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This Part I of this SAI should be read in conjunction with the Fund’s","page_number":10,"box":{"x":116,"y":168,"width":740,"height":13}},{"id":"3998bd75-3d4b-4aab-9358-3262f0bd6eb3","block_type":"box","text":"Prospectus and those portions of Part II","page_number":10,"box":{"x":116,"y":183,"width":279,"height":13}},{"id":"8b660eea-5b52-43f7-ab48-4b79a0ee7740","block_type":"box","text":"of this SAI that pertain to the Fund.","page_number":10,"box":{"x":396,"y":183,"width":252,"height":13}},{"id":"9ca8f1ec-1d1d-4d91-8bce-c83009d09cc9","block_type":"box","text":"The Fund is a “government money market fund” under Rule 2a-7 under the Investment Company Act of","page_number":10,"box":{"x":116,"y":207,"width":735,"height":12}},{"id":"621742f7-8ae9-4743-8005-a5b0b782b54b","block_type":"box","text":"1940, as amended (the “Investment Company Act”).","page_number":10,"box":{"x":117,"y":222,"width":371,"height":13}},{"id":"dee31ab5-966d-4c3f-b1ce-124671d7163f","block_type":"box","text":"I. 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Additional information regarding the Fund’s","page_number":10,"box":{"x":501,"y":292,"width":375,"height":13}},{"id":"dc4fc9ec-35ee-4411-aabe-de55040a97ff","block_type":"box","text":"investment objective and policies is included below.","page_number":10,"box":{"x":116,"y":307,"width":362,"height":13}},{"id":"0b768365-4b0d-4b0e-9fd0-2183c21db1e8","block_type":"box","text":"The Fund’s manager is BlackRock Advisors, LLC (“BlackRock” or the “Manager”).","page_number":10,"box":{"x":116,"y":331,"width":592,"height":13}},{"id":"c459f5da-4be7-48e3-828a-7a8b2be0e6de","block_type":"box","text":"Additional Information on Investment Strategies","page_number":10,"box":{"x":116,"y":359,"width":356,"height":13}},{"id":"4fe44648-dba4-42aa-96ae-9217fed63f16","block_type":"box","text":"All securities acquired by the Fund will be determined at","page_number":10,"box":{"x":116,"y":385,"width":391,"height":13}},{"id":"a680b183-f113-4b26-9a6d-7504023546b3","block_type":"box","text":"t the time of purchase by BlackRock, under guidelines","page_number":10,"box":{"x":507,"y":385,"width":374,"height":13}},{"id":"0d4845c0-1e60-462f-aad6-8221c11ca2a2","block_type":"box","text":"established by the Board, to be “Eligible Securities” as","page_number":10,"box":{"x":116,"y":400,"width":375,"height":13}},{"id":"27a51fab-af15-4528-84f3-8f706ca93bc6","block_type":"box","text":"defined by the Commission. 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That is issued by a registered investment company that is a money market fund; or","page_number":10,"box":{"x":116,"y":649,"width":595,"height":12}},{"id":"eaf9780e-71a9-414f-96af-4e101be93424","block_type":"box","text":"3. That is issued or guaranteed as to principal or in","page_number":10,"box":{"x":117,"y":672,"width":353,"height":13}},{"id":"94c0983d-4316-4042-99d4-b1a4c0179235","block_type":"box","text":"terest by the U.S. Government or any of its agencies or","page_number":10,"box":{"x":470,"y":672,"width":379,"height":13}},{"id":"d58411ac-2cbe-418e-b103-9b0aef696d97","block_type":"box","text":"instrumentalities.","page_number":10,"box":{"x":116,"y":687,"width":118,"height":10}},{"id":"e5fac3f8-5cfb-43a9-8e8c-843c151d0d38","block_type":"box","text":"* * *","page_number":10,"box":{"x":483,"y":719,"width":33,"height":5}},{"id":"acf540ab-bb71-441e-8a39-3c6bc5937fbd","block_type":"box","text":"Set forth below is a listing of some of the types of","page_number":10,"box":{"x":116,"y":742,"width":343,"height":12}},{"id":"643eaed2-89d6-4800-b604-3374a56c96e0","block_type":"box","text":"investments and investment strategies that the Fund may","page_number":10,"box":{"x":463,"y":742,"width":392,"height":12}},{"id":"1c2bb5e8-3c07-4d52-8eb4-53d57bc00e35","block_type":"box","text":"use, and the risks and considerations associated with","page_number":10,"box":{"x":116,"y":757,"width":365,"height":12}},{"id":"698da0be-5d3e-4103-961c-07efeec5313f","block_type":"box","text":"those investments and investment strategies. Please see","page_number":10,"box":{"x":486,"y":757,"width":376,"height":13}},{"id":"13f3eacb-3b89-4e88-b09b-cc29ad5aa1fd","block_type":"box","text":"Part II of this SAI for further information on these","page_number":10,"box":{"x":116,"y":773,"width":347,"height":10}},{"id":"fff1b16e-f008-4627-a393-494191d349e3","block_type":"box","text":"investments and investment strategies. Information","page_number":10,"box":{"x":468,"y":773,"width":353,"height":12}},{"id":"8ff34443-9397-444e-9c50-35099bebaa15","block_type":"box","text":"contained in Part II about the risks and considerati","page_number":10,"box":{"x":116,"y":788,"width":351,"height":10}},{"id":"d8b2f6a8-ef37-477d-ba2d-a84bc5052fc8","block_type":"box","text":"ons associated with investments and/or investment","page_number":10,"box":{"x":468,"y":788,"width":350,"height":10}},{"id":"13d7f190-9991-4dc6-bc4d-1458512e8072","block_type":"box","text":"strategies applies only to the extent the Fund makes each","page_number":10,"box":{"x":116,"y":804,"width":394,"height":12}},{"id":"c8773851-5a31-4bdd-b5dd-761982b27654","block_type":"box","text":"type of investment or uses each investment strategy.","page_number":10,"box":{"x":514,"y":804,"width":358,"height":12}},{"id":"a532045b-9164-41a9-a3fa-fd5dc75100b4","block_type":"box","text":"Also set forth below is a listing of the proxy voting polic","page_number":10,"box":{"x":116,"y":819,"width":390,"height":13}},{"id":"da360206-88bb-4e5d-82ed-9b43dc6abf43","block_type":"box","text":"y and related guidelines applicable to the Fund. 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The Commission staff has","page_number":13,"box":{"x":117,"y":159,"width":737,"height":13}},{"id":"4127d583-fadf-4c4e-be01-a4509542f68d","block_type":"box","text":"taken the position that investment of 25% or more of a fund’s total assets in one or more issuers conducting","page_number":13,"box":{"x":116,"y":174,"width":756,"height":13}},{"id":"c60ce06e-f993-48db-9e33-ca9f059cabbc","block_type":"box","text":"their principal activities in the same industry or group of","page_number":13,"box":{"x":116,"y":190,"width":392,"height":13}},{"id":"4c8a09c2-9db1-44d5-9f6c-665d96996a36","block_type":"box","text":"f industries constitutes concentration. 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The policy","page_number":13,"box":{"x":494,"y":221,"width":209,"height":13}},{"id":"1798745f-e755-4e17-a74c-14690c4937fe","block_type":"box","text":"also will be interpreted to","page_number":13,"box":{"x":703,"y":221,"width":182,"height":13}},{"id":"13170f64-9c11-45bf-8895-aacb694ead5e","block_type":"box","text":"permit investment without limit in th","page_number":13,"box":{"x":116,"y":236,"width":257,"height":13}},{"id":"946d8255-d550-4e82-929b-459d59d20557","block_type":"box","text":"e following: securities of the U.S. Government and its agencies or","page_number":13,"box":{"x":374,"y":236,"width":455,"height":13}},{"id":"02f4506d-ad02-43e8-9383-65b449389709","block_type":"box","text":"instrumentalities; securities of state, territory, possessi","page_number":13,"box":{"x":116,"y":252,"width":372,"height":13}},{"id":"b6d37dd4-cc87-4506-98a6-b5c240425c8d","block_type":"box","text":"on or municipal governments and their authorities,","page_number":13,"box":{"x":489,"y":252,"width":358,"height":13}},{"id":"c16ddf17-5f55-44be-8e6d-29f9d402482b","block_type":"box","text":"agencies, instrumentalities or political subdivisions; a","page_number":13,"box":{"x":116,"y":267,"width":367,"height":13}},{"id":"8e55a0fe-e226-4482-b393-d4f3b1a3db03","block_type":"box","text":"nd repurchase agreements collateralized by any such","page_number":13,"box":{"x":483,"y":267,"width":368,"height":13}},{"id":"78c74e28-ab81-45a8-b1cc-f7c662b1bfe5","block_type":"box","text":"obligations. Accordingly, issuers of the foregoing","page_number":13,"box":{"x":116,"y":283,"width":344,"height":13}},{"id":"e0bd3510-a8e2-45db-b871-558864681155","block_type":"box","text":"securities will not be considered to be members of any","page_number":13,"box":{"x":460,"y":283,"width":379,"height":13}},{"id":"f2e81aa0-5e73-40d6-b06a-58db7e440051","block_type":"box","text":"industry. There also will be no limit on investment in issuers domiciled in a single jurisdiction or country.","page_number":13,"box":{"x":116,"y":298,"width":734,"height":13}},{"id":"877ffe94-dca2-44bc-9b20-cdc2c77656a3","block_type":"box","text":"Finance companies will be considered to be in the indus","page_number":13,"box":{"x":116,"y":314,"width":386,"height":13}},{"id":"a7b55f86-1f29-4f4b-9b7d-6f1018d2dedd","block_type":"box","text":"tries of their parents if their activities are primarily","page_number":13,"box":{"x":502,"y":314,"width":354,"height":13}},{"id":"73d0135b-24ee-4daa-8d86-167e604a8ac2","block_type":"box","text":"related to financing the activities of the parents. Each","page_number":13,"box":{"x":116,"y":329,"width":368,"height":13}},{"id":"2a88b32c-83da-4cf6-88b4-4a82af009396","block_type":"box","text":"h foreign government will be considered to be a member","page_number":13,"box":{"x":484,"y":329,"width":388,"height":13}},{"id":"c78c35fd-15bf-4a53-a8be-ea04111fe7d5","block_type":"box","text":"of a separate industry. With respect to the Fund’s i","page_number":13,"box":{"x":116,"y":345,"width":350,"height":13}},{"id":"74bd50d5-5d06-4ebb-bb58-095a61dc3e74","block_type":"box","text":"ndustry classifications, the Fund currently utilizes any one","page_number":13,"box":{"x":467,"y":345,"width":406,"height":13}},{"id":"2793d124-6a5a-486b-a8bc-21ae2d696446","block_type":"box","text":"or more of the industry sub-classifications used by","page_number":13,"box":{"x":116,"y":360,"width":353,"height":13}},{"id":"53f60b86-37ed-4e6e-bc45-b4809a9882d9","block_type":"box","text":"one or more widely recognized market indexes or rating","page_number":13,"box":{"x":469,"y":360,"width":393,"height":13}},{"id":"4d0949ee-6770-458b-adde-562820e483d2","block_type":"box","text":"group indexes, and/or as defined by Fund management. 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Asset coverage means the ratio that the value of","page_number":13,"box":{"x":518,"y":492,"width":359,"height":13}},{"id":"445142c7-ad45-4677-9b79-815baea2bc57","block_type":"box","text":"the Fund’s total assets (including amounts borrowed), mi","page_number":13,"box":{"x":116,"y":508,"width":396,"height":13}},{"id":"13f30281-70db-44c2-8381-13f95820d0f6","block_type":"box","text":"nus liabilities other than borrowings, bears to the","page_number":13,"box":{"x":512,"y":508,"width":346,"height":13}},{"id":"83646376-9127-45c5-93cb-40dd9e873c20","block_type":"box","text":"aggregate amount of all borrowings. The policy in (2) a","page_number":13,"box":{"x":116,"y":523,"width":385,"height":13}},{"id":"1a1cdfb4-67af-45eb-9a5a-53f5cb2115e9","block_type":"box","text":"bove will be interpreted to permit the Fund to engage","page_number":13,"box":{"x":502,"y":523,"width":374,"height":13}},{"id":"4fe582ba-4b08-42b9-802d-8b83076f7098","block_type":"box","text":"in trading practices and investments that may be consid","page_number":13,"box":{"x":116,"y":539,"width":385,"height":13}},{"id":"1a2bc428-b01e-4996-98b0-e11cdbefa2d4","block_type":"box","text":"ered to be borrowing or to involve leverage to the","page_number":13,"box":{"x":501,"y":539,"width":350,"height":13}},{"id":"bf9d1954-c781-463a-a0b0-f6d5707f7a45","block_type":"box","text":"extent permitted by the Investment Company Act. 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The Chair of the Board is an","page_number":14,"box":{"x":534,"y":776,"width":341,"height":11}},{"id":"0ee242c3-518f-4745-9317-01597323bbc9","block_type":"box","text":"Independent Trustee, and the Chair of each Board","page_number":14,"box":{"x":116,"y":792,"width":348,"height":13}},{"id":"b6d7c935-42d6-4eaf-b33c-0ff3719e1240","block_type":"box","text":"committee (each, a “Committee”) is an Independent","page_number":14,"box":{"x":468,"y":792,"width":363,"height":13}},{"id":"5324a78f-3e4f-4527-82d1-8e39cf7d64a1","block_type":"box","text":"Trustee. 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The Chair of the Board or the Chair of a","page_number":14,"box":{"x":514,"y":869,"width":352,"height":11}},{"id":"a7a8c23d-4961-40e1-a6c1-d36304ae239e","block_type":"box","text":"I-6","page_number":14,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"f2f767d3-72aa-4c4c-aab4-56facc6f3495","block_type":"box","text":"NM1026U-6032399-14/129","page_number":14,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"f45ce0b2-6179-477e-9d64-246a2ed319ab","block_type":"box","text":"Committee may also perform such other functions as m","page_number":15,"box":{"x":117,"y":79,"width":386,"height":13}},{"id":"8f614691-0f5a-4ab8-ae0e-c5b049fe6ebe","block_type":"box","text":"ay be delegated by the Board or the Committee from","page_number":15,"box":{"x":503,"y":79,"width":370,"height":13}},{"id":"aa3f5a28-61b0-4262-b40d-ebc8c68a48b2","block_type":"box","text":"time to time. The Independent Trustees meet regularly","page_number":15,"box":{"x":116,"y":94,"width":376,"height":13}},{"id":"04baad56-1ad0-4352-8cbf-9f2d4a2177f2","block_type":"box","text":"y outside the presence of Fund management, in executive","page_number":15,"box":{"x":492,"y":94,"width":392,"height":13}},{"id":"b5e92b0b-a633-4c79-84a8-8608a3a51aa0","block_type":"box","text":"session or with other service providers to the Fund. The Boa","page_number":15,"box":{"x":116,"y":110,"width":417,"height":13}},{"id":"754ce822-da7f-4c9c-8ce0-422ba839d011","block_type":"box","text":"rd has regular meetings five times a year, and may","page_number":15,"box":{"x":533,"y":110,"width":352,"height":13}},{"id":"2ee0c365-700d-4cae-8ad2-a5166b67f28d","block_type":"box","text":"hold special meetings if required before its next regular","page_number":15,"box":{"x":116,"y":125,"width":381,"height":13}},{"id":"9a671e53-612e-4268-93bb-5df5bcebf371","block_type":"box","text":"r meeting. Each Committee meets regularly to conduct","page_number":15,"box":{"x":497,"y":125,"width":377,"height":13}},{"id":"37cc0ce6-741b-48c0-8629-c330cae7ca1e","block_type":"box","text":"the oversight functions delegated to that Committee by t","page_number":15,"box":{"x":116,"y":141,"width":386,"height":13}},{"id":"5d251214-bbf7-4f4e-924d-610a60c2862f","block_type":"box","text":"the Board and reports its findings to the Board. The","page_number":15,"box":{"x":502,"y":141,"width":364,"height":13}},{"id":"7641fa9a-e892-4ee1-baa4-88320a8d76c8","block_type":"box","text":"Board and each standing Committee conduct annual assessments of their oversight function and structure.","page_number":15,"box":{"x":116,"y":156,"width":743,"height":13}},{"id":"1b62fb1b-c71b-47c5-a004-c7d7d71f3755","block_type":"box","text":"The Board has determined that the Board’s leadership st","page_number":15,"box":{"x":116,"y":172,"width":390,"height":13}},{"id":"835cadfe-15a2-4a2e-a366-24a43b552551","block_type":"box","text":"ructure is appropriate because it allows the Board to","page_number":15,"box":{"x":506,"y":172,"width":368,"height":13}},{"id":"080df04d-8ede-41f1-ad05-c03c391f5a1d","block_type":"box","text":"exercise independent judgment over management and to allocate areas of responsibility among Committees","page_number":15,"box":{"x":116,"y":187,"width":750,"height":13}},{"id":"7ae45d83-f03c-4ecb-86e9-5b48de17ec7a","block_type":"box","text":"and the full Board to enhance effective oversight.","page_number":15,"box":{"x":116,"y":203,"width":344,"height":13}},{"id":"a6738702-8b54-46bb-9ebe-862344a37452","block_type":"box","text":"The Board has engaged the Manager to manage the Fund","page_number":15,"box":{"x":116,"y":226,"width":403,"height":13}},{"id":"35425cc3-baaf-459d-8b98-cfeaed625507","block_type":"box","text":"on a day-to-day basis. 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The Board reviews, on an ongoing basis, the Fund’s","page_number":15,"box":{"x":116,"y":273,"width":689,"height":12}},{"id":"d7ed645e-2cb7-49af-b12a-b2989c0c49dd","block_type":"box","text":"performance, operations and investment strategies and t","page_number":15,"box":{"x":116,"y":288,"width":384,"height":13}},{"id":"ad7f1f20-8992-4a5e-aa60-fe8c4961400c","block_type":"box","text":"techniques. 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Montgo","page_number":16,"box":{"x":117,"y":94,"width":394,"height":13}},{"id":"0c4a1672-39ce-4c94-97a4-9fa45afb4873","block_type":"box","text":"mery (Chair), Christopher J. Ailman, Susan J.","page_number":16,"box":{"x":512,"y":94,"width":328,"height":13}},{"id":"1fe1a026-09dd-4a6f-bfb4-18eede9823fc","block_type":"box","text":"Carter, Collette Chilton, Henry R. Keizer and Marc D.","page_number":16,"box":{"x":117,"y":110,"width":394,"height":13}},{"id":"a4fdae22-e3d4-4765-a848-1ac594543a38","block_type":"box","text":"Stern, all of whom are Independent Trustees. The","page_number":16,"box":{"x":511,"y":110,"width":356,"height":13}},{"id":"1a202695-56f1-44aa-8cf7-c0cf7b061712","block_type":"box","text":"principal responsibilities of the Governance Committee a","page_number":16,"box":{"x":116,"y":125,"width":404,"height":13}},{"id":"56e0927b-23f9-46d7-af93-9d26d76d586e","block_type":"box","text":"re to (1) identify individuals qualified to serve as","page_number":16,"box":{"x":521,"y":125,"width":348,"height":13}},{"id":"e5813334-e445-4555-9084-ba6250f3b535","block_type":"box","text":"Independent Trustees of the Trust and recommend","page_number":16,"box":{"x":116,"y":141,"width":364,"height":13}},{"id":"55feae8c-b0b3-4f39-814e-5c1b1c4ab96c","block_type":"box","text":"Independent Trustee nominees for election by","page_number":16,"box":{"x":480,"y":141,"width":329,"height":13}},{"id":"79cf210b-82b2-4421-ab78-3056034c5789","block_type":"box","text":"shareholders or appointment by the Board; (2) ad","page_number":16,"box":{"x":116,"y":156,"width":352,"height":13}},{"id":"8d0524a8-8b3b-43c2-b31b-e102116e5260","block_type":"box","text":"vise the Board with respect to Board composition,","page_number":16,"box":{"x":468,"y":156,"width":360,"height":13}},{"id":"4feb8138-cab1-4440-8544-858e22acfe86","block_type":"box","text":"procedures and committees (other than the Audit Co","page_number":16,"box":{"x":116,"y":172,"width":375,"height":13}},{"id":"cb5429bf-3424-41ad-b29e-63efa73f04ee","block_type":"box","text":"mmittee); (3) oversee periodic self-assessments of the","page_number":16,"box":{"x":491,"y":172,"width":379,"height":13}},{"id":"bb355709-c025-4365-b69b-09e2f90c56a1","block_type":"box","text":"Board and committees of the Board (other than","page_number":16,"box":{"x":116,"y":187,"width":336,"height":13}},{"id":"fdc041dc-99b0-48a1-b752-62ddc0429d14","block_type":"box","text":"the Audit Committee); (4) review and make","page_number":16,"box":{"x":453,"y":187,"width":319,"height":13}},{"id":"26a86196-ee0a-434f-b952-bcabc5f65cef","block_type":"box","text":"recommendations regarding Independent Trustee compen","page_number":16,"box":{"x":116,"y":203,"width":409,"height":13}},{"id":"292033e5-5865-4956-9186-801eb32f3129","block_type":"box","text":"sation; (5) monitor corporate governance matters","page_number":16,"box":{"x":526,"y":203,"width":354,"height":13}},{"id":"0be5223e-75ca-42c4-8a23-68529f2aadd3","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with","page_number":16,"box":{"x":116,"y":218,"width":725,"height":13}},{"id":"3c6c2b6c-79ed-4306-ad45-bf23c676b573","block_type":"box","text":"respect to Board policies and procedures, committ","page_number":16,"box":{"x":116,"y":234,"width":356,"height":13}},{"id":"bff4cc54-a95f-4b8c-b9a2-9bf9104e780b","block_type":"box","text":"ee policies and procedures (other than the Audit","page_number":16,"box":{"x":472,"y":234,"width":346,"height":13}},{"id":"5a0c4f23-6b6c-4701-b69a-8d2f988064c4","block_type":"box","text":"Committee) and codes of ethics as they relate to Inde","page_number":16,"box":{"x":117,"y":249,"width":374,"height":13}},{"id":"7f981a14-2436-4c64-8b80-ddd60c8d0472","block_type":"box","text":"pendent Trustees; and (7) undertake such other duties","page_number":16,"box":{"x":492,"y":249,"width":387,"height":13}},{"id":"d0473f98-9f26-4b5d-8602-22f9a39efec4","block_type":"box","text":"and responsibilities as may from time to time be delegat","page_number":16,"box":{"x":116,"y":265,"width":396,"height":13}},{"id":"39a5f3a1-c7cb-45bd-be1e-252365280638","block_type":"box","text":"ed by the Board to the Governance Committee. The","page_number":16,"box":{"x":512,"y":265,"width":373,"height":13}},{"id":"a976518b-9ada-4a42-921d-836d33e29c7d","block_type":"box","text":"Governance Committee may consider nominations for T","page_number":16,"box":{"x":117,"y":280,"width":390,"height":13}},{"id":"5d1f65ae-b463-477d-8315-9ecc824295c8","block_type":"box","text":"Trustees made by the Fund’s shareholders as it","page_number":16,"box":{"x":507,"y":280,"width":336,"height":13}},{"id":"fe509e8a-2899-42c4-a311-b0c88e898acc","block_type":"box","text":"deems appropriate. Under the Trust’s Amended a","page_number":16,"box":{"x":116,"y":296,"width":350,"height":13}},{"id":"b9c16336-0bcd-4501-81f3-acfb8c276879","block_type":"box","text":"nd Restated Code of Regulations (“Bylaws”),","page_number":16,"box":{"x":467,"y":296,"width":328,"height":13}},{"id":"4b775eec-e78e-44e5-8910-322190f5c9e3","block_type":"box","text":"shareholders must follow certain procedures to nominate","page_number":16,"box":{"x":116,"y":311,"width":410,"height":13}},{"id":"efc636e4-13a5-4e0a-9f12-7bae36942087","block_type":"box","text":"a person for election as a Trustee at a shareholder","page_number":16,"box":{"x":527,"y":311,"width":358,"height":13}},{"id":"7c160f13-6deb-4345-b5cb-ee3735f2dbe1","block_type":"box","text":"meeting at which Trustees are to be elected. Under","page_number":16,"box":{"x":116,"y":327,"width":363,"height":13}},{"id":"3c8a5878-5008-443d-b3b0-832f14fd4e17","block_type":"box","text":"these advance notice procedures, notice of the proposed","page_number":16,"box":{"x":479,"y":327,"width":401,"height":13}},{"id":"0e1096a6-2de1-42bd-bed3-f7ed481327d1","block_type":"box","text":"nominee to the Secretary of the Trust must be delivered","page_number":16,"box":{"x":116,"y":342,"width":393,"height":13}},{"id":"7f6f1a3c-d2c1-460f-b280-4fc17e8744c6","block_type":"box","text":"to or mailed and received at the principal executive","page_number":16,"box":{"x":509,"y":342,"width":373,"height":13}},{"id":"3229b070-6144-4000-a3fd-db67e5d087ec","block_type":"box","text":"offices of the Trust not later than the close of bus","page_number":16,"box":{"x":116,"y":358,"width":349,"height":10}},{"id":"1aaaac57-6d03-4d0f-99b0-5cbe755b2f55","block_type":"box","text":"iness on the fifth day following the day on which notice of","page_number":16,"box":{"x":466,"y":358,"width":419,"height":13}},{"id":"537320b8-d12b-41cb-a571-470d1d0204e0","block_type":"box","text":"the date of the meeting was mailed or public disclosure","page_number":16,"box":{"x":116,"y":373,"width":395,"height":13}},{"id":"8ee1f1af-e6ae-4a6a-b818-35d8ed5023cf","block_type":"box","text":"of the date of the meeting was made, whichever first","page_number":16,"box":{"x":512,"y":373,"width":376,"height":13}},{"id":"5a2f06a1-f175-4b4f-90d6-7d719143c977","block_type":"box","text":"occurs. The Trust’s Bylaws provide that notice of","page_number":16,"box":{"x":116,"y":389,"width":354,"height":13}},{"id":"2871c5cd-17f1-4940-95fc-45e59416f2a6","block_type":"box","text":"a proposed nomination must include certain information","page_number":16,"box":{"x":471,"y":389,"width":407,"height":13}},{"id":"cfdb3ab9-56ad-41fb-93fe-f46cf2be4214","block_type":"box","text":"about the shareholder and the nominee, as well as certai","page_number":16,"box":{"x":116,"y":404,"width":398,"height":13}},{"id":"2e79262c-4d6b-4b88-80ba-7029042eec08","block_type":"box","text":"n other information, including a written consent of","page_number":16,"box":{"x":515,"y":404,"width":367,"height":13}},{"id":"4c294aa1-a405-4428-b981-a4aa36377720","block_type":"box","text":"the proposed nominee to serve if elected. 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During the fiscal year ended","page_number":16,"box":{"x":461,"y":435,"width":351,"height":13}},{"id":"b08adbac-6014-45d9-b285-a0c9296475fc","block_type":"box","text":"April 30, 2026, the Governance Committee met eleven times.","page_number":16,"box":{"x":116,"y":451,"width":440,"height":13}},{"id":"f128dedc-3d0c-4188-8fb1-1bad6c433407","block_type":"box","text":"Compliance Committee.","page_number":16,"box":{"x":117,"y":474,"width":174,"height":13}},{"id":"04cafbb1-5910-4ee0-99b7-19164c60c847","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are","page_number":16,"box":{"x":293,"y":474,"width":592,"height":13}},{"id":"3aa29526-271e-4402-808f-658efe45af35","block_type":"box","text":"Claire A. Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards","page_number":16,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"7b043158-9c5a-4675-9be3-dbb619e8de05","block_type":"box","text":"and Kenneth L. Urish, all of whom are Independent Trustees. The Compliance Committee’s purpose is to","page_number":16,"box":{"x":116,"y":505,"width":769,"height":13}},{"id":"1a28fdbb-2426-4469-8da0-48c5ccdf1db0","block_type":"box","text":"assist the Board in fulfilling its responsibility to oversee regulatory and fiduciary compliance matters","page_number":16,"box":{"x":116,"y":521,"width":732,"height":12}},{"id":"b37cc480-f5c8-4298-a7fe-916180607ccf","block_type":"box","text":"involving the Trust, the fund-related activities of BlackRock and any sub-adviser and the Trust’s third","page_number":16,"box":{"x":116,"y":536,"width":745,"height":13}},{"id":"0eb4f3da-9c09-45dc-b3ea-febe912364e4","block_type":"box","text":"party service providers. The Compliance Committee’s responsibilities include, without limitation, to","page_number":16,"box":{"x":116,"y":552,"width":731,"height":12}},{"id":"9b91194d-54ab-45d0-a137-253a2e53874f","block_type":"box","text":"(1) oversee the compliance policies and procedures of the Trust and its service providers and recommend","page_number":16,"box":{"x":117,"y":567,"width":764,"height":13}},{"id":"321f40f5-ef7c-4e6d-9529-c3407775bf8f","block_type":"box","text":"changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":16,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"adc97d07-e201-48de-bb81-827f1415e06d","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review reports from,","page_number":16,"box":{"x":116,"y":598,"width":733,"height":13}},{"id":"93fe0157-4308-4589-a0a8-0133909f5700","block_type":"box","text":"oversee the annual performance review of, and make certain recommendations and determinations","page_number":16,"box":{"x":116,"y":614,"width":721,"height":12}},{"id":"00200603-4bdd-4f9d-9a48-d5952db3d62e","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and","page_number":16,"box":{"x":116,"y":629,"width":737,"height":13}},{"id":"79a861cf-7e29-4e50-92ea-1439b5f171f9","block_type":"box","text":"structure of the CCO’s compensation and recommending such amount and structure to the full Board for","page_number":16,"box":{"x":116,"y":645,"width":770,"height":12}},{"id":"fe2ba003-b070-4cb5-b569-65a1f1358add","block_type":"box","text":"approval and ratification; and (4) undertake such other duties and responsibilities as may from time to","page_number":16,"box":{"x":116,"y":660,"width":745,"height":13}},{"id":"08beb7a8-5911-4e43-a30c-c425d645c818","block_type":"box","text":"time be delegated by the Board to the Compliance Committee. The Board has adopted a written charter","page_number":16,"box":{"x":116,"y":676,"width":753,"height":12}},{"id":"ae0d3a52-b4b9-4499-9dfc-5d656918451e","block_type":"box","text":"for the Compliance Committee. During the fiscal year ended April 30, 2026, the Compliance Committee","page_number":16,"box":{"x":116,"y":691,"width":759,"height":13}},{"id":"0c6d92d0-9b95-4775-a9ed-662de79f8a43","block_type":"box","text":"met four times.","page_number":16,"box":{"x":116,"y":707,"width":109,"height":10}},{"id":"22e0f1a2-fad1-422c-ba68-86be323ce023","block_type":"box","text":"Performance Oversight Committee.","page_number":16,"box":{"x":116,"y":745,"width":257,"height":13}},{"id":"56f1e739-0a11-4228-ba35-93f4ce8a62ac","block_type":"box","text":"The members of the Performance Oversight Committee (the","page_number":16,"box":{"x":380,"y":745,"width":435,"height":13}},{"id":"e6c225fc-6568-4433-8a64-0565fee53f20","block_type":"box","text":"“Performance Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J.","page_number":16,"box":{"x":117,"y":761,"width":744,"height":13}},{"id":"546cb7da-a02c-4d0d-aa5a-9a04a7e30f01","block_type":"box","text":"Carter, Collette Chilton, Neil A. Cotty and Marc","page_number":16,"box":{"x":117,"y":776,"width":355,"height":13}},{"id":"9ca815e1-5f4f-47c8-a181-3af877f4a1ed","block_type":"box","text":"D. Stern, all of whom are Independent Trustees. The","page_number":16,"box":{"x":478,"y":776,"width":381,"height":13}},{"id":"bfd2618a-284e-4a06-8710-9465e9718e56","block_type":"box","text":"Performance Oversight Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":16,"box":{"x":116,"y":792,"width":709,"height":13}},{"id":"fd2cd49c-a42c-4b4b-ad69-cc3e79ac3e93","block_type":"box","text":"oversee the Fund’s investment performance relative to its agreed-upon performance objectives and to","page_number":16,"box":{"x":116,"y":807,"width":731,"height":13}},{"id":"a07f150f-0627-413e-b44d-75f55b974df3","block_type":"box","text":"assist the Independent Trustees in their consideration of investment advisory agreements. The","page_number":16,"box":{"x":116,"y":823,"width":678,"height":13}},{"id":"5a2354ca-141a-437e-9407-dfa69aee6d6d","block_type":"box","text":"Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":16,"box":{"x":116,"y":838,"width":683,"height":13}},{"id":"f1a60b0f-72d3-410f-9962-05ea0423528a","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment","page_number":16,"box":{"x":116,"y":854,"width":716,"height":13}},{"id":"8eb76381-f9f5-4a55-9dda-2584b54dfdb5","block_type":"box","text":"objective, policies and practices; (2) review information on the Fund’s investment performance;","page_number":16,"box":{"x":116,"y":869,"width":696,"height":13}},{"id":"b84594b1-7b6c-41cc-aa89-919857af9140","block_type":"box","text":"I-8","page_number":16,"box":{"x":490,"y":917,"width":18,"height":9}},{"id":"76350f82-4fab-4a68-af52-7f3485fa0c15","block_type":"box","text":"NM1026U-6032399-16/129","page_number":16,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"c34605d7-aa07-47da-aa1f-31fe5b5f37aa","block_type":"box","text":"(3) review information on appropriate benchmarks and competitive universes and unusual or exceptional","page_number":17,"box":{"x":117,"y":79,"width":768,"height":13}},{"id":"ee460129-7e95-443d-a63b-14b54cc2a5ad","block_type":"box","text":"investment matters; (4) review personnel and other resources devoted to management of the Fund and","page_number":17,"box":{"x":116,"y":94,"width":746,"height":13}},{"id":"923a05be-4867-4fcb-beb6-e74df6ff6773","block_type":"box","text":"evaluate the nature and quality of information furnished to the Performance Oversight Committee;","page_number":17,"box":{"x":116,"y":110,"width":724,"height":13}},{"id":"3a07890f-84e5-431a-8306-d78093a78c3a","block_type":"box","text":"(5) recommend any required action regarding changes in fundamental and non-fundamental investment","page_number":17,"box":{"x":117,"y":125,"width":756,"height":13}},{"id":"f6d0f061-67d6-4941-b83a-dfbc35d2c87d","block_type":"box","text":"policies and restrictions, fund mergers or liquidations; (6) request and review information on the nature,","page_number":17,"box":{"x":116,"y":141,"width":762,"height":13}},{"id":"daa9165b-09b9-4538-b3f5-4246495bbce8","block_type":"box","text":"extent and quality of services provided to the shareholders; (7) make recommendations to the Board","page_number":17,"box":{"x":116,"y":156,"width":732,"height":13}},{"id":"dbf166f6-d0b2-49c6-ba3e-84060fc01926","block_type":"box","text":"concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":17,"box":{"x":116,"y":172,"width":739,"height":13}},{"id":"a8e68893-dac4-45dc-9d54-465c7a340615","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance","page_number":17,"box":{"x":116,"y":187,"width":716,"height":13}},{"id":"f74540d7-cc39-41eb-8ed5-1491f3d79962","block_type":"box","text":"Oversight Committee. The Board has adopted a written charter for the Performance Oversight","page_number":17,"box":{"x":117,"y":203,"width":691,"height":13}},{"id":"fa3cee93-0b54-4dcd-bc46-2733266d21a1","block_type":"box","text":"Committee. During the fiscal year ended April 30, 2026, the Performance Oversight Committee met five","page_number":17,"box":{"x":117,"y":218,"width":762,"height":13}},{"id":"1e2d3662-ce12-41b0-b388-fb91cb630ed0","block_type":"box","text":"times.","page_number":17,"box":{"x":116,"y":235,"width":47,"height":9}},{"id":"69a8d77f-6b92-4c0a-991d-a46bfad70a3e","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":17,"box":{"x":116,"y":257,"width":191,"height":13}},{"id":"f9c4d7ea-ad50-4b6a-9822-145da90a18fd","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics","page_number":17,"box":{"x":308,"y":257,"width":491,"height":13}},{"id":"d3e87f54-9547-4609-a1ef-d6162d0ab965","block_type":"box","text":"Committee”) are Mark Stalnecker (Chair) and Claire A. W","page_number":17,"box":{"x":117,"y":272,"width":393,"height":13}},{"id":"1b81a127-5f98-41ef-a23c-7a7609f7aeb6","block_type":"box","text":"Walton, both of whom are Independent Trustees,","page_number":17,"box":{"x":510,"y":272,"width":348,"height":13}},{"id":"2676a326-d415-4e5e-b1ba-8f0596c3a19c","block_type":"box","text":"and John M. Perlowski, who serves as an interested Trustee. The principal responsibilities of the Ad Hoc","page_number":17,"box":{"x":116,"y":288,"width":731,"height":13}},{"id":"317a89f3-d53d-4991-8cf3-95daa4d8bd7b","block_type":"box","text":"Topics Committee are to (1) act on routine matters between m","page_number":17,"box":{"x":116,"y":303,"width":421,"height":13}},{"id":"2dfa71a8-7b04-4cb8-bf5e-aa3920b57362","block_type":"box","text":"meetings of the Board; (2) act on such matters as","page_number":17,"box":{"x":537,"y":303,"width":343,"height":13}},{"id":"8cacaad4-e58e-4777-b578-be445c7d0edf","block_type":"box","text":"may require urgent action between meetings of the Board","page_number":17,"box":{"x":116,"y":319,"width":398,"height":13}},{"id":"5493e741-b3c8-4225-9b59-780337e14db9","block_type":"box","text":"; and (3) exercise such other authority as may from","page_number":17,"box":{"x":515,"y":319,"width":358,"height":13}},{"id":"88dd629b-31f1-4f96-b52d-829b2f09de5e","block_type":"box","text":"time to time be delegated to the Ad Hoc Topics Comm","page_number":17,"box":{"x":116,"y":334,"width":381,"height":13}},{"id":"3b3f55b8-76b1-4b47-9789-7f8efe8da2a1","block_type":"box","text":"ittee by the Board. The Board has adopted a written","page_number":17,"box":{"x":498,"y":334,"width":365,"height":13}},{"id":"f748b336-d850-43cc-9b9c-c3b8fad28485","block_type":"box","text":"charter for the Ad Hoc Topics Committee. During the fiscal year ended April 30, 2026, the Ad Hoc Topics","page_number":17,"box":{"x":116,"y":350,"width":748,"height":13}},{"id":"23d0882f-2c70-4713-9f80-ad224b04410e","block_type":"box","text":"Committee did not meet.","page_number":17,"box":{"x":117,"y":365,"width":177,"height":10}},{"id":"ccc06fa4-80ce-47dc-9d75-c559d8680017","block_type":"box","text":"The Governance Committee has adopted a statement of p","page_number":17,"box":{"x":116,"y":388,"width":393,"height":13}},{"id":"31b361b3-fc3a-4cdd-8f65-2f038fcc8d7c","block_type":"box","text":"policy that describes the experience, qualifications,","page_number":17,"box":{"x":508,"y":388,"width":356,"height":13}},{"id":"9a841a85-8510-49fd-8399-f0cc52d927cc","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the","page_number":17,"box":{"x":116,"y":404,"width":711,"height":13}},{"id":"ad8cb0c9-c591-40e7-8175-780152c0c2b8","block_type":"box","text":"“Statement of Policy”). The Board believes that each I","page_number":17,"box":{"x":117,"y":419,"width":374,"height":13}},{"id":"c27967b0-066e-4344-a2a6-de96a1b8df06","block_type":"box","text":"ndependent Trustee satisfied, at the time he or she was","page_number":17,"box":{"x":491,"y":419,"width":383,"height":13}},{"id":"a943f0a4-3c9f-4780-b9e6-e5289773d038","block_type":"box","text":"initially elected or appointed a Trustee, and continues to","page_number":17,"box":{"x":116,"y":435,"width":390,"height":13}},{"id":"8bcff531-ac92-4caa-b98d-76b2e5a21618","block_type":"box","text":"satisfy, the standards contemplated by the Statement","page_number":17,"box":{"x":507,"y":435,"width":373,"height":13}},{"id":"4f0adb8f-98f5-4e6e-bfc3-6c26896883f2","block_type":"box","text":"of Policy. Furthermore, in determining that a par","page_number":17,"box":{"x":116,"y":450,"width":339,"height":13}},{"id":"bf438acd-2632-4f06-aef3-418813716128","block_type":"box","text":"ticular Independent Trustee was and continues to be","page_number":17,"box":{"x":455,"y":450,"width":368,"height":13}},{"id":"1cfbc1b0-0a61-4244-a98c-d8eeb90974f4","block_type":"box","text":"qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":17,"box":{"x":116,"y":466,"width":760,"height":13}},{"id":"aea8ac8c-1f7b-4f15-809b-0fddde021936","block_type":"box","text":"controlling. The Board believes that, collectively,","page_number":17,"box":{"x":116,"y":481,"width":342,"height":13}},{"id":"d658f1cb-8e0c-4b74-b6ce-dd235bc9b233","block_type":"box","text":"the Independent Trustees have balanced and diverse","page_number":17,"box":{"x":458,"y":481,"width":365,"height":13}},{"id":"c325bc16-ff67-4c37-ad82-424922b58245","block_type":"box","text":"experience, skills, attributes and qualifications, which allo","page_number":17,"box":{"x":116,"y":497,"width":401,"height":13}},{"id":"17d13ebd-a3b3-469e-a0c0-f6335364b7bb","block_type":"box","text":"w the Board to operate effectively in governing the","page_number":17,"box":{"x":517,"y":497,"width":356,"height":13}},{"id":"ed9139f4-69b0-47da-a8ff-5d12b6efda4d","block_type":"box","text":"Trust and protecting the interests of shareholders. Am","page_number":17,"box":{"x":116,"y":512,"width":375,"height":13}},{"id":"db644302-136d-48c1-b8b8-3bfc78cd2447","block_type":"box","text":"ong the attributes common to all Independent Trustees","page_number":17,"box":{"x":492,"y":512,"width":385,"height":13}},{"id":"8cd694eb-524f-40cb-86ca-e1eb01d380cb","block_type":"box","text":"are their ability to review critically, evaluate, question a","page_number":17,"box":{"x":116,"y":528,"width":384,"height":13}},{"id":"7484e879-b84c-4230-9add-963b46ca6178","block_type":"box","text":"nd discuss information provided to them, to interact","page_number":17,"box":{"x":501,"y":528,"width":367,"height":13}},{"id":"8fe21417-1382-4746-875a-cbb42d6be892","block_type":"box","text":"effectively with the Fund’s investment adviser, s","page_number":17,"box":{"x":116,"y":543,"width":330,"height":13}},{"id":"b9f1e1bd-6c55-4ec2-ae72-3874cf0949c8","block_type":"box","text":"ub-advisers, other service providers, counsel and the","page_number":17,"box":{"x":447,"y":543,"width":365,"height":13}},{"id":"84eef5b1-c200-4986-8898-e59187d28553","block_type":"box","text":"Independent Registered Public Accounting Firm, a","page_number":17,"box":{"x":116,"y":559,"width":348,"height":13}},{"id":"37498965-e7e0-46aa-9b78-c930b9ef5f90","block_type":"box","text":"nd to exercise effective business judgment in the","page_number":17,"box":{"x":465,"y":559,"width":336,"height":13}},{"id":"ebbe8f96-b188-4bdd-8d27-f6a79e0c38bd","block_type":"box","text":"performance of their duties as Trustees.","page_number":17,"box":{"x":116,"y":574,"width":279,"height":13}},{"id":"c8f8139d-aa15-47aa-bf8c-c83219631925","block_type":"box","text":"Each Trustee’s ability to perform his or her duties e","page_number":17,"box":{"x":116,"y":597,"width":356,"height":13}},{"id":"6838d464-8918-41cc-ba3d-1b4503a052bc","block_type":"box","text":"ffectively is evidenced by his or her educational","page_number":17,"box":{"x":472,"y":597,"width":331,"height":13}},{"id":"07578c12-e5a8-426b-9e00-fce891e2c4b8","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience","page_number":17,"box":{"x":116,"y":613,"width":742,"height":13}},{"id":"62354dfd-7190-46ba-969c-edfc5067a17d","block_type":"box","text":"from service as a board member of the Trust and the","page_number":17,"box":{"x":116,"y":628,"width":370,"height":10}},{"id":"e3013a44-09f4-449b-88a4-5a745941a548","block_type":"box","text":"other funds in the BlackRock Fund Complexes (and any","page_number":17,"box":{"x":487,"y":628,"width":394,"height":13}},{"id":"af4d710f-ad03-462a-bc80-5ab0ebc989bf","block_type":"box","text":"predecessor funds), other investment funds, public comp","page_number":17,"box":{"x":116,"y":644,"width":391,"height":13}},{"id":"1a5e309c-0383-4560-bf8c-f4d28a2f510e","block_type":"box","text":"anies, non-profit entities or other organizations;","page_number":17,"box":{"x":508,"y":644,"width":336,"height":13}},{"id":"b619efab-f078-4ef4-8f3f-b784f1f7315a","block_type":"box","text":"ongoing commitment to and participation in Board and","page_number":17,"box":{"x":116,"y":659,"width":387,"height":13}},{"id":"81f0de14-f5cc-4451-b371-a947628ce6a3","block_type":"box","text":"Committee meetings, as well as his or her leadership","page_number":17,"box":{"x":508,"y":659,"width":362,"height":13}},{"id":"b5d95ced-257a-4fb4-a07c-2aa75f5ed3c9","block_type":"box","text":"of standing and","page_number":17,"box":{"x":116,"y":675,"width":108,"height":13}},{"id":"fc0fd1de-160c-46d4-8518-93d76d63402e","block_type":"box","text":"ad hoc","page_number":17,"box":{"x":229,"y":675,"width":46,"height":10}},{"id":"3ce9b3b4-cec7-4eef-86c9-67061c9f44d6","block_type":"box","text":"committees throughout the years; or other relevant life experiences.","page_number":17,"box":{"x":280,"y":675,"width":466,"height":13}},{"id":"4a3b8fe8-3a9b-46e8-9b8c-54840a728dc3","block_type":"box","text":"The table below discusses some of the experiences, qualific","page_number":17,"box":{"x":116,"y":698,"width":407,"height":13}},{"id":"a98e8b11-b987-48f8-a619-163e14aee0bd","block_type":"box","text":"ations and skills of each of the Trustees that","page_number":17,"box":{"x":524,"y":698,"width":304,"height":10}},{"id":"ba2ecfaf-7288-4cb3-9ce4-2fbae1a981f9","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":17,"box":{"x":116,"y":713,"width":471,"height":13}},{"id":"e3886b86-3c7c-446b-88e4-0a107ec1c4b6","block_type":"box","text":"Trustees","page_number":17,"box":{"x":116,"y":741,"width":48,"height":8}},{"id":"fa2c53aa-c191-4d7e-a151-b39e53cc1ad4","block_type":"box","text":"Experience, Qualifications and Skills","page_number":17,"box":{"x":266,"y":741,"width":212,"height":10}},{"id":"24c09b53-b23c-47a0-9b71-38c2d544311f","block_type":"box","text":"Independent Trustees","page_number":17,"box":{"x":116,"y":763,"width":124,"height":10}},{"id":"00f02067-923e-478e-9508-e6796bec59f3","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services industry, including","page_number":17,"box":{"x":116,"y":778,"width":735,"height":10}},{"id":"14fc9c69-7ca5-4d54-92bc-84b414c0396b","block_type":"box","text":"most recently serving as Chief Investment Officer of the California State Teachers Retirement System","page_number":17,"box":{"x":266,"y":789,"width":584,"height":10}},{"id":"8bbb5f6b-fd91-4b0a-be3e-0f7abcb42c76","block_type":"box","text":"(CalSTRS) from 2000 to June 2024 where he led its investment program. Mr. Ailman currently is a","page_number":17,"box":{"x":267,"y":799,"width":574,"height":10}},{"id":"906e2b2a-8572-4f88-b956-14d295134b58","block_type":"box","text":"principal at Ailman Advisers. In addition, he has held various roles in the industry, including as member","page_number":17,"box":{"x":266,"y":809,"width":602,"height":10}},{"id":"f28bd0d8-cf8e-44a4-9bca-efd6d6ea0b61","block_type":"box","text":"and chair of the asset owner committee of the Kroner Center for Financial Research, chairman of the","page_number":17,"box":{"x":266,"y":820,"width":584,"height":9}},{"id":"c9e2b026-3b79-498b-b806-32976633fea9","block_type":"box","text":"North American Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital","page_number":17,"box":{"x":266,"y":830,"width":587,"height":10}},{"id":"5403044a-9912-45b1-b3e6-c9b1ad470138","block_type":"box","text":"Markets Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":17,"box":{"x":266,"y":840,"width":581,"height":10}},{"id":"1b9649d6-9fe3-4a6c-b1c3-02e49081e4dd","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the markets and the economy.","page_number":17,"box":{"x":266,"y":851,"width":608,"height":10}},{"id":"bdd89a96-2d94-4d9a-b1f6-f4565f9efbdf","block_type":"box","text":"In addition, Mr. Ailman serves as a member of the Governance Committee and the Performance","page_number":17,"box":{"x":266,"y":861,"width":557,"height":10}},{"id":"9b85b7a0-6bae-4c1b-8847-3b57c891863b","block_type":"box","text":"Oversight Committee.","page_number":17,"box":{"x":266,"y":871,"width":127,"height":10}},{"id":"a22ba9ef-2985-413b-aa89-1b7287f0f5f8","block_type":"box","text":"I-9","page_number":17,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"62d1067c-99b8-44c0-9e45-4b86e2cf19db","block_type":"box","text":"NM1026U-6032399-17/129","page_number":17,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"b5bb7a04-35c8-4d2c-bd0e-ea756ef4627e","block_type":"box","text":"Trustees","page_number":18,"box":{"x":116,"y":76,"width":48,"height":8}},{"id":"afa1698f-ed6e-40b3-9e0a-9b1894c379ca","block_type":"box","text":"Experience, Qualifications and Skills","page_number":18,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"b1a6ce80-4b76-4478-99a3-4b36a66b7895","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has served as President &","page_number":18,"box":{"x":116,"y":95,"width":760,"height":10}},{"id":"4f6fdacd-3008-4a43-a2f5-895f05c924c1","block_type":"box","text":"Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a registered investment adviser focused on","page_number":18,"box":{"x":266,"y":105,"width":614,"height":11}},{"id":"56436f96-5611-485c-b8c2-33b2d31ead67","block_type":"box","text":"non-profit investors, from 1997 to 2013, Chief Executive Officer of CCI from 2013 to 2014 and Senior","page_number":18,"box":{"x":266,"y":116,"width":600,"height":10}},{"id":"75548db6-c311-49eb-98f7-6096c41200b3","block_type":"box","text":"Advisor to CCI in 2015. Ms. Carter also served as director of the Pacific Pension Institute from 2014 to","page_number":18,"box":{"x":266,"y":126,"width":600,"height":8}},{"id":"0e79f597-7899-4679-9abe-53e401adcb2f","block_type":"box","text":"2018, trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board Member for","page_number":18,"box":{"x":266,"y":136,"width":598,"height":11}},{"id":"c8283dde-9516-4d62-9303-177cf4523327","block_type":"box","text":"the Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021,","page_number":18,"box":{"x":266,"y":147,"width":573,"height":10}},{"id":"ffdb948c-9bed-4d5e-891e-31916ade5613","block_type":"box","text":"Advisory Board Member for Bridges Fund Management from 2016 to 2018, Advisory Board Member for","page_number":18,"box":{"x":266,"y":157,"width":612,"height":10}},{"id":"8115eba6-dc98-4fdf-9196-5a4e84df1fcb","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022, and Practitioner","page_number":18,"box":{"x":266,"y":167,"width":591,"height":10}},{"id":"4265f894-05f5-4b52-bb93-aa957b7e1c28","block_type":"box","text":"Advisory Board Member for Private Capital Research Institute (“PCRI”) from 2017 to 2024. She","page_number":18,"box":{"x":266,"y":178,"width":564,"height":10}},{"id":"e9be32a1-d83c-4059-9e89-33144d2b632d","block_type":"box","text":"currently serves as Member of the President’s Counsel for Commonfund. These positions have provided","page_number":18,"box":{"x":266,"y":188,"width":601,"height":10}},{"id":"60720895-9ad8-49a3-9f9d-27a94e1b759e","block_type":"box","text":"her with insight and perspective on the markets and the economy.","page_number":18,"box":{"x":266,"y":198,"width":380,"height":11}},{"id":"23d1c34e-24c2-4041-88c5-8cba3af5f334","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the position of Chief","page_number":18,"box":{"x":116,"y":214,"width":767,"height":10}},{"id":"806b4589-4092-44e8-abfe-d74b3b00df47","block_type":"box","text":"Investment Officer of Williams College from October 2006 to June 2023. Prior to that she was President","page_number":18,"box":{"x":266,"y":224,"width":606,"height":10}},{"id":"a1f03045-efa3-4c63-8c28-8ab37efd05c6","block_type":"box","text":"and Chief Investment Officer of Lucent Asset Management Corporation, where she oversaw \r\n$","page_number":18,"box":{"x":266,"y":234,"width":534,"height":11}},{"id":"2de24caf-350c-42b0-82a3-eb451998e6a1","block_type":"box","text":"gp\r\napproximately $40 billion in pension and retirement savings assets for the company. These positions have","page_number":18,"box":{"x":266,"y":245,"width":612,"height":10}},{"id":"bbd477d5-4e85-4172-9159-6b73229762f8","block_type":"box","text":"provided her with insight and perspective on the markets and the economy.","page_number":18,"box":{"x":266,"y":255,"width":435,"height":10}},{"id":"6f1f7fef-a47f-47b9-aef0-8ce431f3728e","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry, including 19 years at","page_number":18,"box":{"x":116,"y":271,"width":765,"height":10}},{"id":"b8e2e9a2-524c-4d60-b0f6-d89236ac3daf","block_type":"box","text":"Bank of America Corporation and its affiliates, where he served, at different times, as the Chief Financial","page_number":18,"box":{"x":266,"y":281,"width":607,"height":10}},{"id":"46664a3e-3dda-49e8-be96-532e9dfc847f","block_type":"box","text":"Officer of various businesses including Investment Banking, Global Markets, Wealth Management and","page_number":18,"box":{"x":266,"y":291,"width":595,"height":11}},{"id":"9b7e0c2d-8669-4fe7-8048-f4e6eeca50e4","block_type":"box","text":"Consumer and also served ten years as the Chief Accounting Officer for Bank of America Corporation.","page_number":18,"box":{"x":266,"y":302,"width":596,"height":10}},{"id":"45a325a9-f4e3-46f0-bf68-bb69528b596a","block_type":"box","text":"Mr. Cotty has been determined by the Audit Committee to be an audit committee financial expert, as such","page_number":18,"box":{"x":266,"y":317,"width":616,"height":10}},{"id":"4da45a03-52e6-4392-b5b2-ea51a9a2cf93","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":18,"box":{"x":266,"y":328,"width":295,"height":10}},{"id":"c1c90b0d-31ea-45e5-b7d4-79f5e28bef19","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial services industry,","page_number":18,"box":{"x":115,"y":343,"width":727,"height":10}},{"id":"72e0f4bf-c9ef-482c-971a-0dbfbe65f0bd","block_type":"box","text":"including over 19 years at Fidelity Investments, where he served, at different times, as the Chief Auditor","page_number":18,"box":{"x":266,"y":353,"width":600,"height":11}},{"id":"9f56e2d6-fab5-47f0-ae25-7afb3538137a","block_type":"box","text":"and the Chief Accounting Officer of Fidelity Investments’ parent company, FMR LLC. 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Mr. Keizer’s experience also includes service as","page_number":18,"box":{"x":266,"y":462,"width":601,"height":10}},{"id":"435876ea-c826-4e58-93ab-1b4086e566d8","block_type":"box","text":"an audit committee chair to both publicly and privately held organizations across numerous industries","page_number":18,"box":{"x":266,"y":472,"width":591,"height":10}},{"id":"c73e70d7-0858-42a2-808d-305f50b3a53e","block_type":"box","text":"including professional services, property and casualty reinsurance, insurance, diversified financial services,","page_number":18,"box":{"x":266,"y":483,"width":613,"height":10}},{"id":"50575db5-d3de-4304-91d4-05b842863375","block_type":"box","text":"banking, direct to consumer, business to business and technology. Mr. Keizer is a certified public","page_number":18,"box":{"x":266,"y":493,"width":561,"height":10}},{"id":"28287fe9-c7f7-425b-a232-d09eb059333e","block_type":"box","text":"accountant and also served on the board of the American Institute of Certified Public Accountants.","page_number":18,"box":{"x":266,"y":503,"width":572,"height":8}},{"id":"5981aad5-b39c-4fbd-ab95-b4136208f23d","block_type":"box","text":"Mr. Keizer has been determined by the Audit Committee to be an audit committee financial expert, as","page_number":18,"box":{"x":266,"y":514,"width":590,"height":10}},{"id":"a6b65c3e-e197-443f-b82d-ec9593b0a73c","block_type":"box","text":"such term is defined in the applicable Commission rules.","page_number":18,"box":{"x":266,"y":524,"width":325,"height":10}},{"id":"3f35c4c6-a66b-429e-a8aa-23aea67f88ec","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered investment companies,","page_number":18,"box":{"x":116,"y":539,"width":752,"height":11}},{"id":"03ad606f-a4e6-4c45-8e22-d63700fdb299","block_type":"box","text":"most recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds,","page_number":18,"box":{"x":266,"y":550,"width":582,"height":10}},{"id":"e1b99ba0-7c27-4555-8631-79289ef13368","block_type":"box","text":"including the legacy Merrill Lynch Investment Managers, L.P. (“MLIM”) funds. The Board benefits from","page_number":18,"box":{"x":266,"y":560,"width":610,"height":10}},{"id":"7d49ced1-9e0d-45a1-8bf5-8c72b73d4de0","block_type":"box","text":"Ms. Montgomery’s more than 20 years of academic experience as a professor at Harvard Business School","page_number":18,"box":{"x":266,"y":570,"width":611,"height":11}},{"id":"88316d8b-7c23-4426-9123-738dcd8e287f","block_type":"box","text":"where she taught courses on corporate strategy and corporate governance. Ms. Montgomery also has","page_number":18,"box":{"x":266,"y":581,"width":586,"height":10}},{"id":"c2829904-d305-4098-9d45-c97026bb6873","block_type":"box","text":"business management and corporate governance experience through her service on the corporate boards","page_number":18,"box":{"x":266,"y":591,"width":603,"height":10}},{"id":"6b89d7e3-3f21-4e2f-9c4c-34784fcbe8de","block_type":"box","text":"of a variety of public companies. She has also authored numerous articles and books on these topics.","page_number":18,"box":{"x":266,"y":601,"width":582,"height":11}},{"id":"1d8abd7e-69d7-479f-8d6b-e71e8b17f7ba","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive experience, including through","page_number":18,"box":{"x":116,"y":617,"width":762,"height":10}},{"id":"36d16676-b632-47c1-be55-829838dd964a","block_type":"box","text":"his service as president, director and investment commi","page_number":18,"box":{"x":266,"y":627,"width":305,"height":11}},{"id":"127846a2-cff3-41cf-b2fc-cbd4096c90db","block_type":"box","text":"ttee chair for academic and not-for-profit organizations,","page_number":18,"box":{"x":571,"y":627,"width":310,"height":11}},{"id":"54e566da-fab8-4177-b9f1-a33d6b924aa9","block_type":"box","text":"and his experience as a partner, managing director and","page_number":18,"box":{"x":266,"y":638,"width":304,"height":10}},{"id":"c7c8a325-6992-4e25-addd-b5fd13266a1e","block_type":"box","text":"advisory director at Goldman Sachs for 32 years. He","page_number":18,"box":{"x":574,"y":638,"width":292,"height":10}},{"id":"2c799877-fb10-4845-bb81-093705560e9e","block_type":"box","text":"also has investment management experience as","page_number":18,"box":{"x":266,"y":648,"width":259,"height":10}},{"id":"0c858811-3802-49f5-92d0-58bc04f7714e","block_type":"box","text":"a board member of Athena Capital Advisors LLC.","page_number":18,"box":{"x":529,"y":648,"width":279,"height":10}},{"id":"9ed82068-9c8b-4ada-a16c-d137ffde0afc","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry, most notably as the","page_number":18,"box":{"x":116,"y":663,"width":759,"height":11}},{"id":"0b70074c-ab64-4940-b961-a1e5a438cf3c","block_type":"box","text":"first Director of the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and","page_number":18,"box":{"x":266,"y":674,"width":600,"height":10}},{"id":"b8d100c8-bb43-46e4-b148-16908017f32c","block_type":"box","text":"Exchange Commission (“SEC”) from 1995 to 2009. 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At","page_number":18,"box":{"x":266,"y":798,"width":583,"height":10}},{"id":"1cd579c7-0861-4115-9a38-84f8396122e8","block_type":"box","text":"PwC, she assisted a broad range of financial services clients in designing and implementing risk","page_number":18,"box":{"x":266,"y":808,"width":549,"height":10}},{"id":"3fe6dda2-1af2-422d-8e9e-704209bfe1c3","block_type":"box","text":"management and compliance programs, and preparing for new regulatory expectations. These positions","page_number":18,"box":{"x":266,"y":818,"width":601,"height":11}},{"id":"e442b4b9-2664-467a-92d3-03f4287d054d","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well as asset","page_number":18,"box":{"x":266,"y":829,"width":557,"height":10}},{"id":"b8f9ed1f-4cb6-44ca-a227-a2543188f1c3","block_type":"box","text":"management regulation and compliance. In addition, Ms. Richards serves as a member of the Audit","page_number":18,"box":{"x":266,"y":839,"width":576,"height":10}},{"id":"c10816af-69a0-406b-b82c-094492c02a78","block_type":"box","text":"Committee and the Compliance Committee.","page_number":18,"box":{"x":266,"y":849,"width":255,"height":11}},{"id":"53a5eba0-e63a-4a57-affe-caf100018687","block_type":"box","text":"I-10","page_number":18,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"ba70bf82-a04a-47bc-a21f-bddbdb7d9a21","block_type":"box","text":"NM1026U-6032399-18/129","page_number":18,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"c2158d3e-0584-426b-b830-1b5b7a69d917","block_type":"box","text":"Trustees","page_number":19,"box":{"x":116,"y":76,"width":48,"height":8}},{"id":"5e732a40-4dd3-4d19-8be6-68a9d6de9f4a","block_type":"box","text":"Experience, Qualifications and Skills","page_number":19,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"d29172aa-f25a-4a68-997f-e15a62439dfd","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management from his over 13","page_number":19,"box":{"x":116,"y":95,"width":748,"height":10}},{"id":"9ad5b893-67ad-473d-86ad-e033b04ec02c","block_type":"box","text":"years of service as the Chief Investment Officer of the University of Delaware as well as from his various","page_number":19,"box":{"x":266,"y":105,"width":603,"height":11}},{"id":"4f223847-6601-4edc-9654-131a1fdec995","block_type":"box","text":"positions with First Union Corporation, including Senior Vice President and State Investment","page_number":19,"box":{"x":266,"y":116,"width":539,"height":10}},{"id":"89bc4962-004c-4bbe-9688-e602b9645c81","block_type":"box","text":"Director of First Investment Advisors. The Board benefits from his experience and perspective as the Chief","page_number":19,"box":{"x":266,"y":126,"width":616,"height":10}},{"id":"7b1458b4-17c3-4c34-9d94-e19615b91674","block_type":"box","text":"Investment Officer of a university endowment and from the oversight experience he gained from service","page_number":19,"box":{"x":266,"y":136,"width":600,"height":11}},{"id":"7320853a-4eda-4633-bf84-b2e15cfaaaa1","block_type":"box","text":"on various private and non-profit boards.","page_number":19,"box":{"x":266,"y":147,"width":240,"height":10}},{"id":"5d296cc0-4278-49e5-8033-7540dbd141fc","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management. Mr. Stern served","page_number":19,"box":{"x":116,"y":162,"width":760,"height":10}},{"id":"ab801e0b-6517-49ef-a854-0978706901f7","block_type":"box","text":"as the Chief Executive Officer at Bessemer Trust, a wealth management business, for 13 years. During his","page_number":19,"box":{"x":266,"y":172,"width":610,"height":11}},{"id":"13a89ef6-86e0-486f-9a11-7835affbb3f3","block_type":"box","text":"tenure at Bessemer Trust, Mr. Stern served on the firm’s board of directors, chaired the board’s trust and","page_number":19,"box":{"x":266,"y":183,"width":607,"height":10}},{"id":"8b1815e8-4632-43f1-bf62-075021a8da18","block_type":"box","text":"investment committee, and led the firm’s executive committee. He also served as Bessemer’s Chief","page_number":19,"box":{"x":266,"y":193,"width":565,"height":10}},{"id":"5be7b748-697a-495f-8dc3-0b65dc9b560a","block_type":"box","text":"Investment Officer for 8 years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":19,"box":{"x":266,"y":203,"width":613,"height":11}},{"id":"a6a907e9-d906-4328-9220-1951eaf1a228","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served as Chair of the","page_number":19,"box":{"x":266,"y":214,"width":595,"height":10}},{"id":"5bf5e52e-442c-46bc-9dda-1626c5543f2d","block_type":"box","text":"Private Clients Investment group at AllianceBernstein. These positions provide Mr. Stern with insight and","page_number":19,"box":{"x":266,"y":224,"width":610,"height":10}},{"id":"086b54ed-4928-4b94-87d1-14eaca77eaf9","block_type":"box","text":"perspective into investment management, the economy, and fiduciary governance. Mr. Stern also served as","page_number":19,"box":{"x":266,"y":234,"width":616,"height":11}},{"id":"9ad780c5-5aba-43d7-a973-f200570d20f2","block_type":"box","text":"consultant to the Independent Trustees prior to becoming an Independent Trustee.","page_number":19,"box":{"x":266,"y":245,"width":477,"height":10}},{"id":"87b3995a-8620-4cd8-b639-a5109f547c91","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment companies, most","page_number":19,"box":{"x":116,"y":260,"width":741,"height":11}},{"id":"844e9c5f-eb3c-4330-8941-504883046beb","block_type":"box","text":"recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds, including","page_number":19,"box":{"x":266,"y":271,"width":608,"height":10}},{"id":"9bd8f47f-2349-4dc6-9755-0d1975ce0983","block_type":"box","text":"the legacy BlackRock funds. He has over 30 years of experience in public accounting. Mr. Urish has","page_number":19,"box":{"x":266,"y":281,"width":578,"height":10}},{"id":"34f481d7-f791-4ac5-99c5-75417276c752","block_type":"box","text":"served as a managing member of an accounting and consulting firm. Mr. Urish has been determined by","page_number":19,"box":{"x":266,"y":291,"width":597,"height":11}},{"id":"d780b7f8-18ed-49c9-b8ec-870eab011b7d","block_type":"box","text":"the Audit Committee to be an audit committee financial expert, as such term is defined in the applicable","page_number":19,"box":{"x":266,"y":302,"width":602,"height":10}},{"id":"e909e903-4da7-4b3c-b67e-e519cba4fc3c","block_type":"box","text":"Commission rules.","page_number":19,"box":{"x":266,"y":312,"width":106,"height":8}},{"id":"3851c8a1-357f-43e7-89b5-9f0f246db5ec","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has served as the Chief","page_number":19,"box":{"x":116,"y":328,"width":757,"height":10}},{"id":"bb10c200-f86f-4645-b185-07895f5efa90","block_type":"box","text":"Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to","page_number":19,"box":{"x":266,"y":338,"width":588,"height":10}},{"id":"11a00221-be7f-4ce1-ab72-c8db7a47eb21","block_type":"box","text":"2015, an investment manager that specialized in long/short non-U.S. equity investments, and was an","page_number":19,"box":{"x":266,"y":348,"width":580,"height":10}},{"id":"3e1a6ed0-19b8-4e0a-b850-892221d54613","block_type":"box","text":"owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023, a firm","page_number":19,"box":{"x":266,"y":359,"width":571,"height":10}},{"id":"2deee955-3c34-41e1-a959-4a28d50bec20","block_type":"box","text":"focusing on long/short equities in global emerging and frontier markets. 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In connection with its accounting services,","page_number":26,"box":{"x":498,"y":273,"width":369,"height":12}},{"id":"e84eac3d-5e2b-4748-815f-5c0304d7fa61","block_type":"box","text":"BNY MIS also provides certain administrative services.","page_number":26,"box":{"x":116,"y":288,"width":386,"height":13}},{"id":"3fb9c754-9ed4-4dfb-8d6a-fc8bf8ee404b","block_type":"box","text":"Custodian","page_number":26,"box":{"x":116,"y":317,"width":79,"height":10}},{"id":"5dfefe6a-6577-44ce-87a7-42ac36e01307","block_type":"box","text":"The Bank of New York Mellon, which has its principal offices at 240 Greenwich Street, New York, New","page_number":26,"box":{"x":116,"y":342,"width":736,"height":13}},{"id":"ef8961f9-661f-493e-a0cc-e1123abb5688","block_type":"box","text":"York 10286, serves as a custodian for the Fund. Among other responsibilities, The Bank of New York Mellon","page_number":26,"box":{"x":116,"y":358,"width":770,"height":13}},{"id":"c9b45102-c234-4047-8353-b6582de0460c","block_type":"box","text":"maintains a custody account or accounts in the name","page_number":26,"box":{"x":116,"y":373,"width":373,"height":13}},{"id":"c90fa49c-caaf-4338-a414-59576f8852ff","block_type":"box","text":"of the Fund, receives and delivers all assets for the Fund","page_number":26,"box":{"x":489,"y":373,"width":391,"height":13}},{"id":"24f28c0f-7135-4f30-ad90-0335e8ee0307","block_type":"box","text":"upon purchase and upon sale or maturity, and collects and receives all income and other payments and","page_number":26,"box":{"x":116,"y":389,"width":719,"height":13}},{"id":"f4fe7c76-9063-4c92-8574-37869e382a48","block_type":"box","text":"distributions on account of the assets of the Fund.","page_number":26,"box":{"x":116,"y":404,"width":351,"height":10}},{"id":"8392804c-8475-4bbc-9221-d044f05b8920","block_type":"box","text":"Transfer Agent","page_number":26,"box":{"x":116,"y":433,"width":115,"height":13}},{"id":"f5d770c9-8fdb-4c4c-888c-05ec32742abe","block_type":"box","text":"Securitize Transfer Agent, LLC, which has its principal place of business at 78 SW 7t","page_number":26,"box":{"x":116,"y":459,"width":583,"height":12}},{"id":"60b26642-b97d-4286-81d9-2f17cbf3b7a6","block_type":"box","text":"7th","page_number":26,"box":{"x":699,"y":459,"width":9,"height":6}},{"id":"05c17e0c-6c9b-461b-8a0f-59795caea2f5","block_type":"box","text":"h St, Suite 500, Miami,","page_number":26,"box":{"x":708,"y":459,"width":157,"height":12}},{"id":"d08fe292-7ba2-424d-b8d3-ae34c098df68","block_type":"box","text":"FL 33130, serves as transfer agent and dividend disbursing agent for the Fund.","page_number":26,"box":{"x":116,"y":474,"width":549,"height":13}},{"id":"8c1d8b2a-23d4-4996-bcc4-44945038e75b","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":26,"box":{"x":116,"y":503,"width":369,"height":12}},{"id":"a39b782c-4ff6-464a-8653-3b32c22d5b25","block_type":"box","text":"The offering price for the Fund’s share class is equal to t","page_number":26,"box":{"x":116,"y":528,"width":384,"height":13}},{"id":"63a7ed21-fdf1-44fa-8539-67440229a32b","block_type":"box","text":"the share class’s net asset value computed by dividing","page_number":26,"box":{"x":499,"y":528,"width":375,"height":13}},{"id":"543230e0-830b-49bc-a3c3-24ad0727302e","block_type":"box","text":"the value of the share class’ net assets by the numb","page_number":26,"box":{"x":116,"y":544,"width":350,"height":13}},{"id":"cbb15f18-88bc-410b-a0fd-16680f5d35d1","block_type":"box","text":"er of shares of that share class outstanding. For more","page_number":26,"box":{"x":467,"y":544,"width":372,"height":13}},{"id":"134d88c3-7a7f-4f57-b294-ae1177fcabea","block_type":"box","text":"information on the purchasing and valuation of shares,","page_number":26,"box":{"x":116,"y":559,"width":382,"height":13}},{"id":"a406a9b0-d065-4493-bfa1-8a018a85f359","block_type":"box","text":"please see “Purchase of Shares” and “Determination","page_number":26,"box":{"x":498,"y":559,"width":374,"height":13}},{"id":"62172d74-7b05-41b3-8f8f-b9aafde0dd02","block_type":"box","text":"of Net Asset Value” in Part II of this SAI.","page_number":26,"box":{"x":116,"y":575,"width":292,"height":10}},{"id":"e0db740c-d73c-4048-9f40-630406f79db5","block_type":"box","text":"VII. Yield Information","page_number":26,"box":{"x":116,"y":603,"width":203,"height":10}},{"id":"03b22c53-f267-4564-b4a4-014b75c7605a","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":26,"box":{"x":116,"y":629,"width":762,"height":13}},{"id":"6ddf346c-7778-4cdf-a178-430288b69e87","block_type":"box","text":"period is not an indication or representation by the Fund of","page_number":26,"box":{"x":116,"y":645,"width":413,"height":12}},{"id":"7f64220c-4c14-49f3-8a7a-d71e1a5a6785","block_type":"box","text":"f future yields or rates of return on its shares. The","page_number":26,"box":{"x":528,"y":645,"width":344,"height":12}},{"id":"4adda85f-0bd1-460b-a4d3-0a49c0d6c3c7","block_type":"box","text":"yield is affected by such factors as changes in int","page_number":26,"box":{"x":116,"y":660,"width":334,"height":13}},{"id":"b2f8a065-7edd-4ee5-818d-3d76ea2f8e4f","block_type":"box","text":"erest rates on the Fund’s portfolio securities, average portfolio","page_number":26,"box":{"x":451,"y":660,"width":429,"height":13}},{"id":"8bbc105f-41dd-40b3-87f3-2f5196046faf","block_type":"box","text":"maturity, the types and quality of portfolio securities","page_number":26,"box":{"x":116,"y":676,"width":365,"height":12}},{"id":"bc45887e-4244-4dce-a2e7-d5a12d5b85c8","block_type":"box","text":"held and operating expenses. The yield on Fund shares","page_number":26,"box":{"x":486,"y":676,"width":379,"height":12}},{"id":"a47a648d-1146-4651-b074-2134ca70bbd6","block_type":"box","text":"for various reasons may not be comparable to the yi","page_number":26,"box":{"x":116,"y":691,"width":362,"height":13}},{"id":"d7375b99-4753-4917-9460-295c2a3364a4","block_type":"box","text":"eld on bank deposits, shares of other money market funds","page_number":26,"box":{"x":478,"y":691,"width":402,"height":13}},{"id":"6e09e5b1-c796-49fd-8ef8-28edac5047f0","block_type":"box","text":"or other investments.","page_number":26,"box":{"x":116,"y":707,"width":145,"height":10}},{"id":"768ab0b1-d325-490b-b1ea-0d7f48f63870","block_type":"box","text":"VIII. Portfolio Transactions","page_number":26,"box":{"x":116,"y":735,"width":230,"height":10}},{"id":"59e2c392-be8e-459f-9b27-c21e7ffee8ea","block_type":"box","text":"See “Portfolio Transactions” in Part II of this SAI for more information.","page_number":26,"box":{"x":116,"y":761,"width":500,"height":10}},{"id":"316eb1d6-4ac9-4cc8-b27a-14d0509d58a3","block_type":"box","text":"IX. Additional Information","page_number":26,"box":{"x":116,"y":789,"width":237,"height":10}},{"id":"40530952-e68f-4114-b770-6f5cbd2570bb","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":26,"box":{"x":116,"y":815,"width":336,"height":13}},{"id":"33816c63-8d89-4ca7-b485-d8b05369dad2","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":26,"box":{"x":457,"y":815,"width":413,"height":13}},{"id":"4b191ac1-a1b5-4b5d-8678-0efae4798621","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":26,"box":{"x":116,"y":831,"width":732,"height":13}},{"id":"07beef39-fe62-4c29-acc8-515c33ef8a84","block_type":"box","text":"Counsel.","page_number":26,"box":{"x":116,"y":854,"width":60,"height":10}},{"id":"02905e2c-2509-46ab-bb73-ce80a2d8ba13","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036,","page_number":26,"box":{"x":177,"y":854,"width":682,"height":13}},{"id":"759e7627-aeef-4693-b323-9decaa32a4fc","block_type":"box","text":"serves as the Fund’s counsel.","page_number":26,"box":{"x":116,"y":869,"width":202,"height":11}},{"id":"301525a4-142c-4959-b01e-2ebcb05ae03b","block_type":"box","text":"I-18","page_number":26,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"41712a26-6c88-4e4c-86a1-e3f9d49acd6d","block_type":"box","text":"NM1026U-6032399-26/129","page_number":26,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"483ed8b4-691a-4a46-a872-747f7321d445","block_type":"box","text":"The Trust","page_number":27,"box":{"x":116,"y":79,"width":78,"height":10}},{"id":"c7a67322-5cb7-4ac2-b177-000d2a2dad64","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":27,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"28f1ed16-860e-43fb-85c9-91f038844abc","block_type":"box","text":"Investment Company Act as an open-end, management","page_number":27,"box":{"x":116,"y":118,"width":389,"height":12}},{"id":"81939bb8-bf30-4af3-8467-f64f39358a28","block_type":"box","text":"investment company. The Fund is diversified pursuant","page_number":27,"box":{"x":505,"y":118,"width":381,"height":12}},{"id":"b31b12eb-42e1-4b0c-a937-a3bd51e9372a","block_type":"box","text":"to the Investment Company Act. Effective January 31, 1998, the Trust changed its name from Compass","page_number":27,"box":{"x":116,"y":133,"width":725,"height":13}},{"id":"8c1b2e81-6afa-4761-9c79-7a916c4a6eac","block_type":"box","text":"Capital Funds to BlackRock Funds. 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OnChain","page_number":32,"box":{"x":45,"y":408,"width":436,"height":13}},{"id":"4620c79f-2e1a-4848-83ca-58b4a938bd8a","block_type":"box","text":"Shares will be coded such that they can only be transferred to","page_number":32,"box":{"x":482,"y":408,"width":430,"height":13}},{"id":"65570150-fc80-4c1d-a86f-a5dbe2e5a8eb","block_type":"box","text":"wallets that previously have been whitelisted by the Fund’s t","page_number":32,"box":{"x":45,"y":424,"width":412,"height":12}},{"id":"42228ef2-36c6-4a9f-b738-b85711239015","block_type":"box","text":"transfer agent. 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Such transfers are deemed complete upon","page_number":32,"box":{"x":456,"y":439,"width":457,"height":13}},{"id":"c8ac3b7e-deba-4cf1-92e5-a0ee0739dac6","block_type":"box","text":"confirmation of the transaction on the applicable blockchain.","page_number":32,"box":{"x":45,"y":455,"width":430,"height":12}},{"id":"84c3e251-760c-4e5f-aed5-fa2bc3676e45","block_type":"box","text":"A transferee will become a registered owner of OnChain Shares at","page_number":32,"box":{"x":475,"y":455,"width":463,"height":12}},{"id":"fa075c7f-c77e-40c0-b013-50b762e0af69","block_type":"box","text":"the time such OnChain Shares are transferred t","page_number":32,"box":{"x":45,"y":470,"width":322,"height":10}},{"id":"fbde6cd5-017f-40f5-ada1-e7fcaa84e5a2","block_type":"box","text":"to their wallet, which may occur intra-day","page_number":32,"box":{"x":366,"y":470,"width":298,"height":13}},{"id":"721eebdb-15b5-4ae0-9b8f-f9cd8ef8e0d5","block_type":"box","text":"or on days or at times when the Fund is","page_number":32,"box":{"x":664,"y":470,"width":275,"height":13}},{"id":"86174e97-e7eb-4669-b1d2-bc8f09285240","block_type":"box","text":"closed for business. Dividend eligibility with","page_number":32,"box":{"x":45,"y":486,"width":306,"height":12}},{"id":"71f44b2e-ed88-4bcf-a975-2911e33858ff","block_type":"box","text":"respect to transferred OnChain Shares will","page_number":32,"box":{"x":351,"y":486,"width":305,"height":12}},{"id":"04fba9fc-6486-4d76-8fcc-53a588cb8cd3","block_type":"box","text":"be determined in accordance with the","page_number":32,"box":{"x":657,"y":486,"width":264,"height":10}},{"id":"9044e2d0-768d-4de0-a431-d3c753bbb678","block_type":"box","text":"Fund’s prospectus. For more information on dividend eligibility rel","page_number":32,"box":{"x":45,"y":501,"width":463,"height":13}},{"id":"f6b7f1db-c0dc-4dde-8fd8-b319bb5e35f6","block_type":"box","text":"ated to peer-to-peer transfers of OnChain Shares, shareholde","page_number":32,"box":{"x":509,"y":501,"width":421,"height":13}},{"id":"e8379774-5f2c-42cd-9029-dd059707c390","block_type":"box","text":"rs","page_number":32,"box":{"x":931,"y":505,"width":17,"height":6}},{"id":"ae09a98e-f584-4ea7-8595-94bcd670ef38","block_type":"box","text":"should consult the “Dividends, Distributions, and Taxes” section of the Fund’s prospectus.","page_number":32,"box":{"x":46,"y":517,"width":635,"height":12}},{"id":"82c37507-d184-424d-8c35-6e46acd68ab9","block_type":"box","text":"The Fund has no ability to control or monitor the price at wh","page_number":32,"box":{"x":45,"y":542,"width":427,"height":12}},{"id":"182b2aa2-86e1-44d1-a701-c80d4abb5ceb","block_type":"box","text":"ich peer-to-peer transfers of OnChain Shares occur, and such","page_number":32,"box":{"x":473,"y":542,"width":428,"height":12}},{"id":"e0dbd110-e71a-4ff8-9e66-9b43c33e12b1","block_type":"box","text":"transfers may be executed at prices that differ from the Fund’","page_number":32,"box":{"x":45,"y":557,"width":424,"height":13}},{"id":"71a8382d-533a-45c9-ab61-c000e9df5886","block_type":"box","text":"s then-current NAV. You should consult your own tax advisor","page_number":32,"box":{"x":471,"y":557,"width":440,"height":13}},{"id":"9806b215-37b6-446b-8f7a-ceb982338b2b","block_type":"box","text":"regarding your particular circumstances, and about any federal,","page_number":32,"box":{"x":45,"y":573,"width":446,"height":12}},{"id":"7ffb70b5-0926-437e-94d7-bc02f37b324e","block_type":"box","text":"state, local and foreign tax consequences in connection with th","page_number":32,"box":{"x":492,"y":573,"width":434,"height":12}},{"id":"c98a8a35-bc86-476c-848d-027522d50c19","block_type":"box","text":"e","page_number":32,"box":{"x":927,"y":577,"width":11,"height":6}},{"id":"b346718b-b988-4ced-8d7a-05ea156ea416","block_type":"box","text":"transfer of OnChain Shares. The Fund’s transfer agent cannot en","page_number":32,"box":{"x":45,"y":588,"width":450,"height":13}},{"id":"57b22c07-def5-4453-916b-2d1889ee4d50","block_type":"box","text":"sure the reliability of peer-to-peer transfers of OnChain Shares","page_number":32,"box":{"x":496,"y":588,"width":432,"height":13}},{"id":"d073834c-2205-4aa9-8d6e-0a2d9504c09c","block_type":"box","text":".","page_number":32,"box":{"x":929,"y":596,"width":8,"height":2}},{"id":"37079dc6-85f0-41ad-970a-ece11ccb4574","block_type":"box","text":"To the extent investors or potential invest","page_number":32,"box":{"x":45,"y":604,"width":290,"height":12}},{"id":"cd5067d4-d9ea-45e6-beb1-ff1afca256f3","block_type":"box","text":"ors engage in transfers between each other at","page_number":32,"box":{"x":336,"y":604,"width":311,"height":12}},{"id":"9030a7dc-6455-486d-98b6-4596106262bd","block_type":"box","text":"t a price other than NAV, such transfers","page_number":32,"box":{"x":647,"y":604,"width":273,"height":12}},{"id":"81a67239-0276-4b1f-b0a7-6bcb241e3a81","block_type":"box","text":"may, in certain circumstances, have legal implications for tho","page_number":32,"box":{"x":45,"y":619,"width":424,"height":13}},{"id":"c4026253-eccc-452d-b7e6-77a6eec3915a","block_type":"box","text":"se persons under the federal securities laws or otherwise. Neithe","page_number":32,"box":{"x":470,"y":619,"width":443,"height":13}},{"id":"6200a213-96a8-467a-a2f5-4f9df6034feb","block_type":"box","text":"r the","page_number":32,"box":{"x":913,"y":619,"width":36,"height":10}},{"id":"c3cf4299-7e14-43b6-8e5f-a1446bffdf8f","block_type":"box","text":"Prospectus nor this SAI designates any person as authorized to c","page_number":32,"box":{"x":45,"y":635,"width":445,"height":12}},{"id":"eaebb491-9bb5-4026-a264-914dc2b90bbe","block_type":"box","text":"onsummate transactions in OnChain Shares. 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Although the Fund’s transfer agent maintains cont","page_number":32,"box":{"x":45,"y":784,"width":440,"height":13}},{"id":"4c2c4099-2224-4570-ac36-b9df94c0e9e5","block_type":"box","text":"rols to correct errors or unauthorized transactions when an","page_number":32,"box":{"x":486,"y":784,"width":410,"height":10}},{"id":"9e5f0899-88c2-484e-9996-924132558a12","block_type":"box","text":"investor loses its own private key (or it is stolen), such in","page_number":32,"box":{"x":45,"y":799,"width":392,"height":13}},{"id":"238205e0-26eb-4d51-ad9a-5106e0765b92","block_type":"box","text":"tervention may require information collection and operational task","page_number":32,"box":{"x":437,"y":799,"width":465,"height":13}},{"id":"fa3e276f-8651-4f2b-ba02-23530fdb0b58","block_type":"box","text":"s to","page_number":32,"box":{"x":903,"y":802,"width":23,"height":7}},{"id":"50abc7df-b738-4596-a32d-30cb4b71ef02","block_type":"box","text":"accomplish and may render the investor’s token balances unavaila","page_number":32,"box":{"x":46,"y":815,"width":458,"height":13}},{"id":"4722cb26-f8a6-4674-91f9-a6b78671b2ed","block_type":"box","text":"ble while these activities take place. 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A rapidly-evolving regulatory landscape in the United States and in other countries, which might result in security,","page_number":33,"box":{"x":79,"y":598,"width":869,"height":13}},{"id":"4b635c89-df85-4390-b81b-ef53d3adcd37","block_type":"box","text":"privacy or other regulatory concerns that could require changes to the way transactions in the shares are recorded;","page_number":33,"box":{"x":113,"y":614,"width":836,"height":12}},{"id":"ff30e34b-87cb-4a50-a1f0-9ad4f668ced4","block_type":"box","text":"3. 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The possibility that cryptographic or other security measures that authenticate prior transactions for a blockchain","page_number":33,"box":{"x":79,"y":676,"width":860,"height":12}},{"id":"5cf0755b-5c8f-4e4e-8106-866c6393dbc0","block_type":"box","text":"could be compromised, or “hacked,” which could allow an attacker to interfere with the integrity of the blockchain","page_number":33,"box":{"x":113,"y":691,"width":840,"height":13}},{"id":"cc706bb6-dc4e-46c0-9736-980bdc3843ec","block_type":"box","text":"and thereby disrupt the ability to corroborate definitive transactions recorded on the blockchain;","page_number":33,"box":{"x":113,"y":707,"width":702,"height":12}},{"id":"0a9059d0-cd57-4077-94c2-d7f073e0d439","block_type":"box","text":"5. 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The possibility that a breach to one blockchain could cause investors, and the public generally, to lose trust in","page_number":33,"box":{"x":80,"y":792,"width":830,"height":13}},{"id":"78beae5e-bdec-435c-bcc1-e980f307ac8e","block_type":"box","text":"blockchain technology and increase reluctance to issue and invest in assets recorded on blockchains.","page_number":33,"box":{"x":113,"y":807,"width":725,"height":13}},{"id":"d80514ce-7c43-4fac-a02b-8bad7d5ab7bb","block_type":"box","text":"In addition, blockchain technology risk can carry with it additiona","page_number":33,"box":{"x":45,"y":831,"width":462,"height":13}},{"id":"c9020d0a-b59b-4f0b-bb54-8802e9e22868","block_type":"box","text":"l sub-risks, including: Fork Risk and Network Attack Risk. T","page_number":33,"box":{"x":507,"y":831,"width":426,"height":13}},{"id":"789fbf96-b5b9-440e-8306-2b77c62b500a","block_type":"box","text":"he","page_number":33,"box":{"x":933,"y":831,"width":21,"height":10}},{"id":"4f4557c6-d7a1-4a01-9d18-6f86692349b3","block_type":"box","text":"following discussion describes these risks in the context of the bloc","page_number":33,"box":{"x":45,"y":846,"width":462,"height":13}},{"id":"cff6cd56-f33d-4262-a856-57d3799b81d2","block_type":"box","text":"kchain architectures expected to be utilized by the Fund.","page_number":33,"box":{"x":508,"y":846,"width":395,"height":13}},{"id":"f19f8ac6-2795-4ae1-b74d-661faa30f023","block_type":"box","text":"For","page_number":33,"box":{"x":903,"y":847,"width":29,"height":9}},{"id":"0eee8dce-fffb-4913-beec-a1b09adb7f98","block_type":"box","text":"illustrative purposes only, the below discussion refers in places to","page_number":33,"box":{"x":45,"y":862,"width":456,"height":13}},{"id":"585d71e3-d5d8-4a26-a5d8-038c40b48aaf","block_type":"box","text":"features specific to Ethereum, which operates as a proof-o","page_number":33,"box":{"x":501,"y":862,"width":402,"height":13}},{"id":"69ec7b3e-df73-437d-a99f-0135ba2a9af7","block_type":"box","text":"f-stake","page_number":33,"box":{"x":904,"y":862,"width":51,"height":10}},{"id":"1915c3f9-02c4-4414-b6a2-7c9ae133c569","block_type":"box","text":"network as of the date of this SAI. 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The suitability","page_number":35,"box":{"x":45,"y":784,"width":306,"height":13}},{"id":"b42ded6e-c24d-41aa-973b-be059ba914c0","block_type":"box","text":"of a network for the blockchain-based","page_number":35,"box":{"x":356,"y":784,"width":265,"height":10}},{"id":"fa7f7055-8cd8-4c01-9904-c916e9c05745","block_type":"box","text":"functionality provided in connection with","page_number":35,"box":{"x":626,"y":784,"width":288,"height":13}},{"id":"7c55b785-ede5-4c1d-bd4f-ee82681f8711","block_type":"box","text":"OnChain Shares depends upon a variety of factors, including, but not limited to:","page_number":35,"box":{"x":46,"y":800,"width":557,"height":13}},{"id":"bd42831a-b21f-4bfe-9eef-51dea48ef49f","block_type":"box","text":"1. 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The inability of validators to reach consensus and the consequential halting of transaction verification on the","page_number":36,"box":{"x":80,"y":195,"width":829,"height":13}},{"id":"9bd14df3-540f-4d1b-9d1b-3cda2cec86ec","block_type":"box","text":"network;","page_number":36,"box":{"x":113,"y":211,"width":69,"height":12}},{"id":"882ecf24-e02d-4719-a46b-30816938b191","block_type":"box","text":"9. The existence of undiscovered technical flaws in the network;","page_number":36,"box":{"x":79,"y":234,"width":485,"height":12}},{"id":"6baa52d1-1f5a-4ecc-bd7d-91561fbc01ff","block_type":"box","text":"10. The development of new or existing hardware or software tools or mechanisms that could negatively impact the","page_number":36,"box":{"x":80,"y":257,"width":852,"height":13}},{"id":"6bf31c50-d174-4902-a2b1-278a1d5fe9d1","block_type":"box","text":"functionality of the network or related infrastructure;","page_number":36,"box":{"x":113,"y":273,"width":393,"height":12}},{"id":"592a6bec-9221-42d3-b68a-19308b1d290e","block_type":"box","text":"11. The price or volatility of the blockchain asset associated with the respective network;","page_number":36,"box":{"x":80,"y":296,"width":655,"height":13}},{"id":"c1b67c70-141e-48f4-b330-d56e14a0a415","block_type":"box","text":"12. The cost of “gas” fees to use the network;","page_number":36,"box":{"x":80,"y":319,"width":342,"height":13}},{"id":"d2b6c99d-bd55-41fb-a26a-8dfb7060dbbf","block_type":"box","text":"13. 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As a result, robust and transparent da","page_number":36,"box":{"x":45,"y":443,"width":466,"height":13}},{"id":"5f463ed9-04e7-4353-bb2c-7bf6bc16c5f5","block_type":"box","text":"ta, other than shareholder p","page_number":36,"box":{"x":511,"y":443,"width":193,"height":13}},{"id":"4feef446-197b-4aba-9eb5-36ec429eb598","block_type":"box","text":"ersonal identifying information,","page_number":36,"box":{"x":705,"y":443,"width":225,"height":13}},{"id":"5886ea2d-c85e-4d6f-a19b-56927eb8a624","block_type":"box","text":"will be publicly available via the published blockchain and tools su","page_number":36,"box":{"x":45,"y":459,"width":463,"height":12}},{"id":"7d01e561-6334-4214-8b64-a7e0a6ef88f7","block_type":"box","text":"ch as block explorers. 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The personal identify","page_number":36,"box":{"x":46,"y":490,"width":433,"height":12}},{"id":"6f50270c-cc97-4b25-a8bf-820ab99e26a9","block_type":"box","text":"ing information necessary to associate a public key representing","page_number":36,"box":{"x":479,"y":490,"width":445,"height":12}},{"id":"5e5e07a8-0516-4bdc-aa58-d4a031b648b5","block_type":"box","text":"a","page_number":36,"box":{"x":925,"y":494,"width":12,"height":6}},{"id":"60713e47-a3ea-4c79-a43f-7cd70c96120e","block_type":"box","text":"given block of OnChain Shares with the record owner of those","page_number":36,"box":{"x":45,"y":505,"width":441,"height":13}},{"id":"c4fe8624-c246-48e1-a373-d09d8cd0a5e1","block_type":"box","text":"OnChain Shares will be maintained by the Fund’s transfer agent","page_number":36,"box":{"x":486,"y":505,"width":450,"height":13}},{"id":"5eb42a47-38cf-466f-a689-a18bf4acafae","block_type":"box","text":"and will not be available to the public. However, if there are da","page_number":36,"box":{"x":46,"y":521,"width":439,"height":12}},{"id":"e5b77812-3de0-4947-823d-8e31dcb9c682","block_type":"box","text":"ta security breaches with respect","page_number":36,"box":{"x":486,"y":521,"width":223,"height":12}},{"id":"25ce48ac-87c1-4e05-ace9-e20f5fdb01b3","block_type":"box","text":"t to such database(s) resultin","page_number":36,"box":{"x":709,"y":521,"width":193,"height":12}},{"id":"bcbf6a99-5853-4ea9-ba63-6bfcb51d1483","block_type":"box","text":"g in","page_number":36,"box":{"x":902,"y":521,"width":31,"height":12}},{"id":"ab591b5c-3bd8-4b6c-9987-9f1afe42ca68","block_type":"box","text":"theft of the information necessary to link p","page_number":36,"box":{"x":45,"y":536,"width":289,"height":13}},{"id":"b2c75cb3-b2c2-4dc4-91ca-5a301e1751ff","block_type":"box","text":"personal identity with the public key and rel","page_number":36,"box":{"x":333,"y":536,"width":306,"height":13}},{"id":"02731730-531c-45cf-bab2-a9ba2652d13c","block_type":"box","text":"ated OnChain Share transactions, the st","page_number":36,"box":{"x":640,"y":536,"width":276,"height":12}},{"id":"b0e6d6c4-4bb3-450d-af76-3590573a42c7","block_type":"box","text":"olen","page_number":36,"box":{"x":917,"y":536,"width":33,"height":10}},{"id":"fea93f8a-41ac-4397-8813-56e58aebe3d8","block_type":"box","text":"information could be used to determine a shareholder’s id","page_number":36,"box":{"x":45,"y":552,"width":401,"height":10}},{"id":"57b2f33c-3a0b-4a94-ae17-bb9b3da5bc79","block_type":"box","text":"entity and complete transaction history in OnChain Shares.","page_number":36,"box":{"x":447,"y":552,"width":416,"height":12}},{"id":"6f9c356a-3afe-413f-bbe3-89d1823738e7","block_type":"box","text":"Concerns over these privacy issues may limit adoption of public-le","page_number":36,"box":{"x":46,"y":575,"width":458,"height":13}},{"id":"656d0db8-6c77-4fe5-840f-ea1294cc1604","block_type":"box","text":"dger blockchain technology, reducing the potential market","page_number":36,"box":{"x":505,"y":575,"width":410,"height":13}},{"id":"0c306aed-20e3-4613-9852-be0612a455d9","block_type":"box","text":"acceptance for OnChain Shares and the size of the Fund.","page_number":36,"box":{"x":46,"y":590,"width":397,"height":13}},{"id":"809ed493-43d4-4930-9ba6-e236e2a609fe","block_type":"box","text":"Blockchain Network Suitability","page_number":36,"box":{"x":45,"y":614,"width":233,"height":12}},{"id":"391690f9-9676-44af-805a-c18f4c17b1db","block_type":"box","text":". The Board has delegated to BlackRock the authority to evaluate and select the blockchain","page_number":36,"box":{"x":280,"y":614,"width":665,"height":12}},{"id":"567f2fe3-838e-4cb8-a594-35b413c0602e","block_type":"box","text":"networks on which the Fund’s OnChain Shares will be offered and sold. The Board does not review or approve individual","page_number":36,"box":{"x":45,"y":629,"width":892,"height":13}},{"id":"d5e69e9a-6677-474d-852e-8d2020197017","block_type":"box","text":"blockchain networks. In exercising this delegated authority, BlackRock conducts multi-layered technical and operational due","page_number":36,"box":{"x":46,"y":645,"width":911,"height":12}},{"id":"74e6a027-4145-4422-b111-db9a55f28f66","block_type":"box","text":"diligence prior to supporting the Fund’s OnChain Shares on any blockchain network. BlackRock’s review process is","page_number":36,"box":{"x":46,"y":660,"width":840,"height":13}},{"id":"c34b5019-c063-4cc0-a30f-ec39aaa5fc6e","block_type":"box","text":"supported by the Fund’s transfer agent, which assists in blockchain diligence as detailed below.","page_number":36,"box":{"x":46,"y":676,"width":688,"height":12}},{"id":"70fd7135-41e0-463b-88ce-8f6bfd91bb38","block_type":"box","text":"Although neither the Fund, BlackRock, nor the Fund’s transfer age","page_number":36,"box":{"x":45,"y":699,"width":464,"height":13}},{"id":"a560319d-16f7-45c6-a8ef-d5f8098f7a2b","block_type":"box","text":"nt endorses or recommends any particular blockchain, and an","page_number":36,"box":{"x":510,"y":699,"width":429,"height":13}},{"id":"30736f72-8e75-4fa1-9823-49fd6fd6b0e7","block_type":"box","text":"investor should independently assess any blockchain for th","page_number":36,"box":{"x":45,"y":714,"width":406,"height":13}},{"id":"38e6599e-1508-4237-803a-5fc95610136a","block_type":"box","text":"eir own purposes and use cases, the Fund’s transfer agent will","page_number":36,"box":{"x":452,"y":714,"width":427,"height":13}},{"id":"6b558e57-a852-4153-ae40-c75c449f6ba0","block_type":"box","text":"nonetheless review information related to a blockchain in relation","page_number":36,"box":{"x":45,"y":730,"width":456,"height":10}},{"id":"81cd0c3b-9056-455c-88cd-9d7b8e7a04e9","block_type":"box","text":"to allowing a blockchain to be used to support OnChain Share","page_number":36,"box":{"x":506,"y":730,"width":436,"height":13}},{"id":"7e751dcd-a12c-485a-b58b-3d64fdf028da","block_type":"box","text":"s,","page_number":36,"box":{"x":943,"y":734,"width":9,"height":8}},{"id":"05ff1007-95fe-4ddc-b724-0f131c9afcde","block_type":"box","text":"including the following:","page_number":36,"box":{"x":45,"y":745,"width":164,"height":13}},{"id":"4e02c840-1436-486a-b626-4757454cad69","block_type":"box","text":"• Operational Integrity and Scalability: Each supported blockchain should generally demonstrate consistent","page_number":36,"box":{"x":80,"y":769,"width":793,"height":13}},{"id":"f745f52e-9cce-44de-a35c-f6a91032efd6","block_type":"box","text":"performance and adequate scalability.","page_number":36,"box":{"x":106,"y":784,"width":274,"height":13}},{"id":"75ef83f0-2a0f-48df-90e8-e43e64496812","block_type":"box","text":"• Transaction Costs: Each supported blockchain should have reasonably understandable transaction fees.","page_number":36,"box":{"x":80,"y":807,"width":777,"height":13}},{"id":"c4c870d6-d584-4448-bd6f-315f5c19148c","block_type":"box","text":"• Permissioning Compatibility: Each supported blockchain should be able to support the Fund’s transfer agent’s","page_number":36,"box":{"x":80,"y":831,"width":831,"height":13}},{"id":"d01aba24-6b0d-42bb-b172-3bc75230726f","block_type":"box","text":"permissioned framework on public, permissionless blockchains in seeking to ensure that only pre-approved wallets","page_number":36,"box":{"x":106,"y":846,"width":838,"height":13}},{"id":"e2ba344d-b0b7-429c-ad4c-37f99b6552c8","block_type":"box","text":"can participate in transactions involving OnChain Shares.","page_number":36,"box":{"x":106,"y":862,"width":424,"height":13}},{"id":"1c2eff68-7163-4734-9a44-cc4daf3b87a4","block_type":"box","text":"II-9","page_number":36,"box":{"x":487,"y":917,"width":25,"height":9}},{"id":"a145a671-7ff1-4500-b986-8422d531ba87","block_type":"box","text":"NM1026U-6032399-36/129","page_number":36,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"aeba35f1-c6a8-47b5-a892-55302ebbe7e8","block_type":"box","text":"• Burning and Minting Process: If an investor wishes to move","page_number":37,"box":{"x":80,"y":79,"width":440,"height":13}},{"id":"b7c92da8-6235-4030-b39e-78fca3d14b8d","block_type":"box","text":"between two supported blockchains, the investor will need to","page_number":37,"box":{"x":520,"y":79,"width":435,"height":13}},{"id":"9941235c-d08c-42de-b5fd-a318c3fa1cdf","block_type":"box","text":"contact the transfer agent to communicate their intent. 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Investments in fo","page_number":38,"box":{"x":334,"y":676,"width":285,"height":12}},{"id":"50a9a215-73a5-4c9b-bd64-fce616c49098","block_type":"box","text":"reign entities generally involve the same r","page_number":38,"box":{"x":619,"y":676,"width":285,"height":12}},{"id":"65522911-7382-442a-9111-da85b48e3468","block_type":"box","text":"isks as","page_number":38,"box":{"x":905,"y":676,"width":44,"height":10}},{"id":"3181c8af-df5c-49e0-b30d-5d4b154295e5","block_type":"box","text":"those described above in connection with investments in Eurodolla","page_number":38,"box":{"x":45,"y":691,"width":463,"height":10}},{"id":"c6d6f0cc-114d-4a8b-af0a-866f2d8c78d6","block_type":"box","text":"r and Yankeedollar obligations and obligations of foreign","page_number":38,"box":{"x":509,"y":691,"width":399,"height":13}},{"id":"3b01d4fb-89d7-42e1-b44f-038471c54e77","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries. See “Bank Money Instruments.”","page_number":38,"box":{"x":46,"y":707,"width":690,"height":12}},{"id":"832546aa-939a-4807-bb01-2c67942913cc","block_type":"box","text":"Foreign Short Term Debt Instruments.","page_number":38,"box":{"x":45,"y":730,"width":267,"height":13}},{"id":"f581066b-e152-4ee8-81d1-65d505b502b3","block_type":"box","text":"Foreign short term debt instruments refer","page_number":38,"box":{"x":318,"y":730,"width":286,"height":13}},{"id":"ac0dcc56-70e8-4481-b354-536c94545ed7","block_type":"box","text":"to U.S. dollar-denominated commercial paper","page_number":38,"box":{"x":609,"y":730,"width":317,"height":13}},{"id":"981606c1-7e61-49db-bbef-6b9e197ee254","block_type":"box","text":"and other short term obligations issued by foreign entities. Such","page_number":38,"box":{"x":46,"y":745,"width":441,"height":13}},{"id":"22e226cc-3866-4301-a284-2ae0fd845020","block_type":"box","text":"investments are subject to quality standards similar to those","page_number":38,"box":{"x":492,"y":745,"width":413,"height":13}},{"id":"89a8f174-ad0d-4adc-bb92-0a47b8f842e5","block_type":"box","text":"applicable to investments in comparable obligations of domestic","page_number":38,"box":{"x":46,"y":761,"width":444,"height":13}},{"id":"0d269e03-f1b9-4cb1-a4e4-c743634f3a22","block_type":"box","text":"issuers. These investments generally involve the same risks as","page_number":38,"box":{"x":495,"y":761,"width":421,"height":13}},{"id":"38b0f5ae-dc20-4093-b90b-9916e08b582f","block_type":"box","text":"those described above in connection with investments in Eurodolla","page_number":38,"box":{"x":45,"y":776,"width":463,"height":11}},{"id":"52368a44-494f-4d20-a3c1-c906b86b0de3","block_type":"box","text":"r and Yankeedollar obligations and obligations of foreign","page_number":38,"box":{"x":509,"y":776,"width":399,"height":13}},{"id":"b777030f-3c2c-4493-b148-85cc7fff27bd","block_type":"box","text":"depository institutions and their foreign branches and subsidiaries. See “Bank Money Instruments.”","page_number":38,"box":{"x":46,"y":792,"width":690,"height":13}},{"id":"e668a9f1-e648-46c4-975c-4e38c9f6e135","block_type":"box","text":"Forward Commitments.","page_number":38,"box":{"x":45,"y":815,"width":168,"height":10}},{"id":"e41a715d-5279-43fe-86a8-09e0c3f661e8","block_type":"box","text":"Certain Funds may purchase or sell money market","page_number":38,"box":{"x":219,"y":815,"width":349,"height":13}},{"id":"8057cde5-d36a-47e3-839d-225c8d923875","block_type":"box","text":"securities on a forward commitment basis at fixed","page_number":38,"box":{"x":573,"y":815,"width":346,"height":10}},{"id":"84bed89f-1050-4dea-9e1e-b51c2cb6831d","block_type":"box","text":"purchase terms. The purchase or sale will be recorded on the date","page_number":38,"box":{"x":45,"y":831,"width":455,"height":13}},{"id":"69c984c4-5ecb-497d-8e1f-624993fac16a","block_type":"box","text":"a Fund enters into the commitm","page_number":38,"box":{"x":500,"y":831,"width":227,"height":10}},{"id":"a28c0ac0-4d84-4e2c-926a-88c908444413","block_type":"box","text":"ent, and the value of the secur","page_number":38,"box":{"x":728,"y":831,"width":207,"height":12}},{"id":"0b219a32-5cf3-4de5-ba76-a7363f74970c","block_type":"box","text":"ity","page_number":38,"box":{"x":936,"y":831,"width":22,"height":13}},{"id":"a6a44ebc-87b9-40fc-af19-7cc8a8ae2a10","block_type":"box","text":"will thereafter be reflected in the calculation of the Fund’s NAV. 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The Fund may bear the r","page_number":39,"box":{"x":495,"y":94,"width":428,"height":13}},{"id":"63359530-408c-4175-9257-f2b9635ff168","block_type":"box","text":"isk","page_number":39,"box":{"x":924,"y":94,"width":23,"height":10}},{"id":"e6d3f87d-4274-4989-a562-e0e02b7e52ba","block_type":"box","text":"of a decline in the value of the security in these transactions","page_number":39,"box":{"x":46,"y":110,"width":410,"height":13}},{"id":"118ad390-d3fb-4a6a-b4f9-99da94ff3a80","block_type":"box","text":"and may not benefit from appreciation in the value of the secur","page_number":39,"box":{"x":457,"y":110,"width":443,"height":13}},{"id":"702127a8-afa6-479f-abf5-df3f1fc57bad","block_type":"box","text":"ity","page_number":39,"box":{"x":900,"y":110,"width":22,"height":13}},{"id":"bb62935b-64f2-416a-bec6-f2695f53cb94","block_type":"box","text":"during the commitment period.","page_number":39,"box":{"x":46,"y":125,"width":221,"height":13}},{"id":"05ef1df6-9b14-47ba-91a7-13fead87097f","block_type":"box","text":"Illiquid Investments","page_number":39,"box":{"x":45,"y":149,"width":136,"height":12}},{"id":"cf8acc85-ca4c-4e0a-9b48-a4f6924f2e0f","block_type":"box","text":". 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The Manager will monitor the liquidity o","page_number":39,"box":{"x":464,"y":180,"width":450,"height":12}},{"id":"eae7c1e2-9219-4350-b3c2-8ae78d76f7e8","block_type":"box","text":"f","page_number":39,"box":{"x":915,"y":180,"width":9,"height":9}},{"id":"5b4bdf2f-5124-46cc-b8cb-cdd89d676ca0","block_type":"box","text":"illiquid investments under the supervision of the Board.","page_number":39,"box":{"x":45,"y":195,"width":389,"height":13}},{"id":"1c956af5-d584-4fce-bd51-dd0ba8f0127d","block_type":"box","text":"Inflation Risk.","page_number":39,"box":{"x":45,"y":218,"width":99,"height":10}},{"id":"31ac2de8-2d76-46d6-9004-a19507d891e0","block_type":"box","text":"The Funds are subject to inflation risk. Inflation risk is","page_number":39,"box":{"x":145,"y":218,"width":387,"height":13}},{"id":"ce5cebe7-d6b9-4037-8cf2-3e9103248c43","block_type":"box","text":"the risk that the present value of assets or income from","page_number":39,"box":{"x":532,"y":218,"width":385,"height":13}},{"id":"7147126c-6dd1-4670-a77a-a43915811eb2","block_type":"box","text":"investments will be less in the future as inflation decreases the","page_number":39,"box":{"x":45,"y":234,"width":432,"height":10}},{"id":"3e1f451a-e08b-4663-8962-fce9df1f6531","block_type":"box","text":"value of money. As inflation increases, the present value of","page_number":39,"box":{"x":477,"y":234,"width":411,"height":13}},{"id":"284428b0-cef1-43db-91dd-2ad7a38ad770","block_type":"box","text":"a Fund’s","page_number":39,"box":{"x":889,"y":234,"width":63,"height":10}},{"id":"077cb683-56fe-4671-87ff-056f116b8bc4","block_type":"box","text":"assets can decline as can the value of a Fund’s distributions. In","page_number":39,"box":{"x":46,"y":249,"width":431,"height":10}},{"id":"2d9649c2-1aac-47d2-93cb-d0c7313132d3","block_type":"box","text":"flation rates may change frequently and significantly due to a","page_number":39,"box":{"x":477,"y":249,"width":424,"height":13}},{"id":"a3cda23e-4e0c-4dbb-a831-bac25b156c05","block_type":"box","text":"number of potential factors, including, among others, unexpected","page_number":39,"box":{"x":45,"y":265,"width":460,"height":13}},{"id":"a7fc4169-3c4c-426b-bf7d-586df288b739","block_type":"box","text":"economic shifts or changes in fiscal or monetary policies.","page_number":39,"box":{"x":505,"y":265,"width":399,"height":13}},{"id":"aa462874-6498-45d5-8d03-3a7e8d7c9e9f","block_type":"box","text":"Investment in Other Investment Companies.","page_number":39,"box":{"x":45,"y":288,"width":307,"height":13}},{"id":"970a5061-bb4f-46e4-a313-695e99d06bf0","block_type":"box","text":"Each Fund may, subject to applicable la","page_number":39,"box":{"x":353,"y":288,"width":280,"height":13}},{"id":"b36101d7-2a48-4831-bd9a-1cacd3ec4a0f","block_type":"box","text":"w, invest in other investment companies","page_number":39,"box":{"x":633,"y":288,"width":283,"height":13}},{"id":"92b9932a-bc1c-446e-abed-af0198090b46","block_type":"box","text":"(including investment companies managed by BlackRock and its","page_number":39,"box":{"x":46,"y":304,"width":451,"height":12}},{"id":"07d88b15-31ea-4f0e-9b09-062422f44fd0","block_type":"box","text":"affiliates), including money market funds and exchange-traded","page_number":39,"box":{"x":497,"y":304,"width":439,"height":12}},{"id":"b1fb92f1-87a9-4a28-aea9-dd0cd6e45ad7","block_type":"box","text":"funds (“ETFs”), which are typically open-end funds or un","page_number":39,"box":{"x":45,"y":319,"width":402,"height":13}},{"id":"4fa0d4bb-3d63-4aca-9660-882a02d87bcb","block_type":"box","text":"it investment trusts listed on a stock exchange. Under","page_number":39,"box":{"x":447,"y":319,"width":374,"height":13}},{"id":"4c41bab3-f88b-4685-bd48-764ca4548ade","block_type":"box","text":"Section 12(d)(1)(A) of the Investment Company Act, however, a F","page_number":39,"box":{"x":46,"y":335,"width":458,"height":12}},{"id":"e644120a-37c9-4f11-b13b-15fe244e2ca4","block_type":"box","text":"und may invest up to 10% of its total assets in securities of","page_number":39,"box":{"x":505,"y":335,"width":413,"height":12}},{"id":"d1664cb2-64e8-48e6-a3b5-98f46f40e8da","block_type":"box","text":"other investment companies (measured at th","page_number":39,"box":{"x":46,"y":350,"width":306,"height":13}},{"id":"b605fb5c-5a76-45c9-800c-5d643860cf03","block_type":"box","text":"e time of such investment). 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Certain investments in lease obligations may be illiquid.","page_number":44,"box":{"x":45,"y":443,"width":598,"height":13}},{"id":"bc6cb89a-99a7-4597-8c0e-1e4b2c948e5c","block_type":"box","text":"Municipal Securities — Short-Term Maturity Standards.","page_number":44,"box":{"x":44,"y":466,"width":401,"height":13}},{"id":"840c2c63-3c13-4808-9f9d-1b2866a6fa36","block_type":"box","text":"All of the investments of a Fund in Municipal Securities will be in","page_number":44,"box":{"x":446,"y":466,"width":464,"height":13}},{"id":"e8adc7ea-cdde-49c6-820c-555631e8cd6f","block_type":"box","text":"securities with remaining maturities of 397 days or less. 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See “VRDOs” below.","page_number":44,"box":{"x":46,"y":598,"width":605,"height":13}},{"id":"2a0a8111-ae6b-4de0-8061-d9ad044d3e83","block_type":"box","text":"Municipal Securities — Quality Standards.","page_number":44,"box":{"x":44,"y":621,"width":306,"height":13}},{"id":"8a936d89-f6bf-489c-941a-a6324b7aeac5","block_type":"box","text":"A Fund’s portfolio investments in municipal notes and short term tax-exempt","page_number":44,"box":{"x":351,"y":621,"width":547,"height":13}},{"id":"f01bc86a-00cf-47ef-94e3-2a89796ac459","block_type":"box","text":"commercial paper will be limited to those obligations that are","page_number":44,"box":{"x":45,"y":637,"width":432,"height":13}},{"id":"cc886e5d-25b1-4b55-b5ba-7af6222751a4","block_type":"box","text":"(i) secured by a pledge of the full faith and credit of the Unit","page_number":44,"box":{"x":478,"y":637,"width":415,"height":13}},{"id":"40a5bd20-b98b-4532-beff-53115a474c2f","block_type":"box","text":"ed States","page_number":44,"box":{"x":893,"y":637,"width":65,"height":10}},{"id":"e9b152cd-d630-43bf-9036-dc2a59289a75","block_type":"box","text":"or (ii) otherwise are determined by the Manager to present minima","page_number":44,"box":{"x":46,"y":652,"width":463,"height":13}},{"id":"53135017-eafd-44b5-9482-3818ee966983","block_type":"box","text":"l credit risks to the Fund. 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In the case of a repurchase ag","page_number":47,"box":{"x":45,"y":505,"width":406,"height":13}},{"id":"f94b22b4-c8e5-460b-8c07-fd1af992ade5","block_type":"box","text":"reement, a Fund will require the seller to provide additional colla","page_number":47,"box":{"x":451,"y":505,"width":451,"height":13}},{"id":"3484a86b-d0a0-4989-b368-8da26b909823","block_type":"box","text":"teral if","page_number":47,"box":{"x":902,"y":505,"width":50,"height":10}},{"id":"1b219ee8-1450-486e-972e-f62ff3d8b550","block_type":"box","text":"the market value of the securities falls below the repurchase pr","page_number":47,"box":{"x":45,"y":521,"width":433,"height":12}},{"id":"92ec6e43-8c8e-4534-ada6-1a114187b774","block_type":"box","text":"ice at any time during the term","page_number":47,"box":{"x":478,"y":521,"width":213,"height":12}},{"id":"1e6eaed4-4e98-487b-8cac-6dcd2cc8b347","block_type":"box","text":"m of the repurchase agreement. On","page_number":47,"box":{"x":691,"y":521,"width":232,"height":12}},{"id":"2c850699-5a7f-46e2-889e-9d30bd3ad7f9","block_type":"box","text":"e","page_number":47,"box":{"x":924,"y":525,"width":11,"height":6}},{"id":"950a258d-f8f9-418b-b2cc-11af6c5705cf","block_type":"box","text":"common type of repurchase agreement a Fund may enter into is","page_number":47,"box":{"x":45,"y":536,"width":448,"height":13}},{"id":"a01631ae-e9cd-40c8-a840-9a3d07267f4f","block_type":"box","text":"a “tri-party” repurchase agreement. In “tri-party” repurchase","page_number":47,"box":{"x":493,"y":536,"width":431,"height":13}},{"id":"7404b8d1-31ed-45d2-a8f1-b1ce4e3a480b","block_type":"box","text":"agreements, an unaffiliated third party custodian maintains acc","page_number":47,"box":{"x":46,"y":552,"width":437,"height":12}},{"id":"197ef9f8-6f4c-49dc-9279-81c08bb82160","block_type":"box","text":"ounts to hold collateral for the Fund and its counterparties and","page_number":47,"box":{"x":483,"y":552,"width":437,"height":12}},{"id":"2f9fba69-42da-4ea4-9689-68be87056f5f","block_type":"box","text":",","page_number":47,"box":{"x":921,"y":560,"width":8,"height":4}},{"id":"3fac2baa-7441-4b24-ad81-8b9657c0ba08","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those cu","page_number":47,"box":{"x":45,"y":567,"width":439,"height":13}},{"id":"df4c9bde-b142-4060-82fe-e1777e30accc","block_type":"box","text":"stodians. In any repurchase transaction to which a Fund is a p","page_number":47,"box":{"x":485,"y":567,"width":429,"height":13}},{"id":"5bb884f5-fbc4-4036-9a86-5c1aa898dc7e","block_type":"box","text":"arty,","page_number":47,"box":{"x":915,"y":570,"width":37,"height":10}},{"id":"a671f54b-5341-4bd5-be71-fb1c694e8a0c","block_type":"box","text":"collateral for a repurchase agreement may include cash items and ob","page_number":47,"box":{"x":45,"y":583,"width":474,"height":12}},{"id":"f161a11c-1d6d-4910-982d-ee349abf2ecc","block_type":"box","text":"ligations issued by the U.S. Government or its agencies or","page_number":47,"box":{"x":520,"y":583,"width":403,"height":12}},{"id":"cf37e0e6-79f3-4e5f-bbb8-07cae9b62ce8","block_type":"box","text":"instrumentalities. Collateral, however, is not limited to the foreg","page_number":47,"box":{"x":45,"y":598,"width":445,"height":13}},{"id":"5d09f2dc-3ea4-4cc7-bfb4-3fdbe576f734","block_type":"box","text":"oing and may include, for example, obligations rated below t","page_number":47,"box":{"x":491,"y":598,"width":423,"height":13}},{"id":"31380b34-5835-4a79-ab4c-18b953a310dd","block_type":"box","text":"he","page_number":47,"box":{"x":914,"y":598,"width":21,"height":10}},{"id":"7449c07c-77ff-4171-9729-0be4e9c4e1fc","block_type":"box","text":"highest category by NRSROs, including colla","page_number":47,"box":{"x":45,"y":614,"width":314,"height":12}},{"id":"f29471ac-27f1-4317-9beb-1e5382aaab14","block_type":"box","text":"teral that may be below investment grad","page_number":47,"box":{"x":360,"y":614,"width":279,"height":12}},{"id":"d306187d-4273-42c3-8552-a7c19180003f","block_type":"box","text":"e. Collateral for a repurchase agreement may","page_number":47,"box":{"x":640,"y":614,"width":316,"height":12}},{"id":"8320f753-da61-4446-a5dd-e7a430506dae","block_type":"box","text":"also include securities that a Fund could not hold directly without","page_number":47,"box":{"x":46,"y":629,"width":455,"height":13}},{"id":"2749fcc6-c724-4b6b-b88c-9a32de343dbf","block_type":"box","text":"t the repurchase obligation. Irrespective of the type of coll","page_number":47,"box":{"x":501,"y":629,"width":395,"height":13}},{"id":"d27c7bc4-45e9-41a5-af63-df87d65baab2","block_type":"box","text":"ateral","page_number":47,"box":{"x":897,"y":629,"width":43,"height":10}},{"id":"efaa6813-af0a-4791-99fc-cce7709cbd4a","block_type":"box","text":"underlying the repurchase agreement, the Fund must determine th","page_number":47,"box":{"x":46,"y":645,"width":456,"height":12}},{"id":"91b3e9cd-08d4-42f5-8b20-7bf1b6068c81","block_type":"box","text":"at a repurchase obligation with a particular counterparty","page_number":47,"box":{"x":503,"y":645,"width":399,"height":12}},{"id":"f93c050e-c749-4c1a-8625-7617c0018c6d","block_type":"box","text":"involves minimal credit risk to the Fund and otherwise satisfies","page_number":47,"box":{"x":45,"y":660,"width":436,"height":10}},{"id":"9fa0e7a2-a4e6-47ae-bb3b-fbac7c6a8c53","block_type":"box","text":"any additional credit quality standards applicable to the Fund","page_number":47,"box":{"x":487,"y":660,"width":427,"height":13}},{"id":"2421649c-fbe0-4292-98b3-18d910e6e184","block_type":"box","text":".","page_number":47,"box":{"x":915,"y":669,"width":2,"height":1}},{"id":"0c9982c8-82c2-450e-bc43-d8b461ec4ebb","block_type":"box","text":"In the event of default by the seller under a repurchase agreemen","page_number":47,"box":{"x":45,"y":683,"width":447,"height":13}},{"id":"949691d0-8cc3-40b1-a49d-b83721b79c3c","block_type":"box","text":"t construed to be a collateralized loan, the underlying securi","page_number":47,"box":{"x":493,"y":683,"width":413,"height":13}},{"id":"80f7f319-b5d1-4941-8ddc-35e8723817b8","block_type":"box","text":"ties","page_number":47,"box":{"x":907,"y":684,"width":22,"height":9}},{"id":"2961d2ae-d96f-4102-95c8-27e139f14470","block_type":"box","text":"are not owned by the Fund but only constitute collateral for the","page_number":47,"box":{"x":46,"y":699,"width":441,"height":13}},{"id":"60e27989-d413-44fd-856f-374b254be30e","block_type":"box","text":"seller’s obligation to pay the repurchase price. Therefore, a","page_number":47,"box":{"x":492,"y":699,"width":406,"height":13}},{"id":"36133560-6ee8-400a-9506-29fff7f91d32","block_type":"box","text":"Fund","page_number":47,"box":{"x":903,"y":699,"width":36,"height":10}},{"id":"6f72b675-5873-44bb-bd31-fb7d6715241b","block_type":"box","text":"may suffer time delays and incur costs or possible losses in c","page_number":47,"box":{"x":45,"y":714,"width":417,"height":13}},{"id":"fcf2aae5-2baa-448d-8c2c-960581c04f9b","block_type":"box","text":"onnection with the disposition of the collateral. In the event of","page_number":47,"box":{"x":462,"y":714,"width":433,"height":13}},{"id":"d1dce060-ac34-421d-998f-c48ad8f44ef6","block_type":"box","text":"a","page_number":47,"box":{"x":899,"y":718,"width":8,"height":6}},{"id":"5afa2901-272c-4149-a356-676f5ead38c2","block_type":"box","text":"default under a repurchase agreement that is construed to be a co","page_number":47,"box":{"x":46,"y":730,"width":452,"height":13}},{"id":"99c8ec4c-e40e-4f38-861f-5dc14d0e9a43","block_type":"box","text":"llateralized loan, instead of the contractual fixed rate of re","page_number":47,"box":{"x":499,"y":730,"width":402,"height":12}},{"id":"8d5ae745-a0c8-43a1-96b3-e72fb98474d6","block_type":"box","text":"turn,","page_number":47,"box":{"x":901,"y":733,"width":33,"height":9}},{"id":"ca1a7b06-2156-49cc-abdc-d45460435b30","block_type":"box","text":"the rate of return to a Fund will depend upon intervening fluctuations","page_number":47,"box":{"x":45,"y":745,"width":484,"height":13}},{"id":"d18f1f5d-529c-4fc2-9faf-b944f9dfeaa5","block_type":"box","text":"of the market value of such security and the accrued int","page_number":47,"box":{"x":534,"y":745,"width":385,"height":13}},{"id":"36644263-8c9b-4a73-bed4-953cd740f6d9","block_type":"box","text":"erest","page_number":47,"box":{"x":919,"y":748,"width":32,"height":7}},{"id":"54574df4-d5c6-4e42-a143-d894675ac852","block_type":"box","text":"on the security. In such event, a Fund would have rights against","page_number":47,"box":{"x":46,"y":761,"width":440,"height":13}},{"id":"5fe87381-a813-4e08-8d54-0e2443bb5d5c","block_type":"box","text":"the seller for breach of contract with respect to any losses a","page_number":47,"box":{"x":491,"y":761,"width":410,"height":13}},{"id":"6e889b39-c5c6-4518-b374-989ea9edf87a","block_type":"box","text":"rising","page_number":47,"box":{"x":901,"y":762,"width":38,"height":12}},{"id":"7e7dc663-52b4-4469-a197-655656d03bf5","block_type":"box","text":"from market fluctuations following the failu","page_number":47,"box":{"x":45,"y":776,"width":307,"height":13}},{"id":"9d987491-a4aa-4baf-a2a8-e6d477ddf7ed","block_type":"box","text":"re of the seller to perform. In general,","page_number":47,"box":{"x":352,"y":776,"width":258,"height":13}},{"id":"26d02859-3dfe-4c9d-a67a-a4c956ff70a2","block_type":"box","text":"for Federal income tax purposes, repurchas","page_number":47,"box":{"x":616,"y":776,"width":299,"height":13}},{"id":"74610cb7-4806-477c-905b-39b8bb39a995","block_type":"box","text":"e","page_number":47,"box":{"x":916,"y":780,"width":7,"height":7}},{"id":"aa4de655-a9c5-4b01-b62e-21917f0ef6d4","block_type":"box","text":"agreements are treated as collateralized","page_number":47,"box":{"x":46,"y":792,"width":270,"height":13}},{"id":"7eb01937-e658-486c-9216-71c1450e212f","block_type":"box","text":"loans secured by the securities “sold.” Therefo","page_number":47,"box":{"x":321,"y":792,"width":314,"height":13}},{"id":"16affcf7-21c7-488f-bf80-31ca76a87181","block_type":"box","text":"fore, amounts earned under such agreement","page_number":47,"box":{"x":635,"y":792,"width":298,"height":13}},{"id":"61b31fb6-1ef9-4bf1-98dc-265e229bd1ed","block_type":"box","text":"s,","page_number":47,"box":{"x":934,"y":796,"width":9,"height":8}},{"id":"f3d8460c-b738-4771-be38-e355a933917c","block_type":"box","text":"even if the underlying securities are tax-exempt securities, will not","page_number":47,"box":{"x":46,"y":807,"width":456,"height":13}},{"id":"d10aa423-be45-4824-8b40-cd704109ed4b","block_type":"box","text":"be considered tax-exempt interest. From time to time, a F","page_number":47,"box":{"x":507,"y":807,"width":398,"height":13}},{"id":"a77b81d8-e3b5-418f-93b3-32c80dd2e2ad","block_type":"box","text":"und","page_number":47,"box":{"x":905,"y":807,"width":27,"height":11}},{"id":"b669ea98-26a3-4419-a5fe-4b812483b0e0","block_type":"box","text":"also may invest in money market securities","page_number":47,"box":{"x":46,"y":823,"width":295,"height":13}},{"id":"ecfd10d2-fb3f-41c4-9cb7-70a66264aaee","block_type":"box","text":"pursuant to purchase and sale contracts. While purchase and sale contracts are simil","page_number":47,"box":{"x":346,"y":823,"width":584,"height":13}},{"id":"54b5464c-9103-44e9-9495-be2e550c7353","block_type":"box","text":"ar","page_number":47,"box":{"x":930,"y":827,"width":14,"height":6}},{"id":"4f8f5729-f4fd-495b-bb26-41f0f52059e5","block_type":"box","text":"to repurchase agreements, purchase and sale contracts are structured","page_number":47,"box":{"x":45,"y":838,"width":476,"height":13}},{"id":"fa3dbcf6-ff31-496e-962f-2d8f85039f4f","block_type":"box","text":"d so as to be in substance more like a purchase and sale of t","page_number":47,"box":{"x":521,"y":838,"width":400,"height":13}},{"id":"6fe5bc78-798d-42ba-9cf2-7717a5cd1379","block_type":"box","text":"the","page_number":47,"box":{"x":921,"y":838,"width":25,"height":11}},{"id":"fe43dd64-11fa-4810-a29d-ba529ae6b203","block_type":"box","text":"underlying security than is the case with","page_number":47,"box":{"x":46,"y":854,"width":281,"height":13}},{"id":"8c055526-e395-4b6f-84ca-77fc104baf75","block_type":"box","text":"repurchase agreements and, with purchase a","page_number":47,"box":{"x":327,"y":854,"width":307,"height":13}},{"id":"575d6bd4-ff7b-44d0-9abd-9891a7d8902f","block_type":"box","text":"nd sale contracts, the purchaser receives a","page_number":47,"box":{"x":635,"y":854,"width":288,"height":13}},{"id":"30bd3b59-aa07-464f-b486-a522a21bad3b","block_type":"box","text":"ny","page_number":47,"box":{"x":924,"y":858,"width":21,"height":9}},{"id":"d9877c68-41c4-4160-a75a-7b8cd3e1f4af","block_type":"box","text":"interest on the security paid during the period of the contract.","page_number":47,"box":{"x":45,"y":869,"width":432,"height":13}},{"id":"42a0b392-de94-455e-b2ed-5de9838cc921","block_type":"box","text":"II-20","page_number":47,"box":{"x":482,"y":917,"width":34,"height":9}},{"id":"7730f28c-02b1-4be1-8574-2c83b787f875","block_type":"box","text":"NM1026U-6032399-47/129","page_number":47,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"1c522a54-7bc9-4219-abae-1ad9ab0e0440","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that utilizes th","page_number":48,"box":{"x":46,"y":79,"width":467,"height":13}},{"id":"d43abe71-7960-4dc5-8b00-d80842ae804b","block_type":"box","text":"em. Such risks are not unique to the Fund but are inherent i","page_number":48,"box":{"x":514,"y":79,"width":409,"height":13}},{"id":"36e0d0e4-233b-4dd1-a39a-2b67cade80e0","block_type":"box","text":"in","page_number":48,"box":{"x":923,"y":79,"width":17,"height":10}},{"id":"973e212b-e8e7-489d-9ade-6706134b74cb","block_type":"box","text":"repurchase agreements. The Funds seek to minimize such risks but","page_number":48,"box":{"x":45,"y":94,"width":461,"height":13}},{"id":"11ec0cae-3638-490c-ae55-4a625fefda40","block_type":"box","text":"t because of the inherent legal","page_number":48,"box":{"x":506,"y":94,"width":200,"height":13}},{"id":"cf9ffae2-73c4-4ee0-beef-4e6f8c4a71d4","block_type":"box","text":"uncertainties involved in","page_number":48,"box":{"x":706,"y":94,"width":179,"height":10}},{"id":"fd1a047a-ddb5-4c82-8f7a-7e385c83a6fa","block_type":"box","text":"repurchase agreements, such risks cannot be eliminated. 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(8) redemptions made pursuant to a systematic withdrawal","page_number":70,"box":{"x":486,"y":532,"width":437,"height":13}},{"id":"4a0d74fa-6dbd-44e1-b44e-63f53bbbd46e","block_type":"box","text":"plan, subject to the limitations set forth under “Systematic Withdr","page_number":70,"box":{"x":45,"y":548,"width":459,"height":13}},{"id":"c7b6309f-a7e4-4a48-8d72-49d91ceff335","block_type":"box","text":"awal Plan” below; (9) redemptions","page_number":70,"box":{"x":505,"y":548,"width":241,"height":13}},{"id":"e0ddb430-046e-4379-950e-945d99a84580","block_type":"box","text":"related to the payment of","page_number":70,"box":{"x":747,"y":548,"width":184,"height":13}},{"id":"88b12edc-780e-44b8-94ed-4b808e8fafe6","block_type":"box","text":"BNY Mellon Investment Servicing Trust Company custodial IRA fe","page_number":70,"box":{"x":46,"y":563,"width":462,"height":13}},{"id":"850d9013-aa67-439c-b2d9-b41cd69800bf","block_type":"box","text":"fees; and (10) redemptions when a shareholder can demonstrate","page_number":70,"box":{"x":508,"y":563,"width":443,"height":13}},{"id":"dd27c02f-e514-4737-9a81-7a25b689069b","block_type":"box","text":"hardship, in the absolute discretion of the Fund. 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Please speak to your financial","page_number":70,"box":{"x":536,"y":637,"width":387,"height":13}},{"id":"431c420c-abc4-49e8-8c5b-829820be9a04","block_type":"box","text":"intermediary for more information.","page_number":70,"box":{"x":45,"y":652,"width":251,"height":13}},{"id":"6e0f3414-e459-4fa5-be1c-5326ef15b38d","block_type":"box","text":"A shareholder wishing to make an exchange may do so by","page_number":70,"box":{"x":45,"y":680,"width":405,"height":12}},{"id":"f52d3a29-bea1-4720-8357-c7df1390c7b2","block_type":"box","text":"sending a written request to the Fund at the following address:","page_number":70,"box":{"x":455,"y":680,"width":433,"height":12}},{"id":"91cdc6e9-e58b-4265-89d5-f690041dc007","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. 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Sh","page_number":76,"box":{"x":46,"y":389,"width":502,"height":13}},{"id":"716553df-6787-4a7e-8092-12c2196ac92d","block_type":"box","text":"areholders are automatically provided with telephone","page_number":76,"box":{"x":548,"y":389,"width":376,"height":13}},{"id":"2263a113-0bc0-4f69-9ae1-be44a43a9d31","block_type":"box","text":"exchange privileges when opening an account, unless they indicate","page_number":76,"box":{"x":46,"y":404,"width":459,"height":13}},{"id":"9d86f959-e075-4e62-8606-5b514e91bc60","block_type":"box","text":"on the Application that they do not wish to use this privileg","page_number":76,"box":{"x":505,"y":404,"width":418,"height":13}},{"id":"6801f030-9332-4f17-8fa2-767be832d934","block_type":"box","text":"e.","page_number":76,"box":{"x":924,"y":408,"width":15,"height":6}},{"id":"8464c24e-4844-41dc-8e36-6ce96811cc36","block_type":"box","text":"To add this feature to an existing account that previously did not","page_number":76,"box":{"x":45,"y":420,"width":452,"height":13}},{"id":"773313de-317f-4172-a382-cddf3580ef0e","block_type":"box","text":"t provide this option, a request must be made in writing or by","page_number":76,"box":{"x":497,"y":420,"width":423,"height":13}},{"id":"c3636464-03c7-47f7-9e22-5672444baff1","block_type":"box","text":"telephone. 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The aggregate amount of these payments may be","page_number":82,"box":{"x":466,"y":664,"width":485,"height":13}},{"id":"c15950e1-e922-4ae2-9b96-295bdea3dcd8","block_type":"box","text":"substantial.","page_number":82,"box":{"x":46,"y":680,"width":77,"height":10}},{"id":"fe343e7f-d9b6-495c-b769-a5b3bcfef7f7","block_type":"box","text":"Additional Payments by BlackRock","page_number":82,"box":{"x":45,"y":711,"width":258,"height":13}},{"id":"debbef6f-9fbe-442d-b0dc-26a88b758d90","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates","page_number":82,"box":{"x":45,"y":737,"width":405,"height":13}},{"id":"06dcbcd6-3dcc-44bd-978f-9a96d936e568","block_type":"box","text":"(referred to in this section collectively as “BlackRock”) may","page_number":82,"box":{"x":456,"y":737,"width":414,"height":13}},{"id":"fbca74d8-6a1c-4df3-8fc1-32ef86faba7d","block_type":"box","text":"compensate Service Organizations for the sale and distribution","page_number":82,"box":{"x":45,"y":753,"width":434,"height":12}},{"id":"6abf35d8-8fec-4931-98eb-5377459c12ae","block_type":"box","text":"of shares of a Fund, for services to a Fund and its shareholders","page_number":82,"box":{"x":484,"y":753,"width":433,"height":12}},{"id":"e11804e4-cb7e-49f4-9b53-b1e168892d4a","block_type":"box","text":"and/","page_number":82,"box":{"x":923,"y":753,"width":30,"height":10}},{"id":"0d2e10c6-86a8-4aad-b223-bf893140e0bf","block_type":"box","text":"or for data provision or technology support. A Service Organiza","page_number":82,"box":{"x":46,"y":768,"width":444,"height":13}},{"id":"f318db2b-aaf7-4d55-ae03-49e8e18a10f8","block_type":"box","text":"tion may perform these obligations itself or may arrange for a","page_number":82,"box":{"x":491,"y":768,"width":428,"height":13}},{"id":"32576fe3-ac58-48f9-86d4-a45145d625d9","block_type":"box","text":"third party to perform them. BlackRock may also make payments to","page_number":82,"box":{"x":45,"y":784,"width":476,"height":12}},{"id":"c13453ce-cc74-444d-8b35-d19ef15192a2","block_type":"box","text":"Service Organizations as part of an effort to enhance its","page_number":82,"box":{"x":527,"y":784,"width":384,"height":12}},{"id":"105fa3a5-a643-4957-b1db-ae3789bfb362","block_type":"box","text":"business relationship with such entities trading on technology platfo","page_number":82,"box":{"x":46,"y":799,"width":470,"height":13}},{"id":"120910f2-0285-4001-be8e-cf2e72f65ec5","block_type":"box","text":"rms. 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These payments are not an additional charge to a Fund or","page_number":82,"box":{"x":492,"y":862,"width":441,"height":12}},{"id":"28b3ed94-dc0a-478a-95a5-b5a5c2859e01","block_type":"box","text":"r its","page_number":82,"box":{"x":933,"y":862,"width":25,"height":10}},{"id":"6f23273f-9ec3-46a0-8b41-c744a4c21c18","block_type":"box","text":"shareholders and do not change the price paid by shareholders","page_number":82,"box":{"x":46,"y":877,"width":437,"height":13}},{"id":"8c01b4bc-0d62-4c19-8dc8-39bce16e7cbb","block_type":"box","text":"for the purchase of a Fund’s shares or the amount a Fund receives","page_number":82,"box":{"x":484,"y":877,"width":455,"height":13}},{"id":"1d9d995b-81d5-4b80-87ec-ff5c3a3b477a","block_type":"box","text":"II-56","page_number":82,"box":{"x":482,"y":917,"width":35,"height":9}},{"id":"f52e4367-d171-436b-a34d-d0dffb5a68e0","block_type":"box","text":"NM1026U-6032399-82/129","page_number":82,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"640d798d-24ea-411a-853c-9585de029332","block_type":"box","text":"as proceeds from such purchases. Additional Payments made to","page_number":83,"box":{"x":46,"y":79,"width":445,"height":13}},{"id":"5260ba2d-6e64-47a1-b54f-edf604a434db","block_type":"box","text":"Service Organizations are in addition to any distribution or","page_number":83,"box":{"x":491,"y":79,"width":415,"height":13}},{"id":"b2d8a34d-24f9-4806-ad13-82f8012ecf50","block_type":"box","text":"shareholder servicing fees paid under any Plan of any Fund, any","page_number":83,"box":{"x":46,"y":94,"width":447,"height":13}},{"id":"ca9e9298-0d60-48f0-947a-c963b8b64d6b","block_type":"box","text":"sales charges, commissions or other concessions described in th","page_number":83,"box":{"x":493,"y":94,"width":438,"height":13}},{"id":"da2cf2f8-ce38-4cce-8018-ce5d676db9a3","block_type":"box","text":"e","page_number":83,"box":{"x":931,"y":98,"width":11,"height":6}},{"id":"eaffd4ea-aa54-4b2b-98af-7e67b418f0f4","block_type":"box","text":"Prospectus or this SAI, and any administrative, networking,","page_number":83,"box":{"x":45,"y":110,"width":419,"height":13}},{"id":"d2e0945f-3b36-48d6-a201-7266878d3944","block_type":"box","text":"recordkeeping, sub-transfer agency or sub-accounting fees payable b","page_number":83,"box":{"x":464,"y":110,"width":473,"height":13}},{"id":"c5176c4d-a3f1-48b9-bd33-1c7a0cbce8bf","block_type":"box","text":"y","page_number":83,"box":{"x":938,"y":114,"width":12,"height":9}},{"id":"099e6157-a492-4e12-9253-a98d85436ba7","block_type":"box","text":"a Fund. 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I","page_number":87,"box":{"x":45,"y":861,"width":415,"height":13}},{"id":"290783ed-2577-4306-98c0-00c9d82850c6","block_type":"box","text":"If (i) the proceeds of the redemption would exceed $250,000 for a","page_number":87,"box":{"x":460,"y":861,"width":463,"height":13}},{"id":"772fd623-6c0e-4878-8106-28665e5407d5","block_type":"box","text":"redemption by wire or ACH, or $100,000 for a redemption by ch","page_number":87,"box":{"x":45,"y":876,"width":457,"height":14}},{"id":"0f0c07da-df00-4c53-ab94-538d842adea2","block_type":"box","text":"eck, (ii) the Fund does not have verified banking information on","page_number":87,"box":{"x":503,"y":877,"width":449,"height":13}},{"id":"b21ac762-08b6-4998-b66b-5c1f7e76858f","block_type":"box","text":"II-61","page_number":87,"box":{"x":482,"y":917,"width":33,"height":9}},{"id":"5e284639-ea9a-4829-821c-733d507b348f","block_type":"box","text":"NM1026U-6032399-87/129","page_number":87,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"c28438ec-a681-454d-9662-3df007ee1df6","block_type":"box","text":"file, (iii) the proceeds are not to be paid to the record owner at","page_number":88,"box":{"x":45,"y":79,"width":433,"height":13}},{"id":"dc473093-9ff9-4140-b65f-a6832c4c80e1","block_type":"box","text":"t the record address, or (iv) the shareholder is a corporation","page_number":88,"box":{"x":477,"y":79,"width":409,"height":13}},{"id":"2864a805-4627-4070-bf22-b7c6b9d49497","block_type":"box","text":",","page_number":88,"box":{"x":887,"y":87,"width":8,"height":4}},{"id":"8b0f9d2d-cf95-4021-b0bd-512c53cf42ea","block_type":"box","text":"partnership, trust or fiduciary, signature(s) must be","page_number":88,"box":{"x":45,"y":94,"width":354,"height":13}},{"id":"8a59513f-98c6-47dd-82bd-3a5d61510158","block_type":"box","text":"guaranteed by any eligible guarantor institution.","page_number":88,"box":{"x":399,"y":94,"width":344,"height":13}},{"id":"1885ddec-8014-49ba-b79c-0dd022e96fb2","block_type":"box","text":"Generally, a properly signed written request with any required sign","page_number":88,"box":{"x":46,"y":118,"width":464,"height":12}},{"id":"5e850c9c-4e5a-48c3-95c9-cc5e8db0e36a","block_type":"box","text":"ature guarantee is all that is required for a redemption. 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Proceeds for redemption orders received on a","page_number":92,"box":{"x":46,"y":125,"width":479,"height":13}},{"id":"23cd9608-cd53-4452-9cbd-e7338db4ec79","block_type":"box","text":"day when the Fund’s custodian is closed are normally wired","page_number":92,"box":{"x":525,"y":125,"width":415,"height":13}},{"id":"7428894b-2cd3-42ff-91ad-360f71e12195","block_type":"box","text":"in Federal funds on the next Business Day following redemption","page_number":92,"box":{"x":45,"y":141,"width":450,"height":13}},{"id":"922c806c-f043-4878-87b7-4490661c33b9","block_type":"box","text":"on which the Fund’s custodian is open for business. The Fund","page_number":92,"box":{"x":496,"y":141,"width":433,"height":13}},{"id":"86e39c6c-7f6a-4b7d-8464-7703bfe877ef","block_type":"box","text":"reserves the right to wire redemption proceeds w","page_number":92,"box":{"x":45,"y":156,"width":326,"height":13}},{"id":"2500f034-d1d2-4c1a-96e9-648d2a38b782","block_type":"box","text":"within seven days after receiving a redemp","page_number":92,"box":{"x":370,"y":156,"width":294,"height":13}},{"id":"55fc6dd6-575d-40b9-8ed3-c342134ac4f9","block_type":"box","text":"tion order if, in the judgment of the","page_number":92,"box":{"x":665,"y":156,"width":250,"height":13}},{"id":"00f5882a-a19e-41e0-b61c-b5ea5e55f519","block_type":"box","text":"Fund, an earlier payment could adversely affect the Fund.","page_number":92,"box":{"x":45,"y":172,"width":404,"height":13}},{"id":"78ea219b-3ab3-4a7a-8e70-a0294bf57ce6","block_type":"box","text":"Shareholders will generally be required to pay transaction fe","page_number":92,"box":{"x":46,"y":194,"width":410,"height":13}},{"id":"562d5b96-0da2-4af3-92d4-ec33f2475b55","block_type":"box","text":"fees (sometimes referred to as “gas” fees) to validators on the","page_number":92,"box":{"x":455,"y":194,"width":424,"height":13}},{"id":"d31dd984-af99-44d9-8c77-84fff5ef1bc0","block_type":"box","text":"blockchain in order to facilitate shareholder-initiated transac","page_number":92,"box":{"x":46,"y":210,"width":420,"height":10}},{"id":"cbe983a8-2614-46e1-8056-365e947f7129","block_type":"box","text":"tions, including redemptions. 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By cont","page_number":92,"box":{"x":46,"y":287,"width":291,"height":13}},{"id":"1eaffca8-136a-4054-877f-edefa7fa311b","block_type":"box","text":"rast, with respect to blockchain transacti","page_number":92,"box":{"x":338,"y":287,"width":281,"height":13}},{"id":"3a20e131-2bc5-4498-be22-5ec34d5b2048","block_type":"box","text":"ons initiated by the Fund, the Fund’s trans","page_number":92,"box":{"x":620,"y":287,"width":293,"height":13}},{"id":"ea9da71c-e12a-485d-974c-9eb9f4d10e69","block_type":"box","text":"fer","page_number":92,"box":{"x":914,"y":287,"width":22,"height":10}},{"id":"a87f3062-f933-4066-8ced-d773d999d53a","block_type":"box","text":"agent, or another service provider to the Fund in accordance w","page_number":92,"box":{"x":46,"y":303,"width":423,"height":13}},{"id":"54cfddea-01d0-4cad-a04f-9ad2bb28d97e","block_type":"box","text":"with the Fund’s governing documents and/or applicable law,","page_number":92,"box":{"x":469,"y":303,"width":425,"height":13}},{"id":"6d844cca-7e2c-4b1a-be2b-e79a980ba6d2","block_type":"box","text":"shareholders will generally not be required to pay associated t","page_number":92,"box":{"x":46,"y":318,"width":423,"height":13}},{"id":"782eeff7-1898-4d28-9f07-478a093e45ec","block_type":"box","text":"transaction fees. 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The Fund may suspend the right of redemption or postpone the date of payment upon","page_number":92,"box":{"x":280,"y":372,"width":612,"height":13}},{"id":"4490ee0a-0f0b-42a1-a017-5189b4f2bc47","block_type":"box","text":"redemption for such periods as are permitted under the Investme","page_number":92,"box":{"x":45,"y":387,"width":449,"height":13}},{"id":"54a69a97-2094-40d4-a739-0cf00e069bef","block_type":"box","text":"nt Company Act, and may redeem shares involuntarily or make","page_number":92,"box":{"x":494,"y":387,"width":447,"height":13}},{"id":"d84a1006-1d83-444e-bdc7-a78d20c98459","block_type":"box","text":"payment for redemption in securities or ot","page_number":92,"box":{"x":45,"y":403,"width":293,"height":13}},{"id":"59fb4eb5-3b98-447a-b4f1-9eb920247ea3","block_type":"box","text":"her property when determined appropriate in light of the Fund’s responsibilities unde","page_number":92,"box":{"x":339,"y":403,"width":591,"height":13}},{"id":"190d43c7-a3b2-4183-98e9-9e048eb296c0","block_type":"box","text":"r","page_number":92,"box":{"x":930,"y":407,"width":11,"height":6}},{"id":"5d0c406d-e9b7-4727-80f4-bdd41eb9673a","block_type":"box","text":"the Investment Company Act.","page_number":92,"box":{"x":45,"y":418,"width":213,"height":13}},{"id":"b877e867-bb59-4e22-b9b3-850e98a78f9d","block_type":"box","text":"The Fund reserves the right, if conditions exist which make cash p","page_number":92,"box":{"x":45,"y":441,"width":458,"height":13}},{"id":"005ba9da-5ed4-463c-8c50-fafaa1e9aea6","block_type":"box","text":"ayments undesirable, to honor any request for redemption or","page_number":92,"box":{"x":504,"y":441,"width":428,"height":13}},{"id":"a87d2e01-a38b-4658-a7db-e0219bac97aa","block_type":"box","text":"repurchase of the Fund’s shares by making payment in whole or in","page_number":92,"box":{"x":45,"y":456,"width":463,"height":13}},{"id":"71de9c7d-e2b6-497d-9daa-12969a98dfed","block_type":"box","text":"n part in securities chosen by the Fund and valued in the same","page_number":92,"box":{"x":508,"y":456,"width":426,"height":13}},{"id":"57b47578-6f62-4461-a372-7cf055d3386f","block_type":"box","text":"way as they would be valued for purposes of computing the Fund’","page_number":92,"box":{"x":45,"y":472,"width":459,"height":13}},{"id":"fa5d3d40-5a42-4b6b-99cc-66a8d11e91e9","block_type":"box","text":"s NAV. 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However, to the extent a Fund’s distributi","page_number":96,"box":{"x":45,"y":593,"width":418,"height":13}},{"id":"0239f8c4-90be-4269-aed3-80a197ae0da3","block_type":"box","text":"ons are derived from income on debt securities and short-term cap","page_number":96,"box":{"x":464,"y":593,"width":459,"height":13}},{"id":"6aa7edad-c443-4484-9e64-0d2755c29d89","block_type":"box","text":"ital","page_number":96,"box":{"x":924,"y":593,"width":26,"height":10}},{"id":"e197ae29-6f8a-4f4a-8f59-598dff51ca75","block_type":"box","text":"gains, such distributions will not constitute “qualified dividend inco","page_number":96,"box":{"x":45,"y":608,"width":470,"height":13}},{"id":"88020e35-c1c6-455d-9da6-45b951cb0361","block_type":"box","text":"me.” Thus, ordinary income dividends paid by the Funds","page_number":96,"box":{"x":516,"y":608,"width":401,"height":13}},{"id":"5ebb4bae-6d01-418f-a641-53511f9f874c","block_type":"box","text":"generally will not be eligible for taxation at the reduced rate.","page_number":96,"box":{"x":45,"y":624,"width":425,"height":13}},{"id":"7a5241ab-53f9-484b-ae69-b16810621acf","block_type":"box","text":"Any loss upon the sale or exchange of Fund shares held for six m","page_number":96,"box":{"x":45,"y":647,"width":451,"height":13}},{"id":"7a61dae8-5137-437b-9cb8-9274802148a3","block_type":"box","text":"onths or less will be treated as long-term capital loss to the","page_number":96,"box":{"x":497,"y":647,"width":411,"height":13}},{"id":"dbc9ea13-41f6-4655-8395-3a617ed0beb0","block_type":"box","text":"extent","page_number":96,"box":{"x":908,"y":650,"width":47,"height":7}},{"id":"d4ac2a48-56b4-40aa-aa48-1a9cb90f231d","block_type":"box","text":"of any capital gain dividends received with respect to the shares.","page_number":96,"box":{"x":46,"y":663,"width":443,"height":13}},{"id":"7cd1ffd5-9486-4071-a371-f82a8587b0a4","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits wil","page_number":96,"box":{"x":494,"y":663,"width":407,"height":13}},{"id":"2b7ca98b-7982-4f5e-b324-772e238a1462","block_type":"box","text":"l first","page_number":96,"box":{"x":902,"y":663,"width":35,"height":10}},{"id":"49889470-f075-4c1d-8f9b-d2fee8feaee0","block_type":"box","text":"reduce the shareholder’s adjusted tax basis in his shares and","page_number":96,"box":{"x":45,"y":678,"width":415,"height":13}},{"id":"7dfc4298-51b6-4ed5-ad6a-3d68e9ab6294","block_type":"box","text":"any amount in excess of such basis will constitute capital gains","page_number":96,"box":{"x":465,"y":678,"width":434,"height":13}},{"id":"e745cf47-ead1-4772-a9fd-3c2826a1c865","block_type":"box","text":"to","page_number":96,"box":{"x":904,"y":681,"width":14,"height":7}},{"id":"b58f8601-ca51-4b7f-b03e-5bb413cab3a5","block_type":"box","text":"such shareholder (assuming the shares are held","page_number":96,"box":{"x":46,"y":694,"width":323,"height":13}},{"id":"66701b8d-1742-4b44-b902-23ef56ec8bc1","block_type":"box","text":"as a capital asset). Long-term capital gains (","page_number":96,"box":{"x":375,"y":694,"width":301,"height":13}},{"id":"383247c6-762f-41f2-85b9-be9753948d9a","block_type":"box","text":"i.e.","page_number":96,"box":{"x":678,"y":695,"width":18,"height":9}},{"id":"d1893b6b-031c-4d14-a524-aef347ef8b70","block_type":"box","text":", gains from a sale or exchange of","page_number":96,"box":{"x":698,"y":694,"width":233,"height":13}},{"id":"6a7f59da-0c36-4b32-961c-7017c8a7f252","block_type":"box","text":"capital assets held for more than one year) are generally taxe","page_number":96,"box":{"x":45,"y":709,"width":420,"height":13}},{"id":"aa2dc5a9-891b-403f-8d48-db05624e21a3","block_type":"box","text":"d at preferential rates to non-corporate taxpayers. Each Fund wil","page_number":96,"box":{"x":466,"y":709,"width":451,"height":13}},{"id":"0bd7a29d-735f-436f-9539-4f949033479a","block_type":"box","text":"l","page_number":96,"box":{"x":917,"y":709,"width":4,"height":10}},{"id":"e36de173-2048-4a10-92cd-e29fb5544eea","block_type":"box","text":"furnish its shareholders with a written statement reporting the amount","page_number":96,"box":{"x":45,"y":725,"width":489,"height":13}},{"id":"25b60ce9-a843-4b09-92db-e879cda01c65","block_type":"box","text":"s of its dividends paid during the year that qualify as c","page_number":96,"box":{"x":535,"y":725,"width":374,"height":13}},{"id":"7fe14a10-ce53-408f-a079-3cdcba4546e1","block_type":"box","text":"apital","page_number":96,"box":{"x":910,"y":725,"width":38,"height":13}},{"id":"f1390345-12cd-4580-b569-ee7f6421080e","block_type":"box","text":"gain dividends or exempt-interest dividends, as applicable, as","page_number":96,"box":{"x":45,"y":740,"width":423,"height":13}},{"id":"dcb5cf81-9c82-497e-851c-0fffeac4c102","block_type":"box","text":"well as the portion of an exempt-interest dividend that constitu","page_number":96,"box":{"x":473,"y":740,"width":437,"height":13}},{"id":"8819887c-1ed9-437d-845d-1f28695a06b0","block_type":"box","text":"tes an","page_number":96,"box":{"x":911,"y":743,"width":39,"height":7}},{"id":"1bfcd000-a51a-4590-9200-96bb925eee3e","block_type":"box","text":"item of tax preference, as discussed below.","page_number":96,"box":{"x":45,"y":756,"width":294,"height":13}},{"id":"9e9129ad-0d6a-46af-9345-59bd3fa0a1ab","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to sha","page_number":96,"box":{"x":46,"y":779,"width":432,"height":13}},{"id":"f06b22ad-e306-4d47-b172-4bd46b7c687a","block_type":"box","text":"reholders even if they are reinvested in additional shares of a Fu","page_number":96,"box":{"x":478,"y":779,"width":441,"height":13}},{"id":"7cd08384-b853-4fb0-99f9-5f697f268d8c","block_type":"box","text":"nd.","page_number":96,"box":{"x":920,"y":779,"width":21,"height":10}},{"id":"87f44c3b-e631-4a49-a76b-11a1822c1457","block_type":"box","text":"Distributions by a Fund, whether from ordinary income or ca","page_number":96,"box":{"x":45,"y":795,"width":428,"height":12}},{"id":"2959428c-f11f-4dc1-95cb-5a041804b963","block_type":"box","text":"pital gains, generally will not be eligible for the dividends receiv","page_number":96,"box":{"x":473,"y":795,"width":440,"height":12}},{"id":"3ec741c2-fa2a-45a1-a7b3-fd2cee0173b4","block_type":"box","text":"ed","page_number":96,"box":{"x":914,"y":795,"width":15,"height":10}},{"id":"1fec3bf5-bf4f-47af-9993-eca46acdb20a","block_type":"box","text":"deduction allowed to corporations under the Code. If a Fund pays","page_number":96,"box":{"x":46,"y":810,"width":458,"height":13}},{"id":"37269561-ae24-4221-abb0-968998400005","block_type":"box","text":"a dividend in January that was declared in the previous","page_number":96,"box":{"x":510,"y":810,"width":381,"height":13}},{"id":"4db4de56-6c4f-4840-b3da-089b85ff0e4e","block_type":"box","text":"October, November or December to shareholders of record on a spec","page_number":96,"box":{"x":46,"y":826,"width":481,"height":12}},{"id":"6af1bd65-506f-40ea-81be-9c7157ea7ce1","block_type":"box","text":"ified date in one of such months, then such dividend will be","page_number":96,"box":{"x":527,"y":826,"width":417,"height":12}},{"id":"5e9dc94e-9b33-4a9f-9cde-0ca3fc64f86c","block_type":"box","text":"treated for tax purposes as being paid by the Fund and received by","page_number":96,"box":{"x":45,"y":841,"width":462,"height":13}},{"id":"456d6a6b-fd1d-403b-b5c6-0b11180cf898","block_type":"box","text":"y its shareholders on December 31 of the year in which such","page_number":96,"box":{"x":507,"y":841,"width":415,"height":13}},{"id":"0736c115-7a99-4439-9543-dbb54d0bfb1d","block_type":"box","text":"dividend was declared.","page_number":96,"box":{"x":46,"y":857,"width":162,"height":10}},{"id":"7b540d36-1a13-490d-8c79-6b603a3a3685","block_type":"box","text":"II-70","page_number":96,"box":{"x":482,"y":917,"width":34,"height":9}},{"id":"aa8f5fdd-cd81-46ef-81f5-cf34b8a05e6b","block_type":"box","text":"NM1026U-6032399-96/129","page_number":96,"box":{"x":757,"y":969,"width":151,"height":7}},{"id":"4e248dc3-3c6f-4353-98e7-7349baf2da83","block_type":"box","text":"A shareholder in a money market fund (whether or not it ha","page_number":97,"box":{"x":45,"y":79,"width":419,"height":13}},{"id":"8d510b85-df26-4525-a8a9-fe51657e898e","block_type":"box","text":"s a floating NAV) may elect to adopt a simplified, aggregate","page_number":97,"box":{"x":464,"y":79,"width":421,"height":13}},{"id":"d1777635-2e15-49d6-881a-8cbe296acdaa","block_type":"box","text":"accounting method under which gains and losses can be netted based on the shareholder’s taxable year rather than reported","page_number":97,"box":{"x":46,"y":94,"width":863,"height":13}},{"id":"13f73297-c6ff-4d8e-bb1b-50d89e9afe94","block_type":"box","text":"separately. Shareholders are urged to consult their tax ad","page_number":97,"box":{"x":46,"y":110,"width":394,"height":13}},{"id":"ab74428b-1d3d-4eae-8ea0-8ab92019dd0b","block_type":"box","text":"visors before deciding to adopt such accounting method.","page_number":97,"box":{"x":441,"y":110,"width":397,"height":13}},{"id":"8cfacf7d-a014-4ab5-8709-8aa1837adcee","block_type":"box","text":"If any Fund (other than a Fund that is a government mone","page_number":97,"box":{"x":45,"y":134,"width":405,"height":13}},{"id":"487532d3-eb24-4843-b544-b776a6060278","block_type":"box","text":"y market fund) imposes a discretionary liquidity fee on share","page_number":97,"box":{"x":450,"y":134,"width":426,"height":13}},{"id":"68892572-73df-4b98-854b-e4d43b92bf02","block_type":"box","text":"redemptions, the amount that would ordinarily be payable to","page_number":97,"box":{"x":45,"y":150,"width":431,"height":12}},{"id":"cef12e76-25ed-44db-86c4-3487e77b58a1","block_type":"box","text":"a redeeming shareholder of the Fund will be reduced, consequently","page_number":97,"box":{"x":476,"y":150,"width":468,"height":12}},{"id":"dfecc0b1-f923-43cc-b0e2-b57e9f7b8b21","block_type":"box","text":"reducing the amount of gain, or increasing the amount of loss, th","page_number":97,"box":{"x":45,"y":165,"width":451,"height":13}},{"id":"19dd9307-ab3e-473e-8242-7eb8c2d910aa","block_type":"box","text":"at would otherwise be reportable for income tax purposes. The","page_number":97,"box":{"x":497,"y":165,"width":442,"height":13}},{"id":"dd20a084-fa0a-411b-8b5e-5cf134ab22ca","block_type":"box","text":"discretionary liquidity fee cannot be separately claimed as a deduction.","page_number":97,"box":{"x":46,"y":181,"width":494,"height":12}},{"id":"a9cbdef7-5b2c-4cab-a84b-a36f81207d02","block_type":"box","text":"Any such discretionary liquidity fee will constitute an a","page_number":97,"box":{"x":45,"y":205,"width":382,"height":13}},{"id":"1d37d5fa-e886-4669-8df9-2823fa8ad4c1","block_type":"box","text":"sset of the imposing Fund and will serve to benefit non-redeeming","page_number":97,"box":{"x":428,"y":205,"width":461,"height":13}},{"id":"fc00e4d6-b1d4-47f0-b77f-f7c5c5ff29fc","block_type":"box","text":"shareholders. If such fees were distributed to non-redeeming share","page_number":97,"box":{"x":46,"y":220,"width":457,"height":13}},{"id":"f0d98773-b907-4e70-889b-ebf53db6dd57","block_type":"box","text":"holders, the tax treatment would be similar to the tax treatm","page_number":97,"box":{"x":504,"y":220,"width":421,"height":13}},{"id":"1d71daa8-962d-4bfb-9d29-c87526c62c07","block_type":"box","text":"ent","page_number":97,"box":{"x":926,"y":223,"width":25,"height":7}},{"id":"c3ed41f7-ffc5-453c-aa38-b8168b07f210","block_type":"box","text":"of distributions described in this section. Such fees may rai","page_number":97,"box":{"x":46,"y":236,"width":404,"height":13}},{"id":"5144de25-580f-40e5-ace4-a1430b98b162","block_type":"box","text":"se the Fund’s NAV, increasing the taxable income or reducing the","page_number":97,"box":{"x":451,"y":236,"width":460,"height":13}},{"id":"b82a122b-6c51-4f04-9120-fc3ab7a73523","block_type":"box","text":"deductible losses of shareholders that redeem their shares at a la","page_number":97,"box":{"x":46,"y":251,"width":442,"height":10}},{"id":"0d272a93-9a5b-45d7-97fc-081f43d3e55d","block_type":"box","text":"ter time when such fees are not being charged. If a Fund rece","page_number":97,"box":{"x":489,"y":251,"width":420,"height":13}},{"id":"a9ee3fff-60cf-4624-853a-8f800bbed982","block_type":"box","text":"ives","page_number":97,"box":{"x":910,"y":252,"width":30,"height":9}},{"id":"0d502d93-1173-42ba-ac17-490d31b7bf7e","block_type":"box","text":"discretionary liquidity fees, it will consider the appropriate tax t","page_number":97,"box":{"x":46,"y":267,"width":441,"height":13}},{"id":"215ecc4d-6477-4a28-863b-0536cab45ec5","block_type":"box","text":"reatment of such fees to the F","page_number":97,"box":{"x":488,"y":267,"width":204,"height":10}},{"id":"4f67a236-9843-43e1-a009-fce834abf3c6","block_type":"box","text":"und at such time. However, du","page_number":97,"box":{"x":692,"y":267,"width":215,"height":12}},{"id":"f93317d3-d3d8-4c2a-8094-d5fb5f6df613","block_type":"box","text":"e to a","page_number":97,"box":{"x":907,"y":270,"width":43,"height":7}},{"id":"cc15e98d-12d7-408c-814e-4e50ac6396f5","block_type":"box","text":"lack of guidance, the tax consequences of liquidity fees to th","page_number":97,"box":{"x":45,"y":282,"width":417,"height":13}},{"id":"2e4ffaed-327f-4563-8197-924504ea9aa2","block_type":"box","text":"e Fund and the shareholders are unclear and may differ from that","page_number":97,"box":{"x":462,"y":282,"width":459,"height":13}},{"id":"4ccb713a-30a3-4381-8c8c-91fb296bbd2b","block_type":"box","text":"described in this section.","page_number":97,"box":{"x":46,"y":298,"width":173,"height":10}},{"id":"737f0053-ab0b-48f7-a27c-11a7ff64ffe5","block_type":"box","text":"Should a negative interest rate scenario ever occur that causes a go","page_number":97,"box":{"x":46,"y":322,"width":459,"height":13}},{"id":"6176f017-a759-4b3b-b1c6-a993d6cae258","block_type":"box","text":"vernment or retail money market fund to have a negative gro","page_number":97,"box":{"x":506,"y":322,"width":423,"height":13}},{"id":"9be9d7cf-e8c6-4a6a-a115-8e5a5796b60c","block_type":"box","text":"ss","page_number":97,"box":{"x":930,"y":326,"width":17,"height":6}},{"id":"51929ae7-d8f1-4fc5-8b03-2b035fa7a826","block_type":"box","text":"yield, the fund may account for the negative gross yield by e","page_number":97,"box":{"x":45,"y":337,"width":416,"height":13}},{"id":"220bc70d-ad2c-45ef-a8ce-1f898d04ff16","block_type":"box","text":"ither using a floating NAV or a reverse distribution mechanism tha","page_number":97,"box":{"x":462,"y":337,"width":464,"height":13}},{"id":"511d863e-556d-45f7-b946-99743b353dd3","block_type":"box","text":"t","page_number":97,"box":{"x":926,"y":340,"width":10,"height":8}},{"id":"f7c45bdc-2902-4c22-9806-f0a15777e07e","block_type":"box","text":"seeks to maintain a stable NAV of the fund by cancelling share","page_number":97,"box":{"x":46,"y":353,"width":435,"height":13}},{"id":"6b3e4328-f190-4a0c-922d-65bbd3eefc8e","block_type":"box","text":"holders’ shares in the amount of the negative gross yield. Under","page_number":97,"box":{"x":482,"y":353,"width":445,"height":13}},{"id":"cfd8e99d-aaa7-4631-8957-c2d2eb2c02fb","block_type":"box","text":"a","page_number":97,"box":{"x":927,"y":357,"width":12,"height":6}},{"id":"7fb91ae1-813a-42e9-b7a3-1499b6156380","block_type":"box","text":"reverse distribution mechanism, shareholders in a fund would observ","page_number":97,"box":{"x":45,"y":369,"width":479,"height":12}},{"id":"1a5ba790-e30c-4e97-99de-bd01a1209948","block_type":"box","text":"e a stable share price but a declining number of shares for","page_number":97,"box":{"x":524,"y":369,"width":404,"height":12}},{"id":"7fe14b41-9c38-4f93-aac0-91cd2dd168aa","block_type":"box","text":"their investment. After a cancellation of shares, the basis of e","page_number":97,"box":{"x":45,"y":384,"width":421,"height":12}},{"id":"193551b4-7d31-4bf6-8708-c3110fd5bd44","block_type":"box","text":"liminated shares would be added to the basis of shareholders’","page_number":97,"box":{"x":466,"y":384,"width":431,"height":10}},{"id":"7e55e35f-aa9b-45f6-ac2e-2a4917737cea","block_type":"box","text":"remaining fund shares, and any shareholders disposing of shares","page_number":97,"box":{"x":45,"y":400,"width":451,"height":12}},{"id":"4fb2d077-c498-44c5-ab14-03c6c0859e9f","block_type":"box","text":"at that time may recognize a capital loss. Dividends, including","page_number":97,"box":{"x":496,"y":400,"width":429,"height":12}},{"id":"97d41115-44de-41d9-be19-3c8dccc28efc","block_type":"box","text":"dividends reinvested in additional shares of a fund, will nonetheless","page_number":97,"box":{"x":46,"y":415,"width":471,"height":12}},{"id":"c1059899-58aa-4ebf-8577-6b954a5e0aed","block_type":"box","text":"be fully taxable, even if th","page_number":97,"box":{"x":517,"y":415,"width":179,"height":13}},{"id":"86eb1ded-e0bf-49d7-b9f4-b22362f5fc81","block_type":"box","text":"e number of shares in shareho","page_number":97,"box":{"x":697,"y":415,"width":207,"height":10}},{"id":"6883704d-d0ff-410f-a49f-6e61cacb07b9","block_type":"box","text":"lders’","page_number":97,"box":{"x":905,"y":415,"width":42,"height":10}},{"id":"fdc3eaad-b6fe-496d-8c2e-accb2ff9d315","block_type":"box","text":"accounts has been reduced as described above. 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(Such differentiation may apply when an entity","page_number":103,"box":{"x":45,"y":464,"width":425,"height":12}},{"id":"b1837499-a4ef-40e4-99a8-5ef5fda93501","block_type":"box","text":"has both senior and subordinated obligations, secured and unsecured","page_number":103,"box":{"x":470,"y":464,"width":479,"height":12}},{"id":"05e41e74-fb6e-4799-a52f-9acc7368b67e","block_type":"box","text":"obligations, or operating company and holding company obligations.)","page_number":103,"box":{"x":46,"y":479,"width":490,"height":13}},{"id":"0226ae40-7ec7-4a8e-9aa0-752adedb22e1","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":103,"box":{"x":45,"y":508,"width":248,"height":13}},{"id":"432bffc0-02e8-442b-b381-52af5bff29d2","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":103,"box":{"x":45,"y":533,"width":887,"height":13}},{"id":"29fbb4ba-30b9-4126-b018-d4f73c3e2ec3","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":103,"box":{"x":197,"y":547,"width":446,"height":13}},{"id":"e762bd43-34d1-4f9b-9704-0373d571979a","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s","page_number":103,"box":{"x":45,"y":567,"width":909,"height":13}},{"id":"98aa60be-a8c9-4b65-bdf3-03fc3bab7fa7","block_type":"box","text":"capacity to meet its financial commitments on the obligation is very strong.","page_number":103,"box":{"x":197,"y":581,"width":551,"height":13}},{"id":"27e25575-545d-436d-a0ba-b21fc4274059","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances","page_number":103,"box":{"x":45,"y":600,"width":907,"height":13}},{"id":"8143c919-306a-4312-8946-cf2622eb0235","block_type":"box","text":"and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to","page_number":103,"box":{"x":197,"y":615,"width":758,"height":12}},{"id":"f7e622ab-15a7-4958-ae3d-fb4ab0c2db50","block_type":"box","text":"meet its financial commitments on the obligation is still strong.","page_number":103,"box":{"x":197,"y":629,"width":462,"height":13}},{"id":"b94e70ca-c9dd-42cf-a520-0466ebc86e27","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":103,"box":{"x":46,"y":648,"width":853,"height":13}},{"id":"cb152c35-2fce-4017-a78d-e276c59f0602","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":103,"box":{"x":197,"y":662,"width":705,"height":13}},{"id":"0be162e4-0963-4021-bcf9-fe39d85cecce","block_type":"box","text":"financial commitments on the obligation.","page_number":103,"box":{"x":197,"y":677,"width":298,"height":12}},{"id":"59d89c0c-0420-45f9-8080-230aa51170f4","block_type":"box","text":"BB, B, CCC, CC,","page_number":103,"box":{"x":46,"y":697,"width":123,"height":11}},{"id":"c8d6a9de-3301-4b18-8361-a70f2a8b10d5","block_type":"box","text":"and C Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":103,"box":{"x":46,"y":710,"width":835,"height":13}},{"id":"eadd3679-afb0-43f0-89db-bedb6876229e","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations","page_number":103,"box":{"x":197,"y":724,"width":749,"height":13}},{"id":"5d82ebc4-1a06-4f25-a5bd-6edcebf9e186","block_type":"box","text":"will likely have some quality and protective characteristics, these may be outweighed by large","page_number":103,"box":{"x":197,"y":739,"width":677,"height":12}},{"id":"abb6c355-9611-425b-9931-78b1657d8667","block_type":"box","text":"uncertainties or major exposure to adverse conditions.","page_number":103,"box":{"x":197,"y":753,"width":393,"height":13}},{"id":"ea1c9cb3-a9b6-4b47-8d4d-c0920d11a40a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":103,"box":{"x":46,"y":772,"width":875,"height":13}},{"id":"f967e69d-8577-48b1-8700-62126a8c1de1","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions","page_number":103,"box":{"x":197,"y":786,"width":729,"height":13}},{"id":"763c0ffe-da82-44a7-acc5-5dbf31951a3f","block_type":"box","text":"that could lead to the obligor’s inadequate capacity to meet its financial commitments on the","page_number":103,"box":{"x":197,"y":801,"width":673,"height":12}},{"id":"cc3c5630-e4ff-4c5c-9c36-79b8fd4f6733","block_type":"box","text":"obligation.","page_number":103,"box":{"x":197,"y":815,"width":77,"height":13}},{"id":"dbb7c65f-6412-4e5c-943e-1b0bc1dda4fd","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":103,"box":{"x":46,"y":834,"width":893,"height":13}},{"id":"2d559cb3-2092-4010-85c7-c8cb01e76b8d","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":103,"box":{"x":197,"y":848,"width":708,"height":13}},{"id":"33660701-1701-402a-838d-a9387709c759","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":103,"box":{"x":197,"y":863,"width":721,"height":12}},{"id":"dbe2de8a-09c5-4325-9bf0-922133eefb37","block_type":"box","text":"financial commitments on the obligation.","page_number":103,"box":{"x":197,"y":877,"width":304,"height":13}},{"id":"9bad863b-63d5-4dac-af70-ceef3b32e5a4","block_type":"box","text":"A-4","page_number":103,"box":{"x":486,"y":916,"width":26,"height":10}},{"id":"27f77fd0-6c21-40b8-8a50-9f12444cd7ae","block_type":"box","text":"NM1026U-6032399-103/129","page_number":103,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"9bc6ee70-3b1c-4245-aaf7-22a211fea19b","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":104,"box":{"x":46,"y":77,"width":872,"height":13}},{"id":"2b620146-e65f-4c8a-af46-b9492c09c937","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on the","page_number":104,"box":{"x":197,"y":92,"width":739,"height":13}},{"id":"1b8540c8-fad7-4796-8d76-1926ce57d543","block_type":"box","text":"obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely","page_number":104,"box":{"x":197,"y":106,"width":746,"height":13}},{"id":"21d7c35e-6d2b-44c9-9ad6-ac6962a7e983","block_type":"box","text":"to have the capacity to meet its financial commitments on the obligation.","page_number":104,"box":{"x":197,"y":120,"width":534,"height":13}},{"id":"7b52a68a-abd8-4e36-a78c-6f2791b65251","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a","page_number":104,"box":{"x":46,"y":139,"width":902,"height":13}},{"id":"4573f116-ee96-4e0c-8e11-ff173a21fdb8","block_type":"box","text":"default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":104,"box":{"x":197,"y":154,"width":692,"height":13}},{"id":"5349a041-b840-46a6-b900-38569ba6b046","block_type":"box","text":"anticipated time to default.","page_number":104,"box":{"x":197,"y":168,"width":201,"height":13}},{"id":"58dce00d-9f46-47bf-88cf-b52f5bdd49c6","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerabl","page_number":104,"box":{"x":46,"y":187,"width":519,"height":13}},{"id":"12a72f85-305a-48c3-b936-356256f4877b","block_type":"box","text":"e to nonpayment, and the obligation is expected to","page_number":104,"box":{"x":566,"y":187,"width":365,"height":13}},{"id":"d59003c0-d480-4875-9fa3-2a99fc48d95a","block_type":"box","text":"have lower relative seniority or lower ultimate recovery","page_number":104,"box":{"x":197,"y":202,"width":393,"height":12}},{"id":"74d1bc67-1c27-41a3-8d6d-43b74c5f6f09","block_type":"box","text":"compared with obligations that are rated higher.","page_number":104,"box":{"x":590,"y":202,"width":355,"height":12}},{"id":"00b23b24-e9cb-49d6-8fd3-b7dd51544c09","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":104,"box":{"x":45,"y":221,"width":852,"height":13}},{"id":"fc5b9acd-3f74-4e97-8a81-c54bb6bf255d","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date","page_number":104,"box":{"x":197,"y":235,"width":745,"height":13}},{"id":"25e2ff1e-55af-471b-9b1f-401ca8f88eeb","block_type":"box","text":"due, unless S&P believes that such payments will be made within five business days in the absence of a","page_number":104,"box":{"x":197,"y":249,"width":750,"height":13}},{"id":"3dda81e9-3fd0-44c1-8393-bcb0d0a2d283","block_type":"box","text":"stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating","page_number":104,"box":{"x":197,"y":264,"width":742,"height":12}},{"id":"0078dddb-199c-4d7a-a736-4949f848e970","block_type":"box","text":"also will be used upon the filing of a bankruptcy petition or the taking of similar action and where","page_number":104,"box":{"x":197,"y":278,"width":720,"height":13}},{"id":"54cb5403-1eb9-4aa6-aea9-a02e70680f74","block_type":"box","text":"default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on","page_number":104,"box":{"x":197,"y":292,"width":760,"height":13}},{"id":"22e3f9f5-16af-4e7a-bbdf-21b3258e4297","block_type":"box","text":"an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":104,"box":{"x":197,"y":306,"width":575,"height":13}},{"id":"6d849282-8196-4366-b8b9-20652ec9821e","block_type":"box","text":"* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing","page_number":104,"box":{"x":47,"y":326,"width":870,"height":13}},{"id":"91dc7c6c-335b-4c2d-ba70-d17b707b356b","block_type":"box","text":"within the rating categories.","page_number":104,"box":{"x":62,"y":341,"width":208,"height":13}},{"id":"a7493ac0-a93b-4792-a0b1-a6812c06060b","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":104,"box":{"x":46,"y":368,"width":240,"height":12}},{"id":"ad406849-6ef6-4b39-bbd1-7078b8703d99","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":104,"box":{"x":45,"y":390,"width":890,"height":13}},{"id":"3d9e39e2-3841-4a2f-96c0-648d293a8645","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations are","page_number":104,"box":{"x":197,"y":405,"width":756,"height":12}},{"id":"909a0924-127c-439c-9204-504ee4a2bee6","block_type":"box","text":"designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":104,"box":{"x":197,"y":419,"width":677,"height":13}},{"id":"61b8e839-bb25-4939-a6e7-d435ea0c9ff8","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":104,"box":{"x":197,"y":433,"width":399,"height":13}},{"id":"20594327-b467-4b05-a21c-0da805f36e62","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in","page_number":104,"box":{"x":45,"y":452,"width":889,"height":13}},{"id":"42a880c1-000f-42f6-b16d-ba6af65e2406","block_type":"box","text":"circumstances and economic conditions than obligations in higher rating categories. However, the","page_number":104,"box":{"x":197,"y":467,"width":716,"height":12}},{"id":"8f06e805-f570-4c86-b648-9244dff0d979","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":104,"box":{"x":197,"y":481,"width":621,"height":13}},{"id":"571d741e-5aa5-4e89-88eb-95eb723912e0","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":104,"box":{"x":45,"y":500,"width":848,"height":13}},{"id":"670ff583-e07e-41c6-8445-4bafb52b57e4","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet","page_number":104,"box":{"x":197,"y":514,"width":758,"height":13}},{"id":"c3c4d91a-c011-4175-a748-b459476424cf","block_type":"box","text":"its financial commitments on the obligation.","page_number":104,"box":{"x":197,"y":529,"width":325,"height":12}},{"id":"5e0ae57a-5cf5-432b-81f2-0dfe8aecd1f6","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":104,"box":{"x":46,"y":548,"width":803,"height":13}},{"id":"aadf66da-c369-404b-bcc4-51ae14c2c76f","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however, it","page_number":104,"box":{"x":197,"y":562,"width":735,"height":13}},{"id":"918693bc-23c2-4a31-b242-f10640ba61e2","block_type":"box","text":"faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":104,"box":{"x":197,"y":576,"width":707,"height":13}},{"id":"14bbf27e-bc6a-4344-bf89-ed6f9da8225c","block_type":"box","text":"financial commitments.","page_number":104,"box":{"x":197,"y":591,"width":174,"height":10}},{"id":"6d4c9ae0-e35e-4655-b58c-33c14da6b637","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":104,"box":{"x":46,"y":610,"width":847,"height":13}},{"id":"a9df3836-2c71-44f6-af1a-59a9dc3790a1","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":104,"box":{"x":197,"y":624,"width":659,"height":13}},{"id":"9467f039-3f4e-4f24-b94a-1075d1e9fe0b","block_type":"box","text":"commitments on the obligation.","page_number":104,"box":{"x":197,"y":638,"width":236,"height":13}},{"id":"95db3d4b-fb0e-4a06-9a9e-e672a556dcf4","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":104,"box":{"x":45,"y":658,"width":871,"height":13}},{"id":"e40b8c52-a094-411b-8081-f6735fc6049c","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on","page_number":104,"box":{"x":197,"y":672,"width":731,"height":13}},{"id":"7cd563fc-5242-4138-96d3-8cd9d048ff29","block_type":"box","text":"the date due, unless S&P believes that such payments will be made within any stated grace period.","page_number":104,"box":{"x":197,"y":686,"width":712,"height":13}},{"id":"de203b58-f305-411d-b5fe-90d2cf6ad6b8","block_type":"box","text":"However, any stated grace period longer than five business days will be treated as five business days.","page_number":104,"box":{"x":197,"y":700,"width":730,"height":13}},{"id":"1462e468-136f-4964-a3a0-28285d9afa01","block_type":"box","text":"The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action","page_number":104,"box":{"x":197,"y":715,"width":755,"height":12}},{"id":"a0c0f133-37e5-48cc-bf4d-382584a739ba","block_type":"box","text":"and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":104,"box":{"x":197,"y":729,"width":747,"height":13}},{"id":"c81cb3ed-1751-45d1-8d04-d2a5c97f671c","block_type":"box","text":"A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":104,"box":{"x":197,"y":743,"width":657,"height":13}},{"id":"ca8fa481-0129-41b7-be10-21bd6d67fe03","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":104,"box":{"x":45,"y":769,"width":424,"height":13}},{"id":"f807f978-f6dd-48ec-be06-785219706f6c","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about th","page_number":104,"box":{"x":45,"y":793,"width":467,"height":13}},{"id":"29247bb1-3ff5-43e3-ac09-d6cfc7cfea20","block_type":"box","text":"e liquidity factors and market access risks unique to the note","page_number":104,"box":{"x":513,"y":793,"width":418,"height":13}},{"id":"0522361a-5f46-4e43-bba1-cc8a6059c914","block_type":"box","text":"s.","page_number":104,"box":{"x":932,"y":797,"width":9,"height":6}},{"id":"5751c5bc-80ca-452b-9e30-0db07bcebdac","block_type":"box","text":"Notes due in three years or less will likely receive a note rating.","page_number":104,"box":{"x":45,"y":809,"width":436,"height":13}},{"id":"461cc02b-784b-4dd2-bfdc-d61ac16ca618","block_type":"box","text":"Notes with an original maturity of more than three years wi","page_number":104,"box":{"x":487,"y":809,"width":416,"height":13}},{"id":"9b65a05d-4c75-4d98-875d-0fff9d7d84e5","block_type":"box","text":"ll most","page_number":104,"box":{"x":904,"y":809,"width":46,"height":10}},{"id":"09fcfb64-441b-42af-911f-e747af83b9f9","block_type":"box","text":"likely receive a long-term debt rating. In determining which type","page_number":104,"box":{"x":45,"y":824,"width":445,"height":13}},{"id":"6a15455b-843e-4d57-a0f1-df04311e9f97","block_type":"box","text":"of rating, if any, to assign, S&P’s analysis will review the","page_number":104,"box":{"x":496,"y":824,"width":393,"height":13}},{"id":"89b5cb99-fdd5-41c5-b791-b2c370060e44","block_type":"box","text":"following considerations:","page_number":104,"box":{"x":45,"y":840,"width":180,"height":13}},{"id":"14c9af31-3217-4a7c-be11-51b878fd8051","block_type":"box","text":"• Amortization schedule — the larger the final maturity relative to other maturities, the more likely it will be treated as a","page_number":104,"box":{"x":46,"y":863,"width":859,"height":11}},{"id":"4249e18f-14ad-4ac6-8b84-4aaf50cd81b3","block_type":"box","text":"note; and","page_number":104,"box":{"x":62,"y":878,"width":67,"height":11}},{"id":"1b516fbd-4577-4cc8-b52f-9c0405a1d26d","block_type":"box","text":"A-5","page_number":104,"box":{"x":486,"y":916,"width":26,"height":10}},{"id":"94ffa91b-458e-4cca-add7-3cbfbade670f","block_type":"box","text":"NM1026U-6032399-104/129","page_number":104,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"ca9e83a1-c1cb-4c69-bc08-b471aed52cbf","block_type":"box","text":"• Source of payment — the more dependent the issue is on the","page_number":105,"box":{"x":46,"y":80,"width":436,"height":11}},{"id":"30729488-105a-4a1e-8623-96622029cc5b","block_type":"box","text":"market for its refinancing, the more likely it will be treated as","page_number":105,"box":{"x":483,"y":80,"width":425,"height":11}},{"id":"c5b4e19a-159d-4dcc-a093-fd3b59df13ea","block_type":"box","text":"a note.","page_number":105,"box":{"x":62,"y":96,"width":49,"height":8}},{"id":"c8c78ecc-1a17-4349-865f-e026c651722e","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":105,"box":{"x":46,"y":123,"width":464,"height":13}},{"id":"cf71914c-195c-45a6-b7e3-7c9e95bbcb71","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to","page_number":105,"box":{"x":46,"y":148,"width":894,"height":13}},{"id":"7cfe4392-8109-4f04-a885-a59f663ffa55","block_type":"box","text":"pay debt service is given a plus (+) designation.","page_number":105,"box":{"x":197,"y":162,"width":345,"height":13}},{"id":"8402e3c8-1d66-4283-a1a3-5cf98e302461","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":105,"box":{"x":46,"y":181,"width":874,"height":13}},{"id":"7c75251c-97fc-4fde-8796-814fd2eb6619","block_type":"box","text":"economic changes over the term of the notes.","page_number":105,"box":{"x":197,"y":196,"width":332,"height":12}},{"id":"536994da-5286-4871-939e-167c5bedb9ae","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":105,"box":{"x":46,"y":215,"width":516,"height":13}},{"id":"4f4a5ea7-6156-439d-806b-83a09be51e61","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or","page_number":105,"box":{"x":45,"y":234,"width":902,"height":13}},{"id":"c3ae8f05-54d1-4064-887f-0de1e59df8e5","block_type":"box","text":"the filing of a bankruptcy petition or the taking of","page_number":105,"box":{"x":197,"y":248,"width":369,"height":13}},{"id":"9a17251e-ec90-4f3f-9aea-93855c3a8ce8","block_type":"box","text":"similar action and where default on an obligation is","page_number":105,"box":{"x":566,"y":248,"width":380,"height":13}},{"id":"df01d1f1-5b23-488f-bbb2-c1e378a34277","block_type":"box","text":"a virtual certainty, for example due to automatic stay provisions.","page_number":105,"box":{"x":197,"y":263,"width":476,"height":12}},{"id":"ccdb8e89-61b4-47aa-bf91-982573952c2f","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":105,"box":{"x":45,"y":291,"width":444,"height":13}},{"id":"5a9d3f26-f67e-4d68-b006-03e08467f4d5","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions","page_number":105,"box":{"x":45,"y":317,"width":445,"height":13}},{"id":"fd4292cc-1678-4801-9caf-438f6df7405c","block_type":"box","text":"on the relative ability of an entity or obligation to meet fin","page_number":105,"box":{"x":490,"y":317,"width":404,"height":13}},{"id":"118e9555-3a01-45a7-9613-73d93bcac366","block_type":"box","text":"ancial","page_number":105,"box":{"x":895,"y":317,"width":45,"height":10}},{"id":"d2dd5389-87ba-4036-8804-b4bb779cd91d","block_type":"box","text":"commitments. 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We welcome disclosures that explain how th","page_number":115,"box":{"x":45,"y":471,"width":443,"height":12}},{"id":"3ce2e068-387a-4c09-b5a8-6bf0bf1dd555","block_type":"box","text":"e board considered different skills","page_number":115,"box":{"x":489,"y":471,"width":238,"height":10}},{"id":"dfdb243d-4a13-42b6-899c-39def1ae7931","block_type":"box","text":"and experience to ensure that","page_number":115,"box":{"x":727,"y":471,"width":208,"height":12}},{"id":"5f80c8e4-939c-4081-b05d-3c19ce42f2a3","block_type":"box","text":"the directors collectively can be effective in fulfilling thei","page_number":115,"box":{"x":45,"y":486,"width":389,"height":13}},{"id":"242e8933-1da3-448e-8900-54e47371d9f4","block_type":"box","text":"r responsibilities. 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We may vote against newly nominated","page_number":115,"box":{"x":467,"y":586,"width":441,"height":12}},{"id":"874f6355-d12d-4362-8f27-9cf6cf323ee0","block_type":"box","text":"directors who do not seem to have the appropriate skills or","page_number":115,"box":{"x":46,"y":601,"width":409,"height":13}},{"id":"8171ef23-26c6-49b0-8515-4aa414daefcb","block_type":"box","text":"r experience to contribute to the board’s effectiveness.","page_number":115,"box":{"x":455,"y":601,"width":373,"height":13}},{"id":"8274cc74-eab8-43ce-957a-de3a13825423","block_type":"box","text":"Independence","page_number":115,"box":{"x":45,"y":628,"width":105,"height":13}},{"id":"5e8e2483-5f20-498c-a42d-5ea07ecfa77d","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":115,"box":{"x":45,"y":652,"width":622,"height":13}},{"id":"ff8b307b-515f-45e0-b3d7-e4c0416dc425","block_type":"box","text":"e.g.","page_number":115,"box":{"x":668,"y":656,"width":22,"height":9}},{"id":"cafe2e3d-d2e3-4438-8dca-6a164320ab2d","block_type":"box","text":", government or employees) is of","page_number":115,"box":{"x":692,"y":652,"width":231,"height":13}},{"id":"aa1cea0a-4504-4381-94ad-6b2f42391da6","block_type":"box","text":"paramount importance to the protection of the interests of minority","page_number":115,"box":{"x":45,"y":668,"width":470,"height":12}},{"id":"b3b7a0bb-e2f9-4618-9221-cfd3390379a1","block_type":"box","text":"shareholders such as BlackRock’s clients. We consider it go","page_number":115,"box":{"x":520,"y":668,"width":410,"height":12}},{"id":"059f9d16-9e70-4c05-abba-8069bf8af549","block_type":"box","text":"od","page_number":115,"box":{"x":931,"y":668,"width":17,"height":10}},{"id":"045dc826-7822-4e13-8c3e-e9a47d4fb763","block_type":"box","text":"practice for at least half the directors to be independent and","page_number":115,"box":{"x":45,"y":683,"width":414,"height":13}},{"id":"231291c8-4714-4d26-a938-ac158efbe40e","block_type":"box","text":"free from conflicts of interest or undue influence. This also he","page_number":115,"box":{"x":464,"y":683,"width":426,"height":10}},{"id":"6df9b7e6-aded-484c-8a2e-40eb2fc8edf2","block_type":"box","text":"lps to","page_number":115,"box":{"x":890,"y":683,"width":38,"height":13}},{"id":"e2548ddd-c2f9-4bf5-9702-fa2d934c31cf","block_type":"box","text":"ensure that board committees are composed","page_number":115,"box":{"x":46,"y":699,"width":305,"height":12}},{"id":"86930c2c-59b7-49ad-9fff-61d21adc441a","block_type":"box","text":"of a sufficient number of independent directors. 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W","page_number":116,"box":{"x":513,"y":79,"width":416,"height":13}},{"id":"ff183729-e2b7-485d-a591-5b89665346a2","block_type":"box","text":"We","page_number":116,"box":{"x":929,"y":80,"width":28,"height":9}},{"id":"d65d4e9f-4a98-4e2e-b7cf-bb6efeab8239","block_type":"box","text":"may also vote against the election of the chair of the committ","page_number":116,"box":{"x":45,"y":94,"width":424,"height":13}},{"id":"e8a42854-fa5c-468c-9efd-d8474a646482","block_type":"box","text":"ee responsible for board composition if this is a perennial issue","page_number":116,"box":{"x":470,"y":94,"width":433,"height":13}},{"id":"b03147ad-b7ad-4080-91d9-9342ee9d0710","block_type":"box","text":".","page_number":116,"box":{"x":905,"y":103,"width":8,"height":1}},{"id":"c946a9ed-ab0b-4990-bbed-c93bd65c8c0a","block_type":"box","text":"Independent board leadership","page_number":116,"box":{"x":45,"y":131,"width":222,"height":13}},{"id":"4d6f63c3-749e-44df-8f6d-7df5991a75de","block_type":"box","text":"Practices across markets differ, as do board structures, but we","page_number":116,"box":{"x":45,"y":158,"width":434,"height":12}},{"id":"9d98cb3a-ae08-4ce2-a406-71f4b86c3ca5","block_type":"box","text":"observe two main approaches to independent board leadership. 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In this case, the executive chair and t","page_number":116,"box":{"x":521,"y":205,"width":407,"height":12}},{"id":"5e924230-c46c-4299-a70e-caa49263cea4","block_type":"box","text":"the","page_number":116,"box":{"x":928,"y":205,"width":26,"height":10}},{"id":"ed181011-93b7-425f-b3ff-f7da4055364a","block_type":"box","text":"lead independent director work together to ensure the board","page_number":116,"box":{"x":45,"y":220,"width":424,"height":13}},{"id":"d5d8c443-72ce-4623-ae81-990ead920242","block_type":"box","text":"is effectively fulfilling its responsibilities. 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We look t","page_number":116,"box":{"x":46,"y":251,"width":478,"height":13}},{"id":"5693d9d1-be86-4db5-b5d1-9ef83885a452","block_type":"box","text":"to boards to explain their board leadership model and how it","page_number":116,"box":{"x":523,"y":251,"width":430,"height":13}},{"id":"d83db6e1-99ec-4b49-9676-5642f221f653","block_type":"box","text":"serves the interests of shareholders.","page_number":116,"box":{"x":46,"y":267,"width":247,"height":10}},{"id":"575b91c1-1d5e-4efe-8f2b-558220bf64ca","block_type":"box","text":"We may vote against the election of the chair of the committ","page_number":116,"box":{"x":45,"y":289,"width":420,"height":13}},{"id":"a436b567-69fe-4887-b72f-151067ad35f6","block_type":"box","text":"ee responsible for board composition if there is not an identified","page_number":116,"box":{"x":466,"y":289,"width":448,"height":13}},{"id":"deb5a19d-1ae9-4b4e-89dc-6d789cac441a","block_type":"box","text":"independent leader of the board with clear responsibilities for","page_number":116,"box":{"x":45,"y":305,"width":431,"height":12}},{"id":"ac80456c-bfd0-4bce-a89d-f0413b6e0408","block_type":"box","text":"board performance. We may vote against the most senior","page_number":116,"box":{"x":477,"y":305,"width":403,"height":12}},{"id":"e97d5e0e-ef4e-4339-abea-0c23b17e1bf3","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":116,"box":{"x":45,"y":320,"width":566,"height":13}},{"id":"e1879857-32d0-470a-9c15-d840278fe4f5","block_type":"box","text":"Tenure and succession","page_number":116,"box":{"x":46,"y":347,"width":166,"height":10}},{"id":"231bf1fe-092f-4433-a65b-39ea38cbb57c","block_type":"box","text":"In our view, it is good practice for boards to establish the length","page_number":116,"box":{"x":45,"y":372,"width":444,"height":13}},{"id":"a8493b66-c49b-4779-96c3-bce1230336e8","block_type":"box","text":"h of time a director would normally be expected to serve, in","page_number":116,"box":{"x":489,"y":372,"width":411,"height":13}},{"id":"68cbbdd9-4381-44b5-a268-9fdceec3d9cd","block_type":"box","text":"line","page_number":116,"box":{"x":901,"y":372,"width":29,"height":10}},{"id":"62f7a132-cf4a-4681-9743-51ed5d3b6a33","block_type":"box","text":"with market norms where those exist. We find it helpful when comp","page_number":116,"box":{"x":45,"y":388,"width":474,"height":12}},{"id":"75010f82-cdda-4787-a9c5-4ebf47d5822b","block_type":"box","text":"anies disclose their approach to director tenure particularly","page_number":116,"box":{"x":520,"y":388,"width":414,"height":12}},{"id":"dfd53672-c26a-41d6-b76c-623bf15e6d83","block_type":"box","text":"around the contributions of directors who have served for longer p","page_number":116,"box":{"x":46,"y":403,"width":463,"height":13}},{"id":"887bb740-d906-4c4c-ba0f-45d4ada6685f","block_type":"box","text":"eriods than typically provided for under local practice. In o","page_number":116,"box":{"x":509,"y":403,"width":409,"height":13}},{"id":"29b71e00-fc4b-4f4f-80db-1290d3b5f3be","block_type":"box","text":"ur","page_number":116,"box":{"x":919,"y":407,"width":19,"height":6}},{"id":"8a2b2699-0937-4347-87bf-260952891d30","block_type":"box","text":"experience, long-serving directors could become less independe","page_number":116,"box":{"x":46,"y":419,"width":435,"height":12}},{"id":"d35143aa-6a6a-4be6-a1d1-3e7bf0d0aa44","block_type":"box","text":"nt given their long-term relationship with management and","page_number":116,"box":{"x":482,"y":419,"width":415,"height":12}},{"id":"9abbe6d0-31e4-4345-8b3e-e3804b3fb0db","block_type":"box","text":"involvement in past board decisions.","page_number":116,"box":{"x":45,"y":434,"width":258,"height":13}},{"id":"38014cef-aee6-4bc0-bce9-e16826c209d6","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate","page_number":116,"box":{"x":46,"y":457,"width":458,"height":12}},{"id":"43dda493-1b34-4bf6-9d9a-55f88494622b","block_type":"box","text":"cadence of turnover that balances renewal through the regular","page_number":116,"box":{"x":504,"y":457,"width":431,"height":12}},{"id":"eb4da369-6dad-4a79-b3b4-cc3c70ffc01d","block_type":"box","text":"introduction of directors with fresh perspectives and expertise with","page_number":116,"box":{"x":45,"y":472,"width":464,"height":13}},{"id":"9116bd9c-6729-4f2d-922f-c3f8e817bb3e","block_type":"box","text":"continuity through the retention of directors with long-te","page_number":116,"box":{"x":509,"y":472,"width":400,"height":13}},{"id":"5f5303ac-1b6d-4338-a4ae-d8fda55d1605","block_type":"box","text":"rm","page_number":116,"box":{"x":910,"y":476,"width":24,"height":6}},{"id":"c0301d8c-e2b1-4314-9fb1-25a4ed283114","block_type":"box","text":"knowledge of the board and company.","page_number":116,"box":{"x":45,"y":488,"width":274,"height":12}},{"id":"0a00b953-b827-479c-8d60-11ce39d2bd95","block_type":"box","text":"In markets where there is not specific director tenure guidance from","page_number":116,"box":{"x":45,"y":510,"width":470,"height":13}},{"id":"4f6680e4-097e-408d-b5dd-317ff5c8757d","block_type":"box","text":"m regulation or corporate governance best practices, we may","page_number":116,"box":{"x":515,"y":510,"width":414,"height":13}},{"id":"27c7bd21-fc6b-46e2-865a-0eebee263830","block_type":"box","text":"vote against the election of the chair of the committee responsib","page_number":116,"box":{"x":45,"y":526,"width":443,"height":12}},{"id":"74bfa4eb-e6e5-4321-81cb-880752d266bc","block_type":"box","text":"le for board composition if a company does not clearly disclos","page_number":116,"box":{"x":488,"y":526,"width":431,"height":12}},{"id":"4d1a6614-04fe-4039-b823-e4f9f91ea8bf","block_type":"box","text":"e its","page_number":116,"box":{"x":920,"y":526,"width":31,"height":10}},{"id":"566ff9b9-2c09-4851-af47-6f53ae0aea77","block_type":"box","text":"approach to director tenure and board renewal. We may vote","page_number":116,"box":{"x":46,"y":541,"width":431,"height":13}},{"id":"a127a548-3f2b-4a4e-a5cc-8070769565c2","block_type":"box","text":"against the election of directors who have served for more years","page_number":116,"box":{"x":477,"y":541,"width":446,"height":13}},{"id":"a1957567-be01-4763-8407-3563742acd55","block_type":"box","text":"than is typical in markets with specific guidance, wh","page_number":116,"box":{"x":45,"y":557,"width":363,"height":12}},{"id":"1a32a3cc-6113-4983-9ae6-800b4cdb4eb1","block_type":"box","text":"ere the case for their continued service is not evident.","page_number":116,"box":{"x":408,"y":557,"width":371,"height":10}},{"id":"f82a84ad-1667-4d9e-a739-4c1606b41352","block_type":"box","text":"Capacity","page_number":116,"box":{"x":46,"y":584,"width":68,"height":13}},{"id":"55c61536-6a8c-46aa-b2c6-bcd4acb36126","block_type":"box","text":"To be effective and engaged, directors need to have the time and","page_number":116,"box":{"x":45,"y":609,"width":451,"height":12}},{"id":"cbf25941-a106-4ff4-b1f2-f33b0da452e1","block_type":"box","text":"energy to commit to the role. 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We will take local norms and practices","page_number":116,"box":{"x":354,"y":655,"width":585,"height":13}},{"id":"79607039-be60-4cfb-96be-364fe1a9e132","block_type":"box","text":"into consideration when making our voting determinations across markets.","page_number":116,"box":{"x":45,"y":671,"width":521,"height":12}},{"id":"9ccc4454-ddb3-4797-b1d1-a9051d683eef","block_type":"box","text":"We may vote against the election of directors who do not seem to","page_number":116,"box":{"x":45,"y":693,"width":455,"height":13}},{"id":"5023d7ab-8a2b-442f-8f24-47bb14f16912","block_type":"box","text":"have sufficient capacity to effectively fulfill their duties t","page_number":116,"box":{"x":505,"y":693,"width":387,"height":13}},{"id":"48e6e700-0e70-4d9f-a756-84d4eff9c2b1","block_type":"box","text":"o the","page_number":116,"box":{"x":892,"y":693,"width":34,"height":10}},{"id":"16505c59-d13e-42d6-b03a-92b4beb23684","block_type":"box","text":"board and company.","page_number":116,"box":{"x":46,"y":709,"width":143,"height":12}},{"id":"61560efe-1611-4970-b55a-151a353c64e3","block_type":"box","text":"Director elections","page_number":116,"box":{"x":45,"y":736,"width":129,"height":10}},{"id":"3f3c7335-a7fa-4f86-82c7-fa683b25f235","block_type":"box","text":"Regular election of directors, ideally annually, supports director","page_number":116,"box":{"x":46,"y":761,"width":441,"height":12}},{"id":"5518bc37-0d81-4725-9b57-c0a0b084cdd0","block_type":"box","text":"accountability to shareholders. A classified board structure","page_number":116,"box":{"x":493,"y":761,"width":407,"height":12}},{"id":"ee41c715-7654-44ed-ad21-b3e1c8653222","block_type":"box","text":"may","page_number":116,"box":{"x":905,"y":765,"width":29,"height":8}},{"id":"d92a1cb9-f07e-4ef0-bcad-b5fca3cd37d0","block_type":"box","text":"be justified by a company when it needs consistency and stability","page_number":116,"box":{"x":46,"y":776,"width":449,"height":13}},{"id":"12e3fa6d-5ffe-4cf3-8db9-f32b5e2622d9","block_type":"box","text":"during a time of transition, or on the basis of its business","page_number":116,"box":{"x":500,"y":776,"width":393,"height":13}},{"id":"72419301-b54d-4df5-b145-7e9ebb5d2b69","block_type":"box","text":"model","page_number":116,"box":{"x":899,"y":776,"width":42,"height":10}},{"id":"158da9bb-0e83-44f3-bd22-5fc4d5c252bb","block_type":"box","text":"(","page_number":116,"box":{"x":46,"y":792,"width":3,"height":12}},{"id":"69ca3359-7ffc-40cb-8088-1bfa45e06c93","block_type":"box","text":"e.g.","page_number":116,"box":{"x":51,"y":796,"width":22,"height":8}},{"id":"3eba7ab2-67bb-46db-a638-22047e883016","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":116,"box":{"x":75,"y":792,"width":371,"height":12}},{"id":"7b817b9c-4641-4adb-8e0e-e9c706843471","block_type":"box","text":"A classified board divides the directors into classes with diffe","page_number":116,"box":{"x":45,"y":838,"width":415,"height":11}},{"id":"5b32b2e5-166e-4a9a-a479-8e6df1cc5074","block_type":"box","text":"ferent overlapping terms. As a result, only one class of director","page_number":116,"box":{"x":459,"y":838,"width":429,"height":13}},{"id":"262540a4-7139-4fa6-860b-05e4a4f0eb14","block_type":"box","text":"s stands","page_number":116,"box":{"x":889,"y":838,"width":58,"height":11}},{"id":"6e445b58-69d3-4d04-97c8-a7bdc1fa6697","block_type":"box","text":"for election in any one year.","page_number":116,"box":{"x":45,"y":854,"width":198,"height":13}},{"id":"001b2367-0991-4b88-8e2f-b3bd25fe2bf6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":116,"box":{"x":45,"y":885,"width":300,"height":13}},{"id":"5e5f7d13-65d2-465e-a471-96ea501e4638","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":116,"box":{"x":657,"y":885,"width":301,"height":13}},{"id":"94ec2b1c-d496-4dd8-8d24-d57f0dd85fb6","block_type":"box","text":"B-7","page_number":116,"box":{"x":487,"y":917,"width":25,"height":9}},{"id":"889e5053-7771-438f-904e-a06328e84eee","block_type":"box","text":"NM1026U-6032399-116/129","page_number":116,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"5fc50bad-8807-4ab6-9a3f-c23cfb66c404","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated","page_number":117,"box":{"x":46,"y":79,"width":454,"height":13}},{"id":"ef66280d-1584-4768-a64b-8e40dad82fe6","block_type":"box","text":"directors individually rather than in bundled slates. We look to","page_number":117,"box":{"x":500,"y":79,"width":436,"height":13}},{"id":"9c33d8c1-b54a-4526-8f6f-9aca24dcc177","block_type":"box","text":"companies to provide sufficient information on each director st","page_number":117,"box":{"x":45,"y":94,"width":438,"height":13}},{"id":"f83c2b9c-edc5-4fbf-9da8-39ed4be468ca","block_type":"box","text":"anding for election so that shareholders can assess their capabi","page_number":117,"box":{"x":483,"y":94,"width":433,"height":13}},{"id":"ba92a80c-f5e7-4185-a7e5-9b2a38ed5778","block_type":"box","text":"lities","page_number":117,"box":{"x":917,"y":94,"width":36,"height":10}},{"id":"e1ff5a97-cf14-4b60-93b2-568545aeed37","block_type":"box","text":"and suitability. We will generally not support the election of di","page_number":117,"box":{"x":46,"y":110,"width":433,"height":13}},{"id":"ad453435-2c02-43a1-b608-452acc1e5e0b","block_type":"box","text":"rectors whose names and biographical details have not been","page_number":117,"box":{"x":480,"y":110,"width":420,"height":13}},{"id":"48cef591-a979-49cd-a8d5-014ef6ba933c","block_type":"box","text":"disclosed sufficiently in advance","page_number":117,"box":{"x":46,"y":125,"width":225,"height":13}},{"id":"b6f94a86-6d58-4337-9d1e-4d6803c190a4","block_type":"box","text":"of the shareholder meeting.","page_number":117,"box":{"x":271,"y":125,"width":194,"height":13}},{"id":"7529e426-532d-49c2-a462-007d4ed70b63","block_type":"box","text":"Each director’s appointment should be depende","page_number":117,"box":{"x":45,"y":149,"width":330,"height":13}},{"id":"0609561f-a689-4624-8fda-44cb98525a23","block_type":"box","text":"nt on receiving a simple majority of the votes cast at the shareholder meeting.","page_number":117,"box":{"x":376,"y":149,"width":541,"height":13}},{"id":"14aeaa97-543f-4c7f-a8ca-02cad18f81f3","block_type":"box","text":"Where a company’s practices differ, we look to the board to prov","page_number":117,"box":{"x":45,"y":164,"width":454,"height":13}},{"id":"a585033f-2de4-48e2-969a-e9ed2201ac12","block_type":"box","text":"ide a detailed explanation as to how its approach best serves","page_number":117,"box":{"x":500,"y":164,"width":423,"height":13}},{"id":"004d55f1-09d8-48d8-85a5-a2f80098606c","block_type":"box","text":"investors’ interests.","page_number":117,"box":{"x":45,"y":181,"width":136,"height":9}},{"id":"be4f2cbd-eb43-4a5f-8671-b9385a27fcc0","block_type":"box","text":"We may vote for shareholder or management proposals seeking to","page_number":117,"box":{"x":45,"y":204,"width":466,"height":13}},{"id":"353d30c2-cc18-4869-85d7-8a1735794d7d","block_type":"box","text":"establish annual election of directors and/or a simple majority","page_number":117,"box":{"x":511,"y":204,"width":433,"height":13}},{"id":"23717714-3708-40e9-8a15-dc252fdd3319","block_type":"box","text":"vote standard for director elections. We may vote against all th","page_number":117,"box":{"x":45,"y":219,"width":437,"height":13}},{"id":"1aa66681-3207-4bbc-8ca2-2244a389c3ac","block_type":"box","text":"e directors standing for election as part of a single slate if w","page_number":117,"box":{"x":482,"y":219,"width":399,"height":13}},{"id":"1aff909d-642a-4803-98ef-609c055e4a1a","block_type":"box","text":"we have","page_number":117,"box":{"x":881,"y":219,"width":61,"height":10}},{"id":"f22c756b-85ef-4c50-a58c-494b21d3305b","block_type":"box","text":"concerns about the profile or performance of an individual director.","page_number":117,"box":{"x":45,"y":235,"width":476,"height":13}},{"id":"253a9142-57ff-459e-bf7a-5b1d5313330f","block_type":"box","text":"Committees","page_number":117,"box":{"x":46,"y":267,"width":91,"height":10}},{"id":"2ebb9d90-1e87-472a-b58b-9db82b59f494","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of","page_number":117,"box":{"x":45,"y":293,"width":505,"height":13}},{"id":"b726b4ca-ff87-49fc-83cf-1232726ea240","block_type":"box","text":"f the board such as audit and risk, governance and huma","page_number":117,"box":{"x":549,"y":293,"width":389,"height":13}},{"id":"134cc042-979d-46d7-b821-9201d0c1de0d","block_type":"box","text":"n","page_number":117,"box":{"x":938,"y":297,"width":14,"height":6}},{"id":"74c0a94e-caf4-49ef-b9de-64c0d0211bc2","block_type":"box","text":"capital, and executive compensation, amongst other matters. We","page_number":117,"box":{"x":45,"y":309,"width":449,"height":12}},{"id":"6188390c-7066-4c44-a143-ce16cf33beca","block_type":"box","text":"do not prescribe to companies what committees they should","page_number":117,"box":{"x":494,"y":309,"width":427,"height":12}},{"id":"c4d00430-e480-4324-98fc-ab365bd72643","block_type":"box","text":"establish, but we seek to understand the board’s rationale for t","page_number":117,"box":{"x":46,"y":324,"width":428,"height":13}},{"id":"4c969187-54fa-4ead-beb5-1bfb2d2c67b7","block_type":"box","text":"the committee structure it determines is appropriate. We note th","page_number":117,"box":{"x":474,"y":324,"width":445,"height":13}},{"id":"a2da1513-44b0-489f-9e7a-9e763d604c86","block_type":"box","text":"at,","page_number":117,"box":{"x":919,"y":327,"width":22,"height":10}},{"id":"9a17d7ef-4075-4307-bae2-1c8d519ae951","block_type":"box","text":"in some markets, regulation requires such committees. The res","page_number":117,"box":{"x":45,"y":340,"width":432,"height":12}},{"id":"462f0e98-53d0-4df9-84d2-d5e3e35ddaa3","block_type":"box","text":"ponsibilities of each committee should be clear, and the board","page_number":117,"box":{"x":477,"y":340,"width":434,"height":12}},{"id":"7990f37f-b955-4408-bd6c-f2c04a6eafa6","block_type":"box","text":"should ensure that all critical matters are assigned either to the","page_number":117,"box":{"x":46,"y":355,"width":437,"height":13}},{"id":"1cd3dd1c-6626-4ab3-abaf-08cb5c56c37f","block_type":"box","text":"full board or to one of the committees. 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The responsibilities we typically see a","page_number":117,"box":{"x":46,"y":386,"width":375,"height":13}},{"id":"ee0decdb-e56e-486c-9ad0-93674ac8db4b","block_type":"box","text":"ssigned to the three most common committees include:","page_number":117,"box":{"x":422,"y":386,"width":384,"height":13}},{"id":"77fa82e6-3401-4877-a494-b1722d9f7d6d","block_type":"box","text":"• Audit and risk — oversight responsibilities for the integrity of financial reporting, risk management and compliance with","page_number":117,"box":{"x":46,"y":410,"width":909,"height":13}},{"id":"c7885f90-9294-4983-b27a-c1735f1edaee","block_type":"box","text":"legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and","page_number":117,"box":{"x":72,"y":425,"width":812,"height":13}},{"id":"91f60725-9abf-4067-8031-12953be52c3f","block_type":"box","text":"whistleblowing mechanisms.","page_number":117,"box":{"x":72,"y":441,"width":212,"height":13}},{"id":"09254419-5c2e-46b1-be9f-73a94ef092c6","block_type":"box","text":"• Nominating, governance and human capital — oversight responsibilities for corporate governance principles and","page_number":117,"box":{"x":46,"y":465,"width":851,"height":12}},{"id":"8db7b5e4-4247-494d-a99d-e2ed84a78aad","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession planning for","page_number":117,"box":{"x":72,"y":480,"width":878,"height":13}},{"id":"617c8124-ec1c-450c-98d3-2dcb1db64ccd","block_type":"box","text":"CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for","page_number":117,"box":{"x":73,"y":496,"width":835,"height":12}},{"id":"a65b01e4-2633-46cb-84d2-041850ecf619","block_type":"box","text":"human capital management strategies, including corporate culture and purpose.","page_number":117,"box":{"x":72,"y":511,"width":584,"height":13}},{"id":"cb795759-9721-4613-8a56-d3b22ee71de5","block_type":"box","text":"• Executive compensation — determines the compensation policies and programs for the CEO and other executive","page_number":117,"box":{"x":46,"y":535,"width":851,"height":13}},{"id":"71d60288-4a0a-4650-9583-e23ca1282232","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide","page_number":117,"box":{"x":73,"y":550,"width":880,"height":13}},{"id":"237f563b-d560-4ca2-8eac-83b3ad65a2a7","block_type":"box","text":"compensation policies.","page_number":117,"box":{"x":72,"y":566,"width":169,"height":13}},{"id":"3c1475d0-f7cf-40e3-979f-1d74d0931c91","block_type":"box","text":"We may vote against the election of the chair of the comm","page_number":117,"box":{"x":45,"y":590,"width":405,"height":12}},{"id":"415ab908-c277-43ce-bcf5-c45ff86af7c0","block_type":"box","text":"ittee or other directors serving as committee members to convey","page_number":117,"box":{"x":451,"y":590,"width":447,"height":12}},{"id":"119318ed-0a54-4522-8081-cdb6586d3c93","block_type":"box","text":"concerns about how a committee has undertaken its responsibilities.","page_number":117,"box":{"x":45,"y":605,"width":472,"height":13}},{"id":"70a13608-de89-458a-bb09-4016232855b0","block_type":"box","text":"We may vote against the election of the most senior non","page_number":117,"box":{"x":518,"y":605,"width":399,"height":13}},{"id":"b5cbd268-2962-4951-bcb7-f9fb8f94f0e1","block_type":"box","text":"executive director if there is not a clearly","page_number":117,"box":{"x":46,"y":621,"width":285,"height":12}},{"id":"88198ddb-1c28-4923-8a15-8b5299f3f57a","block_type":"box","text":"disclosed approach to board committees.","page_number":117,"box":{"x":332,"y":621,"width":288,"height":12}},{"id":"b2941c92-e017-46d3-9bd8-d109909dad1b","block_type":"box","text":"Board and director evaluation","page_number":117,"box":{"x":45,"y":653,"width":224,"height":10}},{"id":"4f02d78e-cdcb-4796-aa93-49cf2a39d328","block_type":"box","text":"We consider it best practice for companies to conduct an annual","page_number":117,"box":{"x":45,"y":679,"width":446,"height":13}},{"id":"2d344f33-c2c1-449c-87c5-0b426cd5bf40","block_type":"box","text":"review of the performance of th","page_number":117,"box":{"x":496,"y":679,"width":220,"height":13}},{"id":"66b47f2c-121b-4759-8b71-40cf9bb8a337","block_type":"box","text":"e board, the committees, the cha","page_number":117,"box":{"x":716,"y":679,"width":225,"height":12}},{"id":"14043ccc-05c2-4b53-9b39-f78a77f4eb6a","block_type":"box","text":"ir","page_number":117,"box":{"x":941,"y":680,"width":10,"height":9}},{"id":"0d1e7340-308c-4795-800b-1e06b3c7e59b","block_type":"box","text":"and individual directors. Periodically, this review could be undert","page_number":117,"box":{"x":46,"y":695,"width":452,"height":12}},{"id":"5ab17bc1-6b2b-4bb8-9e0b-13ffae7b1231","block_type":"box","text":"aken by an independent third party able to bring objective","page_number":117,"box":{"x":498,"y":695,"width":403,"height":12}},{"id":"ac2b7b89-2ba0-4bab-a5d5-b8cb40f3cc31","block_type":"box","text":"perspectives to the board on governance and performance. 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market.","page_number":118,"box":{"x":72,"y":329,"width":258,"height":13}},{"id":"d5b35092-37ca-4491-b0ec-db38cf893404","block_type":"box","text":"• Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term strategic","page_number":118,"box":{"x":46,"y":353,"width":866,"height":12}},{"id":"a91db858-9900-4c60-9511-fe5354c6e850","block_type":"box","text":"objectives.","page_number":118,"box":{"x":73,"y":368,"width":79,"height":13}},{"id":"257a2edc-ca04-4e02-abee-1987ecd83bc2","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":118,"box":{"x":46,"y":391,"width":652,"height":13}},{"id":"0b703de8-251e-44b0-8817-a2d1d4b5e7a1","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and 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the","page_number":118,"box":{"x":46,"y":500,"width":847,"height":13}},{"id":"03db6886-464a-4266-9fdc-c3b45095a1d5","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":118,"box":{"x":72,"y":515,"width":706,"height":13}},{"id":"25aa2636-4894-4a91-b23e-6d1dd087273e","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":118,"box":{"x":46,"y":539,"width":762,"height":13}},{"id":"17c04e7f-5505-4d7d-870b-6e2bd819df6f","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals","page_number":118,"box":{"x":46,"y":562,"width":893,"height":13}},{"id":"de90bf80-43c7-4168-94cc-9181250ae94b","block_type":"box","text":"whose awards were based on fraudulent activities, misstated financial reports, or executive 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We may vote against manage","page_number":119,"box":{"x":46,"y":94,"width":455,"height":13}},{"id":"4afd12d9-d419-4181-839a-8cefaf520d75","block_type":"box","text":"ment proposals seeking capital-related authorities, or the elec","page_number":119,"box":{"x":502,"y":94,"width":423,"height":13}},{"id":"dbc6b3a0-0994-4b22-99c5-1533edabf01f","block_type":"box","text":"tion","page_number":119,"box":{"x":925,"y":95,"width":32,"height":9}},{"id":"b7bed232-0e21-4e94-b8a9-fce6b68483db","block_type":"box","text":"of the most senior independent director, if we have concerns a","page_number":119,"box":{"x":46,"y":110,"width":430,"height":13}},{"id":"f49796c7-a934-4083-bcef-aef3223fac68","block_type":"box","text":"bout a company’s approach. We may also support a shareholder","page_number":119,"box":{"x":476,"y":110,"width":453,"height":13}},{"id":"0332a134-ae3d-4e45-b250-30247cb0202a","block_type":"box","text":"proposal seeking conversion of shares with differentiated v","page_number":119,"box":{"x":45,"y":125,"width":400,"height":13}},{"id":"596dc2bb-2506-4ae0-b7f2-f855ddc571ab","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":119,"box":{"x":445,"y":125,"width":333,"height":13}},{"id":"8d18d061-635c-4656-81e2-448a48c3689b","block_type":"box","text":"Share issuance","page_number":119,"box":{"x":46,"y":153,"width":108,"height":10}},{"id":"af5ce152-a58f-4d2d-a50f-392243a1b0d8","block_type":"box","text":"We assess requests for share issuance for particular transacti","page_number":119,"box":{"x":45,"y":176,"width":418,"height":13}},{"id":"40ba9454-a1f3-4fde-a871-132365563bcc","block_type":"box","text":"ons on a case-by-case basis. We will generally support authoritie","page_number":119,"box":{"x":463,"y":176,"width":446,"height":13}},{"id":"015ce8bd-c6a8-4840-a71a-6a2a44c8f284","block_type":"box","text":"s to","page_number":119,"box":{"x":910,"y":179,"width":29,"height":7}},{"id":"70172913-b8eb-4656-882c-769c11bd044a","block_type":"box","text":"issue shares when subject to pre-emptive rights, and up to 2","page_number":119,"box":{"x":45,"y":192,"width":405,"height":13}},{"id":"d1e02940-23a7-46d8-b0c6-5a742b7e3663","block_type":"box","text":"20% absent pre-emptive rights. We consider it good practice for","page_number":119,"box":{"x":450,"y":192,"width":451,"height":13}},{"id":"ba69d224-4d05-4297-8678-55ff8661173c","block_type":"box","text":"companies to seek regular approval of these authorities to allo","page_number":119,"box":{"x":45,"y":207,"width":431,"height":13}},{"id":"b3c300bf-64fb-4d79-a534-d402a141d4df","block_type":"box","text":"w shareholders to take into consideration how prior authorities","page_number":119,"box":{"x":476,"y":207,"width":446,"height":13}},{"id":"c1d3dfb5-6b7e-4ce9-9a68-357f544ba72b","block_type":"box","text":"were used, as well as the current circumstances","page_number":119,"box":{"x":45,"y":223,"width":330,"height":12}},{"id":"2a7778de-cd68-4d4b-af14-0bd2630b2f3f","block_type":"box","text":"of the company and the market environment.","page_number":119,"box":{"x":375,"y":223,"width":320,"height":13}},{"id":"c23de92f-d70e-40db-b94d-795c3e3e3c09","block_type":"box","text":"Share buybacks","page_number":119,"box":{"x":46,"y":250,"width":117,"height":13}},{"id":"58ac282f-0b8e-498f-b540-7d9d30c7441a","block_type":"box","text":"We assess share buyback proposals in the context of the compan","page_number":119,"box":{"x":45,"y":274,"width":449,"height":13}},{"id":"1be02e67-cd2d-4e5c-9ac4-8484176c941b","block_type":"box","text":"y’s disclosed capital management strategy and management’s","page_number":119,"box":{"x":494,"y":274,"width":428,"height":13}},{"id":"a655bcfa-e5e3-4cce-986d-e7c64e3b45ec","block_type":"box","text":"determination of the appropriate balance between investment th","page_number":119,"box":{"x":46,"y":289,"width":445,"height":13}},{"id":"b2f32933-a3a7-4027-876d-61c1905b005a","block_type":"box","text":"at supports the long-term growth of the company and returning","page_number":119,"box":{"x":491,"y":289,"width":447,"height":13}},{"id":"55912012-f2b8-4e85-8884-ac1457c435e6","block_type":"box","text":"cash to investors. 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We consider it good practice","page_number":119,"box":{"x":509,"y":321,"width":430,"height":12}},{"id":"a10990a1-0336-44ac-9062-70e4967e0f50","block_type":"box","text":"for companies to seek regular approval of these authorities to a","page_number":119,"box":{"x":45,"y":336,"width":438,"height":13}},{"id":"babbd2f5-fe79-404e-96d2-7acbd1749816","block_type":"box","text":"llow shareholders to take into consideration how prior authorit","page_number":119,"box":{"x":484,"y":336,"width":440,"height":13}},{"id":"5ca89dee-c0bf-4b85-9a9e-e4f5e0835e53","block_type":"box","text":"ies","page_number":119,"box":{"x":925,"y":337,"width":22,"height":9}},{"id":"224e5de8-cff5-4235-9da4-a1566d04788a","block_type":"box","text":"were used, as well as the current circumstances","page_number":119,"box":{"x":45,"y":352,"width":330,"height":12}},{"id":"5b5f7367-9feb-4f86-b5cb-9201681f27a0","block_type":"box","text":"of the company and the market environment.","page_number":119,"box":{"x":375,"y":352,"width":320,"height":12}},{"id":"2235724e-d6a6-4219-a5c4-078d85127230","block_type":"box","text":"Dividends","page_number":119,"box":{"x":45,"y":379,"width":78,"height":10}},{"id":"03501734-13ae-416f-b990-0f15415140df","block_type":"box","text":"We generally defer to management and the board on divide","page_number":119,"box":{"x":45,"y":403,"width":413,"height":12}},{"id":"7a66c771-8348-419b-963c-48cfe5d6eb0f","block_type":"box","text":"nd policy but may engage to seek further clarification where a","page_number":119,"box":{"x":458,"y":403,"width":434,"height":12}},{"id":"5671238f-4d89-4e63-af09-48cd28b649cc","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":119,"box":{"x":45,"y":418,"width":538,"height":13}},{"id":"60363f07-ed00-4238-a4d6-f212b9add85c","block_type":"box","text":"Differentiated voting rights","page_number":119,"box":{"x":45,"y":446,"width":202,"height":13}},{"id":"6b533e46-359d-49a0-aeda-3e3d5194d660","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structu","page_number":119,"box":{"x":45,"y":469,"width":416,"height":13}},{"id":"570368cd-8b5e-4231-961b-ce4ea0ae85ae","block_type":"box","text":"re for share classes with the same economic exposure. Certain","page_number":119,"box":{"x":461,"y":469,"width":434,"height":13}},{"id":"edfd5e7a-35b9-4d3e-9b65-6d60673edf57","block_type":"box","text":"companies, particularly those new to public markets, could make","page_number":119,"box":{"x":45,"y":485,"width":453,"height":13}},{"id":"ee9daa83-54f1-4b01-b89f-041703dbb18c","block_type":"box","text":"the case to adopt a differentiated voting rights structure, or","page_number":119,"box":{"x":498,"y":485,"width":418,"height":13}},{"id":"cee41974-dddd-4982-9a6e-7134f7402bba","block_type":"box","text":"dual","page_number":119,"box":{"x":916,"y":485,"width":35,"height":10}},{"id":"d04844d1-438e-40da-a3c2-f050d0da6401","block_type":"box","text":"class stock. In those situations, we encourage companies to e","page_number":119,"box":{"x":45,"y":500,"width":421,"height":13}},{"id":"1c8d2e74-bdb2-42c0-9095-a03ac3497a2a","block_type":"box","text":"valuate and seek approval for their capital structure on a periodi","page_number":119,"box":{"x":466,"y":500,"width":447,"height":13}},{"id":"c7f694b7-df84-4a9e-abee-8ea6c997a57b","block_type":"box","text":"c","page_number":119,"box":{"x":913,"y":504,"width":12,"height":6}},{"id":"9ea164b0-581b-4465-81dd-ef4c7b6a3637","block_type":"box","text":"basis.","page_number":119,"box":{"x":46,"y":516,"width":42,"height":10}},{"id":"05310c69-edfc-49f1-a679-fdd4364d7029","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":119,"box":{"x":317,"y":544,"width":370,"height":9}},{"id":"85dd1ee5-011f-4cfa-8aa2-635f2bb6c7df","block_type":"box","text":"We monitor developments in transactions and special situati","page_number":119,"box":{"x":45,"y":567,"width":418,"height":13}},{"id":"17fd906c-2846-4a23-886e-ca1da932e344","block_type":"box","text":"ons closely and undertake our own detailed analyses of proposals.","page_number":119,"box":{"x":464,"y":567,"width":463,"height":13}},{"id":"aba64833-8a79-4785-93c6-0386ec3409ff","block_type":"box","text":"Mergers and acquisitions","page_number":119,"box":{"x":45,"y":594,"width":187,"height":13}},{"id":"0b6fd9e6-555e-4447-9216-575005cb39eb","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the","page_number":119,"box":{"x":45,"y":618,"width":438,"height":13}},{"id":"41f598a6-677e-4edc-93fb-be1ae5112780","block_type":"box","text":"financial outcome for our clients as minority shareholders.","page_number":119,"box":{"x":483,"y":618,"width":409,"height":13}},{"id":"f3d2897d-2c8a-401e-9fa9-6d812e6338a8","block_type":"box","text":"Management should provide an assessment of the proposed transac","page_number":119,"box":{"x":45,"y":633,"width":469,"height":13}},{"id":"1d50944e-933d-4d35-94b9-958fbcb43fcc","block_type":"box","text":"tion’s strategic and financial rationale, along with its executi","page_number":119,"box":{"x":515,"y":633,"width":417,"height":13}},{"id":"2e9f9ae0-0cac-43d9-9641-f93d77880e57","block_type":"box","text":"on","page_number":119,"box":{"x":933,"y":637,"width":22,"height":6}},{"id":"62cbb91b-184b-4ad9-b41d-3df83a3e69be","block_type":"box","text":"and operational risks. We review each transaction independently","page_number":119,"box":{"x":46,"y":649,"width":448,"height":13}},{"id":"c33f2ed5-8a5f-400c-afc8-a714e5ebe649","block_type":"box","text":"y based on these factors and the degree to which the transaction","page_number":119,"box":{"x":494,"y":649,"width":441,"height":13}},{"id":"a4fa63bc-43fb-4838-b28b-b6f0a8d86852","block_type":"box","text":"enhances shareholder value. The board might consider establishing","page_number":119,"box":{"x":46,"y":664,"width":463,"height":13}},{"id":"9a7d5651-2e44-498b-8a1e-ab33d3fb260d","block_type":"box","text":"an ad hoc transaction committee to undertake an independent","page_number":119,"box":{"x":514,"y":664,"width":431,"height":13}},{"id":"ea10f325-40fa-4dfc-8a17-a8e2abb2fb39","block_type":"box","text":"assessment of a significant merger or acquisition, in","page_number":119,"box":{"x":46,"y":680,"width":356,"height":13}},{"id":"3e57f684-f4d9-4695-a01d-c8de1854e2c1","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":119,"box":{"x":407,"y":680,"width":388,"height":13}},{"id":"0c0d042f-b38e-4a60-aaa7-a8df605240e2","block_type":"box","text":"We will vote against transactions that, in our assessm","page_number":119,"box":{"x":45,"y":701,"width":371,"height":13}},{"id":"73d5f08f-a235-425e-a7b3-750837afcb7d","block_type":"box","text":"ent, do not advance our clients’ financial interests.","page_number":119,"box":{"x":416,"y":701,"width":347,"height":13}},{"id":"875ec623-9de3-4fec-a45f-a81371fced5c","block_type":"box","text":"Anti-takeover defenses","page_number":119,"box":{"x":45,"y":729,"width":164,"height":10}},{"id":"800dd63e-b6c5-4cd5-8819-f1d1ec25a61e","block_type":"box","text":"In principle, we do not support companies using anti-takeover defe","page_number":119,"box":{"x":45,"y":753,"width":465,"height":12}},{"id":"bf4e9970-e158-4d15-b2cd-1b52047744d9","block_type":"box","text":"nses, also known as poison pills or shareholder rights plans,","page_number":119,"box":{"x":510,"y":753,"width":415,"height":12}},{"id":"130c0cd8-2af9-4ae6-89a9-26cce0bfcaa5","block_type":"box","text":"as","page_number":119,"box":{"x":930,"y":757,"width":13,"height":6}},{"id":"cf217fd2-3e3f-4554-bc61-7378b26836e5","block_type":"box","text":"they can entrench management and boards which have not deliv","page_number":119,"box":{"x":45,"y":768,"width":447,"height":13}},{"id":"68ca8d3e-93ed-4ac5-8501-b422633caccb","block_type":"box","text":"ered long-term shareholder value. By exception, a poison pill may","page_number":119,"box":{"x":492,"y":768,"width":456,"height":13}},{"id":"0e358e79-0a27-40d4-96f3-cfe304000684","block_type":"box","text":"be supported if its purpose is to delay a takeover that is consid","page_number":119,"box":{"x":46,"y":784,"width":432,"height":12}},{"id":"cefb8bf1-037a-4e26-a4b5-db5de2c2ec7a","block_type":"box","text":"ered sub-optimal and enable management to seek an improved","page_number":119,"box":{"x":478,"y":784,"width":435,"height":12}},{"id":"43343623-5051-4956-8988-c3177b1291fd","block_type":"box","text":"offer. 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Defense mechanisms","page_number":119,"box":{"x":45,"y":815,"width":437,"height":10}},{"id":"1f6f4a9a-4736-47ba-9dc3-8a892da45627","block_type":"box","text":"introduced in these circumstances should be limited in term and","page_number":119,"box":{"x":487,"y":815,"width":442,"height":10}},{"id":"a24c271c-f16b-46e4-b730-164df594e595","block_type":"box","text":"threshold, and also be closely monitored by the independent m","page_number":119,"box":{"x":45,"y":830,"width":422,"height":13}},{"id":"fb6adc2d-07eb-4574-8d00-244e60a33e2e","block_type":"box","text":"members of the board. We consider it good practice for companies to","page_number":119,"box":{"x":467,"y":830,"width":482,"height":13}},{"id":"f445c300-f33a-4009-ba6a-b8c67672ca68","block_type":"box","text":"put to a shareholder vote any mechanisms exp","page_number":119,"box":{"x":45,"y":846,"width":322,"height":12}},{"id":"6f4df917-e665-4fbc-8c98-cae68ac1311a","block_type":"box","text":"ected to be in place for more than 12 months.","page_number":119,"box":{"x":368,"y":846,"width":321,"height":12}},{"id":"de2b50ae-5f01-42fc-bd35-bbe5c7bf3f8c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":119,"box":{"x":45,"y":885,"width":300,"height":13}},{"id":"ed842272-74fc-409e-b774-888bc719951f","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":119,"box":{"x":657,"y":885,"width":301,"height":13}},{"id":"1ee53df0-ada4-4166-9225-0ae1216b7dbf","block_type":"box","text":"B-10","page_number":119,"box":{"x":483,"y":917,"width":33,"height":9}},{"id":"de233da7-6823-4b28-8ae1-08787655574a","block_type":"box","text":"NM1026U-6032399-119/129","page_number":119,"box":{"x":757,"y":969,"width":158,"height":7}},{"id":"efc65b84-988b-4c89-8fbe-936171476246","block_type":"box","text":"Shareholder activism","page_number":120,"box":{"x":46,"y":79,"width":155,"height":10}},{"id":"74f455af-e728-4cb7-b150-0663fb26e1ab","block_type":"box","text":"When companies are the focus of an activism campaign, we m","page_number":120,"box":{"x":45,"y":104,"width":433,"height":13}},{"id":"80e48ee8-c2a0-4a2a-b438-d056be6c8a0b","block_type":"box","text":"ay communicate with the activist to understand their analysis and","page_number":120,"box":{"x":478,"y":104,"width":460,"height":13}},{"id":"2fff2bdf-9600-42f0-8a27-716abc394804","block_type":"box","text":"objectives, once they have publicly disclosed their campaign. 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We evaluate each c","page_number":120,"box":{"x":46,"y":166,"width":418,"height":13}},{"id":"e7f59cb4-d453-4c9a-a59a-64c077d40ea7","block_type":"box","text":"ontested situation by assessing the potential financial outcome fo","page_number":120,"box":{"x":465,"y":166,"width":449,"height":13}},{"id":"b7f498a6-000c-4478-8158-7b54157a8400","block_type":"box","text":"r our","page_number":120,"box":{"x":914,"y":170,"width":39,"height":6}},{"id":"ef541189-21e0-4145-811a-0d92661c451e","block_type":"box","text":"clients as minority shareholders.","page_number":120,"box":{"x":45,"y":181,"width":228,"height":13}},{"id":"c18da747-a641-4538-b3b5-9ff874c26598","block_type":"box","text":"We may support board candidates nominated by a shareholder ac","page_number":120,"box":{"x":45,"y":204,"width":458,"height":13}},{"id":"b2cc32e5-9451-4d32-a9a2-2446509b491a","block_type":"box","text":"tivist if BAIS, in its independent judgment, or the relevant","page_number":120,"box":{"x":503,"y":204,"width":403,"height":13}},{"id":"d2127b88-16da-42f9-898b-16d09010c0af","block_type":"box","text":"portfolio manager has determined that there","page_number":120,"box":{"x":45,"y":219,"width":312,"height":13}},{"id":"ef17311b-31af-4a6b-8430-765b7eeb34c9","block_type":"box","text":"is a case for change to enhance sharehol","page_number":120,"box":{"x":358,"y":219,"width":276,"height":13}},{"id":"d5062432-1146-4024-90d7-d46998779a0e","block_type":"box","text":"der value, or if the incumbent board member","page_number":120,"box":{"x":635,"y":219,"width":311,"height":13}},{"id":"2c77df69-d661-49b0-88a1-a5fafeca23da","block_type":"box","text":"s","page_number":120,"box":{"x":947,"y":223,"width":10,"height":6}},{"id":"cb71f373-330e-405c-abc6-50719d7910b5","block_type":"box","text":"do not demonstrate the relevant skills and expertise or have","page_number":120,"box":{"x":46,"y":235,"width":412,"height":13}},{"id":"103f6698-babf-453c-89a7-a1d3355a0bbe","block_type":"box","text":"a poor track record of protecting shareholders’ interests.","page_number":120,"box":{"x":459,"y":235,"width":399,"height":13}},{"id":"9ae0f0bc-33eb-4512-87f4-c848b5eae4e1","block_type":"box","text":"Significant shareholders and related party transactions","page_number":120,"box":{"x":46,"y":265,"width":399,"height":12}},{"id":"4be0f8b2-597c-4621-ac22-0ba4cad2edfe","block_type":"box","text":"Boards of companies with affiliated shareholders or directors s","page_number":120,"box":{"x":46,"y":290,"width":433,"height":12}},{"id":"c99476fb-5a82-4087-bd5b-72a2d43f9114","block_type":"box","text":"hould give equitable consideration to the interests of all","page_number":120,"box":{"x":480,"y":290,"width":388,"height":12}},{"id":"22057a3a-2011-4898-8079-51f270bccdc2","block_type":"box","text":"shareholders when evaluating related party transactions.","page_number":120,"box":{"x":46,"y":305,"width":395,"height":13}},{"id":"c5331e45-184c-49f7-8ad0-23aebe0cf440","block_type":"box","text":"We consider it good practice for transactions with related parti","page_number":120,"box":{"x":45,"y":328,"width":436,"height":13}},{"id":"3b9054db-614b-414e-b2ed-a661d73ea2db","block_type":"box","text":"es, such as significant shareholders or companies affiliated wi","page_number":120,"box":{"x":482,"y":328,"width":424,"height":13}},{"id":"b93da4c9-106c-4c9e-872a-9f454bd6fff1","block_type":"box","text":"th the","page_number":120,"box":{"x":907,"y":328,"width":45,"height":10}},{"id":"b090dd57-d952-41ee-a62d-37e927030ae5","block_type":"box","text":"public company, to be disclosed in detail and conducted on term","page_number":120,"box":{"x":45,"y":343,"width":448,"height":13}},{"id":"04349638-4b80-40f9-9042-8bd4bb773470","block_type":"box","text":"s similar to what would objectively have been agreed with a non","page_number":120,"box":{"x":494,"y":343,"width":450,"height":13}},{"id":"1802113d-8898-417e-a383-4bbc8909dd39","block_type":"box","text":"related party. 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