"redemption. In some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":100,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"85827b0b-8e6a-4d7d-8b4e-47f910d8550c","block_type":"box","text":"authority is required by BNY Mellon Investment Servicing (US) Inc. in the event redemption is requested by a","page_number":100,"box":{"x":69,"y":483,"width":772,"height":11}},{"id":"6c54f1bf-f76a-46fc-8141-eeba64654207","block_type":"box","text":"corporation, par tnership, trust, fiduciary, executor or administrator. See “Signature Guarantee” below.","page_number":100,"box":{"x":69,"y":498,"width":725,"height":11}},{"id":"a26118fb-84a0-482a-a845-e4dc675d3755","block_type":"box","text":"Note on Low Balance Accounts","page_number":100,"box":{"x":102,"y":521,"width":219,"height":9}},{"id":"fdbd2543-b660-424e-afb0-239c8c6ff146","block_type":"box","text":". Because of the high cost of maintaining smaller shareholder accounts,","page_number":100,"box":{"x":323,"y":521,"width":512,"height":11}},{"id":"2b87a609-5b41-44f2-8352-31d1fbf57df4","block_type":"box","text":"BlackRock has set a minimum balance of $100,000 in the Fund position you hold within your account (“Fund","page_number":100,"box":{"x":70,"y":535,"width":775,"height":12}},{"id":"eee565cf-205a-4fac-bf4b-303061ca77bc","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below","page_number":100,"box":{"x":70,"y":551,"width":785,"height":11}},{"id":"dbcb82fb-49b8-49ee-891b-99d3de8d6149","block_type":"box","text":"$100,000 for any reason, including market fluctuation.","page_number":100,"box":{"x":69,"y":566,"width":390,"height":11}},{"id":"29043cf2-d854-4f55-b620-b669ccb41e2d","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":100,"box":{"x":101,"y":589,"width":775,"height":11}},{"id":"b0022034-dc42-44ab-9dd7-20bd554e836c","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":100,"box":{"x":70,"y":604,"width":773,"height":11}},{"id":"d3f69aca-2a2d-41c1-9f1b-ed8a18a99031","block_type":"box","text":"investment in order to bring the value of your account to at least $100,000 before the Fund makes an involuntary","page_number":100,"box":{"x":70,"y":618,"width":811,"height":12}},{"id":"4e219192-d4a7-4720-88ae-c10ab0d4a325","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":100,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"0316219a-d645-499c-b08e-f00e25e94d82","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":100,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"d1192c76-3ddb-402f-a7e5-946f5cd805c3","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":100,"box":{"x":69,"y":664,"width":435,"height":12}},{"id":"d9ae7290-ab26-46d8-9ccf-b7672205271b","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":100,"box":{"x":102,"y":687,"width":250,"height":11}},{"id":"56f89065-242c-4164-8acb-cef3482e3367","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":100,"box":{"x":359,"y":687,"width":506,"height":11}},{"id":"1fad6ea9-6d8d-4ce4-a215-4d21d3485666","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":100,"box":{"x":70,"y":702,"width":811,"height":11}},{"id":"df7ab6c7-3254-43b3-8aa1-d11e1f764bbb","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":100,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"e2f63634-d111-424b-b209-d898235c5b01","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":100,"box":{"x":70,"y":732,"width":498,"height":12}},{"id":"73e90d0a-e3a7-4e42-8b07-aee633c16e9f","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":100,"box":{"x":101,"y":755,"width":803,"height":11}},{"id":"354a64f0-d2fb-433a-92c1-db85b50ec4cf","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":100,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"cd10b8b7-3081-42a5-8f27-fb5dab6e4e39","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":100,"box":{"x":70,"y":785,"width":817,"height":12}},{"id":"6b1a0ff8-c3b4-493f-9c05-39c7a33685de","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":100,"box":{"x":69,"y":801,"width":832,"height":11}},{"id":"55e3dab8-8120-4297-ac25-f3bb3f15acab","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":100,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"ba80e0f9-c395-4cb2-9a57-34adf746e02c","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":100,"box":{"x":69,"y":830,"width":828,"height":12}},{"id":"60f9e1d5-f5b2-4703-8cd0-b726cbb710c4","block_type":"box","text":"shareholder of the Fund.","page_number":100,"box":{"x":69,"y":846,"width":173,"height":9}},{"id":"160e2dbe-a8b1-4155-b9fc-7bf3b7f02796","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":100,"box":{"x":102,"y":869,"width":763,"height":11}},{"id":"573f71a3-4401-4c1f-b85b-7ea1143581f8","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":100,"box":{"x":70,"y":884,"width":838,"height":11}},{"id":"d0a66d69-5524-4f6d-9c1f-6137b1c7c7e2","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":100,"box":{"x":69,"y":899,"width":802,"height":11}},{"id":"286a7e9a-df54-4e05-b7a0-3813ef0e1d13","block_type":"box","text":"II-63","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86d924e2-5c94-4b42-a920-17d8ccacccc8","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":100,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3b4ee434-6ce5-464f-8c09-ff9338fa7a99","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of por tfolio securities is not reasonably","page_number":101,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"6954d4d7-a4aa-4b07-998d-3493240b1619","block_type":"box","text":"practicable, or for such other periods as the SEC may permit. (The Fund may also suspend or postpone the","page_number":101,"box":{"x":70,"y":60,"width":762,"height":11}},{"id":"44c68401-451b-4993-8e55-6ad897e1ec7a","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":101,"box":{"x":69,"y":75,"width":685,"height":11}},{"id":"25c07311-1a2e-4776-8a55-7c1ce6a0b4d4","block_type":"box","text":"The Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":101,"box":{"x":101,"y":98,"width":795,"height":11}},{"id":"7bc58bf3-383c-441b-a7d0-70a428cc22ff","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":101,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"9351514c-f058-465f-a713-25c7804bd545","block_type":"box","text":"transaction effected for the benefit of a shareholder. The Fund reserves the express right to redeem shares of the","page_number":101,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"45a4d718-d72c-4293-9780-ed5a70992e2d","block_type":"box","text":"Fund involuntarily at any time if the Board of Trustees determines, in its sole discretion, that failure to do so may","page_number":101,"box":{"x":70,"y":143,"width":805,"height":11}},{"id":"8ecf6b9c-8910-4f51-b9b1-21f54509a119","block_type":"box","text":"have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares so","page_number":101,"box":{"x":69,"y":158,"width":813,"height":11}},{"id":"932a74dc-18b2-45bb-8ad3-20d890a71a84","block_type":"box","text":"redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":101,"box":{"x":69,"y":173,"width":801,"height":11}},{"id":"be60cae6-50a6-40f0-8c4a-a457adb2c3a6","block_type":"box","text":"Signature Guarantee.","page_number":101,"box":{"x":101,"y":196,"width":154,"height":11}},{"id":"f7c08e52-3e23-476d-9022-d0d6cf4da6c5","block_type":"box","text":"A signature guarantee is designed to protect the shareholders and the Fund against","page_number":101,"box":{"x":261,"y":196,"width":598,"height":11}},{"id":"bb73afb0-6168-4bc5-852a-78f7e2cdabca","block_type":"box","text":"fraudulent transactions by unauthorized persons. A signature guarantee may be obtained from a domestic bank or","page_number":101,"box":{"x":68,"y":211,"width":814,"height":11}},{"id":"a088991e-b547-43f9-9284-9f95f8edc8d6","block_type":"box","text":"trust company, recognized broker, dealer, clearing agency, savings association who are par ticipants in a medallion","page_number":101,"box":{"x":68,"y":226,"width":814,"height":11}},{"id":"e8274eac-fb2e-4c6a-988e-785147f26ba3","block_type":"box","text":"program by the Securities Transfer Association, credit unions, national securities exchanges and registered securities","page_number":101,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"6c7f5b7b-d1d6-43d5-b58f-be76f5dba45b","block_type":"box","text":"associations. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP),","page_number":101,"box":{"x":69,"y":256,"width":811,"height":12}},{"id":"3ff0cd03-d3ac-48ed-a992-7b334ebb4252","block_type":"box","text":"Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP).","page_number":101,"box":{"x":69,"y":272,"width":830,"height":11}},{"id":"fab6355d-67a2-4eb4-a0e3-1aafc6ec6179","block_type":"box","text":"Signature Guarantees which are not a par t of these programs will not be accepted. Please note that a notary public","page_number":101,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"44654bca-61eb-4b41-8a6a-22c104c74f03","block_type":"box","text":"stamp or seal is not acceptable.","page_number":101,"box":{"x":69,"y":302,"width":229,"height":11}},{"id":"630b371e-f499-4534-8d4c-a86191cea8fe","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin Reserve Vehicle — Redemption of Shares","page_number":101,"box":{"x":102,"y":324,"width":615,"height":11}},{"id":"bab07838-f25b-4874-b006-470fc0c75a2d","block_type":"box","text":"OnChain Shares may be redeemed on a Business Day, as defined in the Fund’s Prospectus. Requests for","page_number":101,"box":{"x":102,"y":347,"width":753,"height":11}},{"id":"4c4301ef-b280-4270-b8a2-311ba026c7d8","block_type":"box","text":"redemptions must be received in good order by the Fund’s transfer agent by 5:00 p.m. (Eastern Time) on any","page_number":101,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"3976d5b7-c63b-4828-8d15-51560f5bebf8","block_type":"box","text":"Business Day. Notwithstanding the foregoing, on any day that the principal bond markets close early (as","page_number":101,"box":{"x":70,"y":377,"width":739,"height":12}},{"id":"f80df567-e23d-4fdb-85a7-5425c42ec60a","block_type":"box","text":"recommended by SIFMA) or the Federal Reserve Bank of Philadelphia or the NYSE closes early, the Fund may","page_number":101,"box":{"x":69,"y":392,"width":779,"height":12}},{"id":"7e9dd2aa-920e-4b76-bbed-f1cdb7dca16c","block_type":"box","text":"advance the time on that day by which a redemption order must be placed so that it will be effected that day.","page_number":101,"box":{"x":69,"y":407,"width":777,"height":12}},{"id":"710793b4-fed4-4273-8ea7-c8e9c4d850bb","block_type":"box","text":"In order for a redemption request to be treated as having been received in good order (and therefore be","page_number":101,"box":{"x":102,"y":430,"width":738,"height":11}},{"id":"70776433-d9df-4e4a-86f9-2905d17ec9b3","block_type":"box","text":"effective) as of a redemption date, OnChain Shares to be redeemed must be moved to the Fund’s administrative","page_number":101,"box":{"x":69,"y":445,"width":804,"height":11}},{"id":"94c3eecb-ea44-499f-b58f-9c67878a3ac7","block_type":"box","text":"redemption wallet (the “Redemption Wallet”) on the blockchain by the Fund’s deadline. Shareholders can find","page_number":101,"box":{"x":69,"y":460,"width":780,"height":12}},{"id":"147dba10-5e02-4b78-850f-457094da3438","block_type":"box","text":"information on the Redemption Wallet by visiting the website disclosed in the Fund’s Prospectus. Shareholders are","page_number":101,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"53a30043-8014-4fac-b219-87a6c3f2cbfe","block_type":"box","text":"advised to submit redemption orders in this manner well in advance of the final cut-off time for a day, given that there","page_number":101,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"43a5e5f3-d4ab-4e0d-85a0-e44eb5ec7024","block_type":"box","text":"may be transaction processing or other delays on the blockchain network that result in your order not being received","page_number":101,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"78db2a6a-1c96-42ba-bb5d-8fa4ef47700f","block_type":"box","text":"by the Fund’s transfer agent before the final cut-off time. A transaction submitted prior to the cutoff time may","page_number":101,"box":{"x":69,"y":521,"width":780,"height":11}},{"id":"5b92a8fb-0e67-4d29-85e9-522b64649b88","block_type":"box","text":"never theless fail to satisfy the Fund’s or the Fund’s transfer agent’s finality requirements before the applicable","page_number":101,"box":{"x":69,"y":536,"width":792,"height":11}},{"id":"bb9cf5b8-4fbb-4f7b-85a9-aa41b3173d50","block_type":"box","text":"determination is made, including as a result of network congestion, delayed block production, chain reorganizations,","page_number":101,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"066c06a7-eb71-4d27-b95f-2de3dc6ea37a","block_type":"box","text":"or other blockchain-related events. OnChain Shares moved to the Redemption Wallet after the Fund deadline on a","page_number":101,"box":{"x":69,"y":566,"width":809,"height":11}},{"id":"54ebf1d1-c60a-4b7b-9937-ae8fac3144da","block_type":"box","text":"Business Day (or at any time on a non-Business Day) will not be redeemed until the following Business Day. In these","page_number":101,"box":{"x":70,"y":581,"width":829,"height":12}},{"id":"194e6594-621f-4ea5-b361-14302f961cab","block_type":"box","text":"circumstances, a redeeming shareholder will not be able to effect fur ther transfers of redeemed Shares but will be","page_number":101,"box":{"x":69,"y":596,"width":819,"height":12}},{"id":"a4385b65-faac-43a3-9f70-cea0c47ebc43","block_type":"box","text":"deemed to continue to own such OnChain Shares for all other purposes (including for accrual of dividends) until","page_number":101,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"b2e331ab-78bf-40ab-9bb7-e331eed7f867","block_type":"box","text":"OnChain Shares are redeemed.","page_number":101,"box":{"x":69,"y":627,"width":222,"height":9}},{"id":"fd3f876b-b2e2-48cd-8aac-295865ccdc46","block_type":"box","text":"A shareholder will be deemed to have submitted a redemption request with respect to any OnChain Shares that","page_number":101,"box":{"x":101,"y":649,"width":796,"height":12}},{"id":"d548ed25-7e34-4fba-bc0c-79d91082f94b","block_type":"box","text":"it moves to the Redemption Wallet. The Fund’s transfer agent will not consider OnChain Shares to have been moved","page_number":101,"box":{"x":70,"y":664,"width":826,"height":12}},{"id":"007e1d77-3945-49d0-857f-26b637d1356e","block_type":"box","text":"to the Redemption Wallet until after it determines that the transaction is “final.” The Fund’s transfer agent will","page_number":101,"box":{"x":68,"y":680,"width":786,"height":11}},{"id":"43881ab1-699f-4041-ab61-7a9dbe2fedec","block_type":"box","text":"consider a transaction final only after (a) the transaction has been included in a block published to the blockchain","page_number":101,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"7f197852-1f0e-4619-aa86-053a86bedb77","block_type":"box","text":"and the timestamp of such block is prior to the applicable deadline and (b) a sufficient number of additional blocks","page_number":101,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"02446b9d-43b1-4e19-889e-3ba4fdc3fc25","block_type":"box","text":"have been added to the same chain. If a redemption request is not received in good order by the deadline on any","page_number":101,"box":{"x":69,"y":725,"width":808,"height":11}},{"id":"e103e82e-0cb9-4093-8287-4340b0ef9dee","block_type":"box","text":"Business Day, such amount will not be redeemed on such Business Day, unless the deadline is modified by the","page_number":101,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"6a2b5e70-eb0e-4c3d-90fb-5ea8757d76e3","block_type":"box","text":"Board or its duly authorized agent.","page_number":101,"box":{"x":70,"y":755,"width":242,"height":11}},{"id":"1792030f-01a4-4d90-ae11-a241952458b8","block_type":"box","text":"Alternatively, a shareholder may submit a redemption request on the Fund’s transfer agent’s website at","page_number":101,"box":{"x":101,"y":778,"width":739,"height":11}},{"id":"20d62952-005f-4815-99d1-31d747a01857","block_type":"box","text":"BRSRV.invest.securitize.io or id.securitize.io (or such other website as the Fund’s transfer agent may establish for the","page_number":101,"box":{"x":70,"y":793,"width":838,"height":11}},{"id":"1a4afbb5-f9d3-436d-9ba5-fc48e7f8cd90","block_type":"box","text":"redemption of OnChain Shares) before 5:00 p.m. (Eastern Time). The Fund’s transfer agent’s website does not hold,","page_number":101,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"7e6a9fc3-6e10-4aed-95b7-7064b8088678","block_type":"box","text":"control, or have access to shareholder Tokens or private keys. When a shareholder uses the por tal to submit a","page_number":101,"box":{"x":69,"y":823,"width":790,"height":11}},{"id":"9727527f-c9b1-41a6-b6bd-03707c45323e","block_type":"box","text":"redemption request, the por tal prepares the same on-chain transfer transaction the shareholder would otherwise","page_number":101,"box":{"x":69,"y":838,"width":806,"height":11}},{"id":"e3a3c8fb-cca2-4201-a01e-d15c2ec99e78","block_type":"box","text":"construct directly and presents it to the shareholder’s wallet for the shareholder to sign. In both cases, the on-chain","page_number":101,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"3e5c00ff-2f71-49a4-a50b-1f69524f4161","block_type":"box","text":"transfer is executed pursuant to a transaction signed by the shareholder. The OnChain Shares will move to the","page_number":101,"box":{"x":68,"y":869,"width":788,"height":11}},{"id":"c1fb5b8a-61b6-4c9b-8fcd-d8b1eaad38a5","block_type":"box","text":"Redemption Wallet after the transaction is signed by the shareholder. Shareholder redemption requests submitted on","page_number":101,"box":{"x":70,"y":884,"width":836,"height":11}},{"id":"0bc048a8-6a55-49c9-ab49-83aabdf211e8","block_type":"box","text":"II-64","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc29bf72-baf9-4b2e-9a9c-4d15d83eb545","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":101,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b9bc0570-5742-4d3e-bc6a-7758976c8aad","block_type":"box","text":"the Fund’s transfer agent’s website noted above and received in good order after 5:00 p.m. (Eastern Time) will be","page_number":102,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"3254b1a0-639b-49aa-a2bf-92d72ac572a7","block_type":"box","text":"redeemed at the NAV determined on the next Business Day.","page_number":102,"box":{"x":69,"y":60,"width":426,"height":11}},{"id":"1dd8da7a-c263-4537-ba56-d0c8865b05b0","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":102,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"0e583402-4855-4cf9-8b57-0e1318de419b","block_type":"box","text":"Tokens will be burned from the Redemption Wallet on the same Business Day on which the redemption request is","page_number":102,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"dcaf5ec8-90a4-4388-a8aa-02e6f80ebd79","block_type":"box","text":"received in good order, and payment for redeemed OnChain Shares will typically be wired in federal funds on that","page_number":102,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"adbface1-91a7-49f0-a73e-b58a6346e9e9","block_type":"box","text":"same day, provided the Fund’s custodian is also open for business. Proceeds for redemption orders received on a","page_number":102,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"a86936b8-553b-41be-999f-eee75835f243","block_type":"box","text":"day when the Fund’s custodian is closed are normally wired in Federal funds on the next Business Day following","page_number":102,"box":{"x":69,"y":143,"width":798,"height":11}},{"id":"7bd116ce-c322-4a06-a5af-c8cd6e47af37","block_type":"box","text":"redemption on which the Fund’s custodian is open for business. The Fund reserves the right to wire redemption","page_number":102,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"436a659d-c3ce-4237-b3e4-0cf95905188d","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the judgment of the Fund, an earlier payment","page_number":102,"box":{"x":70,"y":173,"width":804,"height":11}},{"id":"cb5515d0-319b-4405-ad75-543cad67b06d","block_type":"box","text":"could adversely affect the Fund.","page_number":102,"box":{"x":69,"y":188,"width":226,"height":11}},{"id":"68870e15-7732-4c29-a70a-c313fcca0a4e","block_type":"box","text":"Shareholders will generally be required to pay transaction fees (sometimes referred to as “gas” fees) to","page_number":102,"box":{"x":102,"y":211,"width":740,"height":11}},{"id":"1a1f2b8b-84db-4895-bac3-56a0e21825c2","block_type":"box","text":"validators on the blockchain in order to facilitate shareholder-initiated transactions, including redemptions. Such fees,","page_number":102,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"cb623710-5ed5-4ca3-aecc-760fdd9b5034","block_type":"box","text":"which vary from blockchain to blockchain, are typically in the form of the digital asset native to such blockchain (e.g.,","page_number":102,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"112bdee3-7de1-478f-afe8-84c9f8ac6096","block_type":"box","text":"ETH for Ethereum) but may also include other eligible digital assets depending on network design (e.g., eligible","page_number":102,"box":{"x":70,"y":256,"width":788,"height":12}},{"id":"a13d8f6f-334d-4ccb-aa03-2280a1446042","block_type":"box","text":"stablecoins on Tempo). In connection with shareholder-initiated transactions, an investor must purchase or maintain","page_number":102,"box":{"x":69,"y":272,"width":827,"height":10}},{"id":"04b78587-06b4-454e-b632-539c5526e039","block_type":"box","text":"a sufficient amount of the blockchain network’s native digital asset, or other eligible asset for “gas” fees, in such","page_number":102,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"20a1f172-7a08-4a2d-9e3d-985a859c727b","block_type":"box","text":"investor’s digital wallet on the blockchain to pay the “gas” fees associated with such transactions. By contrast, with","page_number":102,"box":{"x":70,"y":302,"width":826,"height":11}},{"id":"d406fbd7-7c95-42e1-bc41-c9b004edfa67","block_type":"box","text":"respect to blockchain transactions initiated by the Fund, the Fund’s transfer agent, or another service provider to the","page_number":102,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"399abe7b-d1dd-4b3f-854a-50906cd5ef61","block_type":"box","text":"Fund in accordance with the Fund’s governing documents and/or applicable law, shareholders will generally not be","page_number":102,"box":{"x":70,"y":332,"width":814,"height":11}},{"id":"3c3c8f6f-efa1-4c25-9dda-d73c0ac2f0bb","block_type":"box","text":"required to pay associated transaction fees. Under normal and stressed market conditions, the Fund typically expects","page_number":102,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"acfee9d6-929c-43ad-bfa1-bb8ec0a73f87","block_type":"box","text":"to meet redemption requests by using cash or cash equivalents in its por tfolio or by selling por tfolio assets to","page_number":102,"box":{"x":68,"y":362,"width":786,"height":11}},{"id":"ea309e1d-10b9-4192-9468-14b7f21000e2","block_type":"box","text":"generate additional cash.","page_number":102,"box":{"x":68,"y":377,"width":180,"height":12}},{"id":"0b1773d1-ea3e-440c-a9b2-a14db6e74174","block_type":"box","text":"Payment of Redemption Proceeds.","page_number":102,"box":{"x":102,"y":400,"width":250,"height":11}},{"id":"c5de29b3-6b06-49ee-a3e7-2501d65f4a41","block_type":"box","text":"The Fund may suspend the right of redemption or postpone the date of","page_number":102,"box":{"x":359,"y":400,"width":506,"height":11}},{"id":"4c5bdd35-ee6d-49e5-9306-ed08c1dcfada","block_type":"box","text":"payment upon redemption for such periods as are permitted under the Investment Company Act, and may redeem","page_number":102,"box":{"x":70,"y":415,"width":811,"height":11}},{"id":"d36454a2-b37f-4c0b-9df6-d59611c7e38b","block_type":"box","text":"shares involuntarily or make payment for redemption in securities or other proper ty when determined appropriate in","page_number":102,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"b8161eb1-53fb-45a1-b1b4-b579c587c3b8","block_type":"box","text":"light of the Fund’s responsibilities under the Investment Company Act.","page_number":102,"box":{"x":70,"y":445,"width":498,"height":12}},{"id":"b8fa7b07-3173-4daf-907a-576751e47a7b","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for","page_number":102,"box":{"x":101,"y":468,"width":803,"height":11}},{"id":"e720f32f-c256-4b90-b859-6ffd818c3051","block_type":"box","text":"redemption or repurchase of the Fund’s shares by making payment in whole or in par t in securities chosen by the","page_number":102,"box":{"x":69,"y":483,"width":809,"height":11}},{"id":"3452f25f-4298-4c9c-aee4-b316a6b6fe15","block_type":"box","text":"Fund and valued in the same way as they would be valued for purposes of computing the Fund’s NAV. If payment is","page_number":102,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"526db3d8-7e8c-4a59-817f-3a1ef9ae33b5","block_type":"box","text":"made in securities, a shareholder may incur transaction costs in conver ting these securities into cash. The Fund has","page_number":102,"box":{"x":69,"y":514,"width":832,"height":11}},{"id":"5127d429-bdf4-4dac-b6a9-fb5bdbe9a482","block_type":"box","text":"elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to","page_number":102,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"6417b8da-e418-408d-b43e-53194ef0ad2f","block_type":"box","text":"redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one","page_number":102,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"4493f843-15cf-467c-8cc7-7d35f7ab6553","block_type":"box","text":"shareholder of the Fund.","page_number":102,"box":{"x":69,"y":559,"width":173,"height":9}},{"id":"430cb8bf-fb7c-4a17-a7b5-f88b5c4067be","block_type":"box","text":"Under the Investment Company Act, the Fund may suspend the right to redemption or postpone the date of","page_number":102,"box":{"x":102,"y":581,"width":763,"height":12}},{"id":"cc497d75-b607-4f6f-9014-50fb695fa127","block_type":"box","text":"payment upon redemption for any period during which the NYSE is closed (other than customary weekend and holiday","page_number":102,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"9719a55e-effb-4a4b-98af-6e430f580fb3","block_type":"box","text":"closings), or during which trading on the NYSE is restricted, or during which (as determined by the SEC by rule or","page_number":102,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"aa90a683-652d-4c93-a536-46ef40e00b0b","block_type":"box","text":"regulation) an emergency exists as a result of which disposal or valuation of por tfolio securities is not reasonably","page_number":102,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"6e26c731-dd4a-4f35-add6-59fa3033c9d3","block_type":"box","text":"practicable, or for such other periods as the SEC may permit.","page_number":102,"box":{"x":70,"y":642,"width":434,"height":11}},{"id":"4b9efe8b-406f-409c-93f7-70489cfc163b","block_type":"box","text":"Redemption proceeds will only be paid to the account of record in the name of the shareholder, except that, if a","page_number":102,"box":{"x":102,"y":664,"width":796,"height":12}},{"id":"e14134c3-aa61-436c-877e-2828e8cee0a8","block_type":"box","text":"shareholder is a client of zerohash, payment of redemption proceeds will be paid (i) if such shareholder’s only","page_number":102,"box":{"x":69,"y":680,"width":784,"height":11}},{"id":"b81f31d9-77ec-4527-a6e8-67fd993e7460","block_type":"box","text":"account of record is such shareholder’s zerohash Account, to its zerohash Account and (ii) if such shareholder has a","page_number":102,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"7c1bf7a0-0dec-4235-b214-23411ea23929","block_type":"box","text":"zerohash Account and has also separately subscribed for Shares with U.S. dollars from an account which is not its","page_number":102,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"a8019560-b226-4577-9b71-01d857f51742","block_type":"box","text":"zerohash Account, to such other account unless otherwise directed by such shareholder. USDC transactions are","page_number":102,"box":{"x":69,"y":725,"width":800,"height":11}},{"id":"f1a837d1-b760-48b0-afc3-6e9f12fb1b23","block_type":"box","text":"subject to various risks that are outside the control of zerohash and the Fund. zerohash has informed the Fund that,","page_number":102,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"be47603c-6b78-4504-b98b-33e1214840a3","block_type":"box","text":"as of the date of this SAI, zerohash is licensed to engage in Vir tual Currency Business Activity by the New York State","page_number":102,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"0f612c9f-e902-406c-9ab9-7f14e3605587","block_type":"box","text":"Depar tment of Financial Services.","page_number":102,"box":{"x":70,"y":770,"width":240,"height":11}},{"id":"fc9c9008-09e8-423a-bf48-be17825e0381","block_type":"box","text":"DETERMINATION OF NET ASSET VALUE","page_number":102,"box":{"x":332,"y":800,"width":314,"height":10}},{"id":"64d2ef8b-7e99-48a9-b17e-3d373d733d6e","block_type":"box","text":"Each Fund seeks to maintain a NAV of $1.00 per share for purposes of purchase and redemptions and values its","page_number":102,"box":{"x":102,"y":822,"width":806,"height":12}},{"id":"e5ed63d5-f279-47b6-8ac6-ea66aab1daeb","block_type":"box","text":"por tfolio securities on the basis of the amor tized cost method of valuation.","page_number":102,"box":{"x":70,"y":838,"width":533,"height":11}},{"id":"dcdddb91-0cfb-42f6-9df8-a23b7cb5a294","block_type":"box","text":"Under this method por tfolio securities are valued at cost when purchased and thereafter, a constant","page_number":102,"box":{"x":102,"y":860,"width":716,"height":11}},{"id":"68e9944c-27a2-4bf7-8597-fbe078be627b","block_type":"box","text":"propor tionate accretion of any discount or amor tization of premium is recorded until the maturity of the security. The","page_number":102,"box":{"x":70,"y":875,"width":828,"height":12}},{"id":"64223daf-b5ee-4132-b652-6580006a3cce","block_type":"box","text":"effect of changes in the market value of a security as a result of fluctuating interest rates is not taken into account.","page_number":102,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"66dcac30-898d-470b-afc8-0035304eacbd","block_type":"box","text":"II-65","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1df7271e-6f3e-41e3-b54c-e2fabebe65c0","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":102,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e063183b-997d-4728-be85-a941ee8f98c3","block_type":"box","text":"As indicated, the amor tized cost method of valuation may result in the value of a security being higher or lower","page_number":103,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"ba52f16b-39c5-41a9-acbe-f7b49e671395","block_type":"box","text":"than its market price, the price a Fund would receive if the security were sold prior to maturity. Each Fund’s Board has","page_number":103,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"36f77609-8a59-4b0f-a36f-c9b3472e9af3","block_type":"box","text":"established procedures for the purpose of maintaining a constant NAV of $1.00 per share for each Fund; however,","page_number":103,"box":{"x":69,"y":74,"width":814,"height":12}},{"id":"0d87e45a-607a-4d86-85c2-afa592744bd1","block_type":"box","text":"there can be no assurance that a constant NAV will be maintained for any Fund. Such procedures include a review of","page_number":103,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"6dcdc864-330f-44d3-9f5d-6fd5b753aa45","block_type":"box","text":"the extent of any deviation of NAV per share, based on available market quotations, from the $1.00 amor tized cost","page_number":103,"box":{"x":68,"y":104,"width":822,"height":12}},{"id":"228c07fe-c610-4592-915e-b5c00e579f17","block_type":"box","text":"per share.","page_number":103,"box":{"x":70,"y":120,"width":70,"height":11}},{"id":"8ce1d0fe-1a28-4d61-95e4-6a562eeee66d","block_type":"box","text":"Should that deviation exceed","page_number":103,"box":{"x":102,"y":143,"width":204,"height":9}},{"id":"80e1d30f-4216-42ca-a9ec-2ae20623fe16","block_type":"box","text":"½","page_number":103,"box":{"x":313,"y":143,"width":12,"height":9}},{"id":"f387edc4-eaa3-414a-b634-0d689868d75b","block_type":"box","text":"of 1% for a Fund, the Fund’s Board will promptly consider whether any action","page_number":103,"box":{"x":331,"y":143,"width":545,"height":11}},{"id":"292c5d8c-f7ee-4a18-8fa4-f6a894a5e620","block_type":"box","text":"should be initiated to eliminate or reduce material dilution or other adverse impact to shareholders. Such action may","page_number":103,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"5977749e-8a1d-4068-9601-aa6d9034b60a","block_type":"box","text":"include redeeming shares in kind, selling por tfolio securities prior to maturity, reducing or withholding dividends,","page_number":103,"box":{"x":70,"y":173,"width":796,"height":11}},{"id":"10d3470d-df9d-4fc3-a117-871a124f1113","block_type":"box","text":"shor tening the average por tfolio maturity, and utilizing a NAV per share as determined by using available market","page_number":103,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"08334425-5c8c-4db6-b80f-69d2192955f4","block_type":"box","text":"quotations.","page_number":103,"box":{"x":69,"y":204,"width":78,"height":10}},{"id":"d476ecc2-e663-4564-90c8-9a1f25f0c9bc","block_type":"box","text":"Each Fund will maintain a dollar-weighted average por tfolio maturity of 60 days or less, a dollar-weighted average","page_number":103,"box":{"x":102,"y":226,"width":803,"height":11}},{"id":"a5aba3fd-0d4f-4170-8b9a-485f0ab57b11","block_type":"box","text":"life of 120 days or less, will not purchase any instrument with a deemed maturity under Rule 2a-7 of the Investment","page_number":103,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"54178c1b-4789-4b7d-b5e1-1724335880f4","block_type":"box","text":"Company Act greater than 397 days, and will limit por tfolio investments, including repurchase agreements, to those","page_number":103,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"f0acefc2-53c1-4822-af8e-4082d9833848","block_type":"box","text":"instruments that the adviser or sub-adviser determines to be “eligible securities” under Rule 2a-7 pursuant to","page_number":103,"box":{"x":70,"y":272,"width":782,"height":11}},{"id":"98e29dc1-2d4b-4a44-b426-0133bac640f2","block_type":"box","text":"guidelines adopted by a Fund’s Board.","page_number":103,"box":{"x":68,"y":287,"width":273,"height":11}},{"id":"6778f3c7-5a87-46cb-a0f9-ff96f48e29f9","block_type":"box","text":"YIELD INFORMATION","page_number":103,"box":{"x":405,"y":316,"width":167,"height":10}},{"id":"9243fe17-ccea-440c-813e-bc8519b8218d","block_type":"box","text":"Each Fund computes its annualized yield in accordance with regulations adopted by the Commission by","page_number":103,"box":{"x":102,"y":339,"width":735,"height":11}},{"id":"23a7965e-ef3e-42a4-9147-15db5600802c","block_type":"box","text":"determining the net changes in value, exclusive of capital changes and income other than investment income, for a","page_number":103,"box":{"x":69,"y":354,"width":821,"height":11}},{"id":"b26f63d2-322f-47b4-93db-e25e72af7f29","block_type":"box","text":"seven-day base period for a hypothetical pre-existing account having a balance of one share at the beginning of the","page_number":103,"box":{"x":69,"y":369,"width":819,"height":11}},{"id":"c251ce54-b489-4f96-9a7d-d86d769cf68b","block_type":"box","text":"base period, subtracting a hypothetical shareholder account charge, and dividing the difference by the value of the","page_number":103,"box":{"x":69,"y":384,"width":816,"height":11}},{"id":"3a4e1f95-e23a-46bc-b04f-df4346988fe1","block_type":"box","text":"account at the beginning of the base period to obtain the base period return, and then multiplying the result by 365","page_number":103,"box":{"x":69,"y":399,"width":823,"height":12}},{"id":"aac1d4c3-bf52-4042-9d2f-482f696af5f1","block_type":"box","text":"and then dividing by seven. This yield calculation does not take into consideration any realized or unrealized gains or","page_number":103,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"d11ea67b-352c-4bb2-99b3-5f86c8408674","block_type":"box","text":"losses on por tfolio securities. The Commission also permits the calculation of a standardized effective or","page_number":103,"box":{"x":70,"y":429,"width":753,"height":11}},{"id":"9a3fabbc-0a4b-4e86-a62f-76e04a184cfb","block_type":"box","text":"compounded yield. This is computed by compounding the unannualized base period return, which is done by adding","page_number":103,"box":{"x":69,"y":445,"width":823,"height":11}},{"id":"30d41786-a6a3-4a92-9164-f413b588658a","block_type":"box","text":"one to the base period return, raising the sum to a power equal to 365 divided by seven, and subtracting one from","page_number":103,"box":{"x":69,"y":460,"width":817,"height":11}},{"id":"8cd0f511-5287-4b3d-a23f-934fcc32e4ef","block_type":"box","text":"the result. This compounded yield calculation also excludes realized and unrealized gains or losses on por tfolio","page_number":103,"box":{"x":68,"y":475,"width":795,"height":11}},{"id":"272e42ed-274f-4da6-8750-5cae149d39bf","block_type":"box","text":"securities.","page_number":103,"box":{"x":69,"y":490,"width":72,"height":9}},{"id":"23302bc7-e7a9-4ea3-80cf-46d22f325926","block_type":"box","text":"The yield on each Fund’s shares normally will fluctuate on a daily basis. Therefore, the yield for any given past","page_number":103,"box":{"x":101,"y":513,"width":785,"height":11}},{"id":"3f4b96cd-c9fb-46e6-80cb-397dc12ef991","block_type":"box","text":"period is not an indication or representation by a Fund of future yields or rates of return on its shares. The yield is","page_number":103,"box":{"x":70,"y":528,"width":811,"height":11}},{"id":"190bbf47-04ce-459a-bbca-5bfddc4dacc7","block_type":"box","text":"affected by such factors as changes in interest rates on a Fund’s por tfolio securities, average por tfolio maturity, the","page_number":103,"box":{"x":69,"y":543,"width":828,"height":11}},{"id":"53fe4e12-f81b-4b3b-8300-a9f9db3e8bfa","block_type":"box","text":"types and quality of por tfolio securities held and operating expenses. The yield on Fund shares for various reasons","page_number":103,"box":{"x":68,"y":558,"width":819,"height":11}},{"id":"97568b92-c2db-4785-8d9c-80911d455d25","block_type":"box","text":"may not be comparable to the yield on bank deposits, shares of other money market funds or other investments.","page_number":103,"box":{"x":69,"y":573,"width":804,"height":11}},{"id":"194d0614-aa8e-497f-8516-002951b968d7","block_type":"box","text":"See “Yield Information” in Par t I of each Fund’s SAI for recent seven-day yield information relating to your Fund.","page_number":103,"box":{"x":102,"y":596,"width":793,"height":11}},{"id":"1bb132e3-0ada-4223-b557-f465df0b0370","block_type":"box","text":"On occasion, each Fund may compare its yield to (1) an industry average compiled by Donoghue’s Money Fund","page_number":103,"box":{"x":102,"y":619,"width":788,"height":11}},{"id":"ebcc5ae4-c6bc-45e5-95f6-c85a30093b37","block_type":"box","text":"Repor t, a widely recognized independent publication that monitors the per formance of money market mutual funds,","page_number":103,"box":{"x":70,"y":634,"width":821,"height":11}},{"id":"33de1700-ebda-41fc-bc89-3bfd8a7b767b","block_type":"box","text":"(2) the average yield repor ted by the Bank Rate Monitor National Index","page_number":103,"box":{"x":69,"y":649,"width":503,"height":11}},{"id":"d0231339-aa86-428e-9a67-e5c670b868c4","block_type":"box","text":"TM","page_number":103,"box":{"x":572,"y":649,"width":10,"height":5}},{"id":"c81899e7-3738-4fee-b48b-35e3d7bca6c2","block_type":"box","text":"for money market deposit accounts offered","page_number":103,"box":{"x":588,"y":649,"width":307,"height":11}},{"id":"762ee939-5a24-45ae-ae8f-cb35d7dbf030","block_type":"box","text":"by the 100 leading banks and thrift institutions in the ten largest standard metropolitan statistical areas, (3) yield","page_number":103,"box":{"x":69,"y":664,"width":810,"height":11}},{"id":"cb943ce8-38de-42bc-b5e9-80b68341708a","block_type":"box","text":"data published by industry publications, including Lipper Inc., Morningstar, Inc.,","page_number":103,"box":{"x":69,"y":679,"width":564,"height":11}},{"id":"c935f93b-cf9f-42cf-a499-cb54eb7432c4","block_type":"box","text":"Money Magazine, U.S. News & World","page_number":103,"box":{"x":641,"y":679,"width":263,"height":11}},{"id":"0e3c5235-a3f3-473c-acd5-78c67f4f5d93","block_type":"box","text":"Repor t, BusinessWeek, CDA Investment Technology, Inc., Forbes Magazine","page_number":103,"box":{"x":70,"y":694,"width":532,"height":11}},{"id":"cc5865f9-b769-49fe-a6be-c227e0d27038","block_type":"box","text":"and","page_number":103,"box":{"x":608,"y":694,"width":24,"height":9}},{"id":"20df9948-a567-44a7-b5dd-113cbeaa82e4","block_type":"box","text":"For tune Magazine","page_number":103,"box":{"x":639,"y":694,"width":127,"height":11}},{"id":"3be9839e-f3a9-40fb-adbb-ae1a4437a46d","block_type":"box","text":", or (4) the yield on","page_number":103,"box":{"x":767,"y":694,"width":133,"height":11}},{"id":"d4651d07-7981-426d-a34d-f62b763b328f","block_type":"box","text":"an investment in 90-day Treasury bills on a rolling basis, assuming quar terly compounding. As with yield quotations,","page_number":103,"box":{"x":69,"y":709,"width":826,"height":11}},{"id":"92d9ecf5-e6dc-4bb8-b10e-be81e6674307","block_type":"box","text":"yield comparisons should not be considered indicative of a Fund’s yield or relative per formance for any future period.","page_number":103,"box":{"x":68,"y":724,"width":834,"height":11}},{"id":"270b6886-30d7-4c26-ad19-270e92c7b91b","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":103,"box":{"x":101,"y":747,"width":780,"height":11}},{"id":"a1c37086-3cf5-476d-9a99-2fd16bf21eda","block_type":"box","text":"investment objective. This may include information about past, current or possible economic, market, political, or","page_number":103,"box":{"x":70,"y":762,"width":806,"height":11}},{"id":"c591d791-9b64-465b-bd6d-f4adeb908570","block_type":"box","text":"other conditions, descriptive information on general principles of investing such as asset allocation, diversification","page_number":103,"box":{"x":69,"y":777,"width":814,"height":12}},{"id":"da2dce75-855c-42fc-9e60-2c939b7da314","block_type":"box","text":"and risk tolerance; a discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":103,"box":{"x":69,"y":792,"width":805,"height":12}},{"id":"dc03d29a-b15d-47aa-a0b6-e01403b0828f","block_type":"box","text":"techniques; comparisons of a Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":103,"box":{"x":68,"y":807,"width":774,"height":12}},{"id":"61248742-41f3-42a5-a394-1bf5cf41c8f3","block_type":"box","text":"investments, to indices relevant to the comparison being made, or to a hypothetical or model por tfolio. Each Fund","page_number":103,"box":{"x":70,"y":823,"width":810,"height":11}},{"id":"1fe9687a-c15c-4fb2-958f-c2f1f5133861","block_type":"box","text":"may also quote various measures of volatility and benchmark correlation in adver tising and other materials, and may","page_number":103,"box":{"x":69,"y":838,"width":833,"height":11}},{"id":"5d26ed17-cc19-4ddf-8cb1-75f7f176886e","block_type":"box","text":"compare these measures to those of other funds or types of investments.","page_number":103,"box":{"x":69,"y":853,"width":527,"height":11}},{"id":"6f6d41e3-e70d-45e2-a1c9-ffbc79061f57","block_type":"box","text":"II-66","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac5d7f77-4ba4-4e5b-b05d-39747240d92e","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":103,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d76ecbbd-02bc-49e7-a06b-7a57c7a8bf0f","block_type":"box","text":"PORTFOLIO TRANSACTIONS","page_number":104,"box":{"x":377,"y":45,"width":224,"height":10}},{"id":"eb1a73b3-1383-4517-8e5b-8325e0c16daa","block_type":"box","text":"Subject to policies established by the Board of each Fund, the Manager is primarily responsible for the execution","page_number":104,"box":{"x":102,"y":68,"width":803,"height":11}},{"id":"b86b15a9-f188-4f75-b0fa-df39662c1461","block_type":"box","text":"of a Fund’s por tfolio transactions. The Manager does not execute transactions through any par ticular broker or","page_number":104,"box":{"x":69,"y":83,"width":791,"height":11}},{"id":"6b3d5a22-1701-4537-85ae-99f438faa856","block_type":"box","text":"dealer, but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the","page_number":104,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"b1e71fef-7991-4e7e-a029-334461ea717b","block_type":"box","text":"applicable dealer spread), size of order, difficulty of execution, operational facilities of the firm and the firm’s risk and","page_number":104,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"43a9c2ab-bb1f-4cf7-8e2e-4830880b8940","block_type":"box","text":"skill in positioning blocks of securities. While the Manager generally seeks reasonable trade execution costs, a Fund","page_number":104,"box":{"x":69,"y":128,"width":830,"height":12}},{"id":"c5c28d61-1bed-4e6f-b607-4affb115a0e0","block_type":"box","text":"does not necessarily pay the lowest spread or commission available. Each Fund’s policy of investing in securities with","page_number":104,"box":{"x":69,"y":143,"width":839,"height":12}},{"id":"19d1f272-f441-4937-a8d5-c47b9510a075","block_type":"box","text":"shor t maturities will result in high por tfolio turnover.","page_number":104,"box":{"x":69,"y":159,"width":370,"height":11}},{"id":"966d26a6-43f6-461a-88a1-afc7f2accb81","block_type":"box","text":"Subject to obtaining the best net results, dealers who provide supplemental investment research (such as","page_number":104,"box":{"x":102,"y":181,"width":757,"height":12}},{"id":"fd136bee-1ca0-4a3e-9359-126297e02e81","block_type":"box","text":"economic data and market forecasts) to the Manager may receive orders for transactions of the Fund. Information","page_number":104,"box":{"x":69,"y":196,"width":812,"height":12}},{"id":"b40a6a5d-2242-4bdb-bf50-f0f36e0d1ee7","block_type":"box","text":"received will be in addition to and not in lieu of the services required to be per formed by the Manager under each","page_number":104,"box":{"x":69,"y":212,"width":809,"height":11}},{"id":"299e56dc-a5ac-4846-9096-c2b20591f388","block_type":"box","text":"Management Agreement and the expenses of the Manager will not necessarily be reduced as a result of the receipt","page_number":104,"box":{"x":70,"y":227,"width":824,"height":11}},{"id":"d3a786bf-7c0b-493d-b8cc-0d2449639207","block_type":"box","text":"of such supplemental information.","page_number":104,"box":{"x":69,"y":242,"width":243,"height":11}},{"id":"171eacb0-0600-4c2d-afbc-b225332ae9f8","block_type":"box","text":"The por tfolio securities in which each Fund invests are traded primarily in the OTC market. Bonds and","page_number":104,"box":{"x":101,"y":264,"width":723,"height":12}},{"id":"493c4fba-25b0-457f-9d85-066f49d32968","block_type":"box","text":"debentures usually are traded OTC, but may be traded on an exchange. Where possible, a Fund will deal directly with","page_number":104,"box":{"x":69,"y":280,"width":832,"height":11}},{"id":"d7946b45-bc47-4291-8a57-5556b0fc6e8a","block_type":"box","text":"the dealers who make a market in the securities involved except in those circumstances where better prices and","page_number":104,"box":{"x":68,"y":295,"width":803,"height":11}},{"id":"09daa8d8-fb23-4541-bb21-1767e356c915","block_type":"box","text":"execution are available elsewhere. Such dealers usually are acting as principals for their own accounts. On occasion,","page_number":104,"box":{"x":69,"y":310,"width":834,"height":11}},{"id":"508c1d14-6c25-49bb-af25-fafc3e1e9222","block_type":"box","text":"securities may be purchased directly from the issuer. Money market securities are generally traded on a net basis","page_number":104,"box":{"x":69,"y":325,"width":812,"height":11}},{"id":"75f46f0e-36dc-4ec9-914e-831c6257b8d3","block_type":"box","text":"and do not normally involve either brokerage commissions or transfer taxes. The cost of executing por tfolio securities","page_number":104,"box":{"x":69,"y":340,"width":838,"height":11}},{"id":"052cae8d-385a-4a4e-b232-eed4dfce0f17","block_type":"box","text":"transactions of a Fund primarily will consist of dealer spreads. Under the Investment Company Act, persons affiliated","page_number":104,"box":{"x":68,"y":355,"width":834,"height":11}},{"id":"681575df-0628-4aec-9e08-d87892f5efec","block_type":"box","text":"with a Fund and persons who are affiliated with such affiliated persons are prohibited from dealing with the Fund as","page_number":104,"box":{"x":68,"y":370,"width":827,"height":12}},{"id":"fb0725ce-c0a3-46b3-bdc6-5483a8f5a8db","block_type":"box","text":"principals in the purchase and sale of securities unless an exemptive order allowing such transactions is obtained","page_number":104,"box":{"x":70,"y":385,"width":813,"height":12}},{"id":"2d0def73-c309-4d97-afaa-727375a80a2f","block_type":"box","text":"from the Commission. Since transactions in the OTC market usually involve transactions with the dealers acting as","page_number":104,"box":{"x":68,"y":401,"width":819,"height":11}},{"id":"3ce867a5-8cf5-4398-935b-beba955166e7","block_type":"box","text":"principals for their own accounts, the Funds will not deal with affiliated persons in connection with such transactions,","page_number":104,"box":{"x":70,"y":416,"width":834,"height":11}},{"id":"27e901e4-a33a-45f2-8c5d-53373ddb5c0a","block_type":"box","text":"except pursuant to an applicable exemptive order or as otherwise permitted by applicable law. However, an affiliated","page_number":104,"box":{"x":69,"y":431,"width":830,"height":11}},{"id":"3ede5b66-68f4-43eb-a03f-2ccf26b85284","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis.","page_number":104,"box":{"x":70,"y":446,"width":661,"height":11}},{"id":"d9ad970c-5e6b-4c7e-bb90-f235826cdc88","block_type":"box","text":"The Manager does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":104,"box":{"x":101,"y":469,"width":775,"height":11}},{"id":"26f8e448-2e76-4b0e-8d2e-b53858d62a6a","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":104,"box":{"x":69,"y":484,"width":828,"height":11}},{"id":"94f359e5-334d-44cc-89da-a7ed6eb5d858","block_type":"box","text":"sells shares of the mutual funds advised by the Manager neither qualifies nor disqualifies such broker or dealer to","page_number":104,"box":{"x":69,"y":499,"width":815,"height":11}},{"id":"c6296e1e-9c42-457a-b2b6-2d6fdae05619","block_type":"box","text":"execute transactions for those mutual funds.","page_number":104,"box":{"x":69,"y":514,"width":319,"height":9}},{"id":"9313cd8e-2328-4e5c-9e0a-10c36c08409d","block_type":"box","text":"OTC issues, including most fixed income securities such as corporate debt and U.S. Government securities, are","page_number":104,"box":{"x":102,"y":537,"width":796,"height":11}},{"id":"8d5ce1f8-f27d-494e-a0d4-90884467cf4b","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":104,"box":{"x":69,"y":552,"width":826,"height":11}},{"id":"41aba966-c0b4-4086-bcff-f5b6b0446aca","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":104,"box":{"x":69,"y":567,"width":839,"height":11}},{"id":"6f351563-bfe9-4048-9d50-b453e3124be9","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both non-U.S.","page_number":104,"box":{"x":69,"y":582,"width":813,"height":11}},{"id":"94d01e2a-3f85-42fe-8683-ed305173b04c","block_type":"box","text":"and domestic securities will generally include a “spread,” which is the difference between the prices at which the","page_number":104,"box":{"x":69,"y":597,"width":808,"height":11}},{"id":"17f1d572-16d8-4aab-9925-0dc2c0d4b5de","block_type":"box","text":"dealer is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":104,"box":{"x":69,"y":612,"width":780,"height":11}},{"id":"f4087818-682f-4860-839e-98b77f5631d0","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":104,"box":{"x":102,"y":635,"width":800,"height":11}},{"id":"c8ca565f-2f3d-41af-922b-ef09bdcaa3cb","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":104,"box":{"x":69,"y":650,"width":807,"height":11}},{"id":"bf0e5f23-9a4e-470e-9e82-919afb5150f2","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":104,"box":{"x":70,"y":665,"width":812,"height":11}},{"id":"0991e22f-6fa4-472b-8ce5-ef0ab423216e","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":104,"box":{"x":69,"y":680,"width":807,"height":11}},{"id":"80cbb1dc-cc9d-42c0-9e6c-b2f5675df430","block_type":"box","text":"Fund (each a “Money Market Fund”) intends to purchase only securities with remaining maturities of 397 days or less","page_number":104,"box":{"x":70,"y":695,"width":839,"height":12}},{"id":"cdddc143-832b-4df8-ac99-06150397303f","block_type":"box","text":"as determined in accordance with the rules of the Commission. As a result, the por tfolio turnover rates of a Money","page_number":104,"box":{"x":69,"y":710,"width":821,"height":12}},{"id":"c74bfdc9-5a1b-41ec-b0c4-cb803f117b93","block_type":"box","text":"Market Fund will be relatively high. However, because brokerage commissions will not normally be paid with respect","page_number":104,"box":{"x":70,"y":726,"width":823,"height":11}},{"id":"f8a301ca-35a2-441a-a2be-b36a94add7ce","block_type":"box","text":"to investments made by a Money Market Fund, the turnover rates should not adversely affect the Fund’s NAVs or net","page_number":104,"box":{"x":68,"y":741,"width":834,"height":11}},{"id":"eda7c8e3-1547-4ef4-8a82-a1f70f12994b","block_type":"box","text":"income.","page_number":104,"box":{"x":70,"y":756,"width":53,"height":9}},{"id":"08452825-4251-4d00-adf7-a26eb253aff9","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":104,"box":{"x":102,"y":778,"width":756,"height":12}},{"id":"ebe77f00-5f54-415f-b3f7-4b7d3469862a","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":104,"box":{"x":68,"y":794,"width":804,"height":11}},{"id":"becdb994-ef44-4885-9a00-238cdec386b4","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":104,"box":{"x":69,"y":809,"width":766,"height":11}},{"id":"65bbad5e-9d24-494c-828e-f99f37a2e727","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":104,"box":{"x":101,"y":831,"width":780,"height":12}},{"id":"6cd7ee22-f5f9-4030-847f-7f5a4fd4aeaf","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":104,"box":{"x":69,"y":846,"width":826,"height":12}},{"id":"553d4a52-5be1-4c30-a892-f66df833ef1d","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":104,"box":{"x":69,"y":862,"width":806,"height":11}},{"id":"ccf39740-2e1e-4cae-80b3-914a5e049bc6","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":104,"box":{"x":69,"y":877,"width":776,"height":11}},{"id":"54308822-f6c3-4766-98e4-bfc16b7ee7cc","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":104,"box":{"x":70,"y":892,"width":800,"height":11}},{"id":"46d6ec0f-870b-405d-af47-151b6cff373d","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":104,"box":{"x":69,"y":907,"width":352,"height":11}},{"id":"0c24b025-6522-4759-9226-aae1f7639034","block_type":"box","text":"II-67","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ddeb40e-831e-4caf-89ef-b1b1c2bd7078","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":104,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3088ad55-7f00-4f1d-aa5f-322ba522f8ab","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":105,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"ed13c3d9-9ed6-4dd2-9a9f-aaacea4cc643","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":105,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"a2be9bfe-846e-4a84-821b-49172bb1bfe0","block_type":"box","text":"accounts in a fair and equitable manner. A variety of factors will be considered in making such allocations. These","page_number":105,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"c8fe6377-de7e-476f-947d-0de922d8fa52","block_type":"box","text":"factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry, country or","page_number":105,"box":{"x":68,"y":90,"width":819,"height":11}},{"id":"6d607c3b-1316-4074-afbe-227cf9f31318","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":105,"box":{"x":69,"y":105,"width":783,"height":11}},{"id":"ae8e6580-9f3d-453f-a439-3a25a6e6d5e4","block_type":"box","text":"parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of available investment,","page_number":105,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"6ec0ef76-93c2-4d2a-86b1-a6a0431050d9","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":105,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"38842a3d-1725-4496-908a-0b2ab271619d","block_type":"box","text":"size of an account, (ix) relative size of account, and (x) such other factors as may be approved by BlackRock’s","page_number":105,"box":{"x":69,"y":150,"width":783,"height":12}},{"id":"9fabf9bb-a3f2-4fc9-b4f7-af20adee2c65","block_type":"box","text":"general counsel. Moreover, investments may not be allocated to one client account over another based on any of the","page_number":105,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"c9ff4455-3ea4-4601-8b9d-91e0854b4959","block_type":"box","text":"following considerations: (i) to favor one client account at the expense of another, (ii) to generate higher fees paid by","page_number":105,"box":{"x":68,"y":181,"width":832,"height":11}},{"id":"c345e8d3-9b1b-4f68-becd-bc838344612c","block_type":"box","text":"one client account over another or to produce greater per formance compensation to BlackRock, (iii) to develop or","page_number":105,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"5850d459-7903-4bad-b716-350899ca390a","block_type":"box","text":"enhance a relationship with a client or prospective client, (iv) to compensate a client for past services or benefits","page_number":105,"box":{"x":69,"y":211,"width":807,"height":11}},{"id":"6f150f63-3ea8-4c2e-a537-9ce7079144b0","block_type":"box","text":"rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock, or (v) to manage or","page_number":105,"box":{"x":69,"y":226,"width":796,"height":11}},{"id":"95d0b454-ef7b-47b1-a92a-000535c5477e","block_type":"box","text":"equalize investment per formance among different client accounts.","page_number":105,"box":{"x":69,"y":241,"width":472,"height":11}},{"id":"6a360ff1-4991-4169-ada3-013e2dcf8ddd","block_type":"box","text":"Because of different objectives or other factors, a par ticular security may be bought for one or more funds or","page_number":105,"box":{"x":102,"y":264,"width":776,"height":11}},{"id":"39e95112-ae96-4c5d-be4c-c9b06c151218","block_type":"box","text":"clients advised by BlackRock or its affiliates (collectively, “clients”) when one or more clients of BlackRock or its","page_number":105,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"41fec51b-1abf-46e6-9da3-1f03d1033d7a","block_type":"box","text":"affiliates are selling the same security. If purchases or sales of securities arise for consideration at or about the","page_number":105,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"5e331f51-e871-464a-a820-0c9053bb0d9c","block_type":"box","text":"same time that would involve a Fund or other clients or funds for which BlackRock or an affiliate acts as investment","page_number":105,"box":{"x":69,"y":309,"width":825,"height":9}},{"id":"5dd9a067-06e7-41c6-8f94-8eb4d676de03","block_type":"box","text":"manager, transactions in such securities will be made, insofar as feasible, for the respective funds and clients in a","page_number":105,"box":{"x":69,"y":324,"width":819,"height":12}},{"id":"61c00932-2561-4873-9406-1fe3a7ae8916","block_type":"box","text":"manner deemed equitable to all. To the extent that transactions on behalf of more than one client of BlackRock or its","page_number":105,"box":{"x":69,"y":339,"width":835,"height":11}},{"id":"93ca9e55-a6eb-4343-915d-7fd028e2c866","block_type":"box","text":"affiliates during the same period may increase the demand for securities being purchased or the supply of securities","page_number":105,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"e30acb04-965c-4ed8-ab55-dd85d29465ae","block_type":"box","text":"being sold, there may be an adverse effect on price.","page_number":105,"box":{"x":69,"y":370,"width":371,"height":11}},{"id":"33aabab7-624f-4c39-b27b-7f2f19ea1c99","block_type":"box","text":"See “Por tfolio Transactions” or “Por tfolio Transactions and Brokerage,” as applicable, in Par t I of each Fund’s","page_number":105,"box":{"x":102,"y":392,"width":785,"height":12}},{"id":"16f05ecd-a2d4-4338-8e84-3985cc58f22f","block_type":"box","text":"SAI for information relating to por tfolio transactions engaged in by your Fund for its three most recently completed","page_number":105,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"0d1682b9-2500-44ca-ad5a-aacabcf58d71","block_type":"box","text":"fiscal years or other relevant periods.","page_number":105,"box":{"x":68,"y":423,"width":265,"height":11}},{"id":"c496066a-72b7-491f-979f-e2b0cf71429e","block_type":"box","text":"The Board of each Fund has considered the possibility of seeking to recapture for the benefit of the Fund","page_number":105,"box":{"x":101,"y":445,"width":748,"height":12}},{"id":"f027f4eb-cc8a-4355-bba7-2b14714d8bec","block_type":"box","text":"expenses of possible por tfolio transactions, such as dealer spreads and underwriting commissions, by conducting","page_number":105,"box":{"x":69,"y":460,"width":817,"height":12}},{"id":"7f709538-a558-49a2-bcec-afb0fd06d051","block_type":"box","text":"por tfolio transactions through affiliated entities. After considering all factors deemed relevant, the Board of each","page_number":105,"box":{"x":70,"y":475,"width":802,"height":12}},{"id":"2ad76466-976e-4811-a209-e472ca02957f","block_type":"box","text":"Fund made a determination not to seek such recapture. The Board of each Fund will reconsider this matter from time","page_number":105,"box":{"x":70,"y":491,"width":834,"height":11}},{"id":"4c795afc-fdba-4ae2-b9b0-d7a3638105c0","block_type":"box","text":"to time.","page_number":105,"box":{"x":68,"y":506,"width":54,"height":9}},{"id":"22cf4642-b89f-4e5a-b66e-15a1be3c10f9","block_type":"box","text":"Each Fund has received an exemptive order from the Commission permitting it to lend por tfolio securities to its","page_number":105,"box":{"x":102,"y":528,"width":792,"height":12}},{"id":"0c522ed5-4ceb-4b33-8bd6-e9a9e4c9d23d","block_type":"box","text":"affiliates. Pursuant to that order, each Fund may retain an affiliated entity of the Manager (the “lending agent”) as","page_number":105,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"6cf272f6-7820-4b66-81c8-8c8bb0cfc660","block_type":"box","text":"the securities lending agent for a fee, including a fee based on a share of the returns on investment of cash","page_number":105,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"7b3fbfc2-fa6b-49f5-b95c-7f3aa18e0b8c","block_type":"box","text":"collateral. The lending agent may, on behalf of a Fund, invest cash collateral received by the Fund for such loans,","page_number":105,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"5aeaafd7-e034-4beb-81b4-88f279b458dd","block_type":"box","text":"among other things, in a private investment company managed by the lending agent or in registered money market","page_number":105,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"b0a8ce17-a9c2-483b-ac37-65daa17d7330","block_type":"box","text":"funds advised by the Manager or its affiliates. See “Por tfolio Transactions” or “Por tfolio Transactions and","page_number":105,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"fd382783-591a-4616-b3ab-414a2e5fcdb6","block_type":"box","text":"Brokerage,” as applicable, in Par t I of each Fund’s SAI for the securities lending agent fees, if any, paid by your Fund","page_number":105,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"6d92f01b-d894-4245-a5e7-2d1efedabb24","block_type":"box","text":"to the lending agent for the periods indicated.","page_number":105,"box":{"x":68,"y":634,"width":325,"height":12}},{"id":"031dda4d-c8b1-494b-afed-0f2e2cf8ce75","block_type":"box","text":"Because of different objectives or other factors, a par ticular security may be bought for one or more funds or","page_number":105,"box":{"x":102,"y":657,"width":776,"height":11}},{"id":"cdf491a0-5109-430e-bd55-49f494c825fc","block_type":"box","text":"clients advised by the Manager or its affiliates (collectively, “clients”) when one or more clients of the Manager or its","page_number":105,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"c7303902-947f-4394-a73b-33ff3771e5cb","block_type":"box","text":"affiliates are selling the same security. If purchases or sales of securities arise for consideration at or about the","page_number":105,"box":{"x":69,"y":687,"width":800,"height":11}},{"id":"52c5f380-b291-4c11-9472-883f6adbde0e","block_type":"box","text":"same time that would involve a Fund or other clients or funds for which the Manager or an affiliate acts as","page_number":105,"box":{"x":69,"y":702,"width":757,"height":12}},{"id":"09befc0c-38bd-428e-954c-44b36bd8f104","block_type":"box","text":"investment manager, transactions in such securities will be made, insofar as feasible, for the respective funds and","page_number":105,"box":{"x":70,"y":717,"width":818,"height":12}},{"id":"9fea21f4-24df-4893-ad89-99bc783487b0","block_type":"box","text":"clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of the","page_number":105,"box":{"x":69,"y":732,"width":826,"height":11}},{"id":"f84636c0-6269-4fe6-95bf-cbb532874645","block_type":"box","text":"Manager or its affiliates during the same period may increase the demand for securities being purchased or the","page_number":105,"box":{"x":70,"y":748,"width":796,"height":11}},{"id":"c602893b-a7c1-4951-ae18-d2796d492316","block_type":"box","text":"supply of securities being sold, there may be an adverse effect on price.","page_number":105,"box":{"x":69,"y":763,"width":515,"height":11}},{"id":"462d9824-c73a-498b-9a40-cf914353260e","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":105,"box":{"x":396,"y":792,"width":186,"height":10}},{"id":"bcd47e26-f82d-4a93-8ab6-d23b40ad8f6e","block_type":"box","text":"Dividends","page_number":105,"box":{"x":69,"y":823,"width":69,"height":9}},{"id":"0da9c2e5-ce31-4364-b78f-1eb80c9a7574","block_type":"box","text":"Each Fund declares dividends daily. Except as otherwise provided in a Fund’s Prospectus, dividends of each","page_number":105,"box":{"x":102,"y":845,"width":769,"height":11}},{"id":"8d7b1460-051c-4569-bca2-e3bd9c9ecf3f","block_type":"box","text":"Fund are reinvested monthly in additional shares of that Fund at NAV. Except as otherwise provided in a Fund’s","page_number":105,"box":{"x":70,"y":860,"width":790,"height":12}},{"id":"aab562e6-8b0a-4d64-bbdd-5b583660ab71","block_type":"box","text":"Prospectus, shares purchased will begin accruing dividends on the day following the date of purchase. Until they are","page_number":105,"box":{"x":69,"y":875,"width":829,"height":12}},{"id":"2aaba2f8-f364-4fc9-bf3e-192ae45a443f","block_type":"box","text":"paid, dividends that are declared will remain in the gross assets of each Fund and will therefore continue to earn","page_number":105,"box":{"x":70,"y":891,"width":803,"height":11}},{"id":"ed76f43e-e0f4-4113-84be-95863e85a912","block_type":"box","text":"income for the Fund’s shareholders. Shareholders will receive monthly statements as to such reinvestments.","page_number":105,"box":{"x":70,"y":906,"width":776,"height":11}},{"id":"365ee320-7d0a-4dd0-9f18-ccb0037ee7e6","block_type":"box","text":"II-68","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57f41d7d-78ec-4dbe-8fbf-5a7f2194f26c","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":105,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f446304a-189c-454f-9cd2-8e3ec6da8259","block_type":"box","text":"Net income (from the time of the immediately preceding determination thereof) consists of (i) interest accrued","page_number":106,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"0e15b784-564f-4bdd-a6aa-b180022e6a30","block_type":"box","text":"and/or discount earned (including both original issue and market discount), (ii) less amor tization of premiums and","page_number":106,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"6a046be9-ae9f-46c0-bdee-e72529d5e623","block_type":"box","text":"the estimated expenses of a Fund applicable to that dividend period. Net realized capital gains (including net shor t","page_number":106,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"fab5e62b-b51d-4217-a095-53ef75c9c44c","block_type":"box","text":"term capital gain), if any, will be distributed by the Funds at least annually.","page_number":106,"box":{"x":68,"y":90,"width":528,"height":11}},{"id":"5bdfcceb-1101-4e5f-8e0a-585acafeeddf","block_type":"box","text":"Taxes","page_number":106,"box":{"x":68,"y":120,"width":42,"height":9}},{"id":"b7cb75d0-e8c0-4c26-8905-2c3ebba0ab0f","block_type":"box","text":"Each Fund intends to elect and to qualify or to continue to qualify, as appropriate, for the special tax treatment","page_number":106,"box":{"x":102,"y":143,"width":788,"height":11}},{"id":"e860226d-9ef0-4ac2-912c-09380b9dee22","block_type":"box","text":"afforded regulated investment companies under the Code. As long as a Fund so qualifies, the Fund (but not its","page_number":106,"box":{"x":69,"y":158,"width":790,"height":11}},{"id":"22402f0b-40ec-4104-8aa5-3844d744d57c","block_type":"box","text":"shareholders) will not be subject to Federal income tax on the par t of its investment company taxable income and net","page_number":106,"box":{"x":69,"y":173,"width":839,"height":11}},{"id":"11fcbca5-7cdc-46a3-8e58-fbd6e76ea1d7","block_type":"box","text":"capital gain that is distributed to shareholders. Each Fund intends to distribute substantially all of such income and","page_number":106,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"0aec82f2-ce71-41ad-9053-e033b76a7433","block_type":"box","text":"gains. If, in any taxable year, a Fund fails to qualify as a regulated investment company under the Code,","page_number":106,"box":{"x":68,"y":203,"width":739,"height":12}},{"id":"92422b17-9384-413a-b33a-80ec1ce7479f","block_type":"box","text":"notwithstanding the availability of cer tain relief provisions, such Fund would be taxed in the same manner as an","page_number":106,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"19f0661a-b334-4f13-b4c9-eea857e0e166","block_type":"box","text":"ordinary corporation and all distributions from earnings and profits (as determined under Federal income tax","page_number":106,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"1bba4dbf-7fc8-4a8d-b935-0459c82d4647","block_type":"box","text":"principles) to its shareholders would be taxable as ordinary dividend income eligible for taxation at a reduced tax rate","page_number":106,"box":{"x":70,"y":249,"width":835,"height":11}},{"id":"98baf641-8f6b-4b52-b860-5c3b325a981e","block_type":"box","text":"for non-corporate shareholders and the dividends-received deduction for corporate shareholders.","page_number":106,"box":{"x":68,"y":264,"width":686,"height":11}},{"id":"b4a93c5b-0b71-4f4d-9c1e-4974e012ef66","block_type":"box","text":"Each Fund that is a series of a regulated investment company that consists of multiple series is treated as a","page_number":106,"box":{"x":102,"y":286,"width":776,"height":12}},{"id":"1de3353e-3318-4b46-8006-8f7a7d925975","block_type":"box","text":"separate corporation for Federal income tax purposes, and, therefore, is considered to be a separate entity in","page_number":106,"box":{"x":69,"y":302,"width":781,"height":11}},{"id":"ac044ace-63b2-4405-8a94-967d1a41be7b","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of a regulated","page_number":106,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"c9b48269-c2e2-4a32-93bb-5b2dbef36577","block_type":"box","text":"investment company do not offset gains in another, and the requirements (other than cer tain organizational","page_number":106,"box":{"x":70,"y":332,"width":766,"height":11}},{"id":"716d826f-2570-492b-92e3-620c7f00eaff","block_type":"box","text":"requirements) for qualifying for regulated investment company status will be determined at the level of the individual","page_number":106,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"30552090-d2bf-4c9c-a645-004666c02f20","block_type":"box","text":"series. In the following discussion, the term “Fund” means each individual series, if applicable.","page_number":106,"box":{"x":69,"y":362,"width":678,"height":11}},{"id":"76bcc906-773b-4e94-abf0-58ab72752315","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":106,"box":{"x":101,"y":385,"width":759,"height":11}},{"id":"b2f40218-a775-4890-bb80-d3e7e76b9bf3","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":106,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"c17ab6ee-26d8-44f7-8210-5022e966db04","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":106,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"342d4f24-45ec-4f22-9cc0-7a351044d94d","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":106,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"51881f56-5e4a-4346-bbd7-dbec555a6c01","block_type":"box","text":"preceding year. While each Fund intends to distribute its income and capital gains in the manner necessary to","page_number":106,"box":{"x":70,"y":446,"width":783,"height":11}},{"id":"eb6d662c-0611-404f-9c0b-c4fbeb33fec9","block_type":"box","text":"minimize imposition of the 4% excise tax, there can be no assurance that sufficient amounts of a Fund’s taxable","page_number":106,"box":{"x":69,"y":460,"width":803,"height":11}},{"id":"7b983089-6852-4101-81dc-a72c281265c1","block_type":"box","text":"income and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be","page_number":106,"box":{"x":70,"y":475,"width":816,"height":12}},{"id":"ce6e16f2-e2a7-490d-a1db-e68b7d0260a8","block_type":"box","text":"liable for the tax only on the amount by which it does not meet the foregoing distribution requirements. The required","page_number":106,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"d24f5748-e23a-43b6-a394-a87cf45d17fe","block_type":"box","text":"distributions are based only on the taxable income of a regulated investment company.","page_number":106,"box":{"x":69,"y":506,"width":618,"height":11}},{"id":"69356fb6-63cd-44c7-b5b9-7e3c82459aad","block_type":"box","text":"General Treatment of Fund Shareholders.","page_number":106,"box":{"x":101,"y":528,"width":298,"height":9}},{"id":"edb8d5e2-edb2-45e4-8a84-fb29b9380536","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess","page_number":106,"box":{"x":407,"y":528,"width":488,"height":12}},{"id":"7951e64f-c398-4332-9c73-5d2f48f3159b","block_type":"box","text":"of net shor t-term capital gain over net long-term capital loss (together referred to hereafter as “ordinary income","page_number":106,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"22039ef5-386b-444b-8110-449400aa3392","block_type":"box","text":"dividends”) are taxable to shareholders as ordinary income. Distributions made from an excess of net long-term","page_number":106,"box":{"x":69,"y":559,"width":798,"height":11}},{"id":"41dfc419-e881-46c1-ae4b-78ac89cee465","block_type":"box","text":"capital gain over net shor t-term capital loss (“capital gain dividends”) are taxable to shareholders as long-term","page_number":106,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"09662400-e9a1-4380-809d-5ca2bdff66ce","block_type":"box","text":"capital gain, regardless of the length of time the shareholder has owned Fund shares. Distributions paid by a Fund","page_number":106,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"ee77ce31-d9be-4c7a-85d1-bbc04822231b","block_type":"box","text":"that are repor ted as exempt-interest dividends will not be subject to regular Federal income tax. Cer tain dividend","page_number":106,"box":{"x":68,"y":604,"width":804,"height":11}},{"id":"e5c383d7-78f8-41d4-938f-2d0039b7d64b","block_type":"box","text":"income and long-term capital gains are eligible for taxation at a reduced rate that applies to non-corporate","page_number":106,"box":{"x":70,"y":619,"width":754,"height":11}},{"id":"47f63713-62c9-43b4-b5ea-2dc39943756e","block_type":"box","text":"shareholders. Under these rules, the por tion of ordinary income dividends constituting “qualified dividend income”","page_number":106,"box":{"x":69,"y":634,"width":816,"height":12}},{"id":"9fcf8929-9a52-4f59-9273-7b35f3447974","block_type":"box","text":"when paid by a regulated investment company to non-corporate shareholders may be taxable to such shareholders at","page_number":106,"box":{"x":68,"y":650,"width":837,"height":11}},{"id":"24c36779-06f7-4422-b4f5-88db83f362e9","block_type":"box","text":"long-term capital gain rates. However, to the extent a Fund’s distributions are derived from income on debt securities","page_number":106,"box":{"x":70,"y":664,"width":833,"height":12}},{"id":"8775f1b5-c5a3-4bc8-aa27-bf4a617d3947","block_type":"box","text":"and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” Thus, ordinary income","page_number":106,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"a3362da9-cdb3-4e6a-875b-aa119271bec8","block_type":"box","text":"dividends paid by the Funds generally will not be eligible for taxation at the reduced rate.","page_number":106,"box":{"x":69,"y":695,"width":629,"height":11}},{"id":"8b2caad1-d805-42a1-b560-a2e09cdbec6f","block_type":"box","text":"Any loss upon the sale or exchange of Fund shares held for six months or less will be treated as long-term","page_number":106,"box":{"x":101,"y":717,"width":758,"height":12}},{"id":"537c756f-1a8b-4921-97fe-aed536a00011","block_type":"box","text":"capital loss to the extent of any capital gain dividends received with respect to the shares. Distributions in excess of","page_number":106,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"1bbcf8c2-d493-4d67-8081-afa8a5ff386b","block_type":"box","text":"a Fund’s earnings and profits will first reduce the shareholder’s adjusted tax basis in his shares and any amount in","page_number":106,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"0fd6e4e6-b216-4429-9615-e8cc75e3f36d","block_type":"box","text":"excess of such basis will constitute capital gains to such shareholder (assuming the shares are held as a capital","page_number":106,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"e7a76762-52d8-4d68-bf01-ad6dcea08750","block_type":"box","text":"asset). Long-term capital gains (","page_number":106,"box":{"x":69,"y":778,"width":229,"height":11}},{"id":"1aba58cf-8a29-4aaa-b938-42dc1203cc6c","block_type":"box","text":"i.e.","page_number":106,"box":{"x":300,"y":778,"width":20,"height":9}},{"id":"bd573292-e370-4381-9eed-d80127623f1e","block_type":"box","text":", gains from a sale or exchange of capital assets held for more than one year) are","page_number":106,"box":{"x":322,"y":778,"width":582,"height":11}},{"id":"55a38042-ba1b-4ec7-8322-f18c5399a7e1","block_type":"box","text":"generally taxed at preferential rates to non-corporate taxpayers. Each Fund will furnish its shareholders with a written","page_number":106,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"3587c238-1fff-477b-af15-ca0da741af08","block_type":"box","text":"statement repor ting the amounts of its dividends paid during the year that qualify as capital gain dividends or exempt","page_number":106,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"f772f52b-a77d-4968-b445-95999ca9b748","block_type":"box","text":"interest dividends, as applicable, as well as the por tion of an exempt-interest dividend that constitutes an item of tax","page_number":106,"box":{"x":70,"y":823,"width":836,"height":11}},{"id":"1cc4cb09-fd9f-4133-9f97-1d2c756c4805","block_type":"box","text":"preference, as discussed below.","page_number":106,"box":{"x":70,"y":838,"width":227,"height":11}},{"id":"5508c803-e768-407a-bf05-9c088770f77c","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":106,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"02f9440b-c83a-4800-95a1-29592cdec040","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":106,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"91606a69-5e81-44a8-b39f-0a7ff1b785ec","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":106,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"f1fefacf-6820-463c-92fc-13e2eb754c56","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":106,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"954c9bf1-ac13-4dbf-8af8-877a6affb066","block_type":"box","text":"II-69","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10c30026-be20-4bdd-b0c6-4d6649e8fce7","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":106,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"416de482-2fab-4d68-a421-b11dbc74c67f","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":107,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"90dfcf9b-46b0-43c3-ab85-ac7e8d8d6530","block_type":"box","text":"shareholders on December 31 of the year in which such dividend was declared.","page_number":107,"box":{"x":69,"y":60,"width":565,"height":11}},{"id":"96267a69-8768-428c-b4e6-f273200c6d10","block_type":"box","text":"A shareholder in a money market fund (whether or not it has a floating NAV) may elect to adopt a simplified,","page_number":107,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"68e5769c-25ec-4f0f-8acc-f85467faf8f8","block_type":"box","text":"aggregate accounting method under which gains and losses can be netted based on the shareholder’s taxable year","page_number":107,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"28933718-975c-4f86-89b4-7d162ae62cb0","block_type":"box","text":"rather than repor ted separately. Shareholders are urged to consult their tax advisors before deciding to adopt such","page_number":107,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"48e5ae03-1212-4d2f-ae31-dcd22df1c2ba","block_type":"box","text":"accounting method.","page_number":107,"box":{"x":69,"y":128,"width":138,"height":11}},{"id":"446438e6-174b-4cc4-af39-3c8b2729fc07","block_type":"box","text":"If any Fund (other than a Fund that is a government money market fund) imposes a discretionary liquidity fee on","page_number":107,"box":{"x":102,"y":150,"width":796,"height":12}},{"id":"8a6a493a-d92a-4b93-970c-f8f2e11e18df","block_type":"box","text":"share redemptions, the amount that would ordinarily be payable to a redeeming shareholder of the Fund will be","page_number":107,"box":{"x":69,"y":166,"width":792,"height":11}},{"id":"386c192b-eb70-4067-a413-b1481b53df1f","block_type":"box","text":"reduced, consequently reducing the amount of gain, or increasing the amount of loss, that would otherwise be","page_number":107,"box":{"x":69,"y":181,"width":787,"height":11}},{"id":"5b7f409f-8acf-4daf-942b-2f51450c249e","block_type":"box","text":"repor table for income tax purposes. The discretionary liquidity fee cannot be separately claimed as a deduction.","page_number":107,"box":{"x":69,"y":196,"width":798,"height":11}},{"id":"b7d339aa-8974-4ec1-b74f-eedabf33a313","block_type":"box","text":"Any such discretionary liquidity fee will constitute an asset of the imposing Fund and will serve to benefit non","page_number":107,"box":{"x":101,"y":218,"width":784,"height":12}},{"id":"84ac2f82-2768-4a95-a15d-df1b56c1ffb9","block_type":"box","text":"redeeming shareholders. If such fees were distributed to non-redeeming shareholders, the tax treatment would be","page_number":107,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"41a4c1c9-3c3d-455f-bce9-5fdc398f17ca","block_type":"box","text":"similar to the tax treatment of distributions described in this section. Such fees may raise the Fund’s NAV, increasing","page_number":107,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"dd3510aa-e4a5-40a9-ace5-a7141984109e","block_type":"box","text":"the taxable income or reducing the deductible losses of shareholders that redeem their shares at a later time when","page_number":107,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"7afd44f9-023f-434a-814a-21f0da8842c2","block_type":"box","text":"such fees are not being charged. If a Fund receives discretionary liquidity fees, it will consider the appropriate tax","page_number":107,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"25783401-2ae6-4b9f-bb91-917b2ad077a1","block_type":"box","text":"treatment of such fees to the Fund at such time. However, due to a lack of guidance, the tax consequences of","page_number":107,"box":{"x":68,"y":294,"width":788,"height":11}},{"id":"d3536b24-4b02-4aeb-a5a8-8a045589660e","block_type":"box","text":"liquidity fees to the Fund and the shareholders is unclear and may differ from that described in this section.","page_number":107,"box":{"x":70,"y":309,"width":767,"height":11}},{"id":"600f9a5a-3a08-4bc3-8012-741b17747d06","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a government or retail money market fund to","page_number":107,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"d7c71741-c55b-48b3-82d1-d59c260299fe","block_type":"box","text":"have a negative gross yield, the fund may account for the negative gross yield by either using a floating NAV or a","page_number":107,"box":{"x":69,"y":347,"width":799,"height":11}},{"id":"591f919c-4102-4c7a-a2e0-b96a020c0627","block_type":"box","text":"reverse distribution mechanism that seeks to maintain a stable NAV of the fund by cancelling shareholders’ shares in","page_number":107,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"ad156e37-630f-4269-b916-7947043aa66d","block_type":"box","text":"the amount of the negative gross yield. Under a reverse distribution mechanism, shareholders in a fund would","page_number":107,"box":{"x":68,"y":377,"width":784,"height":12}},{"id":"8673ae5b-ddba-43d0-9184-91e10a89a68a","block_type":"box","text":"observe a stable share price but a declining number of shares for their investment. After a cancellation of shares, the","page_number":107,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"acbb3dc3-ebd2-43aa-bc7d-382dd4895917","block_type":"box","text":"basis of eliminated shares would be added to the basis of shareholders’ remaining fund shares, and any","page_number":107,"box":{"x":69,"y":407,"width":749,"height":12}},{"id":"c9fe8625-fc09-4856-b0f4-5f5c8a794c33","block_type":"box","text":"shareholders disposing of shares at that time may recognize a capital loss. Dividends, including dividends reinvested","page_number":107,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"7978d848-a238-43aa-8e75-40cb02fc276e","block_type":"box","text":"in additional shares of a fund, will nonetheless be fully taxable, even if the number of shares in shareholders’","page_number":107,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"a493f91c-dc67-4f8d-b35e-56d253fc66bc","block_type":"box","text":"accounts has been reduced as described above. However, due to a lack of guidance regarding the cancellation of","page_number":107,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"cb8a8bc5-c753-4b9b-a5ca-64b4da8b4fc1","block_type":"box","text":"shares, the tax consequences of such cancellation of shares to the Fund and the shareholders is unclear and may","page_number":107,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"5a8e0364-347a-4f93-bd62-d2e48dd70aca","block_type":"box","text":"differ from that described in this section.","page_number":107,"box":{"x":69,"y":483,"width":291,"height":9}},{"id":"35fa42b0-fb1e-4d6f-aaed-0502e28755ff","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":107,"box":{"x":102,"y":506,"width":786,"height":11}},{"id":"685f13ef-51e1-4df0-8e6e-afbfc0e9056d","block_type":"box","text":"income dividends and capital gain dividends (“backup withholding”). Generally, shareholders subject to backup","page_number":107,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"ae11e659-3517-4335-87a7-476ca437e7ad","block_type":"box","text":"withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number is on file with a","page_number":107,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"2e2b1764-edad-43c5-8bab-2faf61724d67","block_type":"box","text":"Fund or who, to a Fund’s knowledge, have furnished an incorrect number. When establishing an account, an investor","page_number":107,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"1126a853-3d6a-4f4e-99bd-bb15a4f802d8","block_type":"box","text":"must cer tify under penalty of perjury that such number is correct and that the investor is not otherwise subject to","page_number":107,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"a02cd676-69e2-4d9a-aef6-2ddbc70c2948","block_type":"box","text":"backup withholding. Backup withholding is not an additional tax. Any amount withheld generally may be allowed as a","page_number":107,"box":{"x":69,"y":582,"width":826,"height":11}},{"id":"e9a9701b-b91a-48d9-bdec-d11af15d744a","block_type":"box","text":"refund or a credit against a shareholder’s Federal income tax liability provided that the required information is timely","page_number":107,"box":{"x":69,"y":596,"width":830,"height":12}},{"id":"f65cf3db-db70-42d4-bb1c-7c7ff28f0b81","block_type":"box","text":"provided to the IRS.","page_number":107,"box":{"x":70,"y":612,"width":138,"height":11}},{"id":"992ba14e-b9b6-4619-a07d-85b545dab4cd","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":107,"box":{"x":102,"y":634,"width":774,"height":12}},{"id":"96c7abc8-904a-4a52-8baf-e70e1eb3b70e","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":107,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"4f481a99-1fcb-4557-b034-079b936fd426","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":107,"box":{"x":68,"y":664,"width":835,"height":12}},{"id":"dca5f268-ad49-4ee4-885a-ab73434fe88a","block_type":"box","text":"the shareholder must file a disclosure statement on Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":107,"box":{"x":68,"y":680,"width":779,"height":11}},{"id":"6de1aef2-dde2-4098-8a4b-4a2063d3cdb4","block_type":"box","text":"securities are in many cases exempted from this repor ting requirement, but under current guidance, shareholders of","page_number":107,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"0af3e5a9-49e9-4ebb-8d43-098924670fa3","block_type":"box","text":"a regulated investment company are not exempted. That a loss is repor table under these regulations does not affect","page_number":107,"box":{"x":69,"y":710,"width":835,"height":11}},{"id":"07c51ef9-c420-4c5e-b484-0b74c6b3429f","block_type":"box","text":"the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their","page_number":107,"box":{"x":68,"y":725,"width":824,"height":11}},{"id":"99ef3b5a-fbb3-447b-a9b6-2f535a18d777","block_type":"box","text":"tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":107,"box":{"x":68,"y":740,"width":737,"height":11}},{"id":"1750150a-2bba-4db4-9120-c7fb02c79ec5","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":107,"box":{"x":101,"y":763,"width":779,"height":11}},{"id":"40105661-304e-4247-90d9-98d4c8492d4a","block_type":"box","text":"dividends and net gains from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if","page_number":107,"box":{"x":69,"y":777,"width":797,"height":12}},{"id":"dfef4eb2-81c0-4321-84e6-7610289d18e9","block_type":"box","text":"married filing jointly, and of trusts and estates. However, this tax will not apply to cer tain amounts that are already","page_number":107,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"a0964308-b5a0-4f4a-b53a-9a3a818de9e2","block_type":"box","text":"excludable from gross income, such as interest on tax-exempt bonds.","page_number":107,"box":{"x":69,"y":808,"width":495,"height":11}},{"id":"ea011c1c-9325-4526-9e5d-745712dbfe28","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":107,"box":{"x":102,"y":831,"width":733,"height":11}},{"id":"d47d30e6-0a91-47dc-a32a-1ea6a55455a7","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":107,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"d8903880-85f6-4300-b9d1-3d9f74ef10f7","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":107,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"16eb236a-abda-45da-8916-cd19d146bc8e","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":107,"box":{"x":69,"y":876,"width":362,"height":11}},{"id":"8f2d6b97-cc77-4b1c-9aa7-f3abca2f0bd2","block_type":"box","text":"II-70","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3000afa1-b426-4240-8d2f-6706285db3e9","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":107,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a56a90d6-46bc-478f-a1fd-f0b8da63d3b2","block_type":"box","text":"Interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax","page_number":108,"box":{"x":102,"y":45,"width":753,"height":11}},{"id":"f49a72e1-bc00-4465-adda-f389770d3c29","block_type":"box","text":"conventions between cer tain countries and the United States may reduce or eliminate such taxes.","page_number":108,"box":{"x":69,"y":60,"width":699,"height":11}},{"id":"2e1cf1e7-f96e-4f31-ac86-d92d61f4a406","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":108,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"4106b196-3e49-4749-b5d3-993295da87eb","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":108,"box":{"x":69,"y":98,"width":769,"height":11}},{"id":"95d11e5f-ef4f-4af8-9c69-bf92bad7a52d","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":108,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"50651fe7-b015-4448-b76d-52de13771eab","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":108,"box":{"x":70,"y":128,"width":819,"height":11}},{"id":"293191e7-46e6-459c-bd5e-b19359ba9140","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":108,"box":{"x":68,"y":143,"width":818,"height":11}},{"id":"1ddd72c5-4229-404d-8b89-2a5be13f637e","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":108,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"e83ba68f-5335-4d8a-ae34-15776fad55c1","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":108,"box":{"x":70,"y":173,"width":792,"height":11}},{"id":"70614839-3be7-4978-9ea8-1c6cf07b5801","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":108,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"6f7d1707-6d2c-4514-9d29-d07a54bceecd","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":108,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"9b013696-0d88-45c1-9de4-7775140d3c35","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":108,"box":{"x":69,"y":218,"width":570,"height":12}},{"id":"d1127769-ffa1-406c-93d0-7ac8886c1878","block_type":"box","text":"Ordinary income dividends paid to shareholders that are nonresident aliens or foreign entities generally will be","page_number":108,"box":{"x":102,"y":241,"width":786,"height":11}},{"id":"05ad1f2a-c02e-496a-9ad0-dbd482575eb6","block_type":"box","text":"subject to a 30% U.S. withholding tax under existing provisions of the Code applicable to foreign individuals and","page_number":108,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"1acfbc11-718e-4049-931d-e061011543de","block_type":"box","text":"entities unless a reduced rate of withholding is provided under applicable treaty law. Nonresident shareholders are","page_number":108,"box":{"x":69,"y":271,"width":816,"height":12}},{"id":"de1e5ae5-6a45-4bb6-aa36-cdc15ccfa7cf","block_type":"box","text":"urged to consult their own tax advisors concerning applicability of the United States withholding tax. Dividends","page_number":108,"box":{"x":69,"y":286,"width":785,"height":12}},{"id":"5f28efb4-4c0d-41c3-9d33-d1d720e83d6c","block_type":"box","text":"derived by a regulated investment company from shor t-term capital gains and qualified net interest income (including","page_number":108,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"0857fbca-7fbd-445c-9893-d703bce90344","block_type":"box","text":"income from original issue discount and market discount) and paid to stockholders that are nonresident aliens and","page_number":108,"box":{"x":70,"y":317,"width":819,"height":11}},{"id":"a2c76063-b2a5-4096-92e6-c162630c770e","block_type":"box","text":"foreign entities, if and to the extent properly repor ted as “interest-related dividends” or “shor t-term capital gain","page_number":108,"box":{"x":68,"y":332,"width":794,"height":11}},{"id":"19770bae-58f0-45ff-861e-e09c3bea126a","block_type":"box","text":"dividends,” generally will not be subject to U.S. withholding tax. Where possible, each Fund intends to repor t such","page_number":108,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"767703a2-4a9b-424e-a006-1b0b5f03f533","block_type":"box","text":"dividends as interest-related dividends or shor t-term capital gain dividends. However, depending on its","page_number":108,"box":{"x":69,"y":362,"width":729,"height":11}},{"id":"a9a9f562-2d0f-43d6-a980-be91290bf8a1","block_type":"box","text":"circumstances, a Fund may repor t all, some or none of its potentially eligible dividends as interest-related dividends","page_number":108,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"6a7f6db7-fa4c-48f8-8ebe-34e5e9c45cfc","block_type":"box","text":"or as shor t-term capital gain dividends, and/or treat such dividends, in whole or in par t, as ineligible for this","page_number":108,"box":{"x":69,"y":392,"width":771,"height":12}},{"id":"c1d48c39-db3e-496a-bbe5-eccf902d8aed","block_type":"box","text":"exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder must","page_number":108,"box":{"x":69,"y":407,"width":800,"height":12}},{"id":"7607e957-6987-43f8-a372-b238dccd8cd9","block_type":"box","text":"comply with applicable cer tification requirements relating to its non-U.S. status (including, in general, furnishing an","page_number":108,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"f9db902f-8f13-4422-b9db-b049c4e3a0e6","block_type":"box","text":"IRS Form W-8BEN, W-8BEN-E or substitute form). In the case of shares held through an intermediary, the","page_number":108,"box":{"x":70,"y":438,"width":746,"height":11}},{"id":"19a375e9-c92c-4867-ac07-0e1700377a79","block_type":"box","text":"intermediary may withhold even if the Fund repor ts the payment as an interest-related dividend or shor t term capital","page_number":108,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"b84d0d01-277b-46a4-a185-2df43837477a","block_type":"box","text":"gain dividend. Non-U.S. shareholders should contact their intermediaries with respect to the application of these","page_number":108,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"63e93c96-60c3-405f-b917-cce22c093443","block_type":"box","text":"rules to their accounts. It is not possible to predict what por tion, if any, of a Fund’s distributions will be designated","page_number":108,"box":{"x":69,"y":483,"width":818,"height":11}},{"id":"ccafc047-ee0d-4b54-909f-235973ef43ac","block_type":"box","text":"as consisting of qualified shor t term gain or qualified net interest income exempt from withholding in the hands of","page_number":108,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"13bfa27e-e4fc-40e8-b4c0-35a7219f6e95","block_type":"box","text":"nonresident and foreign shareholders.","page_number":108,"box":{"x":69,"y":513,"width":270,"height":12}},{"id":"ffb4759a-263c-458c-8c7c-e09a9efc26b0","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S. source dividends, interest and other income","page_number":108,"box":{"x":102,"y":536,"width":764,"height":11}},{"id":"cc94f1b6-ddda-4695-ab32-9a5ed0bcdad1","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":108,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"8b006bb7-07f3-4f09-bedb-4360c7a43249","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":108,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"3e3c8638-fd6d-496c-8cf7-2fa5d489174b","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":108,"box":{"x":69,"y":581,"width":794,"height":12}},{"id":"50a2ed8c-e314-4730-a753-04fb9f6c45c7","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":108,"box":{"x":69,"y":596,"width":791,"height":12}},{"id":"4264da08-2bb6-47ce-92ad-b989cc71bf7c","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":108,"box":{"x":68,"y":612,"width":791,"height":11}},{"id":"baf3700a-b288-433a-9d72-4b91cdfa10df","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":108,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"6181838d-a0ea-4135-a9be-ef52bb1f5099","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":108,"box":{"x":70,"y":642,"width":739,"height":11}},{"id":"22d75f89-f574-4947-9d9c-795ef7b37434","block_type":"box","text":"Ordinary income and capital gain dividends paid by the Funds may also be subject to state and local taxes.","page_number":108,"box":{"x":102,"y":665,"width":761,"height":11}},{"id":"adb8770b-70ce-40e7-9348-a277b7361106","block_type":"box","text":"However, cer tain states exempt from state income taxation dividends paid by regulated investment companies that","page_number":108,"box":{"x":70,"y":680,"width":820,"height":11}},{"id":"c867273d-12d6-400a-ac49-f373e614e452","block_type":"box","text":"are derived from interest on United States Treasury obligations. State law varies as to whether dividend income","page_number":108,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"931a61a3-927c-481f-968b-9434e07db132","block_type":"box","text":"attributable to United States Treasury obligations is exempt from state income tax.","page_number":108,"box":{"x":69,"y":710,"width":590,"height":11}},{"id":"0eef0671-8646-4b94-abfa-1390949ef506","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":108,"box":{"x":308,"y":739,"width":362,"height":10}},{"id":"f322343b-3f79-48a3-a5db-3103fb7fb15e","block_type":"box","text":"The Board of Trustees of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":108,"box":{"x":101,"y":762,"width":799,"height":11}},{"id":"1b5c8c1d-8b08-41e4-badd-763617eb3337","block_type":"box","text":"pursuant to the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":108,"box":{"x":70,"y":777,"width":790,"height":12}},{"id":"a4ad6c97-fba6-46f5-8c04-f3570b9e9a2b","block_type":"box","text":"Policy”).","page_number":108,"box":{"x":69,"y":793,"width":56,"height":11}},{"id":"0795e0bc-2f8d-4ece-9d0b-d3e0521d547b","block_type":"box","text":"With respect to the Funds, the Manager has adopted the BlackRock Active Investment Stewardship — Global","page_number":108,"box":{"x":101,"y":815,"width":777,"height":11}},{"id":"3cc006ec-47f7-4e4d-adf0-d65b42dd9865","block_type":"box","text":"Engagement and Voting Guidelines (the “BAIS Guidelines”).","page_number":108,"box":{"x":70,"y":830,"width":420,"height":11}},{"id":"d4b54151-0a95-41fa-8ee2-9e057a91780d","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":108,"box":{"x":102,"y":853,"width":767,"height":11}},{"id":"990697fb-8b1d-4398-86e7-19236a809315","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":108,"box":{"x":68,"y":868,"width":827,"height":11}},{"id":"ab16535e-2d38-4540-9940-917eff2f470f","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":108,"box":{"x":69,"y":883,"width":819,"height":11}},{"id":"11c51f04-a36f-4211-a67f-8767ebdd8047","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":108,"box":{"x":69,"y":898,"width":684,"height":11}},{"id":"ac4a7911-a2f3-480c-aa41-28c66998ef92","block_type":"box","text":"II-71","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bcc5bc4e-103e-4206-9555-8af958a476ec","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":108,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"821c3e69-7000-4cb7-9391-803ad28a8d32","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy and the BAIS Guidelines are attached as Appendix B to this SAI.","page_number":109,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"9e66f77c-1c62-49ae-ba2b-ded10249dfda","block_type":"box","text":"Only those guidelines that are applicable to a par ticular Fund pursuant to the Active Fund Proxy Voting Policy are","page_number":109,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"847647c3-52af-4dec-9cff-db88f5962c0f","block_type":"box","text":"considered to form a par t of the Fund’s SAI.","page_number":109,"box":{"x":69,"y":75,"width":313,"height":11}},{"id":"ac9641b8-e3f2-4835-b51e-b9bd9b9a0299","block_type":"box","text":"Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-month","page_number":109,"box":{"x":102,"y":98,"width":769,"height":11}},{"id":"03ce9c06-7683-4579-91a4-7b2ad6f67406","block_type":"box","text":"period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":109,"box":{"x":70,"y":113,"width":737,"height":11}},{"id":"75ffce9d-e64e-43d1-9dae-4e3d340d199e","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":109,"box":{"x":69,"y":128,"width":327,"height":11}},{"id":"7d3ee1e0-ad13-413b-a8ad-6a0879a83ed5","block_type":"box","text":"GENERAL INFORMATION","page_number":109,"box":{"x":391,"y":157,"width":195,"height":10}},{"id":"0b4ab83f-4a58-42c7-8741-eeb2f47e96a5","block_type":"box","text":"Description of Shares","page_number":109,"box":{"x":69,"y":188,"width":156,"height":11}},{"id":"767e3434-589d-46d5-99ae-320da579339f","block_type":"box","text":"In the case of OnChain Shares, shares of the Fund are issued as tokens and will be authenticated and recorded","page_number":109,"box":{"x":102,"y":210,"width":798,"height":11}},{"id":"3f88decc-cdb5-45cc-baf6-e16c1958e2ca","block_type":"box","text":"on a distributed ledger or blockchain. Each token will constitute a share or unit of beneficial interest in the Fund,","page_number":109,"box":{"x":69,"y":225,"width":801,"height":12}},{"id":"ecba1a7f-8ae3-4ad0-befb-959d1ed9898c","block_type":"box","text":"entitling its holder, among other rights, to a share of the Fund’s net investment income and, upon dissolution of the","page_number":109,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"5b2af904-9f87-461a-aaa0-68f4b987a71e","block_type":"box","text":"Fund, its net capital proceeds.","page_number":109,"box":{"x":70,"y":256,"width":214,"height":11}},{"id":"4e1e2d6b-e4eb-4e89-8f68-2fa4729de090","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":109,"box":{"x":102,"y":278,"width":800,"height":9}},{"id":"980be82c-ed3c-4a64-be2f-5a7e2d1432e4","block_type":"box","text":"held in the election of Trustees and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":109,"box":{"x":69,"y":293,"width":808,"height":12}},{"id":"47410e00-9fdb-4ede-af63-f84af80b6fe8","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":109,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"03dcd07b-16f1-4f8b-bf80-6970e1eb4f85","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":109,"box":{"x":69,"y":324,"width":838,"height":11}},{"id":"ab8744b1-4567-46c7-b3ce-73053729186f","block_type":"box","text":"more than 50% of the shares voting in the election of Trustees can, if they choose to do so, elect all the Trustees of","page_number":109,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"585d3dc7-678c-4788-87d6-699426b900be","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Trustee.","page_number":109,"box":{"x":69,"y":354,"width":779,"height":11}},{"id":"2fa72151-2667-4919-bde5-4502a8e76550","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":109,"box":{"x":102,"y":377,"width":801,"height":11}},{"id":"32bf5c21-0b19-4a9f-92e9-be8bb6844a9d","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Trustees; (ii) approval of a","page_number":109,"box":{"x":69,"y":392,"width":758,"height":11}},{"id":"7c112d25-9cbf-44bd-89c8-bc7fb01fc59a","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":109,"box":{"x":69,"y":407,"width":810,"height":11}},{"id":"1c8a3511-976f-4b9f-b92c-675bcede44c4","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":109,"box":{"x":69,"y":422,"width":790,"height":11}},{"id":"36af80d1-deaf-42bd-a84c-e585ca50e5cd","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":109,"box":{"x":69,"y":437,"width":787,"height":11}},{"id":"2b874570-8451-4981-9682-4912c9fc6bd0","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":109,"box":{"x":69,"y":452,"width":797,"height":11}},{"id":"92a43ba9-cf96-4602-987b-52714f07331b","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":109,"box":{"x":69,"y":467,"width":658,"height":12}},{"id":"181e02b0-2b5e-4445-a488-627cd0e77a62","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":109,"box":{"x":102,"y":490,"width":741,"height":11}},{"id":"69ce5880-98b4-4e02-a3e0-4d6c52ae2abc","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":109,"box":{"x":69,"y":505,"width":790,"height":11}},{"id":"ec5f48b5-855c-45f4-b5dc-5bd9e7f8c946","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":109,"box":{"x":69,"y":520,"width":546,"height":12}},{"id":"077e3080-d97c-4458-bd1d-95544dc50f3e","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":109,"box":{"x":102,"y":543,"width":712,"height":11}},{"id":"5a3d2f00-ac21-4de8-9261-2d0a701f2c62","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":109,"box":{"x":69,"y":558,"width":765,"height":11}},{"id":"774f4aee-cb5c-4827-aa1c-137e263037ea","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":109,"box":{"x":69,"y":573,"width":834,"height":11}},{"id":"7f24ccd2-79be-4fac-855c-4f9e374775d2","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":109,"box":{"x":68,"y":588,"width":729,"height":11}},{"id":"9b60a931-7387-4401-a26e-b46da881e1fd","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":109,"box":{"x":69,"y":603,"width":815,"height":12}},{"id":"79c3f69b-7a8b-4d80-bc7b-19ac45771e6f","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":109,"box":{"x":68,"y":618,"width":761,"height":12}},{"id":"5b49cb76-cb8d-4de2-aced-c1ab8777f3db","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":109,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"413ed30f-e672-4410-8bff-9c5a88765c57","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":109,"box":{"x":69,"y":649,"width":839,"height":11}},{"id":"b2179ccc-c9fc-4468-8234-b162f9f42a1c","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":109,"box":{"x":69,"y":664,"width":813,"height":11}},{"id":"39d7afcb-b22d-4fa7-8771-80d71e92f0e7","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":109,"box":{"x":68,"y":679,"width":827,"height":11}},{"id":"7e2867bd-1c16-43bd-8761-6188e2288826","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":109,"box":{"x":70,"y":694,"width":699,"height":11}},{"id":"383419ff-00e1-4585-a4c2-fc857e026c10","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":109,"box":{"x":102,"y":717,"width":413,"height":11}},{"id":"627ed0dc-2534-45f4-980d-cf8682b4df1e","block_type":"box","text":"Additional Information","page_number":109,"box":{"x":68,"y":747,"width":161,"height":9}},{"id":"aad89cdf-fa27-4cbb-9e89-160ac86f6141","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":109,"box":{"x":102,"y":770,"width":789,"height":11}},{"id":"fb6e9d91-4619-4cc6-bb6a-728c59001618","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":109,"box":{"x":69,"y":785,"width":799,"height":11}},{"id":"77448dee-490e-4667-a20f-3f14dbcc874d","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":109,"box":{"x":70,"y":800,"width":837,"height":11}},{"id":"af83c8f2-e6c6-4f94-b328-659fd304c6ab","block_type":"box","text":"such name to any other company.","page_number":109,"box":{"x":69,"y":815,"width":238,"height":11}},{"id":"179858bf-6b7d-4f3e-a5fb-e26035fa53a6","block_type":"box","text":"II-72","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1aa1a59-6ee2-406e-b682-25dd0d697571","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":109,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d9e23b0d-77dd-4d93-8eb5-c4329adf3ba3","block_type":"box","text":"APPENDIX A","page_number":110,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"6b22a619-cdda-485b-9514-71c6ac055baa","block_type":"box","text":"Description of Bond Ratings","page_number":110,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"aea13bf2-a0a2-417e-90d7-b756d4e14cef","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":110,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"bea84150-e9a2-43c1-9a75-7b982d2ca5eb","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":110,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"0ea67a32-c370-40ca-b8cb-b74e1ef0a969","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":110,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"9a17abdb-ac75-454e-bb34-75b20e1ce910","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":110,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"eb9e03fd-c6e6-4653-864b-f9be005743d6","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":110,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"7054630c-1a87-4a50-ad7a-09b4815c481a","block_type":"box","text":"NRSROs may rate specific investments (","page_number":110,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"462bb5de-ecbc-4229-a87d-86cde42a73d5","block_type":"box","text":"e.g.","page_number":110,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"2308983f-3f1f-4e37-bbeb-aca52800fe62","block_type":"box","text":", bonds), issuers (","page_number":110,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"c455bb97-a5a6-4760-9e0e-4e8ac4545c46","block_type":"box","text":"e.g.","page_number":110,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"073fa32d-d0b5-4890-87b0-f48b442270d4","block_type":"box","text":", corporations, governments and financial","page_number":110,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"213b017f-8873-4d74-8377-14645034de5c","block_type":"box","text":"institutions) and/or programs (","page_number":110,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"ca55d52d-1653-47e6-b386-b6d78f640b90","block_type":"box","text":"e.g.","page_number":110,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"545928d3-3122-4995-83da-4a1ef3998f90","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":110,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"fa734a57-ca3e-4c87-b948-1cef57567128","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":110,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"261e3d72-c4dd-44a3-b45b-651775b133c5","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":110,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"876068cd-5eee-48db-9dc6-19c24aaf2c5d","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":110,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"7d956ccd-990d-4f0e-9160-718df0f030ac","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":110,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"924ce099-c7db-4dbc-909d-4aa7584c62dd","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":110,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"d6936161-98c1-4410-b28f-e6ac81b0b381","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":110,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"2b6e9f24-ff5d-4c38-8386-509d34b5c7bf","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":110,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"fafdde0f-2e59-4952-8450-19edf4a8f44c","block_type":"box","text":"security (","page_number":110,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"aad6a250-7a57-4e24-a366-dec3ec39d4df","block_type":"box","text":"e.g.","page_number":110,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"db7489d5-5879-4189-8ec2-589636e9537d","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":110,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"ff5f9718-3912-461f-86f5-2c5883b2d45e","block_type":"box","text":"highest of the multiple ratings.","page_number":110,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"7fa2a5fc-9687-4398-a2e3-60ac4cfd9c80","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":110,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"0fb6aa62-095b-48d4-ad29-04a170e55873","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":110,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"816a8764-a272-4193-8561-21c7356774b2","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":110,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"741762d5-9ffb-4152-a5d6-5b01780cd936","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":110,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"8de837c9-d89f-448b-a3cc-42cf36ed3cac","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":110,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"8d8ffef0-d56f-4d19-ad37-6da7c1b0fd2d","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":110,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"a7ce832a-7955-4290-bc4b-b0c5126e9973","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":110,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"3b64f019-e966-441b-a30a-270013dd2ee2","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":110,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"c00d6f20-8aa8-4179-9774-bf0094b7e1a5","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":110,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"f3523105-1cf1-4b1d-ac22-18d20c923e43","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":110,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"fb019dce-0f4e-47c1-8827-56522cc872f5","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":110,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"5eac3520-afc1-4b04-b01c-e24027b0dbc7","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":110,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"db591e7e-0617-4c27-96f9-33aacf49a622","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":110,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"ef332a0f-793c-4f22-b348-a3c9c3b9a018","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":110,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"a01d3d2a-2488-409c-968a-d7e17ec49c9d","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":110,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"b04599b8-09c3-4cf4-a658-b64ae6676fa8","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":110,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"d7cd1c2d-9aa8-4651-971a-a94aa4a8d378","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":110,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"a33f16eb-59b5-47ba-a3a0-e2a58653984f","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":110,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"20f8dad5-4be1-48ae-b146-6fbab723e6ed","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":110,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"b75724b4-015b-4642-93b8-ea8496c8739d","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":110,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"66c522e7-3f9a-4bfd-91d0-278e01d8b62f","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":110,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"e18adc47-1190-4094-8a90-48d9df42e0e7","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":110,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"b2a5cd48-1913-492a-824d-dce7f0deaed9","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":110,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"ac3c0cc2-c455-4b7a-b2b1-ed8a79737c44","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":110,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"557aee82-8efe-44ca-ab69-4a0f651a46b1","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":110,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"a3250df4-644b-4f81-9ef7-83eac036d0d8","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":110,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"181408e2-94f3-413d-ad18-f991d0082bca","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":110,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"7032b427-a970-4e48-bc0a-70c0315cc0cd","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":110,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"702095bf-a712-43e0-8efd-6dfbb9e47417","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":110,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"ccbed02c-8021-418a-9516-a165f05f5e16","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":110,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"e61fb5ea-aca4-4318-8f9f-a952424c1cf4","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":110,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"1c44bf2a-9bb2-4eae-a533-03943ce4a0e0","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":110,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"c8259e47-52f8-4ba1-86c2-911331a09a8e","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":110,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"73fdefab-9837-4417-8573-396b87669ef6","block_type":"box","text":"upon standard sources of variation (","page_number":110,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"5acc045b-4bbc-4131-91e9-5aed0dab9df8","block_type":"box","text":"e.g.","page_number":110,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"8ee9050d-8867-4dc5-b3f4-48ca00d7956b","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":110,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"9afba93f-88fa-48b7-8b5b-8771c49903de","block_type":"box","text":"A-1","page_number":110,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"2ac9d160-3ce4-4d67-914e-46af0f8f1426","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":110,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e66c72d1-6f03-4b13-9390-392d804c0fc4","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":111,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"f0b0d495-2fdc-4746-afa9-5ab441490c65","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":111,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"25be9e8e-208c-4638-9257-6535a54180a1","block_type":"box","text":"e.g.","page_number":111,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"5681d0fb-fa79-4c2e-b798-94c6a6a5706b","block_type":"box","text":", equity indexed), absent","page_number":111,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"8fcaebb9-f90b-45e5-9acd-6621243cde9b","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":111,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"bdc53711-acd0-467a-a672-32c9c28a1f53","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":111,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"aede3c98-9e6b-4dbe-8f39-f424b90800af","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":111,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"8dbfda31-b2bf-480b-9470-3eb8ce272d77","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":111,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"fc0e907f-1717-4ba2-85cb-498db185c5ad","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":111,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"95530044-193c-4623-bbe5-8dc75704a3da","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":111,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"72b7a1e6-cfdb-4e0c-bfbc-dd6f75a72730","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":111,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"17dcbfea-7ebc-4ba2-b436-454e75de460c","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":111,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"90e18a08-82f8-4c9b-9463-a14cdab69636","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":111,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"9938912b-e6b1-4bdf-95ca-efbd957acc0a","block_type":"box","text":"i.e.","page_number":111,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"16054c37-d59d-4d35-8a6c-6f9b8c99831b","block_type":"box","text":", ratings on nonfinancial","page_number":111,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"df6c381f-b934-4a32-ab0f-f1eda1d10bee","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":111,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"6eb405da-7777-4663-ba69-463c0df96b4b","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":111,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"35bbf662-860a-40f8-836e-f8dedfb3fb2e","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":111,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"1064b465-f91a-40e8-be9a-c74d7aebd93b","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":111,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"e114a7f7-2656-4953-92bc-1a4b7ac5e0c5","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":111,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"aa3a7422-cf12-4854-b488-e221e60d0da1","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":111,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"f21c3c4f-dfc9-4b40-a9b6-9ed654ad3f33","block_type":"box","text":"of time.","page_number":111,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"3daf116a-e682-4e04-8a4d-a1895bdaba33","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":111,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"2d306cec-708f-4ff7-b8c7-a6ea5f59def4","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":111,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"b4fe69da-529c-407b-8e06-0f185c04c7ec","block_type":"box","text":"risk.","page_number":111,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"2f91972d-b2ae-4689-a185-111de1f5f4d7","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":111,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"5bdc8fe0-e89b-4cb3-95ad-f8f072fb8d82","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":111,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"e50392d6-c6b9-4800-b579-9fcd1c724df1","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":111,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"d7a718b2-17f0-409e-80b2-cfa15a074b55","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":111,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"f0ac04c7-e071-4e21-99f4-c50d1fbeb001","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":111,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"c21ecce3-be3f-4670-b168-81aacea952e1","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":111,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"ba89413a-71ba-46a6-b36b-f7aa531bd5f6","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":111,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"130afb8a-455f-4f86-ac6f-5223a241c2ea","block_type":"box","text":"credit risk.","page_number":111,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"212e3f01-add1-48e2-8263-17c357c2fcfb","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":111,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"583da4cd-f193-4e2d-941e-26f5faebf8c0","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":111,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"3c362a84-6e50-4edb-b5d6-336cf8082c6a","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":111,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"15573a1b-0726-4ff8-9fb7-bcc121f4ef5d","block_type":"box","text":"of principal or interest.","page_number":111,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"8fb35831-c65f-4388-9d13-e8c1110afa22","block_type":"box","text":"Note:","page_number":111,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"18812a68-fe85-47e7-a9bc-e42bdaac5424","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":111,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"2d2689a8-7303-437b-a2b7-416d24d24af5","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":111,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"ba8db09b-c104-4e35-9122-d412663c6f40","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":111,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"bb9a39dc-16f3-4386-bb38-a918d73f864e","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":111,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"06cf8107-1d81-409c-8428-bab2000aa446","block_type":"box","text":"companies, and securities firms.","page_number":111,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"3e52c6c6-1ff8-4d4b-9590-918cb8344eaa","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":111,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"70077d91-b9cb-420d-84d3-c93a634b6e60","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":111,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"170f8295-b119-47f0-9a3d-41aa5c418985","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":111,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"b6429e10-a7d4-4ea1-b2d1-4e1060967bfa","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":111,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"637f2f7f-6529-46ca-8048-db2200637b11","block_type":"box","text":"that security.","page_number":111,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"a373f1cc-85eb-4a85-ae5b-8b88e700a653","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":111,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"afc5e408-1e6b-476f-89a0-489b51649cf2","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":111,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"05192fc0-ff2e-4fcf-a9ff-b07548cb17f2","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":111,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"e9ad6b1f-de2e-422b-9dff-12833a02ca36","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":111,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"03f4e0bf-01df-42ff-83e2-03b43059c1fb","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":111,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"be3ccedc-1e99-4778-8ae1-662403750f06","block_type":"box","text":"categories.","page_number":111,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"3db33a0c-300b-4186-8f89-16c58863cb02","block_type":"box","text":"A-2","page_number":111,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"0a5ed504-3796-4c52-951c-887f5a20a28a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":111,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e5398859-9125-46ce-9b88-5b766a76f23d","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":112,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"39b578a2-9f00-41bc-a020-edf51469b6c5","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":112,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"c3159299-e56c-416a-a499-4b9dcd20eb7a","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":112,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"0aba8984-7b72-449f-a467-58e48a4335cf","block_type":"box","text":"an issuer’s self-liquidity.","page_number":112,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"8c90b20d-9cd6-4d76-a784-fa1b31914d10","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":112,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"f70c8f69-4261-44fc-b50c-3d421ff69b99","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":112,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"29d1ba80-d323-4230-8c99-05e196453605","block_type":"box","text":"MIG Ratings","page_number":112,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"2b9d189d-cb0a-4360-8a8d-d22c372934d3","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":112,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"b8be3b27-328a-4d92-a768-0216e24e31c5","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":112,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"a39928fe-556e-432b-9cec-6450ff8fea67","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":112,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"b8d8e77f-31b6-4c27-bc85-1d7ec3c59904","block_type":"box","text":"MIG Scale","page_number":112,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"4e2dc369-9d6e-49e8-bc7a-44d2e82fddcd","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":112,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"061b0af1-144c-46dd-a358-178ac84be28c","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":112,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"c82c09f3-226d-48f7-a7ff-371cb73dea0a","block_type":"box","text":"refinancing.","page_number":112,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"5117c324-a42e-4621-8bd2-10b4cd6e7a96","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":112,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"bd8ae344-49c3-47a9-9179-27b1237503f1","block_type":"box","text":"large as in the preceding group.","page_number":112,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"45cb9ed7-42d1-4973-9833-100125aac6c6","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":112,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"b60c4852-72f7-41ee-8cad-c38df1d5b44b","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":112,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"71d80d3f-60e0-4758-9a64-f836d3282b6a","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":112,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"96db4b5e-b6e4-4ff4-a3e8-c38fbe9b65f6","block_type":"box","text":"lack sufficient margins of protection.","page_number":112,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"e759db38-85d1-4686-8e5f-c04a51470eb7","block_type":"box","text":"VMIG Ratings","page_number":112,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"471d3525-2eb4-4278-bd06-654ba30600c9","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":112,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"db13e519-7e79-4733-871d-ce5f055135f8","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":112,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"5be72576-b170-4a1f-b2d4-ca58ec705c73","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":112,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"e010a087-f3f7-4838-a3eb-7c73eb0adba5","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":112,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"39ce835b-572f-4257-9c73-01b088688d6a","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":112,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"4b6cc2ed-d023-4db0-8016-f9bff1e84a04","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":112,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"943e1602-ba63-4b2c-9e05-38bd7546280b","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":112,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"82052c12-e631-4596-a8c3-79894fea8818","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":112,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"50e79c90-a4a9-4297-80a0-ebe7bf411548","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":112,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"954df95d-f380-4d99-b250-2293170cf202","block_type":"box","text":"grade.","page_number":112,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"fb251577-23a2-435f-9ced-41a4bdd66840","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":112,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"93b39045-dd85-45b0-8d81-ba292639b557","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":112,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"ce14f530-3d97-4e52-a55e-8153b24a19d6","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":112,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"cc2b6b4b-c181-40f2-ab7d-07e7ec26ddaa","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":112,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"2ad39fa6-4938-4be7-a42f-90223bed1c53","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":112,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"4f749d2e-51d5-4c63-9e9a-abf40fc58fa9","block_type":"box","text":"liquidity of the corporate obligor.","page_number":112,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"48de4503-bb35-48c0-bea3-47e4c68c47eb","block_type":"box","text":"VMIG Scale","page_number":112,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"ae89cc0c-7663-49bc-843d-1951ad6f709d","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":112,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"707b7b1e-01d2-40c1-8a34-84c6ecfa98eb","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":112,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"0a9316df-7983-47eb-8b9d-e74d9178051e","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":112,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"bfe908a5-2a74-468b-9478-29437e07e519","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":112,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"9a82e93c-e31d-41ad-8a8b-352fb8342610","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":112,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"2ee54b4f-4b4a-43f9-969f-277e0e09cb27","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":112,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"c9e5a8f9-b0ca-4114-9ca7-fe0890181b2b","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":112,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"7ea8447e-d76a-4311-befd-d05cbcd3d814","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":112,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"8c772024-43ee-460d-8602-893200930e13","block_type":"box","text":"may lack the structural or legal protections.","page_number":112,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"d93108d7-8093-4b15-a5ab-3608c64389ef","block_type":"box","text":"A-3","page_number":112,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"af9c5d76-8d1f-49a7-bc94-c19e9e04e3d5","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":112,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0802cba4-026d-44a7-a5f7-06a125984835","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":113,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"63f3d597-e05f-438e-ad72-c6fb52788cee","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":113,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"48492c6d-d1a9-45c1-a362-c469d4fc2354","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":113,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"6f8b07c3-742a-4c74-8eac-132b8adfe74c","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":113,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"d8a5c7e0-b26f-4a5e-b215-80e747721c5e","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":113,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"d7b7f554-b1e0-4100-a10e-c2dd755c2412","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":113,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"7730c38f-f9a3-429b-8943-b1b06fbb9b44","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":113,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"30023299-c3bb-446f-a92a-f5ff7af05334","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":113,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"c78792b5-77af-48c1-aed7-21a59a7d7a4c","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":113,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"f36894ad-f59f-4734-bf27-ec26c62b1fa1","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":113,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"d7cde753-2705-4ab6-99f8-df118263c4ad","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":113,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"90ae10b5-f56f-4973-b6eb-7a155786e154","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":113,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"b77c3950-4578-4d44-850b-df8a7d253c35","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":113,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"74ae769c-36a6-4fda-8f59-ab972c56860c","block_type":"box","text":"from these guidelines based on market practices.","page_number":113,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"5717a7d2-3401-4a81-960a-8fe5c830ba59","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":113,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"4f41a051-72ff-4f1e-8ca3-3aa3fb3dbf0b","block_type":"box","text":"•","page_number":113,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"f16e12e6-a77f-459a-b1f9-ce2628fabd0d","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":101,"y":299,"width":790,"height":11}},{"id":"cd6cda7d-4510-4186-b9ef-5ad4e97a7abf","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":113,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"3d79b73e-75c1-46f1-ab52-17ccebdd00da","block_type":"box","text":"•","page_number":113,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"613b3f6c-2516-4a59-8584-56f9434662b7","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":113,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"529863d4-2aa8-449c-a09f-3b0c66f77672","block_type":"box","text":"•","page_number":113,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"85c0f845-9641-4f50-bac2-971216947556","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":101,"y":355,"width":738,"height":11}},{"id":"13b1ea37-ecad-4fbf-8c8a-991184508907","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":113,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"584ed0ca-a3fc-48c3-9f32-2216785ec3ba","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":113,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"82c4bba1-3dbc-4ffa-a2bd-799ea509afb6","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":113,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"f55036e6-883c-4db2-8738-8f930a1f61bd","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":113,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"4ee9e489-d943-4827-8576-cafad557b233","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":113,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"0225a13a-3e9f-4c6e-93c0-2edd44793623","block_type":"box","text":"obligations.)","page_number":113,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"68a5644c-b4e4-4a7a-8a1a-799b6b285e6c","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":113,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"6899e0ad-ea85-4091-9b27-21714437c965","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":68,"y":511,"width":833,"height":11}},{"id":"7dc99cfa-37c0-45cf-9e24-6c1f8a8700d3","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":113,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"fd2b10ad-3807-43da-84b4-28b7d1257d25","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":113,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"1fca0687-079f-4f08-aae7-e5680cbb43f3","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":113,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"603e8a38-4e0a-4c81-82cc-23d9af808579","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":113,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"acb50afe-3c43-4a6d-aa91-1c4f602bcdce","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":113,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"a24fb264-7ea7-465b-ab27-e361bce05935","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":113,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"9af13add-01ef-44d5-8cf9-8a2817745476","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":113,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"217d55f8-cc43-46f7-abdf-af5a7532aec2","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":196,"y":647,"width":694,"height":11}},{"id":"15c91811-ee02-470c-b3d2-8bfdc0580458","block_type":"box","text":"financial commitments on the obligation.","page_number":113,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"3c258fbe-bf43-49f7-84db-2b6da968bb29","block_type":"box","text":"BB,","page_number":113,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"65df540d-aef5-49e9-b7b5-33fab4dc79df","block_type":"box","text":"B,","page_number":113,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"f8bf6de4-5ccd-4feb-9814-2730f4b36a13","block_type":"box","text":"CCC,","page_number":113,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"0928e1b9-bc18-4d2b-b5ba-c704cc667bc7","block_type":"box","text":"CC,","page_number":113,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"d96de19b-d6d3-45b1-a8ff-0ef228375336","block_type":"box","text":"and C","page_number":113,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"eb5404f5-3dc4-4bc0-9649-98228f86bcb8","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":113,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"97d73be6-ae0b-469d-a7e6-f1cd42bfa965","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":113,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"31806bab-b1fd-42fe-9b4e-edd7c3a57d67","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":113,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"c3341282-16e8-4341-867b-b28815f14f4e","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":113,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"f24c6bc7-6c46-4aa3-99f7-2eb48fd5b0c4","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":70,"y":763,"width":838,"height":11}},{"id":"b370b5a6-f823-4ea2-9959-261f7e943c86","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":113,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"acc58ac2-8ec3-41d9-a457-9df2fecf7368","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":113,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"0504c820-7c45-41bd-9cd1-5d6567794fc3","block_type":"box","text":"on the obligation.","page_number":113,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"5d4a4a04-4b6b-4002-8f9f-81152ded6a3f","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":70,"y":828,"width":840,"height":12}},{"id":"89acf8de-1fb6-4461-98f4-c3f1cac9ff74","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":113,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"54d00f42-ffb0-4d41-b721-0332c7e43ad5","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":196,"y":858,"width":691,"height":12}},{"id":"a605fdab-73fc-42af-9894-886150c99a12","block_type":"box","text":"financial commitments on the obligation.","page_number":113,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"8df723ac-41e0-4684-87c6-3573c22c1cd8","block_type":"box","text":"A-4","page_number":113,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"2fbb8545-ce2c-4137-90fb-b408c59d6b7a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":113,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e901c4f4-7de3-411c-9921-b2f205838a6f","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":114,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"7b5f02cd-d210-4d0c-8dc1-92ee9af02bfd","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":114,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"93a2b874-a6ca-4afb-836e-d8c162a56c70","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":114,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"f21cc0db-0a66-40c2-a803-d6b8921f2b77","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":114,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"451cd9b0-d375-4d95-894e-6b6d7f34549f","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":114,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"eaf28fa6-824b-4d8c-a461-5cbdfc6061e9","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":114,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"4cd0ff1b-5ab2-46ca-848a-36f8c7ede4d2","block_type":"box","text":"anticipated time to default.","page_number":114,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"0ec94d70-c784-4a1d-a5a1-23b885ae0853","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":114,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"3249de80-eaba-4bd7-b9a0-45e475a8d95e","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":114,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"d5020bbc-0dd9-419e-b6db-df3aa43b93d3","block_type":"box","text":"higher.","page_number":114,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"24d38be1-f711-45c3-a0f2-4f829089a0f9","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":70,"y":215,"width":789,"height":11}},{"id":"af0273c9-d920-411f-beda-09828d362568","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":114,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"b50ad3d7-a3d3-4ca5-9e1d-e39ed4ae1fa3","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":114,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"e376b19b-354f-467a-aad6-e3e23dda818d","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":114,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"15c55e4d-a84a-4087-9d6d-f55f92e27fce","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":114,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"41cc79d1-6f2d-4fab-954d-8c0fd71d09f3","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":114,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"bbc77b67-91a8-48ff-aaa0-b3be36b5a537","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":114,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"9b4dbe95-1245-441b-94fd-be5a268c98cc","block_type":"box","text":"restructuring.","page_number":114,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"8c8745f1-337e-4084-bc64-71bf1b48e23a","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":114,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"5fb3a4b3-14e7-4a7c-a429-7a155ce71647","block_type":"box","text":"standing within the rating categories.","page_number":114,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"062e7d20-7686-47a5-880b-fbef37eafa80","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":114,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"49c61826-97b0-42f0-ba7a-c3f8471ef5ff","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":114,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"83c2de13-ba3a-44d9-8c98-eb7a23a4dbbd","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":114,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"1b966092-1010-4a02-a62f-ee4ff0dfc82d","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":114,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"21b24dce-0d57-4676-af70-d094dcad6dc0","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":114,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"1cbaee34-ed54-41ec-b8e9-c71cc697ce54","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":114,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"b09a4637-38cd-458b-a3ba-d5a482e80df9","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":114,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"792905a7-92fe-49e7-9f7b-069f5e85169d","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":114,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"ff830407-7c06-4bc1-8e1e-f50f7fd5eac6","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":114,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"c37cd993-a413-4336-9516-7c29a120e61c","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":114,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"c0f0ef39-4158-466b-b2ec-9716bb1f5bf7","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":114,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"e117add7-68a7-4231-9d6d-b235a59df451","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":114,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"1522fbd4-d6af-463b-97de-6398dc9a677b","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":114,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"6ea2c6b3-c1d6-4b34-abc1-21231db313cc","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":114,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"afe771e7-df56-4a66-b8e4-ecebfc78c0d6","block_type":"box","text":"financial commitments.","page_number":114,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"a0e69997-36ef-4b96-a2c5-df4ee9ca65ad","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":114,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"0fcf9bbd-1fb8-4956-8cf9-dc757ee29024","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":114,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"18271a14-01a8-4785-b46e-03e310924b40","block_type":"box","text":"commitments on the obligation.","page_number":114,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"37cfda45-ac85-4e75-9256-920f6b4d5ebd","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":114,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"5ed1c02d-099e-40de-9edd-bf7d55a24cf0","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":114,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"81c0b4a4-f057-45cb-9c35-899aeb8c4ae4","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":114,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"8ff29814-b036-4951-bc13-03dfd446b397","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":114,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"a0771a4b-d548-4aaf-be52-3149ea6da998","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":114,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"e6b799e9-8baf-4be8-8d26-250c85159c6c","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":114,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"77d146a6-bb64-4746-ab16-dbdd130cb5c6","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":114,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"a420158e-e5bc-46c7-80b6-e90f0d7c1ed5","block_type":"box","text":"debt restructuring.","page_number":114,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"57e18c70-4989-499d-a9e2-69d50525b18a","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":114,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"725cbdc1-8302-4546-8c67-30994fad56e6","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":114,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"e6718da9-9772-41d3-8c1d-cdabc7c5d049","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":114,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"df643050-4549-45a7-80a6-223c34be4f05","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":114,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"62cec595-0bba-4e2d-b01f-04ce27c510ba","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":114,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"d0d935ff-7645-4609-9e46-020e6ee22d64","block_type":"box","text":"A-5","page_number":114,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"4b4d717c-fbd4-4fb0-941e-c4f2f5c43269","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":114,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9da08427-88b5-40bb-a0b5-4889f5ea0563","block_type":"box","text":"•","page_number":115,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1715aaf3-02c0-4ff0-a27e-b6993eabb8f1","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":115,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"5334c85a-7c4b-4eba-9a92-f0df658c6c3b","block_type":"box","text":"as a note; and","page_number":115,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"c06e23c6-7e54-4a6f-aed6-bd5c71eccc09","block_type":"box","text":"•","page_number":115,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"87be17a2-ca81-48ca-bca5-d4eee5f06e3b","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":115,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"b7559a56-d846-434c-8b7b-7d76b41de12b","block_type":"box","text":"treated as a note.","page_number":115,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"15ee84ff-04bd-4075-afdb-24fba7d71628","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":115,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"5988f490-8d2f-4286-91f2-e44836fcfd60","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":115,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"75cb79bb-ddee-4746-bc1f-8588f4af7379","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":115,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"5107fa7f-02ce-40a7-bc8d-9b35e2390a80","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":115,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"81c8c1a9-edf2-4c28-953a-dbb2e8cb6be8","block_type":"box","text":"economic changes over the term of the notes.","page_number":115,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"ffb7d64f-525f-4c9a-94a8-3391562e4214","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":115,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"c52e97e2-6594-4816-87d9-5a595ac8611a","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":115,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"daa1c5e2-626b-4021-8d89-e7edf280dd17","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":115,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"0922b93e-5849-43f1-9862-c9840cd2cb90","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":115,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"652b4aad-2910-409d-abcc-1f9afb88d033","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":115,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"b507aeb6-6610-497c-a12c-fdc6563025ef","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":115,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"8712e4cf-bb91-43bf-8a83-85a62e961fbe","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":115,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"e7da73f9-f276-4121-b4c7-08706ac5382c","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":115,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"0c2aa85a-9a3b-4b0a-84e1-5c67a69d35c3","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":115,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"3276c98e-b7f9-4d60-a1a9-d5124aeaaf4d","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":115,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"634bdc85-d275-42e5-97fc-dc7aee5c3138","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":115,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"fd9857fa-c54c-4400-9eb1-4dd29a349a11","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":115,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"7660343a-27a1-4552-8a79-dc0038a00bea","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":115,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"5cd1d820-a006-4429-a60c-a029369eedab","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":115,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"c6a917b4-4507-4137-812f-0b5437b84b37","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":115,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"0b0d2ee4-7ef2-4a40-9a64-cd71e57bd425","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":115,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"237422e2-2877-4c52-9faa-d471e1587673","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":115,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"6fde6352-80e7-4032-8cf2-e1be2e9a2c4a","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":115,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"61fcc498-7fc3-4cf2-9aed-1a0601187f20","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":115,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"0ff3de4c-7c6c-4484-8d25-26c8ee3a8ca6","block_type":"box","text":"receivables or other financial assets.","page_number":115,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"daa9ebce-c8a0-4afe-8344-95ce40df471b","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":115,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"06bf9b01-37fb-4ce9-aab4-77553264cf56","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":115,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"c1f531e2-dbef-49cb-9cf2-e9fc62a08d9e","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":115,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"ef6d6006-0dc1-41b4-8c94-454ae4a47f2b","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":115,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"b6137343-dd2d-49c2-a89a-d57f381d668e","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":115,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"83c21a9d-46b4-48e3-b98b-3baf3bcd2173","block_type":"box","text":"occurred.","page_number":115,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"3c9612e3-7d2c-4413-83bb-a5a267be173b","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":115,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"8921cdc7-97a1-45ad-a7e7-6cb92d4ebfb9","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":115,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"2b2cd0ac-a1c8-4aa7-83db-56035d66eaf0","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":115,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"2fea36fd-439b-4fa1-a9c0-d8b0d4edb467","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":115,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"d2ea79fd-2a12-425a-9a01-54b5125034ad","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":115,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"e58c67be-7802-487e-a3ce-430e97a8a0ba","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":115,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"bd42725f-1dd1-412a-84b5-6684db7397ef","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":115,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"2652c13f-095a-4917-9bf1-d1f167c21637","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":115,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"4d428bc0-e1ea-4edb-8b2b-6e59a8704b33","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":115,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"b023fb33-396a-435c-a770-201efe942c31","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":115,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"f37e5863-e932-42dc-aa63-8eaacb850902","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":115,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"b75c65f6-85eb-4a7d-b479-8fb31ce7d8fd","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":115,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"a23eacc6-69a2-411f-8f74-fc07fe957370","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":115,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"5853793b-e434-48a2-a2e9-b8f30c3e4cff","block_type":"box","text":"i.e.","page_number":115,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"03541099-9578-40e5-85e7-9b292874474e","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":115,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"e3484312-b091-4379-9916-544a17dc2344","block_type":"box","text":"the obligation’s documentation).","page_number":115,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"9d80a009-4422-4eb1-923a-90f11ba8a386","block_type":"box","text":"A-6","page_number":115,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"5fd107e0-e593-4fb9-8be9-ffcb9f7e5465","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":115,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"89fe3335-ef42-4af6-a622-4b9fee5fcb36","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":116,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"a4f3479e-2b10-4aff-af64-197fcfed295e","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":116,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"d3fbe56c-f1fd-4ded-9a62-17649b9f50ef","block_type":"box","text":"agents in the form of a rating letter.","page_number":116,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"6148f9a2-e13d-4021-ade9-e335d50a8126","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":116,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"c21954cd-91ae-4f42-a135-c87fc622842c","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":116,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"090313e6-cb7a-4f67-9ee6-1794fb955d46","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":116,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"4e6a6ec2-dd83-4518-8990-2103c31f5096","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":116,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"e3eea426-8687-47ec-a988-b0db4dad919a","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":116,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"f62036be-ea40-4293-8557-269251cbf645","block_type":"box","text":"e.g.","page_number":116,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"21804a18-5a4a-4e81-a956-6d0f279e1396","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":116,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"50f7ad28-4b41-47bb-8268-61e0f5b17b51","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":116,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"99150c03-0792-47f9-9e84-e223f87e9f3f","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":116,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"d79ce494-168d-4925-8c79-c47c0c3271d1","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":116,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"6d86b7e7-d686-4db9-b713-b538a075b9cf","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":116,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"af6287ae-14f2-42c2-b819-f72e0557f833","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":116,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"e8be2217-8589-4fdd-8384-643cd15e0f08","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":116,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"92a178e8-0cae-4728-9a8f-51847505de16","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":116,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"978ff880-d0f7-4716-96f1-6c3445db1e0b","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":116,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"1104d85f-9e3e-4a1b-b79c-de2a01e9b1a1","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":116,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"17b810eb-7b18-4c86-909d-2501784064fd","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":116,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"24199c24-31e8-4eac-9d4e-863af340625a","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":116,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"86e01c17-5f03-4464-a65d-b39dd28f6aac","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":116,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"207b3c00-7b45-4fd2-9eae-3cc9a4d30ca6","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":116,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"b80b3cde-bcbb-479a-9dab-2607f05476c5","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":116,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"945431b0-f196-456c-a6ff-4338b49a2f06","block_type":"box","text":"Ratings.","page_number":116,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"84b1afd4-c3d0-4ddc-b4b5-4593bc6c6633","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":116,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"241f867e-7104-4f88-8ec6-622bcda5ec39","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":116,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"9c706332-6da5-494a-8571-b5569b7c7224","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":116,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"4ffb7050-36e7-444d-a3b7-2e1a9dbc33eb","block_type":"box","text":"obligation ratings.","page_number":116,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"78ece073-8640-4146-830d-8459feebcb82","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":116,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"315502cd-e0d6-4c18-827e-77eaf64544f2","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":116,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"18aeff85-d40b-4641-92fe-6ae2bf90d6f2","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":116,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"f59249fa-e6b9-4ca0-824b-4c07d22b7651","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":116,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"7cac76ca-bc63-4cd2-b191-4aa28b494fcd","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":116,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"455521e8-5250-48ed-a31d-fb33ae49ac76","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":116,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"811d4a23-8841-46a8-aec6-1fc194323981","block_type":"box","text":"to foreseeable events.","page_number":116,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"9cc8739f-82e7-44c0-a609-880847fa7008","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":116,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"3604ba37-4157-43cd-8068-2e0da8eddbb2","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":116,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"9db7399c-55d5-4500-8bbf-e4d779cd9d21","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":116,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"f1a24aa6-7201-43b6-bd31-905aa732418b","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":116,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"5524f487-1dfa-4531-9918-4f78ea89e833","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":116,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"cff7a3cd-b36e-4869-ad71-8e36494eed20","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":116,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"ab6ebcf0-cb31-4ec3-80e3-2652d326bad6","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":116,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"413421b3-d659-4d01-9a25-352bf7e5ade8","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":116,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"f0b19785-b8fd-483d-bf5a-1feda70f911a","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":116,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"bd3a5229-34af-4963-89f0-c7e649c206ed","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":116,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"e24e42d6-9f35-4d1d-a4e0-844f3ef7460c","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":116,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"32dd6676-7941-4a26-af55-54682a9cdc4e","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":116,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"2cd23f3e-22ac-4feb-9d0d-2f3424891c83","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":116,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"d0da5e31-e3fe-46e9-ae37-e5c8e6cc4c7a","block_type":"box","text":"possibility.","page_number":116,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"b1ed7c41-b648-4af9-9628-02a3f51be2d3","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":116,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"f51bf41d-c9d7-40ba-9bab-17da6b812ef2","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":116,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"31fad532-55e1-4825-8294-6e206109bad5","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":116,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"d29b99a4-5614-46ec-b2a8-755b3322f0be","block_type":"box","text":"A-7","page_number":116,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2683c0b8-b69a-4b96-a436-e05deab08741","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":116,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3b0c4363-ab33-4481-93ef-e064b72d5790","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":117,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"34bd56c5-6d72-4641-93c7-db40f6eb2882","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":117,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"090e5032-66f2-418b-bf7f-7836ca36ad53","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":117,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"a4565198-4844-4159-8c74-7fbcec2fa8a4","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":117,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"a87041c0-9e5f-46bd-809a-73557d16c86b","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":117,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"56a73b21-01b9-4bae-903c-b4137733de85","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":117,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"2247c397-a9b3-488e-b6ad-2cc30700b262","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":117,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"345aca75-5f6a-47f1-9143-313b9dc812fc","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":117,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"863767f1-7e7f-42cc-b8e2-403ac65e1c18","block_type":"box","text":"relative status within major rating categories.","page_number":117,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"c1a5bae5-0836-4645-863b-3a5cae57115f","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":117,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"ce7dd1d1-af60-4139-b64d-75127de22a3d","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":117,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"edf04d79-c160-42b5-a50a-efdccbc2fcda","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":117,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"8d728f98-e982-483a-8716-75151411892c","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":117,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"d585b639-a5b8-47c2-b984-ed36caba29a0","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":117,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"2ce6714e-1957-439c-a74d-c6050b2086df","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":117,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"c8fb4b74-e3df-4641-befa-10468ae99967","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":117,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"3d9247f7-c25f-482f-8722-1b46df6e18d4","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":117,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"098e62c0-963a-411c-ae05-d7e1f4cfdc72","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":117,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"21caa5a9-2236-45b7-bfa9-868ee4410038","block_type":"box","text":"finance markets.","page_number":117,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"1412b532-13a0-479e-b3b3-fa145d4e76e1","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":117,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"4c871ada-f5a1-4bcd-8707-287bc09daf54","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":117,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"18134977-634f-422a-8232-93f74f8dcef4","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":117,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"ef1032c8-4acf-4e62-b55c-e65de3fc181a","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":117,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"12a73e1d-0468-4e73-b8bb-96de9ae6d7f7","block_type":"box","text":"commitments.","page_number":117,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"c373e5ec-a85c-4c59-8721-182297de6244","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":117,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"2f43fd70-baaa-4854-a50c-e962d06b4698","block_type":"box","text":"adequate.","page_number":117,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"7a391898-4f06-4b37-8fc0-dc28859e95c3","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":117,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"cb0b678f-841f-4efb-8810-6747bc285fe7","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":117,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"20bd5494-c613-4443-bb2e-3a037221c04f","block_type":"box","text":"economic conditions.","page_number":117,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"546c6544-3be7-4d1c-9413-844e721aeb4e","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":117,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"c1cb179b-9b7a-4ff2-8503-4ca7b1e30315","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":117,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"5741ca51-ad9a-44b9-ac95-5ff01ea70cfe","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":117,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"ccbbede4-5850-4db8-97dd-a835d8872d82","block_type":"box","text":"ratings only.","page_number":117,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"3b10dfb6-e89c-4a44-b2f3-fd6a8ddd75ff","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":117,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"20dfe9f1-f752-4006-8b3d-6a2b7630a31d","block_type":"box","text":"obligation.","page_number":117,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"f5f1e986-663d-41f1-9eb1-cbf286bfdac2","block_type":"box","text":"A-8","page_number":117,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"08bdc895-5406-4383-964d-c6baa9d1b199","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":117,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"39bccbe0-c4ce-4313-83f4-084ffdc821da","block_type":"box","text":"APPENDIX B","page_number":118,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"1a575683-ab50-463d-bfbc-cb6e6d6cb464","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":118,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"1de8bec3-1e89-443c-9924-046719b4e241","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":118,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"0c8051d0-e8c8-4161-96c6-21c3b4ed023f","block_type":"box","text":"Effective Date: January 1, 2025","page_number":118,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"840fb8be-72cd-4956-a2ae-ba59396c8f00","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":118,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"82a2a62c-69a3-42c0-9ce7-587e778e769b","block_type":"box","text":"□","page_number":118,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"4072bafb-5681-4fe6-92b6-9d491922b636","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":118,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"d1b70fea-33b3-4b34-bd8e-5574106777c2","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":118,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"cc7225dc-b358-43dc-b64b-87441143ae29","block_type":"box","text":"□","page_number":118,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"3a602b58-d67c-49c1-b424-17f2f6edf865","block_type":"box","text":"Money Market Funds","page_number":118,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"95b90ea2-e965-4a68-b315-192e61492a24","block_type":"box","text":"□","page_number":118,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"a0b63f9d-4940-4cc5-9d6a-be1b4b8eab13","block_type":"box","text":"Closed-End Funds","page_number":118,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"386104b7-1346-4c58-a088-15b089ef8177","block_type":"box","text":"□","page_number":118,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"ec3068f4-c5fa-4821-9b3b-d1d15823b1e0","block_type":"box","text":"Other","page_number":118,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"4076cd9c-6a82-4323-a08b-04ed86b9af6b","block_type":"box","text":"Objective and Scope","page_number":118,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"d56df1e2-44a3-46b7-b470-12c80201663d","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":118,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"34b510eb-3316-4860-ac4d-7a70f5598e4f","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":118,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"d04d3665-ce2b-4895-aa52-43c81c7f9b14","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":118,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"ec4567a1-1d48-4c71-9321-fd6abc069761","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":118,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"fe3bdafc-f9c4-41c9-90d7-a3a127030a26","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":118,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"ea810b31-6845-4b37-a2c2-1276287f7255","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":118,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"b94f0583-4cc6-4b2a-ae3c-ee0429d92a77","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":118,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"b4a887f8-ca3a-4a96-aa14-872c4579f529","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":118,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"29cf4a4a-958a-4717-9b42-e49898059b27","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":118,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"af2a835d-6e0f-4b37-bb46-94941d90ad86","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":118,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"8062dd54-5613-4ddf-83fc-0db8d59afff5","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":118,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"1c214954-4625-4042-a43a-fbdf54df8740","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":118,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"fc1b4f88-ef9e-498e-8e7b-041d19149059","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":118,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"ab565751-6aeb-4350-9143-4dfae65b6764","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":118,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"6ee3f2b2-891b-4223-b086-16a91080e8a5","block_type":"box","text":"Conflicts Management","page_number":118,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"61083594-da1d-4ca3-a7f8-c79fbe2d4124","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":118,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"eed5f229-b1b9-49cf-bc8e-b7b99a0e8abb","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":118,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"37729019-7dcd-4b82-97a1-227972b59b3c","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":118,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"1c79b1b2-c5c8-4550-9842-26fa758a4422","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":118,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"17b511a0-2eeb-4205-a23d-d29292dbc84c","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":118,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"7351d854-3efa-4046-84d0-30e86e4d1ae9","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":118,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"c6b933db-73f2-44bb-8b25-26b043b09e71","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":118,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"b98e2828-8615-4fee-8c7c-88dd9276d511","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":118,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"8281d711-1905-407f-9c7f-90c35f109c09","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":118,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"ebf5f472-24af-4117-8b0b-cf82dd33efd5","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":118,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"6dc6cfa4-3b95-495f-a76f-f1bcc4234c71","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":118,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"2b2cd848-d89d-4827-a9e0-e472cb97e7a9","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":118,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"655f3937-f5e8-4117-b8f3-18559450c068","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":118,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"16356cec-7ef4-4504-99ce-bef27d404c8e","block_type":"box","text":"connection with proxy voting.","page_number":118,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"8da44848-8e1d-43b9-84b6-d5adf936a5e3","block_type":"box","text":"Reports to the Board","page_number":118,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"dd450274-d000-41b2-abd7-e4dd90ac54ee","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":118,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"0dd34e26-83b1-4c3d-91b0-e081bede7d56","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":118,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"88caf011-a009-4523-80fb-932b33a9eebf","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":118,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"ef46b454-417c-43f9-a32f-30f779616a13","block_type":"box","text":"changes to conflicts management practices, that have not previously been repor ted.","page_number":118,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"3a40518e-c83b-4ba3-bf95-1ec33d7973c5","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":118,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"639ea27d-5c34-458d-96eb-997508aca9ac","block_type":"box","text":"BlackRock","page_number":118,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"6865f123-f75f-4eea-bc49-d817d19c46c0","block_type":"box","text":"Public Page 1 of 2","page_number":118,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"894dd737-cf08-45b4-900d-bcb9dd84c499","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":118,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"25598403-35c4-4969-a95d-be55385f9412","block_type":"box","text":"Appendix A","page_number":119,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"96c43d09-76b2-488f-910c-d061dce3772c","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":119,"box":{"x":135,"y":98,"width":347,"height":9}},{"id":"2a92bc2d-8fd6-4158-9f56-584271bdad1d","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":119,"box":{"x":135,"y":120,"width":413,"height":9}},{"id":"1c631d4a-12d8-469a-a68f-e7e54e65a1bf","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":119,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"aa562d3e-b749-45f1-8af8-a82a86682dde","block_type":"box","text":"BlackRock","page_number":119,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"b300d813-8231-42bf-8c2d-2633e449731d","block_type":"box","text":"Public Page 2 of 2","page_number":119,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"c6e0db04-ea15-4b1c-8df5-1359f30858b0","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":119,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2f727293-5d42-47e3-8f74-c891c33915f8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":120,"box":{"x":334,"y":45,"width":311,"height":11}},{"id":"e17166ca-4c4a-4aa0-b70e-777f50f316a3","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":120,"box":{"x":337,"y":67,"width":304,"height":11}},{"id":"3065ac3d-a492-4e74-b62b-021b661fea2c","block_type":"box","text":"Effective as of January 2026","page_number":120,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"b405916a-63cc-49b4-9bbc-ac47479e2c0a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":120,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b591eb0a-3842-46af-be93-fbf2b08788bd","block_type":"box","text":"TABLE OF CONTENTS","page_number":121,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"bab77828-afc0-48c0-b472-b9707a7f65fa","block_type":"box","text":"Page","page_number":121,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"f82d8c89-d3db-45c1-9190-5b9ec0d4de45","block_type":"box","text":"OVERVIEW","page_number":121,"box":{"x":74,"y":84,"width":79,"height":9}},{"id":"97ee71c4-ba39-4a1e-b6bc-76226d736897","block_type":"box","text":"....................................................................................... 3","page_number":121,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"d4b72554-1cee-4a05-87b8-36c8f8960acf","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":121,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"dccc2b37-dcb1-4c16-9c32-315c28c8a17e","block_type":"box","text":".................................................................... 4","page_number":121,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"94ffb363-4048-44df-aaa4-e3f19ea6cdf4","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":121,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"f306f717-e324-45b1-9318-b092afb9b73a","block_type":"box","text":"............................................. 4","page_number":121,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"e57004a0-848d-4f9a-9a17-e821f1a20495","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":121,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"6208c0c6-6332-495a-8665-e127f37e8e96","block_type":"box","text":".......................................... 4","page_number":121,"box":{"x":528,"y":134,"width":376,"height":8}},{"id":"25e7ac99-c08b-4593-9a61-9185bbcba235","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":121,"box":{"x":74,"y":150,"width":433,"height":9}},{"id":"bd962d64-5323-4526-a82f-1565e84951e8","block_type":"box","text":"............................................ 5","page_number":121,"box":{"x":512,"y":150,"width":392,"height":9}},{"id":"3222f8da-e7e1-428d-83e6-9c3dca0c0712","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":121,"box":{"x":74,"y":166,"width":178,"height":9}},{"id":"4d194ad6-b98c-4980-8d46-ed003410e944","block_type":"box","text":"........................................................................... 6","page_number":121,"box":{"x":259,"y":166,"width":645,"height":9}},{"id":"2c1daf29-d676-4e90-bf81-9994cab0a86a","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":121,"box":{"x":74,"y":183,"width":207,"height":9}},{"id":"d03ae887-2e7c-4cd4-b8a2-7590d33694e2","block_type":"box","text":"....................................................................... 8","page_number":121,"box":{"x":292,"y":183,"width":612,"height":9}},{"id":"34cead92-6afa-4e26-ad57-df9ee3269489","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":121,"box":{"x":74,"y":199,"width":325,"height":9}},{"id":"b41f3b3a-0300-443a-b14c-0ab3641fdeac","block_type":"box","text":"......................................................... 9","page_number":121,"box":{"x":406,"y":199,"width":498,"height":9}},{"id":"2788023a-4c47-4456-b330-e416abd5d9e6","block_type":"box","text":"CAPITAL STRUCTURE","page_number":121,"box":{"x":74,"y":215,"width":156,"height":9}},{"id":"ae4e6751-4939-449d-9b22-1ae78fd3ca6f","block_type":"box","text":".............................................................................. 9","page_number":121,"box":{"x":234,"y":215,"width":670,"height":9}},{"id":"14b947f5-3190-406f-8f06-a180c066f116","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":121,"box":{"x":73,"y":232,"width":315,"height":9}},{"id":"fa953c3b-4a7a-4e2d-9153-ed8641b44d76","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":121,"box":{"x":398,"y":232,"width":506,"height":9}},{"id":"f6f471ad-cd49-4e82-94c5-2ad795d20c8c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":121,"box":{"x":74,"y":248,"width":430,"height":11}},{"id":"642981fe-5f23-4639-9c63-18ca07acf8bb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":121,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"41c5f236-ab6c-4f31-8704-95166ed12279","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":121,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"69db4f0d-a71c-4b29-a627-9fc82a302c3c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":121,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"2a786baf-693e-4937-9af6-bb8ec5cc5909","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":121,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"ddf40629-1113-4bb2-a57c-7e240ae73c37","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":121,"box":{"x":283,"y":281,"width":621,"height":9}},{"id":"7070a08c-6233-4a02-a44b-74b77ba6c9da","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":121,"box":{"x":74,"y":297,"width":259,"height":9}},{"id":"864ccabf-9f1d-4331-86b3-685ea792eaaf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":121,"box":{"x":340,"y":297,"width":564,"height":9}},{"id":"b33bc439-0463-4b44-9057-1cbd5e3c4c50","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":121,"box":{"x":74,"y":314,"width":489,"height":9}},{"id":"7d256e9d-2409-46ff-a819-d77a5d0dc4ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":121,"box":{"x":569,"y":314,"width":335,"height":8}},{"id":"3456db74-91ff-4e80-9872-de87772fe0dd","block_type":"box","text":"KEY STAKEHOLDERS","page_number":121,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"369dfca4-6046-4170-b97b-997881fd2504","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":121,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"22b8d99a-813d-4183-8f6c-36562eb4dd77","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":121,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"0bff5f64-e91a-46d1-86ef-cc63e76aad1d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":121,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"dfcdd564-5021-4a7f-9738-42e2ad022c31","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":121,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"e58484eb-4469-4b88-be07-1ff1938f7fb1","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT STRATEGIES","page_number":121,"box":{"x":74,"y":378,"width":339,"height":11}},{"id":"42b90ebf-76e9-4548-9029-e077f991500a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16","page_number":121,"box":{"x":422,"y":378,"width":482,"height":9}},{"id":"f6c88952-9a1b-45e5-99e4-69f8fa02ccc7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":121,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6501a78a-9c91-41f2-8404-948241458552","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":121,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2e5f678e-7380-440c-9868-421b9e00f13d","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":121,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"862871ea-959e-4563-bd62-eaac3e8211f0","block_type":"box","text":"OVERVIEW","page_number":122,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"22e9f0ce-f115-424b-bc26-eac724f0f89d","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":122,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"bd64bc26-07f7-4d82-be9d-865cc72b28df","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":122,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"8f4b9cd5-f9b4-4aa3-b3d9-6bf66f294674","block_type":"box","text":"issuers.","page_number":122,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"48ca8d13-8635-46a2-9651-ab86685b6adf","block_type":"box","text":"1","page_number":122,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"29c7bb47-b60a-4fab-a692-73ad2cf1dd97","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":122,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"b05b1121-0b69-4288-9115-8657210527d2","block_type":"box","text":"2","page_number":122,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"4dedcf44-b957-4019-91d7-d6eb1935e7de","block_type":"box","text":", providing exper tise","page_number":122,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"b1b08369-b25a-4ab8-8f8c-fd7a3e482073","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":122,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"5bb4ab9b-fbcd-4921-927d-a1d3bfdf48ae","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":122,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"8e2f1ed0-978e-4da1-a1be-48b8d333e6af","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":122,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"1f143600-bbea-4615-adb6-738bdd0f20b7","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":122,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"fd16209b-1716-4ee8-8f85-8a6984600e48","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":122,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"28380687-5e6d-479c-80a2-9ca0020544cc","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":122,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"563f25ab-241d-4161-8210-5ce6b52cd2f4","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":122,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"4f66408f-04cf-4e9d-980a-5311e46c7f7d","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":122,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"bd593e9f-83b4-4cbe-851f-7b81efb3bf31","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":122,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"6a67e8fb-2756-4da1-be3d-9495a272ef16","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":122,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"b654968f-f3aa-4c91-b366-80d05406c7bd","block_type":"box","text":"1","page_number":122,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"d5354be7-cf2f-4512-a111-97f0fb036005","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":122,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"ab056b1a-71ec-41d2-a368-b624811cf10b","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":122,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"768326b9-a9f6-41c7-900e-cd24bc3cd474","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":122,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"3116c4b0-db71-4224-ab17-6bd19beafcc8","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":122,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"db58d4a9-1325-4837-a07d-477ff555714c","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":122,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"2906b0b0-5692-4ff8-9786-82cebce77340","block_type":"box","text":"2","page_number":122,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"e38d5299-a109-4e28-9786-875b75642381","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":122,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"3420a0af-3736-4a7c-973d-b8a4e502570d","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":122,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"a47fbe33-8bb2-4c1f-8dab-fbd81cde5cd1","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":122,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"25aeb94d-6256-41f7-b000-bbbd3d777c8e","block_type":"box","text":"policies.","page_number":122,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"2af070f2-be47-4048-8a2b-fa35172a3569","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":122,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fe92fee5-202d-4076-920c-8e86d2200c22","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":122,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"eea72a6d-4835-4ee9-a7fc-415ede4b5800","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":122,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cfc0e3e1-6ab6-430b-8381-1321842b4139","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":123,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"e6bc47b5-4fbf-4449-82c7-1bd89276ff8b","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":123,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"6253109e-0b14-4727-867b-5f4f9f567c4a","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":123,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"fcd96022-5ae4-4aca-9b90-788dbdb09d80","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":123,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"21ec58c2-12f8-452d-8dcb-565663cfb8b8","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":123,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"4c5bddb8-63b8-4190-b7e4-57e325d4670c","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":123,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"e99466ee-cbc7-492c-9af3-c7b0a47c5865","block_type":"box","text":"this work with research, data and analytics.","page_number":123,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"6a49c75e-461e-440b-a4e7-364a5cd7a521","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":123,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"f8d3997d-2c26-4a28-a6a2-75c52e666417","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":123,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"caa82b09-618d-4f5b-b9f7-5076e38740e7","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":123,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"39acfd08-e2db-4875-ac06-aadb3838b421","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":123,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"40c76d5b-5f70-4735-a5e4-60b5a797f22c","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":123,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"376f462c-c352-454a-a44b-d36cd8676a37","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":123,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"14f817e9-683b-4a98-a380-7e78d9cd9d4d","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":123,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"bd334714-3489-4df1-b434-32431c703db4","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":123,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"ef360b77-f86e-445a-8229-012aa9d9f2f9","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":123,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"ee9e13bb-37e9-420f-adef-8b7c3ad03572","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":123,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"e13df9ec-0cdb-47f3-9526-4a5765d7ced2","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":123,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"19b172ee-92d2-4caa-a3d2-c5bf3d753a7e","block_type":"box","text":"shareholder meetings.","page_number":123,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"ef8aa6dc-edb9-4f56-ab0f-3e9b1e69c544","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":123,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"6f766675-cf94-423d-859c-570d46dc6e49","block_type":"box","text":"investing.","page_number":123,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"0f4b69c8-b985-4657-90e6-48329bc18988","block_type":"box","text":"3","page_number":123,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"9ef9de20-9dfc-4c04-afb9-1861ef0f75aa","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":123,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"48d8bc17-27d4-4038-b83c-acacedf7bc3a","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":123,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"46ebcc69-2b48-4b73-9a8d-4583359a7a9a","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":123,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"67edddbd-d9c3-4afa-8edb-5d425c4d3e14","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":123,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"dbf5388e-b776-4109-b4fc-abee0d815733","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":123,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"f520898a-e93c-4e59-90a1-3b18dfc39d6b","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":123,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"838550b2-942a-4d86-9afe-86b3e2b13a37","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":123,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"18fcb773-136e-422e-9157-ab06d993838e","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":123,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"2951fcdf-3970-4570-98b3-97e27cab8b94","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":123,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"26a605c2-c8d2-440c-be71-19fccf3ed3b3","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":123,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"65bfe674-ff67-4712-a6e4-92c45aa0644a","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":123,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"88504099-20eb-4281-9a2b-d086714ef2be","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":123,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"765dd5c3-d1f6-4563-bf34-a460ced53db1","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":123,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"d3d15fb3-03c5-49fc-bc9a-67b20cf64d0b","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":123,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"7e19841b-3e96-4ded-9ed1-8de75ffaf633","block_type":"box","text":"management teams and board directors","page_number":123,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"18b5527c-cb02-447f-abd5-9e9b9d2a2365","block_type":"box","text":"4","page_number":123,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"afa0f8a7-2181-478c-a253-5824687dccb8","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":123,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"b7f72c21-eebd-4cb6-a749-cc3432cbc671","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":123,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"86a76443-e1b9-482c-bfa1-bc82290d5c8c","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":123,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"4f3dccfb-ecdc-4e37-9bdf-5f22f7eea283","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":123,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"2fdb394a-3ee5-492c-a39e-418fb2a87dec","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":123,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"c713740b-5370-4c5c-8d02-e5b8c2574827","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":123,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"14093be5-4cc9-4d02-a781-e917ecc85eb0","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":123,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"1895b14c-d226-4ebb-9337-81a151dbd5c9","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":123,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"a1d5b53f-2238-437f-b943-260ddb550862","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":123,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"fffb7de4-fc00-4107-9aa5-94c9225fe8c6","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":123,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"cb64b90e-3293-4ed7-8ac5-ac534f840fa1","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":123,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"a14c7242-c906-467c-8230-ff59f0b58056","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":123,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"d639f2b7-42b9-4d31-b7d2-412136365b27","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":123,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"82e7e2ee-9e1e-4348-a443-3ee049890b54","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":123,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"f09ba569-c456-4d22-8a33-45c10e3067e4","block_type":"box","text":"3","page_number":123,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"ee72c03b-6511-40d4-9569-0240605ab9dc","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":123,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"d8402aac-bff4-42a7-a2c9-95c2a9783c34","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":123,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"553d90ca-f996-4590-8529-35c5bf4a2e3b","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":123,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"67d85234-b7eb-402c-aa30-68483b05eb65","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":123,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"a908d0dd-71fa-4ba6-910f-b8e8e9009de4","block_type":"box","text":"4","page_number":123,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"826b1bb2-c9fd-4e2c-8ed4-9646c4eed697","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":123,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"c477b506-9760-48d0-ba65-c2f43820ab9a","block_type":"box","text":"boards and their members, where relevant.","page_number":123,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"759a5559-4f16-4f70-8845-e338dbefdc1b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":123,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"96f6cc8b-bfff-4847-9c59-d3fe32a631c2","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":123,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"72693cdd-b38e-49ab-8cab-914c0769541c","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":123,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f7d54f6b-3d7b-4129-8d64-99b285052ae4","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":124,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"4272513a-24e0-4c23-8b6e-8bcde874483e","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":124,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"dfc3fd59-a720-49c7-a929-99b6be6b644d","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":124,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"628fc538-0be2-4a49-9fcd-8e76b0dc9f8e","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":124,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"4ac4c436-62bd-4042-9f66-cb6be5b2809d","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":124,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"5f60a1dd-8ec7-4aca-a5c9-1def0f0a985b","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":124,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"e3fc53f9-8ca2-4a42-a78a-739620339b33","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":124,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"4c6f3949-c060-458f-946d-7d5b28f370a8","block_type":"box","text":"5","page_number":124,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"68659902-a4f7-4f51-a3b3-2bae09c9e5ad","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":124,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"c4481039-44a1-46ce-8601-3d77823b2905","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":124,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"36aead1b-6069-4471-bc84-525dbf349b3c","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":124,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"cb0abe18-7e6c-4bec-aebc-dd013480cc3b","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":124,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"0fcd28c4-ffca-4b0c-b2bd-953d63781e42","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":124,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"f641b387-1604-4a1a-9ff7-e62db3758853","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":124,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"0b3b5196-472a-4c6a-8a44-2945c67e6162","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":124,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"2f790a7b-6c82-478d-b61d-547ef43372bd","block_type":"box","text":"5","page_number":124,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"6d6a6909-5247-4125-83bf-dfbaa99879b3","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":124,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"4e89f9ff-9c86-4fda-892c-5e231b84f50d","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":124,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"0e87a54e-1f48-40fc-a4fb-254ffd5b3718","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":124,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"74e524c5-dd44-485f-9d44-6869b896e833","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":124,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"912df5a7-6c8f-468c-9c88-cb754324739e","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":124,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1007a43b-c967-4c45-9caf-0e88e721fffd","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":124,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"45cbed1f-5222-4375-bb2c-28c0ff8bc2b8","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":125,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"f188dc93-f5bd-4b32-abf3-c57b23613a8e","block_type":"box","text":"Roles and responsibilities","page_number":125,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"7db67b4c-ef33-4e77-b2f2-e7532bd0a5b5","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":125,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"eddcc137-7b53-4bf2-b0c7-e4bd476509eb","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":125,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"6fcdfff1-013a-459a-b2a0-e68e462a356c","block_type":"box","text":"6","page_number":125,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"a44abffb-7ebe-4103-b899-3413dfc58f0e","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":125,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"02fdc862-dac4-4d19-af9b-e65a703f2959","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":125,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"caad969f-854d-4d8e-85cd-667faed1c4fc","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":125,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"5c5405bc-fb08-4449-a071-2150c7eb9a7c","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":125,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"31083cef-3976-45df-bfe9-f69bbd243d52","block_type":"box","text":"per formance over time.","page_number":125,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"826f7ad1-3c58-408d-b3f8-2e4de47ca5e8","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":125,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"21925c62-2189-4562-9c1a-8041e0467877","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":125,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"3f8e35db-194c-44b1-b312-be3e26ccf173","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":125,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"cf84c947-be3d-430b-ad70-6b5123c363fc","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":125,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"b3d315c5-f736-4368-8fdb-96ef427338af","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":125,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"5fd7c463-ef73-4e5f-8912-72acbfa35006","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":125,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"8c0c6312-59f5-4a72-8eb1-d02ae699db04","block_type":"box","text":"Composition and effectiveness","page_number":125,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"2b2025f5-875a-4a95-ac33-4ec1ba9f3a32","block_type":"box","text":"Appointment process","page_number":125,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"dfbc3871-f306-4d32-9684-c52616300fef","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":125,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"c208d1ee-06b8-4d97-b1a0-e8cc88567c69","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":125,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"17254345-e184-4065-81e2-77047eb760de","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":125,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"2ff5ea52-f2be-44a7-8c99-a9267fca110d","block_type":"box","text":"e.g.","page_number":125,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"2c78a690-5c49-48a7-b677-416b9af95149","block_type":"box","text":", sector, maturity, geographic","page_number":125,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"4c36abe2-3c9b-40a3-8606-837d36d95fcd","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":125,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"95151f62-38b9-44ab-8c83-2962a2a5be07","block_type":"box","text":"e.g.","page_number":125,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"ef4f792a-e998-41bd-95a4-d515ec3684e8","block_type":"box","text":", financial exper tise, industry track record). To","page_number":125,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"8577d252-54f6-4ac8-8ab2-c67a94fc8dc5","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":125,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"1abe36f6-b019-4170-97aa-96c1742ecb9b","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":125,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"3d95284c-8f35-4c81-8d2d-a14ba154b30f","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":125,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"95be8a69-4a6c-400f-a4ac-fa317dc6fb67","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":125,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"cb256633-217f-4fbb-ad5b-eb92f2809b21","block_type":"box","text":"and local market requirements.","page_number":125,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"a5dbe51a-9550-4a6b-93b6-56eb19af611f","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":125,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"a1843ca8-a034-4a05-b9ad-fd345a37d255","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":125,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"a8037df3-9f2f-49ea-9b08-f26cd4eef76e","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":125,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"9f7e66d4-d472-4aea-9446-135b3b2a977b","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":125,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"e0e733fb-7a42-456f-9dbf-cb5302df636b","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":125,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"95b856d7-95f7-4867-9957-7adcb60d1d63","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":125,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"bd006d05-76ea-40cc-82cc-30d989b741c7","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":125,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"2bf27bd7-c3f7-4571-afaf-d3aa8114f04c","block_type":"box","text":"Independence","page_number":125,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"beb619fb-1cf6-4639-9d9c-039ec431b471","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":125,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"b16fc25c-890b-4375-a1d3-47d62a4f0a8d","block_type":"box","text":"e.g.","page_number":125,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"f0851f71-9e84-4b3e-92e7-1f834acc0084","block_type":"box","text":", government or","page_number":125,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"ff7a78a3-296e-4a27-a960-a445884e7f1f","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":125,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"4f26218c-9070-4870-9d0b-0fac02b7db37","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":125,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"baa26603-323d-4711-b143-19f9d13f1b91","block_type":"box","text":"conflicts of interest or undue influence.","page_number":125,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"f7b72428-5fc1-4c74-81f4-5fd22f34e3c3","block_type":"box","text":"7","page_number":125,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"f4c1b93e-1c21-466d-98cd-4a756b94b99e","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":125,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"403615aa-1673-415e-b1ae-d76101761dc1","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":125,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"89d9f051-043d-402a-ae2a-cbc53a2b5c49","block_type":"box","text":"independence should meet those local requirements.","page_number":125,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"c0030deb-d349-4cef-a8c3-e8fac53cea74","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":125,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"3c7971bb-98a8-4675-905d-90003441f89d","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":125,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"5e7dbe2a-bea5-4e7c-b037-60338ae23feb","block_type":"box","text":"composition if this is a perennial issue.","page_number":125,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"fbf2d3b7-cb3a-4f33-8660-0dbec2392178","block_type":"box","text":"6","page_number":125,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"7c1238b6-6728-4b7d-a049-44c471fc959e","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":125,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"78c259f1-ae99-4efd-b682-aa6c651fefb6","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":125,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"72e05fc6-db58-46e9-9c91-1a35bb7f5e5e","block_type":"box","text":"7","page_number":125,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"7046e744-81ad-4df8-8002-0e4ea4751295","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":125,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"af03353e-4ad4-497e-a806-5b2a6b91a0a7","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":125,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"19cade97-cf55-4405-9651-bea4cc6e0dc2","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":125,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"323adb0e-432a-4b49-935e-0f6396b3f648","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":125,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"66fbec8a-90d8-4a05-8e71-c5f7bbb35dd4","block_type":"box","text":"of the company and shareholders.","page_number":125,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"64ba7d44-833d-45c7-8893-81586817acac","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":125,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c2b8e06f-17c8-4ec7-aee6-5c19bfc20047","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":125,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8f8a64e4-a401-4e0a-afed-acfd516d26ad","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":125,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8c5e66d6-2269-4870-bf8f-6fd44c3eb229","block_type":"box","text":"Independent board leadership","page_number":126,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"94ef9551-9fd2-4316-a7db-c88c2e7a9473","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":126,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"ce83df59-1304-4272-b4b9-30d6a51b5c74","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":126,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"bfe546de-e2a5-487b-a8f3-cf19f9b4d5ef","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":126,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"7cebbf2a-717a-4dac-8afd-c4bda8eee8f9","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":126,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"9097a101-2d60-41fb-8869-a6ac79e4935e","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":126,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"8ee83f82-c7f2-4b94-af65-0104297ff57b","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":126,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"e391d2eb-9ded-4b52-b40a-bed3d3811023","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":126,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"eb152295-3fa8-4478-9f7b-61f443021dbd","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":126,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"59e457bd-feaa-4d1b-aa94-e6f533d4c470","block_type":"box","text":"how it serves the interests of shareholders.","page_number":126,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"51b3d78a-83a6-44c7-8f46-1605b71c9d7a","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":126,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"31e459a3-6d07-48be-9ad5-1a8e087d2402","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":126,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"13476674-c345-4bef-a774-4a3fdde6f1e3","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":126,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"f699cff8-89ca-4653-acc1-749a4b9a3a14","block_type":"box","text":"Tenure and succession","page_number":126,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"6f88845b-224d-4a48-9169-0110da309b1a","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":126,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"6bdd2c36-611c-409e-86ec-22756ca0e0b2","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":126,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"fed5fc1c-3024-4336-8202-5738b5cfaebe","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":126,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"9984bef2-c230-4632-9be7-a0c0adbbe5a9","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":126,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"cecf3a31-b125-48c1-ae18-84ece3d3350e","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":126,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"06b9743f-2bdf-4edd-bdab-adff2fe50c57","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":126,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"bd51d9f8-f87e-4a12-bd3a-cf522681d0c9","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":126,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"5d56a384-4094-42e0-b9b6-c8b4d72dffc9","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":126,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"0f11ea26-2fd8-4877-aec9-331b6d4f0b7a","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":126,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"b0c016be-1900-484e-adb8-97de546af107","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":126,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"20d616bf-92de-4f00-a8d7-f66a86a8817f","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":126,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"fe4a51a3-ea69-4942-9de7-7f04aacb149c","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":126,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"735b4007-b0f4-4468-b1ef-0d675c6e23a1","block_type":"box","text":"for their continued service is not evident.","page_number":126,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"3b4cd83b-ed2f-439a-b4c2-1d2d834e9365","block_type":"box","text":"Capacity","page_number":126,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"8aca1416-1509-4705-ae92-72b1436ca11b","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":126,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"2f2736fe-7f10-49fc-83dd-89c0a7fc2d7d","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":126,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"4e12a46e-5532-4994-a179-f0161f5d9d24","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":126,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"c222228d-4a2d-49ae-8718-350cd7ecf115","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":126,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"bcce8130-27ea-4541-a38e-c9fa0fdcf820","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":126,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"0d8424ef-f106-4651-a063-01e54b682aff","block_type":"box","text":"determinations across markets.","page_number":126,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"dc583a51-09f5-4ef4-b95e-7e464f91b145","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":126,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"a55849f1-1a46-4fd0-8934-469905787734","block_type":"box","text":"their duties to the board and company.","page_number":126,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"98b3e38f-aaf8-41aa-83fc-908c3f11e68a","block_type":"box","text":"Director elections","page_number":126,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"0e477ffe-5cd6-45a5-b43d-2874d2cc400b","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":126,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"f13e338b-e1f4-48a5-b885-06110eb22172","block_type":"box","text":"structure","page_number":126,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"0657a6db-ab18-4504-8a6a-ec72269b2052","block_type":"box","text":"8","page_number":126,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"5327ac8f-b605-41d5-8e36-59c5bfb3525a","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":126,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"70cf4533-a00e-4a24-93bc-81c3f8d9ee0f","block_type":"box","text":"basis of its business model (","page_number":126,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"19f1b9ab-775d-41e4-a8e8-b7b765d07b52","block_type":"box","text":"e.g.","page_number":126,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"9b66d5f7-b809-4a13-a7cb-1321a6b97d9d","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":126,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"b60d0a57-2af6-4993-be78-5bd164520d3b","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":126,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"206a7749-435a-46bc-8419-7aac0cefe936","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":126,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"f9d44127-c39a-4229-9952-b1fadabd81fe","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":126,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"712f1d10-76ef-4baf-8066-d75b1e25f7af","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":126,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"869abe51-0dc3-4c9a-a3f6-b562d70e0798","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":126,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"2d40c265-85cc-4262-bfd2-1fb9765258d8","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":126,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"db50c735-1d55-48bb-a9a9-ec63afe65049","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":126,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"3a63217e-a5dc-4491-89c7-ad2bdd70a610","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":126,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"32843bb3-6a1d-4c37-95cc-53b7c14e3dec","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":126,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"2242f656-5170-46fe-9c2e-2e0fb799c5a8","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":126,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"5e8eeb81-b8bb-4784-9cdb-ac67dc071304","block_type":"box","text":"8","page_number":126,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"3edef804-9f35-452c-a809-1159520b79f3","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":126,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"f4953e84-9b3b-44d7-b973-eb9687ad74a1","block_type":"box","text":"directors stands for election in any one year.","page_number":126,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"53c7b87c-a955-474f-aadb-a22e4ed92324","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":126,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a635b4e6-2469-4320-93f6-f9b84a37cca2","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":126,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"43776ebc-6b4a-40a3-99bb-680921929351","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":126,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"faa570d0-7dd6-4271-baed-ea4b198e7804","block_type":"box","text":"Committees","page_number":127,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"5dfef9e5-4097-4de1-85ef-7a7baca64eda","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":127,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"5ad6c2e5-11ef-4166-bea3-fa1dc672f695","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":127,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"7b7a441f-cfdc-4dd3-8ec3-945020d3e294","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":127,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"f652bb1e-11f0-473d-ab3a-c5066dc93426","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":127,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"a49dbfba-f6f2-446b-8508-7c2831490214","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":127,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"965eef1f-2c10-42a0-9553-e7e38aeafe96","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":127,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"586c405f-34ea-4421-a458-71f0b146dc1b","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":127,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"ca52b17e-69e1-4b74-9fa5-200d6bed347d","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":127,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"6ebf416e-7585-43cd-884a-54e567d5a273","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"3e077610-b52d-4624-85ce-bcf5d6472d48","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":127,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"f2806a22-ead7-4655-8cd0-69106e0a4bf9","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":127,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"849ea9cc-48fa-477e-a44b-930e28a4e041","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":127,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"8a7057fc-0fe4-4625-82b2-177c95758f6e","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"85d43ea8-e47f-437a-93c2-064e91e717d4","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":127,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"8734f1f1-a31b-4dcc-9bff-2be3eb7deec4","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":127,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"e0f6187b-9f8d-49af-9888-36b73e8c4606","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":127,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"20fdbc40-23a5-4d8b-9b7b-fb7069bcf34f","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":127,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"ec9bd6a5-3a0f-4c26-ba76-b2e9e63e8275","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"1deb3394-0ee2-472b-9784-58eb362bca6a","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":127,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"57605f36-b264-4a13-921a-3075bdef4db0","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":127,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"95a61730-beba-46bf-b308-bf24ce2ca96a","block_type":"box","text":"firm-wide compensation policies.","page_number":127,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"035aa07e-edf5-4f74-9238-0cb75c2baba2","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":127,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"1c392e2d-d920-4110-b1f3-370af2b9f205","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":127,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"a37d3558-4ba7-4e4c-a25a-8218bb42de61","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":127,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"150b76f2-01b2-4ddd-a070-489025117cdd","block_type":"box","text":"Board and director evaluation","page_number":127,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"31c18417-c8ae-47c0-afc6-61a872c5d28a","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":127,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"f00737f5-c8df-44f3-83c1-29dba49fc236","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":127,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"26fd0cde-9657-45c4-8c3f-94c054510b35","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":127,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"3644ea40-c9ab-4e53-97c5-610db451056d","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":127,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"cc5190c7-51c2-4b29-9e02-4441bfb60957","block_type":"box","text":"a result.","page_number":127,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"894b1708-8292-4ddd-a52a-a8945a5144a3","block_type":"box","text":"Access to independent advice","page_number":127,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"23a2b798-5f4c-4601-819e-3d243f8b9532","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":127,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"55416fd1-4901-46d5-89b7-6d3e61d0b173","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":127,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"a2c3363f-4309-47ee-84fe-d500e9546fbb","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":127,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"9c46f0ec-c132-40bd-a4e5-f77f992a9ec9","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":127,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"20bef826-4c21-48ce-9513-3739644ed7af","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":127,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"a260f40e-e0c6-4c5e-851a-44c4fc7a87f8","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":127,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"1bf5e6ee-ab33-4bdf-b12f-c40a93c0fcee","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":127,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"b0ec3772-c6d4-47ed-8bdd-9ec7334a97a4","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":127,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"ef885bb1-2efa-4fbe-981d-6d74f8064a3a","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":127,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"f1ba41e1-3b2c-4c08-9f83-b9e009b3bb18","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":127,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"1f67f45a-1147-444c-b127-b0a5fa62d73d","block_type":"box","text":"per formance.","page_number":127,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"38e083f9-1d44-4f45-a5ca-bbf0465f81eb","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":127,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"b1d90c6d-98b7-4126-9c9b-2ea51fd0e057","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":127,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"65fe379b-3ddb-4193-9f0b-fe3084122098","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":127,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"c0ed29b9-b23d-4e3b-8cc5-0ae960f81f8f","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":127,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"1b3a1635-9fce-46ea-814f-8d4969a9c3b0","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":127,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"879b243d-06ac-4090-aa63-695995ab3966","block_type":"box","text":"recruit and motivate.","page_number":127,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"75654c8c-37ab-44c0-81d3-9fe189d06f6d","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":127,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"7bff7f75-b9d6-4baf-ae24-62c32911bebe","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":127,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"2b247965-d923-468c-bb00-110f05c230fc","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":127,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"ffea0e60-a41d-46ca-8cb4-f67c206e6f6b","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":127,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"0ab1c136-01b4-4850-bc50-118f8cb3c161","block_type":"box","text":"arrangements include:","page_number":127,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"92c02168-f0ca-4f15-882f-c159561f8a25","block_type":"box","text":"•","page_number":127,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"1fb84b55-e3cc-4a4f-953a-ca8058d4b07b","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":127,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"8429df26-c11a-4b32-82a4-42e092cd3fd6","block_type":"box","text":"the company’s size, sector and market.","page_number":127,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"cba16ff6-041c-413f-a07a-52f62a1bb285","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":127,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2230e2bc-5056-4d79-9cf5-35cf0d9c196d","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":127,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7b16d9d7-1a0c-48b0-bf0d-d7607d7f61b5","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":127,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"643cc23e-18d4-457f-9b61-baec88b4c23b","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"54ec85e6-9ceb-42a2-b7e0-a7ba8a8caa83","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":128,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"144f9bc7-cae8-47b8-bbf8-442f83375636","block_type":"box","text":"strategic objectives.","page_number":128,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"e14e3925-da54-4435-ba62-7853e5acfb74","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"fade9ed0-6511-4a25-9641-f7052308e8d9","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":128,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"43212bd5-526d-4443-a82c-202ed8e7b67a","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"9668bf26-6ecb-46dc-88a7-79565d35fef6","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":128,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"33dc05c6-c9da-4050-a1cb-44bb52b9d018","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":128,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"d2a20b27-6034-40d7-bbd7-9fc46efcf62d","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"07482879-4f3a-4c72-9b40-91a78b568e08","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":128,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"f006e448-b18d-44be-9bb5-b80e97cc3c89","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"a6e66e91-321d-458c-8711-6930b2ec8a12","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":128,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"6b746177-58c1-4e75-b8a6-ac27af73a8ec","block_type":"box","text":"transparently.","page_number":128,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"ab8d0936-896b-4069-b432-024fc7d7a09f","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"202a3679-6fdc-4780-b2bc-cf0b72327ae1","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":128,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"14167f6d-e2ba-4f04-af6f-92f56ac9eea6","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":128,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"33634419-1f6d-4e97-8b9c-4cee49e893c1","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"5ab0e6a8-108a-4d9f-89af-d41541061693","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":128,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"c43b74ec-f3d7-4be6-856d-c0839476b989","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"9d9dd8fb-0ac4-4bac-9dbf-0348534e8525","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":128,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"65a71597-d5cc-4513-be3c-224519d5dbcb","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":128,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"877c8e6e-895d-42a7-a13a-b190fc9c421d","block_type":"box","text":"misconduct.","page_number":128,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"4881ac09-74c9-4c94-8278-5ee3dbe93424","block_type":"box","text":"•","page_number":128,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"7cd66d1a-3e5c-458b-9974-e53128abe694","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":128,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"eef257ad-9ac5-4936-ac50-25569266a538","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":128,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"93922282-57b5-4a3d-bb5d-5a3df4f4177f","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":128,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"3234e053-7003-43d4-b302-6a606e6a25cf","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":128,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"9589c751-7754-48e3-b283-6f6c23434190","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":128,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"e9f03c4f-aaba-4113-9ad1-17c99bf97aa3","block_type":"box","text":"committee, or the most senior independent director.","page_number":128,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"2bbbc5c8-5bc8-4ee4-942a-72a9e3b4a128","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":128,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"ef0fc58a-4aba-4fd6-b7bb-337e11b51b7b","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":128,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"33362dd4-bdcb-40e0-88f8-054de9b240ba","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":128,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"60133416-c179-44ab-a162-3be6a1087ad1","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":128,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"b1d1d028-01c7-4e74-a59d-9071fb7b6521","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":128,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"81e07c6d-9f1c-4101-83a1-09741662d995","block_type":"box","text":"CAPITAL STRUCTURE","page_number":128,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"3f57ce40-48a8-4f93-ad22-dac62a3aeb82","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":128,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"e09fb3b0-fb99-4127-a216-8c385764ec2e","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":128,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"34d29ef1-ec0c-4f9d-b7bb-c177b40f237f","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":128,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"fd4effe3-4b92-4074-af01-969d320b47d2","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":128,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"cdc4e9fa-88a4-4793-a07c-67a0471f166c","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":128,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"09ce8811-1fe3-4e3f-aba4-407e9d39839d","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":128,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"a9a0d562-4f97-4a70-ac1c-622d42104974","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":128,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"a3debc01-3553-46cf-a2b8-de2845c58724","block_type":"box","text":"Share issuance","page_number":128,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"74da51ed-0443-41ef-80e3-a3162803836c","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":128,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"6e6decee-9f44-491e-b52a-0daa6c1e35ff","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":128,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"7d61f263-be86-40c5-b730-47b07feb0f97","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":128,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"98ee5200-efbd-4b49-b157-e5ffb18ee94f","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":128,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"6e60f037-c929-44b7-a080-1e434e5c2fae","block_type":"box","text":"market environment.","page_number":128,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"d48b2ce7-880f-46e2-8ab2-2f40d14cff65","block_type":"box","text":"Share buybacks","page_number":128,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"7eaa5588-e74b-4527-bb27-7ae5bdfd3262","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":128,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"90dc118c-09f3-4164-aa90-9a51d7c0f687","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":128,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"79076033-bda2-4622-8d96-47ee1a336b24","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":128,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"705183f9-7e2c-4ecf-b198-5be5c0ae3b35","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":128,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"ec1e2d38-f4b8-4490-835f-c4509e3b61e6","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":128,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"d860741a-bfb0-423c-bd6c-47e5725d3904","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":128,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"7caf0efe-8182-4237-94fd-bc2d77184e90","block_type":"box","text":"of the company and the market environment.","page_number":128,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"4bd1a495-c57b-4887-8e63-b0641202cdc2","block_type":"box","text":"Dividends","page_number":128,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"25e6353d-dc2b-42ca-adcd-aa0bd4f4ef2f","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":128,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"7fe23325-1ae5-422a-84f8-c96f740b6ef9","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":128,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"279c1559-280e-42d5-a651-65b35a732ffa","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":128,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"62403e67-5a35-4758-9903-a345f0378ae8","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":128,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e4994121-de9e-4127-9fd9-da947b493655","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":128,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a9bcb4b3-255a-48fb-9618-19cb519fac7b","block_type":"box","text":"Differentiated voting rights","page_number":129,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"01b48fc5-912f-48ab-ad4d-38ccdcb76160","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":129,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"57f32f91-8384-419c-a649-a2000c8f3ccd","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":129,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"56c2dd4a-4ee5-4ae7-9af4-b0031d7b0a7f","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":129,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"82a70a68-d422-40c3-ac89-dffc168baaf6","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":129,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"09b7c53b-6fec-4895-8d55-5ec1d860e03e","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":129,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"9defc4a8-8b3b-4bb3-bc21-b032070391d7","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":129,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"53491c9a-bb97-494b-82a3-5d83dea37d32","block_type":"box","text":"analyses of proposals.","page_number":129,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"9d72e35a-0172-4d06-a523-eabe3ec9780b","block_type":"box","text":"Mergers and acquisitions","page_number":129,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"cae484fa-3377-4e66-9d0a-3a0e5ae682da","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":129,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"57b3933b-32ee-455d-a627-05281570d6da","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":129,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"37d93072-e607-4720-a7f9-ae9844499399","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":129,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"19158b84-9377-46af-8959-fdfd4c555492","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":129,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"1d3e9f33-74e1-4e3f-a95e-0a3b467580b3","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":129,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"0e45abd5-906e-4791-b651-9fd41355acbd","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":129,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"47c192b2-dce5-4874-91ee-622e47621617","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":129,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"6be379bf-e2ba-4a73-9910-4997f188b483","block_type":"box","text":"Anti-takeover defenses","page_number":129,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"74dca9d5-58aa-4035-9b94-6c41eddd2180","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":129,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"0273b92e-4cf1-4c1f-9b0f-304804195b99","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":129,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"b315eecf-2bed-4da7-8df8-39affa5682fe","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":129,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"5c8eab9a-9d06-41bf-a74e-5fbd968e8e88","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":129,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"9080eb92-05fb-4f06-a4dc-b3d5f4d1e931","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":129,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"9250eb01-374c-4f50-b8a5-0c4a94101e13","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":129,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"7d76ec2b-3a8e-4638-9666-4400f91cc925","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":129,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"3cd49b0c-6f9a-4f0a-9c1d-65b5af26e990","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":129,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"6ff52a35-4297-41cb-b72f-046ae2b7e274","block_type":"box","text":"Shareholder activism","page_number":129,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"49e4304c-5a0e-437b-bb30-bfc390b5f59f","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":129,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"b056f68f-91f5-4c52-8f36-83ec05e69383","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":129,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"1169070f-9719-4728-856f-84520a5dea46","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":129,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"3ee831f3-46e0-46d5-9b72-750544506274","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":129,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"adaeff3d-3c23-4930-85a9-f505c9e63494","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":129,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"31788439-bead-42a0-94d2-c2f617c2f800","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":129,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"a463fa56-6a69-4152-a2f7-ca9e3123f3eb","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":129,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"61e0b9e9-a903-4497-a6a4-d49c5798970a","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":129,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"6d9b9671-7143-412d-99aa-7a13da6a12d1","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":129,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"343336ff-b30f-4a35-8e1e-aeda1e21f3d1","block_type":"box","text":"protecting shareholders’ interests.","page_number":129,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"7a52f60b-add4-4d2f-a50d-152dcd1fb810","block_type":"box","text":"Significant shareholders and related party transactions","page_number":129,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"46874cd9-0990-457d-83e1-26603538127d","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":129,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"9cc4dd0d-178b-44dc-affd-e86dd9d7b2fe","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":129,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"edf3b9e2-ace6-407c-9c32-3c15c9040ba6","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":129,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"2fc48da3-1e75-4f61-9e08-de26e2cb457e","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":129,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"afbf561c-fcd9-47d0-83c6-a5c1e9fb6424","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":129,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"cb49b678-ee23-476d-8356-b0caf746b796","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":129,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"44c04d43-67d6-47b7-b138-05cdfde32338","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":129,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"5d43d86b-a919-4847-a120-f1506347f8bc","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":129,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"56832408-9d9b-4348-ad90-6a69e815d48e","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":129,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"cdc10191-83a7-4eb0-86c4-7e00fabd21ef","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":129,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"3475ae2a-886b-4221-b265-4607e20796f9","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":129,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"0e2b80e7-f007-49da-a1de-0151bdb150a1","block_type":"box","text":"audit.","page_number":129,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"588b0769-24b8-4134-ab95-299d22afc9bb","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":129,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"9cf598b9-d3b7-4a78-baa7-076f92e216f0","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":129,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"bcdc34e8-6f82-4d87-9b14-8ba1e571b2e0","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":129,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"0f8e1f6a-2e49-4fc9-a5a6-5cd6433d2c4c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":129,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1eb12874-438a-4c7f-aedb-97cb1d38a3ea","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":129,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c2b6843f-1b7d-4c4e-849b-798c4cb1909b","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":129,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a42d929f-17ae-4fd4-a2a1-bf39202f106e","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":130,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"2eec5398-eebb-4552-a4a7-2983edb132f5","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":130,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"463a407d-8a41-46b3-b789-5ac2c653a810","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":130,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"85d75d73-446a-4ccf-a0bc-4db56099ac24","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":130,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"3bfb281b-bbcf-4343-9170-d97ce19eea84","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":130,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"23d89c18-6840-4510-9700-f9a6c07bebbb","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":130,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"ffe266f7-d244-44be-9d78-1f5e5151a5f0","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":130,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"0206d0a9-40a7-4211-9738-50dfa288cedf","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":130,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"76686db4-08a8-4823-9f34-719ee904875e","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":130,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"28fe61fc-35ce-486b-9d50-8f8f1a115962","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":130,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"0ba22d7b-8cf4-4f8f-bbb8-8e132eba4bd1","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":130,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"cad59aae-501f-40ab-b36d-ad23bc42c7bf","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":130,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"5f6867ca-a0b0-4a9d-b84d-1050d7e934d2","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":130,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"c0a7df8e-bcd3-4cf8-89af-75d58d94cb9c","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":130,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"2e99aa50-63d3-4698-b2df-64b35fd7bc3b","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":130,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"26e1fff9-7044-4811-9f69-4b4599ed1ae5","block_type":"box","text":"9","page_number":130,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"ee312a66-9430-4c79-9a64-c0bfe8108646","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":130,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"d54a9438-fcf9-42fb-9dc9-b1e882808b22","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":130,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"7eabb87d-fa89-4f8b-a5a3-6216e4eeaa45","block_type":"box","text":"standards specified by policy makers.","page_number":130,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"5cb5858c-6ff9-4d02-9bda-4d324583510a","block_type":"box","text":"10","page_number":130,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"877411f5-ea6a-4bc1-87bb-97ebbd0b60b2","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":130,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"4c53175b-d6cc-4bc9-9130-f3c314232f4b","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":130,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"31c7937c-8406-4d17-83a0-5450883236de","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":130,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"d480c3ca-a1aa-44d5-92ea-96340bf391fa","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":130,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"eddb1e1f-3665-4b17-87e0-15575ff340ac","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":130,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"054cd352-bc3b-4017-9afa-4d21b3710902","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":130,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"fa2ed17c-1fa6-4b77-9904-2499e11f6ae6","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":130,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"a6bdc818-5c63-434a-99bf-5f2b2e47abe0","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":130,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"9222c4c6-2038-4ccc-95b5-05bfc20c4a20","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":130,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"f744e237-05a7-4dbd-bc46-9792903cbd91","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":130,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"7eedf06f-a027-4406-a9d4-0106b475ba3f","block_type":"box","text":"remained independent.","page_number":130,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"32fde971-4be4-4d9b-9a01-cc3d66ebc3af","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":130,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"1a36fea5-310f-4a4e-a594-94a1ebce24fb","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":130,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"229a881f-aae6-4810-830f-c1c463ff1bcc","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":130,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"7b73eeb7-725b-4f64-9076-9be1fc5df052","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":130,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"9004916c-0c73-48e4-b881-d04cd344332c","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":130,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"34304095-0204-48b7-b25e-bcae366c863b","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":130,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"877d89c3-fe71-4838-9ec0-ff0d36fc95f1","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":130,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"94b34381-d591-4ee8-af89-c4d5dde80ff3","block_type":"box","text":"General shareholder meetings","page_number":130,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"c992a64e-016f-4893-b5f9-e7e69950d8fb","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":130,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"6cd9d124-9cac-4bf1-bb11-9ca92d95ba57","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":130,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"7dd6fec7-b5ea-440b-bdb1-a0563bc278f3","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":130,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"8adced5e-43f2-4935-a5f0-ad61daa12ed1","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":130,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"2522231b-0d7a-407c-a792-7ebb1c9a20f2","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":130,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"4c9471f3-8692-4afc-8cfd-c58947ff2c3a","block_type":"box","text":"an in-person meeting.","page_number":130,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"5b738c72-088c-4c3d-9aa5-1f8e0c3f3df3","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":130,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"fc9e5fed-3459-4fd4-938e-b997f2ca4397","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":130,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"1dcf3ab5-12fd-4e7d-8aa3-193703eee4ea","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":130,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"a8488bfe-1f38-403d-8b6e-e7e10c2fcd75","block_type":"box","text":"par ticipation.","page_number":130,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"3c0fcec6-74c4-4226-83a6-82bc699eb6d6","block_type":"box","text":"9","page_number":130,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"9cc32f45-335d-4541-8401-311c09996833","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":130,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"6595a736-4e08-4ee7-95ff-e66b13da3ad1","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":130,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"a0e88d7e-742c-49a4-b1d1-9e792de9ffc9","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":130,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"a5713513-0513-4535-b765-6b8a577c1d8b","block_type":"box","text":"Disclosures.”","page_number":130,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"adb1b61e-0c33-4d9e-a466-11cf7f124285","block_type":"box","text":"10","page_number":130,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"9fd2f047-0f1c-4b98-9e99-9f0186b10bb5","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":130,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"3f98577e-b89b-4ea1-b209-ece72b67a7ec","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":130,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"558ed63d-735e-4390-9d1e-a6846b867a92","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":130,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"00e0b3c4-3f62-405b-9589-3d3aac002463","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":130,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b3be17c2-fb3d-4118-9bb4-b98cdfc12dfb","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":130,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8505012f-b812-4ea6-a2e0-b9654cb231e0","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":130,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"70730759-8980-4624-b011-f6b510719d16","block_type":"box","text":"Bylaw amendments","page_number":131,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"e03f8809-fa99-4263-acca-bee324bbcee4","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":131,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"438f0f6e-88ee-4229-b016-6b7819c5cb6a","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":131,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"efe1baf4-7727-4015-8927-869b93bf6ce2","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":131,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"d1d5c0f9-4815-4821-97b5-1cef9327952f","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":131,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"b86710c7-b227-4760-8bee-36d76c619f78","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":131,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"d3dce37f-4c00-4d1d-bc87-c3c4ae664669","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":131,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"0b14eaf3-438d-42a0-bbae-d49934462d7c","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":131,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"434ac02d-7885-4dd8-8beb-5ee4538fdad5","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":131,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"5dc46f71-2857-4763-bbd3-1cf32cea35e6","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":131,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"691366c4-1964-4145-908f-012f83b24a19","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":131,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"2e99b297-de42-4fa6-86e0-6edb210d4c08","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":131,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"647c99e8-b228-4b80-afd6-97f49338b877","block_type":"box","text":"nomination process.","page_number":131,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"dd8fa1e6-3005-4ce3-832e-ea916af59640","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":131,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"782276f3-410b-4a7a-8a4c-5a7e9df203e7","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":131,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"e0511bf2-d62f-45b9-b35c-d03c4d6882ee","block_type":"box","text":"Change of domicile","page_number":131,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"dd92734e-57bb-40c4-9036-459e43bf5945","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":131,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"01da18cb-0a0c-4590-bb64-c0c98d5c137b","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":131,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"22113b0b-0e08-4a0d-8756-3507c7797cca","block_type":"box","text":"immaterial.","page_number":131,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"39d7272f-b5ec-4de4-b99c-20a89e79d94f","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":131,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"88e9d9ac-b5a3-4d16-8b73-05285924f34c","block_type":"box","text":"with our clients’ financial interests.","page_number":131,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"738fa7d6-a1e3-49cc-866a-f6b9e0d03f30","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":131,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"7f2fe248-5a14-445a-96f3-f73d28ce39be","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":131,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"8a32e3b7-b849-42be-ae04-701340f0cf49","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":131,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"4c461630-f911-48fe-ad53-d5bf24101dc7","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":131,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"b1432a53-81d7-4d88-87e5-34649d2c8eee","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":131,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"eae304be-da36-44d2-bdd8-204dccbecb6e","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":131,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"392c8271-d160-46f3-af59-c33cf123e411","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":131,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"f9a73203-8f95-42d3-9ec7-08e0824e510b","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":131,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"c9c40cfd-2a8b-40ba-986e-49c10b2b1e43","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":131,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"fdb8fa64-50c4-4787-a587-ced80f6f88cf","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":131,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"81d9b2b9-9d18-4ba6-a340-11a7d1ba84aa","block_type":"box","text":"relevant to a company’s business.","page_number":131,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"02a1fe10-eb1d-467b-b0af-f01630c90996","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":131,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"c39aeaad-7b46-4fce-9c98-832dff699360","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":131,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"14118efc-e954-45d1-ad3c-696b6bdf83a4","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":131,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"a1d85c99-ff8e-41d3-b189-367185306318","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":131,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"da8ab9b7-491e-476b-ab94-954225877c5e","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":131,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"95fc426f-f050-4b11-a9f6-09010d1284e0","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":131,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"d51e1bfe-c24e-4c6d-a106-cf749188fd24","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":131,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"7d751a5b-43a0-4676-a6b3-bf30fe060a93","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":131,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"99af80d5-31af-408c-bea3-18b6ea549718","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":131,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"27ef3cd4-49cb-4182-807a-b4051bad47fc","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":131,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"6b71da36-a5f5-4dc9-b66f-02095f3d3362","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":131,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"fe8ee79d-1e58-400f-b0e3-8f1863fb3b92","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":131,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"ccd79d44-c23d-4e40-a189-73a4b44c31d0","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":131,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"f6d718ed-8e43-4af5-bcc8-ee806af8927b","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":131,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"c984e8c0-bf3d-407f-983f-9287417e28d9","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":131,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"648e1839-dfb3-4588-ad5a-f94e56802ecc","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":131,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"bc4d780f-a763-49ec-b980-72382ea339d1","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":131,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"5438e164-0de9-4e00-ba3c-33426fee3a2f","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":131,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"259dda23-d154-412c-8fd1-39ba364e55d1","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":131,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"ab55a85b-4cea-44ee-a7ef-e1877013074a","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":131,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"00a4b6a4-21d3-4fc3-b443-6ed880052b46","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":131,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c5e54ea1-b7e6-4492-9cc8-099f8e2e4248","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":131,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"314af18c-4bc1-404a-848e-088b0ec59531","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":131,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7bbfd929-a054-47a3-941f-d53fe565f79b","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":132,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"21ae862a-3bc8-48dd-8279-074054eac041","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":132,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"7f33789b-10e4-46ee-a409-c3055c9af4eb","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":132,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"48645028-389c-4ee3-b0c0-e0711ced5c25","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":132,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"cc0f54f2-0689-4484-a5c3-0aa20917085d","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":132,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"de524cd4-59ea-461c-adac-6bafc6fb0a69","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":132,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"97c7d968-4758-4fea-82ea-91a04b806483","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":132,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"2e8c91c5-030d-4719-9f66-c4142fe96e50","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":132,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"59cb2fe3-d0cd-49f7-b663-e5a774a6a498","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":132,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ccf894b7-3e01-4aa3-923e-bff8b830843f","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":132,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a5d72718-a00b-45e1-ae4b-187094aa0a12","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":132,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ab753d6a-2c1a-4e44-93f5-1eea01ee7ff4","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":133,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"57c99bfe-03e1-40c8-a4d7-ede15bbfe07b","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":133,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"f64eb78f-4ae1-498f-b997-8d7d9e980184","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":133,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"c5c840f5-3b0d-4f83-a8b9-18e98eccb7c4","block_type":"box","text":"11","page_number":133,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"afbd6aef-b169-48d0-b81d-581dc9efc285","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":133,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"4d5ef231-4ae8-41ad-8f26-c2ba7b1bf745","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":133,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"44143cdf-4b4d-46c9-be98-04ac3a217052","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":133,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"0c9b22e2-b628-436b-9c79-fdb1d080ccc0","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":133,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"f7132108-cc34-4c19-9107-2bd41b10b584","block_type":"box","text":"regulatory requirements.","page_number":133,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"8f95aea3-6984-4d0d-a148-2e91da8657cd","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":133,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"e6aa98b0-4981-44cf-b82b-061249b8e267","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":133,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"787721e4-cee6-44ec-ab83-267a60ed1eb2","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":133,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"87b4fa64-849c-49b4-a518-8e4f01161816","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":133,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"6bd7d945-6051-475a-baa8-c132d0535a07","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":133,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"c06dbe70-7ccf-48fb-b36f-28316ffc5057","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":133,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"3db17d0d-5018-4d52-b3bb-400635f4d9a2","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":133,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"df336d27-c835-43b6-b762-afd8aa7336ee","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":133,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"77667b97-ced0-460f-b2e8-f6c2c7806aec","block_type":"box","text":"returns.","page_number":133,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"8f12e485-ddcf-4d21-b580-317105459535","block_type":"box","text":"KEY STAKEHOLDERS","page_number":133,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"30343a7b-d0f9-4a3d-b5ff-90fe77342f46","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":133,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"92be2f0f-2d80-4b1f-8d45-ecd0bf325bcb","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":133,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"496422f9-5c54-48ce-bbf5-d7c76efda20d","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":133,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"e6ac01dd-62c1-4221-a8c5-71e4f7b1633c","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":133,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"7f8ef644-74c6-40fe-8709-566947eefea7","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":133,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"e87da596-dc15-4f55-8293-3241322daadd","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":133,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"66d2624f-7e35-43ad-82e5-6dd65b44b736","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":133,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"27cff771-c361-4940-9e75-17c35a4c006f","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":133,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"1262bcee-1e70-4fb6-a471-99eabba64913","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":133,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"fffbcb1e-d8a9-4943-ad31-32517a69f2ba","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":133,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"4e57dc3a-8d16-47e6-9f71-1898e1da232f","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":133,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"90f8f184-07a1-47e0-9ae2-782bd7c524cf","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":133,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"d7f84ee5-34a6-4707-94dd-d9254e4912a8","block_type":"box","text":"i.e.","page_number":133,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"9dd6d178-e30f-4c3d-9ab6-671ddd023ed7","block_type":"box","text":", one in which global","page_number":133,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"c9791826-db94-4cfa-8836-1c81c315ab5e","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":133,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"3def2ffc-8012-492f-80aa-a2c0777a5b3a","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":133,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"b3414578-655e-4278-97b9-fdbaaae9f182","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":133,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"afee3560-443a-4276-aa56-917c69fba06d","block_type":"box","text":"client.","page_number":133,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"b7d507bd-891f-4a73-a170-d7d5608f580a","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":133,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"041bcf3a-dc8c-47bf-857f-14ad1ac9af90","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":133,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"52d038f5-d8e0-427a-9a57-a24f906669f1","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":133,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"d4cc5049-e623-4687-bee6-14d42ce0f617","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":133,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"04042369-f653-436f-bb79-133672a9f553","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":133,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"60647699-4e32-44e2-8fba-569f77dc30f3","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":133,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"41dc4a3f-56e5-4f53-b968-51aad1b127c5","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":133,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"308679aa-1d19-4af4-be80-8bd408b7d276","block_type":"box","text":"1 and 2 emissions.","page_number":133,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"c1692b97-6364-4560-a860-c63677a61fe9","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":133,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"55298149-414f-4709-b489-e71e03a298b8","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":133,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"8120e41a-f0cf-4ff5-8da6-07b3dc334881","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":133,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"41942fb5-f36b-4916-a89b-59c28ecccb27","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":133,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"4afa867c-6832-4c9b-9403-c27f11d4106d","block_type":"box","text":"11","page_number":133,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"5764224b-0046-470c-bbb0-439af4969a2f","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":133,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"956e81bb-a8ab-407b-83d8-758fc248b58a","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":133,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"e6df71ce-4bff-4d5a-8024-9789fe80607f","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":133,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"33dc9224-ab36-4647-b116-b6a9808eb390","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":133,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"079df1fa-7be5-44c4-b227-a03f4e6a7c56","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":133,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"19ad3463-fd05-4b51-a837-3325e7cea4f8","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":133,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"b9a11727-9108-4f6e-83ef-8a89928a814b","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":133,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"b32c3187-b49f-46f0-b01c-ffa080226bb7","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":133,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"9c043df9-77c8-48fd-b1ea-e4a75c9c541f","block_type":"box","text":"sound governance framework.","page_number":133,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"22ac2e22-a025-4798-9d94-1e5adab43798","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":133,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"327d5024-10c0-480c-bb76-a1646ffc6a56","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":133,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"f7e59591-e1db-4d8a-b206-13906ed5d807","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":133,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b420d170-ab8a-4c59-a2c3-ebd99108bca3","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":134,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"f1f6acf5-b493-4d73-afcc-69ff2d05087b","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":134,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"a07f2877-2b5c-4571-a595-1dfbd4a97412","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":134,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"dc626148-708e-431f-89b9-c0ad2bb523ce","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":134,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"f35a7bcc-c7e0-4ab7-9f1f-f28495cbd0e6","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":134,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"bb73d7ad-4dee-4f46-b3cc-20cd27441389","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":134,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"b26ca969-d627-4387-bada-a81433c3a973","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":134,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b52f3da9-d95e-42f7-a068-b90bbba932c0","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":134,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ac0cea83-e2d5-4f43-9e70-0e1480b5097f","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":134,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5ee72fbe-e1e7-4db6-9bdd-73b75aff84b9","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":135,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"484a61a2-c746-4943-8df2-7ac3d83c2cf0","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":135,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"cdadd48c-a036-473b-823c-d4934a82daaa","block_type":"box","text":"Oversight","page_number":135,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"12c1173a-e67f-4664-9639-0d8165577c07","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":135,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"e92df8c1-0706-4afc-86af-f12c39e1b71e","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":135,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"ff56cb89-8fda-4336-a5d6-ef7c2d0b5ca6","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":135,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"64f5976e-bfe1-46ca-8d4a-bb354194e9e9","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":135,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"7761233e-f748-4593-a8ed-50f0fba3009e","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":135,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"cc2fbec2-d9fe-4d39-8e41-00e1d5b2d0e7","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":135,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"c6965595-7e63-4130-816e-e9f89f6565be","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":135,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"f19a873c-6424-45cb-8186-e8a14e0d89ae","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":135,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"232aad4d-f4ba-4136-a1c9-f783998737f4","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":135,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"8e6ca975-306d-43c7-9cf8-51e693bd1187","block_type":"box","text":"relevant active equity investors.","page_number":135,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"0c5a5699-96e2-4802-a75b-b67a1770c86c","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":135,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"d50024a3-13ee-41c0-a860-554d02e5d25e","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":135,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"99f9ee5a-074a-4308-b909-3063b9a2ee17","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":135,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"e3ef9ab8-28a4-4d40-b6c9-f433ee5155c5","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":135,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"1afea930-894c-487d-a8b6-3a628a0001bb","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":135,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"34bd3cc8-194f-4841-8e82-c9981e8308af","block_type":"box","text":"third-par ty vote services providers” below).","page_number":135,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"56669b52-ca17-4052-8b92-907c78be6d9b","block_type":"box","text":"Voting guidelines and vote execution","page_number":135,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"f6cd8def-2079-45ce-b1e9-a48199da45b9","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":135,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"964adc2c-e423-40b3-8175-065cc292d959","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":135,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"05a3b916-12de-48f7-81bf-41d9aee1e5ed","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":135,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"0ec3c50e-c037-446d-88f2-a9abdbf99e14","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":135,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"a3c9e513-5c96-42f2-8de4-eb67835771c0","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":135,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"29fb542f-f34f-493d-8397-ca4eb742f0e5","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":135,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"cba574f8-3c25-4a23-b41c-ee5524b2d178","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":135,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"2f81e87d-56fd-4a36-adef-91d4c71143da","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":135,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"1f769a34-1891-424b-a27a-4753015c21fe","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":135,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"262c1242-5b11-4de2-bcd1-557c09ec2f96","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":135,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"d5cce700-b166-4b3d-aa89-7f145c1e0826","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":135,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"ab5ac4a8-06b1-4a92-bb12-09b6cae194a4","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":135,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"015f6fe6-d122-4242-8ce1-ca21bd7a81d6","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":135,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"b76b72f9-92ff-413a-96d9-f938b8e70b0e","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":135,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"92b568a6-35b7-4fc6-afe4-b11eafedceb6","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":135,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"b4f6fa45-6eec-4911-b0f7-0375a6a81296","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":135,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"c1f4d1c5-0626-4b12-89ab-33eee2a7b89d","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":135,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"a3ce54d9-7c6e-4490-8e56-7c5ee33dbb78","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":135,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"06542ddf-e4d6-427f-9b0a-c7d469e303da","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":135,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"30358a2c-cbed-4ff3-9f44-2aca5f4c21e7","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":135,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"9d1e3358-3eaf-4f6d-a120-f5f70caa12bf","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":135,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"2d30469d-846f-43a0-bcd1-7bf035859d86","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":135,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"8421aca0-48af-4014-81b4-cf87d376381b","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":135,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"18ba7eb8-de10-4fd0-88ad-759c7ed0d117","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":135,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"06381aa7-98f9-49ce-b4f7-722927e72e7c","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":135,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"f9eaca00-d38e-4322-bae2-1ad07364a95e","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":135,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"a27111cb-f516-43e3-8812-6d3b8b490795","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":135,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"bb728c23-62b4-471d-8316-5b99f3d8f7a0","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":135,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"31cc950d-94cc-4e71-99e0-18dbf15cc8c8","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":135,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"115f3274-0b1f-4eae-8e5a-e9f3c663c92f","block_type":"box","text":"Voting Choice","page_number":135,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"7540d25e-53b2-4bef-97d5-7d5a706509ad","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":135,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"ccdc095c-aa0f-48c8-8cf6-d88b529e2764","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":135,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"42433e27-481c-4ab0-893a-529bfbeab137","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":135,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8a72be6a-8521-4255-95e5-ea84fe977b37","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":135,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"643dcf22-fa9a-4f3e-82f7-51219689cb5a","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":135,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0b6eac71-e875-40df-a182-203aca73f71b","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":136,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"7ba52e60-4126-474e-a6eb-650f53b2c17b","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":136,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"8914a6d9-77d1-4dae-add6-e0cf2f029b04","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":136,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"ea611f14-a996-4582-ae34-06b47d0e0317","block_type":"box","text":"strategies.","page_number":136,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"af3dafc7-2c3c-4f5f-aaba-26e34701d31b","block_type":"box","text":"12","page_number":136,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"31b4b5fc-9bb0-4917-bc19-ea03abeacd8c","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":136,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"9a90cae3-ab76-4ef0-9ffa-d5fda1af2268","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":136,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"bb1c2908-180b-4d76-ae66-ee8d92162f16","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":136,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"ed2e593a-3e25-4896-a93f-efc4d12bf922","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":136,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"ea5c3e63-6711-49c8-a667-d8b368290fa1","block_type":"box","text":"13","page_number":136,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"8ea53747-3ba6-4973-9782-e422980d1e94","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":136,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"f17e2319-8d9d-4586-aafe-1b2202e9b40a","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":136,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"952a1012-ed82-4dd2-86e8-8af56a010fcf","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":136,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"00c68296-3d8e-4e7d-bd92-1890971a84ed","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":136,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"1ffb06bd-7ba3-4182-a0b0-7e89cd109de0","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":136,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"bf99fed1-5288-4c29-b3c6-711128989324","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":136,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"79490c1f-b975-4910-98cd-923c59800285","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":136,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"c9a0d255-becc-492d-af2d-11f0b1db46bd","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":136,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"18c504a7-fd31-4369-a3cc-20a1cb4007c4","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":136,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"df47b08b-2738-4687-a3dd-a5e9dec0482c","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":136,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"834b77a3-cde9-42a2-a740-45f9581670b5","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":136,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"0d1e2848-c7e5-4df4-8b42-7721041ccfc5","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":136,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"36990876-8839-4ee1-bcdb-0b0f5fcfce6f","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":136,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"5a4beb21-b2ac-4d66-93a5-2462392c6d50","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":136,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"644d65ae-cef5-4f72-9fb9-d3b6fd088875","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":136,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"93c9b1b1-323a-4a71-8ad0-bd602dcc3302","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":136,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"9750309b-d22d-4a69-936f-eee77bf367ef","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":136,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"fbac0b23-6c7f-4a86-986d-00744300cfb4","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":136,"box":{"x":70,"y":439,"width":760,"height":11}},{"id":"400a24c7-543b-4ff1-9441-d9e444eef532","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":136,"box":{"x":69,"y":454,"width":824,"height":11}},{"id":"c994bc1a-cde2-4122-a4b6-14510238078f","block_type":"box","text":"policies.","page_number":136,"box":{"x":70,"y":469,"width":56,"height":11}},{"id":"e19bffd8-9518-42d2-aaad-68842e1f3215","block_type":"box","text":"Conflicts management policies and procedures","page_number":136,"box":{"x":69,"y":491,"width":342,"height":11}},{"id":"778ae57e-b787-465c-bcc4-a2a9af40595d","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting activity.","page_number":136,"box":{"x":102,"y":510,"width":801,"height":11}},{"id":"602bb4d9-c342-401b-b59d-eea8d5112b29","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":136,"box":{"x":69,"y":525,"width":809,"height":11}},{"id":"828c2ad2-eea7-4cd8-ad9a-9a7b01da5555","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":136,"box":{"x":69,"y":539,"width":831,"height":12}},{"id":"32f93b8a-a1a2-490b-8101-98dc199636c5","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":136,"box":{"x":68,"y":554,"width":598,"height":12}},{"id":"7923a998-c743-4d32-bfd4-8a78560e680a","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":575,"width":6,"height":4}},{"id":"92ee9b9e-2e23-41a3-a470-8ffe7fb7b2f7","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":136,"box":{"x":102,"y":572,"width":660,"height":11}},{"id":"f609e3ea-eeb0-4d5c-b924-0ff40a89469d","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":592,"width":6,"height":5}},{"id":"97ca1ead-67b9-499b-9df6-37362d091a9b","block_type":"box","text":"BlackRock business par tners or third par ties who may be issuers of securities or proponents of shareholder","page_number":136,"box":{"x":102,"y":589,"width":772,"height":11}},{"id":"531aa4b4-bb46-49e0-b77a-fe082213b830","block_type":"box","text":"resolutions","page_number":136,"box":{"x":102,"y":604,"width":78,"height":9}},{"id":"bc3e19ce-3953-44a8-9cdd-ee6e693d5984","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":624,"width":6,"height":5}},{"id":"05857c80-6beb-4838-9712-74c18cd99feb","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":136,"box":{"x":102,"y":621,"width":766,"height":12}},{"id":"ce038be2-9944-465c-a9d7-9dfe6c1d0444","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":642,"width":6,"height":4}},{"id":"31666aaa-0506-4a84-a8ba-c5c1f0e9715c","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":136,"box":{"x":102,"y":639,"width":767,"height":11}},{"id":"81df0284-d44b-4f9a-b713-858528f378c7","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":659,"width":6,"height":5}},{"id":"9d2f6f91-9cee-452a-8f0a-c47331ece17e","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":136,"box":{"x":102,"y":656,"width":698,"height":11}},{"id":"841ea2e4-a540-4708-93ac-e2a55187d4e0","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":676,"width":6,"height":5}},{"id":"4f2a7328-389f-4acf-a74e-64b3a477f851","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":136,"box":{"x":102,"y":673,"width":789,"height":11}},{"id":"87b8408e-fe32-47e0-ae03-b6579abe35e6","block_type":"box","text":"managed by BlackRock","page_number":136,"box":{"x":102,"y":689,"width":163,"height":11}},{"id":"1e28d11c-d4ab-4695-8977-8c4c1b3925f5","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":136,"box":{"x":102,"y":707,"width":785,"height":11}},{"id":"1fdb8a65-39ee-43d1-b5fd-452200f5f42c","block_type":"box","text":"following:","page_number":136,"box":{"x":68,"y":722,"width":66,"height":11}},{"id":"2c29a4fa-3219-46f2-82e3-c45a9237fe8b","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":742,"width":6,"height":5}},{"id":"e2eeee47-6d7a-4be8-aa38-331dad7dc9be","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":136,"box":{"x":101,"y":739,"width":741,"height":11}},{"id":"b64b8900-c121-4094-b0b2-dd5a856a26fb","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":136,"box":{"x":101,"y":754,"width":383,"height":11}},{"id":"78c3be29-c597-43f8-bd9c-5efe5ec7f089","block_type":"box","text":"•","page_number":136,"box":{"x":69,"y":774,"width":6,"height":5}},{"id":"3ef1b169-373f-4bdd-b620-50fe61a801bc","block_type":"box","text":"Established a repor ting structure that separates BAIS from employees with sales, vendor management, or","page_number":136,"box":{"x":102,"y":771,"width":757,"height":12}},{"id":"911d2def-432e-4569-8de4-7aecab7a9085","block_type":"box","text":"business par tnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":136,"box":{"x":102,"y":787,"width":802,"height":11}},{"id":"26ebdc4c-6e76-4ec7-814d-0f8d4e9f3a75","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":136,"box":{"x":101,"y":801,"width":794,"height":11}},{"id":"0c6e739c-9af4-4fe0-8495-73e6128629fe","block_type":"box","text":"relationship with such par ties. Clients or business par tners are not given preferential treatment or differentiated","page_number":136,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"3f527318-9c89-4e9c-a35c-4956971cc142","block_type":"box","text":"access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":136,"box":{"x":102,"y":831,"width":762,"height":11}},{"id":"3a441e2e-6ac1-4d22-9044-bcf4b07e4363","block_type":"box","text":"12","page_number":136,"box":{"x":69,"y":861,"width":9,"height":4}},{"id":"f89af137-f103-4613-9eb0-320a0a208fd7","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":136,"box":{"x":83,"y":860,"width":814,"height":11}},{"id":"ddddfe36-79d5-4620-8317-18728ddcc942","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":136,"box":{"x":70,"y":875,"width":838,"height":12}},{"id":"2c6e30b9-b109-4241-af2d-f564b312f07c","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":136,"box":{"x":68,"y":891,"width":354,"height":11}},{"id":"45fa10b9-9c17-47e7-ac42-f3dfb360aff2","block_type":"box","text":"13","page_number":136,"box":{"x":69,"y":908,"width":9,"height":5}},{"id":"d8e6574d-03dc-405e-87df-aeeede9a2119","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":136,"box":{"x":84,"y":908,"width":820,"height":11}},{"id":"bd93c8b5-e888-437b-ac1d-d30b60e935f2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":136,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f673d477-17dd-4684-be82-b4dc5bedff22","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":136,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ac0995a8-98be-4ae8-969d-aba8625202b1","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":136,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42d3eaf1-0359-4ada-82d5-ca343387e0d5","block_type":"box","text":"information to make a more informed voting decision or to better understand a company’s perspectives on","page_number":137,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"402ef2c3-2675-4cc5-8a33-5919b4e4b1db","block_type":"box","text":"financially material risks and oppor tunities. Within the normal course of business, BAIS may engage directly with","page_number":137,"box":{"x":101,"y":59,"width":802,"height":12}},{"id":"ebadf7ed-c157-40eb-a760-eaa3a4f005f3","block_type":"box","text":"BlackRock clients, business par tners and/or third par ties, and/or with employees with sales, vendor","page_number":137,"box":{"x":102,"y":75,"width":719,"height":11}},{"id":"ba254bbf-a46f-4088-b3a2-cd6fbbfa6124","block_type":"box","text":"management, or business par tnership roles, in discussions regarding our approach to stewardship, general","page_number":137,"box":{"x":102,"y":89,"width":766,"height":12}},{"id":"f288095f-a275-49bf-a819-5903c4f4d2f8","block_type":"box","text":"corporate governance matters, client repor ting needs, and/or to otherwise ensure that proxy-related client","page_number":137,"box":{"x":101,"y":104,"width":758,"height":11}},{"id":"5fa0046d-0f91-425e-82ee-c6a14602443f","block_type":"box","text":"service levels are met","page_number":137,"box":{"x":102,"y":119,"width":157,"height":9}},{"id":"eb7357aa-695b-40a9-a568-5f9af1a7ff80","block_type":"box","text":"•","page_number":137,"box":{"x":69,"y":139,"width":6,"height":5}},{"id":"3babc92b-3ac6-4c8f-a3a0-e0834606dd3f","block_type":"box","text":"Determined to engage, in cer tain instances, an independent third-par ty voting service provider to make proxy","page_number":137,"box":{"x":102,"y":137,"width":777,"height":11}},{"id":"6a1172d6-8a77-43b3-bc41-18ce36b92bcf","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid perceived or potential conflicts of interest, to satisfy","page_number":137,"box":{"x":101,"y":151,"width":779,"height":11}},{"id":"7f542565-f40c-43da-b9d0-da8093ce9cb7","block_type":"box","text":"regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":137,"box":{"x":102,"y":166,"width":738,"height":11}},{"id":"f3c4278a-c85e-454d-bf48-2b0efbf40777","block_type":"box","text":"independent third-par ty voting service provider provides BlackRock with recommendations, in accordance with","page_number":137,"box":{"x":102,"y":181,"width":782,"height":11}},{"id":"d2aceefa-240a-4394-ab12-cbc0e89e0485","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-par ty voting service","page_number":137,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"53523575-a1c0-47dd-87c3-a785ca9d996a","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":137,"box":{"x":102,"y":211,"width":765,"height":11}},{"id":"4647e0f8-f132-4e23-baaf-700638ee0bd6","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-par ty voting service provider to make proxy voting","page_number":137,"box":{"x":102,"y":226,"width":797,"height":11}},{"id":"2e4b2690-e9e9-479a-84d0-4b306226d312","block_type":"box","text":"recommendations for cer tain perceived or potential conflicts of interest, including:","page_number":137,"box":{"x":102,"y":240,"width":584,"height":12}},{"id":"1f8a5637-90a9-485f-9d74-7c3e2b0a20a2","block_type":"box","text":"•","page_number":137,"box":{"x":102,"y":261,"width":6,"height":4}},{"id":"540720be-b58f-4e4f-9ce2-cbad1f34284f","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":137,"box":{"x":135,"y":258,"width":570,"height":11}},{"id":"03660aa3-2437-4339-a5b7-613438274062","block_type":"box","text":"•","page_number":137,"box":{"x":102,"y":278,"width":6,"height":5}},{"id":"88d3ee15-c78d-4860-96b3-a0650db8c0a9","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":137,"box":{"x":135,"y":275,"width":748,"height":11}},{"id":"de8ade52-50ad-4200-b1c7-8afcc8467a13","block_type":"box","text":"the board of directors","page_number":137,"box":{"x":134,"y":290,"width":153,"height":9}},{"id":"16ae054e-e7e9-46e8-a5a3-69ef6904f913","block_type":"box","text":"•","page_number":137,"box":{"x":102,"y":310,"width":6,"height":5}},{"id":"aff78098-07e9-471f-b834-e51db17897a1","block_type":"box","text":"public companies that are the subject of cer tain transactions involving BlackRock Funds","page_number":137,"box":{"x":135,"y":307,"width":626,"height":12}},{"id":"7757bd3e-fcf2-4364-ae1a-ab38749a3aa2","block_type":"box","text":"•","page_number":137,"box":{"x":102,"y":328,"width":6,"height":4}},{"id":"89a8c988-3986-4138-9a13-b46536e2d7ec","block_type":"box","text":"public companies that are joint venture par tners with BlackRock, and","page_number":137,"box":{"x":135,"y":325,"width":490,"height":11}},{"id":"589313e8-a90f-435f-bf7f-e58772e066ae","block_type":"box","text":"•","page_number":137,"box":{"x":102,"y":345,"width":6,"height":5}},{"id":"d8d5abed-f4e0-429d-9dac-168e8de53337","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":137,"box":{"x":135,"y":342,"width":740,"height":11}},{"id":"280fa58a-018f-4b2e-bf0b-f6ab8ccd49b3","block_type":"box","text":"par ty voting service provider","page_number":137,"box":{"x":135,"y":357,"width":200,"height":11}},{"id":"104901fc-cabc-49e3-b89d-221de2e1baea","block_type":"box","text":"In selecting an independent third-par ty voting service provider, we assess several characteristics, including but","page_number":137,"box":{"x":102,"y":376,"width":790,"height":11}},{"id":"ef36a340-955d-40e2-85de-df331741a1a7","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":137,"box":{"x":69,"y":391,"width":834,"height":11}},{"id":"f5faceeb-04b1-4cff-a8b0-f11c73c1cd49","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":137,"box":{"x":69,"y":405,"width":806,"height":12}},{"id":"50e6436c-66df-47d5-abd1-1d4e3c80d000","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":137,"box":{"x":69,"y":420,"width":813,"height":12}},{"id":"e2d78532-d05e-4582-abe1-278c844caa08","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":137,"box":{"x":68,"y":435,"width":804,"height":11}},{"id":"07729989-09ba-4b5b-b1ad-4d39d3fdeb5e","block_type":"box","text":"service provider.","page_number":137,"box":{"x":69,"y":450,"width":115,"height":11}},{"id":"555840cf-628d-4ccc-9aab-7cb3dc78a19e","block_type":"box","text":"Securities lending","page_number":137,"box":{"x":68,"y":473,"width":131,"height":11}},{"id":"22695189-b481-4431-b1fa-89cc656f6cef","block_type":"box","text":"If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well","page_number":137,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"55a55500-108e-4810-9edd-bb9044edfa44","block_type":"box","text":"regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns","page_number":137,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"379f0060-8c86-4641-8634-0e59d8847502","block_type":"box","text":"which in turn may allow fund providers to offset fund expenses.","page_number":137,"box":{"x":68,"y":521,"width":452,"height":11}},{"id":"466b7b31-2410-4144-aebb-795c62dded44","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":137,"box":{"x":101,"y":540,"width":779,"height":11}},{"id":"b59263b2-231b-4394-8920-03cdefb05820","block_type":"box","text":"loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset","page_number":137,"box":{"x":70,"y":554,"width":816,"height":12}},{"id":"382fe7b0-963b-4cb9-88c9-5d0d99e041dc","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of","page_number":137,"box":{"x":69,"y":569,"width":836,"height":11}},{"id":"91e93116-122f-4988-8371-409d831204be","block_type":"box","text":"cases, the decision to recall securities on loan as par t of BlackRock’s securities lending program in order to vote is","page_number":137,"box":{"x":69,"y":584,"width":824,"height":11}},{"id":"c4183c51-c9b9-4fe9-9fab-1b46e39e1ec5","block_type":"box","text":"based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending","page_number":137,"box":{"x":69,"y":599,"width":823,"height":11}},{"id":"f90d6458-ef86-4d17-9b4e-ca1da312adcf","block_type":"box","text":"revenue alongside the potential long-term financial value to clients of voting those securities (based on the","page_number":137,"box":{"x":69,"y":614,"width":761,"height":11}},{"id":"c140e7e9-6b9c-4fde-915c-4a9eb3edcc27","block_type":"box","text":"information available at the time of recall consideration). BAIS works with active por tfolio managers, as well as","page_number":137,"box":{"x":70,"y":629,"width":789,"height":11}},{"id":"82c4d96b-82c1-4599-9e52-35c499dda8b5","block_type":"box","text":"colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":137,"box":{"x":69,"y":643,"width":821,"height":12}},{"id":"247f821d-23bd-47ef-8d28-b3c27787d0e2","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":137,"box":{"x":102,"y":662,"width":770,"height":11}},{"id":"01bf2ad6-5352-4f94-8977-27ade25f08a4","block_type":"box","text":"shares would not warrant recalling securities on loan. However, in cer tain instances, BlackRock may determine, in","page_number":137,"box":{"x":69,"y":677,"width":813,"height":11}},{"id":"f97ae45f-b745-43bb-9c97-2cce0da75c49","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue","page_number":137,"box":{"x":69,"y":692,"width":825,"height":11}},{"id":"d4c58bfb-e9e2-40cd-905d-96ea26013c26","block_type":"box","text":"loss to clients and would therefore recall shares to be voted in those instances.","page_number":137,"box":{"x":70,"y":707,"width":568,"height":9}},{"id":"17047414-db73-497d-bb84-d2dfd165a201","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":137,"box":{"x":102,"y":725,"width":790,"height":12}},{"id":"5d8b14dc-7d1c-4afb-b383-2fc468e16597","block_type":"box","text":"and may modify it as necessary.","page_number":137,"box":{"x":69,"y":740,"width":228,"height":11}},{"id":"fe3a74f1-dd38-4d85-a97f-98eef9e366e4","block_type":"box","text":"Reporting and vote transparency","page_number":137,"box":{"x":69,"y":763,"width":239,"height":11}},{"id":"c70ea37b-97db-4e1d-8a5f-1a8b00f99c10","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":137,"box":{"x":102,"y":781,"width":788,"height":11}},{"id":"2adec213-464a-4ce5-93f3-a8a87bdf5a9f","block_type":"box","text":"our engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":137,"box":{"x":69,"y":796,"width":791,"height":11}},{"id":"374a0b78-512e-46e8-9193-756c59c56842","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":137,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0ce6b2eb-5dea-4bb6-abe0-c4968b9d549c","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":137,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"529274a2-c11a-4a7e-96d2-434a677daebf","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":137,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b77c7074-f383-4c0d-84f3-4294e2823af1","block_type":"box","text":"Want to know more?","page_number":138,"box":{"x":68,"y":762,"width":152,"height":8}},{"id":"9886cc53-9050-443f-b666-d8763517e295","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":138,"box":{"x":69,"y":791,"width":510,"height":13}},{"id":"6edb32f3-0a35-43c3-8452-943eb44bfda7","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is","page_number":138,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"acb3c120-815b-4f15-a2d9-a3f24801eeeb","block_type":"box","text":"at the sole discretion of the reader.","page_number":138,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"b055ddc6-4e91-4d09-bea6-4f2a05b1b60c","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":138,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"6a517733-c44e-416b-8dee-cd59ba895555","block_type":"box","text":"©","page_number":138,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"4499d836-4dc8-4361-ae50-2fbd5d16cdd4","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":138,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"06d2b310-33fe-4e28-9b32-d79afcb9a8a8","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":138,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"ceda21d6-7be2-44a7-b7a6-4e2db65eda2a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":138,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"47de466d-b977-43ef-b40b-3db934dd03be","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":138,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"783e7cb3-6db6-4a19-9003-5af27e98ae40","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":138,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3a7adc73-b3d9-446c-a15d-6b02ca341bfb","block_type":"box","text":"[This page intentionally left blank]","page_number":139,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"430d755e-7469-41c5-874b-de874ea079f5","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":139,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"47c4b147-dbe1-45c4-8e1d-852e122e52bf","block_type":"box","text":"SAI-CRF-0826","page_number":140,"box":{"x":69,"y":943,"width":96,"height":9}},{"id":"07360f6a-d39d-425d-a200-c932a5713ea4","block_type":"box","text":"BNM1026U-6032383-19202711","page_number":140,"box":{"x":647,"y":981,"width":170,"height":7}}],"unit":"per_mille","page_width":[{"value":594,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16]},{"value":612,"pages":[17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140]}],"page_height":[{"value":774,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16]},{"value":792,"pages":[17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":140}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"4b4332d8-f4a6-49e8-9df0-463192bafbc8"},"user_id":1000002,"date_created":"2026-10-19T22:28:17.708000Z","date_modified":"2026-10-19T22:28:17.708000Z","private":false}